# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0001999371-26-004778
**Filing Date:** 2026-3
**Character Count:** 6788692
**Document Hash:** 1c9c98ddb4373f5d2ffd67b50e10b9e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-004778.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001999371-26-004778

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08894
- **FILM NUMBER:** 26705624

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/T. Rowe Price Growth Stock Fund (Series ID: S000001749)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000004656 | JNL/T. Rowe Price Growth Stock Fund (A) |  |
| C000067987 | JNL/T. Rowe Price Growth Stock Fund (I) |  |

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

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

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

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

### JNL/JPMorgan Managed Conservative Fund (Series ID: S000001752)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000004659 | JNL/JPMorgan Managed Conservative Fund (A) |  |
| C000192197 | JNL/JPMorgan Managed Conservative Fund (I) |  |

### JNL/JPMorgan Managed Moderate Fund (Series ID: S000001753)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000004660 | JNL/JPMorgan Managed Moderate Fund (A) |  |
| C000192198 | JNL/JPMorgan Managed Moderate Fund (I) |  |

### JNL/JPMorgan Managed Moderate Growth Fund (Series ID: S000001755)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000004662 | JNL/JPMorgan Managed Moderate Growth Fund (A) |  |
| C000192199 | JNL/JPMorgan Managed Moderate Growth Fund (I) |  |

### JNL/JPMorgan Managed Growth Fund (Series ID: S000001756)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000004663 | JNL/JPMorgan Managed Growth Fund (A) |  |
| C000192200 | JNL/JPMorgan Managed Growth Fund (I) |  |

### JNL/JPMorgan Managed Aggressive Growth Fund (Series ID: S000001757)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000004664 | JNL/JPMorgan Managed Aggressive Growth Fund (A) |  |
| C000192201 | JNL/JPMorgan Managed Aggressive Growth Fund (I) |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL MULTI-MANAGER FLOATING RATE INCOME FUND (Series ID: S000030878)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000095821 | JNL MULTI-MANAGER FLOATING RATE INCOME FUND (A) |  |
| C000192211 | JNL MULTI-MANAGER FLOATING RATE INCOME FUND (I) |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/Cohen & Steers U.S. Realty Fund (Series ID: S000062461)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000202639 | JNL/Cohen & Steers U.S. Realty Fund (A) |  |
| C000202640 | JNL/Cohen & Steers U.S. Realty Fund (I) |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/Lazard International Quality Growth Fund (Series ID: S000068112)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL Moderate ETF Allocation Fund (Series ID: S000068128)

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

### JNL Moderate Growth ETF Allocation Fund (Series ID: S000068129)

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

### JNL Growth ETF Allocation Fund (Series ID: S000068130)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/Morningstar SMID Moat Focus Index Fund (Series ID: S000084074)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000248332 | JNL/Morningstar SMID Moat Focus Index Fund (I) |  |
| C000248333 | JNL/Morningstar SMID Moat Focus Index Fund (A) |  |

### JNL/PPM America Investment Grade Credit Fund (Series ID: S000084075)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248334 | JNL/PPM America Investment Grade Credit Fund (I) |  |
| C000248335 | JNL/PPM America Investment Grade Credit Fund (A) |  |

### JNL/American Funds Moderate Allocation Fund (Series ID: S000086555)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000252140 | JNL/American Funds Moderate Allocation Fund (I) |  |
| C000252141 | JNL/American Funds Moderate Allocation Fund (A) |  |

### JNL/T. Rowe Price Capital Appreciation Equity Fund (Series ID: S000086556)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000252142 | JNL/T. Rowe Price Capital Appreciation Equity Fund (I) |  |
| C000252143 | JNL/T. Rowe Price Capital Appreciation Equity Fund (A) |  |

### JNL/JPMorgan Nasdaq Hedged Equity Fund (Series ID: S000086557)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000252144 | JNL/JPMorgan Nasdaq Hedged Equity Fund (I) |  |
| C000252145 | JNL/JPMorgan Nasdaq Hedged Equity Fund (A) |  |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File number: 811-08894

**JNL Series Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices)

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

(Mailing address)

**Andrew Tedeschi**

**Jackson National Asset Management, LLC**

**225 West Wacker Drive, Suite 1200**

**Chicago, Illinois 60606**

(Name and address of agent for service)

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

Date of Fiscal Year End: December 31

Date of Reporting Period: January 1, 2025 – December 31, 2025

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

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

**Item 1. Report to Shareholders.**

(b) Not applicable

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, the registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or any waivers to this code of ethics during the period covered by this report. A copy of this code of ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.

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

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

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

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

(a)-(d)

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

KPMG LLP ("KPMG") was appointed by the Board of Trustees as the independent registered public accounting firm of the registrant for the fiscal years ended December 31, 2024, and December 31, 2025. The following table sets forth aggregate fees billed by KPMG for the respective period for professional services rendered to the registrant.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year | &nbsp;&nbsp;Audit Fees | &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;All Other Fees |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$2040200 | &nbsp;&nbsp;$41400 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$2003750 | &nbsp;&nbsp;$57400 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

The above Audit-Related Fees for 2024 and 2025 are the aggregate fees billed for professional services rendered by KPMG to the registrant for the services provided in connection with the registrant's registration statement filings.

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

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year | &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;All Other Fees |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

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

(e)(2) 0%

(f) Not applicable.

(g) The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2024, was $41,400. The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2025, was $57,400.

(h) For the fiscal years ended December 31, 2024, and December 31, 2025, the Audit Committee of the registrant's Board of Trustees considered the provision of non-audit services that were rendered to the Adviser Entities that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, and concluded that such services were compatible with maintaining KPMG's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Investments.**

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

(b) Not applicable.

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

![](frontcover001.jpg)

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1 Corporate Way<br>Lansing, MI 48951

Toll Free: 1-800-644-4565

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

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

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

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

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

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

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

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

CMC22048 05/21

#### JNL Series Trust
December 31, 2025

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

---

| | |
|:---|:---|
| [**Schedules of Investments**](#1) | [3](#1) |
| [**Statements of Assets and Liabilities**](#2) | [604](#2) |
| [**Statements of Operations**](#3) | [623](#3) |
| [**Statements of Cash Flows**](#4) | [642](#4) |
| [**Statements of Changes in Net Assets**](#5) | [643](#5) |
| [**Financial Highlights**](#6) | [682](#6) |
| [**Notes to Financial Statements**](#7) | [730](#7) |
| [**Report of Independent Registered Public Accounting Firm**](#8) | [800](#8) |
| [**Additional Disclosures**](#9) | [805](#9) |
| [**Form N-CSR Items 8-11**](#10) | [806](#10) |

---

#### JNL Series Trust Supplements to Prospectus

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/American Funds Balanced Fund** | **JNL/American Funds Balanced Fund** | **JNL/American Funds Balanced Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Balanced 100.0%** | **Global Balanced 100.0%** | **Global Balanced 100.0%** |
| American Funds Insurance Series - Asset Allocation Fund - Class 1 (a) | 132886 | 3655694 |
| Total Investment Companies (cost $3,271,924) | Total Investment Companies (cost $3,271,924) | 3655694 |
| **Total Investments 100.0% (cost $3,271,924)** | **Total Investments 100.0% (cost $3,271,924)** | **3655694** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1226)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3654468** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Bond Fund of America Fund** | **JNL/American Funds Bond Fund of America Fund** | **JNL/American Funds Bond Fund of America Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 52734 | 502029 |
| Total Investment Companies (cost $505,350) | Total Investment Companies (cost $505,350) | 502029 |
| **Total Investments 100.0% (cost $505,350)** | **Total Investments 100.0% (cost $505,350)** | **502029** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (161) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **501868** |

---

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Capital Income Builder Fund** | **JNL/American Funds Capital Income Builder Fund** | **JNL/American Funds Capital Income Builder Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Balanced 100.0%** | **Global Balanced 100.0%** | **Global Balanced 100.0%** |
| American Funds Insurance Series - Capital Income Builder Fund - Class 1 (a) | 38673 | 560365 |
| Total Investment Companies (cost $445,120) | Total Investment Companies (cost $445,120) | 560365 |
| **Total Investments 100.0% (cost $445,120)** | **Total Investments 100.0% (cost $445,120)** | **560365** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (218) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **560147** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Capital World Bond Fund** | **JNL/American Funds Capital World Bond Fund** | **JNL/American Funds Capital World Bond Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Fixed Income 100.0%** | **Global Fixed Income 100.0%** | **Global Fixed Income 100.0%** |
| American Funds Insurance Series - Capital World Bond Fund - Class 1 (a) | 30423 | 310926 |
| Total Investment Companies (cost $352,406) | Total Investment Companies (cost $352,406) | 310926 |
| **Total Investments 100.0% (cost $352,406)** | **Total Investments 100.0% (cost $352,406)** | **310926** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (120) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **310806** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Global Growth Fund** | **JNL/American Funds Global Growth Fund** | **JNL/American Funds Global Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Equity 100.0%** | **Global Equity 100.0%** | **Global Equity 100.0%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 (a) | 29189 | 1132237 |
| Total Investment Companies (cost $1,027,543) | Total Investment Companies (cost $1,027,543) | 1132237 |
| **Total Investments 100.0% (cost $1,027,543)** | **Total Investments 100.0% (cost $1,027,543)** | **1132237** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (419) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1131818** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Global Small Capitalization Fund** | **JNL/American Funds Global Small Capitalization Fund** | **JNL/American Funds Global Small Capitalization Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Equity 100.0%** | **Global Equity 100.0%** | **Global Equity 100.0%** |
| American Funds Insurance Series - Global Small Capitalization Fund - Class 1 (a) | 29638 | 601939 |
| Total Investment Companies (cost $625,584) | Total Investment Companies (cost $625,584) | 601939 |
| **Total Investments 100.0% (cost $625,584)** | **Total Investments 100.0% (cost $625,584)** | **601939** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (216) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **601723** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/American Funds Growth Fund** | **JNL/American Funds Growth Fund** | **JNL/American Funds Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Growth Fund - Class 1 (a) | 62286 | 8786114 |
| Total Investment Companies (cost $6,381,328) | Total Investment Companies (cost $6,381,328) | 8786114 |
| **Total Investments 100.0% (cost $6,381,328)** | **Total Investments 100.0% (cost $6,381,328)** | **8786114** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(2501)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **8783613** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Growth-Income Fund** | **JNL/American Funds Growth-Income Fund** | **JNL/American Funds Growth-Income Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Growth-Income Fund - Class 1 (a) | 185392 | 12556598 |
| Total Investment Companies (cost $9,743,735) | Total Investment Companies (cost $9,743,735) | 12556598 |
| **Total Investments 100.0% (cost $9,743,735)** | **Total Investments 100.0% (cost $9,743,735)** | **12556598** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(4591)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **12552007** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds International Fund** | **JNL/American Funds International Fund** | **JNL/American Funds International Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **International Equity 100.0%** | **International Equity 100.0%** | **International Equity 100.0%** |
| American Funds Insurance Series - International Fund - Class 1 (a) | 65024 | 1451987 |
| Total Investment Companies (cost $1,277,090) | Total Investment Companies (cost $1,277,090) | 1451987 |
| **Total Investments 100.0% (cost $1,277,090)** | **Total Investments 100.0% (cost $1,277,090)** | **1451987** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (576) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1451411** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds New World Fund** | **JNL/American Funds New World Fund** | **JNL/American Funds New World Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** |
| American Funds Insurance Series - New World Fund - Class 1 (a) | 46217 | 1500659 |
| Total Investment Companies (cost $1,169,483) | Total Investment Companies (cost $1,169,483) | 1500659 |
| **Total Investments 100.0% (cost $1,169,483)** | **Total Investments 100.0% (cost $1,169,483)** | **1500659** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (643) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1500016** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Washington Mutual Investors Fund** | **JNL/American Funds Washington Mutual Investors Fund** | **JNL/American Funds Washington Mutual Investors Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 (a) | 234812 | 4268888 |
| Total Investment Companies (cost $3,270,797) | Total Investment Companies (cost $3,270,797) | 4268888 |
| **Total Investments 100.0% (cost $3,270,797)** | **Total Investments 100.0% (cost $3,270,797)** | **4268888** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1711)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4267177** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Bond Index Fund** | **JNL/Mellon Bond Index Fund** | **JNL/Mellon Bond Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** |
| JNL Bond Index Fund - Class I (97.9%) (a) | 102686 | 1027887 |
| Total Investment Companies (cost $1,016,241) | Total Investment Companies (cost $1,016,241) | 1027887 |
| **Total Investments 100.0% (cost $1,016,241)** | **Total Investments 100.0% (cost $1,016,241)** | **1027887** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (226) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1027661** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

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

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Emerging Markets Index Fund** | **JNL/Mellon Emerging Markets Index Fund** | **JNL/Mellon Emerging Markets Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** |
| JNL Emerging Markets Index Fund - Class I (99.6%) (a) | 80478 | 927102 |
| Total Investment Companies (cost $792,466) | Total Investment Companies (cost $792,466) | 927102 |
| **Total Investments 100.0% (cost $792,466)** | **Total Investments 100.0% (cost $792,466)** | **927102** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (264) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **926838** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon International Index Fund** | **JNL/Mellon International Index Fund** | **JNL/Mellon International Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **International Equity 100.0%** | **International Equity 100.0%** | **International Equity 100.0%** |
| JNL International Index Fund - Class I (99.5%) (a) | 248456 | 3073406 |
| Total Investment Companies (cost $2,542,219) | Total Investment Companies (cost $2,542,219) | 3073406 |
| **Total Investments 100.0% (cost $2,542,219)** | **Total Investments 100.0% (cost $2,542,219)** | **3073406** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (512) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3072894** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon S&P 400 MidCap Index Fund** | **JNL/Mellon S&P 400 MidCap Index Fund** | **JNL/Mellon S&P 400 MidCap Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| JNL Mid Cap Index Fund - Class I (99.6%) (a) | 251338 | 3242262 |
| Total Investment Companies (cost $2,515,834) | Total Investment Companies (cost $2,515,834) | 3242262 |
| **Total Investments 100.0% (cost $2,515,834)** | **Total Investments 100.0% (cost $2,515,834)** | **3242262** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (626) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3241636** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Small Cap Index Fund** | **JNL/Mellon Small Cap Index Fund** | **JNL/Mellon Small Cap Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| JNL Small Cap Index Fund - Class I (99.6%) (a) | 200535 | 2350272 |
| Total Investment Companies (cost $1,999,509) | Total Investment Companies (cost $1,999,509) | 2350272 |
| **Total Investments 100.0% (cost $1,999,509)** | **Total Investments 100.0% (cost $1,999,509)** | **2350272** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (469) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2349803** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 56.6%** | **Domestic Equity 56.6%** | **Domestic Equity 56.6%** |
| JNL Multi-Manager Mid Cap Fund - Class I (7.5%) (a) | 4114 | 86814 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (1.8%) (a) | 904 | 42716 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.5%) (a) | 1923 | 43475 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (12.3%) (a) | 9015 | 171551 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.6%) (a) | 267 | 21139 |
| JNL/JPMorgan U.S. Value Fund - Class I (1.1%) (a) | 678 | 14721 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.6%) (a) | 605 | 37128 |
|  | **Shares** | **Value ($)** |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (33.3%) (a) | 2221 | 25521 |
| JNL/Morningstar Wide Moat Index Fund - Class I (3.5%) (a) | 2729 | 29122 |
| JNL/Newton Equity Income Fund - Class I (2.5%) (a) | 2431 | 99261 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (7.5%) (a) | 6335 | 72213 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.6%) (a) | 567 | 63565 |
| JNL/T. Rowe Price Value Fund - Class I (2.1%) (a) | 2595 | 87571 |
| JNL/WMC Equity Income Fund - Class I (3.1%) (a) | 1262 | 29020 |
|  |  | 823817 |
| **International Equity 21.7%** | **International Equity 21.7%** | **International Equity 21.7%** |
| JNL Multi-Manager International Small Cap Fund - Class I (11.5%) (a) | 5851 | 80507 |
| JNL/Causeway International Value Select Fund - Class I (4.4%) (a) | 5008 | 124040 |
| JNL/WCM Focused International Equity Fund - Class I (5.1%) (a) | 6694 | 111929 |
|  |  | 316476 |
| **Emerging Markets Equity 9.3%** | **Emerging Markets Equity 9.3%** | **Emerging Markets Equity 9.3%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (7.3%) (a) | 9495 | 102550 |
| JNL/GQG Emerging Markets Equity Fund - Class I (4.3%) (a) | 1957 | 32791 |
|  |  | 135341 |
| **Global Equity 6.4%** | **Global Equity 6.4%** | **Global Equity 6.4%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (9.7%) (a) | 4455 | 93695 |
| **Alternative 3.1%** | **Alternative 3.1%** | **Alternative 3.1%** |
| Jackson Real Assets Fund - Class I (4.3%) (a) | 1425 | 15404 |
| JNL Multi-Manager Alternative Fund - Class I (3.0%) (a) | 2025 | 29304 |
|  |  | 44708 |
| **Domestic Fixed Income 2.9%** | **Domestic Fixed Income 2.9%** | **Domestic Fixed Income 2.9%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (1.6%) (a) | 2800 | 42809 |
| Total Investment Companies (cost $1,190,242) | Total Investment Companies (cost $1,190,242) | 1456846 |
| **Total Investments 100.0% (cost $1,190,242)** | **Total Investments 100.0% (cost $1,190,242)** | **1456846** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (347) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1456499** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 59.9%** | **Domestic Fixed Income 59.9%** | **Domestic Fixed Income 59.9%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.2%) (a) | 3866 | 59120 |
| JNL/DoubleLine Total Return Fund - Class I (3.6%) (a) | 5466 | 64822 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (3.6%) (a) | 4142 | 56083 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (2.4%) (a) | 1703 | 17286 |
| JNL/PIMCO Income Fund - Class I (2.4%) (a) | 3477 | 46448 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.4%) (a) | 847 | 11532 |
| JNL/PIMCO Real Return Fund - Class I (1.5%) (a) | 1345 | 17232 |
| JNL/PPM America High Yield Bond Fund - Class I (0.5%) (a) | 334 | 7209 |
| JNL/PPM America Investment Grade Credit Fund - Class I (1.5%) (a) | 256 | 2873 |
| JNL/PPM America Total Return Fund - Class I (3.9%) (a) | 3792 | 53160 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (3.3%) (a) | 634 | 8623 |
|  |  | 344388 |
| **Alternative 12.3%** | **Alternative 12.3%** | **Alternative 12.3%** |
| Jackson Credit Opportunities Fund - Class I (5.0%) (a) | 2752 | 29414 |
| Jackson Real Assets Fund - Class I (3.6%) (a) | 1182 | 12775 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL Multi-Manager Alternative Fund - Class I (3.0%) (a) | 1984 | 28710 |
| | | 70899 |
| **Domestic Equity 9.9%** | **Domestic Equity 9.9%** | **Domestic Equity 9.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.9%) (a) | 475 | 10017 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 253 | 5726 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (1.7%) (a) | 1232 | 23444 |
| JNL/Newton Equity Income Fund - Class I (0.2%) (a) | 179 | 7314 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.0%) (a) | 39 | 4379 |
| JNL/WMC Equity Income Fund - Class I (0.6%) (a) | 252 | 5793 |
|  |  | 56673 |
| **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.2%) (a) | 1089 | 34699 |
| **Emerging Markets Fixed Income 5.0%** | **Emerging Markets Fixed Income 5.0%** | **Emerging Markets Fixed Income 5.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (8.3%) (a) | 2162 | 28759 |
| **International Equity 3.8%** | **International Equity 3.8%** | **International Equity 3.8%** |
| JNL/Causeway International Value Select Fund - Class I (0.4%) (a) | 484 | 11987 |
| JNL/WCM Focused International Equity Fund - Class I (0.5%) (a) | 602 | 10074 |
|  |  | 22061 |
| **Emerging Markets Equity 3.1%** | **Emerging Markets Equity 3.1%** | **Emerging Markets Equity 3.1%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (1.2%) (a) | 1619 | 17486 |
| Total Investment Companies (cost $521,221) | Total Investment Companies (cost $521,221) | 574965 |
| **Total Investments 100.0% (cost $521,221)** | **Total Investments 100.0% (cost $521,221)** | **574965** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (145) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **574820** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 47.9%** | **Domestic Equity 47.9%** | **Domestic Equity 47.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (11.4%) (a) | 6273 | 132359 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.9%) (a) | 1451 | 68556 |
| JNL Multi-Manager Small Cap Value Fund - Class I (4.0%) (a) | 3085 | 69760 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (20.7%) (a) | 15148 | 288263 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.3%) (a) | 605 | 47933 |
| JNL/JPMorgan U.S. Value Fund - Class I (1.6%) (a) | 981 | 21293 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.6%) (a) | 698 | 42835 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (45.9%) (a) | 3060 | 35162 |
| JNL/Morningstar Wide Moat Index Fund - Class I (6.7%) (a) | 5256 | 56078 |
| JNL/Newton Equity Income Fund - Class I (4.0%) (a) | 3815 | 155781 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (13.0%) (a) | 11003 | 125435 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.1%) (a) | 976 | 109323 |
| JNL/T. Rowe Price Value Fund - Class I (3.1%) (a) | 3956 | 133517 |
| JNL/WMC Equity Income Fund - Class I (5.9%) (a) | 2430 | 55886 |
|  |  | 1342181 |
| **International Equity 19.0%** | **International Equity 19.0%** | **International Equity 19.0%** |
| JNL Multi-Manager International Small Cap Fund - Class I (16.1%) (a) | 8195 | 112760 |
| JNL/Causeway International Value Select Fund - Class I (7.9%) (a) | 9099 | 225395 |
| JNL/WCM Focused International Equity Fund - Class I (8.8%) (a) | 11630 | 194447 |
|  |  | 532602 |
|  | **Shares** | **Value ($)** |
| **Domestic Fixed Income 10.9%** | **Domestic Fixed Income 10.9%** | **Domestic Fixed Income 10.9%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (3.4%) (a) | 5946 | 90908 |
| JNL/DoubleLine Total Return Fund - Class I (5.4%) (a) | 8251 | 97853 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (4.1%) (a) | 4635 | 62760 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (3.0%) (a) | 2083 | 21144 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.7%) (a) | 1023 | 13917 |
| JNL/PPM America High Yield Bond Fund - Class I (1.3%) (a) | 908 | 19572 |
|  |  | 306154 |
| **Alternative 8.5%** | **Alternative 8.5%** | **Alternative 8.5%** |
| Jackson Credit Opportunities Fund - Class I (15.9%) (a) | 8680 | 92785 |
| Jackson Real Assets Fund - Class I (13.4%) (a) | 4400 | 47564 |
| JNL Multi-Manager Alternative Fund - Class I (10.2%) (a) | 6823 | 98724 |
|  |  | 239073 |
| **Emerging Markets Equity 8.0%** | **Emerging Markets Equity 8.0%** | **Emerging Markets Equity 8.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (12.0%) (a) | 15667 | 169208 |
| JNL/GQG Emerging Markets Equity Fund - Class I (7.4%) (a) | 3349 | 56136 |
|  |  | 225344 |
| **Global Equity 4.7%** | **Global Equity 4.7%** | **Global Equity 4.7%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (13.7%) (a) | 6275 | 131966 |
| **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (8.1%) (a) | 2110 | 28060 |
| Total Investment Companies (cost $2,365,840) | Total Investment Companies (cost $2,365,840) | 2805380 |
| **Total Investments 100.0% (cost $2,365,840)** | **Total Investments 100.0% (cost $2,365,840)** | **2805380** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (734) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2804646** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 40.1%** | **Domestic Fixed Income 40.1%** | **Domestic Fixed Income 40.1%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.4%) (a) | 7878 | 120459 |
| JNL/DoubleLine Total Return Fund - Class I (7.2%) (a) | 10932 | 129659 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (8.1%) (a) | 9212 | 124730 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (7.8%) (a) | 5470 | 55518 |
| JNL/PIMCO Income Fund - Class I (5.6%) (a) | 7996 | 106827 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.5%) (a) | 2040 | 27759 |
| JNL/PIMCO Real Return Fund - Class I (2.4%) (a) | 2161 | 27677 |
| JNL/PPM America High Yield Bond Fund - Class I (1.2%) (a) | 861 | 18563 |
| JNL/PPM America Total Return Fund - Class I (7.7%) (a) | 7578 | 106241 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (10.6%) (a) | 2036 | 27706 |
|  |  | 745139 |
| **Domestic Equity 21.1%** | **Domestic Equity 21.1%** | **Domestic Equity 21.1%** |
| JNL Multi-Manager Mid Cap Fund - Class I (4.8%) (a) | 2622 | 55331 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.8%) (a) | 382 | 18036 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.1%) (a) | 820 | 18529 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (9.0%) (a) | 6610 | 125782 |
| JNL/Morningstar Wide Moat Index Fund - Class I (2.8%) (a) | 2176 | 23216 |
| JNL/Newton Equity Income Fund - Class I (1.4%) (a) | 1379 | 56298 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.2%) (a) | 164 | 18375 |
| JNL/T. Rowe Price Value Fund - Class I (0.9%) (a) | 1104 | 37266 |
| JNL/WMC Equity Income Fund - Class I (4.1%) (a) | 1661 | 38191 |
| | | 391024 |
| **Alternative 12.5%** | **Alternative 12.5%** | **Alternative 12.5%** |
| Jackson Credit Opportunities Fund - Class I (16.8%) (a) | 9136 | 97669 |
| Jackson Real Assets Fund - Class I (12.1%) (a) | 3997 | 43210 |
| JNL Multi-Manager Alternative Fund - Class I (9.4%) (a) | 6263 | 90632 |
|  |  | 231511 |
| **International Equity 9.6%** | **International Equity 9.6%** | **International Equity 9.6%** |
| JNL Multi-Manager International Small Cap Fund - Class I (3.3%) (a) | 1696 | 23343 |
| JNL/Causeway International Value Select Fund - Class I (2.9%) (a) | 3287 | 81421 |
| JNL/WCM Focused International Equity Fund - Class I (3.4%) (a) | 4419 | 73893 |
|  |  | 178657 |
| **Domestic Balanced 5.7%** | **Domestic Balanced 5.7%** | **Domestic Balanced 5.7%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.7%) (a) | 3341 | 106439 |
| **Emerging Markets Equity 4.0%** | **Emerging Markets Equity 4.0%** | **Emerging Markets Equity 4.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (4.0%) (a) | 5184 | 55988 |
| JNL/GQG Emerging Markets Equity Fund - Class I (2.5%) (a) | 1130 | 18933 |
|  |  | 74921 |
| **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (21.3%) (a) | 5559 | 73936 |
| **Global Equity 3.0%** | **Global Equity 3.0%** | **Global Equity 3.0%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (5.7%) (a) | 2632 | 55360 |
| Total Investment Companies (cost $1,608,056) | Total Investment Companies (cost $1,608,056) | 1856987 |
| **Total Investments 100.0% (cost $1,608,056)** | **Total Investments 100.0% (cost $1,608,056)** | **1856987** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (597) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1856390** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 36.5%** | **Domestic Equity 36.5%** | **Domestic Equity 36.5%** |
| JNL Multi-Manager Mid Cap Fund - Class I (11.6%) (a) | 6406 | 135174 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.1%) (a) | 1052 | 49686 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.9%) (a) | 2247 | 50796 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (22.0%) (a) | 16159 | 307503 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.2%) (a) | 529 | 41895 |
| JNL/JPMorgan U.S. Value Fund - Class I (1.3%) (a) | 792 | 17188 |
| JNL/Morningstar Wide Moat Index Fund - Class I (7.2%) (a) | 5579 | 59524 |
| JNL/Newton Equity Income Fund - Class I (3.7%) (a) | 3576 | 146009 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (15.8%) (a) | 13342 | 152098 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.1%) (a) | 992 | 111090 |
| JNL/T. Rowe Price Value Fund - Class I (2.4%) (a) | 3030 | 102269 |
| JNL/WMC Equity Income Fund - Class I (7.2%) (a) | 2948 | 67812 |
|  |  | 1241044 |
| **Domestic Fixed Income 26.4%** | **Domestic Fixed Income 26.4%** | **Domestic Fixed Income 26.4%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (6.0%) (a) | 10625 | 162450 |
| JNL/DoubleLine Total Return Fund - Class I (9.9%) (a) | 15010 | 178018 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (11.6%) (a) | 13118 | 177621 |
|  | **Shares** | **Value ($)** |
| JNL/Lord Abbett Short Duration Income Fund - Class I (13.0%) (a) | 9180 | 93172 |
| JNL/PIMCO Income Fund - Class I (4.9%) (a) | 7000 | 93522 |
| JNL/PIMCO Real Return Fund - Class I (4.4%) (a) | 3958 | 50701 |
| JNL/PPM America High Yield Bond Fund - Class I (1.1%) (a) | 786 | 16957 |
| JNL/PPM America Total Return Fund - Class I (8.0%) (a) | 7835 | 109848 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (6.5%) (a) | 1242 | 16908 |
|  |  | 899197 |
| **International Equity 13.7%** | **International Equity 13.7%** | **International Equity 13.7%** |
| JNL Multi-Manager International Small Cap Fund - Class I (9.8%) (a) | 4969 | 68378 |
| JNL/Causeway International Value Select Fund - Class I (7.4%) (a) | 8468 | 209748 |
| JNL/WCM Focused International Equity Fund - Class I (8.4%) (a) | 11142 | 186296 |
|  |  | 464422 |
| **Alternative 11.6%** | **Alternative 11.6%** | **Alternative 11.6%** |
| Jackson Credit Opportunities Fund - Class I (26.3%) (a) | 14326 | 153146 |
| Jackson Real Assets Fund - Class I (22.4%) (a) | 7380 | 79776 |
| JNL Multi-Manager Alternative Fund - Class I (16.8%) (a) | 11258 | 162899 |
|  |  | 395821 |
| **Emerging Markets Equity 5.3%** | **Emerging Markets Equity 5.3%** | **Emerging Markets Equity 5.3%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (9.8%) (a) | 12728 | 137461 |
| JNL/GQG Emerging Markets Equity Fund - Class I (5.6%) (a) | 2530 | 42408 |
|  |  | 179869 |
| **Global Equity 4.0%** | **Global Equity 4.0%** | **Global Equity 4.0%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (14.1%) (a) | 6448 | 135597 |
| **Emerging Markets Fixed Income 2.5%** | **Emerging Markets Fixed Income 2.5%** | **Emerging Markets Fixed Income 2.5%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (24.4%) (a) | 6361 | 84603 |
| Total Investment Companies (cost $2,894,914) | Total Investment Companies (cost $2,894,914) | 3400553 |
| **Total Investments 100.0% (cost $2,894,914)** | **Total Investments 100.0% (cost $2,894,914)** | **3400553** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (943) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3399610** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 62.6%** | **Domestic Equity 62.6%** | **Domestic Equity 62.6%** |
| JNL Multi-Manager Mid Cap Fund - Class I (5.8%) (a) | 3188 | 67272 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.6%) (a) | 1294 | 61124 |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.6%) (a) | 2751 | 62197 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (6.8%) (a) | 4957 | 94326 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (2.6%) (a) | 1123 | 122240 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (9.6%) (a) | 4255 | 133388 |
| JNL/Invesco Diversified Dividend Fund - Class I (12.0%) (a) | 5113 | 99443 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.1%) (a) | 514 | 40696 |
| JNL/JPMorgan U.S. Value Fund - Class I (4.6%) (a) | 2902 | 62985 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.5%) (a) | 521 | 31944 |
| JNL/MFS Mid Cap Value Fund - Class I (1.9%) (a) | 1602 | 36313 |
| JNL/Newton Equity Income Fund - Class I (2.6%) (a) | 2444 | 99779 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (5.4%) (a) | 4575 | 52153 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.3%) (a) | 1175 | 131674 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/T. Rowe Price Value Fund - Class I (3.5%) (a) | 4482 | 151283 |
| JNL/WMC Value Fund - Class I (5.7%) (a) | 1350 | 57395 |
| | | 1304212 |
| **International Equity 21.9%** | **International Equity 21.9%** | **International Equity 21.9%** |
| JNL/Causeway International Value Select Fund - Class I (6.1%) (a) | 6956 | 172291 |
| JNL/Lazard International Quality Growth Fund - Class I (17.5%) (a) | 4638 | 68835 |
| JNL/WCM Focused International Equity Fund - Class I (5.6%) (a) | 7446 | 124498 |
| JNL/William Blair International Leaders Fund - Class I (8.6%) (a) | 6231 | 89857 |
|  |  | 455481 |
| **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.2%) (a) | 6782 | 73244 |
| JNL/GQG Emerging Markets Equity Fund - Class I (5.5%) (a) | 2478 | 41535 |
|  |  | 114779 |
| **Domestic Fixed Income 5.1%** | **Domestic Fixed Income 5.1%** | **Domestic Fixed Income 5.1%** |
| JNL/DoubleLine Total Return Fund - Class I (2.4%) (a) | 3586 | 42528 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.3%) (a) | 767 | 10438 |
| JNL/PPM America Investment Grade Credit Fund - Class I (5.5%) (a) | 917 | 10299 |
| JNL/PPM America Total Return Fund - Class I (3.1%) (a) | 3023 | 42391 |
|  |  | 105656 |
| **Alternative 4.9%** | **Alternative 4.9%** | **Alternative 4.9%** |
| Jackson Credit Opportunities Fund - Class I (5.4%) (a) | 2928 | 31301 |
| Jackson Real Assets Fund - Class I (6.6%) (a) | 2188 | 23653 |
| JNL Multi-Manager Alternative Fund - Class I (4.9%) (a) | 3268 | 47282 |
|  |  | 102236 |
| Total Investment Companies (cost $1,575,342) | Total Investment Companies (cost $1,575,342) | 2082364 |
| **Total Investments 100.0% (cost $1,575,342)** | **Total Investments 100.0% (cost $1,575,342)** | **2082364** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (514) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2081850** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 67.6%** | **Domestic Fixed Income 67.6%** | **Domestic Fixed Income 67.6%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.1%) (a) | 3761 | 57512 |
| JNL/DoubleLine Total Return Fund - Class I (3.4%) (a) | 5115 | 60658 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (3.3%) (a) | 3772 | 51078 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (4.3%) (a) | 3701 | 55811 |
| JNL/PIMCO Income Fund - Class I (2.3%) (a) | 3354 | 44809 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.6%) (a) | 2110 | 28721 |
| JNL/PIMCO Real Return Fund - Class I (2.8%) (a) | 2486 | 31840 |
| JNL/PPM America High Yield Bond Fund - Class I (1.4%) (a) | 1037 | 22347 |
| JNL/PPM America Investment Grade Credit Fund - Class I (11.9%) (a) | 1984 | 22282 |
| JNL/PPM America Total Return Fund - Class I (4.2%) (a) | 4089 | 57324 |
|  |  | 432382 |
| **Domestic Equity 14.3%** | **Domestic Equity 14.3%** | **Domestic Equity 14.3%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.8%) (a) | 453 | 9553 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.2%) (a) | 100 | 4701 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 209 | 4723 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (0.7%) (a) | 507 | 9647 |
|  | **Shares** | **Value ($)** |
| JNL/ClearBridge Large Cap Growth Fund - Class I (0.7%) (a) | 303 | 9507 |
| JNL/Invesco Diversified Dividend Fund - Class I (0.9%) (a) | 381 | 7406 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.2%) (a) | 149 | 3232 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.1%) (a) | 117 | 7204 |
| JNL/Newton Equity Income Fund - Class I (0.2%) (a) | 182 | 7445 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (1.0%) (a) | 836 | 9532 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.1%) (a) | 84 | 9369 |
| JNL/T. Rowe Price Value Fund - Class I (0.2%) (a) | 266 | 8993 |
|  |  | 91312 |
| **Alternative 8.1%** | **Alternative 8.1%** | **Alternative 8.1%** |
| Jackson Credit Opportunities Fund - Class I (2.3%) (a) | 1276 | 13637 |
| Jackson Real Assets Fund - Class I (2.8%) (a) | 922 | 9972 |
| JNL Multi-Manager Alternative Fund - Class I (2.9%) (a) | 1955 | 28295 |
|  |  | 51904 |
| **International Equity 4.6%** | **International Equity 4.6%** | **International Equity 4.6%** |
| JNL/Causeway International Value Select Fund - Class I (0.4%) (a) | 468 | 11594 |
| JNL/Lazard International Quality Growth Fund - Class I (0.8%) (a) | 216 | 3210 |
| JNL/WCM Focused International Equity Fund - Class I (0.4%) (a) | 476 | 7956 |
| JNL/William Blair International Leaders Fund - Class I (0.6%) (a) | 452 | 6512 |
|  |  | 29272 |
| **Global Fixed Income 4.2%** | **Global Fixed Income 4.2%** | **Global Fixed Income 4.2%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (2.5%) (a) | 1893 | 27170 |
| **Emerging Markets Equity 1.2%** | **Emerging Markets Equity 1.2%** | **Emerging Markets Equity 1.2%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (0.5%) (a) | 712 | 7691 |
| Total Investment Companies (cost $569,132) | Total Investment Companies (cost $569,132) | 639731 |
| **Total Investments 100.0% (cost $569,132)** | **Total Investments 100.0% (cost $569,132)** | **639731** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (232) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **639499** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 55.7%** | **Domestic Equity 55.7%** | **Domestic Equity 55.7%** |
| JNL Multi-Manager Mid Cap Fund - Class I (10.1%) (a) | 5574 | 117610 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (4.3%) (a) | 2139 | 101055 |
| JNL Multi-Manager Small Cap Value Fund - Class I (5.9%) (a) | 4567 | 103256 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (10.7%) (a) | 7824 | 148885 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (4.5%) (a) | 1949 | 212164 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (15.3%) (a) | 6809 | 213473 |
| JNL/Invesco Diversified Dividend Fund - Class I (19.1%) (a) | 8152 | 158558 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.9%) (a) | 851 | 67425 |
| JNL/JPMorgan U.S. Value Fund - Class I (7.3%) (a) | 4587 | 99535 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.8%) (a) | 818 | 50211 |
| JNL/MFS Mid Cap Value Fund - Class I (3.0%) (a) | 2597 | 58864 |
| JNL/Newton Equity Income Fund - Class I (4.1%) (a) | 3887 | 158705 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (9.2%) (a) | 7794 | 88852 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (2.3%) (a) | 2048 | 229395 |
| JNL/T. Rowe Price Value Fund - Class I (6.7%) (a) | 8497 | 286787 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/WMC Value Fund - Class I (9.8%) (a) | 2325 | 98833 |
| | | 2193608 |
| **International Equity 19.6%** | **International Equity 19.6%** | **International Equity 19.6%** |
| JNL/Causeway International Value Select Fund - Class I (10.1%) (a) | 11548 | 286043 |
| JNL/Lazard International Quality Growth Fund - Class I (25.2%) (a) | 6687 | 99228 |
| JNL/WCM Focused International Equity Fund - Class I (9.4%) (a) | 12346 | 206416 |
| JNL/William Blair International Leaders Fund - Class I (17.4%) (a) | 12526 | 180625 |
|  |  | 772312 |
| **Domestic Fixed Income 15.0%** | **Domestic Fixed Income 15.0%** | **Domestic Fixed Income 15.0%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.3%) (a) | 7706 | 117823 |
| JNL/DoubleLine Total Return Fund - Class I (8.8%) (a) | 13429 | 159270 |
| JNL/PIMCO Income Fund - Class I (4.1%) (a) | 5894 | 78749 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (6.1%) (a) | 3607 | 49096 |
| JNL/PPM America Investment Grade Credit Fund - Class I (21.0%) (a) | 3493 | 39225 |
| JNL/PPM America Total Return Fund - Class I (10.7%) (a) | 10466 | 146730 |
|  |  | 590893 |
| **Alternative 4.9%** | **Alternative 4.9%** | **Alternative 4.9%** |
| Jackson Credit Opportunities Fund - Class I (10.2%) (a) | 5564 | 59474 |
| Jackson Real Assets Fund - Class I (12.6%) (a) | 4146 | 44821 |
| JNL Multi-Manager Alternative Fund - Class I (9.4%) (a) | 6273 | 90773 |
|  |  | 195068 |
| **Emerging Markets Equity 4.8%** | **Emerging Markets Equity 4.8%** | **Emerging Markets Equity 4.8%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (9.2%) (a) | 11921 | 128750 |
| JNL/GQG Emerging Markets Equity Fund - Class I (7.8%) (a) | 3517 | 58949 |
|  |  | 187699 |
| Total Investment Companies (cost $3,022,477) | Total Investment Companies (cost $3,022,477) | 3939580 |
| **Total Investments 100.0% (cost $3,022,477)** | **Total Investments 100.0% (cost $3,022,477)** | **3939580** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1034)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3938546** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 49.9%** | **Domestic Fixed Income 49.9%** | **Domestic Fixed Income 49.9%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.1%) (a) | 7314 | 111837 |
| JNL/DoubleLine Total Return Fund - Class I (7.1%) (a) | 10772 | 127760 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (6.2%) (a) | 7056 | 95545 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (7.3%) (a) | 6337 | 95560 |
| JNL/PIMCO Income Fund - Class I (4.2%) (a) | 5993 | 80065 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (8.0%) (a) | 4684 | 63753 |
| JNL/PIMCO Real Return Fund - Class I (4.2%) (a) | 3726 | 47727 |
| JNL/PPM America High Yield Bond Fund - Class I (2.6%) (a) | 1850 | 39879 |
| JNL/PPM America Investment Grade Credit Fund - Class I (12.7%) (a) | 2117 | 23774 |
| JNL/PPM America Total Return Fund - Class I (8.1%) (a) | 7949 | 111443 |
|  |  | 797343 |
| **Domestic Equity 27.9%** | **Domestic Equity 27.9%** | **Domestic Equity 27.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (2.1%) (a) | 1131 | 23867 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.9%) (a) | 454 | 21474 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.3%) (a) | 973 | 21996 |
|  | **Shares** | **Value ($)** |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (2.9%) (a) | 2111 | 40180 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (0.6%) (a) | 252 | 27399 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (2.2%) (a) | 993 | 31146 |
| JNL/Invesco Diversified Dividend Fund - Class I (4.4%) (a) | 1861 | 36199 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.3%) (a) | 148 | 11725 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.6%) (a) | 372 | 8067 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.5%) (a) | 599 | 36740 |
| JNL/MFS Mid Cap Value Fund - Class I (0.6%) (a) | 527 | 11948 |
| JNL/Newton Equity Income Fund - Class I (0.8%) (a) | 790 | 32250 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (2.9%) (a) | 2449 | 27915 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.5%) (a) | 417 | 46694 |
| JNL/T. Rowe Price Value Fund - Class I (1.1%) (a) | 1427 | 48167 |
| JNL/WMC Value Fund - Class I (2.0%) (a) | 472 | 20050 |
|  |  | 445817 |
| **International Equity 9.6%** | **International Equity 9.6%** | **International Equity 9.6%** |
| JNL/Causeway International Value Select Fund - Class I (2.2%) (a) | 2502 | 61975 |
| JNL/Lazard International Quality Growth Fund - Class I (3.0%) (a) | 804 | 11932 |
| JNL/WCM Focused International Equity Fund - Class I (1.6%) (a) | 2167 | 36238 |
| JNL/William Blair International Leaders Fund - Class I (4.3%) (a) | 3086 | 44501 |
|  |  | 154646 |
| **Alternative 7.1%** | **Alternative 7.1%** | **Alternative 7.1%** |
| Jackson Credit Opportunities Fund - Class I (5.7%) (a) | 3112 | 33266 |
| Jackson Real Assets Fund - Class I (6.9%) (a) | 2261 | 24443 |
| JNL Multi-Manager Alternative Fund - Class I (5.7%) (a) | 3830 | 55415 |
|  |  | 113124 |
| **Global Fixed Income 3.0%** | **Global Fixed Income 3.0%** | **Global Fixed Income 3.0%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (4.3%) (a) | 3337 | 47883 |
| **Emerging Markets Equity 2.5%** | **Emerging Markets Equity 2.5%** | **Emerging Markets Equity 2.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (2.0%) (a) | 2605 | 28132 |
| JNL/GQG Emerging Markets Equity Fund - Class I (1.6%) (a) | 714 | 11960 |
|  |  | 40092 |
| Total Investment Companies (cost $1,340,921) | Total Investment Companies (cost $1,340,921) | 1598905 |
| **Total Investments 100.0% (cost $1,340,921)** | **Total Investments 100.0% (cost $1,340,921)** | **1598905** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (507) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1598398** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 41.8%** | **Domestic Equity 41.8%** | **Domestic Equity 41.8%** |
| JNL Multi-Manager Mid Cap Fund - Class I (7.3%) (a) | 4025 | 84918 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (3.0%) (a) | 1485 | 70180 |
| JNL Multi-Manager Small Cap Value Fund - Class I (4.1%) (a) | 3160 | 71454 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (7.1%) (a) | 5211 | 99155 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (1.9%) (a) | 806 | 87744 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (11.4%) (a) | 5072 | 159011 |
| JNL/Invesco Diversified Dividend Fund - Class I (13.1%) (a) | 5563 | 108204 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.2%) (a) | 554 | 43893 |
| JNL/JPMorgan U.S. Value Fund - Class I (6.0%) (a) | 3756 | 81495 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.8%) (a) | 894 | 54830 |
| JNL/MFS Mid Cap Value Fund - Class I (2.1%) (a) | 1811 | 41056 |
| JNL/Newton Equity Income Fund - Class I (2.3%) (a) | 2205 | 90027 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (6.5%) (a) | 5506 | 62771 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.8%) (a) | 1630 | 182651 |
| JNL/T. Rowe Price Value Fund - Class I (4.4%) (a) | 5599 | 188968 |
| JNL/WMC Value Fund - Class I (7.1%) (a) | 1692 | 71916 |
| | | 1498273 |
| **Domestic Fixed Income 33.0%** | **Domestic Fixed Income 33.0%** | **Domestic Fixed Income 33.0%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (5.9%) (a) | 10543 | 161201 |
| JNL/DoubleLine Total Return Fund - Class I (11.4%) (a) | 17365 | 205952 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (8.8%) (a) | 9947 | 134677 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (13.0%) (a) | 11257 | 169751 |
| JNL/PIMCO Income Fund - Class I (5.6%) (a) | 8059 | 107667 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (12.3%) (a) | 7224 | 98321 |
| JNL/PPM America High Yield Bond Fund - Class I (3.5%) (a) | 2493 | 53755 |
| JNL/PPM America Investment Grade Credit Fund - Class I (38.2%) (a) | 6353 | 71347 |
| JNL/PPM America Total Return Fund - Class I (13.0%) (a) | 12732 | 178508 |
|  |  | 1181179 |
| **International Equity 14.7%** | **International Equity 14.7%** | **International Equity 14.7%** |
| JNL/Causeway International Value Select Fund - Class I (6.5%) (a) | 7490 | 185527 |
| JNL/Lazard International Quality Growth Fund - Class I (18.3%) (a) | 4861 | 72133 |
| JNL/WCM Focused International Equity Fund - Class I (6.5%) (a) | 8545 | 142878 |
| JNL/William Blair International Leaders Fund - Class I (12.2%) (a) | 8810 | 127046 |
|  |  | 527584 |
| **Alternative 7.0%** | **Alternative 7.0%** | **Alternative 7.0%** |
| Jackson Credit Opportunities Fund - Class I (12.4%) (a) | 6751 | 72168 |
| Jackson Real Assets Fund - Class I (15.3%) (a) | 5042 | 54501 |
| JNL Multi-Manager Alternative Fund - Class I (12.9%) (a) | 8613 | 124623 |
|  |  | 251292 |
| **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.8%) (a) | 7501 | 81009 |
| JNL/GQG Emerging Markets Equity Fund - Class I (5.9%) (a) | 2673 | 44800 |
|  |  | 125809 |
| Total Investment Companies (cost $2,846,640) | Total Investment Companies (cost $2,846,640) | 3584137 |
| **Total Investments 100.0% (cost $2,846,640)** | **Total Investments 100.0% (cost $2,846,640)** | **3584137** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1033)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3583104** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2025 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 46.6%** | **Domestic Equity 46.6%** | **Domestic Equity 46.6%** |
| American Funds American Mutual Fund - Class R-6 | 5820 | 346330 |
| American Funds Insurance Series - Growth Fund - Class 1 | 3209 | 452653 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 8722 | 569027 |
| American Funds Investment Company of America Fund - Class R-6 | 10296 | 644857 |
|  |  | 2012867 |
|  | **Shares** | **Value ($)** |
| **International Equity 16.2%** | **International Equity 16.2%** | **International Equity 16.2%** |
| American Funds EuroPacific Growth Fund - Class R-6 | 5771 | 349572 |
| American Funds International Growth and Income Fund - Class R-6 | 7806 | 348442 |
|  |  | 698014 |
| **Domestic Fixed Income 15.8%** | **Domestic Fixed Income 15.8%** | **Domestic Fixed Income 15.8%** |
| American Funds Inflation Linked Bond Fund - Class R-6 | 3914 | 37029 |
| American Funds Insurance Series - American Funds Mortgage Fund - Class 1 (a) | 1821 | 17230 |
| American Funds Insurance Series - American High-Income Trust - Class 1 (a) | 8413 | 78497 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 29909 | 284730 |
| American Funds Mortgage Fund - Class R-6 | 14914 | 133480 |
| American Funds Strategic Bond Fund - Class R-6 | 14202 | 132934 |
|  |  | 683900 |
| **Global Equity 13.2%** | **Global Equity 13.2%** | **Global Equity 13.2%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 10354 | 401641 |
| American Funds SMALLCAP World Fund - Class R-6 | 2231 | 170228 |
|  |  | 571869 |
| **Emerging Markets Equity 6.8%** | **Emerging Markets Equity 6.8%** | **Emerging Markets Equity 6.8%** |
| American Funds New World Fund - Class R-6 | 3156 | 294017 |
| **Emerging Markets Fixed Income 1.4%** | **Emerging Markets Fixed Income 1.4%** | **Emerging Markets Fixed Income 1.4%** |
| American Funds Emerging Markets Bond Fund - Class R-6 | 7455 | 60979 |
| Total Investment Companies (cost $3,796,841) | Total Investment Companies (cost $3,796,841) | 4321646 |
| **Total Investments 100.0% (cost $3,796,841)** | **Total Investments 100.0% (cost $3,796,841)** | **4321646** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1562)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4320084** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 53.9%** | **Domestic Fixed Income 53.9%** | **Domestic Fixed Income 53.9%** |
| American Funds Inflation Linked Bond Fund - Class R-6 | 199 | 1886 |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 410 | 3823 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 1635 | 15568 |
| American Funds Mortgage Fund - Class R-6 | 751 | 6717 |
| American Funds Strategic Bond Fund - Class R-6 | 712 | 6664 |
|  |  | 34658 |
| **Domestic Equity 23.6%** | **Domestic Equity 23.6%** | **Domestic Equity 23.6%** |
| American Funds American Mutual Fund - Class R-6 | 46 | 2737 |
| American Funds Insurance Series - Growth Fund - Class 1 | 23 | 3244 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 70 | 4530 |
| American Funds Investment Company of America Fund - Class R-6 | 75 | 4694 |
|  |  | 15205 |
| **International Equity 7.8%** | **International Equity 7.8%** | **International Equity 7.8%** |
| American Funds EuroPacific Growth Fund - Class R-6 | 41 | 2492 |
| American Funds International Growth and Income Fund - Class R-6 | 56 | 2510 |
|  |  | 5002 |
| **Global Equity 6.8%** | **Global Equity 6.8%** | **Global Equity 6.8%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 80 | 3110 |
| American Funds SMALLCAP World Fund - Class R-6 | 17 | 1287 |
|  |  | 4397 |
| **Emerging Markets Fixed Income 4.5%** | **Emerging Markets Fixed Income 4.5%** | **Emerging Markets Fixed Income 4.5%** |
| American Funds Emerging Markets Bond Fund - Class R-6 | 356 | 2913 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Emerging Markets Equity 3.4%** | **Emerging Markets Equity 3.4%** | **Emerging Markets Equity 3.4%** |
| American Funds New World Fund - Class R-6 | 23 | 2155 |
| Total Investment Companies (cost $63,606) | Total Investment Companies (cost $63,606) | 64330 |
| **Total Investments 100.0% (cost $63,606)** | **Total Investments 100.0% (cost $63,606)** | **64330** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (23) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **64307** |

---

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 36.3%** | **Domestic Equity 36.3%** | **Domestic Equity 36.3%** |
| American Funds American Mutual Fund - Class R-6 | 2644 | 157349 |
| American Funds Insurance Series - Growth Fund - Class 1 | 1418 | 199973 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 3913 | 255277 |
| American Funds Investment Company of America Fund - Class R-6 | 4611 | 288793 |
|  |  | 901392 |
| **Domestic Fixed Income 32.8%** | **Domestic Fixed Income 32.8%** | **Domestic Fixed Income 32.8%** |
| American Funds Inflation Linked Bond Fund - Class R-6 | 4687 | 44342 |
| American Funds Insurance Series - American High-Income Trust - Class 1 (a) | 10142 | 94627 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 37774 | 359610 |
| American Funds Mortgage Fund - Class R-6 | 17726 | 158645 |
| American Funds Strategic Bond Fund - Class R-6 | 16797 | 157218 |
|  |  | 814442 |
| **International Equity 12.3%** | **International Equity 12.3%** | **International Equity 12.3%** |
| American Funds EuroPacific Growth Fund - Class R-6 | 2521 | 152744 |
| American Funds International Growth and Income Fund - Class R-6 | 3417 | 152553 |
|  |  | 305297 |
| **Global Equity 10.2%** | **Global Equity 10.2%** | **Global Equity 10.2%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 4586 | 177891 |
| American Funds SMALLCAP World Fund - Class R-6 | 994 | 75798 |
|  |  | 253689 |
| **Emerging Markets Equity 5.4%** | **Emerging Markets Equity 5.4%** | **Emerging Markets Equity 5.4%** |
| American Funds New World Fund - Class R-6 | 1432 | 133407 |
| **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** |
| American Funds Emerging Markets Bond Fund - Class R-6 | 8985 | 73496 |
| Total Investment Companies (cost $2,315,418) | Total Investment Companies (cost $2,315,418) | 2481723 |
| **Total Investments 100.0% (cost $2,315,418)** | **Total Investments 100.0% (cost $2,315,418)** | **2481723** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (965) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2480758** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 53.1%** | **Domestic Equity 53.1%** | **Domestic Equity 53.1%** |
| Capital Group Dividend Value ETF | 613 | 26736 |
| iShares Core Dividend Growth ETF (a) | 329 | 22827 |
| iShares Core S&P 500 ETF | 48 | 32637 |
| iShares Core S&P Mid-Cap ETF | 563 | 37184 |
| iShares Core S&P U.S. Growth ETF (a) | 71 | 11957 |
| iShares Select U.S. REIT ETF | 130 | 7768 |
| JPMorgan Active Growth ETF (a) | 251 | 23267 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 195 | 12582 |
| T. Rowe Price Capital Appreciation Equity ETF (a) | 834 | 31883 |
| VanEck Morningstar Wide Moat ETF | 91 | 9401 |
|  |  | 216242 |
| **International Equity 17.6%** | **International Equity 17.6%** | **International Equity 17.6%** |
| First Trust WCM International Equity ETF (a) | 1240 | 21090 |
| iShares Core MSCI EAFE ETF | 319 | 28557 |
|  | **Shares** | **Value ($)** |
| Lazard International Dynamic Equity ETF (a) | 722 | 21910 |
|  |  | 71557 |
| **Domestic Fixed Income 14.6%** | **Domestic Fixed Income 14.6%** | **Domestic Fixed Income 14.6%** |
| ALPS Smtih Core Plus Bond ETF | 590 | 15378 |
| DoubleLine Mortgage ETF | 136 | 6744 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 265 | 11365 |
| iShares Core U.S. Aggregate Bond ETF | 191 | 19098 |
| iShares MBS ETF | 71 | 6791 |
|  |  | 59376 |
| **Emerging Markets Equity 10.2%** | **Emerging Markets Equity 10.2%** | **Emerging Markets Equity 10.2%** |
| Capital Group New Geography Equity ETF (a) | 518 | 16553 |
| iShares Core MSCI Emerging Markets ETF | 374 | 25130 |
|  |  | 41683 |
| **Global Equity 3.1%** | **Global Equity 3.1%** | **Global Equity 3.1%** |
| FPA Global Equity ETF (a) | 336 | 12468 |
| **Emerging Markets Fixed Income 1.4%** | **Emerging Markets Fixed Income 1.4%** | **Emerging Markets Fixed Income 1.4%** |
| iShares JPMorgan USD Emerging Markets Bond ETF (a) | 62 | 5945 |
| Total Investment Companies (cost $349,686) | Total Investment Companies (cost $349,686) | 407271 |
| **SHORT TERM INVESTMENTS 6.2%** | **SHORT TERM INVESTMENTS 6.2%** | **SHORT TERM INVESTMENTS 6.2%** |
| **Securities Lending Collateral 6.2%** | **Securities Lending Collateral 6.2%** | **Securities Lending Collateral 6.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (c) | 25383 | 25383 |
| Total Short Term Investments (cost $25,383) | Total Short Term Investments (cost $25,383) | 25383 |
| **Total Investments 106.2% (cost $375,069)** | **Total Investments 106.2% (cost $375,069)** | **432654** |
| **Other Assets and Liabilities, Net (6.2)%** | **Other Assets and Liabilities, Net (6.2)%** | **(25309)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **407345** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.1%** | **INVESTMENT COMPANIES 100.1%** | **INVESTMENT COMPANIES 100.1%** |
| **Domestic Fixed Income 51.3%** | **Domestic Fixed Income 51.3%** | **Domestic Fixed Income 51.3%** |
| ALPS Smtih Core Plus Bond ETF (a) | 761 | 19833 |
| DoubleLine Mortgage ETF | 289 | 14371 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 278 | 11918 |
| iShares 0-5 Year TIPS Bond ETF | 21 | 2152 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | 348 | 18757 |
| iShares Core U.S. Aggregate Bond ETF | 352 | 35142 |
| iShares MBS ETF | 151 | 14408 |
|  |  | 116581 |
| **Domestic Equity 30.3%** | **Domestic Equity 30.3%** | **Domestic Equity 30.3%** |
| Capital Group Dividend Value ETF | 165 | 7180 |
| iShares Core Dividend Growth ETF (a) | 103 | 7153 |
| iShares Core S&P 500 ETF | 18 | 12439 |
| iShares Core S&P Mid-Cap ETF | 160 | 10588 |
| iShares Core S&P U.S. Growth ETF | 28 | 4731 |
| iShares Select U.S. REIT ETF | 47 | 2774 |
| JPMorgan Active Growth ETF | 68 | 6293 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 56 | 3605 |
| T. Rowe Price Capital Appreciation Equity ETF (a) | 290 | 11084 |
| VanEck Morningstar Wide Moat ETF (a) | 29 | 3035 |
|  |  | 68882 |
| **International Equity 8.6%** | **International Equity 8.6%** | **International Equity 8.6%** |
| First Trust WCM International Equity ETF | 360 | 6119 |
| iShares Core MSCI EAFE ETF | 78 | 7010 |
| Lazard International Dynamic Equity ETF | 210 | 6356 |
|  |  | 19485 |
| **Emerging Markets Equity 6.4%** | **Emerging Markets Equity 6.4%** | **Emerging Markets Equity 6.4%** |
| Capital Group New Geography Equity ETF (a) | 188 | 6003 |
| iShares Core MSCI Emerging Markets ETF | 125 | 8397 |
|  |  | 14400 |
| **Emerging Markets Fixed Income 3.5%** | **Emerging Markets Fixed Income 3.5%** | **Emerging Markets Fixed Income 3.5%** |
| iShares JPMorgan USD Emerging Markets Bond ETF (a) | 82 | 7925 |
| Total Investment Companies (cost $211,786) | Total Investment Companies (cost $211,786) | 227273 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **SHORT TERM INVESTMENTS 7.0%** | **SHORT TERM INVESTMENTS 7.0%** | **SHORT TERM INVESTMENTS 7.0%** |
| **Securities Lending Collateral 7.0%** | **Securities Lending Collateral 7.0%** | **Securities Lending Collateral 7.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (c) | 15845 | 15845 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 99 | 99 |
| Total Short Term Investments (cost $15,944) | Total Short Term Investments (cost $15,944) | 15944 |
| **Total Investments 107.1% (cost $227,730)** | **Total Investments 107.1% (cost $227,730)** | **243217** |
| **Other Assets and Liabilities, Net (7.1)%** | **Other Assets and Liabilities, Net (7.1)%** | **(16099)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **227118** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 41.5%** | **Domestic Equity 41.5%** | **Domestic Equity 41.5%** |
| Capital Group Dividend Value ETF (a) | 353 | 15424 |
| iShares Core Dividend Growth ETF (a) | 250 | 17344 |
| iShares Core S&P 500 ETF | 38 | 25687 |
| iShares Core S&P Mid-Cap ETF | 373 | 24610 |
| iShares Core S&P U.S. Growth ETF | 52 | 8771 |
| iShares Select U.S. REIT ETF (a) | 87 | 5184 |
| JPMorgan Active Growth ETF (a) | 147 | 13651 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF | 116 | 7444 |
| T. Rowe Price Capital Appreciation Equity ETF (a) | 619 | 23668 |
| VanEck Morningstar Wide Moat ETF | 64 | 6650 |
|  |  | 148433 |
| **Domestic Fixed Income 32.4%** | **Domestic Fixed Income 32.4%** | **Domestic Fixed Income 32.4%** |
| ALPS Smtih Core Plus Bond ETF | 788 | 20552 |
| DoubleLine Mortgage ETF | 294 | 14593 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 333 | 14282 |
| iShares 0-5 Year TIPS Bond ETF | 24 | 2494 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | 238 | 12838 |
| iShares Core U.S. Aggregate Bond ETF | 367 | 36635 |
| iShares MBS ETF | 154 | 14643 |
|  |  | 116037 |
| **International Equity 13.5%** | **International Equity 13.5%** | **International Equity 13.5%** |
| First Trust WCM International Equity ETF | 847 | 14407 |
| iShares Core MSCI EAFE ETF | 213 | 19070 |
| Lazard International Dynamic Equity ETF (a) | 494 | 14979 |
|  |  | 48456 |
| **Emerging Markets Equity 8.3%** | **Emerging Markets Equity 8.3%** | **Emerging Markets Equity 8.3%** |
| Capital Group New Geography Equity ETF | 348 | 11112 |
| iShares Core MSCI Emerging Markets ETF | 277 | 18652 |
|  |  | 29764 |
| **Emerging Markets Fixed Income 2.2%** | **Emerging Markets Fixed Income 2.2%** | **Emerging Markets Fixed Income 2.2%** |
| iShares JPMorgan USD Emerging Markets Bond ETF | 83 | 7944 |
| **Global Equity 2.1%** | **Global Equity 2.1%** | **Global Equity 2.1%** |
| FPA Global Equity ETF | 197 | 7309 |
| Total Investment Companies (cost $318,219) | Total Investment Companies (cost $318,219) | 357943 |
| **SHORT TERM INVESTMENTS 7.0%** | **SHORT TERM INVESTMENTS 7.0%** | **SHORT TERM INVESTMENTS 7.0%** |
| **Securities Lending Collateral 7.0%** | **Securities Lending Collateral 7.0%** | **Securities Lending Collateral 7.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (c) | 24816 | 24816 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 114 | 114 |
| Total Short Term Investments (cost $24,930) | Total Short Term Investments (cost $24,930) | 24930 |
| **Total Investments 107.0% (cost $343,149)** | **Total Investments 107.0% (cost $343,149)** | **382873** |
| **Other Assets and Liabilities, Net (7.0)%** | **Other Assets and Liabilities, Net (7.0)%** | **(24916)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **357957** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

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

---

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 58.1%** | **Domestic Equity 58.1%** | **Domestic Equity 58.1%** |
| Vanguard Dividend Appreciation ETF (a) | 567 | 124522 |
| Vanguard Growth ETF | 476 | 232195 |
| Vanguard Mid-Cap ETF | 506 | 146940 |
| Vanguard Real Estate ETF | 420 | 37188 |
| Vanguard Small-Cap ETF (a) | 371 | 95581 |
| Vanguard Total Stock Market ETF | 1119 | 375176 |
| Vanguard Value ETF | 1163 | 222062 |
|  |  | 1233664 |
| **International Equity 18.2%** | **International Equity 18.2%** | **International Equity 18.2%** |
| Vanguard FTSE Developed Markets ETF | 4241 | 264968 |
| Vanguard International Dividend Appreciation ETF (a) | 1318 | 120560 |
|  |  | 385528 |
| **Domestic Fixed Income 14.8%** | **Domestic Fixed Income 14.8%** | **Domestic Fixed Income 14.8%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 360 | 30172 |
| Vanguard Intermediate-Term Treasury ETF | 500 | 29963 |
| Vanguard Mortgage-Backed Securities ETF (a) | 1913 | 90053 |
| Vanguard Short-Term Corporate Bond ETF (a) | 433 | 34547 |
| Vanguard Short-Term Inflation-Protected Securities ETF (a) | 296 | 14647 |
| Vanguard Total Bond Market ETF | 1541 | 114144 |
|  |  | 313526 |
| **Emerging Markets Equity 7.2%** | **Emerging Markets Equity 7.2%** | **Emerging Markets Equity 7.2%** |
| Vanguard FTSE Emerging Markets ETF (a) | 2846 | 152987 |
| **Emerging Markets Fixed Income 1.7%** | **Emerging Markets Fixed Income 1.7%** | **Emerging Markets Fixed Income 1.7%** |
| Vanguard Emerging Markets Government Bond ETF | 529 | 35673 |
| Total Investment Companies (cost $1,731,734) | Total Investment Companies (cost $1,731,734) | 2121378 |
| **SHORT TERM INVESTMENTS 3.8%** | **SHORT TERM INVESTMENTS 3.8%** | **SHORT TERM INVESTMENTS 3.8%** |
| **Securities Lending Collateral 3.7%** | **Securities Lending Collateral 3.7%** | **Securities Lending Collateral 3.7%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (c) | 79268 | 79268 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 1276 | 1276 |
| Total Short Term Investments (cost $80,544) | Total Short Term Investments (cost $80,544) | 80544 |
| **Total Investments 103.8% (cost $1,812,278)** | **Total Investments 103.8% (cost $1,812,278)** | **2201922** |
| **Other Assets and Liabilities, Net (3.8)%** | **Other Assets and Liabilities, Net (3.8)%** | **(80083)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2121839** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 50.8%** | **Domestic Fixed Income 50.8%** | **Domestic Fixed Income 50.8%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 251 | 21021 |
| Vanguard Intermediate-Term Treasury ETF | 511 | 30640 |
| Vanguard Mortgage-Backed Securities ETF | 1958 | 92205 |
| Vanguard Short-Term Corporate Bond ETF (a) | 432 | 34410 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 303 | 15013 |
| Vanguard Total Bond Market ETF | 1328 | 98342 |
|  |  | 291631 |
| **Domestic Equity 33.6%** | **Domestic Equity 33.6%** | **Domestic Equity 33.6%** |
| Vanguard Dividend Appreciation ETF (a) | 92 | 20301 |
| Vanguard Growth ETF | 70 | 33957 |
| Vanguard Mid-Cap ETF | 73 | 21238 |
| Vanguard Real Estate ETF | 118 | 10406 |
| Vanguard Small-Cap ETF (a) | 54 | 14057 |
| Vanguard Total Stock Market ETF | 179 | 59866 |
| Vanguard Value ETF | 174 | 33161 |
|  |  | 192986 |
| **International Equity 7.8%** | **International Equity 7.8%** | **International Equity 7.8%** |
| Vanguard FTSE Developed Markets ETF | 526 | 32878 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| Vanguard International Dividend Appreciation ETF (a) | 128 | 11706 |
| | | 44584 |
| **Emerging Markets Fixed Income 3.9%** | **Emerging Markets Fixed Income 3.9%** | **Emerging Markets Fixed Income 3.9%** |
| Vanguard Emerging Markets Government Bond ETF | 337 | 22733 |
| **Emerging Markets Equity 3.9%** | **Emerging Markets Equity 3.9%** | **Emerging Markets Equity 3.9%** |
| Vanguard FTSE Emerging Markets ETF (a) | 412 | 22169 |
| Total Investment Companies (cost $523,374) | Total Investment Companies (cost $523,374) | 574103 |
| **SHORT TERM INVESTMENTS 7.7%** | **SHORT TERM INVESTMENTS 7.7%** | **SHORT TERM INVESTMENTS 7.7%** |
| **Securities Lending Collateral 7.7%** | **Securities Lending Collateral 7.7%** | **Securities Lending Collateral 7.7%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (c) | 43951 | 43951 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 232 | 232 |
| Total Short Term Investments (cost $44,183) | Total Short Term Investments (cost $44,183) | 44183 |
| **Total Investments 107.7% (cost $567,557)** | **Total Investments 107.7% (cost $567,557)** | **618286** |
| **Other Assets and Liabilities, Net (7.7)%** | **Other Assets and Liabilities, Net (7.7)%** | **(44108)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **574178** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 46.9%** | **Domestic Equity 46.9%** | **Domestic Equity 46.9%** |
| Vanguard Dividend Appreciation ETF (a) | 223 | 48983 |
| Vanguard Growth ETF | 177 | 86106 |
| Vanguard Mid-Cap ETF | 181 | 52611 |
| Vanguard Real Estate ETF | 198 | 17563 |
| Vanguard Small-Cap ETF | 129 | 33226 |
| Vanguard Total Stock Market ETF | 423 | 141657 |
| Vanguard Value ETF | 434 | 82870 |
|  |  | 463016 |
| **Domestic Fixed Income 31.4%** | **Domestic Fixed Income 31.4%** | **Domestic Fixed Income 31.4%** |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 311 | 26085 |
| Vanguard Intermediate-Term Treasury ETF | 550 | 32950 |
| Vanguard Mortgage-Backed Securities ETF (a) | 2106 | 99173 |
| Vanguard Short-Term Corporate Bond ETF (a) | 408 | 32559 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 326 | 16123 |
| Vanguard Total Bond Market ETF | 1391 | 103007 |
|  |  | 309897 |
| **International Equity 13.4%** | **International Equity 13.4%** | **International Equity 13.4%** |
| Vanguard FTSE Developed Markets ETF | 1646 | 102824 |
| Vanguard International Dividend Appreciation ETF | 325 | 29709 |
|  |  | 132533 |
| **Emerging Markets Equity 5.4%** | **Emerging Markets Equity 5.4%** | **Emerging Markets Equity 5.4%** |
| Vanguard FTSE Emerging Markets ETF | 995 | 53492 |
| **Emerging Markets Fixed Income 2.9%** | **Emerging Markets Fixed Income 2.9%** | **Emerging Markets Fixed Income 2.9%** |
| Vanguard Emerging Markets Government Bond ETF | 428 | 28867 |
| Total Investment Companies (cost $847,671) | Total Investment Companies (cost $847,671) | 987805 |
| **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** |
| **Securities Lending Collateral 2.5%** | **Securities Lending Collateral 2.5%** | **Securities Lending Collateral 2.5%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (c) | 25219 | 25219 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 1558 | 1558 |
| Total Short Term Investments (cost $26,777) | Total Short Term Investments (cost $26,777) | 26777 |
| **Total Investments 102.7% (cost $874,448)** | **Total Investments 102.7% (cost $874,448)** | **1014582** |
| **Other Assets and Liabilities, Net (2.7)%** | **Other Assets and Liabilities, Net (2.7)%** | **(26883)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **987699** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations)

***JNL Series Trust***

December 31, 2025

**Long Term Investments in Affiliates** 

The Funds of Funds, except for JNL/American Funds Funds of Funds, JNL ETF Allocation Funds and JNL/Vanguard ETF Allocation Funds, invested solely in shares of other affiliated Funds advised by Jackson National Asset Management, LLC. The JNL/American Funds Funds of Funds may invest in underlying funds that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended ("1940 Act"), an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities. Based on each Fund's relative ownership for all or some portion of the year ended December 31, 2025, certain Funds of Funds may be deemed an affiliated person thereof under the 1940 Act. JNL/American Funds Feeder Funds and JNL Mellon Feeder Funds invest primarily all of their investable assets in the respective Master Fund. Due to their ownership of more than 5% of the shares of the Master Fund, certain Feeder Funds may be deemed an affiliated person thereof under the 1940 Act. The following table details each Fund's long term investments in affiliates held during the year ended December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| **JNL/American Funds Balanced Fund** | | | | | | | | |
| American Funds Insurance Series - Asset Allocation Fund - Class 1 | 3270770 | 390584 | 206753 | 313008 | 27017 | 174076 | 3655694 | 100.0 |
|  | **3270770** | **390584** | **206753** | **313008** | **27017** | **174076** | **3655694** | 100.0 |
| **JNL/American Funds Capital Income Builder Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital Income Builder Fund - Class 1 | 434944 | 75769 | 27856 | 16489 | 7003 | 70505 | 560365 | 100.0 |
|  | **434944** | **75769** | **27856** | **16489** | **7003** | **70505** | **560365** | 100.0 |
| **JNL/American Funds Capital World Bond Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Bond Fund - Class 1 | 301999 | 34294 | 43870 | 9808 | (7151) | 25654 | 310926 | 100.0 |
|  | **301999** | **34294** | **43870** | **9808** | **(7151)** | **25654** | **310926** | 100.0 |
| **JNL/American Funds Global Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 1029704 | 166660 | 130383 | 144559 | 30260 | 35996 | 1132237 | 100.0 |
|  | **1029704** | **166660** | **130383** | **144559** | **30260** | **35996** | **1132237** | 100.0 |
| **JNL/American Funds Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Small Capitalization Fund - Class 1 | 614732 | 21752 | 101280 | 15443 | (20832) | 87567 | 601939 | 100.0 |
|  | **614732** | **21752** | **101280** | **15443** | **(20832)** | **87567** | **601939** | 100.0 |
| **JNL/American Funds Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth Fund - Class 1 | 6868698 | 1388034 | 310081 | 599238 | 123913 | 715550 | 8786114 | 100.0 |
|  | **6868698** | **1388034** | **310081** | **599238** | **123913** | **715550** | **8786114** | 100.0 |
| **JNL/American Funds Growth-Income Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth-Income Fund - Class 1 | 11702453 | 2148033 | 1227205 | 2098447 | 386028 | (452711) | 12556598 | 100.0 |
|  | **11702453** | **2148033** | **1227205** | **2098447** | **386028** | **(452711)** | **12556598** | 100.0 |
| **JNL/American Funds International Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - International Fund - Class 1 | 1306267 | 34649 | 196905 | 21111 | 22213 | 285763 | 1451987 | 100.0 |
|  | **1306267** | **34649** | **196905** | **21111** | **22213** | **285763** | **1451987** | 100.0 |
| **JNL/American Funds New World Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - New World Fund - Class 1 | 1321843 | 109525 | 207028 | 74943 | 69712 | 206607 | 1500659 | 100.0 |
|  | **1321843** | **109525** | **207028** | **74943** | **69712** | **206607** | **1500659** | 100.0 |
| **JNL/American Funds Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 4000794 | 379400 | 436767 | 340893 | 121448 | 204013 | 4268888 | 100.0 |
|  | **4000794** | **379400** | **436767** | **340893** | **121448** | **204013** | **4268888** | 100.0 |
| **JNL/Mellon Bond Index Fund** |  |  |  |  |  |  |  |  |
| JNL Bond Index Fund - Class I | 1018592 | 63082 | 123786 |  | (3898) | 73897 | 1027887 | 100.0 |
|  | **1018592** | **63082** | **123786** | **—** | **(3898)** | **73897** | **1027887** | 100.0 |
| **JNL/Mellon Emerging Markets Index Fund** |  |  |  |  |  |  |  |  |
| JNL Emerging Markets Index Fund - Class I | 778459 | 83273 | 161220 |  | 324 | 226266 | 927102 | 100.0 |
|  | **778459** | **83273** | **161220** | **—** | **324** | **226266** | **927102** | 100.0 |
| **JNL/Mellon International Index Fund** |  |  |  |  |  |  |  |  |
| JNL International Index Fund - Class I | 2069729 | 845028 | 465618 | 115835 | 58558 | 565709 | 3073406 | 100.0 |
|  | **2069729** | **845028** | **465618** | **115835** | **58558** | **565709** | **3073406** | 100.0 |
| **JNL/Mellon S&P 400 MidCap Index Fund** |  |  |  |  |  |  |  |  |
| JNL Mid Cap Index Fund - Class I | 3434158 | 20161 | 443905 |  | 81397 | 150451 | 3242262 | 100.0 |
|  | **3434158** | **20161** | **443905** | **—** | **81397** | **150451** | **3242262** | 100.0 |

---

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| **JNL/Mellon Small Cap Index Fund** | | | | | | | | |
| JNL Small Cap Index Fund - Class I | 2524728 | 15438 | 323594 |  | 29597 | 104103 | 2350272 | 100.0 |
|  | **2524728** | **15438** | **323594** | **—** | **29597** | **104103** | **2350272** | 100.0 |
| **JNL Aggressive Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Real Assets Fund - Class I | 14749 |  |  | 177 |  | 655 | 15404 | 1.1 |
| JNL Multi-Manager Alternative Fund - Class I |  | 28790 | 1298 |  | 76 | 1736 | 29304 | 2.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 58278 | 41457 | 12075 | 839 | 2880 | 12010 | 102550 | 7.0 |
| JNL Multi-Manager International Small Cap Fund - Class I | 66239 | 16095 | 16019 | 1707 | 3185 | 11007 | 80507 | 5.5 |
| JNL Multi-Manager Mid Cap Fund - Class I | 79367 | 19185 | 13435 |  | 5466 | (3769) | 86814 | 6.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 46809 | 7648 | 13763 |  | 5401 | (3379) | 42716 | 2.9 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 46729 | 6380 | 10992 |  | 4130 | (2772) | 43475 | 3.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 133744 | 57086 | 42913 |  | 19346 | 4288 | 171551 | 11.8 |
| JNL/Causeway International Value Select Fund - Class I | 100477 | 20943 | 27759 | 10066 | 7974 | 22405 | 124040 | 8.5 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 39556 | 13385 | 12937 |  | 990 | 1815 | 42809 | 2.9 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 32510 | 8 | 34311 |  | 15991 | (14198) |  |  |
| JNL/GQG Emerging Markets Equity Fund - Class I | 49187 | 1214 | 21722 |  | 4690 | (578) | 32791 | 2.3 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 28865 | 25 | 31145 |  | 3488 | (1233) |  |  |
| JNL/JPMorgan MidCap Growth Fund - Class I |  | 27051 | 5872 |  | (31) | (9) | 21139 | 1.4 |
| JNL/JPMorgan U.S. Value Fund - Class I | 57094 | 357 | 48160 |  | 13996 | (8566) | 14721 | 1.0 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 77952 | 28091 | 19435 | 5757 | 7805 | (718) | 93695 | 6.4 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I |  | 36341 | 105 |  | 3 | 889 | 37128 | 2.5 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 38961 | 3208 | 18981 |  | 1961 | 372 | 25521 | 1.8 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 117114 | 10764 | 96751 | 8164 | 7852 | (9857) | 29122 | 2.0 |
| JNL/Newton Equity Income Fund - Class I | 60961 | 41093 | 17553 |  | 3288 | 11472 | 99261 | 6.8 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 43714 | 46492 | 28660 |  | 2423 | 8244 | 72213 | 5.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 88132 | 5930 | 42245 |  | 20253 | (8505) | 63565 | 4.4 |
| JNL/T. Rowe Price Value Fund - Class I | 96640 | 3621 | 23684 |  | 10702 | 292 | 87571 | 6.0 |
| JNL/WCM Focused International Equity Fund - Class I | 101644 | 18893 | 22682 | 7140 | 4466 | 9608 | 111929 | 7.7 |
| JNL/WMC Equity Income Fund - Class I | 58023 | 11356 | 47361 |  | 13362 | (6360) | 29020 | 2.0 |
|  | **1436745** | **445413** | **609858** | **33850** | **159697** | **24849** | **1456846** | 100.0 |
| **JNL Conservative Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 25660 | 2780 |  | 1308 |  | 974 | 29414 | 5.1 |
| Jackson Real Assets Fund - Class I | 8772 | 3540 |  | 137 |  | 463 | 12775 | 2.2 |
| JNL Multi-Manager Alternative Fund - Class I | 24701 | 4716 | 3015 |  | 306 | 2002 | 28710 | 5.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 8287 | 9900 | 3100 | 120 | 117 | 2282 | 17486 | 3.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 5976 | 8769 | 4870 |  | 615 | (473) | 10017 | 1.7 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 5403 | 1269 | 1147 |  | 219 | (18) | 5726 | 1.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 19102 | 9663 | 8458 |  | 1922 | 1215 | 23444 | 4.1 |
| JNL/Causeway International Value Select Fund - Class I | 7181 | 9387 | 7281 | 1215 | 1275 | 1425 | 11987 | 2.1 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 58748 | 5863 | 9767 |  | 469 | 3807 | 59120 | 10.3 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 19576 | 10966 | 3643 |  | 370 | 1490 | 28759 | 5.0 |
| JNL/DoubleLine Total Return Fund - Class I | 64337 | 6518 | 10962 |  | 15 | 4914 | 64822 | 11.3 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 61459 | 5048 | 14756 |  | 1597 | 2735 | 56083 | 9.8 |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund - Class I | 5516 | 628 | 6334 |  | 356 | (166) |  |  |
| JNL/JPMorgan U.S. Value Fund - Class I | 7103 | 113 | 7590 |  | 1779 | (1405) |  |  |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 19651 | 3084 | 5715 | 916 | 26 | 240 | 17286 | 3.0 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 14265 | 794 | 14984 |  | 964 | (1039) |  |  |
| JNL/Newton Equity Income Fund - Class I |  | 12394 | 6115 |  | 335 | 700 | 7314 | 1.3 |
| JNL/PIMCO Income Fund - Class I | 44762 | 3947 | 7127 |  | 1529 | 3337 | 46448 | 8.1 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 11168 | 1043 | 1621 |  | (37) | 979 | 11532 | 2.0 |
| JNL/PIMCO Real Return Fund - Class I | 8403 | 9860 | 1872 |  | 188 | 653 | 17232 | 3.0 |
| JNL/PPM America High Yield Bond Fund - Class I |  | 7490 | 442 |  | 10 | 151 | 7209 | 1.3 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 11166 | 694 | 9660 |  | 881 | (208) | 2873 | 0.5 |
| JNL/PPM America Total Return Fund - Class I | 53062 | 5076 | 8648 |  | 120 | 3550 | 53160 | 9.2 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 33785 | 3745 | 6625 |  | 2489 | 1305 | 34699 | 6.0 |
| JNL/T. Rowe Price Growth Stock Fund - Class I |  | 4542 | 328 |  | 8 | 157 | 4379 | 0.8 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 15414 | 2515 | 10300 |  | 1375 | (381) | 8623 | 1.5 |
| JNL/T. Rowe Price Value Fund - Class I | 9607 | 1045 | 11711 |  | 1315 | (256) |  |  |
| JNL/WCM Focused International Equity Fund - Class I | 7002 | 9318 | 6876 | 862 | 522 | 108 | 10074 | 1.7 |
| JNL/WMC Equity Income Fund - Class I | 7189 | 5897 | 7701 |  | 1797 | (1389) | 5793 | 1.0 |
|  | **557295** | **150604** | **180648** | **4558** | **20562** | **27152** | **574965** | 100.0 |

---

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| **JNL Growth Allocation Fund** | | | | | | | | |
| Jackson Credit Opportunities Fund - Class I | 76147 | 13500 |  | 4111 |  | 3138 | 92785 | 3.3 |
| Jackson Real Assets Fund - Class I | 45540 |  |  | 545 |  | 2024 | 47564 | 1.7 |
| JNL Multi-Manager Alternative Fund - Class I | 45398 | 47731 | 1140 |  | 179 | 6556 | 98724 | 3.5 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 79090 | 92776 | 25937 | 1392 | 5993 | 17286 | 169208 | 6.0 |
| JNL Multi-Manager International Small Cap Fund - Class I | 102754 | 27630 | 36958 | 2384 | 7410 | 11924 | 112760 | 4.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 147902 | 7569 | 26164 |  | 10026 | (6974) | 132359 | 4.7 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 64906 | 16691 | 15184 |  | 5932 | (3789) | 68556 | 2.4 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 71763 | 10730 | 14537 |  | 6254 | (4450) | 69760 | 2.5 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 250392 | 67808 | 70768 |  | 31951 | 8880 | 288263 | 10.3 |
| JNL/Causeway International Value Select Fund - Class I | 200812 | 33345 | 67750 | 18179 | 21769 | 37219 | 225395 | 8.0 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 110690 | 3635 | 30476 |  | 3241 | 3818 | 90908 | 3.2 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 36798 | 2505 | 13776 |  | 1374 | 1159 | 28060 | 1.0 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 43482 | 20 | 45913 |  | 9784 | (7373) |  |  |
| JNL/DoubleLine Total Return Fund - Class I | 103393 | 10966 | 23928 |  | 240 | 7182 | 97853 | 3.5 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 78027 | 2236 | 22575 |  | 1782 | 3290 | 62760 | 2.2 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 71179 | 3569 | 25039 |  | 7668 | (1241) | 56136 | 2.0 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 36437 |  | 39273 |  | 3218 | (382) |  |  |
| JNL/JPMorgan MidCap Growth Fund - Class I |  | 52282 | 3561 |  | 42 | (830) | 47933 | 1.7 |
| JNL/JPMorgan U.S. Value Fund - Class I | 104676 | 351 | 92922 |  | 25454 | (16266) | 21293 | 0.8 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 116305 | 31282 | 26458 | 7859 | 7782 | 3055 | 131966 | 4.7 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 29578 | 3491 | 12331 | 1280 | 64 | 342 | 21144 | 0.8 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I |  | 41974 | 170 |  | 5 | 1026 | 42835 | 1.5 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 50586 | 405 | 18685 |  | 2008 | 848 | 35162 | 1.3 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 161500 | 18859 | 120795 | 13720 | 6346 | (9832) | 56078 | 2.0 |
| JNL/Newton Equity Income Fund - Class I | 115524 | 54735 | 39435 |  | 7380 | 17577 | 155781 | 5.6 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 22049 | 1301 | 11131 |  | 995 | 703 | 13917 | 0.5 |
| JNL/PPM America High Yield Bond Fund - Class I |  | 21234 | 2122 |  | 65 | 395 | 19572 | 0.7 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 87949 | 67859 | 48674 |  | 3743 | 14558 | 125435 | 4.5 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 146445 | 7010 | 62361 |  | 25002 | (6773) | 109323 | 3.9 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 22212 | 7750 | 31131 |  | 3707 | (2538) |  |  |
| JNL/T. Rowe Price Value Fund - Class I | 172792 | 718 | 58655 |  | 29956 | (11294) | 133517 | 4.8 |
| JNL/WCM Focused International Equity Fund - Class I | 204775 | 26850 | 65462 | 13033 | (2255) | 30539 | 194447 | 6.9 |
| JNL/WMC Equity Income Fund - Class I | 106721 | 14979 | 78310 |  | 21329 | (8833) | 55886 | 2.0 |
|  | **2905822** | **691791** | **1131621** | **62503** | **248444** | **90944** | **2805380** | 100.0 |
| **JNL Moderate Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 86388 | 8025 |  | 4378 |  | 3256 | 97669 | 5.3 |
| Jackson Real Assets Fund - Class I | 36086 | 5420 |  | 475 |  | 1704 | 43210 | 2.3 |
| JNL Multi-Manager Alternative Fund - Class I | 79194 | 7049 | 3317 |  | 851 | 6855 | 90632 | 4.9 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 38407 | 18483 | 9977 | 486 | 2200 | 6875 | 55988 | 3.0 |
| JNL Multi-Manager International Small Cap Fund - Class I | 14667 | 10726 | 4992 | 496 | 1212 | 1730 | 23343 | 1.3 |
| JNL Multi-Manager Mid Cap Fund - Class I | 48444 | 13063 | 7241 |  | 3276 | (2211) | 55331 | 3.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 23521 | 992 | 7470 |  | 25 | 968 | 18036 | 1.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 32954 | 527 | 15809 |  | 5331 | (4474) | 18529 | 1.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 119748 | 27932 | 41359 |  | 16991 | 2470 | 125782 | 6.8 |
| JNL/Causeway International Value Select Fund - Class I | 47397 | 36062 | 17296 | 6041 | 7271 | 7987 | 81421 | 4.4 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 137862 | 7910 | 35219 |  | 2122 | 7784 | 120459 | 6.5 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 58932 | 19757 | 9921 |  | 1590 | 3578 | 73936 | 4.0 |
| JNL/DoubleLine Total Return Fund - Class I | 137888 | 13237 | 32267 |  | 918 | 9883 | 129659 | 7.0 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 157356 | 627 | 43550 |  | 3858 | 6439 | 124730 | 6.7 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 23902 | 1050 | 8188 |  | 2061 | 108 | 18933 | 1.0 |
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund - Class I | 19465 | 173 | 20498 |  | 1445 | (585) |  |  |
| JNL/JPMorgan U.S. Value Fund - Class I | 47330 | 200 | 50246 |  | 13201 | (10485) |  |  |
| JNL/Loomis Sayles Global Growth Fund - Class I | 28752 | 31996 | 8525 | 2902 | 2738 | 399 | 55360 | 3.0 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 64073 | 5367 | 14810 | 2837 | (411) | 1299 | 55518 | 3.0 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 78055 | 9796 | 62961 | 5198 | 4516 | (6190) | 23216 | 1.2 |
| JNL/Newton Equity Income Fund - Class I |  | 59524 | 9495 |  | 459 | 5810 | 56298 | 3.0 |
| JNL/PIMCO Income Fund - Class I | 98102 | 15278 | 17691 |  | 3236 | 7902 | 106827 | 5.7 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 29518 | 504 | 4655 |  | 203 | 2189 | 27759 | 1.5 |
| JNL/PIMCO Real Return Fund - Class I | 29556 | 10215 | 14082 |  | 1548 | 440 | 27677 | 1.5 |

---

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/PPM America High Yield Bond Fund - Class I |  | 19155 | 1095 |  | 30 | 473 | 18563 | 1.0 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 29511 | 171 | 31302 |  | 2851 | (1231) |  |  |
| JNL/PPM America Total Return Fund - Class I | 117892 | 2005 | 21498 |  | 772 | 7070 | 106241 | 5.7 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 116985 | 2296 | 25296 |  | 11607 | 847 | 106439 | 5.7 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 43433 | 19251 | 47448 |  | 12313 | (9174) | 18375 | 1.0 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 49340 | 181 | 24878 |  | 6367 | (3304) | 27706 | 1.5 |
| JNL/T. Rowe Price Value Fund - Class I | 56996 | 489 | 26252 |  | 2921 | 3112 | 37266 | 2.0 |
| JNL/WCM Focused International Equity Fund - Class I | 49345 | 37258 | 18231 | 4276 | 1200 | 4321 | 73893 | 4.0 |
| JNL/WMC Equity Income Fund - Class I | 48511 | 19765 | 36700 |  | 10329 | (3714) | 38191 | 2.0 |
|  | **1949610** | **404484** | **672269** | **27089** | **123031** | **52131** | **1856987** | 100.0 |
| **JNL Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 139878 | 8200 |  | 6900 |  | 5068 | 153146 | 4.5 |
| Jackson Real Assets Fund - Class I | 72989 | 3500 |  | 890 |  | 3287 | 79776 | 2.3 |
| JNL Multi-Manager Alternative Fund - Class I | 127481 | 23517 | 1288 |  | 102 | 13087 | 162899 | 4.8 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 79241 | 59884 | 23329 | 1248 | 5628 | 16037 | 137461 | 4.0 |
| JNL Multi-Manager International Small Cap Fund - Class I | 62847 | 12373 | 19587 | 1450 | 6161 | 6584 | 68378 | 2.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 123111 | 48633 | 38937 |  | 18615 | (16248) | 135174 | 4.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 69829 | 7831 | 30067 |  | 12282 | (10189) | 49686 | 1.5 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 69881 | 8481 | 29259 |  | 12767 | (11074) | 50796 | 1.5 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 256761 | 55855 | 46634 |  | 20720 | 20801 | 307503 | 9.0 |
| JNL/Causeway International Value Select Fund - Class I | 167243 | 46798 | 54903 | 16918 | 18815 | 31795 | 209748 | 6.2 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 199530 | 6199 | 56659 |  | 3565 | 9815 | 162450 | 4.8 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 90432 | 10778 | 23473 |  | 2884 | 3982 | 84603 | 2.5 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 35222 |  | 37173 |  | 19962 | (18011) |  |  |
| JNL/DoubleLine Total Return Fund - Class I | 199569 | 8642 | 44881 |  | 2977 | 11711 | 178018 | 5.2 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 198821 | 11244 | 45883 |  | 3630 | 9809 | 177621 | 5.2 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 61309 | 3067 | 27438 |  | 11974 | (6504) | 42408 | 1.2 |
| JNL/JPMorgan MidCap Growth Fund - Class I |  | 45245 | 1927 |  | (49) | (1374) | 41895 | 1.2 |
| JNL/JPMorgan U.S. Value Fund - Class I | 95864 | 78 | 87603 |  | 24437 | (15588) | 17188 | 0.5 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 70518 | 80816 | 21986 | 8159 | 7194 | (945) | 135597 | 4.0 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 100228 | 9727 | 18202 | 4405 | 236 | 1183 | 93172 | 2.7 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 35225 | 169 | 36766 |  | 3942 | (2570) |  |  |
| JNL/Morningstar Wide Moat Index Fund - Class I | 151116 | 20937 | 108169 | 14313 | 11959 | (16319) | 59524 | 1.8 |
| JNL/Newton Equity Income Fund - Class I | 105340 | 56454 | 39602 |  | 7764 | 16053 | 146009 | 4.3 |
| JNL/PIMCO Income Fund - Class I | 81742 | 18667 | 15484 |  | 2644 | 5953 | 93522 | 2.8 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 18053 | 539 | 20007 |  | 1263 | 152 |  |  |
| JNL/PIMCO Real Return Fund - Class I | 18068 | 36572 | 5900 |  | 1263 | 698 | 50701 | 1.5 |
| JNL/PPM America High Yield Bond Fund - Class I |  | 18464 | 1969 |  | 32 | 430 | 16957 | 0.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 18045 |  | 18637 |  | 1347 | (755) |  |  |
| JNL/PPM America Total Return Fund - Class I | 123170 | 4699 | 25905 |  | 3142 | 4742 | 109848 | 3.2 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 107161 | 73420 | 50318 |  | 3987 | 17848 | 152098 | 4.5 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 111406 |  | 114191 |  | 47076 | (44291) |  |  |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 124280 | 17304 | 47305 |  | 28108 | (11297) | 111090 | 3.3 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 45616 | 8990 | 40178 |  | 6464 | (3984) | 16908 | 0.5 |
| JNL/T. Rowe Price Value Fund - Class I | 140217 | 18192 | 72268 |  | 38434 | (22306) | 102269 | 3.0 |
| JNL/WCM Focused International Equity Fund - Class I | 173275 | 43058 | 53110 | 12013 | 9626 | 13447 | 186296 | 5.5 |
| JNL/WMC Equity Income Fund - Class I | 98028 | 8048 | 50878 |  | 14474 | (1860) | 67812 | 2.0 |
|  | **3571496** | **776381** | **1309916** | **66296** | **353425** | **9167** | **3400553** | 100.0 |
| **JNL/JPMorgan Managed Aggressive Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 28846 | 1411 |  | 1406 |  | 1044 | 31301 | 1.5 |
| Jackson Real Assets Fund - Class I | 17928 | 4865 |  | 238 |  | 860 | 23653 | 1.1 |
| JNL Multi-Manager Alternative Fund - Class I | 43497 | 259 | 674 |  | 123 | 4077 | 47282 | 2.3 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 64038 | 9259 | 13837 | 679 | 1382 | 12402 | 73244 | 3.5 |
| JNL Multi-Manager Mid Cap Fund - Class I | 73972 | 338 | 8618 |  | 2004 | (424) | 67272 | 3.2 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 62680 | 1872 | 6022 |  | 2598 | (4) | 61124 | 2.9 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 62842 | 3214 | 5725 |  | 3230 | (1364) | 62197 | 3.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 76417 | 17208 | 11508 |  | 1388 | 10821 | 94326 | 4.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 128542 | 1101 | 22089 |  | 14391 | 295 | 122240 | 5.9 |
| JNL/Causeway International Value Select Fund - Class I | 171907 | 14838 | 62823 | 14802 | 16607 | 31762 | 172291 | 8.3 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 157533 | 638 | 38698 |  | 20612 | (6697) | 133388 | 6.4 |
| JNL/DoubleLine Total Return Fund - Class I | 52286 | 226 | 13624 |  | 1002 | 2638 | 42528 | 2.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 53341 | 102 | 16952 |  | 1310 | 3734 | 41535 | 2.0 |

---

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/Invesco Diversified Dividend Fund - Class I | 101182 | 36 | 16539 |  | 6767 | 7997 | 99443 | 4.8 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 36657 | 6055 | 5225 |  | 1710 | 1499 | 40696 | 2.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 73174 | 112 | 20078 |  | 10499 | (722) | 62985 | 3.0 |
| JNL/Lazard International Quality Growth Fund - Class I | 80073 | 9060 | 20071 | 8989 | 3508 | (3735) | 68835 | 3.3 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I |  | 31367 | 194 |  | 6 | 765 | 31944 | 1.5 |
| JNL/MFS Mid Cap Value Fund - Class I | 26170 | 11146 | 2579 |  | 5 | 1571 | 36313 | 1.8 |
| JNL/Newton Equity Income Fund - Class I | 63008 | 35124 | 9894 |  | 3080 | 8461 | 99779 | 4.8 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 10667 | 592 | 1697 |  | 135 | 741 | 10438 | 0.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 10681 | 535 | 1676 |  | 137 | 622 | 10299 | 0.5 |
| JNL/PPM America Total Return Fund - Class I | 52233 | 210 | 13327 |  | 661 | 2614 | 42391 | 2.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 42687 | 9463 | 6240 |  | 468 | 5775 | 52153 | 2.5 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 149459 | 963 | 40647 |  | 23887 | (1988) | 131674 | 6.3 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 10578 | 72 | 11009 |  | 3572 | (3213) |  |  |
| JNL/T. Rowe Price Value Fund - Class I | 209627 | 477 | 82968 |  | 40286 | (16139) | 151283 | 7.3 |
| JNL/WCM Focused International Equity Fund - Class I | 115232 | 24768 | 32596 | 6987 | 2183 | 14911 | 124498 | 6.0 |
| JNL/William Blair International Leaders Fund - Class I | 89982 | 794 | 19545 | 764 | (2157) | 20783 | 89857 | 4.3 |
| JNL/WMC Value Fund - Class I | 57707 | 87 | 8549 |  | 3380 | 4770 | 57395 | 2.8 |
|  | **2122946** | **186192** | **493404** | **33865** | **162774** | **103856** | **2082364** | 100.0 |
| **JNL/JPMorgan Managed Conservative Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 11073 | 2080 |  | 578 |  | 484 | 13637 | 2.1 |
| Jackson Real Assets Fund - Class I | 1990 | 7695 |  | 104 |  | 287 | 9972 | 1.6 |
| JNL Multi-Manager Alternative Fund - Class I | 27529 | 1 | 1857 |  | 428 | 2194 | 28295 | 4.4 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 8161 | 178 | 2355 | 82 | (490) | 2197 | 7691 | 1.2 |
| JNL Multi-Manager Mid Cap Fund - Class I | 9966 | 1347 | 2003 |  | 1020 | (777) | 9553 | 1.5 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 4919 | 712 | 1174 |  | 247 | (3) | 4701 | 0.7 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 4933 | 613 | 998 |  | 61 | 114 | 4723 | 0.7 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 10396 | 1115 | 3537 |  | 398 | 1275 | 9647 | 1.5 |
| JNL/Causeway International Value Select Fund - Class I | 11938 | 1159 | 4844 | 999 | 668 | 2673 | 11594 | 1.8 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 10420 | 1022 | 2949 |  | 1108 | (94) | 9507 | 1.5 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 66689 | 2855 | 16638 |  | 277 | 4329 | 57512 | 9.0 |
| JNL/DoubleLine Total Return Fund - Class I | 68409 | 1264 | 13995 |  | 122 | 4858 | 60658 | 9.5 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 44747 | 15938 | 12740 |  | 614 | 2519 | 51078 | 8.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 8442 | 475 | 2751 |  | 1318 | (78) | 7406 | 1.2 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 61987 | 2498 | 12615 |  | (116) | 4057 | 55811 | 8.7 |
| JNL/JPMorgan U.S. Value Fund - Class I | 4943 | 302 | 2674 |  | 154 | 507 | 3232 | 0.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 5074 | 635 | 2488 | 558 | (16) | 5 | 3210 | 0.5 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I |  | 7069 | 39 |  | 1 | 173 | 7204 | 1.1 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 22402 | 7802 | 5005 |  | 833 | 1138 | 27170 | 4.2 |
| JNL/Newton Equity Income Fund - Class I | 7321 | 529 | 1730 |  | 95 | 1230 | 7445 | 1.2 |
| JNL/PIMCO Income Fund - Class I | 34470 | 13204 | 6564 |  | 1047 | 2652 | 44809 | 7.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 34053 | 611 | 8664 |  | (9) | 2730 | 28721 | 4.5 |
| JNL/PIMCO Real Return Fund - Class I | 34506 | 1118 | 6437 |  | 1328 | 1325 | 31840 | 5.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 29262 | 582 | 9864 |  | 618 | 1749 | 22347 | 3.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 27546 | 499 | 7725 |  | 719 | 1243 | 22282 | 3.5 |
| JNL/PPM America Total Return Fund - Class I | 66647 | 1154 | 14904 |  | 1655 | 2772 | 57324 | 9.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 12206 | 669 | 5028 |  | 397 | 1288 | 9532 | 1.5 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 10395 | 1161 | 3795 |  | 1413 | 195 | 9369 | 1.5 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 20696 | 458 | 22559 |  | 2157 | (752) |  |  |
| JNL/T. Rowe Price Value Fund - Class I | 11620 | 565 | 4558 |  | 2362 | (996) | 8993 | 1.4 |
| JNL/WCM Focused International Equity Fund - Class I | 8248 | 1073 | 2601 | 489 | 121 | 1115 | 7956 | 1.2 |
| JNL/William Blair International Leaders Fund - Class I | 5035 | 1661 | 1289 | 42 | 105 | 1000 | 6512 | 1.0 |
|  | **686023** | **78044** | **184380** | **2852** | **18635** | **41409** | **639731** | 100.0 |
| **JNL/JPMorgan Managed Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 54069 | 3448 |  | 2638 |  | 1957 | 59474 | 1.5 |
| Jackson Real Assets Fund - Class I | 31399 | 11816 |  | 458 |  | 1606 | 44821 | 1.1 |
| JNL Multi-Manager Alternative Fund - Class I | 84050 |  | 1380 |  | 332 | 7771 | 90773 | 2.3 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 114159 | 17940 | 27453 | 1171 | (1602) | 25706 | 128750 | 3.3 |
| JNL Multi-Manager Mid Cap Fund - Class I | 130574 | 348 | 16080 |  | 2576 | 192 | 117610 | 3.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 104943 | 1127 | 9159 |  | 4274 | (130) | 101055 | 2.6 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 105699 | 3532 | 9056 |  | 5099 | (2018) | 103256 | 2.6 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 102412 | 46733 | 16817 |  | 1995 | 14562 | 148885 | 3.8 |

---

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 228069 | 478 | 41524 |  | 25736 | (595) | 212164 | 5.4 |
| JNL/Causeway International Value Select Fund - Class I | 292004 | 24947 | 111953 | 24505 | 29643 | 51402 | 286043 | 7.3 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 268068 | 515 | 77927 |  | 41567 | (18750) | 213473 | 5.4 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 131182 | 2369 | 24720 |  | 1075 | 7917 | 117823 | 3.0 |
| JNL/DoubleLine Total Return Fund - Class I | 197173 | 930 | 52253 |  | 1555 | 11865 | 159270 | 4.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 83266 | 127 | 32018 |  | 10067 | (2493) | 58949 | 1.5 |
| JNL/Invesco Diversified Dividend Fund - Class I | 165050 | 253 | 30474 |  | 11171 | 12558 | 158558 | 4.0 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 60599 | 10530 | 8878 |  | 4880 | 294 | 67425 | 1.7 |
| JNL/JPMorgan U.S. Value Fund - Class I | 141162 | 225 | 60340 |  | 32404 | (13916) | 99535 | 2.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 124210 | 13972 | 38712 | 13654 | 6479 | (6721) | 99228 | 2.5 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I |  | 49316 | 317 |  | 9 | 1203 | 50211 | 1.3 |
| JNL/MFS Mid Cap Value Fund - Class I | 40549 | 20275 | 4355 |  | (4) | 2399 | 58864 | 1.5 |
| JNL/Newton Equity Income Fund - Class I | 81117 | 76846 | 14139 |  | 4369 | 10512 | 158705 | 4.0 |
| JNL/PIMCO Income Fund - Class I |  | 78902 | 508 |  | 1 | 354 | 78749 | 2.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 56691 | 262 | 12393 |  | 994 | 3542 | 49096 | 1.3 |
| JNL/PPM America High Yield Bond Fund - Class I | 42055 | 133 | 45303 |  | 12258 | (9143) |  |  |
| JNL/PPM America Investment Grade Credit Fund - Class I | 56560 | 239 | 21181 |  | 1715 | 1892 | 39225 | 1.0 |
| JNL/PPM America Total Return Fund - Class I | 167997 | 772 | 32909 |  | 1577 | 9293 | 146730 | 3.7 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 72783 | 18153 | 12481 |  | 773 | 9624 | 88852 | 2.3 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 289283 | 583 | 100952 |  | 61982 | (21501) | 229395 | 5.8 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 22481 | 51 | 23277 |  | 7011 | (6266) |  |  |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 21084 | 67 | 22534 |  | 2821 | (1438) |  |  |
| JNL/T. Rowe Price Value Fund - Class I | 354415 | 843 | 109335 |  | 52648 | (11784) | 286787 | 7.3 |
| JNL/WCM Focused International Equity Fund - Class I | 192057 | 43510 | 57789 | 11376 | (1299) | 29937 | 206416 | 5.2 |
| JNL/William Blair International Leaders Fund - Class I | 184991 | 1901 | 43938 | 1527 | (5570) | 43241 | 180625 | 4.6 |
| JNL/WMC Value Fund - Class I | 122251 | 253 | 40637 |  | 17995 | (1029) | 98833 | 2.5 |
|  | **4122402** | **431396** | **1100792** | **55329** | **334531** | **152043** | **3939580** | 100.0 |
| **JNL/JPMorgan Managed Moderate Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 25675 | 6385 |  | 1380 |  | 1206 | 33266 | 2.1 |
| Jackson Real Assets Fund - Class I | 5250 | 18485 |  | 256 |  | 708 | 24443 | 1.5 |
| JNL Multi-Manager Alternative Fund - Class I | 52087 |  | 1662 |  | 428 | 4562 | 55415 | 3.5 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 25635 | 3616 | 6524 | 259 | 188 | 5217 | 28132 | 1.8 |
| JNL Multi-Manager Mid Cap Fund - Class I | 26822 | 222 | 3749 |  | 600 | (28) | 23867 | 1.5 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 22675 | 238 | 2336 |  | 1018 | (121) | 21474 | 1.3 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 23032 | 480 | 2185 |  | 426 | 243 | 21996 | 1.4 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 42395 | 193 | 8867 |  | 1065 | 5394 | 40180 | 2.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 29855 | 165 | 5903 |  | 1925 | 1357 | 27399 | 1.7 |
| JNL/Causeway International Value Select Fund - Class I | 60297 | 5090 | 20200 | 4992 | 4329 | 12459 | 61975 | 3.9 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 50983 | 204 | 24117 |  | 11775 | (7699) | 31146 | 1.9 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 124842 | 6880 | 28135 |  | 535 | 7715 | 111837 | 7.0 |
| JNL/DoubleLine Total Return Fund - Class I | 150216 | 2813 | 35582 |  | 1919 | 8394 | 127760 | 8.0 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 69285 | 30010 | 8929 |  | 505 | 4674 | 95545 | 6.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 17075 | 25 | 6711 |  | 523 | 1048 | 11960 | 0.7 |
| JNL/Invesco Diversified Dividend Fund - Class I | 38350 | 69 | 7708 |  | 2812 | 2676 | 36199 | 2.3 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 10800 | 1770 | 1770 |  | 298 | 627 | 11725 | 0.7 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 108308 | 51 | 19819 |  | 488 | 6532 | 95560 | 6.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 8401 | 38 | 1479 |  | 44 | 1063 | 8067 | 0.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 34257 | 3851 | 25933 | 3719 | (2130) | 1887 | 11932 | 0.7 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I |  | 36051 | 198 |  | 6 | 881 | 36740 | 2.3 |
| JNL/MFS Mid Cap Value Fund - Class I | 8405 | 4098 | 1047 |  | (6) | 498 | 11948 | 0.7 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 38998 | 12277 | 6850 |  | 1246 | 2212 | 47883 | 3.0 |
| JNL/Newton Equity Income Fund - Class I | 21017 | 11600 | 4126 |  | 233 | 3526 | 32250 | 2.0 |
| JNL/PIMCO Income Fund - Class I | 77308 | 14767 | 19600 |  | 3151 | 4439 | 80065 | 5.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 77204 | 41 | 19672 |  | 70 | 6110 | 63753 | 4.0 |
| JNL/PIMCO Real Return Fund - Class I | 52004 | 922 | 9155 |  | 1815 | 2141 | 47727 | 3.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 56326 | 30 | 20880 |  | 4969 | (566) | 39879 | 2.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 38946 | 24 | 17908 |  | 1752 | 960 | 23774 | 1.5 |
| JNL/PPM America Total Return Fund - Class I | 132400 | 55 | 29414 |  | 3153 | 5249 | 111443 | 7.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 30033 | 36 | 6242 |  | 418 | 3670 | 27915 | 1.7 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 55299 | 275 | 16669 |  | 10271 | (2482) | 46694 | 2.9 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 4167 | 22 | 4326 |  | 241 | (104) |  |  |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 34721 | 18 | 37011 |  | 5783 | (3511) |  |  |

---

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/T. Rowe Price Value Fund - Class I | 79465 | 421 | 40776 |  | 21860 | (12803) | 48167 | 3.0 |
| JNL/WCM Focused International Equity Fund - Class I | 20834 | 18775 | 6923 | 1204 | (1831) | 5383 | 36238 | 2.3 |
| JNL/William Blair International Leaders Fund - Class I | 46679 | 531 | 12218 | 377 | 594 | 8915 | 44501 | 2.8 |
| JNL/WMC Value Fund - Class I | 21120 | 70 | 4056 |  | 1821 | 1095 | 20050 | 1.3 |
|  | **1721166** | **180598** | **468680** | **12187** | **82294** | **83527** | **1598905** | 100.0 |
| **JNL/JPMorgan Managed Moderate Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 56543 | 13023 |  | 3012 |  | 2602 | 72168 | 2.0 |
| Jackson Real Assets Fund - Class I | 11694 | 41254 |  | 559 |  | 1553 | 54501 | 1.5 |
| JNL Multi-Manager Alternative Fund - Class I | 116006 |  | 2538 |  | 629 | 10526 | 124623 | 3.5 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 76342 | 7581 | 18863 | 776 | (1515) | 17464 | 81009 | 2.3 |
| JNL Multi-Manager Mid Cap Fund - Class I | 93565 | 16 | 10624 |  | 1685 | 276 | 84918 | 2.4 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 73860 | 169 | 6737 |  | 3154 | (266) | 70180 | 2.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 73999 | 1535 | 6214 |  | 2714 | (580) | 71454 | 2.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 94384 | 6656 | 16428 |  | 1907 | 12636 | 99155 | 2.8 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 95339 |  | 18030 |  | 5887 | 4548 | 87744 | 2.4 |
| JNL/Causeway International Value Select Fund - Class I | 191779 | 15960 | 75395 | 15953 | 18792 | 34391 | 185527 | 5.2 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 199360 |  | 57281 |  | 28144 | (11212) | 159011 | 4.4 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 190715 | 6133 | 48079 |  | 1455 | 10977 | 161201 | 4.5 |
| JNL/DoubleLine Total Return Fund - Class I | 248479 | 6480 | 65696 |  | 434 | 16255 | 205952 | 5.7 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 96174 | 41931 | 10701 |  | 1185 | 6088 | 134677 | 3.8 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 57490 |  | 17985 |  | 3307 | 1988 | 44800 | 1.3 |
| JNL/Invesco Diversified Dividend Fund - Class I | 113646 | 1 | 21760 |  | 8000 | 8317 | 108204 | 3.0 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 36954 | 9221 | 5447 |  | 3227 | (62) | 43893 | 1.2 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 192411 | 4915 | 39709 |  | 1061 | 11073 | 169751 | 4.7 |
| JNL/JPMorgan U.S. Value Fund - Class I | 111075 | 32 | 44135 |  | 21756 | (7233) | 81495 | 2.3 |
| JNL/Lazard International Quality Growth Fund - Class I | 95358 | 10402 | 33512 | 10397 | 2787 | (2902) | 72133 | 2.0 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I |  | 53835 | 329 |  | 10 | 1314 | 54830 | 1.5 |
| JNL/MFS Mid Cap Value Fund - Class I | 27915 | 14571 | 3063 |  | (12) | 1645 | 41056 | 1.1 |
| JNL/Newton Equity Income Fund - Class I | 46755 | 43548 | 8771 |  | 2698 | 5797 | 90027 | 2.5 |
| JNL/PIMCO Income Fund - Class I | 94413 | 22790 | 19227 |  | 3203 | 6488 | 107667 | 3.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 113306 | 8 | 23969 |  | 864 | 8112 | 98321 | 2.7 |
| JNL/PPM America High Yield Bond Fund - Class I | 67422 | 23 | 18843 |  | 4918 | 235 | 53755 | 1.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 101880 | 6 | 36897 |  | 2838 | 3520 | 71347 | 2.0 |
| JNL/PPM America Total Return Fund - Class I | 200867 | 1647 | 36914 |  | 3012 | 9896 | 178508 | 5.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 57280 | 7422 | 9967 |  | 631 | 7405 | 62771 | 1.8 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 228165 |  | 77315 |  | 47765 | (15964) | 182651 | 5.1 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 18932 | 2 | 19555 |  | 2942 | (2321) |  |  |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 57909 | 17 | 61588 |  | 9250 | (5588) |  |  |
| JNL/T. Rowe Price Value Fund - Class I | 232467 | 60 | 70340 |  | 34466 | (7685) | 188968 | 5.3 |
| JNL/WCM Focused International Equity Fund - Class I | 139148 | 26191 | 43335 | 8147 | (82) | 20956 | 142878 | 4.0 |
| JNL/William Blair International Leaders Fund - Class I | 122834 | 9487 | 30586 | 1001 | (962) | 26273 | 127046 | 3.5 |
| JNL/WMC Value Fund - Class I | 74772 | 18 | 13257 |  | 5082 | 5301 | 71916 | 2.0 |
|  | **3809238** | **344934** | **973090** | **39845** | **221232** | **181823** | **3584137** | 100.0 |
| **JNL/American Funds Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - American Funds Mortgage Fund - Class 1 | 15819 | 744 | 1 | 744 |  | 668 | 17230 | 0.4 |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 78522 | 7484 | 8697 | 5052 | (914) | 2102 | 78497 | 1.8 |
|  | **94341** | **8228** | **8698** | **5796** | **(914)** | **2770** | **95727** | 2.2 |
| **JNL/American Funds Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 73631 | 27896 | 8966 | 6160 | (785) | 2851 | 94627 | 3.8 |
|  | **73631** | **27896** | **8966** | **6160** | **(785)** | **2851** | **94627** | 3.8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 10 | 43338 | 43348 | 11 |  |  |  |  |

---

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Growth ETF Allocation Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.74% - Class SL | 21112 | 701987 | 697716 | 586 |  |  | 25383 | 6.2 |
|  | 21122 | 745325 | 741064 | 597 |  |  | 25383 | 6.2 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 127 | 44527 | 44555 | 12 |  |  | 99 |  |
| JNL Government Money Market Fund, 3.74% - Class SL | 1626 | 407674 | 393455 | 276 |  |  | 15845 | 7.0 |
|  | 1753 | 452201 | 438010 | 288 |  |  | 15944 | 7.0 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 166 | 44114 | 44166 | 14 |  |  | 114 |  |
| JNL Government Money Market Fund, 3.74% - Class SL | 1001 | 610308 | 586493 | 600 |  |  | 24816 | 7.0 |
|  | 1167 | 654422 | 630659 | 614 |  |  | 24930 | 7.0 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I |  | 59326 | 58050 | 16 |  |  | 1276 | 0.1 |
| JNL Government Money Market Fund, 3.74% - Class SL | 170988 | 2046462 | 2138182 | 1926 |  |  | 79268 | 3.7 |
|  | 170988 | 2105788 | 2196232 | 1942 |  |  | 80544 | 3.8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 200 | 35574 | 35542 | 10 |  |  | 232 |  |
| JNL Government Money Market Fund, 3.74% - Class SL | 53185 | 684321 | 693555 | 942 |  |  | 43951 | 7.7 |
|  | 53385 | 719895 | 729097 | 952 |  |  | 44183 | 7.7 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 102 | 48879 | 47423 | 13 |  |  | 1558 | 0.2 |

---

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.74% - Class SL | 30103 | 1032372 | 1037256 | 1289 |  |  | 25219 | 2.5 |
|  | 30205 | 1081251 | 1084679 | 1302 |  |  | 26777 | 2.7 |

---

Topic 820, "Fair Value Measurement" establishes a single authoritative definition of fair value under U.S. GAAP, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund's investments under FASB ASC Topic 820 guidance and are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for investments in mutual funds. Investments in the Underlying Funds and Master Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. The Level 1 valuation assets for the Funds can be referenced in the Schedules of Investments.

See accompanying Notes to Financial Statements.

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 72.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 72.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 72.7%** |
| **U.S. Treasury Note 35.6%** | **U.S. Treasury Note 35.6%** | **U.S. Treasury Note 35.6%** |
| Treasury, United States Department of |  |  |
| 4.13%, 01/31/27 - 11/15/32 | 29150 | 29536 |
| 2.25%, 02/15/27 - 11/15/27 | 5375 | 5277 |
| 1.13%, 02/28/27 - 02/15/31 | 11615 | 10709 |
| 1.88%, 02/28/27 - 02/15/32 | 9320 | 8573 |
| 4.25%, 03/15/27 - 08/15/35 | 27845 | 28277 |
| 0.63%, 03/31/27 - 08/15/30 | 9880 | 8738 |
| 2.50%, 03/31/27 | 155 | 153 |
| 3.88%, 03/31/27 - 08/15/34 | 42010 | 42093 |
| 4.50%, 04/15/27 - 11/15/33 | 12060 | 12311 |
| 0.50%, 04/30/27 - 10/31/27 | 6290 | 5995 |
| 2.75%, 04/30/27 - 08/15/32 | 12560 | 12129 |
| 3.75%, 04/30/27 - 11/30/32 | 18130 | 18121 |
| 2.38%, 05/15/27 - 03/31/29 | 5030 | 4879 |
| 2.63%, 05/31/27 - 07/31/29 | 6670 | 6504 |
| 4.63%, 06/15/27 - 02/15/35 | 15470 | 15979 |
| 3.25%, 06/30/27 - 06/30/29 | 1690 | 1681 |
| 4.38%, 07/15/27 - 05/15/34 | 13905 | 14210 |
| 0.38%, 07/31/27 - 09/30/27 | 5075 | 4820 |
| 3.13%, 08/31/27 - 11/15/28 | 5625 | 5570 |
| 3.63%, 08/31/27 - 09/30/31 | 26965 | 26909 |
| 3.38%, 09/15/27 - 05/15/33 | 10315 | 10183 |
| 3.50%, 09/30/27 - 02/15/33 | 25190 | 25070 |
| 4.00%, 12/15/27 - 11/15/35 | 29960 | 30182 |
| 0.75%, 01/31/28 | 1310 | 1239 |
| 1.25%, 03/31/28 - 08/15/31 | 6495 | 6015 |
| 2.88%, 05/15/28 - 05/15/32 | 9872 | 9481 |
| 1.00%, 07/31/28 | 1835 | 1722 |
| 1.38%, 10/31/28 - 12/31/28 | 7925 | 7455 |
| 4.88%, 10/31/28 - 10/31/30 | 2525 | 2630 |
| 1.75%, 01/31/29 - 11/15/29 | 4395 | 4114 |
| 1.63%, 08/15/29 - 05/15/31 | 5860 | 5300 |
| 1.50%, 02/15/30 | 3925 | 3606 |
| 0.88%, 11/15/30 | 4905 | 4289 |
|  |  | 373750 |
| **Mortgage-Backed Securities 24.3%** | **Mortgage-Backed Securities 24.3%** | **Mortgage-Backed Securities 24.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 02/01/26 - 05/01/52 | 4712 | 4452 |
| 5.00%, 03/01/26 - 02/01/55 | 4065 | 4083 |
| 4.00%, 05/01/26 - 04/01/53 | 4443 | 4294 |
| 3.00%, 01/01/27 - 04/01/52 | 5850 | 5365 |
| 2.50%, 08/01/27 - 05/01/52 | 12618 | 10908 |
| 6.50%, 07/01/28 - 12/01/53 | 728 | 756 |
| 5.50%, 11/01/28 - 06/01/55 | 7255 | 7394 |
| 2.00%, 01/01/29 - 03/01/52 | 22174 | 18491 |
| 6.00%, 02/01/29 - 01/01/55 | 3443 | 3546 |
| 4.50%, 08/01/30 - 07/01/53 | 2787 | 2753 |
| 1.50%, 02/01/36 - 03/01/52 | 5309 | 4400 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 01/01/26 - 06/01/52 | 8697 | 8211 |
| 4.50%, 05/01/26 - 07/01/53 | 2579 | 2562 |
| 4.00%, 06/01/26 - 09/01/52 | 6459 | 6268 |
| 3.00%, 11/01/26 - 03/01/52 | 14587 | 13286 |
| 2.50%, 03/01/27 - 05/01/52 | 23700 | 20387 |
| 2.00%, 09/01/28 - 06/01/52 | 32082 | 26700 |
| 5.00%, 09/01/29 - 12/01/55 | 5648 | 5670 |
| 6.00%, 11/01/31 - 07/01/55 | 4733 | 4911 |
| 5.50%, 01/01/32 - 04/01/55 | 6453 | 6588 |
| 6.50%, 07/01/32 - 12/01/38 | 84 | 88 |
| 1.50%, 09/01/35 - 09/01/51 | 6442 | 5424 |
| 7.00%, 12/01/35 - 06/01/55 | 589 | 620 |
| TBA, 3.50%, 02/15/40 - 01/15/41 (a) | 225 | 218 |
| TBA, 4.50%, 02/15/40 - 01/15/56 (a) | 3200 | 3136 |
| TBA, 2.50%, 01/15/41 (a) | 50 | 47 |
| TBA, 4.00%, 01/15/41 (a) | 325 | 321 |
| TBA, 5.00%, 01/15/41 - 02/15/56 (a) | 2725 | 2728 |
| TBA, 5.50%, 01/15/41 - 02/15/56 (a) | 4125 | 4186 |
| TBA, 6.00%, 01/15/41 - 02/15/56 (a) | 8225 | 8446 |
| TBA, 6.50%, 01/15/56 (a) | 5825 | 6052 |
| TBA, 7.00%, 01/15/56 (a) | 900 | 947 |
| Government National Mortgage Association |  |  |
| 4.50%, 04/20/26 - 12/20/54 | 1856 | 1843 |
| 3.50%, 05/15/26 - 07/20/50 | 6302 | 5904 |
| 3.00%, 01/20/27 - 09/20/50 | 7180 | 6549 |
| 2.50%, 08/20/27 - 01/20/51 | 3431 | 2980 |
| 8.50%, 06/15/30 |  |  |
| 6.00%, 05/15/32 - 12/20/40 | 26 | 28 |
| 5.00%, 03/15/33 - 01/20/55 | 1121 | 1130 |
| 5.50%, 08/15/33 - 08/20/55 | 1740 | 1763 |
| 6.50%, 07/15/38 | 3 | 3 |
| 4.00%, 06/15/39 - 10/20/49 | 2862 | 2771 |
| 2.00%, 11/20/50 - 01/20/51 | 1482 | 1228 |
| TBA, 2.00%, 01/15/56 (a) | 1550 | 1283 |
| TBA, 4.00%, 01/15/56 (a) | 1025 | 967 |
| TBA, 4.50%, 01/15/56 - 02/15/56 (a) | 2625 | 2557 |
| TBA, 5.00%, 01/15/56 - 02/15/56 (a) | 5400 | 5386 |
| TBA, 5.50%, 01/15/56 - 02/15/56 (a) | 4450 | 4493 |
| TBA, 6.00%, 01/15/56 (a) | 4625 | 4713 |
| TBA, 6.50%, 01/15/56 (a) | 1625 | 1680 |
| TBA, 7.00%, 01/15/56 (a) | 375 | 386 |
| Government National Mortgage Association II |  |  |
| 2.00%, 03/20/51 - 05/20/52 | 7054 | 5842 |
| 2.50%, 04/20/51 - 07/20/52 | 7227 | 6237 |
| 3.00%, 11/20/51 - 06/20/52 | 878 | 791 |
| 3.50%, 04/20/52 - 09/20/52 | 135 | 124 |
| 4.50%, 07/20/52 - 05/20/53 | 486 | 477 |
| 4.00%, 09/20/52 | 312 | 297 |
| 5.50%, 07/20/53 - 05/20/54 | 1609 | 1630 |
| 5.00%, 08/20/53 | 335 | 336 |
|  |  | 254636 |
| **U.S. Treasury Bond 9.6%** | **U.S. Treasury Bond 9.6%** | **U.S. Treasury Bond 9.6%** |
| Treasury, United States Department of |  |  |
| 6.25%, 05/15/30 | 2650 | 2917 |
| 5.38%, 02/15/31 | 85 | 91 |
| 4.50%, 02/15/36 - 11/15/54 | 4640 | 4549 |
| 5.00%, 05/15/37 - 05/15/45 | 795 | 828 |
| 4.25%, 05/15/39 - 08/15/54 | 6045 | 5550 |
| 4.38%, 11/15/39 - 08/15/43 | 2000 | 1941 |
| 1.13%, 05/15/40 - 08/15/40 | 5830 | 3690 |
| 3.88%, 08/15/40 - 05/15/43 | 1275 | 1152 |
| 1.38%, 11/15/40 - 08/15/50 | 7296 | 4031 |
| 1.88%, 02/15/41 - 11/15/51 | 6210 | 3700 |
| 4.75%, 02/15/41 - 08/15/55 | 11065 | 10996 |
| 2.25%, 05/15/41 - 02/15/52 | 7045 | 4555 |
| 1.75%, 08/15/41 | 785 | 531 |
| 3.75%, 08/15/41 - 11/15/43 | 1340 | 1189 |
| 3.13%, 11/15/41 - 05/15/48 | 7137 | 5646 |
| 2.38%, 02/15/42 - 05/15/51 | 7400 | 4974 |
| 3.00%, 05/15/42 - 08/15/52 | 5793 | 4329 |
| 3.25%, 05/15/42 | 2450 | 2047 |
| 2.75%, 08/15/42 - 11/15/47 | 2954 | 2206 |
| 3.38%, 08/15/42 - 05/15/44 | 4577 | 3813 |
| 2.88%, 05/15/43 - 05/15/52 | 4832 | 3568 |
| 3.63%, 08/15/43 - 05/15/53 | 10436 | 8679 |
| 4.63%, 05/15/44 - 11/15/55 | 6030 | 5844 |
| 4.13%, 08/15/44 - 08/15/53 | 3420 | 3055 |
| 2.50%, 02/15/45 - 05/15/46 | 4825 | 3364 |
| 4.88%, 08/15/45 | 550 | 556 |
| 4.63%, 11/15/45 (b) | 805 | 788 |
| 2.00%, 02/15/50 - 08/15/51 | 5574 | 3247 |
| 1.25%, 05/15/50 | 1497 | 718 |
| 1.63%, 11/15/50 | 2460 | 1295 |
| 4.00%, 11/15/52 | 880 | 765 |
|  |  | 100614 |
| **Sovereign 1.3%** | **Sovereign 1.3%** | **Sovereign 1.3%** |
| Aktiebolaget Svensk Exportkredit |  |  |
| 4.13%, 06/14/28 | 300 | 303 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.55%, 03/14/37 | 250 | 276 |
| 5.88%, 08/08/54 | 200 | 197 |
| Export Development Canada |  |  |
| 4.75%, 06/05/34 | 400 | 418 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Export-Import Bank of Korea, The |  |  |
| 4.63%, 01/11/27 | 500 | 504 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 4.38%, 10/27/27 | 127 | 127 |
| 4.13%, 11/20/45 | 200 | 175 |
| 5.10%, 06/18/50 | 100 | 94 |
| 4.98%, 04/20/55 | 100 | 91 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 400 | 396 |
| 5.00%, 05/07/29 - 04/27/51 | 500 | 443 |
| 8.30%, 08/15/31 | 300 | 355 |
| 4.75%, 04/27/32 - 03/08/44 | 856 | 749 |
| 5.63%, 09/22/35 | 200 | 197 |
| 4.60%, 01/23/46 | 250 | 196 |
| 6.40%, 05/07/54 | 200 | 192 |
| 5.75%, 10/12/10 | 400 | 334 |
| Gouvernement de la Province de Quebec |  |  |
| 3.63%, 04/13/28 (b) | 300 | 300 |
| Government of the Province of British Columbia |  |  |
| 4.80%, 06/11/35 | 200 | 204 |
| Government of the Republic of Panama |  |  |
| 6.40%, 02/14/35 | 200 | 211 |
| 6.70%, 01/26/36 | 400 | 431 |
| 4.50%, 04/16/50 | 600 | 464 |
| Korea Development Bank |  |  |
| 4.63%, 02/15/27 | 250 | 252 |
| Ministry of Defence State of Israel |  |  |
| 2.75%, 07/03/30 | 400 | 371 |
| 3.38%, 01/15/50 | 200 | 134 |
| 4.50%, 04/03/20 | 300 | 223 |
| Ontario, Government of |  |  |
| 4.85%, 06/11/35 | 200 | 206 |
| Presidencia de la Republica de Chile |  |  |
| 3.24%, 02/06/28 | 400 | 393 |
| 3.25%, 09/21/71 | 600 | 371 |
| Republic of Indonesia, The Government of, The |  |  |
| 2.85%, 02/14/30 | 600 | 566 |
| 4.30%, 04/16/31 | 300 | 299 |
| 5.35%, 02/11/49 (b) | 200 | 200 |
| Sandor-Palota |  |  |
| 7.63%, 03/29/41 | 250 | 292 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 5.38%, 06/15/33 | 200 | 211 |
| The Philippines, Government of |  |  |
| 9.50%, 02/02/30 | 400 | 480 |
| 1.65%, 06/10/31 | 300 | 261 |
| 6.38%, 01/15/32 | 500 | 552 |
| 5.25%, 05/14/34 | 200 | 208 |
| 3.70%, 03/01/41 | 300 | 250 |
| 5.95%, 10/13/47 | 200 | 210 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 11/16/27 - 03/18/54 | 435 | 437 |
| 4.88%, 02/12/30 | 200 | 206 |
| 5.75%, 11/16/32 | 300 | 321 |
| 5.13%, 09/18/34 | 115 | 117 |
| | | 13217 |
| **Commercial Mortgage-Backed Securities 0.7%** | **Commercial Mortgage-Backed Securities 0.7%** | **Commercial Mortgage-Backed Securities 0.7%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K062, REMIC, 3.41%, 12/25/26 | 497 | 495 |
| Series A2-K082, REMIC, 3.92%, 09/25/28 (c) | 750 | 751 |
| Series A2-K087, REMIC, 3.77%, 12/25/28 | 486 | 484 |
| Series A2-K092, REMIC, 3.30%, 04/25/29 | 400 | 393 |
| Series A1-K099, REMIC, 2.26%, 06/25/29 | 245 | 237 |
| Series A1-K106, REMIC, 1.78%, 10/25/29 | 238 | 227 |
| Series A2-K103, REMIC, 2.65%, 11/25/29 | 300 | 286 |
| Series A2-K117, REMIC, 1.41%, 08/25/30 | 500 | 448 |
| Series A2-K126, REMIC, 2.07%, 01/25/31 | 400 | 366 |
| Series AM-K138, REMIC, 1.89%, 01/25/32 | 300 | 261 |
| Series A2-K761, REMIC, 4.40%, 06/25/32 (c) | 100 | 101 |
| Series K-A2-157, REMIC, 4.20%, 05/25/33 | 150 | 149 |
| Series K-A2-1516, REMIC, 1.72%, 05/25/35 | 750 | 591 |
| Series K-A2-171, REMIC, 4.40%, 06/25/35 (c) | 75 | 74 |
| Series K-A2-1521, REMIC, 2.18%, 08/25/36 | 750 | 600 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2018-A2-M1, REMIC, 2.98%, 12/25/27 (c) | 298 | 294 |
| Series 2018-A2-M14, REMIC, 3.58%, 08/25/28 (c) | 455 | 448 |
| Series 2019-A2-M5, REMIC, 3.27%, 02/25/29 | 273 | 268 |
| Series 2019-A2-M12, REMIC, 2.89%, 06/25/29 | 478 | 463 |
| Series 2020-A2-M1, REMIC, 2.44%, 10/25/29 | 200 | 189 |
| Series 2020-A2-M8, REMIC, 1.82%, 02/25/30 | 274 | 250 |
| Series 2020-A2-M14, REMIC, 1.78%, 05/25/30 | 298 | 271 |
| Series 2022-A2-M1, REMIC, 1.67%, 10/25/31 (c) | 300 | 261 |
|  |  | 7907 |
| **Municipal 0.6%** | **Municipal 0.6%** | **Municipal 0.6%** |
| Bay Area Toll Authority |  |  |
| 6.26%, 04/01/49 | 200 | 211 |
| California, State of |  |  |
| 3.50%, 04/01/28 | 80 | 80 |
| 6.00%, 03/01/33 | 100 | 111 |
| 7.55%, 04/01/39 | 300 | 364 |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 176 | 198 |
| City of Atlanta |  |  |
| 2.26%, 11/01/35 | 400 | 341 |
| Connecticut, State of |  |  |
| 5.85%, 03/15/32 | 125 | 134 |
| County of Cook |  |  |
| 6.23%, 11/15/34 | 100 | 107 |
| Dallas Convention Center Hotel Development Corporation |  |  |
| 7.09%, 01/01/42 | 200 | 222 |
| Dallas County Hospital District |  |  |
| 5.62%, 08/15/44 | 300 | 297 |
| Dallas Independent School District |  |  |
| 6.45%, 02/15/35 | 300 | 305 |
| Florida Department of Management Services |  |  |
| 1.71%, 07/01/27 | 300 | 291 |
| Maryland Economic Development Corporation |  |  |
| 5.43%, 05/31/56 | 200 | 192 |
| Massachusetts, Commonwealth of |  |  |
| 4.91%, 05/01/29 | 300 | 305 |
| Municipal Electric Authority of Georgia |  |  |
| 7.06%, 04/01/57 | 184 | 206 |
| New Jersey Economic Development Authority |  |  |
| 7.43%, 02/15/29 | 200 | 209 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 292 |
| New York City Municipal Water Finance Authority |  |  |
| 6.01%, 06/15/42 | 235 | 243 |
| New York, City of |  |  |
| 5.83%, 10/01/53 | 200 | 206 |
| Ohio State University, The |  |  |
| 4.91%, 06/01/40 | 200 | 200 |
| Pennsylvania Turnpike Commission |  |  |
| 5.51%, 12/01/45 | 300 | 299 |
| Port Authority of New York And New Jersey, The |  |  |
| 6.04%, 12/01/29 | 200 | 215 |
| Rector & Visitors of The University of Virginia |  |  |
| 2.26%, 09/01/50 | 300 | 175 |
| San Diego County Water Authority |  |  |
| 6.14%, 05/01/49 | 260 | 267 |
| State of Illinois |  |  |
| 7.35%, 07/01/35 | 286 | 311 |
| Texas A&M University |  |  |
| 3.66%, 07/01/47 | 100 | 82 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 187 | 192 |
| Transportation, Texas Department of |  |  |
| 5.18%, 04/01/30 | 400 | 409 |
| University of Pittsburgh-Of The Commonwealth System of Higher Education |  |  |
| 3.56%, 09/15/19 | 300 | 188 |
|  |  | 6652 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **U.S. Government Agency Obligations 0.6%** | **U.S. Government Agency Obligations 0.6%** | **U.S. Government Agency Obligations 0.6%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.13%, 02/12/27 (d) | 175 | 176 |
| 4.75%, 05/06/27 (d) | 175 | 178 |
| 1.10%, 08/10/29 (d) | 500 | 457 |
| 1.23%, 09/10/29 (d) | 500 | 457 |
| 1.65%, 07/23/35 (d) | 225 | 176 |
| Federal Home Loan Bank of Topeka |  |  |
| 4.75%, 04/09/27 (d) | 800 | 813 |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.75%, 09/15/29 - 03/15/31 (d) | 930 | 1034 |
| 6.25%, 07/15/32 (b) (d) | 205 | 232 |
| Federal National Mortgage Association, Inc. |  |  |
| 7.25%, 05/15/30 (d) | 540 | 617 |
| 6.63%, 11/15/30 (d) | 331 | 373 |
| FHLBanks Office of Finance |  |  |
| 3.25%, 11/16/28 (d) | 550 | 547 |
| 5.50%, 07/15/36 (d) | 400 | 438 |
| Tennessee Valley Authority |  |  |
| 5.25%, 09/15/39 (b) (d) | 200 | 212 |
| 5.38%, 04/01/56 (d) | 300 | 304 |
|  |  | 6014 |
| Total Government And Agency Obligations (cost $799,894) | Total Government And Agency Obligations (cost $799,894) | 762790 |
| **CORPORATE BONDS AND NOTES 25.5%** | **CORPORATE BONDS AND NOTES 25.5%** | **CORPORATE BONDS AND NOTES 25.5%** |
| **Financials 8.9%** | **Financials 8.9%** | **Financials 8.9%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.88%, 01/23/28 | 300 | 299 |
| African Development Bank |  |  |
| 3.50%, 09/18/29 | 400 | 397 |
| Ally Financial Inc. |  |  |
| 6.99%, 06/13/29 | 200 | 211 |
| 6.85%, 01/03/30 | 200 | 212 |
| American Express Company |  |  |
| 3.30%, 05/03/27 | 300 | 298 |
| 5.10%, 02/16/28 | 250 | 253 |
| 4.73%, 04/25/29 | 300 | 305 |
| 4.35%, 07/20/29 | 400 | 403 |
| 4.05%, 12/03/42 | 200 | 173 |
| American Honda Finance Corporation |  |  |
| 4.55%, 07/09/27 | 400 | 404 |
| 5.65%, 11/15/28 | 50 | 52 |
| 5.05%, 07/10/31 | 400 | 411 |
| American International Group, Inc. |  |  |
| 4.75%, 04/01/48 | 60 | 53 |
| 4.38%, 06/30/50 | 350 | 293 |
| Ameriprise Financial, Inc. |  |  |
| 5.15%, 05/15/33 | 100 | 104 |
| Aon Corporation |  |  |
| 3.75%, 05/02/29 | 300 | 297 |
| 2.80%, 05/15/30 | 350 | 330 |
| Apollo Global Management, Inc. |  |  |
| 5.15%, 08/12/35 | 300 | 301 |
| 6.00%, 12/15/54 | 250 | 248 |
| Arch Capital Group (U.S.) Inc. |  |  |
| 5.14%, 11/01/43 | 150 | 143 |
| Arthur J. Gallagher & Co. |  |  |
| 4.60%, 12/15/27 | 200 | 202 |
| 3.50%, 05/20/51 | 45 | 31 |
| Asian Development Bank |  |  |
| 4.13%, 01/12/27 | 200 | 201 |
| 2.38%, 08/10/27 | 300 | 295 |
| 4.38%, 01/14/28 (b) | 300 | 305 |
| 2.75%, 01/19/28 | 400 | 394 |
| 6.38%, 10/01/28 | 210 | 223 |
| 1.88%, 01/24/30 | 200 | 186 |
| 4.00%, 01/12/33 | 300 | 299 |
| Asian Infrastructure Investment Bank |  |  |
| 4.25%, 03/13/34 | 300 | 304 |
| 4.50%, 05/21/35 | 200 | 205 |
| Assured Guaranty US Holdings Inc. |  |  |
| 6.13%, 09/15/28 | 300 | 315 |
| Athene Holding Ltd |  |  |
| 3.95%, 05/25/51 | 300 | 210 |
| Australia and New Zealand Banking Group Limited |  |  |
| 4.62%, 12/16/29 | 400 | 408 |
| Banco De Desarrollo Para America Latina |  |  |
| 4.13%, 01/07/28 | 400 | 402 |
| Banco Santander, S.A. |  |  |
| 3.80%, 02/23/28 | 200 | 199 |
| 5.54%, 03/14/30 | 200 | 207 |
| 4.55%, 11/06/30 | 400 | 401 |
| Bank of America Corporation |  |  |
| 3.59%, 07/21/28 | 350 | 348 |
| 4.98%, 01/24/29 | 90 | 92 |
| 3.97%, 03/05/29 | 150 | 150 |
| 4.27%, 07/23/29 | 170 | 171 |
| 3.19%, 07/23/30 | 300 | 290 |
| 2.88%, 10/22/30 | 400 | 381 |
| 5.16%, 01/24/31 | 100 | 103 |
| 2.50%, 02/13/31 | 185 | 172 |
| 2.59%, 04/29/31 | 250 | 233 |
| 1.90%, 07/23/31 | 150 | 135 |
| 1.92%, 10/24/31 (b) | 300 | 269 |
| 2.69%, 04/22/32 | 255 | 234 |
| 2.30%, 07/21/32 | 200 | 179 |
| 2.57%, 10/20/32 | 300 | 271 |
| 2.97%, 02/04/33 | 300 | 275 |
| 5.87%, 09/15/34 | 250 | 267 |
| 5.51%, 01/24/36 | 130 | 136 |
| 5.74%, 02/12/36 | 300 | 313 |
| 5.46%, 05/09/36 | 200 | 208 |
| 3.85%, 03/08/37 | 200 | 188 |
| 4.24%, 04/24/38 | 120 | 112 |
| 4.44%, 01/20/48 | 120 | 104 |
| 3.95%, 01/23/49 | 75 | 60 |
| 4.33%, 03/15/50 | 300 | 252 |
| 2.83%, 10/24/51 | 200 | 127 |
| 3.48%, 03/13/52 | 55 | 40 |
| 2.97%, 07/21/52 (b) | 200 | 131 |
| Bank of Montreal |  |  |
| 4.70%, 09/14/27 | 100 | 101 |
| 4.06%, 09/22/28 | 200 | 200 |
| Banque Developpt Conseil Europe 9 |  |  |
| 3.63%, 05/08/28 | 200 | 200 |
| 4.50%, 01/15/30 | 200 | 206 |
| Barclays PLC |  |  |
| 4.84%, 05/09/28 | 300 | 302 |
| 4.48%, 11/11/29 | 200 | 201 |
| 2.89%, 11/24/32 | 200 | 182 |
| 6.22%, 05/09/34 | 300 | 323 |
| 5.86%, 08/11/46 | 300 | 308 |
| 6.04%, 03/12/55 | 200 | 210 |
| Barings BDC, Inc. |  |  |
| 7.00%, 02/15/29 | 300 | 309 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.30%, 05/15/43 | 200 | 178 |
| 4.20%, 08/15/48 | 135 | 113 |
| 2.85%, 10/15/50 | 200 | 129 |
| BGC Group, Inc. |  |  |
| 6.15%, 04/02/30 | 400 | 414 |
| BlackRock Finance, Inc. |  |  |
| 2.40%, 04/30/30 | 200 | 187 |
| Blackstone Private Credit Fund |  |  |
| 5.60%, 11/22/29 | 200 | 202 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 | 300 | 306 |
| 5.35%, 04/13/28 | 300 | 303 |
| Blue Owl Credit Income Corp. |  |  |
| 7.95%, 06/13/28 | 200 | 212 |
| 6.60%, 09/15/29 | 300 | 309 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 200 | 214 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 | 150 | 150 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 300 | 304 |
| Capital One Financial Corporation |  |  |
| 6.38%, 06/08/34 | 400 | 432 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.20%, 09/11/36 | 200 | 199 |
| Carlyle Secured Lending, Inc. |  |  |
| 6.75%, 02/18/30 | 300 | 307 |
| Caterpillar Financial Services Corporation |  |  |
| 5.00%, 05/14/27 | 300 | 305 |
| 4.60%, 11/15/27 | 300 | 305 |
| Charles Schwab Corporation, The |  |  |
| 1.65%, 03/11/31 | 300 | 263 |
| 6.14%, 08/24/34 (b) | 200 | 218 |
| Chubb Ina Holdings LLC |  |  |
| 1.38%, 09/15/30 | 400 | 352 |
| 4.35%, 11/03/45 | 150 | 131 |
| Cincinnati Financial Corporation |  |  |
| 6.13%, 11/01/34 | 100 | 108 |
| Citigroup Inc. |  |  |
| 3.89%, 01/10/28 | 160 | 160 |
| 4.64%, 05/07/28 | 200 | 202 |
| 3.67%, 07/24/28 | 450 | 447 |
| 4.13%, 07/25/28 | 250 | 250 |
| 4.08%, 04/23/29 | 115 | 115 |
| 6.63%, 06/15/32 | 300 | 332 |
| 3.06%, 01/25/33 | 300 | 275 |
| 3.79%, 03/17/33 | 200 | 191 |
| 6.27%, 11/17/33 | 300 | 327 |
| 5.59%, 11/19/34 | 300 | 308 |
| 5.83%, 02/13/35 | 95 | 99 |
| 5.33%, 03/27/36 | 300 | 307 |
| 5.88%, 01/30/42 | 489 | 515 |
| 4.75%, 05/18/46 | 200 | 176 |
| 4.28%, 04/24/48 | 60 | 51 |
| 4.65%, 07/23/48 | 140 | 123 |
| Citizens Financial Group, Inc. |  |  |
| 2.64%, 09/30/32 | 300 | 259 |
| Commonwealth Bank of Australia |  |  |
| 4.42%, 03/14/28 | 250 | 253 |
| Cooperatieve Rabobank U.A. |  |  |
| 3.96%, 10/17/28 | 300 | 301 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 200 | 199 |
| 3.90%, 04/05/32 (b) | 200 | 190 |
| 4.40%, 04/05/52 | 200 | 162 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.55%, 01/07/28 | 300 | 295 |
| 3.73%, 01/14/32 (b) | 400 | 378 |
| Discover Bank |  |  |
| 2.70%, 02/06/30 | 250 | 236 |
| Equitable Holdings, Inc. |  |  |
| 4.35%, 04/20/28 | 29 | 29 |
| 5.59%, 01/11/33 | 300 | 316 |
| 5.00%, 04/20/48 | 68 | 61 |
| European Bank for Reconstruction and Development |  |  |
| 4.25%, 03/13/34 (b) | 300 | 302 |
| European Investment Bank |  |  |
| 1.38%, 03/15/27 | 800 | 780 |
| 4.38%, 03/19/27 - 10/10/31 | 700 | 713 |
| 3.88%, 03/15/28 | 210 | 211 |
| 4.75%, 06/15/29 | 400 | 415 |
| 4.13%, 02/13/34 | 500 | 502 |
| Fairfax Financial Holdings Limited |  |  |
| 6.35%, 03/22/54 | 200 | 207 |
| Fifth Third Bancorp |  |  |
| 8.25%, 03/01/38 | 300 | 369 |
| First Citizens BancShares, Inc. |  |  |
| 5.23%, 03/12/31 | 200 | 203 |
| Fiserv, Inc. |  |  |
| 3.50%, 07/01/29 (b) | 190 | 184 |
| 4.75%, 03/15/30 | 150 | 151 |
| 4.55%, 02/15/31 | 200 | 198 |
| 4.40%, 07/01/49 | 100 | 79 |
| Ford Motor Credit Company LLC |  |  |
| 5.85%, 05/17/27 | 300 | 305 |
| 4.00%, 11/13/30 | 300 | 283 |
| FS KKR Capital Corp. |  |  |
| 6.13%, 01/15/30 (b) | 200 | 197 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 05/08/27 | 250 | 254 |
| 2.40%, 04/10/28 | 300 | 289 |
| 5.80%, 01/07/29 | 300 | 313 |
| 2.35%, 01/08/31 | 400 | 360 |
| 2.70%, 06/10/31 | 400 | 363 |
| 5.45%, 09/06/34 | 300 | 305 |
| Global Payments Inc. |  |  |
| 5.55%, 11/15/35 | 300 | 298 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.85%, 01/26/27 | 110 | 110 |
| 2.64%, 02/24/28 | 300 | 295 |
| 4.94%, 04/23/28 | 300 | 303 |
| 3.81%, 04/23/29 (b) | 150 | 149 |
| 4.15%, 10/21/29 | 200 | 200 |
| 5.21%, 01/28/31 | 100 | 103 |
| 4.37%, 10/21/31 | 300 | 299 |
| 2.62%, 04/22/32 | 205 | 187 |
| 2.38%, 07/21/32 | 200 | 179 |
| 2.65%, 10/21/32 | 160 | 144 |
| 3.10%, 02/24/33 | 300 | 276 |
| 5.02%, 10/23/35 | 300 | 302 |
| 5.54%, 01/28/36 | 110 | 114 |
| 6.75%, 10/01/37 | 350 | 391 |
| 4.41%, 04/23/39 | 90 | 83 |
| 3.21%, 04/22/42 | 125 | 97 |
| 4.75%, 10/21/45 | 230 | 209 |
| 5.56%, 11/19/45 | 300 | 301 |
| 5.73%, 01/28/56 | 110 | 111 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 (b) (e) | 400 | 403 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 200 | 206 |
| Hartford Insurance Group, Inc., The |  |  |
| 6.10%, 10/01/41 | 75 | 80 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 300 | 306 |
| 5.21%, 08/11/28 | 300 | 305 |
| 2.21%, 08/17/29 | 400 | 380 |
| 3.97%, 05/22/30 | 300 | 297 |
| 5.40%, 08/11/33 | 500 | 518 |
| 6.25%, 03/09/34 (b) | 200 | 218 |
| 6.55%, 06/20/34 | 200 | 217 |
| 7.40%, 11/13/34 | 250 | 286 |
| 5.13%, 11/06/36 | 400 | 401 |
| Huntington Bancshares Incorporated |  |  |
| 6.21%, 08/21/29 | 300 | 315 |
| Huntington National Bank, The |  |  |
| 4.87%, 04/12/28 | 300 | 302 |
| ING Groep N.V. |  |  |
| 4.25%, 03/28/33 | 200 | 197 |
| 5.53%, 03/25/36 (b) | 300 | 312 |
| Inter-American Development Bank |  |  |
| 4.00%, 01/12/28 | 300 | 303 |
| 4.50%, 02/15/30 | 200 | 206 |
| 3.75%, 06/14/30 | 200 | 200 |
| 1.13%, 01/13/31 | 300 | 264 |
| 3.50%, 04/12/33 | 95 | 90 |
| 4.38%, 07/16/35 - 01/24/44 | 600 | 601 |
| Inter-American Investment Corporation |  |  |
| 4.25%, 02/14/29 | 400 | 406 |
| Intercontinental Exchange, Inc. |  |  |
| 2.10%, 06/15/30 | 400 | 367 |
| 4.60%, 03/15/33 | 250 | 253 |
| 4.25%, 09/21/48 | 75 | 62 |
| 3.00%, 09/15/60 | 85 | 51 |
| International Bank for Reconstruction and Development |  |  |
| 3.13%, 06/15/27 | 400 | 398 |
| 2.50%, 11/22/27 - 03/29/32 | 1300 | 1258 |
| 1.38%, 04/20/28 | 300 | 286 |
| 4.50%, 06/26/28 - 04/10/31 | 500 | 511 |
| 3.50%, 07/12/28 | 205 | 205 |
| 3.88%, 02/14/30 | 210 | 212 |
| 4.00%, 01/10/31 | 500 | 505 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 1.25%, 02/10/31 | 195 | 172 |
| 4.63%, 01/15/32 | 220 | 229 |
| 4.75%, 11/14/33 | 200 | 210 |
| Japan Bank For International Cooperation |  |  |
| 2.00%, 10/17/29 | 400 | 374 |
| Jefferies Group LLC |  |  |
| 4.15%, 01/23/30 | 150 | 148 |
| John Deere Capital Corporation |  |  |
| 3.45%, 03/07/29 | 115 | 113 |
| 1.45%, 01/15/31 | 200 | 176 |
| 4.40%, 09/08/31 | 300 | 302 |
| JPMorgan Chase & Co. |  |  |
| 8.00%, 04/29/27 | 200 | 211 |
| 3.54%, 05/01/28 | 300 | 298 |
| 2.18%, 06/01/28 | 500 | 488 |
| 4.85%, 07/25/28 | 150 | 152 |
| 3.51%, 01/23/29 | 200 | 198 |
| 4.92%, 01/24/29 | 100 | 102 |
| 4.01%, 04/23/29 | 150 | 150 |
| 4.20%, 07/23/29 | 640 | 642 |
| 2.74%, 10/15/30 | 220 | 209 |
| 5.14%, 01/24/31 | 90 | 93 |
| 2.52%, 04/22/31 | 405 | 377 |
| 2.96%, 05/13/31 | 350 | 330 |
| 1.76%, 11/19/31 | 85 | 76 |
| 2.58%, 04/22/32 | 200 | 183 |
| 2.96%, 01/25/33 | 300 | 276 |
| 4.91%, 07/25/33 | 200 | 204 |
| 5.72%, 09/14/33 | 100 | 106 |
| 5.35%, 06/01/34 | 500 | 520 |
| 5.34%, 01/23/35 | 250 | 259 |
| 5.77%, 04/22/35 | 115 | 123 |
| 5.29%, 07/22/35 | 200 | 207 |
| 5.50%, 01/24/36 | 100 | 105 |
| 4.85%, 02/01/44 | 300 | 284 |
| 3.96%, 11/15/48 | 200 | 161 |
| 3.90%, 01/23/49 | 105 | 84 |
| 3.11%, 04/22/51 | 370 | 251 |
| 3.33%, 04/22/52 | 195 | 138 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | 250 | 244 |
| KfW |  |  |
| 4.38%, 03/01/27 | 300 | 303 |
| 3.75%, 02/15/28 | 300 | 301 |
| 4.13%, 07/15/33 | 700 | 705 |
| 0.00%, 06/29/37 (f) | 774 | 476 |
| Landwirtschaftliche Rentenbank |  |  |
| 2.50%, 11/15/27 | 400 | 392 |
| 3.88%, 06/14/28 | 200 | 201 |
| Lazard Group LLC |  |  |
| 4.38%, 03/11/29 | 300 | 301 |
| Lloyds Banking Group PLC |  |  |
| 3.75%, 03/18/28 | 300 | 299 |
| 4.82%, 06/13/29 | 300 | 305 |
| 4.34%, 01/09/48 | 250 | 207 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 300 | 303 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | 300 | 305 |
| Markel Group Inc. |  |  |
| 4.15%, 09/17/50 | 300 | 232 |
| 6.00%, 05/16/54 | 200 | 202 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.15%, 03/15/34 | 250 | 258 |
| 4.90%, 03/15/49 | 65 | 59 |
| 5.45%, 03/15/53 | 100 | 97 |
| MasterCard Incorporated |  |  |
| 4.85%, 03/09/33 | 100 | 103 |
| 3.85%, 03/26/50 | 300 | 236 |
| MetLife, Inc. |  |  |
| 5.70%, 06/15/35 | 100 | 107 |
| 6.40%, 12/15/36 | 100 | 105 |
| 5.25%, 01/15/54 | 300 | 285 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.02%, 07/20/28 | 300 | 305 |
| 5.35%, 09/13/28 | 300 | 307 |
| 4.32%, 04/19/33 (b) | 300 | 295 |
| 5.41%, 04/19/34 (b) | 200 | 209 |
| 5.19%, 09/12/36 | 200 | 203 |
| Mizuho Financial Group, Inc. |  |  |
| 4.02%, 03/05/28 (g) | 500 | 501 |
| 2.20%, 07/10/31 (g) | 200 | 182 |
| 5.42%, 05/13/36 (b) | 200 | 208 |
| Moody's Corporation |  |  |
| 2.00%, 08/19/31 (b) | 400 | 355 |
| Morgan Stanley |  |  |
| 3.63%, 01/20/27 | 600 | 599 |
| 5.12%, 02/01/29 | 300 | 306 |
| 4.13%, 10/18/29 | 300 | 300 |
| 2.70%, 01/22/31 | 435 | 408 |
| 2.24%, 07/21/32 | 200 | 178 |
| 2.51%, 10/20/32 | 130 | 117 |
| 2.94%, 01/21/33 | 600 | 548 |
| 4.89%, 07/20/33 | 500 | 507 |
| 6.34%, 10/18/33 | 130 | 142 |
| 5.47%, 01/18/35 | 250 | 260 |
| 5.66%, 04/17/36 | 300 | 315 |
| 4.89%, 10/22/36 | 300 | 297 |
| 5.94%, 02/07/39 | 250 | 263 |
| 3.22%, 04/22/42 | 110 | 86 |
| 4.38%, 01/22/47 | 200 | 173 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.47%, 07/06/28 | 300 | 302 |
| 4.20%, 11/17/28 | 400 | 401 |
| 4.73%, 07/18/31 | 300 | 304 |
| Nasdaq, Inc. |  |  |
| 1.65%, 01/15/31 (h) | 300 | 266 |
| 2.50%, 12/21/40 (h) | 100 | 71 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 4.75%, 02/07/28 | 200 | 203 |
| 5.15%, 06/15/29 | 200 | 207 |
| NatWest Group PLC |  |  |
| 5.81%, 09/13/29 | 200 | 208 |
| Nomura Holdings, Inc. |  |  |
| 5.59%, 07/02/27 | 300 | 306 |
| 5.78%, 07/03/34 | 300 | 317 |
| ORIX Corporation |  |  |
| 3.70%, 07/18/27 | 200 | 199 |
| PACCAR Financial Corp. |  |  |
| 4.60%, 01/10/28 | 250 | 255 |
| 4.00%, 08/08/28 | 200 | 201 |
| PayPal Holdings, Inc. |  |  |
| 2.85%, 10/01/29 | 100 | 96 |
| 3.25%, 06/01/50 | 200 | 136 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.70%, 02/16/34 | 250 | 253 |
| Principal Financial Group, Inc. |  |  |
| 5.38%, 03/15/33 | 200 | 209 |
| 5.50%, 03/15/53 | 100 | 98 |
| Progressive Corporation, The |  |  |
| 4.35%, 04/25/44 | 200 | 174 |
| 4.13%, 04/15/47 | 50 | 41 |
| Prudential Financial, Inc. |  |  |
| 3.91%, 12/07/47 | 313 | 246 |
| 3.70%, 03/13/51 | 150 | 112 |
| Royal Bank of Canada |  |  |
| 3.63%, 05/04/27 (b) | 300 | 300 |
| 4.52%, 10/18/28 | 400 | 404 |
| 3.88%, 05/04/32 (b) | 300 | 291 |
| 5.00%, 02/01/33 | 150 | 154 |
| S&P Global Inc. |  |  |
| 2.45%, 03/01/27 | 200 | 197 |
| 4.75%, 08/01/28 | 100 | 102 |
| 2.90%, 03/01/32 | 200 | 184 |
| Santander Holdings USA, Inc. |  |  |
| 6.50%, 03/09/29 | 200 | 208 |
| 5.47%, 03/20/29 (b) | 300 | 306 |
| Southstate Corporation |  |  |
| 7.00%, 06/13/35 | 200 | 210 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| State Street Corporation |  |  |
| 4.53%, 02/20/29 | 200 | 203 |
| 4.68%, 10/22/32 | 500 | 509 |
| 5.16%, 05/18/34 | 300 | 310 |
| 3.03%, 11/01/34 | 230 | 217 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.45%, 01/11/27 | 150 | 149 |
| 5.52%, 01/13/28 | 300 | 309 |
| 3.54%, 01/17/28 | 200 | 198 |
| 3.04%, 07/16/29 | 300 | 288 |
| 5.56%, 07/09/34 | 300 | 315 |
| 5.80%, 07/08/46 | 200 | 203 |
| Synchrony Bank |  |  |
| 5.63%, 08/23/27 (i) | 400 | 408 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.45%, 04/23/29 | 200 | 197 |
| 4.81%, 10/21/32 | 400 | 407 |
| 5.68%, 01/22/35 | 250 | 264 |
| 5.37%, 07/21/36 | 300 | 309 |
| Toronto-Dominion Bank, The |  |  |
| 4.11%, 10/13/28 | 250 | 251 |
| 3.20%, 03/10/32 | 200 | 186 |
| 4.93%, 10/15/35 (b) | 300 | 300 |
| Toyota Motor Credit Corporation |  |  |
| 4.05%, 09/05/28 | 200 | 201 |
| 2.15%, 02/13/30 | 500 | 464 |
| 1.65%, 01/10/31 | 100 | 88 |
| 4.70%, 01/12/33 | 100 | 101 |
| Travelers Companies, Inc., The |  |  |
| 6.38%, 03/15/33 | 200 | 225 |
| 4.00%, 05/30/47 | 100 | 81 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 400 | 432 |
| 5.71%, 01/24/35 | 250 | 263 |
| U.S. Bancorp |  |  |
| 4.65%, 02/01/29 | 500 | 506 |
| 1.38%, 07/22/30 | 100 | 89 |
| 5.42%, 02/12/36 (b) | 200 | 208 |
| UBS Group AG |  |  |
| 4.88%, 05/15/45 | 350 | 324 |
| Unum Group |  |  |
| 4.50%, 12/15/49 | 300 | 242 |
| Visa Inc. |  |  |
| 1.10%, 02/15/31 | 300 | 261 |
| 2.70%, 04/15/40 (b) | 200 | 154 |
| 3.65%, 09/15/47 | 45 | 35 |
| Wells Fargo & Company |  |  |
| 4.90%, 01/24/28 - 11/17/45 | 650 | 628 |
| 3.58%, 05/22/28 | 250 | 248 |
| 4.15%, 01/24/29 | 130 | 130 |
| 4.08%, 09/15/29 | 200 | 200 |
| 2.57%, 02/11/31 | 360 | 336 |
| 5.15%, 04/23/31 (b) | 300 | 310 |
| 4.90%, 07/25/33 | 400 | 406 |
| 5.50%, 01/23/35 | 250 | 261 |
| 3.07%, 04/30/41 | 150 | 117 |
| 5.61%, 01/15/44 | 350 | 347 |
| 4.75%, 12/07/46 | 200 | 176 |
| 4.61%, 04/25/53 | 250 | 215 |
| Westpac Banking Corporation |  |  |
| 5.54%, 11/17/28 | 200 | 209 |
| 4.11%, 07/24/34 (g) | 250 | 245 |
| 5.62%, 11/20/35 (b) (g) | 300 | 310 |
| 3.02%, 11/18/36 | 85 | 77 |
| 4.42%, 07/24/39 (g) | 50 | 46 |
| Willis North America Inc. |  |  |
| 3.88%, 09/15/49 | 300 | 223 |
| | | 93193 |
| **Health Care 2.6%** | **Health Care 2.6%** | **Health Care 2.6%** |
| Abbott Laboratories |  |  |
| 1.40%, 06/30/30 | 100 | 89 |
| 6.00%, 04/01/39 | 100 | 110 |
| 4.75%, 04/15/43 | 200 | 189 |
| AbbVie Inc. |  |  |
| 4.65%, 03/15/28 | 200 | 203 |
| 4.25%, 11/14/28 | 100 | 101 |
| 3.20%, 11/21/29 (b) | 350 | 339 |
| 4.05%, 11/21/39 | 400 | 357 |
| 4.45%, 05/14/46 | 140 | 122 |
| 4.88%, 11/14/48 | 100 | 91 |
| Aetna Inc. |  |  |
| 6.63%, 06/15/36 | 150 | 165 |
| Amgen Inc. |  |  |
| 2.45%, 02/21/30 | 80 | 75 |
| 5.25%, 03/02/30 | 400 | 415 |
| 2.30%, 02/25/31 | 350 | 317 |
| 3.15%, 02/21/40 | 265 | 209 |
| 3.38%, 02/21/50 | 265 | 189 |
| 4.66%, 06/15/51 | 408 | 349 |
| 3.00%, 01/15/52 | 200 | 129 |
| AstraZeneca Finance LLC |  |  |
| 4.80%, 02/26/27 | 250 | 253 |
| 4.90%, 03/03/30 | 200 | 207 |
| 5.00%, 02/26/34 | 250 | 259 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | 80 | 71 |
| 4.38%, 11/16/45 - 08/17/48 | 130 | 114 |
| Baxalta Incorporated |  |  |
| 5.25%, 06/23/45 | 60 | 57 |
| Baxter International Inc. |  |  |
| 1.92%, 02/01/27 | 64 | 62 |
| 2.54%, 02/01/32 | 100 | 87 |
| Becton, Dickinson and Company |  |  |
| 3.70%, 06/06/27 | 300 | 299 |
| Biogen Inc. |  |  |
| 6.45%, 05/15/55 | 200 | 210 |
| Bristol-Myers Squibb Company |  |  |
| 1.45%, 11/13/30 | 90 | 80 |
| 2.95%, 03/15/32 | 85 | 79 |
| 4.13%, 06/15/39 | 100 | 91 |
| 3.55%, 03/15/42 (b) | 60 | 48 |
| 4.35%, 11/15/47 | 70 | 59 |
| 4.55%, 02/20/48 | 70 | 61 |
| 4.25%, 10/26/49 | 190 | 155 |
| 2.55%, 11/13/50 | 85 | 50 |
| 5.55%, 02/22/54 (b) | 135 | 133 |
| Cardinal Health, Inc. |  |  |
| 3.41%, 06/15/27 | 200 | 198 |
| 5.00%, 11/15/29 | 300 | 308 |
| Cencora, Inc. |  |  |
| 5.15%, 02/15/35 | 200 | 205 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 365 | 342 |
| 2.63%, 08/01/31 | 305 | 262 |
| Cigna Group, The |  |  |
| 4.38%, 10/15/28 | 210 | 212 |
| 4.88%, 09/15/32 | 500 | 506 |
| 4.80%, 08/15/38 | 320 | 307 |
| 3.88%, 10/15/47 | 60 | 46 |
| 4.90%, 12/15/48 | 160 | 143 |
| CommonSpirit Health |  |  |
| 4.35%, 09/01/30 | 300 | 299 |
| 5.58%, 09/01/45 | 250 | 244 |
| Cottage Health |  |  |
| 3.30%, 11/01/49 | 300 | 209 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 300 | 301 |
| 5.40%, 06/01/29 | 300 | 311 |
| 3.25%, 08/15/29 | 300 | 289 |
| 1.75%, 08/21/30 | 95 | 84 |
| 6.00%, 06/01/44 (b) | 300 | 302 |
| 5.13%, 07/20/45 | 200 | 181 |
| 5.05%, 03/25/48 | 470 | 415 |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/30 | 350 | 321 |
| 4.38%, 12/01/47 | 80 | 67 |
| 3.60%, 03/15/51 | 70 | 50 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Eli Lilly and Company |  |  |
| 4.50%, 02/09/27 | 250 | 252 |
| 4.55%, 02/12/28 | 200 | 203 |
| 3.38%, 03/15/29 | 250 | 246 |
| 4.90%, 02/12/32 | 200 | 207 |
| 4.70%, 02/09/34 | 250 | 253 |
| 2.50%, 09/15/60 | 300 | 163 |
| 5.60%, 02/12/65 | 200 | 201 |
| GE HealthCare Technologies Inc. |  |  |
| 5.65%, 11/15/27 | 130 | 134 |
| 4.80%, 08/14/29 (b) | 150 | 153 |
| 5.91%, 11/22/32 | 100 | 108 |
| Gilead Sciences, Inc. |  |  |
| 2.95%, 03/01/27 | 300 | 297 |
| 1.65%, 10/01/30 | 400 | 358 |
| 2.60%, 10/01/40 | 100 | 74 |
| 4.15%, 03/01/47 | 150 | 125 |
| 5.60%, 11/15/64 (b) | 150 | 149 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | 120 | 120 |
| HCA Inc. |  |  |
| 4.13%, 06/15/29 | 100 | 100 |
| 5.45%, 09/15/34 | 200 | 206 |
| 5.13%, 06/15/39 | 50 | 48 |
| 5.50%, 06/15/47 | 300 | 284 |
| 5.25%, 06/15/49 | 100 | 91 |
| 5.90%, 06/01/53 | 200 | 196 |
| 6.20%, 03/01/55 | 200 | 204 |
| 5.70%, 11/15/55 | 300 | 287 |
| Hoag Memorial Hospital Presbyterian |  |  |
| 3.80%, 07/15/52 | 200 | 152 |
| Humana Inc. |  |  |
| 5.38%, 04/15/31 | 200 | 207 |
| 5.95%, 03/15/34 | 250 | 262 |
| 5.75%, 04/15/54 | 200 | 189 |
| Johnson & Johnson |  |  |
| 4.80%, 06/01/29 | 300 | 310 |
| 4.70%, 03/01/30 | 200 | 206 |
| 3.63%, 03/03/37 | 100 | 91 |
| 5.95%, 08/15/37 | 250 | 279 |
| 3.50%, 01/15/48 | 50 | 39 |
| 2.45%, 09/01/60 | 200 | 110 |
| McKesson Corporation |  |  |
| 5.10%, 07/15/33 | 200 | 207 |
| MedStar Health, Inc. |  |  |
| 3.63%, 08/15/49 | 200 | 147 |
| Medtronic Global Holdings S.C.A. |  |  |
| 4.50%, 03/30/33 | 100 | 100 |
| Medtronic, Inc. |  |  |
| 4.63%, 03/15/45 | 284 | 260 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | 150 | 121 |
| 4.20%, 07/01/55 | 250 | 203 |
| Merck & Co., Inc. |  |  |
| 3.85%, 09/15/27 | 500 | 502 |
| 3.90%, 03/07/39 | 50 | 45 |
| 2.35%, 06/24/40 | 55 | 40 |
| 4.00%, 03/07/49 | 80 | 64 |
| 2.45%, 06/24/50 | 70 | 41 |
| 5.70%, 09/15/55 | 500 | 505 |
| 5.15%, 05/17/63 | 100 | 92 |
| Mylan II B.V. |  |  |
| 5.25%, 06/15/46 | 85 | 70 |
| New York and Presbyterian Hospital, The |  |  |
| 4.06%, 08/01/56 | 150 | 117 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 300 | 235 |
| Novartis Capital Corporation |  |  |
| 2.00%, 02/14/27 | 400 | 393 |
| 3.90%, 11/05/28 | 400 | 401 |
| 2.20%, 08/14/30 | 95 | 88 |
| 4.40%, 05/06/44 | 200 | 178 |
| 2.75%, 08/14/50 | 65 | 42 |
| Pfizer Inc. |  |  |
| 6.60%, 12/01/28 (j) | 50 | 54 |
| 4.20%, 09/15/48 | 50 | 41 |
| 4.00%, 03/15/49 | 65 | 52 |
| Pfizer Investment Enterprises Pte. Ltd |  |  |
| 4.65%, 05/19/30 | 300 | 306 |
| 5.34%, 05/19/63 | 300 | 279 |
| Providence St. Joseph Health |  |  |
| 3.74%, 10/01/47 | 350 | 267 |
| Smith & Nephew PLC |  |  |
| 5.40%, 03/20/34 | 200 | 207 |
| Stryker Corporation |  |  |
| 4.85%, 12/08/28 | 200 | 205 |
| 4.10%, 04/01/43 | 200 | 170 |
| Thermo Fisher Scientific Inc. |  |  |
| 4.47%, 10/07/32 | 300 | 301 |
| 4.89%, 10/07/37 | 300 | 298 |
| 5.30%, 02/01/44 | 200 | 197 |
| Trinity Health Group, Ltd. |  |  |
| 4.13%, 12/01/45 | 250 | 210 |
| UnitedHealth Group Incorporated |  |  |
| 5.25%, 02/15/28 | 200 | 206 |
| 3.88%, 12/15/28 | 200 | 200 |
| 4.25%, 01/15/29 - 06/15/48 | 180 | 167 |
| 5.30%, 02/15/30 | 200 | 209 |
| 4.90%, 04/15/31 | 200 | 205 |
| 2.30%, 05/15/31 | 80 | 72 |
| 4.95%, 01/15/32 | 400 | 410 |
| 4.20%, 05/15/32 - 01/15/47 | 400 | 370 |
| 5.35%, 02/15/33 (b) | 200 | 209 |
| 5.80%, 03/15/36 | 150 | 160 |
| 3.50%, 08/15/39 | 250 | 209 |
| 3.05%, 05/15/41 | 80 | 61 |
| 3.75%, 10/15/47 | 60 | 46 |
| 4.45%, 12/15/48 | 60 | 50 |
| 5.88%, 02/15/53 | 100 | 101 |
| 6.05%, 02/15/63 | 100 | 102 |
| Viatris Inc. |  |  |
| 2.70%, 06/22/30 | 90 | 82 |
| 3.85%, 06/22/40 | 80 | 61 |
| 4.00%, 06/22/50 | 110 | 73 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 (b) | 250 | 269 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | 200 | 183 |
| 5.60%, 11/16/32 | 200 | 213 |
| | | 27826 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AEP Texas Inc. |  |  |
| 3.45%, 01/15/50 | 10 | 7 |
| AEP Transmission Company, LLC |  |  |
| 5.40%, 03/15/53 | 100 | 97 |
| Alabama Power Company |  |  |
| 6.00%, 03/01/39 | 250 | 268 |
| 3.70%, 12/01/47 | 200 | 153 |
| 3.13%, 07/15/51 | 200 | 133 |
| Ameren Corporation |  |  |
| 5.00%, 01/15/29 | 200 | 204 |
| American Water Capital Corp. |  |  |
| 5.15%, 03/01/34 | 250 | 258 |
| 3.75%, 09/01/47 | 100 | 77 |
| Appalachian Power Company |  |  |
| 5.65%, 04/01/34 | 200 | 209 |
| Arizona Public Service Company |  |  |
| 4.50%, 04/01/42 | 100 | 88 |
| Atmos Energy Corporation |  |  |
| 1.50%, 01/15/31 | 300 | 263 |
| 5.90%, 11/15/33 | 100 | 108 |
| 6.20%, 11/15/53 | 200 | 216 |
| Baltimore Gas and Electric Company |  |  |
| 2.25%, 06/15/31 | 300 | 271 |
| Basin Electric Power Cooperative |  |  |
| 5.85%, 10/15/55 (e) | 300 | 293 |
| Berkshire Hathaway Energy Company |  |  |
| 3.25%, 04/15/28 | 200 | 197 |
| 6.13%, 04/01/36 | 400 | 435 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.80%, 07/15/48 | 100 | 76 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 4.45%, 10/01/32 | 100 | 100 |
| CenterPoint Energy, Inc. |  |  |
| 5.95%, 04/01/56 | 300 | 302 |
| CMS Energy Corporation |  |  |
| 4.75%, 06/01/50 | 300 | 295 |
| Commonwealth Edison Company |  |  |
| 5.65%, 06/01/54 | 200 | 199 |
| 5.95%, 06/01/55 | 200 | 208 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 5.50%, 03/15/34 | 100 | 105 |
| 5.38%, 05/15/34 | 300 | 311 |
| 5.13%, 03/15/35 | 150 | 153 |
| 5.70%, 06/15/40 | 100 | 104 |
| 3.88%, 06/15/47 | 300 | 233 |
| Constellation Energy Generation, LLC |  |  |
| 5.75%, 03/15/54 | 200 | 199 |
| Consumers Energy Company |  |  |
| 4.63%, 05/15/33 | 300 | 301 |
| Dominion Energy, Inc. |  |  |
| 4.60%, 05/15/28 | 300 | 304 |
| 3.38%, 04/01/30 | 250 | 241 |
| 5.00%, 06/15/30 | 200 | 205 |
| 6.88%, 02/01/55 | 300 | 312 |
| 6.20%, 02/15/56 | 200 | 201 |
| DTE Electric Company |  |  |
| 2.63%, 03/01/31 | 250 | 231 |
| 5.85%, 05/15/55 | 200 | 206 |
| Duke Energy Corporation |  |  |
| 2.45%, 02/01/30 - 06/01/30 | 550 | 512 |
| 5.30%, 02/15/40 | 300 | 303 |
| 3.20%, 08/15/49 | 250 | 171 |
| Duke Energy Florida, LLC |  |  |
| 3.40%, 10/01/46 | 60 | 44 |
| Duke Energy Indiana, LLC |  |  |
| 6.12%, 10/15/35 | 250 | 271 |
| 5.90%, 05/15/55 | 200 | 204 |
| Duke Energy Progress NC Storm Funding LLC |  |  |
| 2.39%, 07/01/37 | 100 | 86 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 200 | 204 |
| 4.20%, 08/15/45 | 250 | 208 |
| 5.35%, 03/15/53 | 100 | 95 |
| Edison International |  |  |
| 6.95%, 11/15/29 | 200 | 213 |
| Entergy Utility Assets, LLC |  |  |
| 5.35%, 03/15/34 | 200 | 208 |
| 5.15%, 09/15/34 | 150 | 153 |
| Entergy Utility Enterprises, Inc. |  |  |
| 5.00%, 09/01/33 | 400 | 407 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 200 | 203 |
| Eversource Energy |  |  |
| 3.30%, 01/15/28 | 200 | 196 |
| 4.45%, 12/15/30 | 300 | 299 |
| Exelon Corporation |  |  |
| 4.95%, 06/15/35 | 250 | 249 |
| 5.88%, 03/15/55 | 200 | 201 |
| Florida Power & Light Company |  |  |
| 5.05%, 04/01/28 | 100 | 103 |
| 3.70%, 12/01/47 | 40 | 31 |
| 4.13%, 06/01/48 | 300 | 245 |
| 5.70%, 03/15/55 | 200 | 203 |
| Iberdrola International B.V. |  |  |
| 6.75%, 07/15/36 | 150 | 171 |
| Idaho Power Company |  |  |
| 5.70%, 03/15/55 | 200 | 199 |
| Jersey Central Power & Light Company |  |  |
| 4.15%, 01/15/29 (e) | 200 | 200 |
| Kentucky Utilities Company |  |  |
| 5.13%, 11/01/40 | 150 | 147 |
| MidAmerican Energy Company |  |  |
| 6.75%, 12/30/31 | 50 | 56 |
| 3.15%, 04/15/50 | 125 | 85 |
| National Fuel Gas Company |  |  |
| 3.95%, 09/15/27 (h) | 301 | 300 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.90%, 02/28/28 | 200 | 204 |
| 5.00%, 02/28/30 | 200 | 206 |
| 2.25%, 06/01/30 | 400 | 368 |
| 5.05%, 02/28/33 | 200 | 205 |
| 5.25%, 02/28/53 | 200 | 186 |
| NiSource Finance Corp. |  |  |
| 3.49%, 05/15/27 | 200 | 199 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 100 | 103 |
| 1.70%, 02/15/31 | 500 | 438 |
| Northern States Power Company |  |  |
| 5.10%, 05/15/53 | 200 | 186 |
| NorthWestern Corporation |  |  |
| 4.18%, 11/15/44 | 150 | 124 |
| NSTAR Electric Company |  |  |
| 4.95%, 09/15/52 | 100 | 90 |
| Ohio Power Company |  |  |
| 2.60%, 04/01/30 | 200 | 187 |
| Oncor Electric Delivery Company LLC |  |  |
| 5.75%, 03/15/29 | 150 | 157 |
| 5.25%, 09/30/40 | 200 | 198 |
| 3.80%, 09/30/47 | 200 | 154 |
| One Gas, Inc. |  |  |
| 5.10%, 04/01/29 | 200 | 206 |
| PacifiCorp |  |  |
| 6.25%, 10/15/37 | 200 | 209 |
| 5.50%, 05/15/54 (b) | 200 | 179 |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 250 | 156 |
| PG&E Company |  |  |
| 4.55%, 07/01/30 (b) | 235 | 234 |
| 6.95%, 03/15/34 | 200 | 223 |
| 4.50%, 07/01/40 | 240 | 209 |
| 3.50%, 08/01/50 | 105 | 71 |
| 6.10%, 10/15/55 | 300 | 295 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.26%, 06/01/36 | 200 | 194 |
| 5.21%, 12/01/47 | 100 | 97 |
| 5.10%, 06/01/52 | 225 | 209 |
| PPL Capital Funding, Inc. |  |  |
| 4.13%, 04/15/30 | 250 | 248 |
| PPL Electric Utilities Corporation |  |  |
| 3.00%, 10/01/49 | 250 | 166 |
| Progress Energy, Inc. |  |  |
| 7.75%, 03/01/31 (b) | 300 | 344 |
| Public Service Company of Colorado |  |  |
| 5.85%, 05/15/55 | 200 | 203 |
| Public Service Electric And Gas Company |  |  |
| 3.00%, 05/15/27 | 200 | 198 |
| 2.05%, 08/01/50 | 300 | 162 |
| 5.30%, 08/01/54 | 200 | 191 |
| Public Service Enterprise Group Incorporated |  |  |
| 1.60%, 08/15/30 | 200 | 177 |
| Puget Sound Energy, Inc. |  |  |
| 5.76%, 10/01/39 | 200 | 209 |
| 3.25%, 09/15/49 | 170 | 115 |
| San Diego Gas & Electric Company |  |  |
| 1.70%, 10/01/30 | 200 | 179 |
| 5.55%, 04/15/54 | 200 | 195 |
| Sempra |  |  |
| 5.50%, 08/01/33 (b) | 200 | 209 |
| 4.00%, 02/01/48 | 50 | 38 |
| Southern California Edison Company |  |  |
| 5.95%, 11/01/32 - 02/01/38 | 400 | 420 |
| 6.00%, 01/15/34 | 75 | 79 |
| 5.63%, 02/01/36 | 195 | 197 |
| 4.05%, 03/15/42 | 200 | 159 |
| Southern Company Gas Capital Corporation |  |  |
| 4.40%, 05/30/47 | 200 | 167 |
| 3.15%, 09/30/51 | 200 | 130 |
| Southern Power Company |  |  |
| 4.25%, 10/01/30 | 250 | 250 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Southwest Gas Corporation |  |  |
| 5.45%, 03/23/28 | 100 | 103 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 100 | 104 |
| 5.30%, 12/15/34 | 200 | 202 |
| The Cleveland Electric Illuminating Company |  |  |
| 5.95%, 12/15/36 | 250 | 263 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (g) | 250 | 244 |
| 4.40%, 07/01/46 | 200 | 169 |
| Union Electric Company |  |  |
| 3.65%, 04/15/45 | 350 | 272 |
| Virginia Electric and Power Company |  |  |
| 6.00%, 05/15/37 | 200 | 215 |
| 4.45%, 02/15/44 | 100 | 86 |
| 4.00%, 11/15/46 | 300 | 239 |
| Washington Gas Light Company |  |  |
| 3.80%, 09/15/46 | 200 | 155 |
| Wisconsin Electric Power Company |  |  |
| 4.75%, 09/30/32 | 100 | 102 |
| XCEL Energy Inc. |  |  |
| 2.60%, 12/01/29 | 300 | 282 |
| | | 25289 |
| **Industrials 1.9%** | **Industrials 1.9%** | **Industrials 1.9%** |
| 3M Company |  |  |
| 2.38%, 08/26/29 | 690 | 650 |
| Air Lease Corporation |  |  |
| 5.30%, 02/01/28 | 300 | 306 |
| Allegion US Holding Company Inc. |  |  |
| 3.55%, 10/01/27 | 300 | 297 |
| Boeing Company, The |  |  |
| 5.04%, 05/01/27 (h) | 100 | 101 |
| 2.95%, 02/01/30 | 125 | 118 |
| 5.15%, 05/01/30 (h) | 285 | 293 |
| 6.53%, 05/01/34 (h) | 400 | 443 |
| 5.88%, 02/15/40 | 25 | 26 |
| 5.71%, 05/01/40 (h) | 500 | 511 |
| 3.90%, 05/01/49 | 40 | 30 |
| 3.95%, 08/01/59 | 125 | 89 |
| Burlington Northern Santa Fe, LLC |  |  |
| 6.15%, 05/01/37 | 100 | 111 |
| 5.75%, 05/01/40 | 400 | 424 |
| Canadian National Railway Company |  |  |
| 3.65%, 02/03/48 | 300 | 229 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.50%, 05/01/50 | 300 | 217 |
| 6.13%, 09/15/15 | 90 | 90 |
| Carrier Global Corporation |  |  |
| 2.72%, 02/15/30 | 125 | 118 |
| 5.90%, 03/15/34 | 208 | 223 |
| 3.58%, 04/05/50 | 104 | 77 |
| Caterpillar Inc. |  |  |
| 3.25%, 04/09/50 | 250 | 179 |
| 5.50%, 05/15/55 (b) | 200 | 202 |
| CRH America Finance, Inc. |  |  |
| 5.00%, 02/09/36 | 300 | 301 |
| CSX Corporation |  |  |
| 3.80%, 03/01/28 | 100 | 100 |
| 5.50%, 04/15/41 | 205 | 209 |
| 4.30%, 03/01/48 | 50 | 42 |
| 3.95%, 05/01/50 | 300 | 233 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | 300 | 268 |
| 2.60%, 09/01/50 | 200 | 121 |
| Deere & Company |  |  |
| 3.90%, 06/09/42 (b) | 200 | 172 |
| Deere Funding Canada Corporation |  |  |
| 4.15%, 10/09/30 | 300 | 300 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 200 | 204 |
| Dover Corporation |  |  |
| 5.38%, 03/01/41 | 150 | 151 |
| Eaton Corporation |  |  |
| 4.15%, 11/02/42 | 100 | 87 |
| Equifax, Inc. |  |  |
| 3.10%, 05/15/30 | 250 | 237 |
| FedEx Corporation |  |  |
| 4.25%, 05/15/30 | 300 | 301 |
| 3.90%, 02/01/35 | 400 | 370 |
| 3.88%, 08/01/42 | 200 | 159 |
| 4.55%, 04/01/46 | 300 | 253 |
| 5.25%, 05/15/50 (b) | 100 | 92 |
| Fortune Brands Innovations, Inc. |  |  |
| 5.88%, 06/01/33 | 200 | 212 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 200 | 224 |
| General Dynamics Corporation |  |  |
| 3.75%, 05/15/28 (b) | 300 | 301 |
| General Electric Company |  |  |
| 4.90%, 01/29/36 | 200 | 203 |
| 6.88%, 01/10/39 | 300 | 354 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 | 300 | 291 |
| 1.75%, 09/01/31 | 250 | 219 |
| 3.81%, 11/21/47 | 300 | 235 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 | 300 | 291 |
| Kennametal Inc. |  |  |
| 4.63%, 06/15/28 | 100 | 101 |
| L3Harris Technologies, Inc. |  |  |
| 2.90%, 12/15/29 | 300 | 285 |
| 5.05%, 04/27/45 | 250 | 240 |
| Lockheed Martin Corporation |  |  |
| 4.40%, 08/15/30 (b) | 300 | 303 |
| 4.50%, 05/15/36 | 105 | 103 |
| 4.07%, 12/15/42 | 243 | 208 |
| 4.09%, 09/15/52 | 107 | 85 |
| Norfolk Southern Corporation |  |  |
| 2.30%, 05/15/31 | 300 | 272 |
| 2.90%, 08/25/51 | 250 | 158 |
| 5.95%, 03/15/64 | 100 | 102 |
| Northrop Grumman Corporation |  |  |
| 3.25%, 01/15/28 | 150 | 148 |
| 3.85%, 04/15/45 | 250 | 200 |
| Otis Worldwide Corporation |  |  |
| 3.11%, 02/15/40 | 100 | 79 |
| Owens Corning |  |  |
| 3.50%, 02/15/30 | 200 | 194 |
| Parker-Hannifin Corporation |  |  |
| 4.00%, 06/14/49 | 40 | 32 |
| Paychex, Inc. |  |  |
| 5.60%, 04/15/35 (b) | 300 | 314 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 200 | 203 |
| 4.30%, 08/09/28 | 200 | 201 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 100 | 102 |
| 5.00%, 12/15/33 - 04/01/34 | 300 | 310 |
| RTX Corporation |  |  |
| 3.13%, 05/04/27 | 150 | 148 |
| 6.10%, 03/15/34 | 250 | 274 |
| 4.50%, 06/01/42 | 150 | 136 |
| 4.80%, 12/15/43 | 25 | 23 |
| 4.05%, 05/04/47 | 200 | 162 |
| 4.63%, 11/16/48 | 90 | 78 |
| 6.40%, 03/15/54 | 200 | 220 |
| Snap-on Incorporated |  |  |
| 3.25%, 03/01/27 | 250 | 248 |
| Southwest Airlines Co. |  |  |
| 5.13%, 06/15/27 | 200 | 203 |
| 2.63%, 02/10/30 | 300 | 279 |
| Textron Inc. |  |  |
| 6.10%, 11/15/33 | 200 | 216 |
| Trane Technologies Financing Limited |  |  |
| 4.50%, 03/21/49 | 200 | 172 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 (b) | 200 | 199 |
| 4.80%, 09/15/34 | 300 | 299 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Union Pacific Corporation |  |  |
| 3.95%, 09/10/28 | 300 | 301 |
| 4.50%, 01/20/33 | 100 | 101 |
| 3.84%, 03/20/60 | 445 | 321 |
| 3.80%, 04/06/71 | 50 | 34 |
| 3.85%, 02/14/72 | 80 | 56 |
| United Parcel Service, Inc. |  |  |
| 6.20%, 01/15/38 | 350 | 386 |
| 3.75%, 11/15/47 | 70 | 54 |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 300 | 309 |
| Verisk Analytics, Inc. |  |  |
| 5.75%, 04/01/33 | 200 | 212 |
| W.W. Grainger, Inc. |  |  |
| 4.60%, 06/15/45 (b) | 200 | 181 |
| Waste Connections, Inc. |  |  |
| 5.00%, 03/01/34 | 250 | 256 |
| Waste Management, Inc. |  |  |
| 1.15%, 03/15/28 | 300 | 283 |
| 4.15%, 07/15/49 | 50 | 41 |
| WRKCo Inc. |  |  |
| 4.20%, 06/01/32 | 200 | 194 |
| 3.00%, 06/15/33 | 300 | 268 |
| | | 19958 |
| **Information Technology 1.9%** | **Information Technology 1.9%** | **Information Technology 1.9%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | 400 | 401 |
| 4.50%, 10/04/34 | 400 | 394 |
| Adobe Inc. |  |  |
| 4.75%, 01/17/28 | 500 | 510 |
| 2.30%, 02/01/30 | 200 | 187 |
| Amphenol Corporation |  |  |
| 4.38%, 06/12/28 | 200 | 202 |
| Apple Inc. |  |  |
| 3.20%, 05/11/27 | 150 | 149 |
| 3.00%, 11/13/27 | 620 | 614 |
| 4.00%, 05/10/28 | 200 | 202 |
| 4.00%, 05/12/28 (b) | 300 | 302 |
| 2.20%, 09/11/29 (b) | 300 | 283 |
| 4.20%, 05/12/30 (b) | 200 | 202 |
| 3.35%, 08/08/32 | 75 | 72 |
| 4.30%, 05/10/33 | 200 | 203 |
| 4.75%, 05/12/35 | 200 | 205 |
| 2.38%, 02/08/41 | 90 | 65 |
| 4.25%, 02/09/47 | 60 | 51 |
| 3.75%, 09/12/47 | 60 | 47 |
| 2.95%, 09/11/49 | 300 | 201 |
| 2.65%, 05/11/50 | 250 | 157 |
| 4.85%, 05/10/53 (b) | 100 | 94 |
| 2.80%, 02/08/61 | 240 | 141 |
| Atlassian Corporation |  |  |
| 5.50%, 05/15/34 | 300 | 311 |
| Autodesk, Inc. |  |  |
| 5.30%, 06/15/35 | 200 | 205 |
| Broadcom Inc. |  |  |
| 4.75%, 04/15/29 | 200 | 204 |
| 5.00%, 04/15/30 | 250 | 257 |
| 4.15%, 11/15/30 | 100 | 100 |
| 5.15%, 11/15/31 | 300 | 311 |
| 4.90%, 07/15/32 | 400 | 408 |
| 3.47%, 04/15/34 | 255 | 233 |
| 4.80%, 02/15/36 | 90 | 89 |
| 3.50%, 02/15/41 | 300 | 244 |
| 3.75%, 02/15/51 | 300 | 226 |
| Cisco Systems, Inc. |  |  |
| 4.80%, 02/26/27 | 250 | 253 |
| 5.05%, 02/26/34 | 250 | 257 |
| Corning Incorporated |  |  |
| 5.75%, 08/15/40 | 95 | 99 |
| 3.90%, 11/15/49 | 300 | 231 |
| 4.38%, 11/15/57 | 40 | 32 |
| Dell International L.L.C. |  |  |
| 6.20%, 07/15/30 (h) | 250 | 267 |
| 8.10%, 07/15/36 (h) | 79 | 96 |
| 8.35%, 07/15/46 (h) | 13 | 16 |
| 3.45%, 12/15/51 | 22 | 15 |
| DXC Technology Company |  |  |
| 2.38%, 09/15/28 | 300 | 283 |
| Flex Ltd. |  |  |
| 5.38%, 11/13/35 | 300 | 299 |
| Gartner, Inc. |  |  |
| 5.60%, 11/20/35 | 300 | 300 |
| Hewlett Packard Enterprise Company |  |  |
| 5.00%, 10/15/34 | 100 | 99 |
| 6.35%, 10/15/45 (j) | 90 | 92 |
| HP, Inc. |  |  |
| 6.10%, 04/25/35 (b) | 300 | 317 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 150 | 148 |
| 4.88%, 02/10/28 | 130 | 132 |
| 5.20%, 02/10/33 (b) | 115 | 117 |
| 2.80%, 08/12/41 | 300 | 210 |
| 4.10%, 05/11/47 | 150 | 113 |
| 3.73%, 12/08/47 | 120 | 85 |
| 3.25%, 11/15/49 | 80 | 51 |
| 5.05%, 08/05/62 | 105 | 86 |
| 5.90%, 02/10/63 | 125 | 117 |
| International Business Machines Corporation |  |  |
| 3.50%, 05/15/29 | 210 | 206 |
| 5.88%, 11/29/32 | 100 | 108 |
| 4.00%, 06/20/42 | 200 | 168 |
| 4.25%, 05/15/49 | 150 | 121 |
| 5.70%, 02/10/55 | 200 | 197 |
| Intuit Inc. |  |  |
| 5.20%, 09/15/33 | 100 | 105 |
| 5.50%, 09/15/53 | 300 | 295 |
| Keysight Technologies, Inc. |  |  |
| 5.35%, 07/30/30 | 300 | 313 |
| 4.95%, 10/15/34 | 400 | 403 |
| KLA Corporation |  |  |
| 3.30%, 03/01/50 | 300 | 209 |
| Microsoft Corporation |  |  |
| 3.40%, 06/15/27 | 200 | 200 |
| 2.53%, 06/01/50 | 377 | 231 |
| 2.92%, 03/17/52 | 210 | 138 |
| 2.68%, 06/01/60 | 179 | 103 |
| 3.04%, 03/17/62 | 220 | 137 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 300 | 303 |
| NVIDIA Corporation |  |  |
| 1.55%, 06/15/28 | 300 | 285 |
| 3.50%, 04/01/40 | 300 | 254 |
| Oracle Corporation |  |  |
| 3.25%, 11/15/27 | 210 | 206 |
| 2.88%, 03/25/31 | 230 | 206 |
| 6.25%, 11/09/32 | 110 | 115 |
| 3.90%, 05/15/35 | 350 | 302 |
| 3.80%, 11/15/37 | 200 | 161 |
| 3.60%, 04/01/40 | 200 | 148 |
| 4.50%, 07/08/44 | 200 | 153 |
| 4.13%, 05/15/45 | 200 | 144 |
| 6.90%, 11/09/52 | 105 | 104 |
| 5.55%, 02/06/53 | 95 | 79 |
| 4.38%, 05/15/55 | 310 | 215 |
| 4.10%, 03/25/61 | 235 | 152 |
| Qualcomm Incorporated |  |  |
| 5.40%, 05/20/33 | 200 | 212 |
| 4.65%, 05/20/35 | 60 | 60 |
| 4.50%, 05/20/52 | 250 | 212 |
| 6.00%, 05/20/53 | 100 | 105 |
| Roper Technologies, Inc. |  |  |
| 1.40%, 09/15/27 | 300 | 287 |
| 4.25%, 09/15/28 | 200 | 201 |
| 5.10%, 09/15/35 | 300 | 302 |
| TD SYNNEX Corporation |  |  |
| 2.65%, 08/09/31 (h) | 200 | 180 |
| 5.30%, 10/10/35 | 500 | 496 |
| Texas Instruments Incorporated |  |  |
| 4.90%, 03/14/33 | 100 | 103 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.85%, 02/08/34 | 250 | 257 |
| 4.15%, 05/15/48 | 75 | 62 |
| 5.00%, 03/14/53 | 200 | 184 |
| VMware LLC |  |  |
| 4.70%, 05/15/30 (h) | 250 | 254 |
| | | 19661 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| APA Corporation |  |  |
| 4.25%, 01/15/30 (b) | 200 | 197 |
| Baker Hughes Holdings LLC |  |  |
| 4.49%, 05/01/30 | 250 | 252 |
| BP Capital Markets America Inc. |  |  |
| 3.63%, 04/06/30 | 350 | 343 |
| 4.81%, 02/13/33 | 95 | 96 |
| 2.94%, 06/04/51 | 85 | 54 |
| BP Capital Markets P.L.C. |  |  |
| 3.28%, 09/19/27 | 90 | 89 |
| Burlington Resources Finance Co |  |  |
| 7.20%, 08/15/31 | 100 | 113 |
| Canadian Natural Resources Limited |  |  |
| 5.00%, 12/15/29 | 100 | 103 |
| 5.40%, 12/15/34 | 300 | 306 |
| 5.85%, 02/01/35 | 150 | 157 |
| 6.25%, 03/15/38 | 150 | 159 |
| Cenovus Energy Inc. |  |  |
| 6.75%, 11/15/39 | 87 | 96 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.95%, 06/30/33 | 200 | 212 |
| 5.75%, 08/15/34 | 300 | 313 |
| Chevron Corporation |  |  |
| 2.24%, 05/11/30 | 180 | 167 |
| Chevron U.S.A. Inc. |  |  |
| 2.34%, 08/12/50 | 40 | 23 |
| Columbia Pipeline Group, Inc. |  |  |
| 5.80%, 06/01/45 | 100 | 99 |
| ConocoPhillips Company |  |  |
| 5.05%, 09/15/33 | 300 | 309 |
| 3.76%, 03/15/42 | 300 | 245 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/34 | 200 | 205 |
| Enable Midstream Partners, LP |  |  |
| 4.95%, 05/15/28 | 300 | 305 |
| Enbridge Energy Partners, L.P. |  |  |
| 7.50%, 04/15/38 | 200 | 235 |
| Enbridge Inc. |  |  |
| 5.55%, 06/20/35 (b) | 300 | 311 |
| 6.70%, 11/15/53 | 50 | 55 |
| Energy Transfer LP |  |  |
| 4.95%, 06/15/28 | 300 | 305 |
| 3.75%, 05/15/30 | 250 | 243 |
| 6.55%, 12/01/33 | 75 | 82 |
| 7.50%, 07/01/38 | 200 | 232 |
| 6.50%, 02/01/42 | 150 | 158 |
| 5.00%, 05/15/50 | 200 | 168 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | 250 | 237 |
| 6.88%, 03/01/33 | 25 | 28 |
| 5.20%, 01/15/36 | 200 | 204 |
| 6.45%, 09/01/40 | 100 | 112 |
| 4.45%, 02/15/43 | 150 | 132 |
| 4.95%, 10/15/54 | 300 | 267 |
| 5.55%, 02/16/55 | 150 | 146 |
| 3.95%, 01/31/60 | 100 | 73 |
| EOG Resources, Inc. |  |  |
| 5.65%, 12/01/54 | 200 | 196 |
| 5.95%, 07/15/55 | 200 | 204 |
| EQT Corporation |  |  |
| 4.75%, 01/15/31 | 300 | 302 |
| Equinor ASA |  |  |
| 3.13%, 04/06/30 | 300 | 289 |
| 3.95%, 05/15/43 | 300 | 253 |
| Exxon Mobil Corporation |  |  |
| 2.61%, 10/15/30 | 360 | 337 |
| 4.11%, 03/01/46 | 205 | 172 |
| 3.10%, 08/16/49 | 200 | 137 |
| Halliburton Company |  |  |
| 7.45%, 09/15/39 | 250 | 295 |
| 5.00%, 11/15/45 (b) | 120 | 107 |
| Hess Corporation |  |  |
| 7.30%, 08/15/31 | 23 | 26 |
| 5.60%, 02/15/41 | 200 | 207 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 5.00%, 03/01/43 | 300 | 273 |
| 5.40%, 09/01/44 | 250 | 236 |
| Kinder Morgan, Inc. |  |  |
| 5.30%, 12/01/34 | 350 | 357 |
| 3.60%, 02/15/51 (b) | 300 | 210 |
| Marathon Petroleum Corporation |  |  |
| 6.50%, 03/01/41 | 300 | 319 |
| MPLX LP |  |  |
| 5.00%, 01/15/33 | 200 | 201 |
| 4.50%, 04/15/38 | 105 | 96 |
| 5.50%, 02/15/49 | 80 | 74 |
| 6.20%, 09/15/55 | 300 | 298 |
| 4.90%, 04/15/58 | 110 | 90 |
| Occidental Petroleum Corporation |  |  |
| 5.55%, 10/01/34 | 200 | 204 |
| ONEOK Partners, L.P. |  |  |
| 6.65%, 10/01/36 | 150 | 164 |
| ONEOK, Inc. |  |  |
| 4.00%, 07/13/27 | 200 | 200 |
| 4.55%, 07/15/28 | 50 | 50 |
| 5.65%, 11/01/28 | 150 | 156 |
| 4.40%, 10/15/29 | 300 | 301 |
| 3.25%, 06/01/30 | 250 | 238 |
| 4.95%, 10/15/32 | 200 | 201 |
| 5.70%, 11/01/54 | 300 | 280 |
| Ovintiv Canada ULC |  |  |
| 7.20%, 11/01/31 | 130 | 144 |
| Phillips 66 |  |  |
| 4.65%, 11/15/34 | 250 | 245 |
| 4.90%, 10/01/46 | 150 | 131 |
| Plains All American Pipeline, L.P. |  |  |
| 4.30%, 01/31/43 | 200 | 163 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.20%, 03/15/28 | 300 | 300 |
| 4.50%, 05/15/30 | 250 | 251 |
| Shell Finance US Inc. |  |  |
| 2.75%, 04/06/30 | 250 | 237 |
| 6.38%, 12/15/38 (e) | 200 | 222 |
| 4.00%, 05/10/46 | 155 | 125 |
| 3.13%, 11/07/49 (e) | 200 | 135 |
| 3.25%, 04/06/50 | 250 | 173 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 200 | 202 |
| 5.58%, 10/01/34 | 200 | 202 |
| Suncor Energy Inc. |  |  |
| 4.00%, 11/15/47 | 340 | 258 |
| Targa Resources Corp. |  |  |
| 4.35%, 01/15/29 | 400 | 401 |
| 6.50%, 03/30/34 | 200 | 219 |
| 5.65%, 02/15/36 | 200 | 206 |
| TotalEnergies Capital International |  |  |
| 3.46%, 07/12/49 | 50 | 36 |
| TransCanada PipeLines Limited |  |  |
| 4.10%, 04/15/30 | 250 | 247 |
| 6.20%, 10/15/37 | 100 | 107 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 250 | 239 |
| Valero Energy Corporation |  |  |
| 2.80%, 12/01/31 | 750 | 684 |
| Western Midstream Operating, LP |  |  |
| 4.75%, 08/15/28 | 100 | 101 |
| Williams Companies, Inc., The |  |  |
| 3.50%, 11/15/30 | 250 | 240 |
| 5.80%, 11/15/54 | 200 | 198 |
| Williams Partners L.P. |  |  |
| 6.30%, 04/15/40 | 200 | 216 |
|  |  | 18986 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Communication Services 1.8%** | **Communication Services 1.8%** | **Communication Services 1.8%** |
| Alphabet Inc. |  |  |
| 1.10%, 08/15/30 | 280 | 247 |
| 5.35%, 11/15/45 | 85 | 85 |
| 5.45%, 11/15/55 | 175 | 172 |
| 2.25%, 08/15/60 | 225 | 115 |
| America Movil, S.A.B. De C.V. |  |  |
| 5.00%, 01/20/33 | 200 | 203 |
| 4.38%, 07/16/42 | 200 | 174 |
| AT&T Inc. |  |  |
| 2.30%, 06/01/27 | 500 | 489 |
| 4.35%, 03/01/29 - 06/15/45 | 255 | 239 |
| 2.25%, 02/01/32 | 250 | 219 |
| 2.55%, 12/01/33 | 751 | 641 |
| 4.50%, 05/15/35 - 03/09/48 | 1206 | 1125 |
| 5.55%, 11/01/45 | 100 | 96 |
| 3.65%, 06/01/51 - 09/15/59 | 706 | 488 |
| 5.70%, 11/01/54 | 200 | 192 |
| British Telecommunications Public Limited Company |  |  |
| 9.63%, 12/15/30 (h) (j) | 250 | 305 |
| Charter Communications Operating, LLC |  |  |
| 6.65%, 02/01/34 | 250 | 263 |
| 6.55%, 06/01/34 | 300 | 316 |
| 6.48%, 10/23/45 | 210 | 198 |
| 5.75%, 04/01/48 | 100 | 86 |
| 5.25%, 04/01/53 (b) | 200 | 158 |
| 4.40%, 12/01/61 | 75 | 49 |
| 5.50%, 04/01/63 | 300 | 236 |
| Comcast Corporation |  |  |
| 6.50%, 11/15/35 | 100 | 111 |
| 5.17%, 01/15/37 (e) | 456 | 451 |
| 6.95%, 08/15/37 | 250 | 283 |
| 3.90%, 03/01/38 | 70 | 61 |
| 4.00%, 08/15/47 - 03/01/48 | 410 | 309 |
| 4.70%, 10/15/48 | 365 | 305 |
| 2.45%, 08/15/52 | 450 | 239 |
| 6.05%, 05/15/55 (b) | 200 | 198 |
| 5.50%, 05/15/64 | 120 | 107 |
| Deutsche Telekom International Finance B.V. |  |  |
| 8.75%, 06/15/30 (h) (j) | 300 | 351 |
| Electronic Arts Inc. |  |  |
| 2.95%, 02/15/51 (b) | 300 | 278 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 200 | 221 |
| 5.48%, 01/25/39 | 65 | 65 |
| 5.58%, 01/25/49 | 80 | 77 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/30 | 100 | 103 |
| 4.55%, 08/15/31 | 200 | 204 |
| 4.95%, 05/15/33 | 85 | 87 |
| 4.88%, 11/15/35 | 245 | 245 |
| 5.50%, 11/15/45 | 185 | 180 |
| 5.60%, 05/15/53 | 200 | 191 |
| 5.63%, 11/15/55 | 290 | 278 |
| 5.75%, 05/15/63 | 365 | 350 |
| Omnicom Group Inc. |  |  |
| 2.60%, 08/01/31 (b) | 375 | 341 |
| Orange |  |  |
| 5.38%, 01/13/42 | 100 | 98 |
| 5.50%, 02/06/44 | 300 | 296 |
| Paramount Global |  |  |
| 7.88%, 07/30/30 | 125 | 135 |
| Rogers Communications Inc. |  |  |
| 4.55%, 03/15/52 | 300 | 239 |
| Telefonica Emisiones S.A. |  |  |
| 5.52%, 03/01/49 | 300 | 273 |
| Telefonica Europe B.V. |  |  |
| 8.25%, 09/15/30 | 250 | 287 |
| T-Mobile USA, Inc. |  |  |
| 2.05%, 02/15/28 | 900 | 864 |
| 3.88%, 04/15/30 | 435 | 427 |
| 2.55%, 02/15/31 | 400 | 366 |
| 6.70%, 12/15/33 | 300 | 336 |
| 4.95%, 11/15/35 | 300 | 298 |
| 4.50%, 04/15/50 | 160 | 132 |
| 5.75%, 01/15/54 | 200 | 197 |
| 3.60%, 11/15/60 | 100 | 67 |
| 5.80%, 09/15/62 | 100 | 98 |
| TWDC Enterprises 18 Corp. |  |  |
| 7.00%, 03/01/32 | 50 | 57 |
| Verizon Communications Inc. |  |  |
| 4.13%, 03/16/27 | 222 | 223 |
| 4.33%, 09/21/28 | 400 | 403 |
| 1.75%, 01/20/31 | 130 | 114 |
| 2.36%, 03/15/32 | 250 | 220 |
| 4.75%, 01/15/33 | 300 | 300 |
| 3.40%, 03/22/41 | 215 | 169 |
| 5.75%, 11/30/45 | 400 | 398 |
| 3.70%, 03/22/61 | 405 | 274 |
| Vodafone Group Public Limited Company |  |  |
| 5.75%, 02/10/63 | 50 | 48 |
| Walt Disney Company, The |  |  |
| 2.00%, 09/01/29 (b) | 625 | 584 |
| 6.20%, 12/15/34 | 50 | 56 |
| 2.75%, 09/01/49 | 225 | 143 |
| 3.80%, 05/13/60 | 350 | 256 |
|  |  | 18489 |
| **Consumer Staples 1.6%** | **Consumer Staples 1.6%** | **Consumer Staples 1.6%** |
| Altria Group, Inc. |  |  |
| 4.80%, 02/14/29 | 180 | 183 |
| 5.80%, 02/14/39 | 110 | 113 |
| 4.50%, 05/02/43 (b) | 200 | 171 |
| 5.95%, 02/14/49 | 400 | 400 |
| Anheuser-Busch Companies, LLC |  |  |
| 4.70%, 02/01/36 | 482 | 478 |
| 4.90%, 02/01/46 | 300 | 278 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | 110 | 107 |
| 5.45%, 01/23/39 | 250 | 259 |
| 4.44%, 10/06/48 | 362 | 311 |
| B.A.T Capital Corporation |  |  |
| 2.73%, 03/25/31 | 300 | 276 |
| 4.39%, 08/15/37 | 150 | 138 |
| 4.54%, 08/15/47 | 100 | 83 |
| Board of Trustees of the Leland Stanford Junior University, The |  |  |
| 3.65%, 05/01/48 | 20 | 16 |
| Brown-Forman Corporation |  |  |
| 4.75%, 04/15/33 | 100 | 101 |
| California Institute of Technology |  |  |
| 4.32%, 08/01/45 | 40 | 35 |
| Campbell's Company, The |  |  |
| 4.15%, 03/15/28 | 300 | 300 |
| 5.40%, 03/21/34 | 200 | 204 |
| Church & Dwight Co., Inc. |  |  |
| 3.15%, 08/01/27 | 200 | 198 |
| 3.95%, 08/01/47 | 200 | 159 |
| Coca-Cola Company, The |  |  |
| 2.13%, 09/06/29 | 250 | 235 |
| 2.25%, 01/05/32 | 300 | 271 |
| 5.30%, 05/13/54 | 300 | 294 |
| Conagra Brands, Inc. |  |  |
| 1.38%, 11/01/27 | 300 | 285 |
| 5.00%, 08/01/30 | 400 | 405 |
| 5.40%, 11/01/48 (b) | 55 | 49 |
| Constellation Brands, Inc. |  |  |
| 3.15%, 08/01/29 | 400 | 385 |
| Costco Wholesale Corporation |  |  |
| 3.00%, 05/18/27 | 80 | 79 |
| 1.38%, 06/20/27 | 300 | 291 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 300 | 311 |
| Dollar General Corporation |  |  |
| 5.45%, 07/05/33 | 200 | 208 |
| Dollar Tree, Inc. |  |  |
| 4.20%, 05/15/28 | 90 | 90 |
| Estee Lauder Companies Inc., The |  |  |
| 5.00%, 02/14/34 | 250 | 254 |
| 3.13%, 12/01/49 | 225 | 150 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| General Mills, Inc. |  |  |
| 4.20%, 04/17/28 | 105 | 105 |
| Haleon US Capital LLC |  |  |
| 4.00%, 03/24/52 | 250 | 196 |
| Hershey Company, The |  |  |
| 4.55%, 02/24/28 | 250 | 254 |
| 4.95%, 02/24/32 | 200 | 207 |
| J. M. Smucker Company, The |  |  |
| 3.38%, 12/15/27 | 250 | 248 |
| Kenvue Inc. |  |  |
| 5.00%, 03/22/30 (b) | 200 | 206 |
| 4.90%, 03/22/33 | 100 | 102 |
| 5.20%, 03/22/63 | 100 | 91 |
| Keurig Dr Pepper Inc. |  |  |
| 5.10%, 03/15/27 | 200 | 202 |
| 5.20%, 03/15/31 | 200 | 205 |
| 4.50%, 04/15/52 (b) | 100 | 81 |
| Kraft Heinz Foods Company |  |  |
| 3.88%, 05/15/27 | 200 | 199 |
| 5.20%, 03/15/32 | 200 | 206 |
| 5.00%, 06/04/42 | 200 | 184 |
| 4.38%, 06/01/46 | 200 | 165 |
| Kroger Co., The |  |  |
| 4.50%, 01/15/29 | 300 | 304 |
| 7.50%, 04/01/31 | 150 | 171 |
| 4.45%, 02/01/47 | 300 | 253 |
| Massachusetts Institute of Technology |  |  |
| 5.60%, 07/01/11 | 100 | 100 |
| 4.68%, 07/01/14 | 250 | 212 |
| McCormick & Company, Incorporated |  |  |
| 1.85%, 02/15/31 | 300 | 265 |
| Mead Johnson Nutrition Company |  |  |
| 4.60%, 06/01/44 | 200 | 177 |
| Mondelez International, Inc. |  |  |
| 4.25%, 05/06/28 | 300 | 302 |
| PepsiCo, Inc. |  |  |
| 3.00%, 10/15/27 | 500 | 495 |
| 4.30%, 07/23/30 (b) | 300 | 303 |
| 3.45%, 10/06/46 | 90 | 68 |
| 2.75%, 10/21/51 | 50 | 31 |
| 3.88%, 03/19/60 | 400 | 306 |
| Philip Morris International Inc. |  |  |
| 4.75%, 02/12/27 | 250 | 252 |
| 4.13%, 04/28/28 | 200 | 201 |
| 4.38%, 11/15/41 | 300 | 267 |
| RELX Capital Inc. |  |  |
| 4.00%, 03/18/29 | 300 | 299 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | 100 | 105 |
| Southern California, University of |  |  |
| 3.03%, 10/01/39 | 450 | 374 |
| 5.25%, 10/01/11 | 20 | 19 |
| Sysco Corporation |  |  |
| 5.95%, 04/01/30 (h) | 266 | 282 |
| 6.00%, 01/17/34 | 200 | 216 |
| 6.60%, 04/01/50 (h) | 300 | 330 |
| Target Corporation |  |  |
| 2.35%, 02/15/30 | 200 | 187 |
| 5.00%, 04/15/35 | 200 | 203 |
| 2.95%, 01/15/52 | 200 | 128 |
| Tyson Foods, Inc. |  |  |
| 5.15%, 08/15/44 (b) | 200 | 188 |
| Unilever Capital Corporation |  |  |
| 1.38%, 09/14/30 | 500 | 444 |
| University of Notre Dame du Lac |  |  |
| 3.44%, 02/15/45 | 250 | 195 |
| University of Washington |  |  |
| 3.52%, 04/15/54 | 100 | 73 |
| Walmart Inc. |  |  |
| 3.90%, 04/15/28 | 200 | 201 |
| 3.70%, 06/26/28 | 185 | 185 |
| 3.63%, 12/15/47 | 300 | 233 |
| 4.50%, 09/09/52 - 04/15/53 (b) | 300 | 265 |
| | | 17402 |
| **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/27 | 165 | 164 |
| 3.15%, 08/22/27 | 440 | 437 |
| 1.65%, 05/12/28 | 400 | 382 |
| 1.50%, 06/03/30 | 130 | 117 |
| 3.60%, 04/13/32 (b) | 135 | 131 |
| 4.35%, 03/20/33 | 400 | 399 |
| 3.88%, 08/22/37 (b) | 170 | 156 |
| 2.50%, 06/03/50 | 200 | 120 |
| 2.70%, 06/03/60 (b) | 55 | 31 |
| 4.10%, 04/13/62 | 160 | 123 |
| Aptiv PLC |  |  |
| 5.75%, 09/13/54 | 300 | 290 |
| AutoZone, Inc. |  |  |
| 3.75%, 06/01/27 | 200 | 199 |
| 5.13%, 06/15/30 | 200 | 206 |
| eBay Inc. |  |  |
| 5.13%, 11/06/35 | 400 | 400 |
| 3.65%, 05/10/51 | 15 | 11 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/35 | 200 | 205 |
| Ford Motor Company |  |  |
| 7.40%, 11/01/46 | 300 | 323 |
| General Motors Company |  |  |
| 5.35%, 04/15/28 | 200 | 205 |
| 5.00%, 04/01/35 | 200 | 196 |
| 5.15%, 04/01/38 | 70 | 67 |
| Hasbro, Inc. |  |  |
| 6.35%, 03/15/40 | 300 | 316 |
| Home Depot, Inc., The |  |  |
| 3.75%, 09/15/28 | 200 | 200 |
| 1.38%, 03/15/31 | 300 | 260 |
| 4.50%, 09/15/32 (b) | 200 | 203 |
| 4.65%, 09/15/35 | 200 | 198 |
| 5.88%, 12/16/36 | 600 | 649 |
| 3.13%, 12/15/49 | 200 | 138 |
| 4.95%, 09/15/52 | 150 | 137 |
| 3.50%, 09/15/56 | 200 | 140 |
| Leggett & Platt, Incorporated |  |  |
| 4.40%, 03/15/29 | 200 | 198 |
| Lowe`s Companies, Inc. |  |  |
| 1.70%, 09/15/28 - 10/15/30 | 700 | 637 |
| 4.00%, 10/15/28 | 550 | 551 |
| 3.65%, 04/05/29 | 75 | 74 |
| 3.00%, 10/15/50 | 300 | 191 |
| 5.80%, 09/15/62 | 105 | 103 |
| Marriott International, Inc. |  |  |
| 5.30%, 05/15/34 | 250 | 258 |
| Mattel, Inc. |  |  |
| 5.00%, 11/17/30 | 300 | 302 |
| McDonald's Corporation |  |  |
| 4.88%, 12/09/45 | 165 | 150 |
| 3.63%, 09/01/49 | 200 | 147 |
| 5.45%, 08/14/53 | 300 | 291 |
| Nike, Inc. |  |  |
| 2.85%, 03/27/30 | 400 | 382 |
| O'Reilly Automotive, Inc. |  |  |
| 1.75%, 03/15/31 | 300 | 263 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/36 | 200 | 201 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 300 | 304 |
| Starbucks Corporation |  |  |
| 4.50%, 05/15/28 - 11/15/48 | 400 | 369 |
| 5.00%, 02/15/34 | 250 | 255 |
| 4.45%, 08/15/49 | 50 | 41 |
| Toyota Motor Corporation |  |  |
| 3.67%, 07/20/28 | 200 | 199 |
|  |  | 11319 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 4.50%, 07/30/29 | 250 | 250 |
| 5.63%, 05/15/54 (b) | 300 | 282 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| American Tower Corporation |  |  |
| 1.50%, 01/31/28 | 500 | 474 |
| 3.80%, 08/15/29 | 90 | 89 |
| 2.70%, 04/15/31 | 375 | 344 |
| 5.65%, 03/15/33 | 200 | 211 |
| AvalonBay Communities, Inc. |  |  |
| 2.45%, 01/15/31 | 350 | 320 |
| 5.35%, 06/01/34 | 200 | 208 |
| Boston Properties Limited Partnership |  |  |
| 2.90%, 03/15/30 | 200 | 187 |
| COPT Defense Properties |  |  |
| 2.00%, 01/15/29 | 450 | 420 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 80 | 79 |
| 5.80%, 03/01/34 | 300 | 315 |
| 3.25%, 01/15/51 | 50 | 33 |
| Equinix, Inc. |  |  |
| 3.40%, 02/15/52 | 300 | 205 |
| ERP Operating Limited Partnership |  |  |
| 2.50%, 02/15/30 | 200 | 188 |
| Extra Space Storage LP |  |  |
| 5.70%, 04/01/28 | 300 | 310 |
| 5.90%, 01/15/31 | 300 | 318 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 300 | 308 |
| 6.75%, 12/01/33 | 200 | 217 |
| Healthpeak OP, LLC |  |  |
| 5.25%, 12/15/32 | 150 | 154 |
| 6.75%, 02/01/41 | 200 | 220 |
| Kimco Realty OP, LLC |  |  |
| 2.70%, 10/01/30 | 200 | 187 |
| Mid-America Apartments, L.P. |  |  |
| 4.95%, 03/01/35 | 200 | 202 |
| NNN REIT, Inc. |  |  |
| 3.10%, 04/15/50 | 200 | 130 |
| ProLogis, L.P. |  |  |
| 2.13%, 04/15/27 | 100 | 98 |
| 2.25%, 04/15/30 | 175 | 162 |
| 4.63%, 01/15/33 | 100 | 101 |
| 4.75%, 06/15/33 | 100 | 101 |
| 3.00%, 04/15/50 | 35 | 23 |
| Public Storage, Inc. |  |  |
| 1.85%, 05/01/28 | 300 | 286 |
| Realty Income Corporation |  |  |
| 4.85%, 03/15/30 | 300 | 308 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.15%, 09/01/31 | 300 | 263 |
| Safehold GL Holdings LLC |  |  |
| 5.65%, 01/15/35 | 200 | 206 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 07/15/30 | 200 | 187 |
| 5.50%, 03/08/33 | 100 | 105 |
| 3.25%, 09/13/49 | 65 | 45 |
| 5.85%, 03/08/53 | 100 | 102 |
| Store Capital LLC |  |  |
| 4.50%, 03/15/28 | 200 | 201 |
| Tanger Properties Limited Partnership |  |  |
| 2.75%, 09/01/31 | 200 | 181 |
| UDR, Inc. |  |  |
| 2.10%, 08/01/32 | 200 | 171 |
| Ventas Realty, Limited Partnership |  |  |
| 3.00%, 01/15/30 | 200 | 190 |
| Welltower Inc. |  |  |
| 4.95%, 09/01/48 | 150 | 139 |
| Weyerhaeuser Company |  |  |
| 7.38%, 03/15/32 | 57 | 65 |
| | | 8585 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Air Products and Chemicals, Inc. |  |  |
| 4.60%, 02/08/29 | 150 | 153 |
| 4.85%, 02/08/34 | 250 | 254 |
| Albemarle Corporation |  |  |
| 5.45%, 12/01/44 | 150 | 137 |
| Avery Dennison Corporation |  |  |
| 5.75%, 03/15/33 | 200 | 212 |
| BHP Billiton Finance (USA) Limited |  |  |
| 5.25%, 09/08/33 | 75 | 78 |
| 5.75%, 09/05/55 | 200 | 204 |
| Dow Chemical Company, The |  |  |
| 4.63%, 10/01/44 | 250 | 202 |
| DuPont de Nemours, Inc. |  |  |
| 4.73%, 11/15/28 (e) | 86 | 87 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | 300 | 261 |
| 2.13%, 08/15/50 | 200 | 111 |
| 2.75%, 08/18/55 | 75 | 45 |
| EIDP, Inc. |  |  |
| 2.30%, 07/15/30 | 300 | 277 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 300 | 291 |
| LYB International Finance B.V. |  |  |
| 5.25%, 07/15/43 | 300 | 259 |
| Martin Marietta Materials, Inc. |  |  |
| 3.50%, 12/15/27 | 300 | 298 |
| 5.50%, 12/01/54 | 200 | 193 |
| Mosaic Company, The |  |  |
| 4.35%, 01/15/29 | 400 | 401 |
| 4.88%, 11/15/41 | 20 | 18 |
| NewMarket Corporation |  |  |
| 2.70%, 03/18/31 | 400 | 366 |
| Newmont Corporation |  |  |
| 5.88%, 04/01/35 | 200 | 216 |
| Nucor Corporation |  |  |
| 2.98%, 12/15/55 | 200 | 124 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 100 | 102 |
| 2.95%, 05/13/30 | 300 | 284 |
| 3.95%, 05/13/50 | 150 | 114 |
| 5.80%, 03/27/53 | 100 | 100 |
| PPG Industries, Inc. |  |  |
| 2.80%, 08/15/29 | 200 | 191 |
| 4.38%, 03/15/31 | 200 | 200 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | 250 | 266 |
| Rio Tinto Finance (USA) PLC |  |  |
| 5.00%, 03/09/33 | 100 | 103 |
| Sherwin-Williams Company, The |  |  |
| 3.45%, 06/01/27 | 350 | 347 |
| 4.30%, 08/15/28 | 200 | 201 |
| 5.15%, 08/15/35 | 100 | 102 |
| 4.50%, 06/01/47 | 70 | 60 |
| Sonoco Products Company |  |  |
| 5.00%, 09/01/34 (b) | 300 | 297 |
| Southern Copper Corporation |  |  |
| 7.50%, 07/27/35 | 150 | 177 |
| Steel Dynamics, Inc. |  |  |
| 3.25%, 10/15/50 | 115 | 79 |
| Vale Overseas Ltd |  |  |
| 3.75%, 07/08/30 | 100 | 96 |
| Westlake Corporation |  |  |
| 6.38%, 11/15/55 | 200 | 197 |
| 3.38%, 08/15/61 | 200 | 118 |
|  |  | 7221 |
| Total Corporate Bonds And Notes (cost $290,829) | Total Corporate Bonds And Notes (cost $290,829) | 267929 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.1%** |
| American Express Credit Account Master Trust |  |  |
| Series 2023-A-2, 4.80%, 05/15/28 | 300 | 307 |
| Bank 2017-BNK8 |  |  |
| Series 2017-A3-BNK8, REMIC, 3.23%, 10/15/27 | 137 | 135 |
| Bank 2019-Bnk16 |  |  |
| Series 2019-A4-BN16, REMIC, 4.01%, 01/16/29 | 400 | 396 |
| Bank 2019-BNK23 |  |  |
| Series 2019-A3-BN23, REMIC, 2.92%, 11/16/29 | 500 | 473 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BBCMS Mortgage Trust 2022-C15 |  |  |
| Series 2022-A5-C15, REMIC, 3.66%, 03/17/32 (c) | 200 | 187 |
| BBCMS Mortgage Trust 2023-C21 |  |  |
| Series 2023-A5-C21, REMIC, 6.00%, 06/17/33 (c) | 200 | 215 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-A4-B10, REMIC, 3.72%, 03/16/29 | 800 | 781 |
| Benchmark 2021-B25 Mortgage Trust |  |  |
| Series 2021-A5-B25, REMIC, 2.58%, 04/17/31 | 300 | 269 |
| Benchmark 2021-B29 Mortgage Trust |  |  |
| Series 2021-A5-B29, REMIC, 2.39%, 08/15/31 | 300 | 267 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-A5-B32, REMIC, 3.00%, 01/16/32 (c) | 400 | 358 |
| BMO 2023-C5 Mortgage Trust |  |  |
| Series 2023-A5-C5, REMIC, 5.77%, 05/17/33 | 350 | 367 |
| BMO 2025-5C9 Mortgage Trust |  |  |
| Series 2025-A3-5C9, REMIC, 5.78%, 03/15/30 (c) | 500 | 523 |
| BMW Vehicle Lease Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.43%, 10/25/27 | 250 | 252 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2024-A-A1, 3.92%, 09/15/27 | 100 | 100 |
| Series 2021-A2-A2, 1.39%, 07/15/30 | 300 | 282 |
| CD 2017-CD5 Mortgage Trust |  |  |
| Series 2017-AS-CD5, REMIC, 3.68%, 07/16/27 (c) | 300 | 291 |
| CFCRE 2017-C8 Mortgage Trust |  |  |
| Series 2017-A4-C8, REMIC, 3.57%, 05/17/27 | 750 | 742 |
| Chase Issuance Trust |  |  |
| Series 2024-A-A2, 4.63%, 01/16/29 | 200 | 205 |
| Citigroup Commercial Mortgage Trust 2019-C7 |  |  |
| Series 2019-A4-C7, REMIC, 3.10%, 12/17/29 | 300 | 285 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-AS-GC46, REMIC, 2.92%, 02/15/30 (c) | 500 | 445 |
| Ford Credit Auto Lease Trust 2024-B |  |  |
| Series 2024-A4-B, 4.99%, 01/15/27 | 200 | 202 |
| GM Financial Automobile Leasing Trust 2025-3 |  |  |
| Series 2025-A3-3, 4.17%, 09/20/27 | 100 | 101 |
| Series 2025-A4-3, 4.20%, 12/20/27 | 100 | 101 |
| GM Financial Consumer Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.62%, 06/16/28 | 200 | 202 |
| GS Mortgage Securities Trust 2019-GC42 |  |  |
| Series 2019-A4-GC42, REMIC, 3.00%, 09/12/29 | 200 | 189 |
| GS Mortgage Securities Trust 2019-GSA1 |  |  |
| Series 2019-A4-GSA1, REMIC, 3.05%, 10/15/29 | 100 | 95 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Series 2020-AS-GC45, REMIC, 3.17%, 12/14/29 | 300 | 279 |
| Hyundai Auto Receivables Trust 2024-B |  |  |
| Series 2024-A3-B, 4.84%, 11/15/27 | 200 | 202 |
| Series 2024-A4-B, 4.74%, 04/17/28 | 200 | 203 |
| Mercedes-Benz Auto Lease Trust 2025-A |  |  |
| Series 2025-A4-A, 4.69%, 05/15/28 | 200 | 204 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-A3-H4, REMIC, 4.04%, 10/17/28 | 265 | 264 |
| Santander Drive Auto Receivables Trust 2025-3 |  |  |
| Series 2025-A3-3, 4.38%, 08/15/28 | 200 | 201 |
| Synchrony Card Issuance Trust |  |  |
| Series 2025-A-A2, 4.49%, 05/15/28 | 100 | 101 |
| Toyota Auto Receivables 2024-A Owner Trust |  |  |
| Series 2024-A4-A, 4.77%, 04/16/29 | 300 | 304 |
| Toyota Auto Receivables 2025-B Owner Trust |  |  |
| Series 2025-A3-B, 4.34%, 11/15/29 | 280 | 283 |
| Verizon Master Trust |  |  |
| Series 2024-A1A-6, 4.17%, 08/20/27 | 350 | 352 |
| Volkswagen Auto Loan Enhanced Trust 2025-1 |  |  |
| Series 2025-A4-1, 4.61%, 07/21/31 | 225 | 229 |
| Wells Fargo Commercial Mortgage Trust 2018-C44 |  |  |
| Series 2018-A5-C44, REMIC, 4.21%, 04/17/28 | 1000 | 994 |
| WF Card Issuance Trust |  |  |
| Series 2024-A-A1, 4.94%, 02/16/27 | 100 | 101 |
| World Omni Auto Receivables Trust 2025-A |  |  |
| Series 2025-A4-A, 4.86%, 12/15/28 | 100 | 102 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,943) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,943) | 11589 |
| **SHORT TERM INVESTMENTS 5.5%** | **SHORT TERM INVESTMENTS 5.5%** | **SHORT TERM INVESTMENTS 5.5%** |
| **Investment Companies 4.5%** | **Investment Companies 4.5%** | **Investment Companies 4.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (k) (l) | 47584 | 47584 |
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (k) (l) | 10065 | 10065 |
| Total Short Term Investments (cost $57,649) | Total Short Term Investments (cost $57,649) | 57649 |
| **Total Investments 104.8% (cost $1,160,315)** | **Total Investments 104.8% (cost $1,160,315)** | **1099957** |
| **Total Forward Sales Commitments (0.2)% (proceeds $1,843)** | **Total Forward Sales Commitments (0.2)% (proceeds $1,843)** | **(1841)** |
| **Other Assets and Liabilities, Net (4.6)%** | **Other Assets and Liabilities, Net (4.6)%** | **(48882)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1049234** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $47,461.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $1,791 and 0.2% of the Fund.

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

(g) Convertible security.

(h) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(j) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.2%)** | **FORWARD SALES COMMITMENTS (0.2%)** | **FORWARD SALES COMMITMENTS (0.2%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** |
| **Mortgage-Backed Securities (0.2%)** | **Mortgage-Backed Securities (0.2%)** | **Mortgage-Backed Securities (0.2%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 2.00%, 02/15/38 (a) | (75) | (69) |
| TBA, 2.00%, 01/15/41 (a) | (75) | (69) |
| TBA, 1.50%, 02/15/55 (a) | (25) | (19) |
| TBA, 2.00%, 02/15/55 (a) | (200) | (162) |
| TBA, 2.50%, 02/15/55 (a) | (175) | (148) |
| TBA, 3.00%, 02/15/55 (a) | (25) | (22) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| TBA, 3.50%, 02/15/55 (a) | (75) | (69) |
| TBA, 4.00%, 02/15/55 (a) | (50) | (47) |
| TBA, 2.50%, 01/15/56 (a) | (325) | (275) |
| TBA, 3.00%, 01/15/56 (a) | (150) | (133) |
| Government National Mortgage Association |  |  |
| TBA, 2.50%, 02/15/55 (a) | (25) | (22) |
| TBA, 3.00%, 02/15/55 (a) | (25) | (22) |
| TBA, 3.50%, 02/15/55 (a) | (25) | (23) |
| TBA, 2.50%, 01/15/56 (a) | (150) | (129) |
| TBA, 3.00%, 01/15/56 (a) | (425) | (382) |
| TBA, 3.50%, 01/15/56 (a) | (275) | (250) |
| Total Government And Agency Obligations (proceeds $1,843) | Total Government And Agency Obligations (proceeds $1,843) | (1841) |
| **Total Forward Sales Commitments (0.2%) (proceeds $1,843)** | **Total Forward Sales Commitments (0.2%) (proceeds $1,843)** | **(1841)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of December 31, 2025, the total proceeds for investments sold on a delayed delivery basis was $1,843.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** | **JNL Bond Index Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Synchrony Bank, 5.63%, 08/23/27 | 08/12/24 | 402 | 408 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** | **JNL Bond Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 49934 | 155340 | 157690 | 1871 |  |  | 47584 | 4.5 |
| JNL Government Money Market Fund, 3.74% - Class SL | 6474 | 70503 | 66912 | 172 |  |  | 10065 | 1.0 |
|  | 56408 | 225843 | 224602 | 2043 |  |  | 57649 | 5.5 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 762790 |  | 762790 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 267929 |  | 267929 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 11589 |  | 11589 |
| &nbsp;&nbsp;Short Term Investments | 57649 |  |  | 57649 |
|  | 57649 | 1042308 |  | 1099957 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (1841) |  | (1841) |
|  |  | (1841) |  | (1841) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** |
| **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** |
| **China 27.9%** | **China 27.9%** | **China 27.9%** |
| 360 Security Technology Inc. - Class A | 50 | 80 |
| 37 Interactive Entertainment Network Technology Group Co., Ltd. - Class A | 22 | 75 |
| 3SBio Inc. (a) | 155 | 482 |
| AAC Technologies Holdings Inc. | 60 | 300 |
| Accelink Technologies Co., Ltd. - Class A | 6 | 56 |
| ACM Research (Shanghai), Inc. - Class A | 2 | 50 |
| AECC Aero-Engine Control Co., Ltd. - Class A | 11 | 33 |
| Agricultural Bank of China Limited - Class A | 1077 | 1183 |
| Agricultural Bank of China Limited - Class H | 2539 | 1883 |
| AIMA Technology Group Co., Ltd. - Class A | 6 | 25 |
| Akeso Inc. (b) (c) | 46 | 668 |
| Alibaba Group Holding Limited (a) | 1598 | 29358 |
| Alibaba Health Information Technology Limited (b) | 418 | 271 |
| Aluminum Corporation of China Limited - Class A | 64 | 111 |
| Aluminum Corporation of China Limited - Class H | 324 | 507 |
| Amlogic (Shanghai) Co., Ltd. - Class A (b) | 3 | 43 |
| Angel Yeast Co., Ltd. - Class A | 9 | 54 |
| Anhui Conch Cement Company Limited - Class A | 28 | 87 |
| Anhui Conch Cement Company Limited - Class H | 108 | 307 |
| Anhui Gujing Distillery Company Limited - Class A | 3 | 53 |
| Anhui Gujing Distillery Company Limited - Class B | 10 | 113 |
| Anhui Jianghuai Automobile Group Co., Ltd. - Class A (b) | 12 | 85 |
| Anhui Yingjia Gongjiu Co. Ltd. - Class A | 6 | 32 |
| Anjing Food Group Co., Ltd. - Class A | 3 | 29 |
| ANTA Sports Products Limited | 122 | 1262 |
| Aojie Technology Co., Ltd. - Class A (b) | 3 | 35 |
| APT Medical Inc. - Class A | 1 | 46 |
| Asia-Potash International Investment (Guangzhou)Co., Ltd. - Class A (b) | 3 | 21 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class A |  | 5 |
| Atour Lifestyle Holdings Limited - ADR | 7 | 294 |
| Autobio Diagnostics Co., Ltd. - Class A | 5 | 27 |
| Avary Holding (Shenzhen) Co., Ltd - Class A | 12 | 85 |
| AviChina Industry & Technology Company Limited - Class H (c) | 183 | 94 |
| Avicopter PLC - Class A | 6 | 33 |
| Baic Bluepark New Energy Technology Co., Ltd. - Class A (b) | 27 | 31 |
| BAIC Foton Motor Co., Ltd. - Class A (b) | 65 | 27 |
| Baidu, Inc. - Class A (a) (b) | 191 | 3225 |
| Baiyin Nonferrous Group Co., Ltd. - Class A | 45 | 38 |
| Bank of Beijing Co., Ltd. - Class A | 152 | 120 |
| Bank of Changsha Co., Ltd. - Class A | 34 | 47 |
| Bank of Chengdu Co., Ltd. - Class A | 23 | 52 |
| Bank of China Limited - Class H | 7025 | 4023 |
| Bank of Communications Co., Ltd. - Class A | 131 | 136 |
| Bank of Communications Co., Ltd. - Class H | 706 | 585 |
| Bank of Jiangsu Co., Ltd. - Class A | 121 | 180 |
| Bank of Nanjing Co., Ltd. - Class A | 74 | 121 |
| Bank of Ningbo Co., Ltd. - Class A | 40 | 161 |
| Bank of Shanghai Co., Ltd. - Class A | 89 | 128 |
| Bank of Suzhou Co., Ltd. - Class A | 29 | 35 |
| Baoshan Iron & Steel Co., Ltd. - Class A | 161 | 172 |
| Baotou Iron&Steel (Group) Co., Ltd. - Class A | 306 | 104 |
| Beijing Enterprises Holdings Limited | 45 | 185 |
| Beijing Enterprises Water Group Limited (c) | 356 | 112 |
| Beijing Huaer Company Limited - Class A | 48 | 58 |
| Beijing Jingneng Power Co., Ltd. - Class A | 47 | 34 |
| Beijing Kingsoft Office Software Co., Ltd. - Class A | 3 | 127 |
| Beijing New Building Material (Group) Co., Ltd. - Class A | 7 | 23 |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 16 | 31 |
| Beijing Roborock Technology Co., Ltd. - Class A | 1 | 32 |
| Beijing Shiji Information Technology Co., Ltd. - Class A | 5 | 7 |
| Beijing Shougang Co., Ltd. - Class A | 34 | 24 |
| Beijing Tiantan Biological Products Corporation Limited - Class A | 12 | 28 |
| Beijing Tongrentang Co., Ltd. - Class A | 13 | 58 |
| Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A (b) | 6 | 39 |
| Beijing Yandong Microelectronic Co., Ltd. - Class A (b) | 17 | 70 |
| Beijing Yanjing Brewery Co., Ltd. - Class A | 1 | 1 |
| Bestechnic (Shanghai) Co., Ltd. - Class A | 1 | 36 |
| Bethel Automotive Safety Systems Co., Ltd - Class A | 5 | 37 |
| Bicycle Club Joint Venture, L.P. - Class A (b) | 23 | 44 |
| Bilibili Inc. (b) | 21 | 515 |
| BIWIN Storage Technology Company Limited - Class A (b) | 12 | 203 |
| Bloomage Biotechnology Corporation Limited - Class A | 2 | 15 |
| Bluestar Adisseo Company - Class A | 24 | 31 |
| BOC Hong Kong (Holdings) Limited | 325 | 1645 |
| BOC International (China) Co., Ltd. - Class A | 25 | 54 |
| BOE Technology Group Co., Ltd. - Class A | 193 | 116 |
| Bosideng International Holdings Limited | 478 | 274 |
| BYD Company Limited - Class A | 36 | 496 |
| BYD Company Limited - Class H | 326 | 3944 |
| BYD Electronic (International) Company Limited | 64 | 279 |
| Caida Securities Co., Ltd. - Class A | 33 | 31 |
| Caitong Securities Co., Ltd. - Class A | 50 | 62 |
| Cambricon Technologies Corporation Limited - Class A (b) | 3 | 556 |
| Capital Securities Co., Ltd. - Class A | 44 | 119 |
| Cathay Biotech, Inc. - Class A | 2 | 15 |
| CCOOP Group Co., Ltd - Class A (b) | 126 | 45 |
| CGN Power Co., Ltd. - Class A | 122 | 65 |
| CGN Power Co., Ltd. - Class H (a) | 845 | 318 |
| Changchun High-Tech Industries (Group) Inc. - Class A | 2 | 21 |
| Changjiang Securities Co., Ltd. - Class A | 59 | 69 |
| Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 3 | 51 |
| Chifeng Jilong Gold Mining Co., Ltd. - Class A | 11 | 49 |
| Chifeng Jilong Gold Mining Co., Ltd. - Class H (a) | 16 | 60 |
| China Aviation Power Co., Ltd. - Class A | 18 | 102 |
| China Baoan Group Co., Ltd. - Class A | 32 | 44 |
| China CITIC Bank Corporation Limited - Class A | 138 | 152 |
| China CITIC Bank Corporation Limited - Class H | 723 | 645 |
| China Coal Energy Company Limited - Class A | 20 | 35 |
| China Coal Energy Company Limited - Class H | 195 | 249 |
| China Construction Bank Corporation - Class A | 121 | 161 |
| China Construction Bank Corporation - Class H | 8534 | 8429 |
| China CSSC Holdings Limited - Class A | 32 | 153 |
| China Eastern Airlines Corporation Limited - Class A (b) | 77 | 66 |
| China Eastern Airlines Corporation Limited - Class H (b) (c) | 174 | 119 |
| China Energy Engineering Corporation Limited - Class A | 139 | 47 |
| China Energy Engineering Corporation Limited - Class H (c) | 406 | 55 |
| China Everbright Bank Company Limited - Class A | 319 | 159 |
| China Everbright Bank Company Limited - Class H | 228 | 107 |
| China Everbright Environment Group Limited | 307 | 189 |
| China Feihe Limited (a) (c) | 350 | 183 |
| China Film Group Co., Ltd. - Class A | 18 | 41 |
| China First Heavy Industries - Class A (b) | 53 | 30 |
| China Galaxy Securities Co., Ltd. - Class A | 36 | 81 |
| China Galaxy Securities Co., Ltd. - Class H | 307 | 396 |
| China Gas Holdings Limited | 229 | 226 |
| China Gold International Resources Corp. Ltd. | 21 | 421 |
| China Hainan Rubber Industry Group Co., Ltd. - Class A | 33 | 28 |
| China Hongqiao Group Limited | 230 | 962 |
| China Huishan Dairy Holdings Company Limited (b) (d) | 946 |  |
| China International Capital Corporation Limited - Class A | 17 | 86 |
| China International Capital Corporation Limited - Class H (a) | 145 | 365 |
| China International Marine Containers (Group) Co., Ltd. - Class A | 30 | 43 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| China International Marine Containers (Group) Co., Ltd. - Class H | 44 | 53 |
| China Jushi Co., Ltd. - Class A | 8 | 19 |
| China Life Insurance Company Limited - Class H | 644 | 2264 |
| China Literature Limited (a) (b) | 35 | 149 |
| China Longyuan Power Group Corporation Limited - Class H (c) | 256 | 218 |
| China Medical System Holdings Limited | 108 | 179 |
| China Mengniu Dairy Company Limited | 279 | 534 |
| China Merchants Bank Co., Ltd. - Class A | 139 | 840 |
| China Merchants Bank Co., Ltd. - Class H | 338 | 2290 |
| China Merchants Energy Shipping Co., Ltd. - Class A | 62 | 79 |
| China Merchants Expressway Network & Technology Holdings Co., Ltd. - Class A | 43 | 62 |
| China Merchants Port Holdings Company Limited | 108 | 211 |
| China Merchants Securities Co., Ltd. - Class A | 46 | 110 |
| China Merchants Securities Co., Ltd. - Class H (a) | 26 | 47 |
| China Merchants Shekou Industrial Zone Holdings Co., Ltd. - Class A | 70 | 87 |
| China Minsheng Banking Corp., Ltd. - Class A | 226 | 124 |
| China Minsheng Banking Corp., Ltd. - Class H | 663 | 335 |
| China National Medicines Corporation Ltd. - Class A | 7 | 29 |
| China National Nuclear Power Co Ltd - Class A | 144 | 179 |
| China National Software and Service Company Limited - Class A (b) | 8 | 50 |
| China Nonferrous Metals Company Limited | 111 | 211 |
| China Northern Rare Earth (Group) High-Tech Co., Ltd. - Class A | 26 | 173 |
| China Oilfield Services Limited - Class A |  | 1 |
| China Oilfield Services Limited - Class H | 170 | 153 |
| China Overseas Land & Investment Limited | 316 | 497 |
| China Pacific Insurance (Group) Co., Ltd. - Class A | 44 | 262 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 227 | 1026 |
| China Petroleum & Chemical Corporation - Class A | 245 | 217 |
| China Petroleum & Chemical Corporation - Class H | 2134 | 1280 |
| China Power International Development Limited (c) | 446 | 185 |
| China Railway Construction Group Co., Ltd. - Class A | 32 | 23 |
| China Railway Group Limited - Class A | 124 | 96 |
| China Railway Group Limited - Class H | 315 | 155 |
| China Railway Signal & Communication Corporation Limited - Class A | 108 | 84 |
| China Railway Signal & Communication Corporation Limited - Class H (c) | 66 | 28 |
| China Rare Earth Resources and Technology Co., Ltd. - Class A (b) | 8 | 56 |
| China Resources Beverage (Holdings) Company Limited (c) | 39 | 51 |
| China Resources Gas Group Limited | 77 | 225 |
| China Resources Land Limited | 251 | 874 |
| China Resources Microelectronics Limited - Class A | 10 | 75 |
| China Resources Mixc Lifestyle Services Limited (a) | 53 | 290 |
| China Resources Pharmaceutical Group Limited (a) (c) | 161 | 92 |
| China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A | 6 | 24 |
| China Securities Co., Ltd. - Class A | 22 | 86 |
| China Shenhua Energy Company Limited - Class A | 45 | 262 |
| China Shenhua Energy Company Limited - Class H | 301 | 1500 |
| China Southern Airlines Company Limited - Class A (b) | 130 | 148 |
| China Southern Airlines Company Limited - Class H (b) | 108 | 81 |
| China Southern Power Grid Energy Storage Co., Ltd - Class A | 11 | 20 |
| China Suntien Green Energy Corporation Limited - Class A | 8 | 8 |
| China Suntien Green Energy Corporation Limited - Class H | 123 | 62 |
| China Taiping Insurance Holdings Company Limited | 116 | 278 |
| China Three Gorges New Energy (Group) Co., Ltd. - Class A | 178 | 104 |
| China Tourism Group Duty Free Corporation Limited - Class A | 15 | 201 |
| China Tourism Group Duty Free Corporation Limited - Class H (c) | 7 | 67 |
| China Tower Corporation Limited - Class H | 381 | 566 |
| China Vanke Co., Ltd. - Class A (b) | 75 | 50 |
| China Vanke Co., Ltd. - Class H (b) (c) | 159 | 67 |
| China XD Electric Co., Ltd. - Class A | 46 | 59 |
| China Yangtze Power Co., Ltd. - Class A | 168 | 655 |
| China Zhenhua (Group) Science & Technology Co., Ltd. - Class A |  | 3 |
| China Zheshang Bank Co., Ltd. - Class A | 151 | 66 |
| China Zheshang Bank Co., Ltd. - Class H (a) (c) | 134 | 43 |
| Chinatungsten High-Tech Materials Co., Ltd. - Class A | 15 | 60 |
| Chongqing Brewery Co., Ltd. - Class A | 5 | 39 |
| Chongqing Changan Automobile Company Limited - Class A | 52 | 88 |
| Chongqing Changan Automobile Company Limited - Class B | 102 | 56 |
| Chongqing Qianli Technology Co., Ltd. - Class A (b) | 33 | 51 |
| Chongqing Rural Commercial Bank Co., Ltd. - Class A | 60 | 55 |
| Chongqing Rural Commercial Bank Co., Ltd. - Class H | 207 | 163 |
| Chongqing Water Conservancy Investment (Group) Co., Ltd. - Class A | 11 | 7 |
| Chongqing Zongshen Power Machinery Co., Ltd. - Class A | 6 | 19 |
| CITIC Limited | 442 | 683 |
| CITIC Metal Co., Ltd. - Class A (b) | 44 | 90 |
| CITIC Securities Company Limited - Class A | 76 | 314 |
| CITIC Securities Company Limited - Class H | 144 | 507 |
| CMOC Group Limited - Class A | 116 | 330 |
| CMOC Group Limited - Class H | 308 | 761 |
| CNOOC Energy Development Co., Ltd. - Class A | 52 | 29 |
| CNPC Capital Company Limited - Class A | 44 | 60 |
| COFCO Capital Holdings Co., Ltd. - Class A | 9 | 15 |
| COFCO Sugar Holding Co., Ltd - Class A | 15 | 37 |
| Contemporary Amperex Technology Co., Limited - Class H (a) (b) | 12 | 754 |
| Copper Sub Corporation, Inc. - Class A | 29 | 35 |
| COSCO SHIPPING Development Co., Ltd. - Class A | 121 | 44 |
| COSCO SHIPPING Development Co., Ltd. - Class H | 270 | 36 |
| COSCO SHIPPING Energy Transportation Co., Ltd. - Class A | 36 | 59 |
| COSCO SHIPPING Energy Transportation Co., Ltd. - Class H (c) | 102 | 126 |
| COSCO SHIPPING Holdings Co., Ltd. - Class A | 77 | 167 |
| COSCO SHIPPING Holdings Co., Ltd. - Class H (c) | 243 | 430 |
| CSI Solar Co., Ltd. - Class A | 98 | 209 |
| CSPC Pharmaceutical Group Limited | 681 | 736 |
| Daqin Railway Co., Ltd. - Class A | 114 | 84 |
| DaShenLin Pharmaceutical Group Co., Ltd. - Class A | 8 | 21 |
| Datang International Power Generation Co., Ltd. - Class A | 46 | 23 |
| Datang International Power Generation Co., Ltd. - Class H | 210 | 60 |
| Delton Technology (Guangzhou) Inc. - Class A | 11 | 131 |
| DHC Software Co., Ltd. - Class A | 11 | 14 |
| Dong'e Ejiao Co., Ltd. - Class A | 6 | 39 |
| Dongfang Electric Co., Ltd. - Class A | 21 | 73 |
| Dongfang Electric Co., Ltd. - Class H (c) | 32 | 104 |
| Dongxing Securities Co., Ltd. - Class A | 31 | 61 |
| Eastern Air Logistics Co., Ltd. - Class A | 12 | 31 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 3 | 133 |
| Ecovacs Robotics Co., Ltd. - Class A | 4 | 51 |
| eDraco Travel Limited (a) | 109 | 315 |
| ENN Energy Holdings Limited | 65 | 578 |
| ENN Natural Gas Co., Ltd. - Class A | 14 | 42 |
| Everbright Securities Company Limited - Class A | 27 | 68 |
| EverDisplay Optronics (Shanghai) Co., Ltd. - Class A (b) | 104 | 39 |
| Far East Horizon Limited | 145 | 150 |
| Faw Jiefang Group Co., Ltd. - Class A | 33 | 32 |
| Flat Glass Group Co., Ltd. - Class A | 12 | 27 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flat Glass Group Co., Ltd. - Class H (b) (c) | 24 | 29 |
| Foshan Haitian Flavouring & Food Co., Ltd. - Class A | 31 | 162 |
| Fosun International Limited | 172 | 97 |
| Founder Securities Co., Ltd. - Class A | 43 | 48 |
| Founder Technology Group Co., Ltd. - Class A (b) | 29 | 49 |
| Foxconn Industrial Internet Co., Ltd. - Class A | 74 | 651 |
| Fujian Sunner Development Co., Ltd. - Class A | 14 | 32 |
| Full Truck Alliance Co. Ltd. - Class A - ADR | 72 | 777 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 11 | 101 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (a) | 52 | 448 |
| Fuzhou Tianyu Electric Co., Ltd. - Class A (b) | 45 | 30 |
| Galaxycore Inc. - Class A | 15 | 32 |
| Gan & Lee Pharmaceuticals - Class A | 4 | 38 |
| Ganfeng Lithium Group Co., Ltd. - Class A | 9 | 85 |
| Ganfeng Lithium Group Co., Ltd. - Class H (a) (c) | 35 | 236 |
| GCL Technology Holdings Limited (b) | 1925 | 262 |
| GD Power Development Co., Ltd. - Class A | 113 | 81 |
| GDS Holdings Ltd. - Class A (b) (e) | 90 | 389 |
| Geely Automobile Holdings Limited | 518 | 1190 |
| GEM Co., Ltd. - Class A | 46 | 55 |
| GenScript Biotech Corporation (b) | 106 | 169 |
| GF Securities Co., Ltd. - Class A | 40 | 126 |
| GF Securities Co., Ltd. - Class H (c) | 68 | 155 |
| Giant Biogene Holding Co Ltd (c) | 37 | 159 |
| Giant Network Group Co., Ltd. - Class A | 7 | 43 |
| GigaDevice Semiconductor Inc. - Class A | 5 | 150 |
| Glodon Company Limited - Class A | 8 | 15 |
| Goertek Inc. - Class A | 21 | 87 |
| Goldwind Science & Technology Co., Ltd. - Class A | 25 | 73 |
| Goldwind Science & Technology Co., Ltd. - Class H | 60 | 104 |
| Gongniu Group Co., Ltd. - Class A | 5 | 30 |
| Great Wall Motor Company Limited - Class A | 18 | 57 |
| Great Wall Motor Company Limited - Class H | 202 | 397 |
| Greatwall Securities Co., Ltd. Beijing Haiying Road Stock Exchange - Class A | 31 | 45 |
| Gree Electric Appliances, Inc. of Zhuhai - Class A | 33 | 192 |
| Greenland Holding Group Co., Ltd. - Class A (b) | 99 | 23 |
| Guangdong Electric Power Development Co., Ltd - Class A | 34 | 22 |
| Guangdong Haid Group Co., Ltd. - Class A | 9 | 72 |
| Guangdong HEC Technology Holding Co., Ltd. - Class A (b) | 10 | 31 |
| Guangxi Guiguan Electric Power Co., Ltd. - Class A | 17 | 19 |
| Guangzhou Automobile Group Co., Ltd. - Class A | 30 | 34 |
| Guangzhou Automobile Group Co., Ltd. - Class H (c) | 254 | 134 |
| Guangzhou Baiyun International Airport Xianglong Restaurant - Class A | 21 | 28 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A | 5 | 20 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class H | 20 | 46 |
| Guangzhou Development Group Incorporated - Class A | 25 | 23 |
| Guangzhou Haige Communications Group Incorporated Company - Class A | 29 | 65 |
| Guangzhou Port Co., Ltd. - Class A | 18 | 8 |
| Guangzhou Shiyuan Electronic Technology Co., Ltd. - Class A | 7 | 41 |
| Guangzhou Tinci Materials Technology Co., Ltd. - Class A | 13 | 87 |
| Guangzhou Yuexiu Capital Holdings Group Co., Ltd. - Class A | 40 | 46 |
| Guming Holdings Limited | 58 | 185 |
| Guobo Electronics Co., Ltd. - Class A | 10 | 136 |
| Guolian Minsheng Securities Company Limited - Class A | 20 | 29 |
| Guosen Securities Co., Ltd. - Class A | 65 | 122 |
| Guotai Haitong Financial Holdings Limited - Class A | 112 | 330 |
| Guotai Haitong Financial Holdings Limited - Class H (a) | 202 | 432 |
| Guoxuan High-Tech Co., Ltd. - Class A | 14 | 76 |
| H World Group Limited | 147 | 696 |
| Haidilao International Holding Ltd. (a) (c) | 130 | 238 |
| Haier Smart Home Co., Ltd. - Class A | 40 | 150 |
| Haier Smart Home Co., Ltd. - Class H | 209 | 651 |
| Hainan Airport Infrastructure Co., Ltd - Class A | 91 | 69 |
| Haisco Pharmaceutical Group Co., Ltd. - Class A | 7 | 48 |
| Haitian International Holdings Limited | 93 | 264 |
| Hangzhou Bank Co., Ltd. - Class A | 40 | 87 |
| Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A | 30 | 43 |
| Hangzhou First Applied Material Co., Ltd. - Class A | 12 | 24 |
| Hangzhou Lion Microelectronics Co., Ltd. - Class A (b) | 6 | 29 |
| Hangzhou Oxygen Plant Group Co., Ltd. - Class A | 8 | 33 |
| Hangzhou Silan Microelectronics Co., Ltd. - Class A | 14 | 55 |
| Han's Laser Technology Industry Group Co., Ltd. - Class A | 11 | 63 |
| Hansoh Pharmaceutical Group Company Limited (a) | 92 | 425 |
| Haohua Chemical Science & Technology Corp., Ltd. - Class A | 7 | 32 |
| Harris County School District - Class A | 334 | 246 |
| Hebei Sinopack Electronic Technology Co., Ltd. - Class A | 2 | 22 |
| Hebei Yangyuan Zhihui Beverage Co., Ltd. - Class A | 11 | 45 |
| Hedy Holding Co., Ltd. - Class A | 105 | 111 |
| Heilongjiang Agriculture Company Limited - Class A | 1 | 1 |
| Henan Shenhuo Coal & Power Co., Ltd. - Class A | 21 | 81 |
| Henan Shuanghui Investment & Development Co., Ltd. - Class A | 21 | 79 |
| Hengan International Group Company Limited | 62 | 224 |
| Hengdian Group DMEGC Magnetics Co., Ltd. - Class A | 15 | 41 |
| Hengli Petrochemical (Dalian) Co., Ltd. - Class A | 27 | 86 |
| Hengsheng Chemical Industry Co., Ltd. - Class A | 11 | 51 |
| Hengtong Optic-Electric Co., Ltd. - Class A | 19 | 66 |
| Hengyi Petrochemical Co. Ltd - Class A | 39 | 59 |
| Himile Mechanical Science And Technology (Shandong) Co., Ltd. - Class A | 5 | 60 |
| Hisense (Guangdong) Kitchen & Bath System Co., Ltd. - Class A | 1 | 2 |
| Hisense (Guangdong) Kitchen & Bath System Co., Ltd. - Class H | 33 | 98 |
| Hisense Visual Technology Co., Ltd. - Class A | 13 | 44 |
| HLA Group Corp., Ltd. - Class A | 35 | 31 |
| Hongta Securities Co., Ltd. - Class A | 25 | 29 |
| Horizon Robotics (b) | 721 | 802 |
| Hoshizaki Corporation - Class A | 6 | 43 |
| Hua Hong Semiconductor Limited (a) (b) | 59 | 564 |
| Hua Xia Bank Co., Limited - Class A | 106 | 104 |
| Huaan Securities Co., Ltd. - Class A | 34 | 33 |
| Huadian Power International Corporation Limited - Class A | 86 | 61 |
| Huadian Power International Corporation Limited - Class H | 108 | 56 |
| Huadong Medicine Co., Ltd. - Class A | 9 | 50 |
| Huafon Chemical Co., Ltd. - Class A | 27 | 43 |
| Huagong Tech Company Limited - Class A | 6 | 66 |
| Huaibei Mining Co., Ltd. - Class A | 21 | 33 |
| Hualan Bioengineering Co., Ltd. - Class A | 2 | 5 |
| Huaneng Power International, Inc. - Class A | 97 | 104 |
| Huaneng Power International, Inc. - Class H | 344 | 253 |
| Huaqin Technology Co., Ltd. - Class A | 22 | 285 |
| Huatai Securities Co., Ltd. - Class A | 34 | 115 |
| Huatai Securities Co., Ltd. - Class H (a) | 127 | 306 |
| Huaxi Securities Co., Ltd. - Class A | 29 | 38 |
| Huaxin Building Materials Group Co., Ltd. - Class A | 15 | 52 |
| Huayu Automotive Systems Co., Ltd. - Class A | 14 | 40 |
| Hubei Energy Group Co., Ltd. - Class A | 52 | 34 |
| Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A | 9 | 34 |
| Hubei Xingfa Chemicals Group Co., Ltd. - Class A | 13 | 64 |
| Huizhou Desay SV Automotive Co., Ltd. - Class A | 2 | 41 |
| Hunan Valin Steel Co., Ltd. - Class A | 59 | 48 |
| Hundsun Technologies Inc. - Class A | 9 | 37 |
| Hwatsing Technology Co., Ltd. - Class A | 9 | 197 |
| Hygon Information Technology Co., Ltd. - Class A | 15 | 494 |
| Hytera Communications Corporation Limited - Class A (b) | 9 | 14 |
| iFlytek Co., Ltd. - Class A | 17 | 125 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Industrial and Commercial Bank of China Limited - Class A | 773 | 877 |
| Industrial and Commercial Bank of China Limited - Class H | 6583 | 5317 |
| Industrial Bank Co., Ltd. - Class A | 148 | 446 |
| Industrial Securities Co., Ltd. - Class A | 90 | 95 |
| Inner Mongolia Dian Tou Energy Corporation Limited - Class A | 10 | 40 |
| Inner Mongolia Eerduosi Resources Co., Ltd. - Class A | 14 | 25 |
| Inner Mongolia Eerduosi Resources Co., Ltd. - Class B | 12 | 13 |
| Inner Mongolia Junzheng Energy & Chemical Group Co., Ltd. - Class A | 40 | 28 |
| Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. - Class A | 58 | 37 |
| Inner Mongolia Xingye Silver&Tin Mining Co Ltd - Class A | 12 | 61 |
| Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 47 | 191 |
| Inner Mongolia Yitai Coal Co., Ltd. - Class B | 81 | 154 |
| Innovent Biologics, Inc. - Class B (a) (b) | 131 | 1292 |
| Inspur Electronic Information Industry Co., Ltd. - Class A | 12 | 110 |
| iRay Technology Company Limited - Class A | 2 | 27 |
| J&T Global Express Limited (b) | 552 | 742 |
| JA Solar Technology Co., Ltd. - Class A (b) | 22 | 36 |
| Jason Furniture (Hangzhou) Co., Ltd. - Class A | 7 | 31 |
| JCET Group Co., Ltd. - Class A | 17 | 90 |
| JCHX Mining Management Co., Ltd. - Class A | 6 | 61 |
| JD Health International Inc. (a) (b) | 91 | 651 |
| JD Logistics, Inc. (b) | 206 | 302 |
| JD.com, Inc. - Class A | 226 | 3262 |
| Jiangsu Eastern Shenghong Co., Ltd. - Class A (b) | 46 | 71 |
| Jiangsu Expressway Company Limited - Class A | 2 | 4 |
| Jiangsu Expressway Company Limited - Class H | 129 | 166 |
| Jiangsu Financial Leasing Co., Ltd. - Class A | 32 | 28 |
| Jiangsu Guoxin Corp., Ltd. - Class A | 16 | 17 |
| Jiangsu Hengli Hydraulic Technology Co., Ltd. - Class A | 7 | 116 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A | 44 | 378 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class H (b) (c) | 20 | 183 |
| Jiangsu King'S Luck Brewery Joint-Stock Co., Ltd. - Class A | 8 | 41 |
| Jiangsu NHWA Pharmaceutical Co., Ltd. - Class A | 10 | 33 |
| Jiangsu Pacific Quartz Co., Ltd. - Class A | 5 | 27 |
| Jiangsu Phoenix Publishing & Media Corporation Limited - Class A | 22 | 31 |
| Jiangsu Xinquan Auto Trim Co., Ltd. - Class A | 5 | 47 |
| Jiangsu Yanghe Distillery Co., Ltd. - Class A | 7 | 60 |
| Jiangsu Yangnong Chemical Co., Ltd. - Class A | 3 | 27 |
| Jiangsu Yoke Technology Co., Ltd. - Class A | 5 | 49 |
| Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. - Class A | 2 | 12 |
| Jiangsu Zhongtian Technology Co., Ltd. - Class A | 13 | 34 |
| Jiangxi Copper Company Limited - Class A | 12 | 96 |
| Jiangxi Copper Company Limited - Class H | 94 | 517 |
| Jinduicheng Molybdenum Group Co., Ltd. - Class A | 27 | 60 |
| Jinko Solar Co., Ltd. - Class A (b) | 66 | 53 |
| Jinneng Holding Shanxi Coal Industry Co., Ltd. - Class A | 13 | 25 |
| Jointown Pharmaceutical Group Co., Ltd. - Class A | 53 | 39 |
| Juneyao Airlines Co., Ltd. - Class A | 20 | 42 |
| Kanzhun Limited | 52 | 522 |
| KE Holdings Inc. | 190 | 1011 |
| Keboda Technology Co., Ltd. - Class A | 1 | 16 |
| Kingdee International Software Group Company Limited (b) | 249 | 424 |
| Kingfa Sci. & Tech. Co., Ltd. - Class A | 18 | 50 |
| Kingnet Network Co., Ltd. - Class A | 6 | 19 |
| Kingsoft Corp Ltd | 87 | 317 |
| Kuaishou Technology (a) | 247 | 2020 |
| Kuang-Chi Technologies Co., Ltd. - Class A | 17 | 118 |
| Kunlun Energy Company Limited | 354 | 338 |
| Kweichow Moutai Co., Ltd. - Class A | 8 | 1655 |
| Laopu Gold Co., Ltd. - Class H (a) | 4 | 318 |
| LB Group Co., Ltd. - Class A | 22 | 60 |
| Lenovo Group Limited | 555 | 657 |
| Levima Advanced Materials Corporation - Class A | 9 | 26 |
| Li Auto Inc. - Class A (b) (c) | 94 | 787 |
| Li Ning Company Limited | 207 | 496 |
| Liaoning Port Co., Ltd. - Class A | 185 | 42 |
| Lingyi Itech (Guangdong) Company - Class A | 38 | 85 |
| Livzon Pharmaceutical Group Inc. - Class A | 3 | 14 |
| Livzon Pharmaceutical Group Inc. - Class H | 11 | 38 |
| Longfor Group Holdings Limited (c) | 181 | 200 |
| LONGi Green Energy Technology Co., Ltd. - Class A (b) | 59 | 153 |
| Loongson Technology Corporation Limited - Class A (b) | 3 | 57 |
| Luxshare Precision Industry (Kunshan) Co., Ltd. - Class A | 45 | 366 |
| Luzhou Lao Jiao Vintage Co., Ltd. - Class A | 11 | 176 |
| Mao Geping Cosmetics Co., Ltd. - Class H (c) | 13 | 131 |
| Meinian Onehealth Healthcare Holdings Co., Ltd. - Class A | 42 | 32 |
| Meituan - Class B (a) (b) | 470 | 6224 |
| Metallurgical Corporation of China Ltd. - Class A | 127 | 54 |
| Metallurgical Corporation of China Ltd. - Class H | 215 | 51 |
| Midea Group Co., Ltd. - Class A | 47 | 525 |
| Midea Group Co., Ltd. - Class H (a) | 39 | 422 |
| Mingyang Smart Energy Group Co., Ltd. - Class A | 23 | 48 |
| Miniso Group Holding Ltd (e) | 37 | 171 |
| Minmetals Capital Company Limited - Class A | 40 | 32 |
| MIXUE Group - Class H (b) | 4 | 201 |
| Montage Technology Co., Ltd. - Class A | 8 | 130 |
| Muyuan Foods Co., Ltd. - Class A | 36 | 258 |
| Nangfang Science City Development Co., Ltd. - Class A | 14 | 47 |
| Nanjing Iron and Steel Co., Ltd. - Class A | 37 | 28 |
| Nanjing Securities Co., Ltd. - Class A | 23 | 26 |
| NARI Technology Co., Ltd. - Class A | 49 | 159 |
| National Silicon Industry Group Co., Ltd. - Class A (b) | 21 | 64 |
| Naura Technology Group Co., Ltd. - Class A | 4 | 284 |
| Navinfo Co., Ltd. - Class A (b) | 19 | 24 |
| NetEase Cloud Music Inc. (b) | 5 | 129 |
| NetEase, Inc. | 151 | 4162 |
| New China Life Insurance Company Ltd. - Class A | 11 | 106 |
| New China Life Insurance Company Ltd. - Class H | 87 | 605 |
| New Hope Liuhe Co., Ltd. - Class A | 17 | 22 |
| New Oriental Education & Technology Group Inc. (a) | 129 | 703 |
| Nexchip Semiconductor Corporation - Class A | 54 | 254 |
| Ninestar Corporation - Class A (b) | 12 | 34 |
| Ningbo Deye Technology Co., Ltd. - Class A | 4 | 46 |
| Ningbo Joyson Electronic Corp. - Class A | 10 | 45 |
| Ningbo Orient Wires & Cables Co., Ltd - Class A | 2 | 15 |
| Ningbo Sanxing Medical Electric Co., Ltd. - Class A | 9 | 30 |
| Ningbo Tuopu Group Co., Ltd. - Class A | 12 | 134 |
| Ningbo Zhoushan Port Group - Class A | 120 | 62 |
| Ningxia Baofeng Energy Group Co., Ltd. - Class A | 45 | 126 |
| NIO, Inc. - Class A (b) | 153 | 803 |
| Nongfu Spring Co., Ltd. - Class H (a) | 151 | 909 |
| Offshore Oil Engineering Co., Ltd. - Class A | 38 | 30 |
| OFILM Group Co., Ltd. - Class A (b) | 20 | 30 |
| OmniVision Integrated Circuits Group, Inc. - Class A | 8 | 150 |
| Oppein Home Group Inc. - Class A | 5 | 36 |
| Orient Securities Company Limited - Class A | 36 | 55 |
| Orient Securities Company Limited - Class H (a) (c) | 89 | 78 |
| Oriental Pearl Group Co., Ltd. - Class A | 33 | 47 |
| Pangang Group Steel Vanadium & Titanium Co., Ltd. - Class A (b) | 74 | 33 |
| PDD Holdings Inc. - ADR (b) | 67 | 7569 |
| People.cn Co., Ltd. - Class A | 9 | 23 |
| People's Insurance Company (Group) of China Limited, The - Class H | 767 | 664 |
| Perfect World Co., Ltd. - Class A | 22 | 52 |
| PetroChina Company Limited - Class H | 1895 | 2037 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PICC Property and Casualty Company Limited - Class H | 587 | 1232 |
| Ping An Bank Co., Ltd. - Class A | 143 | 234 |
| Ping An Insurance (Group) Company of China, Ltd. - Class A | 72 | 702 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 542 | 4533 |
| Pingdingshan Tianan Coal Mining Co., Ltd. - Class A | 15 | 17 |
| Piotech, Inc. - Class A | 2 | 85 |
| Poly Developments and Holdings Group Co., Ltd. - Class A | 96 | 84 |
| POP MART International Group Limited (a) | 58 | 1396 |
| Postal Savings Bank of China Co., Ltd. - Class H (a) | 758 | 518 |
| Power Construction Corporation of China - Class A | 116 | 86 |
| Proya Cosmetics Co., Ltd. - Class A | 4 | 34 |
| Qi An Xin Technology Group Inc. - Class A (b) | 6 | 33 |
| Qingdao Port International Co., Ltd. - Class A | 8 | 10 |
| Qingdao Port International Co., Ltd. - Class H (a) | 71 | 64 |
| Qinghai Salt Lake Industry Co., Ltd - Class A (b) | 24 | 96 |
| QuantuMcTek Co., Ltd - Class A (b) | 1 | 58 |
| Quzhou Xin'an Development Co., Ltd. - Class A (b) | 64 | 35 |
| Radio And Television Yuntong Group Co., Ltd - Class A | 25 | 50 |
| RemeGen Co., Ltd. - Class H (a) (b) | 16 | 148 |
| Rockchip Electronics Co., Ltd. - Class A | 2 | 46 |
| Rongsheng Petrochemical Co., Ltd. - Class A | 57 | 96 |
| S.F. Holding Co., Ltd. - Class A | 35 | 192 |
| S.F. Holding Co., Ltd. - Class H (c) | 7 | 32 |
| SAIC Motor Corporation Limited - Class A | 58 | 127 |
| Sailun Group Co., Ltd. - Class A | 26 | 59 |
| San'an Optoelectronics Co., Ltd - Class A | 48 | 97 |
| SANY Heavy Industry Co., Ltd. - Class A | 57 | 171 |
| Satellite Chemical Co., Ltd. - Class A | 14 | 35 |
| SDIC Capital Co., Ltd. - Class A | 53 | 58 |
| SDIC Power Holdings Co., Ltd. - Class A | 51 | 96 |
| Seazen Holdings Co., Ltd. - Class A (b) | 1 | 2 |
| Semiconductor Manufacturing Electronics (Shaoxing) Corporation. - Class A (b) | 223 | 214 |
| Seres Co., Ltd. - Class A | 10 | 169 |
| Shaanxi Coal Industry Company Limited - Class A | 58 | 178 |
| Shaanxi Energy Investment Co., Ltd. - Class A | 67 | 90 |
| Shandong Gold Group Co., Ltd. - Class A | 20 | 113 |
| Shandong Gold Group Co., Ltd. - Class H (a) (c) | 64 | 285 |
| Shandong Hi-Speed Group Co., Ltd. - Class A | 19 | 26 |
| Shandong Linglong Tyre Co., Ltd. - Class A | 14 | 29 |
| Shandong Nanshan Aluminium Co., Ltd. - Class A | 53 | 41 |
| Shandong Sun Paper Co., Ltd. - Class A | 22 | 50 |
| Shandong Weigao Group Medical Polymer Company Limited - Class H | 210 | 136 |
| Shanghai Aiko Solar Energy Co., Ltd. - Class A (b) | 13 | 24 |
| Shanghai Allist Pharmaceuticals Co., Ltd. - Class A | 3 | 45 |
| Shanghai Bairun Investment Holding Group Co., Ltd. - Class A | 10 | 30 |
| Shanghai Baosight Software Co., Ltd - Class A | 15 | 45 |
| Shanghai Baosight Software Co., Ltd - Class B | 58 | 59 |
| Shanghai BOCHU Electronic Technology Corporation Limited. - Class A | 2 | 43 |
| Shanghai Electric Group Company Limited - Class A (b) | 89 | 109 |
| Shanghai Electric Group Company Limited - Class H (b) (c) | 150 | 75 |
| Shanghai Electric Power Co., Ltd. - Class A | 12 | 35 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class A | 10 | 36 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class H | 47 | 118 |
| Shanghai Fudan Microelectronics Group Co., Ltd. - Class A | 5 | 54 |
| Shanghai Fudan Microelectronics Group Co., Ltd. - Class H | 21 | 123 |
| Shanghai International Airport Co., Ltd. - Class A | 16 | 75 |
| Shanghai International Port(Group) Co., Ltd - Class A | 34 | 26 |
| Shanghai Jiangong Tufang Construction Co., Ltd. - Class A | 5 | 2 |
| Shanghai Jin Jiang International Hotels Co., Ltd. - Class A | 10 | 36 |
| Shanghai Junshi Biosciences Co., Ltd. - Class A (b) | 6 | 30 |
| Shanghai Junshi Biosciences Co., Ltd. - Class H (a) (b) | 14 | 37 |
| Shanghai Lingang Holdings Co., Ltd. - Class A | 18 | 30 |
| Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class A | 19 | 21 |
| Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class B | 138 | 55 |
| Shanghai M&G Stationery Inc - Class A | 10 | 38 |
| Shanghai Moons' Electric Co., Ltd. - Class A | 3 | 26 |
| Shanghai Pharmaceuticals Holding Co., Ltd. - Class A | 15 | 39 |
| Shanghai Pharmaceuticals Holding Co., Ltd. - Class H | 55 | 81 |
| Shanghai Pudong Development Bank Co., Ltd. - Class A | 197 | 350 |
| Shanghai Putailai New Energy Technology Group Co., Ltd. - Class A | 8 | 32 |
| Shanghai RAAS blood products co., Ltd. - Class A | 67 | 61 |
| Shanghai Rural Commercial Bank Co., Ltd. - Class A | 55 | 73 |
| Shanghai United Imaging Healthcare Co., Ltd. - Class A | 5 | 97 |
| Shanghai Wingtech Electronics Technology Co., Ltd. - Class A (b) | 10 | 54 |
| Shanghai Yto Express Co., Ltd. Dalian Branch - Class A | 14 | 33 |
| Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. - Class A | 41 | 30 |
| Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. - Class A | 4 | 24 |
| Shanxi Coal International Energy Group Co., Ltd. - Class A | 18 | 25 |
| Shanxi Coking Coal Energy Group Co., Ltd. - Class A | 44 | 41 |
| Shanxi Lu'an Environmental Energy Dev.Co., Ltd. - Class A | 20 | 34 |
| Shanxi Xinghuacun Fenjiu Group., Ltd - Class A | 8 | 193 |
| Shede Spirits Co., Ltd. - Class A | 3 | 24 |
| Shenergy Company Limited - Class A | 43 | 48 |
| Shengyi Electronics Co., Ltd. - Class A (b) | 6 | 76 |
| Shengyi Technology Co., Ltd. - Class A | 16 | 158 |
| Shennan Circuits Co., Ltd. - Class A | 5 | 150 |
| Shenwan Hongyuan Group Co., Ltd. - Class A | 154 | 116 |
| Shenwan Hongyuan Group Co., Ltd. - Class H (a) | 184 | 72 |
| Shenzhen Energy Group Co., Ltd. - Class A | 34 | 31 |
| Shenzhen Envicool Technology Co., Ltd. - Class A | 6 | 98 |
| Shenzhen Goodix Technology Co., Ltd. - Class A | 4 | 45 |
| Shenzhen Huaqiang Information Industry Co., Ltd. - Class A | 5 | 17 |
| Shenzhen Jingwang Electronics Co., Ltd. - Class A | 6 | 63 |
| Shenzhen Kaifa Technology Co., Ltd. - Class A | 5 | 17 |
| Shenzhen Kedali Industry Co.Limited - Class A | 2 | 50 |
| Shenzhen Salubris Pharmaceuticals Co., Ltd. - Class A | 9 | 62 |
| Shenzhen SED Industry Co., Ltd. - Class A | 12 | 32 |
| Shenzhen Techwinsemi Technology Co., Ltd - Class A | 2 | 50 |
| Shenzhen Transsion Holdings Co., Ltd. - Class A | 9 | 83 |
| Shenzhou International Group Holdings Limited | 72 | 569 |
| Shijiazhuang Changshan Beiming Technology Co., Ltd. - Class A (b) | 8 | 24 |
| Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A | 18 | 43 |
| SICC Co., Ltd. - Class A (b) | 3 | 38 |
| Sichuan Biokin Pharmaceutical Co., Ltd. - Class A (b) | 6 | 258 |
| Sichuan Changhong Electric Co., Ltd. - Class A | 16 | 20 |
| Sichuan Chuantou Energy Co,.Ltd. - Class A | 27 | 53 |
| Sichuan Huafeng Technology Co., Ltd. - Class A (b) | 12 | 175 |
| Sichuan Kelun Pharmaceutical Co., Ltd. - Class A | 17 | 69 |
| Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. - Class H (b) | 3 | 146 |
| Sichuan New Energy Power Company Limited - Class A | 17 | 28 |
| Sichuan Road & Bridge (Group) Co., LTD - Class A | 44 | 63 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sieyuan Electric Co., Ltd. - Class A | 5 | 119 |
| Sinolink Securities Co., Ltd. - Class A | 23 | 30 |
| Sinoma International Engineering Co., Ltd. - Class A | 25 | 37 |
| Sinoma Science & Technology Co., Ltd. - Class A | 7 | 36 |
| Sinomach Heavy Equipment Group Co., Ltd. - Class A (b) | 48 | 33 |
| Sinomine Resource Group Co., Ltd. - Class A | 6 | 63 |
| Sinopec Oilfield Service Corporation - Class A (b) | 8 | 2 |
| Sinopec Shanghai Petrochemical Company Limited - Class A | 40 | 16 |
| Sinopec Shanghai Petrochemical Company Limited - Class H | 390 | 69 |
| Sinopharm Group Co. Ltd. - Class H | 124 | 311 |
| Sinotrans Limited - Class A | 51 | 44 |
| Sinotrans Limited - Class H | 106 | 66 |
| Sinotruk (Hong Kong) Limited | 55 | 195 |
| SKSHU Paint Co., Ltd. - Class A | 6 | 43 |
| Skyverse Technology Co., Ltd. - Class A (b) | 9 | 201 |
| Smoore International Holdings Limited (a) | 154 | 236 |
| Soochow Securities Company Limited - Class A | 55 | 72 |
| Southwest Securities Co., Ltd. - Class A | 13 | 8 |
| SPIC Industry-Finance Holdings Co., Ltd - Class A | 23 | 21 |
| Spring Airlines Co., Ltd. - Class A | 3 | 25 |
| Starpower Semiconductor Ltd. - Class A | 2 | 33 |
| State Grid Yingda Co., Ltd. - Class A | 39 | 33 |
| Sunny Optical Technology (Group) Company Limited (c) | 63 | 529 |
| Sunshine City Group Co., Ltd. - Class A | 31 | 22 |
| Sunshine Guojian Pharmaceutical (Shanghai) Co., Ltd. - Class A | 8 | 71 |
| Suzhou Centec Communications Co Ltd. - Class A (b) | 8 | 170 |
| Suzhou Dongshan Precision Manufacturing Co., Ltd. - Class A | 12 | 148 |
| TAL Education Group - Class A - ADR (b) | 39 | 429 |
| Talkweb Information System Co., Ltd. - Class A (b) | 10 | 46 |
| Tasly Pharmaceutical Group Co., Ltd. - Class A | 13 | 28 |
| TBEA Co., Ltd. - Class A | 39 | 123 |
| TCL Technology Group Corporation - Class A | 164 | 106 |
| TCL Zhonghuan Renewable Energy Technology Co., Ltd. - Class A (b) | 3 | 3 |
| Tencent Holdings Limited | 539 | 41477 |
| Tencent Music Entertainment Group | 103 | 913 |
| The Pacific Securities Co., Ltd - Class A (b) | 46 | 27 |
| Tianfeng Securities Co., Ltd. - Class A (b) | 58 | 35 |
| Tianjin Zhongxin Pharmaceutical Group Co., Ltd. | 20 | 67 |
| Tianjin Zhongxin Pharmaceutical Group Co., Ltd. - Class A | 6 | 40 |
| Tianma Microelectronics Co., Ltd. - Class A (b) | 29 | 37 |
| Tianneng Battery Group Co., Ltd - Class A | 4 | 17 |
| Tianqi Lithium Industry Co., Ltd - Class A (b) | 6 | 47 |
| Tianqi Lithium Industry Co., Ltd - Class H (b) | 13 | 88 |
| Tianshan Aluminum Group Co., Ltd. - Class A | 37 | 86 |
| Tianshan Material Co., Ltd. - Class A (b) | 30 | 23 |
| Tianshui Huatian Technology Co., Ltd. - Class A | 30 | 47 |
| Tingyi (Cayman Islands) Holding Corp. | 171 | 258 |
| Tongfu Microelectronics Co., Ltd. - Class A | 12 | 64 |
| Tongkun Group Co., Ltd. - Class A | 16 | 39 |
| Tongling Nonferrous Metals Group Co., Ltd. - Class A | 85 | 73 |
| Tongwei Co., Ltd - Class A (b) | 32 | 93 |
| Trina Solar Co., Ltd. - Class A (b) | 15 | 35 |
| Trip.com Group Limited | 50 | 3586 |
| Tsinghua Tongfang Co., Ltd. - Class A (b) | 32 | 41 |
| Tsingtao Brewery Co., Ltd. - Class A | 5 | 46 |
| Tsingtao Brewery Co., Ltd. - Class H | 58 | 363 |
| Ubtech Robotics Corp Ltd - Class H (b) | 20 | 332 |
| Unigroup Guoxin Microelectronics Co., Ltd. - Class A (d) | 5 | 56 |
| Uni-President China Holdings Ltd (c) | 105 | 110 |
| Unisplendour Corporation Limited - Class A | 14 | 49 |
| Universal Scientific Industrial (Shanghai) Co., Ltd. - Class A | 17 | 72 |
| Verisilicon Microelectronics (Shanghai) Co., Ltd. - Class A (b) | 2 | 48 |
| Vipshop (China) Co., Ltd - ADR | 27 | 481 |
| Wanda Film Holding Co., Ltd. - Class A (b) | 19 | 31 |
| Wanhua Chemical Group Co., Ltd. - Class A | 19 | 210 |
| Want Want China Holdings Limited | 393 | 235 |
| Weichai Power Co., Ltd. - Class A | 48 | 119 |
| Weichai Power Co., Ltd. - Class H | 163 | 394 |
| Western Mining Co., Ltd. - Class A | 23 | 91 |
| Western Securities Co., Ltd. - Class A | 16 | 18 |
| Western Superconducting Technologies Co., Ltd. - Class A | 6 | 69 |
| Wintime Energy Co., Ltd. - Class A (b) | 143 | 32 |
| Wolong Electric Group Co., Ltd. - Class A | 11 | 74 |
| Wuchan Zhongda Group Co., Ltd. - Class A | 44 | 35 |
| Wuhan Dameng Database Co., Ltd. - Class A | 4 | 141 |
| Wuhan Guide Infrared Co., Ltd. - Class A (b) | 17 | 35 |
| Wuliangye Yibin Co., Ltd. - Class A | 27 | 403 |
| WUS Printed Circuit (Kunshan) Co., Ltd. - Class A | 11 | 113 |
| WuXi AppTec Co., Ltd. - Class A | 15 | 200 |
| WuXi AppTec Co., Ltd. - Class H (a) | 36 | 453 |
| Wuzhou Minovo Co., Ltd. - Class A | 20 | 29 |
| XCMG Construction Machinery Co., Ltd. - Class A | 77 | 127 |
| Xiamen Amoytop Biotech Co., Ltd. - Class A | 3 | 37 |
| Xiamen C&D Inc. - Class A | 28 | 37 |
| Xiamen Faratronic Co., Ltd. - Class A | 2 | 27 |
| Xiamen Tungsten Co., Ltd. - Class A | 12 | 73 |
| Xiaomi Corporation (a) (b) | 1481 | 7461 |
| Xinjiang Daqo New Energy Co. Ltd. - Class A (b) | 15 | 58 |
| Xinyi Solar Holdings Limited | 492 | 187 |
| XPeng Inc. - Class A (b) | 108 | 1091 |
| XtalPi Holdings Limited (b) (c) | 204 | 249 |
| Yadea Group Holdings Ltd (a) | 108 | 158 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 239 | 648 |
| Yankuang Energy Group Company Limited - Class A | 28 | 52 |
| Yankuang Energy Group Company Limited - Class H | 301 | 372 |
| Yantai Jereh Oilfield Service Group Co., Ltd. - Class A | 8 | 81 |
| Yifeng Pharmacy Chain Co., Ltd. - Class A | 1 | 3 |
| Yongan Futures Co., Ltd. - Class A | 5 | 11 |
| Yonghui Superstores Co., Limited - Class A (b) | 67 | 45 |
| Youngor Group Co., Ltd. - Class A | 12 | 12 |
| Yuanjie Semiconductor Technology Co., Ltd. - Class A | 2 | 220 |
| Yum China Holdings, Inc. | 31 | 1469 |
| YUNDA Holding Group Co., Ltd. - Class A | 29 | 28 |
| Yunnan Aluminium Co,Ltd. - Class A | 26 | 121 |
| Yunnan Baiyao Industrial Co., Ltd. - Class A | 9 | 71 |
| Yunnan Chihong Zinc And Germanium Co., Ltd. - Class A | 44 | 46 |
| Yunnan Energy New Material Co., Ltd. - Class A (b) | 4 | 31 |
| Yunnan Yuntianhua Co., Ltd. - Class A | 16 | 77 |
| Yutong Bus Co., Ltd. - Class A | 19 | 90 |
| Zangge Mining Company Limited - Class A | 13 | 154 |
| Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. - Class A | 5 | 109 |
| Zhaojin Mining Industry Co., Ltd. - Class H | 150 | 592 |
| Zhejiang China Commodities City Group Co., Ltd. - Class A | 37 | 84 |
| Zhejiang Chint Electric Co., Ltd. - Class A | 8 | 32 |
| Zhejiang Dahua Technology Co., Ltd. - Class A | 11 | 28 |
| Zhejiang Dingli Machinery Co., Ltd. - Class A | 4 | 32 |
| Zhejiang Grandwall Electric Science&Technology Co., Ltd. - Class A (b) | 13 | 27 |
| Zhejiang Huahai Pharmaceutical Co., Ltd. - Class A | 16 | 38 |
| Zhejiang Huayou Cobalt Co., Ltd. - Class A | 12 | 113 |
| Zhejiang Juhua Co., Ltd. - Class A | 14 | 74 |
| Zhejiang Leapmotor Technology Co., Ltd. - Class H (b) | 60 | 376 |
| Zhejiang Longsheng Group Co., Ltd. - Class A | 24 | 36 |
| Zhejiang NHU Company Ltd. - Class A | 31 | 113 |
| Zhejiang Rongtai Electric Material Co., Ltd. - Class A | 10 | 160 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. - Class A | 25 | 193 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. - Class H (b) | 39 | 191 |
| Zhejiang SUPCON Technology Co., Ltd. - Class A | 7 | 53 |
| Zhejiang Supor Co., Ltd. - Class A | 6 | 35 |
| Zhejiang Wanfeng Auto Wheel Co., Ltd. - Class A | 24 | 55 |
| Zhejiang Weiming Environment Protection Co., Ltd. - Class A | 3 | 10 |
| Zhejiang Zheneng Electric Power Co., Ltd - Class A | 59 | 42 |
| Zheshang Securities Co., Ltd. - Class A | 38 | 59 |
| Zhongjin Gold Corporation Limited - Class A | 38 | 127 |
| Zhongsheng Group Holdings Limited | 45 | 66 |
| Zhongtai Securities Co., Ltd. - Class A | 24 | 22 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class A |  | 4 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class H | 42 | 202 |
| Zijin Mining Group Co., Ltd. - Class A | 137 | 674 |
| Zijin Mining Group Co., Ltd. - Class H | 494 | 2260 |
| ZJLD Group Inc. (c) | 49 | 54 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A | 42 | 52 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H (c) | 158 | 158 |
| ZTE Corporation - Class A | 24 | 130 |
| ZTE Corporation - Class H (c) | 68 | 237 |
| ZTO Express (Cayman) Inc. (a) | 36 | 753 |
| | | 259461 |
| **Taiwan 19.8%** | **Taiwan 19.8%** | **Taiwan 19.8%** |
| Accton Technology Corporation | 46 | 1738 |
| Advantech Co., Ltd. | 45 | 415 |
| Airtac International Group | 12 | 351 |
| Alchip Technologies, Limited | 7 | 782 |
| ASE Technology Holding Co., Ltd. | 299 | 2378 |
| Asia Cement Corporation | 205 | 243 |
| Asia Vital Components Co., Ltd. | 29 | 1391 |
| ASUSTeK Computer Inc. | 62 | 1077 |
| Cathay Financial Holding Co., Ltd. | 845 | 2030 |
| Chailease Holding Company Limited | 145 | 485 |
| Chang Hwa Commercial Bank, Ltd. | 612 | 398 |
| China Steel Corporation | 1000 | 604 |
| Chroma ATE Inc. | 34 | 836 |
| Chunghwa Telecom Co., Ltd. | 339 | 1409 |
| Compal Electronics, Inc. | 352 | 341 |
| CTBC Financial Holding Co., Ltd. | 1656 | 2641 |
| Delta Electronics, Inc. | 168 | 5134 |
| E Ink Holdings Inc. | 83 | 523 |
| E. Sun Financial Holding Company, Ltd. | 1386 | 1489 |
| Elite Material Co., Ltd. | 27 | 1415 |
| eMemory Technology Inc. | 6 | 330 |
| EVA Airways Corporation | 247 | 287 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 98 | 592 |
| Far Eastern New Century Corporation | 316 | 279 |
| Far EasTone Telecommunications Co., Ltd. | 160 | 449 |
| First Financial Holding Co., Ltd. | 1009 | 943 |
| Formosa Chemicals & Fibre Corporation | 387 | 394 |
| Formosa Petrochemical Corporation | 117 | 178 |
| Formosa Plastics Corporation | 422 | 523 |
| Fortune Electric Co., Ltd. | 25 | 599 |
| Fubon Financial Holding Co., Ltd. | 773 | 2354 |
| Giga-Byte Technology Co., Ltd. | 54 | 428 |
| Global Unichip Corp. | 8 | 543 |
| GlobalWafers Co., Ltd. | 23 | 297 |
| Hon Hai Precision Industry Co., Ltd. | 1058 | 7831 |
| Hotai Motor Co., Ltd. | 43 | 748 |
| Hua Nan Financial Holdings Co., Ltd. | 909 | 896 |
| International Games System Co., Ltd. | 24 | 552 |
| Inventec Corporation | 271 | 370 |
| Jentech Precision Industrial Co., Ltd. | 8 | 700 |
| KGI Financial Holding Co., Ltd. | 1408 | 771 |
| King Slide Works Co., Ltd. | 7 | 834 |
| Largan Precision Co., Ltd. | 6 | 477 |
| Lite-On Technology Corporation | 195 | 1015 |
| Lotes Co., Ltd. | 8 | 329 |
| MediaTek Inc. | 135 | 6128 |
| Mega Financial Holdings Co., Ltd. | 1028 | 1306 |
| Nan Ya Plastics Corporation | 490 | 940 |
| Nan Ya Technology Corporation (b) | 105 | 647 |
| Novatek Microelectronics Corporation | 52 | 618 |
| PEGATRON Corporation | 181 | 395 |
| PharmaEssentia Corp. | 28 | 415 |
| Phison Electronics Corporation | 16 | 740 |
| Powertech Technology Inc. | 64 | 353 |
| President Chain Store Corporation | 47 | 331 |
| Quanta Computer Inc. | 255 | 2200 |
| Realtek Semiconductor Corporation | 42 | 653 |
| Shanghai Commercial & Savings Bank, Ltd., The | 367 | 473 |
| SinoPac Financial Holdings Company Limited | 1057 | 961 |
| Taiwan Business Bank, Ltd. | 600 | 305 |
| Taiwan Cooperative Bank, Ltd. | 1023 | 791 |
| Taiwan High Speed Rail Corporation | 130 | 116 |
| Taiwan Mobile Co., Ltd. | 125 | 432 |
| Taiwan Semiconductor Manufacturing Company Limited | 2131 | 105135 |
| TECO Electric & Machinery Co., Ltd. | 133 | 356 |
| Tripod Technology Corporation | 46 | 467 |
| TS Financial Holding Co., Ltd. | 2075 | 1346 |
| Unimicron Technology Corp. | 123 | 861 |
| Uni-President Enterprises Corp. | 424 | 1039 |
| United Microelectronics Corporation | 1089 | 1704 |
| Vanguard International Semiconductor Corporation | 94 | 275 |
| Walsin Lihwa Corporation | 274 | 278 |
| Wan Hai Lines Ltd. | 122 | 307 |
| Wistron Corporation | 277 | 1327 |
| Wiwynn Corporation | 10 | 1429 |
| WT Microelectronics Co., Ltd. | 62 | 270 |
| Yageo Corporation | 172 | 1263 |
| Yang Ming Marine Transport Corporation | 170 | 301 |
| Yuanta Financial Holding Co., Ltd | 1114 | 1391 |
| Zhen Ding Technology Holding Limited | 53 | 240 |
|  |  | 184192 |
| **India 16.7%** | **India 16.7%** | **India 16.7%** |
| ABB India Limited | 3 | 192 |
| ACC Limited | 7 | 133 |
| Adani Energy Solutions Limited (b) | 31 | 357 |
| Adani Enterprises Limited | 31 | 762 |
| Adani Gas Limited | 19 | 122 |
| Adani Green Energy (UP) Limited (b) | 34 | 387 |
| Adani Ports and Special Economic Zone Limited | 81 | 1326 |
| Adani Power Limited (b) | 487 | 772 |
| Aditya Birla Capital Limited (b) | 70 | 279 |
| Alkem Laboratories Limited | 6 | 374 |
| Ambuja Cements Limited | 69 | 428 |
| Apollo Hospitals Enterprise Limited | 10 | 752 |
| Ashok Leyland Limited | 265 | 527 |
| Asian Paints Limited | 65 | 2013 |
| Astral Limited | 11 | 171 |
| AU Small Finance Bank Limited (a) | 46 | 512 |
| Aurobindo Pharma Ltd | 27 | 352 |
| Avenue Supermarts Limited (a) (b) | 15 | 621 |
| AWL Agri Business Limited (b) | 26 | 70 |
| Axis Bank Limited | 204 | 2876 |
| Bajaj Auto Limited | 6 | 636 |
| Bajaj Finance Limited | 251 | 2737 |
| Bajaj Finserv Limited | 32 | 727 |
| Bajaj Holdings & Investment Limited. | 2 | 314 |
| Bajaj Housing Finance Limited (b) | 79 | 83 |
| Balkrishna Industries Limited | 7 | 176 |
| Bank of Baroda | 86 | 281 |
| Bank of India | 89 | 142 |
| Berger Paints India Limited | 21 | 122 |
| Bharat Electronics Limited | 318 | 1411 |
| Bharat Forge Ltd | 26 | 433 |
| Bharat Heavy Electricals Limited | 114 | 364 |
| Bharat Petroleum Corporation Limited | 171 | 732 |
| Bharti Airtel Limited | 249 | 5828 |
| Bharti Hexacom Limited | 7 | 133 |
| Biocon Limited | 54 | 234 |
| Bosch Limited | 1 | 304 |
| Britannia Industries Ltd | 12 | 795 |
| Canara Bank | 167 | 288 |
| CG Power and Industrial Solutions Limited | 58 | 419 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cholamandalam Investment and Finance Company Limited | 38 | 714 |
| Cipla Limited | 50 | 846 |
| Coal India Ltd Govt Of India Undertaking | 203 | 902 |
| Colgate-Palmolive (India) Limited | 12 | 276 |
| Container Corporation | 30 | 175 |
| Coromandel International Limited | 11 | 282 |
| CRISIL Limited | 2 | 82 |
| Cummins India Limited | 12 | 603 |
| Dabur India Limited | 59 | 332 |
| Divis Laboratories Limited | 12 | 874 |
| Dixon Technologies (India) Limited | 3 | 403 |
| DLF Limited | 70 | 535 |
| Dr. Reddy's Laboratories Limited | 53 | 749 |
| Eicher Motors Limited | 14 | 1129 |
| Eternal Limited (b) | 403 | 1244 |
| Fortis Healthcare Limited | 42 | 410 |
| FSN E-Commerce Ventures Private Limited (b) | 108 | 317 |
| GAIL (India) Limited | 259 | 494 |
| GE Vernova T&D India Limited | 11 | 394 |
| GMR Airports Limited (b) | 249 | 289 |
| Godrej Consumer Products Limited | 38 | 521 |
| Godrej Properties Limited (b) | 12 | 272 |
| Grasim Industries Ltd | 34 | 1082 |
| Havells India Limited | 21 | 325 |
| HCL Technologies Limited | 91 | 1642 |
| HDB Financial Services Limited (b) | 16 | 140 |
| HDFC Asset Management Company Limited | 18 | 531 |
| HDFC Bank Limited | 992 | 10909 |
| HDFC Life Insurance Company Limited (a) | 87 | 729 |
| Hero MotoCorp Limited | 12 | 758 |
| Hexaware Technologies Limited | 10 | 87 |
| Hindalco Industries Limited | 129 | 1274 |
| Hindustan Aeronautics Limited | 17 | 836 |
| Hindustan Petroleum Corporation Limited | 88 | 488 |
| Hindustan Unilever Limited | 75 | 1922 |
| Hindustan Zinc Limited | 35 | 240 |
| Hitachi Energy India Limited | 1 | 239 |
| Hyundai Motor India Limited | 13 | 331 |
| ICICI Bank Limited | 461 | 6873 |
| ICICI Lombard General Insurance Company Limited (a) | 21 | 463 |
| ICICI Prudential Life Insurance Company Limited (a) | 35 | 263 |
| IDFC First Bank Limited | 560 | 532 |
| Indian Bank | 26 | 239 |
| Indian Hotels Company Limited, The | 82 | 671 |
| Indian Oil Corporation Limited | 351 | 650 |
| Indian Railway Catering And Tourism Corporation Limited | 26 | 196 |
| Indian Railway Finance Corporation Limited | 161 | 223 |
| Indian Renewable Energy Development Agency Limited (b) | 57 | 88 |
| Indraprastha Gas Limited | 63 | 136 |
| Indus Towers Limited (b) | 117 | 547 |
| IndusInd Bank Ltd. (b) | 52 | 502 |
| Info Edge (India) Limited | 32 | 470 |
| Infosys Limited | 358 | 6389 |
| Interglobe Aviation Limited (a) | 16 | 895 |
| ITC Hotels Limited (b) | 87 | 191 |
| ITC Limited | 260 | 1166 |
| Jindal Stainless Limited | 36 | 337 |
| Jindal Steel Limited | 23 | 271 |
| Jio Financial Services Limited | 270 | 883 |
| JSW Energy Limited | 57 | 305 |
| JSW Infrastructure Limited | 36 | 114 |
| JSW Steel Limited | 115 | 1484 |
| Jubilant Foodworks Limited | 34 | 213 |
| Kalyan Jewellers India Limited | 40 | 214 |
| Kotak Mahindra Bank Limited | 98 | 2389 |
| Kwality Walls India Ltd. (b) (d) | 82 | 37 |
| L&T Finance Holdings Limited | 59 | 205 |
| L&T Technology Services Limited | 3 | 124 |
| Larsen and Toubro Limited | 59 | 2667 |
| LG Electronics India Ltd. (b) | 5 | 90 |
| Linde India Limited | 2 | 120 |
| Lloyds Metals and Energy Limited | 13 | 187 |
| Lodha Developers Limited | 24 | 279 |
| LTIMindtree Limited (a) | 8 | 541 |
| Lupin Limited | 22 | 527 |
| Mahindra and Mahindra Limited | 86 | 3565 |
| Mankind Pharma Limited | 10 | 254 |
| Marico Limited | 56 | 464 |
| Maruti Suzuki India Limited | 11 | 2083 |
| Max Healthcare Institute Limited | 59 | 685 |
| Mazagon Dock Shipbuilders Limited | 6 | 165 |
| Motilal Oswal Financial Services Limited | 17 | 158 |
| Mphasis Limited | 10 | 309 |
| MRF Limited |  | 483 |
| Muthoot Finance Limited | 9 | 382 |
| Nestle India Limited | 59 | 837 |
| NHPC Limited | 296 | 261 |
| NMDC Limited | 305 | 282 |
| NTPC Green Energy Limited (b) | 75 | 79 |
| NTPC Limited | 427 | 1564 |
| Oberoi Realty Limited | 9 | 176 |
| Oil and Natural Gas Corporation Limited | 372 | 991 |
| Oil India Limited | 55 | 257 |
| One 97 Communications Limited (b) | 28 | 406 |
| Oracle Financial Services Software Limited | 2 | 168 |
| Page Industries Limited | 1 | 243 |
| Patanjali Foods Limited | 31 | 185 |
| PB Fintech Limited (b) | 32 | 640 |
| Persistent Systems Limited | 10 | 699 |
| Petronet LNG Limited | 67 | 213 |
| Phoenix Mills Limited, The | 18 | 373 |
| PI Industries Limited | 9 | 318 |
| Pidilite Industries Limited | 46 | 756 |
| Polycab India Limited | 6 | 471 |
| Power Finance Corporation Limited | 118 | 467 |
| Power Grid Corporation of India Limited | 410 | 1204 |
| Premier Energies Limited | 8 | 77 |
| Prestige Estates Projects Limited | 16 | 290 |
| Procter & Gamble Hygiene and Health Care Limited | 1 | 138 |
| Punjab National Bank | 201 | 277 |
| Rail Vikas Nigam Limited | 51 | 202 |
| REC Limited | 102 | 406 |
| Reliance Industries Limited | 637 | 11124 |
| Samvardhana Motherson International Limited | 373 | 497 |
| SBI Cards And Payment Services Limited | 25 | 236 |
| SBI Life Insurance Company Limited (a) | 37 | 837 |
| Schaeffler India Limited | 4 | 165 |
| Shree Cement Limited | 1 | 415 |
| Shriram Finance Limited | 114 | 1265 |
| Siemens Energy India Limited | 7 | 201 |
| Siemens Limited | 8 | 277 |
| Solar Industries Limited | 2 | 308 |
| Sona BLW Precision Forgings Limited | 33 | 178 |
| SRF Limited | 11 | 373 |
| State Bank of India | 157 | 1720 |
| Steel Authority of India Limited | 115 | 187 |
| Sun Pharma Advanced Research Company Limited | 100 | 1912 |
| Sundaram Finance Limited | 9 | 547 |
| Supreme Industries Limited, The | 6 | 223 |
| Suzlon Energy Limited (b) | 1063 | 622 |
| Swiggy Limited (b) | 28 | 122 |
| Tata Communications Limited | 11 | 218 |
| Tata Consultancy Services Limited | 88 | 3147 |
| Tata Consumer Products Limited | 59 | 779 |
| Tata Elxsi Limited | 3 | 174 |
| Tata Motors Passenger Vehicles Limited | 192 | 781 |
| Tata Power Company Limited, The | 154 | 649 |
| Tata Steel Limited | 716 | 1432 |
| Tech Mahindra Limited | 57 | 999 |
| Thermax Limited. | 3 | 107 |
| Titan Company Limited | 37 | 1648 |
| Torrent Pharmaceuticals Ltd | 10 | 438 |
| Torrent Power Limited | 18 | 258 |
| Trent Limited | 16 | 772 |
| Tube Investments of India Limited | 11 | 311 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TVS Motor Company Limited | 21 | 888 |
| UltraTech Cement Limited | 11 | 1445 |
| Union Bank of India | 136 | 233 |
| United Breweries Limited | 6 | 103 |
| United Spirits Limited | 28 | 451 |
| UNO Minda Limited | 20 | 288 |
| UPL Limited | 46 | 403 |
| Varun Beverages Limited | 115 | 626 |
| Vedanta Limited | 148 | 995 |
| Vishal Mega Mart Limited (b) | 96 | 145 |
| Vodafone Idea Limited (b) | 2674 | 321 |
| Voltas Limited | 22 | 333 |
| Waaree Energies Limited | 3 | 101 |
| Wipro Limited | 280 | 819 |
| Yes Bank Limited (b) | 1848 | 444 |
| Zydus Lifesciences Limited | 20 | 202 |
| | | 155289 |
| **South Korea 12.4%** | **South Korea 12.4%** | **South Korea 12.4%** |
| ALTEOGEN Inc. (b) | 4 | 1127 |
| Amorepacific Corporation | 3 | 213 |
| Celltrion Inc. | 13 | 1681 |
| Coway Co., Ltd. | 5 | 278 |
| DB Insurance Co., Ltd. | 4 | 340 |
| Doosan Bobcat Inc. | 5 | 185 |
| Doosan Corporation | 1 | 384 |
| Doosan Enerbility Co., Ltd. (b) | 40 | 2098 |
| EcoPro BM Co., Ltd. (b) | 4 | 432 |
| Ecopro Co., Ltd | 9 | 548 |
| Hana Financial Group Inc. | 25 | 1609 |
| Hanjin Kal Co., Ltd. | 2 | 187 |
| Hankook Tire & Technology Co., Ltd. | 6 | 261 |
| HANMI Semiconductor Co., Ltd. | 4 | 361 |
| Hanwha Aerospace Co., Ltd. | 3 | 2038 |
| Hanwha Ocean Co., Ltd. (b) | 10 | 793 |
| HD Hyundai Co., Ltd. | 4 | 496 |
| HD Hyundai Electric Co., Ltd. | 2 | 1072 |
| HD Hyundai Heavy Industries Co., Ltd. | 3 | 934 |
| HD Hyundai Marine Solution Co., Ltd. | 1 | 100 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 4 | 1164 |
| HLB Co., Ltd. (b) | 11 | 382 |
| HMM Co., Ltd. | 26 | 364 |
| HYBE Co., Ltd. | 2 | 446 |
| Hyosung Heavy Industries Co., Ltd. |  | 519 |
| Hyundai Glovis Co., Ltd. | 3 | 399 |
| Hyundai Mobis Co., Ltd. | 5 | 1409 |
| Hyundai Motor Company | 13 | 2599 |
| Hyundai Rotem Company | 6 | 847 |
| Industrial Bank of Korea | 21 | 305 |
| Kakao Corp. | 28 | 1155 |
| Kakao Pay Corp. (b) | 2 | 66 |
| KakaoBank Corp. | 32 | 472 |
| KB Financial Group Inc. | 31 | 2675 |
| KIA Corporation | 21 | 1753 |
| Korea Aerospace Industries, Ltd. | 7 | 526 |
| Korea Electric Power Corp | 23 | 750 |
| Korea Investment Holdings Co., Ltd. | 4 | 423 |
| Korea Zinc Co., Ltd. | 1 | 869 |
| Korean Air Lines Co., Ltd. | 17 | 257 |
| Krafton, Inc. (b) | 3 | 452 |
| KT&G Corporation | 9 | 859 |
| LG Chem, Ltd. | 4 | 929 |
| LG CNS Co., Ltd. | 3 | 120 |
| LG Corp. | 9 | 519 |
| LG Display Co., Ltd. (b) | 28 | 226 |
| LG Electronics Inc. | 8 | 523 |
| LG Energy Solution Ltd. (b) | 4 | 978 |
| LG Uplus Corp. | 18 | 188 |
| LS ELECTRIC Co., Ltd. | 1 | 426 |
| Meritz Financial Group Inc. | 7 | 569 |
| Mirae Asset Securities Co., Ltd. | 17 | 270 |
| NAVER Corporation | 13 | 2173 |
| NH Investment & Securities Co., Ltd. | 12 | 180 |
| POSCO Future M Co., Ltd. (b) | 3 | 403 |
| POSCO Holdings Inc. | 6 | 1256 |
| Posco International Corporation | 4 | 144 |
| Samsung Biologics Co., Ltd. (b) | 1 | 1215 |
| Samsung C&T Corporation | 7 | 1212 |
| Samsung Electro-Mechanics Co., Ltd. | 5 | 869 |
| Samsung Electronics Co., Ltd. | 431 | 35690 |
| Samsung Fire & Marine Insurance Co., Ltd. | 3 | 886 |
| Samsung Heavy Industries Co., Ltd (b) | 60 | 1007 |
| Samsung Life Insurance Co., Ltd. | 9 | 958 |
| Samsung SDI Co., Ltd. | 5 | 976 |
| Samsung SDS Co., Ltd. | 3 | 405 |
| Samsung Securities Co., Ltd. | 5 | 274 |
| Shinhan Financial Group Co., Ltd. | 39 | 2087 |
| SK Biopharmaceuticals Co., Ltd. (b) | 3 | 231 |
| SK Hynix Inc. | 48 | 21763 |
| SK Inc. | 3 | 568 |
| SK Innovation Co., Ltd. | 6 | 400 |
| SK Square Co., Ltd. (b) | 7 | 1869 |
| SK Telecom Co., Ltd. | 9 | 349 |
| S-Oil Corporation | 4 | 210 |
| Woori Financial Group Inc. | 58 | 1127 |
| Yuhan Corporation | 5 | 383 |
|  |  | 115211 |
| **South Africa 3.2%** | **South Africa 3.2%** | **South Africa 3.2%** |
| ABSA Group | 75 | 1086 |
| Bid Corporation | 23 | 587 |
| Bidvest Group, The | 30 | 428 |
| Capitec Bank Holdings | 9 | 2167 |
| Clicks Group | 21 | 427 |
| Discovery | 47 | 639 |
| FirstRand Limited | 489 | 2678 |
| Gold Fields Limited | 80 | 3443 |
| Harmony Gold Mining Company | 49 | 989 |
| Impala Platinum Holdings Limited | 76 | 1202 |
| Kumba Iron Ore Ltd (a) | 5 | 113 |
| Mr Price Group | 21 | 219 |
| MTN Group | 152 | 1546 |
| Naspers Limited - Class N | 68 | 4545 |
| Nedbank Group Limited | 41 | 659 |
| Northam Platinum Limited | 31 | 629 |
| OM Residual UK Ltd | 385 | 345 |
| Pepkor Holdings (a) | 172 | 275 |
| Rand Merchant Investment Holdings Limited | 82 | 354 |
| Remgro | 47 | 515 |
| Sanlam | 161 | 956 |
| Shoprite Holdings | 44 | 720 |
| Sibanye Stillwater (b) (c) | 246 | 894 |
| Standard Bank Group | 119 | 2086 |
| Valterra Platinum | 16 | 1345 |
| Vodacom Group (c) | 48 | 410 |
|  |  | 29257 |
| **Saudi Arabia 2.8%** | **Saudi Arabia 2.8%** | **Saudi Arabia 2.8%** |
| Acwa Power Company | 12 | 599 |
| ADES Holding Company | 38 | 179 |
| Al Nahdi Medical Co | 4 | 105 |
| Al Rajhi Banking and Investment Corporation | 172 | 4468 |
| Alinma Bank | 106 | 687 |
| Almarai Company | 46 | 525 |
| Arab National Bank | 81 | 466 |
| Arabian Internet and Communications Services Co. | 2 | 143 |
| Bank AlBilad | 66 | 436 |
| Bank Aljazira | 65 | 192 |
| Banque Saudi Fransi | 111 | 498 |
| BUPA Arabia for Cooperative Insurance Company | 7 | 273 |
| Dar AL-Arkan Real Estate Development Company (b) | 45 | 193 |
| Dr Sulaiman Al Habib For Medical Service Group Company (Closed Joint Stock) | 9 | 627 |
| Elm Company | 2 | 442 |
| Etihad Etisalat Company | 34 | 599 |
| Jabal Omar Development Company (b) | 49 | 193 |
| Jarir Marketing Company | 56 | 189 |
| Makkah Construction & Development Company | 8 | 169 |
| Mouwasat Medical Services Co. | 10 | 170 |
| Rabigh Refining and Petrochemical Company (b) | 41 | 75 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Riyad Bank | 131 | 949 |
| SAL Saudi Logistics Services Company | 2 | 94 |
| Santana Mining Inc. (b) | 113 | 1838 |
| Saudi Arabian Fertilizer Company | 21 | 614 |
| Saudi Arabian Oil Company (a) | 515 | 3273 |
| Saudi Aramco Base Oil Company Luberef | 5 | 124 |
| Saudi Basic Industries Corporation | 79 | 1086 |
| Saudi British Bank | 91 | 788 |
| Saudi Electricity Company | 73 | 274 |
| Saudi Industrial Investment Group | 32 | 105 |
| Saudi International Petrochemical Company (Sipchem) | 26 | 104 |
| Saudi National Bank, The | 260 | 2626 |
| Saudi Research & Marketing Group (b) | 3 | 101 |
| Saudi Tadawul Group Holding Company | 4 | 144 |
| Saudi Telecom Company | 170 | 1943 |
| The Company For Cooperative Insurance | 7 | 211 |
| The Saudi Investment Bank | 48 | 170 |
| Umm Al Qura For Development And Construction Company (b) | 40 | 183 |
| Yanbu National Petrochemical Company | 19 | 143 |
| | | 25998 |
| **Brazil 2.4%** | **Brazil 2.4%** | **Brazil 2.4%** |
| Alupar Investimento S.A. | 18 | 106 |
| Ambev S.A. | 396 | 1002 |
| B3 S.A. - Brasil, Bolsa, Balcao | 455 | 1143 |
| Banco Bradesco S/A. | 148 | 419 |
| Banco BTG Pactual S/A | 121 | 1152 |
| Banco do Brasil S.A. | 149 | 594 |
| Banco Santander (Brasil) S.A. | 39 | 238 |
| BB Seguridade Participacoes S.A. | 55 | 365 |
| Caixa Seguridade Participacoes S/A | 51 | 154 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 88 | 814 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 40 | 959 |
| Companhia Energetica de Minas Gerais-CEMIG | 35 | 94 |
| Companhia Paranaense De Energia | 75 | 179 |
| CPFL Energia S/A | 18 | 170 |
| CSN Mineracao S.A. | 64 | 64 |
| Embraer S.A. | 63 | 1014 |
| Energisa S.A. | 27 | 234 |
| ENGIE Brasil Energia S.A. | 35 | 200 |
| Equatorial Energia S.A. | 113 | 791 |
| Itausa S.A. | 101 | 221 |
| Klabin S.A. | 96 | 325 |
| Localiza Rent A Car S/A | 88 | 692 |
| Motiva Infraestrutura De Mobilidade S.A. | 77 | 212 |
| Neoenergia S.A. | 48 | 281 |
| Petroleo Brasileiro S/A Petrobras. | 332 | 1969 |
| Porto Seguro S/A | 17 | 150 |
| Prio S.A. (b) | 72 | 541 |
| Raia Drogasil S.A. | 117 | 498 |
| Rede D'or Sao Luiz S.A. | 114 | 840 |
| Rumo S.A. | 102 | 274 |
| Suzano S.A. | 60 | 564 |
| Telefonica Brasil S.A. | 69 | 418 |
| TIM S.A. | 71 | 274 |
| Vale S.A. | 313 | 4093 |
| Vibra Energia S/A | 102 | 469 |
| WEG S.A. | 138 | 1222 |
|  |  | 22735 |
| **United Arab Emirates 2.2%** | **United Arab Emirates 2.2%** | **United Arab Emirates 2.2%** |
| 2PointZero Group PJSC (b) | 322 | 230 |
| Abu Dhabi Commercial Bank PJSC | 273 | 1061 |
| Abu Dhabi Islamic Bank | 123 | 694 |
| Abu Dhabi National Oil Company | 236 | 251 |
| Adnoc Drilling Company PJSC | 197 | 287 |
| ADNOC Logistics & Services PLC | 115 | 186 |
| AFORTI Holding S.A. (b) | 269 | 246 |
| Aldar Properties - PJSC | 339 | 802 |
| Alpha Dhabi Holding | 122 | 316 |
| Dubai Electricity and Water Authority | 743 | 560 |
| Dubai Islamic Bank (P S C) Br. | 263 | 663 |
| Emaar Development LLC | 79 | 324 |
| Emaar Properties PJSC | 556 | 2126 |
| Emirates Integrated Telecommunications Company PJSC | 75 | 199 |
| Emirates NBD Bank PJSC | 220 | 1673 |
| Emirates Telecommunications Group Company (Etisalat Group) PJSC | 313 | 1561 |
| First Abu Dhabi Bank PJSC | 396 | 1880 |
| International Holdings Company PJSC - Dubai Branch (b) | 64 | 6955 |
| Pure Health Holding L.L.C | 296 | 206 |
| Salik Company PJSC (a) | 178 | 308 |
|  |  | 20528 |
| **Mexico 1.8%** | **Mexico 1.8%** | **Mexico 1.8%** |
| America Movil, S.A.B. De C.V. | 1567 | 1615 |
| Arca Continental S.A.B. de C.V. | 45 | 485 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver | 257 | 387 |
| Becle, S.A.B. de C.V. (c) | 35 | 40 |
| CEMEX S.A.B. de C.V. - Series A | 1302 | 1497 |
| Coca-Cola FEMSA, S.A.B. de C.V. | 49 | 463 |
| El Puerto De Liverpool, S.A.B. De C.V. | 21 | 119 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 185 | 1869 |
| GRUMA, S.A.B. de C.V. - Class B | 16 | 273 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 33 | 870 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 15 | 495 |
| Grupo Bimbo S.A.B. de C.V. - Class A (c) | 114 | 372 |
| Grupo Carso, S.A.B. De C.V. (c) | 43 | 280 |
| Grupo Comercial Chedraui, S.A.B. de C.V. | 23 | 160 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 237 | 2193 |
| Grupo Financiero Inbursa, S.A.B. de C.V. | 215 | 519 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 274 | 2597 |
| Industrias Penoles, S.A.B. de C.V. (b) | 16 | 865 |
| Kimberly - Clark De Mexico S.A.B. De C.V. - Class A (c) | 124 | 264 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. (c) | 14 | 211 |
| Wal-Mart de Mexico, S.A.B. de C.V. (c) | 412 | 1279 |
|  |  | 16853 |
| **Malaysia 1.5%** | **Malaysia 1.5%** | **Malaysia 1.5%** |
| 99 Speed Mart Retail Holdings Berhad | 143 | 135 |
| Ammb Holdings Berhad | 254 | 406 |
| Axiata Group Berhad | 240 | 149 |
| Celcomdigi Berhad | 334 | 263 |
| CIMB Group Holdings Berhad | 729 | 1480 |
| Gamuda Berhad | 483 | 592 |
| Genting Berhad | 178 | 133 |
| Hong Leong Bank Berhad | 66 | 358 |
| Hong Leong Financial Group Berhad | 19 | 87 |
| IHH Healthcare Berhad | 204 | 440 |
| IOI Corporation Berhad | 151 | 149 |
| KLCC Property Holdings Berhad | 69 | 149 |
| Kuala Lumpur Kepong Berhad | 54 | 268 |
| Kumpulan Sime Darby Berhad | 234 | 124 |
| Malayan Banking Berhad | 684 | 1767 |
| Maxis Communications Berhad | 289 | 270 |
| MISC Berhad | 167 | 322 |
| Mr D.I.Y. Group (M) Berhad | 318 | 120 |
| Nestle (Malaysia) Berhad | 6 | 160 |
| PETRONAS Chemicals Group Berhad | 223 | 200 |
| PETRONAS Dagangan Berhad | 30 | 149 |
| PETRONAS Gas Berhad | 83 | 371 |
| PPB Group Berhad | 50 | 136 |
| Press Metal Aluminium (Australia) Pty Ltd | 347 | 609 |
| Public Bank Berhad | 1267 | 1416 |
| QL Resources Berhad | 223 | 209 |
| RHB Bank Berhad | 356 | 677 |
| SD Guthrie Berhad | 235 | 332 |
| Sunway City SDN. BHD. | 235 | 326 |
| Telekom Malaysia Berhad | 186 | 369 |
| Tenaga Nasional Berhad | 416 | 1404 |
| Westports Holdings Berhad | 96 | 134 |
| YTL Corporation Berhad | 452 | 227 |
| YTL Power International Berhad | 225 | 184 |
|  |  | 14115 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Indonesia 1.4%** | **Indonesia 1.4%** | **Indonesia 1.4%** |
| PT. Alamtri Resources Indonesia Tbk | 1184 | 129 |
| PT. Amman Mineral Internasional (b) | 692 | 268 |
| PT. Aneka Tambang | 649 | 122 |
| PT. Astra International | 1500 | 601 |
| PT. Bank Central Asia Tbk | 4835 | 2366 |
| PT. Bank Mandiri | 3305 | 1012 |
| PT. Bank Negara Indonesia (persero) | 1429 | 374 |
| PT. Bank Permata | 308 | 95 |
| PT. Bank Rakyat Indonesia (Persero) Tbk | 5719 | 1256 |
| PT. Barito Pacific Tbk (b) | 2487 | 490 |
| PT. Barito Renewables Energy | 1408 | 824 |
| PT. Bumi Resources Minerals (b) | 7850 | 517 |
| PT. Chandra Asri Petrochemical | 811 | 341 |
| PT. Charoen Pokphand Indonesia | 659 | 179 |
| PT. Dian Swastatika Sentosa (b) | 136 | 826 |
| PT. Golden Energy Mines | 57 | 28 |
| PT. Goto Gojek Tokopedia (b) | 72656 | 279 |
| PT. Impack Pratama Industri (b) | 906 | 215 |
| PT. Indofood CBP Sukses Makmur | 190 | 93 |
| PT. Indofood Sukses Makmur | 400 | 162 |
| PT. Indosat | 529 | 74 |
| PT. Kalbe Farma Tbk | 1693 | 122 |
| PT. Merdeka Copper Gold Tbk (b) | 1062 | 146 |
| PT. Multipolar Technology Tbk | 25 | 93 |
| PT. Pantai Indah Kapuk Dua | 180 | 137 |
| PT. Petrindo Jaya Kreasi | 1520 | 213 |
| PT. Sejahteraraya Anugrahjaya (b) | 295 | 292 |
| PT. Sumber Alfaria Trijaya | 1308 | 155 |
| PT. Telekomunikasi Indonesia | 3923 | 818 |
| PT. Tower Bersama Infrastructure Tbk | 191 | 31 |
| PT. Trimegah Bangun Persada | 864 | 58 |
| PT. Unilever Indonesia, Tbk | 576 | 90 |
| PT. United Tractors | 133 | 235 |
|  |  | 12641 |
| **Thailand 1.1%** | **Thailand 1.1%** | **Thailand 1.1%** |
| Advanced Info Service PLC - NVDR | 18 | 181 |
| Advanced Info Service PLC | 83 | 822 |
| Airports of Thailand Public Company Limited | 190 | 319 |
| Airports of Thailand Public Company Limited - NVDR (c) | 213 | 358 |
| Bangkok Bank Public Company Limited - NVDR (c) | 35 | 190 |
| Bangkok Dusit Medical Services Public Company Limited. | 433 | 265 |
| Bumrungrad Hospital Public Company Limited - NVDR (c) | 37 | 183 |
| Bumrungrad Hospital Public Company Limited |  | 1 |
| Central Pattana Public Company Limited | 62 | 108 |
| Central Pattana Public Company Limited - NVDR (c) | 70 | 122 |
| Central Retail Corporation Public Company Limited - NVDR | 146 | 83 |
| Central Retail Corporation Public Company Limited | 93 | 53 |
| Charoen Pokphand Foods Public Company Limited | 234 | 162 |
| CP ALL Public Company Limited - NVDR (c) | 217 | 300 |
| CP ALL Public Company Limited | 145 | 200 |
| CP Axtra Public Company Limited - NVDR (c) | 142 | 70 |
| Delta Electronics (Thailand) Public Company Ltd. | 416 | 2275 |
| Global Power Synergy Public Company Limited (c) | 49 | 56 |
| Gulf Energy Development Public Company Limited - NVDR (b) | 252 | 333 |
| Gulf Energy Development Public Company Limited (b) (c) | 397 | 525 |
| Indorama Ventures Public Company Limited - NVDR (c) | 188 | 96 |
| KASIKORNBANK Public Company Limited | 87 | 535 |
| Krungthai Bank Public Company Limited | 455 | 408 |
| Minor International Public Company Limited - NVDR (c) | 54 | 41 |
| Minor International Public Company Limited | 164 | 126 |
| PTT Exploration And Production Public Company Limited | 131 | 468 |
| PTT Oil And Retail Business Public Company Limited - NVDR (c) | 383 | 161 |
| PTT Public Company Limited | 320 | 325 |
| PTT Public Company Limited - NVDR (c) | 412 | 418 |
| Siam Commercial Bank Public Company Limited, The - NVDR | 68 | 298 |
| Siam Commercial Bank Public Company Limited, The | 16 | 71 |
| Thai Life Insurance Public Company Limited - NVDR | 270 | 85 |
| The Siam Cement Public Company Limited (c) | 26 | 154 |
| TMB Bank Thanachart Public Company Limited | 4104 | 263 |
|  |  | 10055 |
| **Kuwait 0.8%** | **Kuwait 0.8%** | **Kuwait 0.8%** |
| Boubyan Bank K.S.C.P | 140 | 324 |
| Commercial Bank of Kuwait S.A.K., The | 97 | 162 |
| Gulf Bank K.S.C.P. | 234 | 272 |
| Kuwait Finance House KSCP | 1148 | 3022 |
| Mabanee Company (K.P.S.C) | 63 | 225 |
| Mobile Telecommunications Company. K.S.C.P | 241 | 406 |
| National Bank of Kuwait K.S.C. | 786 | 2590 |
|  |  | 7001 |
| **Qatar 0.7%** | **Qatar 0.7%** | **Qatar 0.7%** |
| Dukhan Bank (Q.P.S.C.) | 245 | 235 |
| Industries Qatar (Q.P.S.C.) | 263 | 860 |
| Masraf Al Rayan | 520 | 313 |
| Mesaieed Petrochemical Holding Company (Q.P.S.C.) | 408 | 122 |
| Ooredoo (Q.P.S.C.) | 99 | 353 |
| Qatar Electricity & Water Company | 52 | 214 |
| Qatar Fuel (Q.P.S.C.) | 71 | 294 |
| Qatar Gas Transport Company Ltd. | 318 | 391 |
| Qatar International Islamic Bank (Q.P.S.C.) | 107 | 334 |
| Qatar Islamic Bank (Q.P.S.C.) | 154 | 1012 |
| Qatar National Bank (Q.P.S.C.) | 379 | 1943 |
| The Commercial Bank (P.S.Q.C.) | 308 | 355 |
|  |  | 6426 |
| **Greece 0.5%** | **Greece 0.5%** | **Greece 0.5%** |
| Alpha Bank S.A. | 185 | 777 |
| Eurobank S.A. (b) | 220 | 882 |
| Greek Organisation of Football Prognostics S.A. - Class R | 15 | 346 |
| Hellenic Duty Free Shops Single Member S.A. - Class R (b) (d) | 9 |  |
| Hellenic Telecommunications Organization S.A. - Class R | 18 | 356 |
| Jumbo Anonymi Emporiki Etaireia - Class R | 9 | 303 |
| Motor Oil (Hellas) Corinth Refineries S.A. - Class R (c) | 6 | 229 |
| National Bank of Greece S.A. - Class R | 71 | 1085 |
| Piraeus Bank S.A. (b) | 52 | 414 |
| Public Power Corporation S.A. - Class R | 18 | 390 |
|  |  | 4782 |
| **Turkey 0.5%** | **Turkey 0.5%** | **Turkey 0.5%** |
| Akbank Turk Anonim Sirketi - Class A | 268 | 437 |
| Aselsan Inc. - Class A | 110 | 597 |
| BIM Birlesik Magazalar Anonim Sirketi - Class A | 39 | 489 |
| Coca-Cola Icecek Anonim Sirketi - Class A | 77 | 106 |
| Enka Insaat Ve Sanayi Anonim Sirketi - Class A | 74 | 136 |
| Eregli Demir Ve Celik Fabrikalari Turk Anonim Sirketi - Class A | 341 | 189 |
| Ford Otomotiv Sanayi Anonim Sirketi - Class A | 57 | 124 |
| Haci Omer Sabanci Holding Anonim Sirketi - Class A | 109 | 214 |
| Kiler Holding AS (b) | 29 | 208 |
| KOC Holding Anonim Sirketi - Class A | 73 | 289 |
| Petrokent Turizm A.S. (b) | 13 | 57 |
| SASA Polyester Sanayi A.S. - Class A (b) | 967 | 63 |
| Tofas Turk Otomobil Fabrikasi Anonim Sirketi - Class A | 9 | 53 |
| Turk Hava Yollari Anonim Ortakligi - Class A | 62 | 389 |
| Turk Telekomunikasyon Anonim Sirketi - Class A (b) | 31 | 41 |
| Turkcell Iletisim Hizmetleri A.S. - Class A | 114 | 247 |
| Turkiye Garanti Bankasi Anonim Sirketi - Class A | 59 | 197 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 694 | 228 |
| Turkiye Petrol Rafinerileri Anonim Sirketi Tupras - Class A | 83 | 356 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Turkiye Vakiflar Bankasi T.A.O. - Class A (b) | 137 | 98 |
| Yapi Ve Kredi Bankasi Anonim Sirketi - Class A (b) | 267 | 226 |
| | | 4744 |
| **Chile 0.5%** | **Chile 0.5%** | **Chile 0.5%** |
| Banco de Credito e Inversiones | 9 | 594 |
| Banco Internacional | 3882 | 748 |
| Banco Santander Chile | 5002 | 394 |
| Cencosud S.A. | 114 | 364 |
| Empresas CMPC S.A. | 97 | 152 |
| Empresas Copec S.A. | 39 | 301 |
| Enel Americas S.A. | 1971 | 187 |
| Enel Chile S.A. | 2183 | 179 |
| Falabella S.A. | 105 | 729 |
| LATAM Airlines Group S.A. | 19340 | 522 |
| Plaza S.A. | 71 | 250 |
| Quinenco S.A. | 17 | 81 |
|  |  | 4501 |
| **Philippines 0.4%** | **Philippines 0.4%** | **Philippines 0.4%** |
| Aboitiz Power Corporation | 156 | 117 |
| Ayala Corporation | 22 | 178 |
| Ayala Land Inc. | 491 | 187 |
| Bank of The Philippine Islands | 187 | 370 |
| BDO Unibank, Inc. | 185 | 423 |
| Emperador Inc. | 227 | 62 |
| Globe Telecom, Inc. | 2 | 51 |
| International Container Terminal Services, Inc. | 72 | 695 |
| Jollibee Foods Corporation | 44 | 135 |
| Manila Electric Company | 26 | 257 |
| Metropolitan Bank & Trust Company | 170 | 198 |
| PLDT Inc. | 7 | 154 |
| SM Investments Corporation | 43 | 513 |
| SM Prime Holdings, Inc. | 974 | 377 |
|  |  | 3717 |
| **Hong Kong 0.3%** | **Hong Kong 0.3%** | **Hong Kong 0.3%** |
| C&D International Investment Group Limited | 67 | 134 |
| Central New Energy Holding Group Limited (a) (b) (c) | 118 | 124 |
| China Resources Beer (Holdings) Company Limited | 148 | 499 |
| China Resources Power Holdings Company Limited (c) | 179 | 399 |
| Chow Tai Fook Jewellery Group Limited (c) | 153 | 243 |
| Guangdong Investment Limited | 222 | 194 |
| Hanergy Thin Film Power Group Limited (b) (d) | 3098 |  |
| Kingboard Holdings Limited | 53 | 202 |
| Kingboard Laminates Holdings Limited | 75 | 128 |
| Orient Overseas (International) Limited (c) | 11 | 177 |
| Sino Biopharmaceutical Limited | 824 | 655 |
| Xinyi Glass Holdings Limited (c) | 135 | 143 |
|  |  | 2898 |
| **Hungary 0.3%** | **Hungary 0.3%** | **Hungary 0.3%** |
| MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag | 31 | 280 |
| OTP Bank Nyrt. | 19 | 2046 |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt. | 11 | 332 |
|  |  | 2658 |
| **Peru 0.2%** | **Peru 0.2%** | **Peru 0.2%** |
| Credicorp Ltd. | 6 | 1636 |
| MMG Limited (b) | 344 | 388 |
|  |  | 2024 |
| **United States of America 0.2%** | **United States of America 0.2%** | **United States of America 0.2%** |
| BeOne Ltd. - Class A (b) | 1 | 20 |
| BeOne Medicines AG (a) (b) | 67 | 1545 |
|  |  | 1565 |
| **Czech Republic 0.1%** | **Czech Republic 0.1%** | **Czech Republic 0.1%** |
| CEZ, a. s. (c) | 14 | 881 |
| Komercni banka, a.s. | 7 | 416 |
|  |  | 1297 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Ecopetrol S.A. | 427 | 210 |
| Grupo Cibest S A | 25 | 458 |
| Grupo de Inversiones Suramericana S.A. | 12 | 164 |
| Grupo Energia Bogota S.A. ESP | 277 | 217 |
| Interconexion Electrica S A E S P | 37 | 239 |
|  |  | 1288 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| Reinet Investments S.C.A. | 11 | 396 |
| **Egypt 0.0%** | **Egypt 0.0%** | **Egypt 0.0%** |
| Commercial International Bank Egypt S.A.E | 177 | 382 |
| **Singapore 0.0%** | **Singapore 0.0%** | **Singapore 0.0%** |
| BOC Aviation Limited (a) | 20 | 189 |
| **Australia 0.0%** | **Australia 0.0%** | **Australia 0.0%** |
| Yancoal Australia Ltd (c) | 32 | 105 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Bank VTB (Publichnoe Aktsionernoe Obshchestvo) (a) (b) (d) | 680515 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) (a) (b) (d) | 346 |  |
| Public Joint Stock Company Gazprom (a) (b) (d) | 1618 |  |
| Public Joint Stock Company Magnit (a) (b) (d) | 10 |  |
| Public Joint Stock Company Magnitogorsk Metallurgical Works (a) (b) (d) | 241 |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (a) (b) (d) | 782 |  |
| Public Joint Stock Company Mobile Telesystems (a) (b) (d) | 115 |  |
| Public Joint Stock Company Novatek (a) (b) (d) | 131 |  |
| Public Joint Stock Company Novolipetsk Metallurgical Plant (a) (b) (d) | 167 |  |
| Public Joint Stock Company Phosagro (a) (b) (d) | 6 |  |
| Public Joint Stock Company Phosagro (a) (b) (d) |  |  |
| Public Joint Stock Company PIK-Specialized Homebuilder (a) (b) (d) | 15 |  |
| Public Joint Stock Company Polyus (a) (b) (d) | 4 |  |
| Public Joint Stock Company Rostelecom (a) (b) (d) | 157 |  |
| Public Joint Stock Company Sberbank of Russia (a) (b) (d) | 1458 |  |
| Public Joint Stock Company Surgutneftegaz (a) (b) (d) | 1157 |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin (a) (b) (d) | 220 |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS (a) (b) (d) | 189 |  |
| Public Joint-Stock Company Federal Hydrogeneration Company - Rushydro (a) (b) (d) | 13159 |  |
| Public Joint-Stock Company Inter RAO UES (a) (b) (d) | 4398 |  |
| Public Joint-Stock Company Lukoil Oil Company (a) (b) (d) | 49 |  |
| Public Joint-Stock Company Oil Company Rosneft (a) (b) (d) | 301 |  |
| Public Joint-Stock Company Severstal (a) (b) (d) | 27 |  |
| United Company RUSAL PLC (a) (b) (d) | 320 |  |
| Total Common Stocks (cost $754,673) | Total Common Stocks (cost $754,673) | 910308 |
| **PREFERRED STOCKS 1.8%** | **PREFERRED STOCKS 1.8%** | **PREFERRED STOCKS 1.8%** |
| **Brazil 1.0%** | **Brazil 1.0%** | **Brazil 1.0%** |
| Banco Bradesco S/A. (f) | 455 | 1501 |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class B | 23 | 215 |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class C (b) | 29 | 261 |
| Companhia Energetica de Minas Gerais-CEMIG | 168 | 342 |
| Gerdau S.A. | 109 | 402 |
| Itau Unibanco Holding S.A. (f) | 474 | 3378 |
| Itausa S.A. | 583 | 1236 |
| Localiza Rent A Car S/A (b) | 3 | 26 |
| Petroleo Brasileiro S/A Petrobras. (f) | 389 | 2183 |
|  |  | 9544 |
| **South Korea 0.6%** | **South Korea 0.6%** | **South Korea 0.6%** |
| Doosan Corporation |  | 67 |
| Hyundai Motor Company, 1.00% (g) | 2 | 275 |
| Hyundai Motor Company, 2.00% (g) | 3 | 448 |
| LG Chem, Ltd., 1.00% (g) | 1 | 76 |
| LG Electronics Inc. | 1 | 34 |
| Mirae Asset Securities Co., Ltd., 2.70% (g) | 15 | 118 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Samsung Electronics Co., Ltd., 1.00% (g) | 72 | 4484 |
| Samsung Fire & Marine Insurance Co., Ltd. |  | 98 |
| | | 5600 |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Sociedad Quimica Y Minera De Chile S.A. - Series B | 13 | 879 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Grupo Aval Acciones y Valores S.A. | 403 | 82 |
| Grupo Cibest S A | 40 | 631 |
| Grupo de Inversiones Suramericana S.A. | 11 | 119 |
|  |  | 832 |
| **India 0.0%** | **India 0.0%** | **India 0.0%** |
| TVS Motor Company Limited (b) (h) | 87 | 10 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Sberbank of Russia (a) (b) (d) | 126 |  |
| Public Joint Stock Company Surgutneftegaz (a) (b) (d) | 1025 |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin (a) (b) (d) | 9 |  |
| Total Preferred Stocks (cost $15,521) | Total Preferred Stocks (cost $15,521) | 16865 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Taiwan 0.0%** | **Taiwan 0.0%** | **Taiwan 0.0%** |
| Unimicron Technology Corp. (b) (h) | 3 | 9 |
| Total Rights (cost $0) | Total Rights (cost $0) | 9 |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (i) (j) | 9285 | 9285 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.74% (i) (j) | 5636 | 5636 |
| Total Short Term Investments (cost $14,921) | Total Short Term Investments (cost $14,921) | 14921 |
| **Total Investments 101.2% (cost $785,115)** | **Total Investments 101.2% (cost $785,115)** | **942103** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (41) |
| **Other Assets and Liabilities, Net (1.2)%** | **Other Assets and Liabilities, Net (1.2)%** | **(11459)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **930603** |

---

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

(b) Non-income producing security.

(c) All or a portion of the security was on loan as of December 31, 2025.

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

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $560 and 0.1% of the Fund.

(f) Convertible security.

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

(h) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** | **JNL Emerging Markets Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 8915 | 169601 | 169231 | 285 |  |  | 9285 | 1.0 |
| JNL Government Money Market Fund, 3.74% - Class SL | 1109 | 37304 | 32777 | 144 |  |  | 5636 | 0.6 |
|  | 10024 | 206905 | 202008 | 429 |  |  | 14921 | 1.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| 3SBio Inc. | 12/19/25 | 523 | 482 | 0.1 |
| Alibaba Group Holding Limited | 04/26/21 | 30542 | 29358 | 3.2 |
| AU Small Finance Bank Limited | 04/28/21 | 346 | 512 | 0.1 |
| Avenue Supermarts Limited | 04/28/21 | 624 | 621 | 0.1 |
| Baidu, Inc. - Class A | 06/18/21 | 4287 | 3225 | 0.4 |
| Bank VTB (Publichnoe Aktsionernoe Obshchestvo) | 04/26/21 | 600 |  |  |
| BeOne Medicines AG | 04/26/21 | 1526 | 1545 | 0.2 |
| BOC Aviation Limited | 04/26/21 | 165 | 189 |  |
| Central New Energy Holding Group Limited | 06/20/25 | 125 | 124 |  |
| CGN Power Co., Ltd. - Class H | 04/26/21 | 257 | 318 |  |
| Chifeng Jilong Gold Mining Co., Ltd. - Class H | 06/20/25 | 59 | 60 |  |
| China Feihe Limited | 04/26/21 | 923 | 183 |  |
| China International Capital Corporation Limited - Class H | 04/26/21 | 309 | 365 |  |
| China Literature Limited | 04/26/21 | 319 | 149 |  |
| China Merchants Securities Co., Ltd. - Class H | 03/21/25 | 52 | 47 |  |
| China Resources Mixc Lifestyle Services Limited | 06/18/21 | 302 | 290 |  |
| China Resources Pharmaceutical Group Limited | 06/16/23 | 145 | 92 |  |
| China Zheshang Bank Co., Ltd. - Class H | 06/16/23 | 50 | 43 |  |
| Contemporary Amperex Technology Co., Limited - Class H | 12/19/25 | 754 | 754 | 0.1 |
| eDraco Travel Limited | 04/26/21 | 210 | 315 |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 04/26/21 | 270 | 448 | 0.1 |
| Ganfeng Lithium Group Co., Ltd. - Class H | 04/26/21 | 448 | 236 |  |
| Guotai Haitong Financial Holdings Limited - Class H | 04/26/21 | 365 | 432 |  |
| Haidilao International Holding Ltd. | 04/26/21 | 438 | 238 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Hansoh Pharmaceutical Group Company Limited | 04/26/21 | 453 | 425 |  |
| HDFC Life Insurance Company Limited | 04/28/21 | 799 | 729 | 0.1 |
| Hua Hong Semiconductor Limited | 09/15/23 | 248 | 564 | 0.1 |
| Huatai Securities Co., Ltd. - Class H | 04/26/21 | 249 | 306 |  |
| ICICI Lombard General Insurance Company Limited | 04/28/21 | 418 | 463 | 0.1 |
| ICICI Prudential Life Insurance Company Limited | 04/28/21 | 248 | 263 |  |
| Innovent Biologics, Inc. - Class B | 04/26/21 | 855 | 1292 | 0.1 |
| Interglobe Aviation Limited | 04/28/21 | 506 | 895 | 0.1 |
| JD Health International Inc. | 08/25/21 | 937 | 651 | 0.1 |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 04/26/21 | 532 |  |  |
| Kuaishou Technology | 09/17/21 | 2275 | 2020 | 0.2 |
| Kumba Iron Ore Ltd | 04/26/21 | 180 | 113 |  |
| Laopu Gold Co., Ltd. - Class H | 06/20/25 | 401 | 318 |  |
| LTIMindtree Limited | 04/28/21 | 464 | 541 | 0.1 |
| Meituan - Class B | 04/26/21 | 9387 | 6224 | 0.7 |
| Midea Group Co., Ltd. - Class H | 12/19/25 | 433 | 422 |  |
| New Oriental Education & Technology Group Inc. | 06/16/23 | 570 | 703 | 0.1 |
| Nongfu Spring Co., Ltd. - Class H | 04/26/21 | 818 | 909 | 0.1 |
| Orient Securities Company Limited - Class H | 05/20/21 | 57 | 78 |  |
| Pepkor Holdings | 05/19/21 | 213 | 275 |  |
| POP MART International Group Limited | 12/15/23 | 287 | 1396 | 0.2 |
| Postal Savings Bank of China Co., Ltd. - Class H | 04/26/21 | 442 | 518 | 0.1 |
| Public Joint Stock Company Gazprom | 11/23/21 | 3743 |  |  |
| Public Joint Stock Company Magnit | 04/26/21 | 1595 |  |  |
| Public Joint Stock Company Magnitogorsk Metallurgical Works | 04/26/21 | 225 |  |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel | 04/26/21 | 1209 |  |  |
| Public Joint Stock Company Mobile Telesystems | 04/26/21 | 568 |  |  |
| Public Joint Stock Company Novatek | 04/26/21 | 1740 |  |  |
| Public Joint Stock Company Novolipetsk Metallurgical Plant | 04/26/21 | 361 |  |  |
| Public Joint Stock Company Phosagro | 05/19/21 | 322 |  |  |
| Public Joint Stock Company Phosagro | 07/01/21 | 1 |  |  |
| Public Joint Stock Company PIK-Specialized Homebuilder | 12/17/21 | 222 |  |  |
| Public Joint Stock Company Polyus | 04/26/21 | 454 |  |  |
| Public Joint Stock Company Rostelecom | 04/26/21 | 207 |  |  |
| Public Joint Stock Company Sberbank of Russia | 04/26/21 | 481 |  |  |
| Public Joint Stock Company Sberbank of Russia | 04/26/21 | 4445 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 561 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 563 |  |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin | 04/26/21 | 66 |  |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin | 04/26/21 | 1466 |  |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS | 04/26/21 | 375 |  |  |
| Public Joint-Stock Company Federal Hydrogeneration Company - Rushydro | 04/26/21 | 143 |  |  |
| Public Joint-Stock Company Inter RAO UES | 10/07/21 | 271 |  |  |
| Public Joint-Stock Company Lukoil Oil Company | 04/26/21 | 3119 |  |  |
| Public Joint-Stock Company Oil Company Rosneft | 04/26/21 | 1923 |  |  |
| Public Joint-Stock Company Severstal | 06/25/21 | 411 |  |  |
| Qingdao Port International Co., Ltd. - Class H | 04/26/21 | 45 | 64 |  |
| RemeGen Co., Ltd. - Class H | 12/19/25 | 161 | 148 |  |
| Salik Company PJSC | 12/16/22 | 120 | 308 |  |
| Saudi Arabian Oil Company | 04/26/21 | 4228 | 3273 | 0.4 |
| SBI Life Insurance Company Limited | 04/28/21 | 511 | 837 | 0.1 |
| Shandong Gold Group Co., Ltd. - Class H | 04/26/21 | 133 | 285 |  |
| Shanghai Junshi Biosciences Co., Ltd. - Class H | 06/20/25 | 35 | 37 |  |
| Shenwan Hongyuan Group Co., Ltd. - Class H | 05/20/21 | 68 | 72 |  |
| Smoore International Holdings Limited | 04/26/21 | 1136 | 236 |  |
| United Company RUSAL PLC | 04/26/21 | 230 |  |  |
| WuXi AppTec Co., Ltd. - Class H | 04/26/21 | 450 | 453 | 0.1 |
| Xiaomi Corporation | 12/20/24 | 6221 | 7461 | 0.8 |
| Yadea Group Holdings Ltd | 12/16/22 | 181 | 158 |  |
| ZTO Express (Cayman) Inc. | 06/21/21 | 1064 | 753 | 0.1 |
|  |  | 103465 | 73216 | 7.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| MSCI Emerging Markets Index | 178 | March 2026 | 12284 | (41) | 277 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 13293 | 896922 | 93 | 910308 |
| &nbsp;&nbsp;Preferred Stocks | 26 | 16839 |  | 16865 |
| &nbsp;&nbsp;Rights |  | 9 |  | 9 |
| &nbsp;&nbsp;Short Term Investments | 14921 |  |  | 14921 |
|  | 28240 | 913770 | 93 | 942103 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 277 |  |  | 277 |
|  | 277 |  |  | 277 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** |
| **COMMON STOCKS 96.6%** | **COMMON STOCKS 96.6%** | **COMMON STOCKS 96.6%** |
| **Japan 23.5%** | **Japan 23.5%** | **Japan 23.5%** |
| Advantest Corporation | 105 | 13210 |
| AEON Co., Ltd. | 408 | 6467 |
| AGC Inc. (a) | 32 | 1056 |
| Aisin Corporation | 88 | 1645 |
| Ajinomoto Co., Inc. | 147 | 3159 |
| ANA Holdings Inc. | 25 | 483 |
| Asahi Group Holdings, Ltd. (a) | 234 | 2456 |
| Asahi Kasei Corporation | 203 | 1825 |
| ASICS Corporation | 107 | 2567 |
| Astellas Pharma Inc. | 272 | 3626 |
| Bandai Namco Holdings Inc. | 102 | 2707 |
| Bridgestone Corporation (a) | 168 | 3777 |
| Canon Inc. (a) | 133 | 3950 |
| Capcom Co., Ltd. | 51 | 1196 |
| Central Japan Railway Company | 151 | 4177 |
| Chubu Electric Power Co., Ltd. | 117 | 1803 |
| Chugai Pharmaceutical Co., Ltd. | 102 | 5370 |
| Dai Nippon Printing Co., Ltd. | 70 | 1198 |
| Daifuku Co., Ltd. | 57 | 1794 |
| Dai-ichi Life Holdings, Inc. | 567 | 4725 |
| Daiichi Sankyo Company, Limited | 287 | 6136 |
| Daikin Industries, Ltd. | 45 | 5750 |
| Daito Trust Construction Co., Ltd. | 46 | 874 |
| Daiwa House Industry Co., Ltd. | 95 | 3141 |
| Daiwa Securities Group Inc. | 217 | 1895 |
| DENSO Corporation | 275 | 3794 |
| DISCO Corporation | 14 | 4413 |
| East Japan Railway Company | 165 | 4355 |
| Eisai Co., Ltd. | 41 | 1231 |
| ENEOS Holdings, Inc. | 413 | 2927 |
| FANUC Corporation | 141 | 5486 |
| Fast Retailing Co., Ltd. | 28 | 10218 |
| Fuji Electric Co., Ltd. | 20 | 1550 |
| FUJIFILM Holdings Corporation | 187 | 4003 |
| Fujikura Ltd. | 39 | 4374 |
| Fujitsu Limited | 276 | 7648 |
| Hankyu Hanshin Holdings, Inc. | 38 | 961 |
| Hikari Tsushin, Inc. | 2 | 616 |
| Hitachi Construction Machinery Co., Ltd. (a) | 14 | 411 |
| Hitachi, Ltd. | 699 | 21940 |
| Honda Motor Co., Ltd. | 599 | 5879 |
| HOYA Corporation | 52 | 7875 |
| Hulic Co., Ltd. (a) | 90 | 984 |
| IBIDEN Co., Ltd. | 40 | 1744 |
| Idemitsu Kosan Co., Ltd. | 129 | 973 |
| IHI Corporation | 165 | 2915 |
| Inpex Corporation (a) | 132 | 2622 |
| Isuzu Motors Limited | 91 | 1420 |
| ITOCHU Corporation | 1069 | 13494 |
| Japan Airlines Co., Ltd. | 19 | 349 |
| Japan Exchange Group, Inc. | 157 | 1679 |
| Japan Post Bank Co., Ltd. | 277 | 3908 |
| Japan Post Holdings Co., Ltd. | 264 | 2779 |
| Japan Post Insurance Co., Ltd. | 28 | 830 |
| Japan Real Estate Investment Corporation | 1 | 858 |
| Japan Tobacco Inc. (a) | 169 | 6076 |
| JFE Holdings, Inc. | 97 | 1231 |
| Kajima Corporation | 70 | 2622 |
| Kao Corporation (a) | 72 | 2896 |
| Kawasaki Heavy Industries, Ltd. (a) | 26 | 1749 |
| Kawasaki Kisen Kaisha, Ltd. (a) | 61 | 848 |
| KDDI Corporation | 445 | 7695 |
| Keyence Corporation | 29 | 10334 |
| Kikkoman Corporation (a) | 135 | 1222 |
| Kioxia Holdings Corporation (b) | 22 | 1484 |
| Kirin Holdings Company, Limited (a) | 127 | 1895 |
| Komatsu Ltd. | 140 | 4480 |
| Konami Group Corporation | 14 | 1937 |
| Kubota Corporation (a) | 173 | 2461 |
| KYOCERA Corporation | 214 | 3006 |
| Kyowa Kirin Co., Ltd. (a) | 36 | 575 |
| Lasertec Co., Ltd. | 13 | 2449 |
| LY Corporation | 442 | 1175 |
| M3, Inc. (a) | 66 | 898 |
| Makita Corporation | 37 | 1132 |
| Marubeni Corporation | 256 | 7124 |
| MatsukiyoCocokara & Co. | 55 | 959 |
| Minebeamitsumi Inc. | 56 | 1132 |
| Mitsubishi Chemical Group Corporation | 218 | 1274 |
| Mitsubishi Corporation | 576 | 13214 |
| Mitsubishi Electric Corporation | 314 | 9218 |
| Mitsubishi Estate Co., Ltd. | 190 | 4635 |
| Mitsubishi HC Capital Inc. | 125 | 1051 |
| Mitsubishi Heavy Industries, Ltd. | 515 | 12644 |
| Mitsubishi UFJ Financial Group, Inc. | 1747 | 27845 |
| Mitsui & Co., Ltd. | 398 | 11798 |
| Mitsui Fudosan Co., Ltd. | 424 | 4825 |
| Mitsui O.S.K. Lines, Ltd. (a) | 51 | 1534 |
| Mizuho Financial Group, Inc. | 384 | 14026 |
| MonotaRO Co., Ltd. (a) | 42 | 674 |
| MS&AD Insurance Group Holdings, Inc. | 215 | 5059 |
| Murata Manufacturing Co., Ltd. | 277 | 5746 |
| Nec Corporation | 195 | 6627 |
| NEXON Co., Ltd. | 64 | 1540 |
| Nidec Corporation | 151 | 2061 |
| Nintendo Co., Ltd. | 179 | 12077 |
| Nippon Building Fund Inc. (a) | 1 | 1174 |
| Nippon Paint Holdings Co., Ltd. (a) | 147 | 986 |
| Nippon Sanso Holdings Corporation | 29 | 878 |
| Nippon Steel Corporation | 794 | 3249 |
| Nippon Telegraph and Telephone Corporation | 4230 | 4262 |
| Nippon Yusen Kabushiki Kaisha | 65 | 2120 |
| Nissan Motor Co., Ltd. (a) (b) | 328 | 817 |
| Niterra Co., Ltd. | 30 | 1341 |
| Nitori Holdings Co., Ltd. | 58 | 1021 |
| Nitto Denko Corporation | 100 | 2382 |
| Nomura Holdings, Inc. | 454 | 3774 |
| Nomura Research Institute, Ltd. | 65 | 2488 |
| Obayashi Corporation | 108 | 2260 |
| OBIC Co., Ltd. | 48 | 1509 |
| Olympus Corporation | 178 | 2256 |
| Oracle Corporation Japan | 5 | 395 |
| Oriental Land Co., Ltd. | 170 | 3144 |
| ORIX Corporation | 171 | 4991 |
| Osaka Gas Co., Ltd. | 60 | 2099 |
| Otsuka Corporation (a) | 35 | 732 |
| Otsuka Holdings Co., Ltd. | 70 | 3961 |
| Pan Pacific International Holdings Corporation | 409 | 2436 |
| Panasonic Holdings Corporation | 340 | 4401 |
| Rakuten Group, Inc. (b) | 226 | 1447 |
| Recruit Holdings Co., Ltd. | 220 | 12472 |
| Renesas Electronics Corporation | 236 | 3272 |
| Resona Holdings, Inc. | 339 | 3233 |
| SBI Holdings, Inc. | 94 | 2038 |
| SCREEN Holdings Co., Ltd. | 15 | 1475 |
| SCSK Corporation (a) | 25 | 904 |
| Secom Co., Ltd. | 65 | 2310 |
| Sekisui Chemical Co., Ltd. | 64 | 1084 |
| Sekisui House, Ltd. (a) | 95 | 2108 |
| Seven & I Holdings Co., Ltd. | 336 | 4818 |
| Shimadzu Corporation | 45 | 1194 |
| Shimano Inc. | 13 | 1338 |
| Shimizu Corporation | 89 | 1515 |
| Shin-Etsu Chemical Co., Ltd. | 285 | 8856 |
| Shionogi & Co., Ltd. | 129 | 2338 |
| Shiseido Company, Limited (a) | 61 | 888 |
| SMC Corporation | 8 | 2928 |
| SoftBank Corp. | 4288 | 5886 |
| SoftBank Group Corp. | 571 | 16033 |
| Sompo Holdings, Inc. | 140 | 4773 |
| Sony Group Corporation | 922 | 23732 |
| Square Enix Holdings Co., Ltd. | 39 | 703 |
| Subaru Corporation. | 89 | 1927 |
| Sumitomo Corporation | 185 | 6409 |
| Sumitomo Electric Industries, Ltd. | 121 | 4897 |
| Sumitomo Metal Mining Co., Ltd. | 41 | 1647 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sumitomo Mitsui Financial Group, Inc. | 593 | 19033 |
| Sumitomo Mitsui Trust Group, Inc. | 108 | 3307 |
| Sumitomo Realty & Development Co., Ltd. (a) | 143 | 3589 |
| Suntory Beverage & Food Limited (a) | 18 | 535 |
| Suzuki Motor Corporation | 282 | 4216 |
| Sysmex Corporation | 85 | 834 |
| T&D Holdings, Inc. | 75 | 1738 |
| Taisei Corporation | 24 | 2317 |
| Takeda Pharmaceutical Company Limited | 242 | 7482 |
| TDK Corporation | 287 | 4065 |
| Terumo Corporation | 226 | 3270 |
| The Chiba Bank, Ltd. | 107 | 1196 |
| The Kansai Electric Power Company, Incorporated | 161 | 2524 |
| TIS Inc. | 36 | 1197 |
| Toho Co., Ltd. (a) | 16 | 836 |
| Tokio Marine Holdings, Inc. | 294 | 10896 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 256 | 1077 |
| Tokyo Electron Limited | 68 | 14937 |
| Tokyo Gas Co., Ltd. | 53 | 2116 |
| Tokyu Corporation | 91 | 1062 |
| TOPPAN Holdings Inc. | 43 | 1277 |
| Toray Industries, Inc. | 230 | 1498 |
| Toyo Suisan Kaisha, Ltd. | 14 | 962 |
| Toyota Industries Corporation | 27 | 3072 |
| Toyota Motor Corporation | 1753 | 37636 |
| Toyota Tsusho Corporation | 109 | 3662 |
| Trend Micro Incorporated | 18 | 739 |
| Unicharm Corporation | 179 | 1024 |
| West Japan Railway Company | 72 | 1435 |
| Yamaha Motor Co., Ltd. (a) | 149 | 1103 |
| Yaskawa Electric Corporation | 41 | 1258 |
| Yokogawa Electric Corporation | 37 | 1173 |
| Yokohama Financial Group, Inc. | 179 | 1473 |
| Zensho Holdings Co., Ltd. | 15 | 866 |
| ZOZO, Inc. | 56 | 465 |
| | | 725222 |
| **United Kingdom 14.2%** | **United Kingdom 14.2%** | **United Kingdom 14.2%** |
| 3i Group PLC | 150 | 6611 |
| Admiral Group PLC | 34 | 1458 |
| Anglo American PLC | 163 | 6768 |
| Associated British Foods PLC | 46 | 1314 |
| AstraZeneca PLC | 237 | 44046 |
| Auto Trader Group PLC | 134 | 1056 |
| Aviva PLC | 466 | 4299 |
| BAE Systems PLC | 448 | 10356 |
| Barclays PLC | 2134 | 13674 |
| Barratt Redrow PLC | 192 | 988 |
| BP P.L.C. | 2342 | 13713 |
| British American Tobacco P.L.C. | 300 | 16998 |
| BT Group PLC | 941 | 2336 |
| Bunzl Public Limited Company | 48 | 1333 |
| Centrica PLC | 745 | 1703 |
| Coca-Cola Europacific Partners PLC | 33 | 2964 |
| Compass Group PLC | 260 | 8285 |
| CVC Capital Partners PLC | 117 | 1964 |
| Diageo PLC | 342 | 7383 |
| Entain PLC | 100 | 1030 |
| Experian PLC | 141 | 6375 |
| Fiat Chrysler Automobiles N.V. | 304 | 3328 |
| GSK PLC | 622 | 15293 |
| Haleon PLC | 1372 | 6925 |
| Halma Public Limited Company | 58 | 2773 |
| HSBC Holdings PLC | 2644 | 41810 |
| ICG PLC | 45 | 1235 |
| Imperial Brands PLC | 126 | 5289 |
| Informa PLC | 184 | 2189 |
| InterContinental Hotels Group PLC | 23 | 3257 |
| International Consolidated Airlines Group S.A. | 514 | 2868 |
| Intertek Group PLC | 24 | 1478 |
| J Sainsbury PLC (a) | 267 | 1172 |
| Kingfisher PLC | 256 | 1079 |
| Legal & General Group PLC | 881 | 3106 |
| Lloyds Banking Group PLC | 9072 | 12026 |
| London Stock Exchange Group PLC | 71 | 8615 |
| M&G PLC | 347 | 1338 |
| Melrose Industries PLC | 177 | 1401 |
| National Grid PLC | 759 | 11683 |
| NatWest Group PLC | 1179 | 10345 |
| Next PLC | 18 | 3298 |
| Pearson PLC | 98 | 1393 |
| Phoenix Group Holdings PLC | 116 | 1158 |
| Prudential Public Limited Company | 381 | 5885 |
| Reckitt Benckiser Group PLC | 104 | 8446 |
| Relx PLC | 280 | 11352 |
| Rentokil Initial PLC | 362 | 2180 |
| Rightmove PLC | 122 | 853 |
| Rolls-Royce Holdings PLC | 1281 | 19857 |
| Schroders PLC | 133 | 730 |
| SEGRO Public Limited Company | 191 | 1854 |
| Severn Trent PLC | 39 | 1472 |
| Shell PLC - Class A | 885 | 32714 |
| Smith & Nephew PLC | 132 | 2206 |
| Smiths Group PLC | 51 | 1623 |
| Spirax Group PLC | 11 | 1010 |
| SSE PLC | 166 | 4871 |
| Standard Chartered PLC | 283 | 6928 |
| Tesco PLC | 997 | 5936 |
| The Sage Group PLC | 148 | 2156 |
| Unilever PLC | 333 | 21778 |
| United Utilities PLC | 105 | 1696 |
| Vodafone Group Public Limited Company | 3138 | 4181 |
| Weir Group PLC(The) | 39 | 1491 |
| Wise PLC - Class A (b) | 109 | 1303 |
|  |  | 438235 |
| **France 10.0%** | **France 10.0%** | **France 10.0%** |
| Aeroports de Paris (a) | 5 | 709 |
| Airbus SE | 90 | 20870 |
| Amundi (c) | 9 | 752 |
| AXA | 260 | 12512 |
| Biomerieux S.A. | 6 | 821 |
| BNP Paribas | 157 | 14892 |
| Bollore SE | 100 | 565 |
| Bouygues | 28 | 1466 |
| Bureau Veritas (a) | 49 | 1566 |
| Capgemini France | 26 | 4392 |
| Compagnie de Saint-Gobain | 70 | 7132 |
| Compagnie Generale des Etablissements Michelin | 103 | 3427 |
| Credit Agricole S.A. | 174 | 3591 |
| Danone | 98 | 8857 |
| Dassault Aviation | 3 | 948 |
| Dassault Systemes | 103 | 2884 |
| Engie | 269 | 7077 |
| EssilorLuxottica | 48 | 15177 |
| Hermes International | 5 | 12943 |
| Kering (a) | 11 | 3735 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 88 | 16480 |
| Legrand | 40 | 5960 |
| L'Oreal | 37 | 15926 |
| LVMH Moet Hennessy Louis Vuitton | 39 | 29670 |
| Orange | 282 | 4700 |
| Pernod Ricard | 30 | 2596 |
| Publicis Groupe S.A. | 35 | 3610 |
| Safran | 53 | 18604 |
| Sanofi | 172 | 16733 |
| Sartorius Stedim Biotech | 4 | 1024 |
| Schneider Electric SE | 83 | 22896 |
| Societe Generale | 105 | 8482 |
| Thales | 15 | 3938 |
| TotalEnergies SE | 307 | 20137 |
| Veolia Environnement | 98 | 3421 |
| VINCI | 77 | 10797 |
|  |  | 309290 |
| **Germany 8.7%** | **Germany 8.7%** | **Germany 8.7%** |
| Adidas AG - Class N | 28 | 5443 |
| Allianz SE | 59 | 26954 |
| BASF SE - Class N | 137 | 7112 |
| Bayer Aktiengesellschaft - Class N | 142 | 6152 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bayerische Motoren Werke Aktiengesellschaft | 43 | 4710 |
| Beiersdorf Aktiengesellschaft | 15 | 1683 |
| BioNTech SE - ADR (b) | 15 | 1465 |
| COMMERZBANK Aktiengesellschaft | 134 | 5639 |
| Continental Aktiengesellschaft | 17 | 1316 |
| Daimler Truck Holding AG | 69 | 2983 |
| Deutsche Bank Aktiengesellschaft - Class N | 270 | 10424 |
| Deutsche Borse Aktiengesellschaft - Class N | 28 | 7290 |
| Deutsche Post AG - Class N | 143 | 7803 |
| Deutsche Telekom AG - Class N | 510 | 16568 |
| E.ON SE - Class N | 337 | 6399 |
| Elia Group | 7 | 878 |
| Fresenius SE & Co. KGaA | 62 | 3578 |
| Hannover Ruck SE - Class N | 9 | 2909 |
| Heidelberg Materials AG | 20 | 5105 |
| Henkel AG & Co. KGaA | 15 | 1109 |
| Infineon Technologies AG - Class N | 194 | 8463 |
| Mercedes-Benz Group AG - Class N | 108 | 7557 |
| MERCK Kommanditgesellschaft auf Aktien | 20 | 2847 |
| MTU Aero Engines AG - Class N | 8 | 3231 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 20 | 13147 |
| Rheinmetall Aktiengesellschaft | 7 | 12551 |
| RWE Aktiengesellschaft | 101 | 5372 |
| SAP SE | 157 | 38034 |
| Siemens Aktiengesellschaft - Class N | 112 | 31287 |
| Siemens Energy AG (b) | 103 | 14426 |
| Siemens Healthineers AG (c) | 41 | 2148 |
| Talanx Aktiengesellschaft | 9 | 1218 |
| Vonovia SE | 125 | 3600 |
| | | 269401 |
| **Switzerland 7.9%** | **Switzerland 7.9%** | **Switzerland 7.9%** |
| ABB Ltd - Class N | 241 | 17859 |
| Alcon AG | 75 | 5928 |
| Amrize AG (b) | 80 | 4342 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 2347 |
| Coca-Cola HBC AG | 30 | 1550 |
| Compagnie Financiere Richemont S.A. | 81 | 17503 |
| EMS-Chemie Holding AG | 1 | 695 |
| Galderma Group AG | 20 | 4140 |
| Geberit AG - Class N | 5 | 3905 |
| Givaudan S.A. - Class N | 1 | 4977 |
| Glencore PLC | 1469 | 8043 |
| Holcim AG | 76 | 7376 |
| Julius Bar Gruppe AG - Class N | 30 | 2327 |
| Kuhne & Nagel International AG | 7 | 1544 |
| Lonza Group AG | 11 | 7302 |
| Nestle S.A. - Class N | 393 | 38979 |
| Novartis AG - Class N | 283 | 38935 |
| Partners Group Holding AG | 3 | 4092 |
| Roche Holding AG | 4 | 1758 |
| Sandoz Group AG | 64 | 4648 |
| Schindler Holding AG - Class N | 3 | 1018 |
| SGS S.A. | 24 | 2732 |
| Sika AG | 25 | 4997 |
| Sonova Holding AG | 7 | 1913 |
| Straumann Holding AG - Class N | 16 | 1905 |
| Swiss Life Holding AG - Class N | 4 | 5025 |
| Swiss Re AG | 45 | 7576 |
| Swisscom AG - Class N | 4 | 2844 |
| UBS Group AG | 476 | 22015 |
| Zurich Insurance Group AG - Class N | 22 | 16374 |
|  |  | 244649 |
| **Australia 6.9%** | **Australia 6.9%** | **Australia 6.9%** |
| ANZ Group Holdings Limited | 459 | 11096 |
| Aristocrat Leisure Limited | 97 | 3738 |
| ASX Limited | 30 | 1038 |
| Australian Pipeline Trust | 195 | 1168 |
| BHP Group Limited | 739 | 22284 |
| BlueScope Steel Limited | 67 | 1075 |
| Brambles Limited | 211 | 3221 |
| Cochlear Limited | 10 | 1697 |
| Coles Group Limited | 203 | 2909 |
| Commonwealth Bank of Australia | 256 | 27340 |
| Computershare Limited | 85 | 1936 |
| CSL Limited | 75 | 8581 |
| Evolution Mining Limited | 301 | 2537 |
| Fortescue Ltd | 244 | 3564 |
| Goodman Funding Pty Ltd | 297 | 6120 |
| GPT Management Holdings Limited (a) | 288 | 1039 |
| Insurance Australia Group Limited | 358 | 1902 |
| Lottery Corporation Limited, The | 338 | 1160 |
| Macquarie Group Limited | 56 | 7513 |
| Medibank Private Limited | 425 | 1357 |
| Mirvac Limited | 646 | 881 |
| National Australia Bank Limited | 471 | 13121 |
| Northern Star Resources Ltd | 219 | 3888 |
| Orica Limited | 73 | 1181 |
| Origin Energy Limited | 259 | 1986 |
| Pro Medicus Limited | 9 | 1292 |
| Qantas Airways Limited | 110 | 759 |
| QBE Insurance Group Limited | 233 | 3090 |
| REA Group Ltd | 8 | 951 |
| Rio Tinto Limited | 57 | 5574 |
| Rio Tinto PLC | 164 | 13251 |
| Santos Limited | 468 | 1917 |
| Scentre Group Limited | 782 | 2188 |
| SEEK Limited | 48 | 731 |
| SGH Limited | 31 | 954 |
| Sigma Healthcare Ltd | 825 | 1617 |
| Sonic Healthcare Limited | 71 | 1076 |
| South32 Limited | 699 | 1652 |
| Stockland Corporation Ltd | 355 | 1355 |
| Suncorp Group Limited | 164 | 1931 |
| Telstra Group Limited | 607 | 1972 |
| TPG Corporation Limited (a) | 49 | 124 |
| Transurban Holdings Limited | 469 | 4438 |
| Vicinity Centres RE Ltd | 594 | 1011 |
| Wesfarmers Limited | 175 | 9412 |
| Westpac Banking Corporation | 527 | 13530 |
| WHSP Holdings Ltd | 43 | 1068 |
| WiseTech Global Limited | 25 | 1138 |
| Woodside Energy Group Ltd | 293 | 4607 |
| Woolworths Group Limited | 188 | 3690 |
|  |  | 211660 |
| **Netherlands 4.3%** | **Netherlands 4.3%** | **Netherlands 4.3%** |
| Adyen N.V. (b) (c) | 4 | 7161 |
| ASM International N.V. | 7 | 4108 |
| ASML Holding N.V. | 60 | 64423 |
| DSM-Firmenich AG | 37 | 3006 |
| Exor Nederland N.V. | 14 | 1156 |
| HAL Trust | 5 | 907 |
| Heineken Holding N.V. | 19 | 1417 |
| Heineken N.V. | 43 | 3521 |
| ING Groep N.V. | 448 | 12640 |
| JDE Peet's N.V. | 25 | 933 |
| Koninklijke Ahold Delhaize N.V. | 136 | 5562 |
| Koninklijke KPN N.V. | 593 | 2771 |
| Koninklijke Philips N.V. | 122 | 3327 |
| NN Group N.V. | 41 | 3159 |
| Prosus N.V. - Class N | 201 | 12435 |
| STMicroelectronics N.V. | 100 | 2620 |
| Wolters Kluwer N.V. - Class C | 35 | 3669 |
|  |  | 132815 |
| **Spain 3.7%** | **Spain 3.7%** | **Spain 3.7%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 33 | 3260 |
| AENA, S.M.E., S.A. | 115 | 3216 |
| Amadeus IT Holding, S.A. (c) | 67 | 4945 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 881 | 20723 |
| Banco Santander, S.A. | 2264 | 26716 |
| CaixaBank, S.A. | 544 | 6670 |
| Cellnex Telecom, S.A. (c) | 88 | 2841 |
| EDP Renovaveis, S.A. | 35 | 495 |
| Endesa, S.A. | 47 | 1674 |
| Ferrovial SE | 69 | 4486 |
| Iberdrola, Sociedad Anonima | 935 | 20322 |
| Industria de Diseno Textil, S.A. | 170 | 11225 |
| Naturgy Energy Group S.A. | 16 | 473 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Repsol S.A. | 173 | 3239 |
| Telefonica, S.A. | 688 | 2822 |
| | | 113107 |
| **Sweden 3.5%** | **Sweden 3.5%** | **Sweden 3.5%** |
| AB Sagax - Class B | 35 | 752 |
| AB Sagax - Class D | 20 | 75 |
| Aktiebolaget Industrivarden - Class A | 18 | 805 |
| Aktiebolaget Industrivarden - Class C | 25 | 1139 |
| Aktiebolaget SKF - Class B | 55 | 1470 |
| Aktiebolaget Volvo - Class A | 27 | 859 |
| Aktiebolaget Volvo - Class B | 237 | 7568 |
| Alfa Laval AB | 43 | 2145 |
| ASSA ABLOY AB - Class B (a) | 162 | 6280 |
| Atlas Copco Aktiebolag - Class A | 391 | 6979 |
| Atlas Copco Aktiebolag - Class B | 235 | 3771 |
| Axfood AB | 18 | 562 |
| Boliden AB (b) | 43 | 2384 |
| Epiroc Aktiebolag - Class A | 98 | 2213 |
| Epiroc Aktiebolag - Class B | 56 | 1126 |
| EQT AB (c) | 108 | 4227 |
| Essity Aktiebolag (publ) - Class A | 4 | 120 |
| Essity Aktiebolag (publ) - Class B | 90 | 2587 |
| Evolution AB (publ) (c) | 28 | 1938 |
| Fastighets AB Balder - Class B (b) | 109 | 804 |
| G&L Beijer Ref AB - Class B (a) | 60 | 970 |
| H & M Hennes & Mauritz AB - Class B (a) | 76 | 1529 |
| Hexagon Aktiebolag - Class B | 322 | 3801 |
| Holmen Aktiebolag - Class B | 13 | 494 |
| Indutrade Aktiebolag | 40 | 1052 |
| Investmentaktiebolaget Latour - Class B | 24 | 579 |
| Investor Aktiebolag - Class A | 83 | 2946 |
| Investor Aktiebolag - Class B | 279 | 9972 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B | 12 | 679 |
| Lifco AB (Publ) - Class B | 35 | 1347 |
| NIBE Industrier AB - Class B | 255 | 978 |
| Nordnet AB | 26 | 751 |
| SAAB Aktiebolag - Class B | 55 | 3204 |
| Sandvik Aktiebolag | 147 | 4776 |
| Securitas AB - Class B | 81 | 1284 |
| Skandinaviska Enskilda Banken AB - Class A | 206 | 4337 |
| Skandinaviska Enskilda Banken AB - Class C | 4 | 95 |
| Skanska AB - Class B | 52 | 1412 |
| SSAB AB - Class A | 48 | 365 |
| SSAB AB - Class B | 79 | 595 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 72 | 958 |
| Svenska Handelsbanken AB - Class A | 209 | 3043 |
| Svenska Handelsbanken AB - Class B | 6 | 145 |
| Swedbank AB - Class A | 150 | 5196 |
| Swedish Orphan Biovitrum AB (Publ) (b) | 26 | 941 |
| Tele2 AB - Class B | 85 | 1428 |
| Telefonaktiebolaget LM Ericsson - Class A | 10 | 100 |
| Telefonaktiebolaget LM Ericsson - Class B | 391 | 3807 |
| Telia Company AB | 346 | 1479 |
| Trelleborg AB - Class B | 32 | 1366 |
|  |  | 107433 |
| **Italy 3.2%** | **Italy 3.2%** | **Italy 3.2%** |
| A2a S..A. | 253 | 688 |
| Assicurazioni Generali Societa' Per Azioni (a) | 136 | 5704 |
| Banca Mediolanum SpA | 30 | 672 |
| Banca Monte dei Paschi di Siena S.p.A. | 293 | 3130 |
| Banco BPM Societa' Per Azioni | 201 | 3065 |
| Bper Banca S.p.A. | 192 | 2598 |
| Buzzi S.p.A. | 12 | 725 |
| Davide Campari-Milano N.V. (a) | 93 | 605 |
| ENEL - SpA | 1193 | 12437 |
| Eni S.p.A. | 294 | 5558 |
| Ferrari N.V. | 19 | 7114 |
| Finecobank Banca Fineco S.p.A. | 93 | 2421 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (c) | 50 | 460 |
| Intesa Sanpaolo SpA | 2359 | 16302 |
| Leonardo S.p.A. | 62 | 3537 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 21 | 429 |
| Moncler S.p.A. | 34 | 2145 |
| Poste Italiane - Societa' Per Azioni (a) (c) | 67 | 1694 |
| Prysmian S.p.A. | 43 | 4370 |
| Recordati Industria Chimica E Farmaceutica S.p.A. In Breve Recordati S.p.A. | 14 | 822 |
| Snam S.p.A. | 323 | 2144 |
| Telecom Italia S.p.A. | 1855 | 1117 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 214 | 2275 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. | 235 | 19408 |
|  |  | 99420 |
| **Denmark 1.9%** | **Denmark 1.9%** | **Denmark 1.9%** |
| A.P. Moller - Maersk A/S - Class A |  | 984 |
| A.P. Moller - Maersk A/S - Class B (a) | 1 | 1241 |
| Carlsberg A/S - Class B | 14 | 1871 |
| Coloplast A/S - Class B | 22 | 1866 |
| Danske Bank A/S | 100 | 4976 |
| DSV A/S | 29 | 7457 |
| Genmab A/S (b) | 10 | 2947 |
| Novo Nordisk A/S - Class B | 484 | 24630 |
| Novozymes A/S - Class B | 54 | 3435 |
| Orsted A/S (b) (c) | 73 | 1395 |
| Pandora A/S | 12 | 1340 |
| Tryg A/S | 48 | 1267 |
| Vestas Wind Systems A/S | 154 | 4192 |
|  |  | 57601 |
| **Hong Kong 1.8%** | **Hong Kong 1.8%** | **Hong Kong 1.8%** |
| AIA Group Limited | 1603 | 16438 |
| Budweiser Brewing Company APAC Limited (a) (c) | 258 | 252 |
| CK Asset Holdings Limited | 285 | 1440 |
| CK Hutchison Holdings Limited | 406 | 2762 |
| CK Infrastructure Holdings Limited | 92 | 677 |
| CLP Holdings Limited | 275 | 2463 |
| Hang Seng Bank, Limited | 107 | 2111 |
| Henderson Land Development Company Limited | 201 | 724 |
| HKT Trust | 584 | 864 |
| Hong Kong And China Gas Company Limited - The- | 1696 | 1527 |
| Hong Kong Exchanges and Clearing Limited | 183 | 9597 |
| Jardine Matheson Holdings Limited | 31 | 2092 |
| Link Real Estate Investment Trust | 405 | 1804 |
| MTR Corporation Limited (a) | 232 | 889 |
| Power Assets Holdings Limited | 211 | 1493 |
| Sino Land Company Limited | 562 | 738 |
| Sun Hung Kai Properties Limited | 264 | 3209 |
| Swire Pacific Limited - Class A | 57 | 455 |
| Swire Pacific Limited - Class B | 68 | 101 |
| Swire Properties Limited | 140 | 378 |
| Techtronic Industries Company Limited | 225 | 2585 |
| WH Group Limited (c) | 1194 | 1330 |
| Wharf (Holdings) Limited, The | 124 | 346 |
| Wharf Real Estate Investment Company Limited | 220 | 696 |
|  |  | 54971 |
| **Singapore 1.4%** | **Singapore 1.4%** | **Singapore 1.4%** |
| Capitaland Ascendas REIT | 536 | 1181 |
| Capitaland Group Pte. Ltd. | 751 | 1397 |
| Capitaland Investment Limited | 349 | 736 |
| DBS Group Holdings Ltd | 310 | 13599 |
| Genting Singapore Limited | 934 | 526 |
| Jardine Cycle & Carriage Limited | 9 | 234 |
| Keppel Ltd. | 211 | 1701 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (c) | 395 | 451 |
| Oversea-Chinese Banking Corporation Limited | 502 | 7713 |
| Singapore Airlines Limited | 209 | 1041 |
| Singapore Exchange Limited | 128 | 1685 |
| Singapore Technologies Engineering Ltd | 243 | 1593 |
| Singapore Telecommunications Limited | 1273 | 4515 |
| United Overseas Bank Limited | 203 | 5512 |
| Wilmar International Limited | 259 | 621 |
|  |  | 42505 |
| **Finland 1.2%** | **Finland 1.2%** | **Finland 1.2%** |
| Elisa Oyj | 22 | 970 |
| Fortum Oyj | 68 | 1450 |
| Kesko Oyj - Class A | 15 | 340 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kesko Oyj - Class B | 41 | 918 |
| Kone Corporation - Class B | 54 | 3854 |
| Metso Oyj | 109 | 1896 |
| Neste Oyj | 67 | 1517 |
| Nokia Oyj | 778 | 5022 |
| Nordea Bank Abp | 489 | 9226 |
| Orion Oyj - Class A | 5 | 336 |
| Orion Oyj - Class B | 16 | 1218 |
| Sampo Oyj - Class A | 385 | 4632 |
| Stora Enso Oyj - Class R | 88 | 1095 |
| UPM-Kymmene Oyj | 81 | 2343 |
| Wartsila Oyj Abp | 73 | 2588 |
| | | 37405 |
| **Belgium 1.1%** | **Belgium 1.1%** | **Belgium 1.1%** |
| Ackermans | 3 | 925 |
| Ageas SA/NV | 26 | 1801 |
| Anheuser-Busch InBev | 150 | 9674 |
| Argenx SE (b) | 9 | 7896 |
| D'Ieteren Group | 3 | 600 |
| Groep Brussel Lambert | 13 | 1136 |
| KBC Groep | 38 | 5000 |
| Lotus Bakeries |  | 610 |
| Sofina | 2 | 671 |
| Syensqo (a) | 11 | 875 |
| UCB | 19 | 5184 |
| Warehouses De Pauw | 28 | 736 |
|  |  | 35108 |
| **Israel 0.8%** | **Israel 0.8%** | **Israel 0.8%** |
| Azrieli Group Ltd. | 5 | 558 |
| Bank Hapoalim B.M. | 200 | 4517 |
| Bank Leumi Le-Israel B.M. | 230 | 5068 |
| Elbit Systems Ltd. | 4 | 2168 |
| ICL Group Ltd | 123 | 708 |
| Israel Discount Bank Limited | 192 | 2035 |
| Mizrahi Tefahot Bank Ltd | 22 | 1515 |
| Nice Ltd (b) | 10 | 1101 |
| Teva Pharmaceutical Industries Ltd (b) | 176 | 5593 |
|  |  | 23263 |
| **Norway 0.6%** | **Norway 0.6%** | **Norway 0.6%** |
| Aker BP ASA | 47 | 1180 |
| DNB Bank ASA | 113 | 3136 |
| Equinor ASA | 101 | 2381 |
| Gjensidige Forsikring ASA | 28 | 835 |
| Kongsberg Gruppen ASA | 66 | 1693 |
| Mowi ASA | 70 | 1676 |
| Norsk Hydro ASA | 200 | 1542 |
| Orkla ASA | 105 | 1168 |
| SalMar ASA | 10 | 636 |
| Storebrand ASA | 66 | 1132 |
| Telenor ASA | 98 | 1426 |
| Var Energi ASA | 104 | 340 |
| Vend Marketplaces ASA - Class B | 29 | 807 |
| Yara International ASA | 25 | 1023 |
|  |  | 18975 |
| **Poland 0.5%** | **Poland 0.5%** | **Poland 0.5%** |
| Allegro.eu (b) (c) | 96 | 826 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 33 | 1862 |
| Dino Polska Spolka Akcyjna (b) (c) | 72 | 827 |
| ING Bank Slaski Spolka Akcyjna | 5 | 506 |
| KGHM Polska Miedz Spolka Akcyjna (b) | 20 | 1577 |
| LPP Spolka Akcyjna |  | 1193 |
| Orlen S A | 88 | 2356 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 132 | 3114 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 84 | 1554 |
| Santander Bank Polska Spolka Akcyjna | 6 | 925 |
|  |  | 14740 |
| **Austria 0.4%** | **Austria 0.4%** | **Austria 0.4%** |
| Andritz AG | 10 | 769 |
| BAWAG Group AG (c) | 11 | 1727 |
| Erste Group Bank AG | 46 | 5475 |
| OMV Aktiengesellschaft | 22 | 1210 |
| Raiffeisen Bank International AG | 23 | 1032 |
| Telekom Austria Aktiengesellschaft | 17 | 182 |
| Verbund AG | 10 | 727 |
|  |  | 11122 |
| **United States of America 0.3%** | **United States of America 0.3%** | **United States of America 0.3%** |
| Ashtead Group Public Limited Company | 66 | 4509 |
| James Hardie Industries Public Limited Company - CHESS | 91 | 1873 |
| Universal Music Group N.V. | 144 | 3754 |
|  |  | 10136 |
| **Ireland 0.1%** | **Ireland 0.1%** | **Ireland 0.1%** |
| Kerry Group Public Limited Company - Class A | 22 | 2037 |
| Kingspan Group Public Limited Company | 23 | 2032 |
|  |  | 4069 |
| **Portugal 0.1%** | **Portugal 0.1%** | **Portugal 0.1%** |
| EDP, S.A. | 426 | 1957 |
| Galp Energia, SGPS, S.A. - Class B | 62 | 1065 |
| Jeronimo Martins, SGPS S.A. | 43 | 1016 |
|  |  | 4038 |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| Auckland International Airport Limited | 230 | 1102 |
| Fisher & Paykel Healthcare Corporation Limited | 87 | 1876 |
| Meridian Energy Limited | 201 | 649 |
|  |  | 3627 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| ArcelorMittal (a) | 66 | 3011 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Galaxy Entertainment Group Limited | 333 | 1636 |
| Sands China Ltd. | 338 | 850 |
|  |  | 2486 |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Antofagasta PLC | 54 | 2369 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| WuXi Biologics (Cayman) Inc. (b) (c) | 551 | 2228 |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 28 | 1258 |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Zijin Gold International Company Limited (b) | 60 | 1131 |
| **Argentina 0.0%** | **Argentina 0.0%** | **Argentina 0.0%** |
| Tenaris S.A. | 54 | 1042 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| NMC Health PLC (d) | 12 |  |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (b) (c) (d) | 82 |  |
| Total Common Stocks (cost $2,138,476) | Total Common Stocks (cost $2,138,476) | 2982317 |
| **PREFERRED STOCKS 1.8%** | **PREFERRED STOCKS 1.8%** | **PREFERRED STOCKS 1.8%** |
| **Switzerland 1.5%** | **Switzerland 1.5%** | **Switzerland 1.5%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 2249 |
| Roche Holding AG | 106 | 43501 |
| Schindler Holding AG | 6 | 2415 |
|  |  | 48165 |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| Bayerische Motoren Werke Aktiengesellschaft | 8 | 851 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 17 | 912 |
| Henkel AG & Co. KGaA (e) | 25 | 2046 |
| Sartorius Aktiengesellschaft | 4 | 1085 |
| Volkswagen Aktiengesellschaft (e) | 32 | 3824 |
|  |  | 8718 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. (a) | 970 | 710 |
| Total Preferred Stocks (cost $46,241) | Total Preferred Stocks (cost $46,241) | 57593 |
| **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (f) (g) | 33330 | 33330 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.74% (f) (g) | 25458 | 25458 |
| Total Short Term Investments (cost $58,788) | Total Short Term Investments (cost $58,788) | 58788 |
| **Total Investments 100.3% (cost $2,243,505)** | **Total Investments 100.3% (cost $2,243,505)** | **3098698** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (30) |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(10570)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3088098** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Non-income producing security.

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

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

(e) Convertible security.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** | **JNL International Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 12805 | 1019301 | 998776 | 869 |  |  | 33330 | 1.1 |
| JNL Government Money Market Fund, 3.74% - Class SL | 2432 | 199956 | 176930 | 348 |  |  | 25458 | 0.8 |
|  | 15237 | 1219257 | 1175706 | 1217 |  |  | 58788 | 1.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 04/26/21 | 9155 | 7161 | 0.2 |
| Allegro.eu | 06/18/21 | 1044 | 826 |  |
| Amadeus IT Holding, S.A. | 04/26/21 | 4419 | 4945 | 0.2 |
| Amundi | 04/26/21 | 765 | 752 |  |
| BAWAG Group AG | 04/26/21 | 829 | 1727 | 0.1 |
| Budweiser Brewing Company APAC Limited | 04/26/21 | 795 | 252 |  |
| Cellnex Telecom, S.A. | 04/26/21 | 4143 | 2841 | 0.1 |
| Dino Polska Spolka Akcyjna | 06/18/21 | 675 | 827 |  |
| EQT AB | 04/26/21 | 3060 | 4227 | 0.1 |
| Evolution AB (publ) | 04/26/21 | 3205 | 1938 | 0.1 |
| Evraz PLC | 04/26/21 | 631 |  |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 04/26/21 | 588 | 460 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 04/26/21 | 615 | 451 |  |
| Orsted A/S | 04/26/21 | 2533 | 1395 |  |
| Poste Italiane - Societa' Per Azioni | 04/26/21 | 907 | 1694 | 0.1 |
| Siemens Healthineers AG | 06/18/21 | 2366 | 2148 | 0.1 |
| WH Group Limited | 04/26/21 | 1035 | 1330 |  |
| WuXi Biologics (Cayman) Inc. | 12/17/21 | 4218 | 2228 | 0.1 |
|  |  | 40983 | 35202 | 1.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro STOXX 50 Price Index | 241 | March 2026 | EUR | 13869 |  | 243 |
| FTSE 100 Index | 58 | March 2026 | GBP | 5632 | (30) | 178 |
| S&P/ASX 200 Index | 25 | March 2026 | AUD | 5368 | (12) | 37 |
| Topix Index | 55 | March 2026 | JPY | 1861895 |  | 98 |
|  |  |  |  |  | (42) | 556 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | HSB | 03/18/26 | AUD | 3132 | 2090 | 9 |
| AUD/USD | SCB | 03/18/26 | AUD | 3008 | 2007 | 12 |
| EUR/USD | CIT | 03/18/26 | EUR | 10215 | 12045 | (40) |
| EUR/USD | HSB | 03/18/26 | EUR | 9406 | 11092 | 100 |
| GBP/USD | HSB | 03/18/26 | GBP | 3059 | 4123 | 54 |
| GBP/USD | RBC | 03/18/26 | GBP | 2701 | 3641 | 21 |
| JPY/USD | BCL | 03/18/26 | JPY | 1498666 | 9627 | (11) |
| JPY/USD | SCB | 03/18/26 | JPY | 1670647 | 10732 | (161) |
| USD/EUR | CIT | 03/18/26 | EUR | (3834) | (4521) | 14 |
| USD/EUR | SCB | 03/18/26 | EUR | (1619) | (1909) |  |
| USD/GBP | SCB | 03/18/26 | GBP | (1421) | (1914) | (19) |
| USD/JPY | SCB | 03/18/26 | JPY | (871935) | (5602) | 33 |
|  |  |  |  |  | 41411 | 12 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4429 | 2977888 |  | 2982317 |
| &nbsp;&nbsp;Preferred Stocks |  | 57593 |  | 57593 |
| &nbsp;&nbsp;Short Term Investments | 58788 |  |  | 58788 |
|  | 63217 | 3035481 |  | 3098698 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 556 |  |  | 556 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 243 |  | 243 |
|  | 556 | 243 |  | 799 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (231) |  | (231) |
|  |  | (231) |  | (231) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Industrials 23.4%** | **Industrials 23.4%** | **Industrials 23.4%** |
| AAON, Inc. | 68 | 5199 |
| Acuity Brands, Inc. | 31 | 11022 |
| Advanced Drainage Systems, Inc. | 72 | 10492 |
| AECOM | 134 | 12736 |
| AeroVironment, Inc. (a) | 32 | 7825 |
| AGCO Corporation | 63 | 6564 |
| Alaska Air Group, Inc. (a) | 117 | 5895 |
| American Airlines Group Inc. (a) | 664 | 10173 |
| API Group Corporation (a) | 373 | 14260 |
| Applied Industrial Technologies, Inc. | 38 | 9744 |
| ATI Inc. (a) | 137 | 15752 |
| Avis Budget Group, Inc. (a) (b) | 17 | 2137 |
| Booz Allen Hamilton Holding Corporation - Class A | 122 | 10295 |
| Brink's Company, The | 42 | 4935 |
| BWXT Government Group, Inc. | 92 | 15972 |
| Caci International Inc. - Class A (a) | 22 | 11880 |
| Carlisle Companies Incorporated | 42 | 13453 |
| Carpenter Technology Corporation | 50 | 15852 |
| Chart Industries, Inc. (a) | 45 | 9200 |
| Clean Harbors, Inc. (a) | 51 | 11883 |
| CNH Industrial N.V. | 888 | 8191 |
| Concentrix Corporation | 44 | 1840 |
| Core & Main, Inc. - Class A (a) | 191 | 9937 |
| Crane Company | 49 | 9095 |
| Curtiss-Wright Corporation | 37 | 20575 |
| Donaldson Company, Inc. | 117 | 10340 |
| Dycom Industries, Inc. (a) | 29 | 9827 |
| EnerSys | 37 | 5457 |
| ESAB Corporation | 57 | 6395 |
| ExlService Holdings, Inc. (a) | 160 | 6781 |
| Exponent, Inc. | 50 | 3489 |
| Flowserve Corporation | 128 | 8910 |
| Fluor Corporation (a) | 164 | 6480 |
| Fortune Brands Innovations, Inc. | 121 | 6072 |
| FTI Consulting, Inc. (a) | 31 | 5220 |
| GATX Corporation | 36 | 6156 |
| Genpact Limited | 162 | 7575 |
| Graco Inc. | 166 | 13610 |
| GXO Logistics Inc. (a) | 116 | 6086 |
| Hexcel Corporation | 80 | 5920 |
| ITT Inc. | 85 | 14738 |
| KBR, Inc. | 128 | 5127 |
| Kirby Corporation (a) | 55 | 6039 |
| Knight-Swift Transportation Holdings Inc. - Class A | 164 | 8552 |
| Kratos Defense & Security Solutions, Inc. (a) | 170 | 12897 |
| Landstar System, Inc. | 35 | 4974 |
| Lincoln Electric Holdings, Inc. | 55 | 13293 |
| MasTec, Inc. (a) | 62 | 13391 |
| Maximus, Inc. | 56 | 4864 |
| Middleby Corporation, The (a) | 47 | 6947 |
| Mine Safety Appliances Company, LLC | 37 | 5937 |
| MSC Industrial Direct Co., Inc. - Class A | 46 | 3853 |
| Mueller Industries, Inc. | 112 | 12839 |
| NextPower LLC - Class A (a) | 149 | 12995 |
| Nvent Electric Public Limited Company | 163 | 16587 |
| Oshkosh Corporation | 64 | 8028 |
| Owens Corning | 83 | 9271 |
| Parsons Corporation (a) (b) | 54 | 3308 |
| Paylocity Holding Corporation (a) | 44 | 6760 |
| RB Global, Inc. | 188 | 19295 |
| RBC Bearings Incorporated (a) | 32 | 14200 |
| Regal Rexnord Corporation | 67 | 9383 |
| Ryder System, Inc. | 41 | 7818 |
| Saia, Inc. (a) | 27 | 8833 |
| Science Applications International Corporation | 46 | 4636 |
| Sensata Technologies Holding PLC | 147 | 4904 |
| Simpson Manufacturing Co., Inc. | 42 | 6716 |
| SPX Technologies, Inc. (a) | 50 | 9951 |
| Sterling Infrastructure, Inc. (a) | 31 | 9519 |
| Terex Corporation | 67 | 3567 |
| Tetra Tech, Inc. | 264 | 8858 |
| Timken Company, The | 64 | 5383 |
| Toro Company, The | 99 | 7755 |
| TransUnion | 196 | 16811 |
| Trex Company, Inc. (a) | 108 | 3801 |
| UFP Industries, Inc. | 59 | 5398 |
| UL Solutions Inc. - Class A | 76 | 5976 |
| Valmont Industries, Inc. | 20 | 7941 |
| Watsco, Inc. | 35 | 11929 |
| Watts Water Technologies, Inc. - Class A | 27 | 7571 |
| WESCO International, Inc. | 49 | 11947 |
| Woodward, Inc. | 61 | 18320 |
| XPO, Inc. (a) | 119 | 16114 |
|  |  | 760251 |
| **Financials 16.6%** | **Financials 16.6%** | **Financials 16.6%** |
| Affiliated Managers Group, Inc. | 28 | 8178 |
| Ally Financial Inc. | 284 | 12864 |
| American Financial Group, Inc. | 70 | 9581 |
| Annaly Capital Management, Inc. | 688 | 15391 |
| Associated Banc-Corp | 165 | 4239 |
| Bank OZK | 106 | 4895 |
| Brighthouse Financial, Inc. (a) | 58 | 3733 |
| Cadence Bank | 187 | 8028 |
| Carlyle Group Inc., The | 262 | 15472 |
| CNO Financial Group, Inc. | 97 | 4101 |
| Columbia Banking System, Inc. | 300 | 8395 |
| Comerica Incorporated | 129 | 11215 |
| Commerce Bancshares, Inc. | 130 | 6827 |
| Corebridge Financial, Inc. | 271 | 8161 |
| Cullen/Frost Bankers, Inc. | 65 | 8174 |
| East West Bancorp, Inc. | 139 | 15626 |
| Equitable Holdings, Inc. | 289 | 13770 |
| Essent Group Ltd. | 98 | 6364 |
| Euronet Worldwide, Inc. (a) | 39 | 2994 |
| Evercore Inc. - Class A | 39 | 13276 |
| F&G Annuities & Life, Inc. |  | 3 |
| F.N.B. Corporation | 359 | 6133 |
| Federated Hermes, Inc. - Class B | 75 | 3895 |
| Fidelity National Financial, Inc. - Class A | 257 | 14054 |
| First American Financial Corporation | 103 | 6323 |
| First Financial Bankshares, Inc. | 130 | 3882 |
| First Horizon Corporation | 500 | 11957 |
| FirstCash, Inc. | 39 | 6194 |
| Flagstar Bank, National Association | 300 | 3778 |
| Glacier Bancorp, Inc. | 130 | 5717 |
| Hamilton Lane Incorporated - Class A | 41 | 5573 |
| Hancock Whitney Corporation | 84 | 5351 |
| Hanover Insurance Group Inc., The | 36 | 6593 |
| Home BancShares, Inc. | 185 | 5139 |
| Houlihan Lokey, Inc. - Class A | 55 | 9594 |
| International Bancshares Corporation | 54 | 3612 |
| Janus Henderson Group PLC | 123 | 5872 |
| Jefferies Financial Group Inc. | 167 | 10355 |
| Kinsale Capital Group, Inc. | 22 | 8711 |
| MGIC Investment Corporation | 227 | 6630 |
| Morningstar, Inc. | 24 | 5205 |
| Old National Bancorp | 351 | 7827 |
| Old Republic International Corporation | 230 | 10507 |
| Pinnacle Financial Partners, Inc. | 78 | 7473 |
| Primerica, Inc. | 32 | 8320 |
| Prosperity Bancshares, Inc. | 97 | 6673 |
| Reinsurance Group of America, Incorporated | 66 | 13498 |
| RenaissanceRe Holdings Ltd | 47 | 13105 |
| RLI Corp. | 92 | 5910 |
| Ryan Specialty Group Holdings, Inc. - Class A | 113 | 5851 |
| SEI Investments Company | 94 | 7681 |
| Selective Insurance Group, Inc. | 61 | 5101 |
| Shift4 Payments, LLC - Class A (a) (b) | 69 | 4334 |
| SLM Corporation | 205 | 5549 |
| Southstate Bank Corporation | 101 | 9546 |
| Starwood Property Trust, Inc. | 352 | 6333 |
| Stifel Financial Corp. | 103 | 12847 |
| Synovus Financial Corp. | 140 | 7024 |
| Texas Capital Bancshares, Inc. (a) | 46 | 4171 |
| UMB Financial Corporation | 72 | 8288 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| United Bankshares, Inc. | 140 | 5395 |
| Unum Group | 156 | 12061 |
| Valley National Bancorp | 487 | 5687 |
| Voya Financial, Inc. | 96 | 7144 |
| Webster Financial Corporation | 163 | 10257 |
| Western Alliance Bancorporation | 104 | 8745 |
| Wex, Inc. (a) | 34 | 5110 |
| Wintrust Financial Corporation | 68 | 9478 |
| Zions Bancorporation, National Association | 149 | 8697 |
| Zurich American Corporation | 59 | 2388 |
| | | 540855 |
| **Information Technology 13.9%** | **Information Technology 13.9%** | **Information Technology 13.9%** |
| Allegro Microsystems Inc. (a) | 124 | 3267 |
| Amkor Technology, Inc. | 115 | 4541 |
| AppFolio, Inc. - Class A (a) | 23 | 5458 |
| Arrow Electronics, Inc. (a) | 52 | 5719 |
| ASGN Incorporated (a) | 42 | 2020 |
| Avnet, Inc. | 83 | 3968 |
| Belden Inc. | 40 | 4658 |
| Bentley Systems, Incorporated - Class B | 151 | 5753 |
| Bill Holdings, Inc. (a) | 90 | 4904 |
| Blackbaud, Inc. (a) | 37 | 2349 |
| Ciena Corporation (a) | 143 | 33347 |
| Cirrus Logic, Inc. (a) | 52 | 6116 |
| Cognex Corporation | 169 | 6089 |
| Coherent Corp. (a) | 158 | 29223 |
| CommVault Systems, Inc. (a) | 44 | 5526 |
| Crane Nxt, Co. | 50 | 2346 |
| DocuSign, Inc. (a) | 203 | 13883 |
| Dolby Laboratories, Inc. - Class A | 61 | 3943 |
| Dropbox, Inc. - Class A (a) | 176 | 4892 |
| Dynatrace, Inc. (a) | 304 | 13170 |
| Entegris, Inc. | 153 | 12863 |
| Fabrinet (a) | 36 | 16490 |
| Flex Ltd. (a) | 374 | 22592 |
| Guidewire Software, Inc. (a) | 86 | 17239 |
| IPG Photonics Corporation (a) | 25 | 1788 |
| Kyndryl Holdings, Inc. (a) | 229 | 6095 |
| Lattice Semiconductor Corporation (a) | 138 | 10154 |
| Littelfuse, Inc. | 25 | 6327 |
| Lumentum Holdings Inc. (a) | 72 | 26409 |
| MACOM Technology Solutions Holdings, Inc. (a) | 65 | 11096 |
| Manhattan Associates, Inc. (a) | 61 | 10542 |
| MKS Inc. | 68 | 10862 |
| Novanta Inc. (a) | 36 | 4306 |
| Nutanix, Inc. - Class A (a) | 272 | 14062 |
| Okta, Inc. - Class A (a) | 170 | 14714 |
| Onto Innovation Inc. (a) | 49 | 7809 |
| Pegasystems Inc. | 92 | 5522 |
| Pure Storage, Inc. - Class A (a) | 315 | 21088 |
| Qualys, Inc. (a) | 36 | 4779 |
| Rambus Inc. (a) | 108 | 9966 |
| Silicon Laboratories Inc. (a) | 33 | 4332 |
| Synaptics Incorporated (a) | 40 | 2935 |
| TD SYNNEX Corporation | 77 | 11521 |
| Twilio Inc. - Class A (a) | 153 | 21788 |
| Uipath, Inc. - Class A (a) | 417 | 6827 |
| Universal Display Corporation | 44 | 5193 |
| Vontier Corporation | 146 | 5445 |
|  |  | 453916 |
| **Consumer Discretionary 11.4%** | **Consumer Discretionary 11.4%** | **Consumer Discretionary 11.4%** |
| Abercrombie & Fitch Co. - Class A (a) | 48 | 5979 |
| Aramark | 265 | 9751 |
| Autoliv, Inc. | 71 | 8394 |
| AutoNation, Inc. (a) | 28 | 5692 |
| Bath & Body Works, Inc. | 208 | 4178 |
| BorgWarner Inc. | 215 | 9677 |
| Boyd Gaming Corporation | 58 | 4945 |
| Brunswick Corporation | 65 | 4804 |
| Burlington Stores, Inc. (a) | 63 | 18168 |
| Capri Holdings Limited (a) | 121 | 2952 |
| CAVA Group, Inc. (a) | 101 | 5954 |
| Chewy, Inc. - Class A (a) | 226 | 7474 |
| Choice Hotels International, Inc. (b) | 21 | 1963 |
| Churchill Downs Incorporated | 66 | 7543 |
| Columbia Sportswear Company | 25 | 1379 |
| Crocs, Inc. (a) | 52 | 4475 |
| Dick's Sporting Goods, Inc. | 67 | 13211 |
| Duolingo, Inc. - Class A (a) | 40 | 7072 |
| Five Below, Inc. (a) | 55 | 10448 |
| Floor & Decor Holdings, Inc. - Class A (a) | 109 | 6630 |
| GameStop Corp. - Class A (a) (b) | 416 | 8362 |
| Gap, Inc., The | 228 | 5840 |
| Gentex Corporation | 223 | 5197 |
| Graham Holdings Co., Ltd. - Class B | 3 | 3817 |
| Grand Canyon Education, Inc. (a) | 28 | 4698 |
| H & R Block, Inc. | 127 | 5550 |
| Harley-Davidson, Inc. | 117 | 2405 |
| Hilton Grand Vacations Inc. (a) | 60 | 2703 |
| Hyatt Hotels Corporation - Class A | 42 | 6758 |
| KB Home | 66 | 3715 |
| Lear Corporation | 52 | 6010 |
| Lithia Motors, Inc. - Class A | 24 | 8125 |
| Macy's, Inc. | 271 | 5969 |
| Mattel, Inc. (a) | 314 | 6221 |
| Murphy USA Inc. | 17 | 6937 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 62 | 6814 |
| Penske Automotive Group, Inc. | 19 | 2946 |
| Planet Fitness, Inc. - Class A (a) | 84 | 9095 |
| Polaris Inc. | 54 | 3390 |
| PVH Corp. | 49 | 3263 |
| RH (a) | 16 | 2821 |
| Service Corporation International | 142 | 11075 |
| Somnigroup International Inc. | 212 | 18927 |
| Taylor Morrison Home II Corporation - Class A (a) | 98 | 5777 |
| Texas Roadhouse, Inc. - Class A | 67 | 11071 |
| The Goodyear Tire & Rubber Company (a) | 291 | 2547 |
| Thor Industries, Inc. | 53 | 5420 |
| Toll Brothers, Inc. | 97 | 13172 |
| TopBuild Corp. (a) | 28 | 11758 |
| Travel + Leisure Co. | 65 | 4586 |
| V.F. Corporation | 334 | 6036 |
| Vail Resorts, Inc. (b) | 36 | 4822 |
| Valvoline, Inc. (a) | 127 | 3703 |
| Visteon Corporation | 28 | 2645 |
| Whirlpool Corporation (b) | 56 | 4030 |
| Wingstop Inc. | 28 | 6732 |
| Wyndham Hotels & Resorts, Inc. | 76 | 5732 |
| YETI Holdings, Inc. (a) | 78 | 3447 |
|  |  | 372805 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| Avantor, Inc. (a) | 693 | 7944 |
| BioMarin Pharmaceutical Inc. (a) | 195 | 11571 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 18 | 5531 |
| Bruker Corporation | 111 | 5241 |
| Chemed Corporation | 14 | 6112 |
| Cytokinetics, Incorporated (a) | 121 | 7706 |
| Dentsply Sirona Inc. | 202 | 2313 |
| Doximity, Inc. - Class A (a) | 139 | 6164 |
| Elanco Animal Health Incorporated (a) (b) | 501 | 11346 |
| Encompass Health Corporation | 102 | 10789 |
| Ensign Group, Inc., The | 58 | 10118 |
| Envista Holdings Corporation (a) | 164 | 3569 |
| Exelixis, Inc. (a) | 271 | 11874 |
| Globus Medical, Inc. - Class A (a) | 113 | 9824 |
| Haemonetics Corporation (a) | 47 | 3768 |
| Halozyme Therapeutics, Inc. (a) | 119 | 8034 |
| HealthEquity, Inc. (a) | 87 | 8009 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 210 | 6808 |
| Illumina, Inc. (a) | 154 | 20243 |
| Jazz Pharmaceuticals Public Limited Company (a) | 61 | 10374 |
| Lantheus Holdings, Inc. (a) | 67 | 4452 |
| LivaNova PLC (a) | 56 | 3448 |
| Masimo Corporation (a) | 46 | 5986 |
| Medpace Holdings, Inc. (a) | 23 | 12642 |
| Neurocrine Biosciences, Inc. (a) | 101 | 14319 |
| Option Care Health, Inc. (a) | 160 | 5104 |
| Penumbra, Inc. (a) | 40 | 12290 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Repligen Corporation (a) | 53 | 8748 |
| Roivant Sciences Ltd. (a) | 442 | 9596 |
| Sotera Health LLC (a) | 210 | 3710 |
| Tenet Healthcare Corporation (a) | 89 | 17652 |
| United Therapeutics Corporation (a) | 44 | 21199 |
| | | 286484 |
| **Real Estate 6.3%** | **Real Estate 6.3%** | **Real Estate 6.3%** |
| Agree Realty Corporation | 115 | 8311 |
| American Homes 4 Rent - Class A | 329 | 10545 |
| Brixmor Property Group Inc. | 309 | 8090 |
| COPT Defense Properties (b) | 116 | 3219 |
| Cousins Properties Incorporated | 169 | 4353 |
| Cubesmart, L.P. | 231 | 8324 |
| EastGroup Properties, Inc. | 54 | 9620 |
| EPR Properties | 77 | 3817 |
| Equity Lifestyle Properties, Inc. | 195 | 11834 |
| First Industrial Realty Trust, Inc. | 133 | 7592 |
| Gaming and Leisure Properties, Inc. | 286 | 12761 |
| Healthcare Realty Trust Incorporated - Class A | 355 | 6016 |
| Independence Realty Trust, Inc. | 241 | 4207 |
| Jones Lang LaSalle Incorporated (a) | 48 | 16040 |
| Kilroy Realty Corporation (b) | 110 | 4098 |
| Kite Realty Naperville, LLC | 218 | 5216 |
| Lamar Advertising Company - Class A | 87 | 11061 |
| National Storage Affiliates Trust | 72 | 2022 |
| NNN REIT, Inc. | 192 | 7592 |
| Omega Healthcare Investors, Inc. | 299 | 13270 |
| Park Hotels & Resorts Inc. (b) | 199 | 2085 |
| PotlatchDeltic Corporation | 71 | 2827 |
| Rayonier Inc. | 152 | 3291 |
| Rexford Industrial Realty, Inc. | 234 | 9075 |
| Sabra Health Care REIT, Inc. | 252 | 4766 |
| STAG Industrial, Inc. | 187 | 6880 |
| Vornado Realty Trust | 163 | 5414 |
| W.P. Carey Inc. | 221 | 14239 |
|  |  | 206565 |
| **Materials 5.4%** | **Materials 5.4%** | **Materials 5.4%** |
| Alcoa Corporation | 262 | 13913 |
| AptarGroup, Inc. | 66 | 8071 |
| Ashland Inc. | 45 | 2654 |
| Avient Corporation | 91 | 2850 |
| Axalta Coating Systems Ltd. (a) | 215 | 6935 |
| Cabot Corporation | 55 | 3621 |
| Cleveland-Cliffs Inc. (a) | 572 | 7593 |
| Commercial Metals Company | 112 | 7734 |
| Crown Holdings, Inc. | 115 | 11857 |
| Eagle Materials Inc. | 32 | 6676 |
| Graphic Packaging Holding Company | 299 | 4502 |
| Greif, Inc. - Class A | 26 | 1785 |
| Hecla Mining Company | 675 | 12959 |
| KRC Materials, Inc. (a) | 57 | 4002 |
| Louisiana-Pacific Corporation (W VA) | 64 | 5201 |
| MP Materials Corp. - Class A (a) (b) | 136 | 6871 |
| NewMarket Corporation | 8 | 5414 |
| Olin Corporation | 115 | 2386 |
| Reliance, Inc. | 53 | 15218 |
| Royal Gold, Inc. | 82 | 18185 |
| RPM International Inc. | 129 | 13444 |
| Scotts Miracle-Gro Company, The | 45 | 2610 |
| Silgan Holdings Inc. | 88 | 3545 |
| Sonoco Products Company | 99 | 4331 |
| Westlake Corporation | 34 | 2536 |
|  |  | 174893 |
| **Consumer Staples 4.3%** | **Consumer Staples 4.3%** | **Consumer Staples 4.3%** |
| Albertsons Companies, Inc. - Class A | 400 | 6865 |
| Bellring Intermediate Holdings, Inc. (a) | 129 | 3443 |
| BJ's Wholesale Club Holdings, Inc. (a) | 133 | 11976 |
| Boston Beer Company, Inc., The - Class A (a) | 8 | 1545 |
| Casey's General Stores, Inc. | 38 | 20773 |
| Celsius Holdings, Inc. (a) | 160 | 7340 |
| Coca-Cola Consolidated, Inc. | 57 | 8765 |
| Coty Inc. - Class A (a) | 386 | 1189 |
| Darling Ingredients Inc. (a) | 161 | 5798 |
| e.l.f. Beauty, Inc. (a) | 61 | 4640 |
| Flowers Foods, Inc. | 210 | 2285 |
| Ingredion Incorporated | 64 | 7031 |
| Maplebear Inc. (a) | 185 | 8311 |
| Performance Food Group Company (a) | 158 | 14226 |
| Pilgrim's Pride Corporation | 42 | 1640 |
| Post Holdings, Inc. (a) | 48 | 4755 |
| Sprouts Farmers Market, Inc. (a) | 99 | 7874 |
| The Marzetti Company | 20 | 3316 |
| US Foods Holding Corp. (a) | 225 | 16957 |
|  |  | 138729 |
| **Energy 3.9%** | **Energy 3.9%** | **Energy 3.9%** |
| Antero Midstream Corporation | 337 | 5992 |
| Antero Resources Corporation (a) | 298 | 10256 |
| Chord Energy Corporation | 57 | 5254 |
| Civitas Resources, Inc. | 77 | 2094 |
| CNX Resources Corporation (a) | 136 | 5008 |
| DT Midstream, Inc. | 103 | 12313 |
| HF Sinclair Corporation | 158 | 7292 |
| Matador Resources Company | 117 | 4970 |
| Murphy Oil Corporation | 137 | 4282 |
| NOV Inc. | 369 | 5768 |
| Ovintiv Canada ULC | 255 | 9999 |
| PBF Energy Inc. - Class A | 83 | 2262 |
| Permian Resources Corporation - Class A | 700 | 9824 |
| Range Resources Corporation | 239 | 8431 |
| TechnipFMC PLC | 409 | 18225 |
| Valaris Limited (a) | 64 | 3250 |
| Viper Energy, Inc. - Class A | 171 | 6606 |
| Weatherford International Public Limited Company | 73 | 5682 |
|  |  | 127508 |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| Black Hills Corporation | 76 | 5279 |
| Essential Utilities, Inc. | 286 | 10959 |
| IDACORP, Inc. | 54 | 6862 |
| National Fuel Gas Company | 91 | 7259 |
| New Jersey Resources Corporation | 101 | 4656 |
| NorthWestern Corporation | 63 | 4037 |
| OGE Energy Corp. | 204 | 8700 |
| One Gas, Inc. | 61 | 4722 |
| Ormat Technologies, Inc. | 61 | 6770 |
| Portland General Electric Company | 114 | 5448 |
| Southwest Gas Holdings, Inc. | 64 | 5159 |
| Spire Inc. | 60 | 4976 |
| Talen Energy Corporation (a) | 46 | 17315 |
| TXNM Energy, Inc. | 99 | 5822 |
| UGI Corporation | 215 | 8060 |
|  |  | 106024 |
| **Communication Services 2.0%** | **Communication Services 2.0%** | **Communication Services 2.0%** |
| EchoStar Corporation - Class A (a) (b) | 136 | 14778 |
| Frontier Communications Parent, Inc. (a) | 252 | 9598 |
| Nexstar Media Group, Inc. - Class A | 29 | 5888 |
| Pinterest, Inc. - Class A (a) | 601 | 15550 |
| The New York Times Company - Class A | 162 | 11274 |
| Warner Music Group Corp. - Class A | 148 | 4538 |
| ZoomInfo Technologies Inc. - Class A (a) | 277 | 2815 |
|  |  | 64441 |
| Total Common Stocks (cost $2,766,872) | Total Common Stocks (cost $2,766,872) | 3232471 |
| **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 17785 | 17785 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 14309 | 14309 |
| Total Short Term Investments (cost $32,094) | Total Short Term Investments (cost $32,094) | 32094 |
| **Total Investments 100.3% (cost $2,798,966)** | **Total Investments 100.3% (cost $2,798,966)** | **3264565** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (241) |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(10169)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3254155** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** | **JNL Mid Cap Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 45303 | 386891 | 414409 | 993 |  |  | 17785 | 0.6 |
| JNL Government Money Market Fund, 3.74% - Class SL | 12083 | 306209 | 303983 | 308 |  |  | 14309 | 0.4 |
|  | 57386 | 693100 | 718392 | 1301 |  |  | 32094 | 1.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Midcap 400 Index | 64 | March 2026 | 21587 | (241) | (306) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 3232471 |  |  | 3232471 |
| &nbsp;&nbsp;Short Term Investments | 32094 |  |  | 32094 |
|  | 3264565 |  |  | 3264565 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (306) |  |  | (306) |
|  | (306) |  |  | (306) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** |
| **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Financials 18.4%** | **Financials 18.4%** | **Financials 18.4%** |
| Adamas Trust, Inc. | 135 | 984 |
| Ameris Bancorp | 102 | 7571 |
| Amerisafe, Inc. | 30 | 1164 |
| Apollo Commercial Real Estate Finance, Inc. | 203 | 1963 |
| Arbor Realty Trust, Inc. (a) | 309 | 2398 |
| ARMOUR Residential REIT, Inc. (a) | 178 | 3150 |
| Artisan Partners Asset Management Inc. - Class A | 111 | 4541 |
| Assured Guaranty Ltd. | 68 | 6138 |
| Atlantic Union Bank | 226 | 7964 |
| Axos Financial, Inc. (b) | 90 | 7756 |
| Banc of California, Inc. | 210 | 4060 |
| BancFirst Corporation | 33 | 3508 |
| Bancorp, Inc., The (b) | 70 | 4729 |
| Bank of Hawaii Corporation | 63 | 4321 |
| BankUnited, Inc. | 120 | 5340 |
| Banner Corporation | 54 | 3398 |
| Beacon Financial Corporation | 134 | 3523 |
| BGC Group, Inc. - Class A | 573 | 5117 |
| Blackstone Mortgage Trust, Inc. - Class A | 251 | 4810 |
| Bread Financial Payments, Inc. | 73 | 5391 |
| Brightsphere Investment Group Inc. | 41 | 1928 |
| Capitol Federal Financial | 193 | 1317 |
| Cathay General Bancorp | 109 | 5251 |
| Central Pacific Financial Corp. | 43 | 1346 |
| City Holding Company | 23 | 2730 |
| Cohen & Steers, Inc. | 44 | 2733 |
| Community Financial System, Inc. (a) | 84 | 4824 |
| Customers Bancorp, Inc. (b) | 51 | 3705 |
| CVB Financial Corp. | 203 | 3775 |
| Dime Community Bancshares, Inc. | 65 | 1943 |
| Donnelley Financial Solutions, Inc. (b) | 42 | 1976 |
| Eagle Bancorp, Inc. | 44 | 945 |
| Ellington Financial Inc. | 171 | 2324 |
| Employers Holdings, Inc. | 36 | 1548 |
| Enact Holdings, Inc. | 46 | 1810 |
| Encore Capital Group, Inc. (b) | 36 | 1933 |
| Enova International, Inc. (b) | 40 | 6218 |
| EVERTEC, Inc. | 102 | 2981 |
| EZCORP, Inc. - Class A (b) | 91 | 1774 |
| FB Financial Corporation | 64 | 3592 |
| First Bancorp | 65 | 3309 |
| First Bancorp | 250 | 5187 |
| First Commonwealth Financial Corporation | 165 | 2784 |
| First Financial Bancorp. | 157 | 3932 |
| First Hawaiian, Inc. | 196 | 4951 |
| First Interstate BancSystem, Inc. - Class A | 143 | 4939 |
| Franklin BSP Realty Trust, Inc. | 129 | 1293 |
| Fulton Financial Corporation | 288 | 5562 |
| Genworth Financial, Inc. - Class A (b) | 637 | 5751 |
| Goosehead Insurance, Inc. - Class A | 40 | 2926 |
| HA Sustainable Infrastructure Capital, Inc. (a) | 201 | 6320 |
| Hanmi Financial Corporation | 48 | 1297 |
| HCI Group, Inc. | 17 | 3273 |
| Heritage Financial Corporation | 54 | 1287 |
| Hilltop Holdings Inc. | 68 | 2324 |
| Hope Bancorp, Inc. | 200 | 2188 |
| Horace Mann Educators Corporation | 65 | 3016 |
| Independent Bank Corp. | 79 | 5747 |
| Jackson Financial Inc. - Class A (c) | 108 | 11489 |
| KKR Real Estate Finance Trust Inc. | 85 | 697 |
| Lakeland Financial Corporation | 40 | 2274 |
| Lincoln National Corporation | 268 | 11929 |
| MarketAxess Holdings Inc. | 59 | 10673 |
| Mercury General Corporation | 42 | 3987 |
| Moelis & Company - Class A | 118 | 8096 |
| National Bank Holdings Corporation - Class A | 60 | 2299 |
| Navient Corporation | 103 | 1342 |
| NBT Bancorp Inc. | 82 | 3417 |
| NCR Atleos Corporation (b) | 117 | 4459 |
| NMI Holdings, Inc. - Class A (b) | 123 | 5000 |
| Northwest Bancshares, Inc. | 229 | 2750 |
| OFG Bancorp | 70 | 2888 |
| Palomar Holdings, Inc. (b) | 42 | 5695 |
| Park National Corporation | 23 | 3453 |
| Pathward Financial, Inc. | 36 | 2587 |
| Payoneer Global Inc. (b) | 462 | 2594 |
| PennyMac Mortgage Investment Trust (a) | 139 | 1739 |
| Piper Sandler Companies | 26 | 8947 |
| PJT Partners Inc. - Class A | 38 | 6412 |
| PRA Group, Inc. (b) | 61 | 1081 |
| Preferred Bank | 18 | 1721 |
| ProAssurance Corporation (b) | 82 | 1990 |
| PROG Holdings, Inc. | 62 | 1836 |
| Provident Financial Services, Inc. | 206 | 4071 |
| Radian Group Inc. | 214 | 7714 |
| Redwood Trust, Inc. | 200 | 1107 |
| Renasant Corporation | 151 | 5331 |
| S & T Bancorp, Inc. | 61 | 2387 |
| Safety Insurance Group, Inc. | 24 | 1857 |
| Seacoast Banking Corporation of Florida | 154 | 4854 |
| ServisFirst Bancshares, Inc. | 80 | 5750 |
| Sezzle Inc. (a) (b) | 27 | 1735 |
| Simmons First National Corporation - Class A | 229 | 4308 |
| SiriusPoint Ltd. (b) | 166 | 3638 |
| Southside Bancshares, Inc. | 45 | 1357 |
| Stellar Bancorp, Inc. | 73 | 2252 |
| StepStone Group Inc. - Class A | 115 | 7404 |
| Stewart Information Services Corporation | 44 | 3122 |
| StoneX Group Inc. (b) | 73 | 6979 |
| The Western Union Company (a) | 507 | 4719 |
| Tompkins Financial Corporation | 20 | 1475 |
| Triumph Financial, Inc. (b) | 36 | 2269 |
| Trupanion, Inc. (a) (b) | 53 | 1974 |
| Trustco Bank Corp N Y | 29 | 1206 |
| Trustmark Corporation | 96 | 3733 |
| Two Harbors Investment Corp. (a) | 167 | 1757 |
| United Community Banks, Inc. | 194 | 6047 |
| United Fire Group, Inc. | 35 | 1269 |
| Victory Capital Holdings, Inc. - Class A | 77 | 4835 |
| Virtu Financial, Inc. - Class A | 128 | 4257 |
| Virtus Investment Partners, Inc. | 10 | 1656 |
| WAFD, Inc. | 125 | 4012 |
| Walker & Dunlop, Inc. | 55 | 3289 |
| Westamerica Bancorporation | 40 | 1902 |
| WisdomTree, Inc. (a) | 183 | 2234 |
| World Acceptance Corporation (b) | 5 | 644 |
| WSFS Financial Corporation | 87 | 4817 |
|  |  | 433881 |
| **Industrials 16.9%** | **Industrials 16.9%** | **Industrials 16.9%** |
| AAR Corp. (b) | 62 | 5153 |
| ABM Industries Incorporated | 98 | 4131 |
| Air Lease Corporation - Class A | 167 | 10704 |
| Alamo Group Inc. | 17 | 2837 |
| Albany International Corp. - Class A | 46 | 2321 |
| Allegiant Travel Company (b) | 22 | 1841 |
| Amentum Holdings, Inc. (b) | 242 | 7026 |
| American Woodmark Corporation (b) | 23 | 1253 |
| Apogee Enterprises, Inc. | 34 | 1253 |
| Arcbest Corporation | 36 | 2677 |
| Arcosa, Inc. | 78 | 8259 |
| Armstrong World Industries, Inc. | 68 | 13071 |
| Astec Industries, Inc. | 37 | 1588 |
| AZZ Inc. | 48 | 5096 |
| Boise Cascade Company | 59 | 4348 |
| Brady Corporation - Class A | 69 | 5444 |
| Casella Waste Systems, Inc. - Class A (b) | 99 | 9692 |
| CoreCivic, Inc. (b) | 167 | 3187 |
| CSG Systems International, Inc. | 43 | 3322 |
| CSW Industrials, Inc. | 27 | 7811 |
| Deluxe Corporation | 71 | 1578 |
| DNOW Inc. (b) | 296 | 3923 |
| DXP Enterprises, Inc. (b) | 20 | 2174 |
| Elance, Inc. (b) | 208 | 4130 |
| Enerpac Tool Group Corp. - Class A | 84 | 3231 |
| Enpro Inc. | 34 | 7197 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Enviri Corporation (b) | 127 | 2282 |
| ESCO Technologies Inc. | 41 | 7988 |
| Everus Construction Group, Inc. (b) | 81 | 6897 |
| Federal Signal Corporation | 96 | 10473 |
| Forward Air Corporation (a) (b) | 35 | 869 |
| Franklin Electric Co., Inc. | 61 | 5783 |
| Gates Industrial Corporation PLC (b) | 411 | 8832 |
| GEO Group, Inc., The (b) | 217 | 3503 |
| Gibraltar Industries, Inc. (b) | 47 | 2344 |
| Granite Construction Incorporated | 69 | 7995 |
| Greenbrier Companies, Inc., The | 50 | 2318 |
| Griffon Corporation | 62 | 4581 |
| Hayward Holdings, Inc. (b) | 316 | 4878 |
| Healthcare Services Group, Inc. (b) | 112 | 2148 |
| Heartland Express, Inc. | 70 | 634 |
| Hertz Global Holdings, Inc. (a) (b) | 200 | 1027 |
| Hillenbrand, Inc. | 112 | 3554 |
| HNI Corporation | 109 | 4603 |
| Hub Group, Inc. - Class A | 96 | 4104 |
| Insperity, Inc. | 57 | 2212 |
| Insteel Industries, Inc. | 31 | 988 |
| Interface, Inc. - Class A | 93 | 2584 |
| JBT Marel Corporation | 83 | 12435 |
| JetBlue Airways Corporation (a) (b) | 460 | 2092 |
| Kadant Inc. | 19 | 5346 |
| Kennametal Inc. | 122 | 3460 |
| Korn Ferry | 83 | 5505 |
| Lindsay Corporation | 17 | 2025 |
| Liquidity Services, Inc. (b) | 38 | 1164 |
| ManpowerGroup Inc. | 74 | 2211 |
| Marten Transport, Ltd. | 92 | 1047 |
| Masterbrand, Inc. (a) (b) | 203 | 2246 |
| Matson Intermodal - Paragon, Inc. | 50 | 6144 |
| Mercury Systems, Inc. (b) | 84 | 6138 |
| Millerknoll, Inc. | 108 | 1969 |
| MOOG Inc. - Class A | 45 | 10985 |
| Mueller Water Products, Inc. - Class A | 249 | 5936 |
| MYR Group Inc. (b) | 25 | 5402 |
| National Presto Industries, Inc. | 9 | 917 |
| Openlane, Inc. (b) | 169 | 5037 |
| Pitney Bowes Inc. | 236 | 2496 |
| Powell Industries, Inc. (a) | 15 | 4776 |
| Primoris Services Corporation | 86 | 10627 |
| Proto Labs, Inc. (b) | 38 | 1899 |
| Quanex Building Products Corporation | 74 | 1131 |
| Resideo Technologies, Inc. (b) | 219 | 7676 |
| Robert Half Inc. | 159 | 4326 |
| Rush Enterprises, Inc. - Class A | 97 | 5217 |
| RXO Inc. (b) | 260 | 3290 |
| Schneider National, Inc. - Class B | 79 | 2087 |
| SkyWest, Inc. (b) | 63 | 6353 |
| Standex International Corporation | 19 | 4168 |
| Sun Country Airlines Holdings, Inc. (b) | 84 | 1212 |
| Sunrun Inc. (b) | 368 | 6772 |
| Tennant Company | 29 | 2121 |
| Titan International, Inc. (b) | 78 | 610 |
| Trinity Industries, Inc. | 126 | 3336 |
| Unifirst Corporation | 23 | 4481 |
| Verra Mobility Corporation - Class A (b) | 254 | 5695 |
| Vicor Corporation (b) | 36 | 3971 |
| Werner Enterprises, Inc. | 96 | 2869 |
| Willscot Holdings Corporation - Class A | 287 | 5395 |
| Worthington Industries, Inc. | 49 | 2531 |
| Zurn Elkay Water Solutions Corporation | 237 | 11024 |
| | | 397966 |
| **Information Technology 13.9%** | **Information Technology 13.9%** | **Information Technology 13.9%** |
| A10 Networks, Inc. | 112 | 1976 |
| ACI Worldwide, Inc. (b) | 163 | 7809 |
| ACM Research, Inc. - Class A (b) | 83 | 3288 |
| Adeia Inc. | 174 | 3004 |
| Advanced Energy Industries, Inc. | 60 | 12590 |
| Agilysys, Inc. (b) | 40 | 4745 |
| Alarm.Com Holdings, Inc. (b) | 79 | 4010 |
| Alpha and Omega Semiconductor Limited (b) | 39 | 772 |
| Arlo Technologies, Inc. (b) | 168 | 2346 |
| Axcelis Technologies, Inc. (b) | 49 | 3957 |
| Badger Meter, Inc. | 47 | 8139 |
| Benchmark Electronics, Inc. | 56 | 2399 |
| Blackline, Inc. (b) | 80 | 4406 |
| Box, Inc. - Class A (b) | 231 | 6912 |
| Calix, Inc. (b) | 95 | 5046 |
| Cleanspark Inc. (a) (b) | 448 | 4536 |
| Clear Secure, Inc. - Class A | 141 | 4960 |
| Cohu, Inc. (b) | 75 | 1746 |
| Corsair Gaming, Inc. (b) | 77 | 457 |
| CTS Corporation | 46 | 1970 |
| Digi International Inc. (b) | 60 | 2582 |
| DigitalOcean Holdings, Inc. (b) | 109 | 5247 |
| Diodes Incorporated (b) | 74 | 3635 |
| DXC Technology Company (a) (b) | 278 | 4068 |
| Enphase Energy, Inc. (a) (b) | 209 | 6685 |
| ePlus Inc. | 42 | 3663 |
| Extreme Networks, Inc. (b) | 212 | 3532 |
| Formfactor, Inc. (b) | 123 | 6863 |
| Grid Dynamics Holdings, Inc. - Class A (b) | 107 | 969 |
| Harmonic, Inc. (b) | 180 | 1784 |
| Ichor Holdings, Ltd. (b) | 56 | 1028 |
| Impinj, Inc. (b) | 43 | 7436 |
| Insight Enterprises, Inc. (b) | 49 | 4025 |
| InterDigital, Inc. | 41 | 13003 |
| Itron, Inc. (b) | 73 | 6775 |
| Knowles Corporation (b) | 136 | 2914 |
| Kulicke and Soffa Industries, Inc. | 83 | 3778 |
| LiveRamp Holdings, Inc. (b) | 102 | 2981 |
| Mara Holdings, Inc. (a) (b) | 603 | 5416 |
| MaxLinear, Inc. (b) | 132 | 2293 |
| Mirion Technologies (US), Inc. - Class A (b) | 395 | 9256 |
| N-Able, Inc. (b) | 120 | 900 |
| NCR Voyix Corporation (a) (b) | 222 | 2266 |
| NetScout Systems, Inc. (b) | 108 | 2926 |
| OSI Systems, Inc. (b) | 25 | 6492 |
| PC Connection, Inc. | 18 | 1039 |
| PDF Solutions, Inc. (b) | 51 | 1446 |
| Penguin Solutions, Inc. (a) (b) | 76 | 1495 |
| Photronics, Inc. (b) | 94 | 3011 |
| Plexus Corp. (b) | 43 | 6261 |
| Power Integrations, Inc. | 88 | 3136 |
| Progress Software Corporation (b) | 67 | 2899 |
| Q2 Holdings, Inc. (b) | 100 | 7194 |
| Qorvo, Inc. (b) | 134 | 11332 |
| Ralliant Corporation | 179 | 9095 |
| Rogers Corporation (b) | 26 | 2407 |
| Sanmina Corporation (b) | 87 | 12988 |
| ScanSource, Inc. (b) | 32 | 1254 |
| Semtech Corporation (b) | 138 | 10195 |
| Sitime Corporation (b) | 35 | 12320 |
| SolarEdge Technologies Ltd. (a) (b) | 94 | 2710 |
| Sprinklr, Inc. - Class A (b) | 192 | 1494 |
| SPS Commerce, Inc. (b) | 60 | 5310 |
| Teradata Corporation (b) | 149 | 4524 |
| TTM Technologies, Inc. (b) | 164 | 11314 |
| Ultra Clean Holdings, Inc. (b) | 73 | 1846 |
| Veeco Instruments Inc. (a) (b) | 94 | 2693 |
| ViaSat, Inc. (b) | 214 | 7388 |
| Viavi Solutions Inc. (b) | 356 | 6345 |
| Vishay Intertechnology, Inc. | 197 | 2859 |
|  |  | 328140 |
| **Consumer Discretionary 13.3%** | **Consumer Discretionary 13.3%** | **Consumer Discretionary 13.3%** |
| Academy Sports & Outdoors, Inc. | 105 | 5267 |
| Acushnet Holdings Corp. | 44 | 3495 |
| Adient Public Limited Company (b) | 126 | 2421 |
| Adtalem Global Education Inc. (b) | 57 | 5924 |
| Advance Auto Parts, Inc. | 95 | 3747 |
| American Axle & Manufacturing Holdings, Inc. (a) (b) | 187 | 1201 |
| American Eagle Outfitters, Inc. | 249 | 6553 |
| Asbury Automotive Group, Inc. (b) | 31 | 7209 |
| BJ's Restaurants, Inc. (b) | 34 | 1328 |
| Bloomin' Brands, Inc. | 123 | 759 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Boot Barn Holdings, Inc. (b) | 49 | 8569 |
| Brinker International, Inc. (b) | 71 | 10120 |
| Caesars Entertainment, Inc. (b) | 326 | 7614 |
| CarMax, Inc. (b) | 234 | 9049 |
| Carter's, Inc. | 59 | 1898 |
| Cavco Industries, Inc. (b) | 12 | 7353 |
| Century Communities, Inc. | 41 | 2417 |
| Cheesecake Factory Incorporated, The (a) | 73 | 3668 |
| Cracker Barrel Old Country Store, Inc. (a) | 35 | 895 |
| Dana Incorporated | 186 | 4427 |
| Dave & Buster's Entertainment, Inc. (a) (b) | 43 | 702 |
| Dorman Products, Inc. (b) | 44 | 5453 |
| Dream Finders Homes, Inc. - Class A (b) | 45 | 768 |
| Ethan Allen Interiors Inc. | 36 | 831 |
| ETSY, Inc. (b) | 156 | 8654 |
| Fox Factory Holding Corp. (b) | 67 | 1150 |
| Frontdoor, Inc. (b) | 115 | 6635 |
| Gentherm Incorporated (b) | 49 | 1784 |
| G-III Apparel Group, Ltd. | 59 | 1716 |
| Golden Entertainment, Inc. | 31 | 833 |
| Green Brick Partners, Inc. (b) | 49 | 3042 |
| Group 1 Automotive, Inc. | 20 | 7759 |
| Guess?, Inc. | 49 | 826 |
| Installed Building Products, Inc. (a) | 36 | 9299 |
| Kohl's Corporation | 178 | 3632 |
| Kontoor Brands, Inc. | 81 | 4949 |
| La-Z-Boy Incorporated | 64 | 2395 |
| LCI Industries | 39 | 4681 |
| Leggett & Platt, Incorporated (a) | 215 | 2362 |
| LGI Homes, Inc. (b) | 32 | 1380 |
| LKQ Corporation | 406 | 12256 |
| M/I Homes, Inc. (b) | 42 | 5334 |
| MarineMax, Inc. (b) | 30 | 727 |
| Marriott Vacations Worldwide Corporation | 44 | 2548 |
| Matthews International Corporation - Class A | 49 | 1289 |
| Meritage Homes Corporation | 112 | 7388 |
| Mister Car Wash, Inc. (b) | 155 | 864 |
| Mohawk Industries, Inc. (b) | 83 | 9052 |
| Monarch Casino & Resort, Inc. | 20 | 1885 |
| Monro, Inc. | 47 | 947 |
| National Vision Holdings, Inc. (b) | 125 | 3219 |
| Newell Brands Inc. | 654 | 2434 |
| Oxford Industries, Inc. | 22 | 747 |
| Papa John's International, Inc. | 53 | 2026 |
| Patrick Industries, Inc. | 53 | 5753 |
| PENN Entertainment, Inc. (b) | 204 | 3005 |
| Perdoceo Education Corporation | 96 | 2828 |
| Phinia Inc. | 61 | 3837 |
| Pursuit Attractions And Hospitality, Inc. (b) | 35 | 1172 |
| Red Rock Resorts, Inc. - Class A | 77 | 4786 |
| Sabre Corporation (b) | 637 | 866 |
| Sally Beauty Holdings, Inc. (b) | 156 | 2223 |
| Shake Shack, Inc. - Class A (b) | 64 | 5202 |
| Signet Jewelers Limited | 65 | 5376 |
| Six Flags Entertainment Corporation (a) (b) | 163 | 2496 |
| Skyline Champion Corporation (b) | 89 | 7527 |
| Sonic Automotive, Inc. - Class A (a) | 24 | 1478 |
| Sonos, Inc. (b) | 190 | 3341 |
| Standard Motor Products, Inc. | 34 | 1242 |
| Steven Madden, Ltd. | 115 | 4789 |
| Strategic Education, Inc. | 37 | 2964 |
| Stride, Inc. (b) | 69 | 4450 |
| The Buckle, Inc. | 48 | 2562 |
| The Wendy's Company (a) | 245 | 2045 |
| Topgolf Callaway Brands Corp. (b) | 219 | 2554 |
| TRI Pointe Homes Holdings, Inc. (b) | 137 | 4314 |
| Under Armour, Inc. - Class A (a) (b) | 301 | 1497 |
| Under Armour, Inc. - Class C (a) (b) | 189 | 906 |
| United Parks And Resorts Inc. (a) (b) | 42 | 1529 |
| Upbound Group, Inc. | 84 | 1468 |
| Urban Outfitters, Inc. (b) | 85 | 6392 |
| Victoria's Secret & Co. (b) | 127 | 6901 |
| Winnebago Industries, Inc. | 45 | 1824 |
| Wolverine World Wide, Inc. | 131 | 2370 |
| XPEL, Inc. (b) | 40 | 2017 |
| | | 313195 |
| **Health Care 12.1%** | **Health Care 12.1%** | **Health Care 12.1%** |
| Acadia Healthcare Company, Inc. (b) | 148 | 2102 |
| Acadia Pharmaceuticals Inc. (b) | 199 | 5311 |
| AdaptHealth LLC - Class A (b) | 168 | 1676 |
| Addus HomeCare Corporation (b) | 29 | 3089 |
| ADMA Biologics, Inc. (b) | 377 | 6883 |
| Alkermes Public Limited Company (b) | 261 | 7304 |
| AMN Healthcare Services, Inc. (b) | 60 | 948 |
| Amphastar Pharmaceuticals, Inc. (b) | 56 | 1495 |
| ANI Pharmaceuticals, Inc. (b) | 29 | 2263 |
| Arcus Biosciences, Inc. (b) | 133 | 3174 |
| Arrowhead Pharmaceuticals Inc (b) | 220 | 14585 |
| Artivion, Inc. (b) | 66 | 3003 |
| Astrana Health, Inc. (b) | 69 | 1713 |
| Avanos Medical, Inc. (b) | 72 | 813 |
| Azenta, Inc. (b) | 65 | 2173 |
| BioLife Solutions, Inc. (b) | 60 | 1454 |
| Brightspring Health Services, Inc. (b) | 181 | 6786 |
| Catalyst Pharmaceuticals, Inc. (b) | 185 | 4309 |
| Certara, Inc. (b) | 186 | 1636 |
| Collegium Pharmaceutical, Inc. (b) | 50 | 2333 |
| Concentra Group Holdings Parent, Inc. | 189 | 3727 |
| CONMED Corporation | 50 | 2019 |
| Corcept Therapeutics Incorporated (b) | 148 | 5162 |
| CorVel Corporation (b) | 49 | 3328 |
| Cytek Biosciences, Inc. (b) | 177 | 896 |
| Dynavax Technologies Corporation (b) | 159 | 2450 |
| Embecta Corp. | 94 | 1116 |
| Enovis Corporation (b) | 89 | 2376 |
| Fortrea Holdings Inc. (b) | 146 | 2517 |
| Glaukos Corporation (b) | 91 | 10272 |
| Harmony Biosciences Holdings, Inc. (b) | 64 | 2388 |
| Healthstream, Inc. | 38 | 870 |
| ICU Medical, Inc. (b) | 39 | 5613 |
| Indivior PLC (b) | 199 | 7144 |
| Innoviva, Inc. (b) | 113 | 2264 |
| Inspire Medical Systems, Inc. (b) | 42 | 3889 |
| Integer Holdings Corporation (b) | 56 | 4382 |
| Integra LifeSciences Holdings Corporation (b) | 106 | 1316 |
| Krystal Biotech, Inc. (b) | 41 | 10142 |
| LeMaitre Vascular, Inc. | 33 | 2715 |
| Ligand Pharmaceuticals Incorporated (b) | 31 | 5905 |
| Merit Medical Systems, Inc. (b) | 95 | 8336 |
| Myriad Genetics, Inc. (b) | 150 | 920 |
| National HealthCare Corporation | 20 | 2727 |
| Neogen Corporation (b) | 348 | 2436 |
| Neogenomics, Inc. (b) | 208 | 2441 |
| OmniAb, Inc. (b) (d) | 16 |  |
| OmniAb, Inc. (b) (d) | 16 |  |
| Omnicell, Inc. (b) | 72 | 3242 |
| Organon & Co. | 408 | 2922 |
| Pacira Pharmaceuticals, Inc. (b) | 69 | 1776 |
| Pediatrix Medical Group, Inc. (b) | 132 | 2831 |
| Perrigo Company Public Limited Company | 219 | 3055 |
| Phibro Animal Health Corporation - Class A | 32 | 1203 |
| Prestige Consumer Healthcare Inc. (b) | 77 | 4731 |
| Privia Health Group Inc. (b) | 182 | 4319 |
| Progyny, Inc. (b) | 128 | 3294 |
| Protagonist Therapeutics, Inc. (b) | 93 | 8157 |
| PTC Therapeutics, Inc. (b) | 128 | 9726 |
| QuidelOrtho Corporation (a) (b) | 107 | 3044 |
| RadNet, Inc. (b) | 111 | 7888 |
| Sarepta Therapeutics, Inc. (b) | 167 | 3596 |
| Schrodinger, Inc. (b) | 90 | 1608 |
| Select Medical Holdings Corporation | 175 | 2600 |
| STAAR Surgical Company (b) | 78 | 1800 |
| Supernus Pharmaceuticals, Inc. (b) | 91 | 4545 |
| Tandem Diabetes Care, Inc. (b) | 109 | 2387 |
| Teleflex Incorporated | 70 | 8542 |
| TG Therapeutics, Inc. (b) | 216 | 6453 |
| TransMedics Group, Inc. (a) (b) | 54 | 6617 |
| U.S. Physical Therapy, Inc. | 24 | 1902 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| UFP Technologies, Inc. (b) | 12 | 2714 |
| Veracyte, Inc. (b) | 125 | 5275 |
| Vericel Corporation (b) | 81 | 2920 |
| VIR Biotechnology, Inc. (b) | 152 | 917 |
| Waystar Holding Corp. (b) | 181 | 5932 |
| Xencor, Inc. (b) | 115 | 1754 |
| | | 286151 |
| **Real Estate 7.2%** | **Real Estate 7.2%** | **Real Estate 7.2%** |
| Acadia Realty Trust | 207 | 4251 |
| Alexander & Baldwin, Inc. | 115 | 2365 |
| American Assets Trust, Inc. | 76 | 1440 |
| Apple Hospitality REIT, Inc. | 348 | 4120 |
| Armada Hoffler Properties, Inc. (a) | 129 | 853 |
| Brandywine Realty Trust | 272 | 794 |
| Caretrust REIT, Inc. | 356 | 12877 |
| Centerspace | 27 | 1793 |
| Curbline Properties Corp. | 153 | 3561 |
| Cushman & Wakefield Ltd. (b) | 370 | 5986 |
| DiamondRock Alpharetta Tenant, LLC | 324 | 2904 |
| Douglas Emmett, Inc. | 266 | 2924 |
| Easterly Government Properties, Inc. | 69 | 1467 |
| ELME Communities | 141 | 2458 |
| Essential Properties Realty Trust, Inc. | 314 | 9314 |
| eXp World Holdings, Inc. (a) | 142 | 1284 |
| Four Corners Property Trust, Inc. | 168 | 3871 |
| Getty Realty Corp. | 83 | 2269 |
| Global Net Lease, Inc. | 317 | 2727 |
| Highwoods Properties, Inc. | 175 | 4525 |
| Innovative Industrial Properties, Inc. | 44 | 2097 |
| JBG Smith Properties (a) | 94 | 1605 |
| Kennedy-Wilson Holdings, Inc. | 189 | 1831 |
| LTC Properties, Inc. | 76 | 2611 |
| LXP Industrial Trust | 94 | 4638 |
| Macerich Company, The | 408 | 7540 |
| Marcus & Millichap Company | 38 | 1032 |
| Medical Properties Trust, Inc. (a) | 777 | 3886 |
| Millrose Properties, Inc. - Class A | 246 | 7355 |
| NexPoint Residential Trust, Inc. | 34 | 1015 |
| OUTFRONT Media Inc. | 231 | 5563 |
| Pebblebrook Hotel Trust | 181 | 2051 |
| Phillips Edison & Company, Inc. | 200 | 7098 |
| Ryman Hospitality Properties, Inc. | 101 | 9520 |
| Safehold Inc. | 75 | 1028 |
| Saul Centers, Inc. | 19 | 612 |
| SL Green Realty Corp. | 113 | 5182 |
| St. Joe Company, The | 63 | 3735 |
| Summit Hotel Properties, Inc. | 167 | 815 |
| Sunstone Hotel Investors, Inc. | 301 | 2688 |
| Tanger Inc. | 184 | 6126 |
| Terreno Realty Corporation | 165 | 9685 |
| Universal Health Realty Income Trust | 20 | 802 |
| Urban Edge Properties | 198 | 3799 |
| Veris Residential, Inc. | 130 | 1933 |
| Vestis Corporation | 180 | 1200 |
| Whitestone REIT | 70 | 973 |
| Xenia Hotels & Resorts, Inc. | 150 | 2125 |
|  |  | 170328 |
| **Materials 5.3%** | **Materials 5.3%** | **Materials 5.3%** |
| Alpha Metallurgical Resources, Inc. (a) (b) | 17 | 3443 |
| Balchem Corporation | 52 | 7902 |
| Celanese Corporation - Class A | 173 | 7321 |
| Century Aluminum Company (b) | 84 | 3310 |
| Chemours Company, The | 240 | 2834 |
| Eastman Chemical Company | 182 | 11612 |
| Element Solutions Inc. | 363 | 9064 |
| FMC Corporation | 197 | 2736 |
| H.B. Fuller Company | 86 | 5111 |
| Hawkins, Inc. | 33 | 4717 |
| Ingevity Corporation (b) | 57 | 3390 |
| Innospec Inc. | 40 | 3038 |
| Kaiser Aluminum Corporation | 26 | 2931 |
| Koppers Holdings Inc. | 32 | 858 |
| Materion Corporation | 33 | 4111 |
| Metallus Inc. (b) | 58 | 994 |
| Minerals Technologies Inc. | 50 | 3022 |
| O-I Glass, Inc. (b) | 245 | 3623 |
| Quaker Chemical Corporation | 22 | 2962 |
| Sealed Air Corporation | 233 | 9660 |
| Sensient Technologies Corporation | 68 | 6363 |
| Solstice Advanced Materials US, Inc. (b) | 252 | 12228 |
| Stepan Company | 35 | 1635 |
| SunCoke Energy, Inc. | 133 | 956 |
| Sylvamo Corporation | 53 | 2544 |
| Warrior Met Coal, Inc. | 83 | 7329 |
| Worthington Steel, Inc. | 50 | 1745 |
|  |  | 125439 |
| **Energy 4.5%** | **Energy 4.5%** | **Energy 4.5%** |
| Archrock, Inc. | 278 | 7230 |
| Atlas Energy Solutions Inc. (a) | 122 | 1152 |
| Bristow Holdings U.S. Inc. (b) | 40 | 1462 |
| Cactus, Inc. - Class A | 110 | 5018 |
| California Resources Corporation | 124 | 5524 |
| Comstock Resources, Inc. (a) (b) | 127 | 2940 |
| Core Laboratories LP | 74 | 1181 |
| Core Natural Resources, Inc. | 82 | 7219 |
| Crescent Energy Company - Class A | 385 | 3233 |
| CVR Energy, Inc. (b) | 49 | 1240 |
| Dorian LPG Ltd. | 58 | 1419 |
| Helix Energy Solutions Group, Inc. (b) | 219 | 1373 |
| Helmerich & Payne, Inc. | 158 | 4532 |
| Innovex International, Inc. (b) | 62 | 1354 |
| International Seaways, Inc. | 64 | 3124 |
| Kinetik Holdings Inc. - Class A (a) | 72 | 2614 |
| Kodiak Gas Services, LLC | 133 | 4957 |
| Liberty Energy Inc. - Class A | 256 | 4729 |
| Magnolia Oil & Gas Corporation - Class A | 292 | 6394 |
| Noble Corporation 2022 Limited | 200 | 5648 |
| Northern Oil and Gas Incorporated (a) | 156 | 3344 |
| Oceaneering International, Inc. (b) | 158 | 3797 |
| Par Pacific Holdings, Inc. (b) | 80 | 2818 |
| Patterson-UTI Energy, Inc. | 547 | 3344 |
| Peabody Energy Corporation | 194 | 5754 |
| REX American Resources Corporation (b) | 44 | 1419 |
| RPC, Inc. | 133 | 724 |
| SM Energy Company | 183 | 3422 |
| Talos Energy Inc. (b) | 201 | 2210 |
| Tidewater Inc. (b) | 73 | 3692 |
| World Kinect Corporation | 88 | 2058 |
|  |  | 104925 |
| **Communication Services 2.9%** | **Communication Services 2.9%** | **Communication Services 2.9%** |
| Angi Inc. - Class A (b) | 53 | 691 |
| Cable One, Inc. | 8 | 849 |
| CarGurus, Inc. - Class A (b) | 130 | 4968 |
| Cars.com Inc. (b) | 88 | 1076 |
| Cinemark Holdings, Inc. | 163 | 3778 |
| Cogent Communications Holdings, Inc. | 76 | 1646 |
| DoubleVerify Holdings, Inc. (b) | 215 | 2459 |
| Gogo, Inc. (b) | 120 | 558 |
| IAC Inc. (b) | 104 | 4065 |
| Iridium Communications Inc. | 167 | 2903 |
| John Wiley & Sons, Inc. - Class A | 66 | 2020 |
| Lumen Technologies, Inc. (b) | 1498 | 11642 |
| QuinStreet, Inc. (b) | 87 | 1256 |
| Scholastic Corporation | 36 | 1075 |
| Shenandoah Telecommunications Company | 72 | 836 |
| Shutterstock, Inc. | 38 | 721 |
| Sphere Entertainment Co. - Class A (b) | 29 | 7399 |
| TEGNA Inc. | 256 | 4970 |
| Telephone and Data Systems, Inc. | 156 | 6402 |
| TripAdvisor, Inc. (b) | 186 | 2712 |
| Uniti Group Inc. (a) (b) | 281 | 1973 |
| Yelp Inc. (b) | 93 | 2831 |
| Ziff Davis, Inc. (b) | 63 | 2215 |
|  |  | 69045 |
| **Consumer Staples 2.5%** | **Consumer Staples 2.5%** | **Consumer Staples 2.5%** |
| Andersons, Inc., The | 54 | 2849 |
| Cal-Maine Foods, Inc. | 73 | 5784 |
| Central Garden & Pet Company (b) | 13 | 404 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Central Garden & Pet Company - Class A (b) | 82 | 2386 |
| Del Monte Fresh Produce Company | 53 | 1878 |
| Edgewell Personal Care Colombia S A S | 74 | 1257 |
| Energizer Holdings, Inc. | 96 | 1901 |
| Freshpet, Inc. (b) | 77 | 4704 |
| Grocery Outlet Holding Corp. (b) | 158 | 1592 |
| Interparfums, Inc. | 29 | 2421 |
| J&J Snack Foods Corp. | 25 | 2256 |
| John B. Sanfilippo & Son, Inc. | 14 | 1019 |
| National Beverage Corp. (b) | 38 | 1197 |
| PriceSmart, Inc. | 40 | 4917 |
| Reynolds Consumer Products Inc. | 88 | 2009 |
| Simply Good Foods Company, The (b) | 146 | 2934 |
| The Chefs' Warehouse, Inc. (b) | 58 | 3601 |
| Tootsie Roll Industries, Inc. (a) | 31 | 1142 |
| Treehouse Foods, Inc. (b) | 72 | 1691 |
| United Natural Foods, Inc. (b) | 97 | 3275 |
| Universal Corporation | 39 | 2079 |
| Vital Farms, Inc. (b) | 60 | 1904 |
| WD-40 Company | 21 | 4205 |
| | | 57405 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| American States Water Company | 61 | 4438 |
| Avista Corporation | 128 | 4948 |
| California Water Service Group | 95 | 4101 |
| Chesapeake Utilities Corporation | 38 | 4679 |
| Clearway Energy, Inc. - Class A | 56 | 1748 |
| Clearway Energy, Inc. - Class C | 134 | 4451 |
| H2O America | 52 | 2569 |
| Hawaiian Electric Industries, Inc. (b) | 275 | 3386 |
| MDU Resources Group, Inc. | 326 | 6361 |
| MGE Energy, Inc. | 58 | 4557 |
| Middlesex Water Company | 29 | 1447 |
| Northwest Natural Holding Company | 66 | 3074 |
| Otter Tail Corporation | 67 | 5395 |
| Unitil Corporation | 29 | 1381 |
|  |  | 52535 |
| Total Common Stocks (cost $2,219,691) | Total Common Stocks (cost $2,219,691) | 2339010 |
| **INVESTMENT COMPANIES 0.3%** | **INVESTMENT COMPANIES 0.3%** | **INVESTMENT COMPANIES 0.3%** |
| iShares Core S&P Small Cap ETF (a) | 69 | 8252 |
| Total Investment Companies (cost $8,402) | Total Investment Companies (cost $8,402) | 8252 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (e) | 25870 | 25870 |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (e) | 8923 | 8923 |
| Total Short Term Investments (cost $34,793) | Total Short Term Investments (cost $34,793) | 34793 |
| **Total Investments 101.0% (cost $2,262,886)** | **Total Investments 101.0% (cost $2,262,886)** | **2382055** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (95) |
| **Other Assets and Liabilities, Net (1.0)%** | **Other Assets and Liabilities, Net (1.0)%** | **(23020)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2358940** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Non-income producing security.

(c) Investment in affiliate.

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

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** | **JNL Small Cap Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Jackson Financial Inc. - Class A | 12006 | 212 | 3029 | 392 | 1813 | 487 | 11489 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL | 37184 | 424243 | 435557 | 1366 |  |  | 25870 | 1.1 |
| JNL Government Money Market Fund, 3.64% - Class I | 9925 | 171649 | 172651 | 327 |  |  | 8923 | 0.4 |
|  | 59115 | 596104 | 611237 | 2085 | 1813 | 487 | 46282 | 2.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 96 | March 2026 | 12353 | (95) | (363) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2339010 |  |  | 2339010 |
| &nbsp;&nbsp;Investment Companies | 8252 |  |  | 8252 |
| &nbsp;&nbsp;Short Term Investments | 34793 |  |  | 34793 |
|  | 2382055 |  |  | 2382055 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (363) |  |  | (363) |
|  | (363) |  |  | (363) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| **COMMON STOCKS 46.5%** | **COMMON STOCKS 46.5%** | **COMMON STOCKS 46.5%** |
| **Communication Services 11.1%** | **Communication Services 11.1%** | **Communication Services 11.1%** |
| Alphabet Inc. - Class A (a) | 84 | 26148 |
| Alphabet Inc. - Class C (a) | 22 | 6985 |
| Comcast Corporation - Class A (a) | 61 | 1819 |
| EchoStar Corporation - Class A (b) | 2 | 170 |
| Electronic Arts Inc. (a) (c) | 32 | 6591 |
| Endeavor Group Holdings, Inc. - Class A (d) (e) | 288 | 7932 |
| Former Charter Communications Parent, Inc. - Class A (b) | 2 | 365 |
| Frontier Communications Parent, Inc. (b) | 128 | 4877 |
| Liberty Broadband Corporation - Series A (b) | 29 | 1412 |
| Liberty Broadband Corporation - Series C (b) | 10 | 493 |
| Meta Platforms, Inc. - Class A | 42 | 27748 |
| Netflix, Inc. (a) (b) | 147 | 13797 |
| Nintendo Co., Ltd. | 4 | 288 |
| Oi S.A. - Em Recuperacao Judicial - ADR (b) (f) | 9 |  |
| TEGNA Inc. | 60 | 1155 |
| Trade Desk, Inc., The - Class A (b) | 53 | 2028 |
| Warner Bros. Discovery, Inc. - Series A (b) (c) | 192 | 5528 |
|  |  | 107336 |
| **Financials 10.3%** | **Financials 10.3%** | **Financials 10.3%** |
| 1RT Acquisition Corp. (b) | 1 | 8 |
| A Paradise Acquisition Corp. (b) | 5 | 47 |
| A Paradise Acquisition Corp. - Class A (b) | 52 | 520 |
| AA Mission Acquisition Corp. - Class A (b) | 23 | 249 |
| AA Mission Acquisition Corp. II (b) | 31 | 306 |
| AA Mission Acquisition Corp. II - Class A (b) | 26 | 258 |
| Activate Energy Acquisition Corp. (b) | 16 | 160 |
| Adyen N.V. (b) (g) | 4 | 6880 |
| Agriculture & Natural Solutions Acquisition Corp. - Class A (b) | 87 | 974 |
| AI Infrastructure Acquisition Corp. (b) | 18 | 186 |
| AI Infrastructure Acquisition Corp. - Class A (b) | 12 | 120 |
| Aldel Financial II Inc. - Class A (b) | 59 | 621 |
| American Drive Acquisition Co. (b) | 7 | 73 |
| Andretti Acquisition Corp. II - Class A (b) | 51 | 541 |
| AON Public Limited Company - Class A | 4 | 1529 |
| Apex Treasury Corporation (b) | 7 | 68 |
| Apex Treasury Corporation - Class A (b) | 23 | 225 |
| Archimedes Tech Spac Partners II Co. (b) | 43 | 450 |
| Armada Acquisition Corp. II - Class A (b) | 39 | 398 |
| Artius II Acquisition Inc. - Class A (b) | 52 | 535 |
| Axiom Intelligence Acquisition Corp 1 - Class A (b) | 31 | 311 |
| Bain Capital GSS Investment Corp. (b) | 11 | 117 |
| Berto Acquisition Corp. (b) | 20 | 201 |
| BEST SPAC I Acquisition Corp. - Class A (b) | 2 | 23 |
| Bitcoin Infrastructure Acquisition Corp. Ltd (b) | 10 | 100 |
| Bleichroeder Acquisition Corp. I - Class A (b) | 3 | 33 |
| Block, Inc. - Class A (a) (b) | 37 | 2398 |
| Blue Acquisition Corp (b) | 6 | 59 |
| Blue Acquisition Corp - Class A (b) | 13 | 132 |
| Blue Water Acquisition Corp. III (b) | 18 | 193 |
| Blue Water Acquisition Corp. III - Class A (b) | 9 | 94 |
| Bluerock Acquisition Corp. (b) | 11 | 114 |
| Brighthouse Financial, Inc. (b) | 2 | 143 |
| BTC Development Corp. (b) | 2 | 23 |
| Cadence Bank | 15 | 659 |
| Cal Redwood Acquisition Corp. (b) | 7 | 69 |
| Cal Redwood Acquisition Corp. - Class A (b) | 30 | 302 |
| Calisa Acquisition Corp (b) | 1 | 8 |
| Calisa Acquisition Corp (b) | 69 | 681 |
| Cantaloupe, Inc. (b) | 79 | 840 |
| Cantor Equity Partners I, Inc. - Class A (b) | 6 | 61 |
| Cantor Equity Partners III, Inc. - Class A (b) | 2 | 23 |
| Cantor Equity Partners IV Inc. - Class A (b) | 9 | 94 |
| Cantor Equity Partners V, Inc. - Class A (b) | 20 | 210 |
| Cartesian Growth Corp III - Class A (b) | 19 | 197 |
| Cayson Acquisition Corp. (b) | 16 | 169 |
| Centurion Acquisition Corp. - Class A (b) | 17 | 178 |
| ChampionsGate Acquisition Corp. (b) | 3 | 28 |
| Charlton Aria Acquisition Corp. - Class A (b) | 10 | 108 |
| Chenghe Acquisition III Co. (b) | 13 | 126 |
| Chenghe Acquisition III Co. - Class A (b) |  | 1 |
| Churchill Capital Corp IX (b) | 4 | 38 |
| Churchill Capital Corp. XI (b) | 2 | 25 |
| Citigroup Inc. | 20 | 2306 |
| Cohen Circle Acquisition Corp. II (b) | 10 | 100 |
| Comerica Incorporated | 24 | 2060 |
| Copley Acquisition Corp. (b) | 43 | 442 |
| Crane Harbor Acquisition Corp. - Class A (b) | 7 | 76 |
| Crane Harbor Acquisition Corp. II (b) | 2 | 23 |
| Crown Reserve Acquisition Corp. I (b) | 11 | 115 |
| Crown Reserve Acquisition Corp. I - Class A (b) | 28 | 276 |
| CSLM Digital Asset Acquisition Corp III Ltd. (b) | 18 | 185 |
| CSLM Digital Asset Acquisition Corp III Ltd. - Class A (b) | 18 | 181 |
| D. Boral Arc Acquisition I Corp. - Class A (b) | 69 | 691 |
| Daedalus Special Acquisition Corp. (b) | 9 | 88 |
| Drugs Made In America Acquisition Corp. (b) | 25 | 260 |
| Drugs Made In America Acquisition II Corp. (b) | 23 | 230 |
| Drugs Made In America Acquisition II Corp. (b) | 23 | 226 |
| Dune Acquisition Corp. II - Class A (b) | 32 | 330 |
| Dynamix Corp. III (b) | 2 | 23 |
| EGH Acquisition Corp. - Class A (b) | 15 | 151 |
| Emmis Acquisition Corp. - Class A (b) | 8 | 79 |
| EQV Ventures Acquisition Corp. (b) | 23 | 226 |
| Eureka Acquisition Corp - Class A (b) | 2 | 25 |
| FACT II Acquisition Corp. - Class A (b) | 46 | 482 |
| FG Merger II Corp. (b) | 12 | 125 |
| Fifth Era Acquisition Corp I - Class A (b) | 4 | 40 |
| FIGX Capital Acquisition Corp. (b) | 4 | 40 |
| FIGX Capital Acquisition Corp. - Class A (b) | 6 | 58 |
| Flagship Acquisition Corporation (b) | 2 | 26 |
| Future Vision II Acquisition Corp. (b) | 18 | 187 |
| FutureCrest Acquisition Corp. (b) |  | 5 |
| Galata Acquisition Corp. II (b) | 8 | 80 |
| Gesher Acquisition Corp. II - Class A (b) | 11 | 112 |
| GigCapital7 Corp. - Class A (b) | 16 | 165 |
| GigCapital8 Corp. - Class A (b) | 49 | 488 |
| Globa Terra Acquisition Corp - Class A (b) | 62 | 630 |
| Gores Holdings X, Inc. - Class A (b) | 24 | 242 |
| GP-Act III Acquisition Corp. - Class A (b) | 22 | 233 |
| Graf Global Corp. - Class A (b) | 9 | 94 |
| GSR IV Acquisition Corp. (b) | 30 | 306 |
| Harvard Ave Acquisition Corp. (b) | 27 | 274 |
| Harvard Ave Acquisition Corp. - Class A (b) | 28 | 274 |
| Haymaker Acquisition Corp. IV - Class A (b) | 46 | 526 |
| HCM III Acquisition Corp. (b) | 1 | 12 |
| Highview Merger Corp. - Class A (b) | 8 | 78 |
| Horizon Space Acquisition II Corp. (b) | 21 | 221 |
| Indigo Acquisition Corp. (b) | 11 | 115 |
| Inflection Point Acquisition Corp. V - Class A (b) | 25 | 254 |
| Integrated Wellness Acquisition Corp - Class A (b) | 25 | 300 |
| Iron Horse Acquisitions Corp. II (b) | 7 | 73 |
| ITHAX Acquisition Corp III (b) | 11 | 113 |
| Jack Henry & Associates, Inc. (a) | 13 | 2294 |
| Jackson Acquisition Co II - Class A (b) | 58 | 608 |
| Jefferies Financial Group Inc. | 20 | 1264 |
| Jena Acquisition Corp II - Class A (b) | 42 | 424 |
| K&F Growth Acquisition Corp. II - Class A (b) | 63 | 655 |
| Kochav Defense Acquisition Corp. - Class A (b) | 66 | 665 |
| LaFayette Acquisition Corp. (b) | 9 | 92 |
| Lake Superior Acquisition Corp. (b) | 12 | 118 |
| Lake Superior Acquisition Corp. - Class A (b) | 9 | 90 |
| Lakeshore Acquisition III Corp. (b) | 32 | 322 |
| Launch Two Acquisition Corp. - Class A (b) | 47 | 496 |
| Launchpad Cadenza Acquisition Corp. (b) | 16 | 163 |
| Leapfrog Acquisition Corp. (b) | 6 | 57 |
| Legato Merger Corp. (b) | 26 | 281 |
| LightWave Acquisition Corp. - Class A (b) | 34 | 342 |
| Lionheart Holdings - Class A (b) | 18 | 196 |
| Live Oak Acquisition Corp V - Class A (b) | 25 | 254 |
| LPL Financial Holdings Inc. | 10 | 3590 |
| M3-Brigade Acquisition VI Corp. (b) | 2 | 23 |
| McKinley Acquisition Corporation (b) | 5 | 46 |
| McKinley Acquisition Corporation - Class A (b) | 11 | 114 |
| Melar Acquisition Corp. I - Class A (b) | 22 | 233 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Meshflow Acquisition Corp (b) | 16 | 160 |
| Moody's Corporation | 9 | 4427 |
| Mountain Lake Acquisition Corp. - Class A (b) | 40 | 420 |
| MSCI Inc. - Class A | 4 | 2528 |
| NCR Atleos Corporation (b) | 14 | 543 |
| New Providence Acquisition Corp. III - Class A (b) | 59 | 604 |
| Newbury Street Acquisition Corporation - Class A (b) | 41 | 429 |
| NewHold Investment Corp. III - Class A (b) | 22 | 232 |
| NMP Acquisition Corp. - Class A (b) | 23 | 230 |
| Oak Woods Acquisition Corporation - Class A (b) | 54 | 656 |
| Origin Investment Corp I (b) | 21 | 208 |
| Otg Acquisition Corp. I (b) | 6 | 58 |
| Oxley Bridge Acquisition Ltd. (b) | 9 | 93 |
| Oxley Bridge Acquisition Ltd. - Class A (b) | 39 | 390 |
| Oyster Enterprises II Acquisition Corp - Class A (b) | 62 | 626 |
| Perimeter Acquisition Corp. I (b) | 7 | 73 |
| Pioneer Acquisition I Corp (b) | 40 | 401 |
| Pioneer Acquisition I Corp - Class A (b) | 16 | 158 |
| Plum Acquisition Corp. IV - Class A (b) | 64 | 665 |
| Primerica, Inc. | 19 | 4982 |
| ProAssurance Corporation (b) | 100 | 2425 |
| ProCap Acquisition Corp (b) | 3 | 32 |
| ProCap Acquisition Corp - Class A (b) | 11 | 114 |
| Pyrophyte Acquisition Corp. II - Class A (b) | 11 | 115 |
| Quantumsphere Acquisition Corporation (b) | 5 | 47 |
| Quantumsphere Acquisition Corporation (b) | 11 | 114 |
| Quartzsea Acquisition Corporation (b) | 16 | 162 |
| Real Asset Acquisition Corp. - Class A (b) | 10 | 104 |
| Republic Digital Acquisition Co. (b) | 3 | 36 |
| Ribbon Acquisition Corp. - Class A (b) | 13 | 136 |
| Roman DBDR Acquisition Corp. II (b) | 8 | 84 |
| Ryan Specialty Group Holdings, Inc. - Class A | 49 | 2527 |
| SEI Investments Company (a) | 26 | 2145 |
| Siddhi Acquisition Corp. - Class A (b) | 64 | 654 |
| Silicon Valley Acquisition Corp. (b) | 8 | 81 |
| Silver Pegasus Acquisition Corp. (b) | 6 | 59 |
| Silver Pegasus Acquisition Corp. - Class A (b) | 16 | 161 |
| SilverBox Corp IV - Class A (b) | 15 | 157 |
| SilverBox Corp V (b) | 5 | 46 |
| SIM Acquisition Corp. I - Class A (b) | 77 | 814 |
| Sizzle Acquisition Corp II - Class A (b) | 76 | 774 |
| Social Commerce Partners Corp. (b) | 6 | 58 |
| Solarius Capital Acquisition Corp. - Class A (b) | 29 | 294 |
| Soulpower Acquisition Corp - Class A (b) | 63 | 641 |
| Spring Valley Acquisition Corp. III (b) | 9 | 94 |
| Starry Sea Acquisition Corp. (b) | 17 | 172 |
| Stellar V Capital Corp. - Class A (b) | 9 | 94 |
| Stichting Administratiekantoor Unigel Creditors (b) (f) | 1 |  |
| Stichting Administratiekantoor Unigel Creditors (b) (f) |  |  |
| StoneBridge Acquisition II Corp. - Class A (b) | 4 | 40 |
| Tavia Acquisition Corp (b) | 34 | 352 |
| Texas Ventures Acquisition III Corp - Class A (b) | 10 | 106 |
| Thayer Ventures Acquisition Corporation II - Class A (b) | 24 | 247 |
| Titan Acquisition Corp - Class A (b) | 68 | 692 |
| Translational Development Acquisition Corp. (b) | 9 | 95 |
| Triumph Financial, Inc. (b) | 69 | 4341 |
| UY Scuti Acquisition Corp. (b) | 16 | 166 |
| Vendome Acquisition Corp I - Class A (b) | 24 | 238 |
| Viking Acquisition Corp. I (b) | 3 | 34 |
| Vine Hill Capital Investment Corp. - Class A (b) | 4 | 46 |
| Visa Inc. - Class A (a) | 36 | 12934 |
| Voyager Acquisition Corp. - Class A (b) | 58 | 618 |
| Wells Fargo & Company | 6 | 581 |
| Wen Acquisition Corp. (b) | 18 | 180 |
| Wen Acquisition Corp. - Class A (b) | 2 | 24 |
| Wintergreen Acquisition Corp. (b) |  | 2 |
| Wintergreen Acquisition Corp. (b) | 11 | 116 |
| | | 98714 |
| **Industrials 5.4%** | **Industrials 5.4%** | **Industrials 5.4%** |
| Air Lease Corporation - Class A | 16 | 1011 |
| Azelis Group (h) | 153 | 1680 |
| Boeing Company, The (a) (b) | 56 | 12172 |
| Chart Industries, Inc. (b) | 26 | 5316 |
| Dayforce, Inc. (b) | 27 | 1890 |
| Expeditors International of Washington, Inc. - Class A (a) | 6 | 920 |
| Ferguson Enterprises Inc. | 5 | 1159 |
| Fortune Brands Innovations, Inc. | 20 | 997 |
| IMCD N.V. (h) | 6 | 527 |
| Lennox International Inc. | 5 | 2618 |
| LG Corp. | 13 | 721 |
| Norfolk Southern Corporation | 20 | 5672 |
| Old Dominion Freight Line, Inc. | 14 | 2177 |
| Safran | 5 | 1720 |
| Samsung C&T Corporation | 6 | 960 |
| Swire Pacific Limited - Class A | 18 | 148 |
| Taskus, Inc. - Class A (b) | 28 | 333 |
| TransUnion | 38 | 3295 |
| Uber Technologies, Inc. (b) | 5 | 444 |
| UL Solutions Inc. - Class A | 30 | 2370 |
| Verisk Analytics, Inc. (a) | 11 | 2458 |
| Watts Water Technologies, Inc. - Class A | 12 | 3217 |
| Westinghouse Air Brake Technologies Corporation | 3 | 536 |
|  |  | 52341 |
| **Health Care 5.3%** | **Health Care 5.3%** | **Health Care 5.3%** |
| Avantor, Inc. (b) | 23 | 258 |
| Avidity Biosciences, Inc. (a) (b) | 45 | 3271 |
| Becton, Dickinson and Company | 11 | 2070 |
| Bio-Rad Laboratories, Inc. - Class A (b) | 2 | 667 |
| Cooper Companies, Inc., The (b) | 25 | 2079 |
| Doximity, Inc. - Class A (a) (b) | 77 | 3399 |
| Eurofins Scientific SE | 14 | 1055 |
| Exact Sciences Corporation (b) | 37 | 3720 |
| Hologic, Inc. (b) | 19 | 1431 |
| Icon Public Limited Company (b) | 5 | 956 |
| MERCK Kommanditgesellschaft auf Aktien | 4 | 601 |
| Novartis AG - ADR (a) | 51 | 7085 |
| Novo Nordisk A/S - ADR (a) | 68 | 3446 |
| Regeneron Pharmaceuticals, Inc. (a) | 9 | 6590 |
| Thermo Fisher Scientific Inc. | 1 | 705 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 22 | 9821 |
| West Pharmaceutical Services, Inc. | 10 | 2842 |
| Zoetis Inc. - Class A | 11 | 1406 |
|  |  | 51402 |
| **Information Technology 5.1%** | **Information Technology 5.1%** | **Information Technology 5.1%** |
| Analog Devices, Inc. (a) | 11 | 3068 |
| Avaya Holdings Corp. (b) | 4 | 62 |
| Broadcom Inc. | 1 | 184 |
| CDW Corp. (a) | 12 | 1671 |
| Confluent, Inc. - Class A (b) | 50 | 1510 |
| CyberArk Software Ltd. (a) (b) | 14 | 6418 |
| Fair Isaac Corporation (b) | 1 | 2073 |
| Hirose Electric Co., Ltd. | 5 | 498 |
| Intuit Inc. (a) | 4 | 2544 |
| nCino OpCo, Inc. (b) | 144 | 3692 |
| NCR Voyix Corporation (b) | 33 | 335 |
| NXP Semiconductors N.V. | 4 | 918 |
| Oracle Corporation (a) | 73 | 14217 |
| Salesforce, Inc. (a) | 24 | 6439 |
| TE Connectivity Public Limited Company | 10 | 2370 |
| Trimble Inc. (b) | 34 | 2636 |
|  |  | 48635 |
| **Consumer Discretionary 5.0%** | **Consumer Discretionary 5.0%** | **Consumer Discretionary 5.0%** |
| Alibaba Group Holding Limited - ADR (a) | 17 | 2440 |
| Amazon.com, Inc. (a) (b) | 83 | 19161 |
| CarMax, Inc. (b) | 17 | 642 |
| Compagnie Financiere Richemont S.A. | 4 | 874 |
| Delivery Hero SE (b) (g) | 5 | 125 |
| Home Depot, Inc., The | 7 | 2375 |
| Marriott International, Inc. - Class A | 2 | 683 |
| Pool Corporation | 11 | 2534 |
| Prosus N.V. - Class N | 25 | 1534 |
| Societe d'exploitation Hoteliere | 5 | 261 |
| Tesla, Inc. (a) (b) | 34 | 15261 |
| Vail Resorts, Inc. (h) | 6 | 810 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vitamin Oldco Holdings, Inc. (b) (f) | 3 |  |
| Yum China Holdings, Inc. | 28 | 1352 |
| | | 48052 |
| **Consumer Staples 2.6%** | **Consumer Staples 2.6%** | **Consumer Staples 2.6%** |
| American Beverage Co Ambev - ADR (a) | 1025 | 2533 |
| Celsius Holdings, Inc. (b) | 67 | 3070 |
| Heineken Holding N.V. | 28 | 2045 |
| Iron Horse Acquisitions Corp. (b) (f) | 2 | 10 |
| JDE Peet's N.V. | 52 | 1958 |
| Kenvue Inc. | 2 | 34 |
| Magnum Ice Cream Company B.V., The (b) | 10 | 151 |
| Magnum Ice Cream Company B.V., The (b) (h) | 3 | 52 |
| Magnum Ice Cream Company B.V., The (b) | 34 | 537 |
| Meridan Management Ltd - GDR (b) (f) (g) | 38 |  |
| Monster Beverage 1990 Corporation (a) (b) | 159 | 12183 |
| Orion Incorporation | 6 | 432 |
| Pernod Ricard | 8 | 722 |
| Rohto Pharmaceutical Co., Ltd. | 9 | 153 |
| Shiseido Company, Limited (h) | 1 | 13 |
| Treehouse Foods, Inc. (b) | 28 | 668 |
|  |  | 24561 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Amrize AG (b) | 22 | 1187 |
| Glencore PLC | 244 | 1335 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 47 | 447 |
| Holcim AG | 7 | 727 |
| Hoshizaki Corporation | 8 | 272 |
| International Flavors & Fragrances Inc. | 29 | 1926 |
| New Gold Inc (b) | 141 | 1227 |
| Nippon Paint Holdings Co., Ltd. (h) | 116 | 774 |
| Sealed Air Corporation | 41 | 1718 |
| Teck Resources Limited - Class B (c) | 75 | 3607 |
|  |  | 13220 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Gulfport Energy Operating Corporation (b) | 1 | 211 |
| Kinder Morgan, Inc. | 23 | 618 |
| McDermott International, Ltd. (b) | 30 | 629 |
| McDermott International, Ltd. (b) | 3 | 71 |
| McDermott International, Ltd. (b) |  | 9 |
| NOV Inc. | 46 | 713 |
|  |  | 2251 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Douglas Emmett, Inc. | 46 | 511 |
| Vornado Realty Trust | 13 | 427 |
|  |  | 938 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| PG&E Corporation | 6 | 99 |
| Total Common Stocks (cost $306,451) | Total Common Stocks (cost $306,451) | 447549 |
| **CORPORATE BONDS AND NOTES 25.8%** | **CORPORATE BONDS AND NOTES 25.8%** | **CORPORATE BONDS AND NOTES 25.8%** |
| **Information Technology 11.9%** | **Information Technology 11.9%** | **Information Technology 11.9%** |
| A10 Networks, Inc. |  |  |
| 2.75%, 04/01/30 (a) (i) (j) | 92 | 95 |
| Adtran Holdings, Inc. |  |  |
| 3.75%, 09/15/30 (a) (i) (j) | 37 | 40 |
| Akamai Technologies, Inc. |  |  |
| 0.38%, 09/01/27 (a) (i) | 236 | 236 |
| 1.13%, 02/15/29 (a) (i) | 834 | 821 |
| 0.25%, 05/15/33 (a) (i) (j) | 185 | 204 |
| AMS-Osram AG |  |  |
| 10.50%, 03/30/29, EUR (g) | 210 | 257 |
| Applied Digital Corporation |  |  |
| 2.75%, 06/01/30 (a) (i) | 1194 | 3176 |
| Applied Optoelectronics, Inc. |  |  |
| 2.75%, 01/15/30 (a) (i) | 31 | 35 |
| BigBear.ai Holdings, LLC |  |  |
| 6.00%, 12/15/29 (a) (i) (j) (k) | 212 | 352 |
| Bill Holdings, Inc. |  |  |
| 0.00%, 04/01/27 - 04/01/30 (a) (i) (l) | 2311 | 2138 |
| Bitdeer Technologies Group |  |  |
| 4.00%, 11/15/31 (a) (i) (j) | 421 | 390 |
| Blackline, Inc. |  |  |
| 1.00%, 06/01/29 (a) (i) | 183 | 193 |
| Box, Inc. |  |  |
| 1.50%, 09/15/29 (a) (i) | 790 | 763 |
| Camtek Ltd. |  |  |
| 0.00%, 09/15/30 (a) (i) (j) (l) | 37 | 43 |
| Check Point Software Technologies Ltd |  |  |
| 0.00%, 12/15/30 (a) (i) (j) (l) | 531 | 528 |
| Cipher Mining Inc. |  |  |
| 1.75%, 05/15/30 (a) (i) | 468 | 1628 |
| 0.00%, 10/01/31 (a) (i) (j) (l) | 740 | 879 |
| Cleanspark Inc. |  |  |
| 0.00%, 06/15/30 (a) (i) (l) | 37 | 38 |
| 0.00%, 02/15/32 (a) (i) (j) (l) | 37 | 28 |
| Cloudflare, Inc. |  |  |
| 0.00%, 08/15/26 (a) (i) (l) | 1876 | 2199 |
| 0.00%, 06/15/30 (a) (i) (j) (l) | 1289 | 1398 |
| Cohu, Inc. |  |  |
| 1.50%, 01/15/31 (a) (i) (j) | 92 | 102 |
| CommVault Systems, Inc. |  |  |
| 0.00%, 09/15/30 (a) (i) (j) (l) | 367 | 326 |
| Core Scientific, Inc. |  |  |
| 3.00%, 09/01/29 (a) (i) (j) | 1525 | 2372 |
| 0.00%, 06/15/31 (a) (i) (j) (l) | 129 | 135 |
| Coreweave, Inc. |  |  |
| 1.75%, 12/01/31 (a) (i) (j) | 734 | 700 |
| DigitalOcean Holdings, Inc. |  |  |
| 0.00%, 12/01/26 (a) (i) (l) | 260 | 249 |
| 0.00%, 08/15/30 (a) (i) (j) (l) | 193 | 272 |
| Dropbox, Inc. |  |  |
| 0.00%, 03/01/26 - 03/01/28 (a) (i) (l) | 4218 | 4194 |
| Enphase Energy, Inc. |  |  |
| 0.00%, 03/01/28 (a) (i) (l) | 148 | 129 |
| Fastly, Inc. |  |  |
| 0.00%, 12/15/30 (a) (i) (j) (l) | 92 | 90 |
| Five9, Inc. |  |  |
| 1.00%, 03/15/29 (a) (i) | 1503 | 1339 |
| Guidewire Software, Inc. |  |  |
| 1.25%, 11/01/29 (a) (i) | 1292 | 1421 |
| Impinj, Inc. |  |  |
| 1.13%, 05/15/27 (a) (i) | 654 | 1044 |
| 0.00%, 09/15/29 (a) (i) (j) (l) | 272 | 280 |
| Indie Semiconductor, Inc. |  |  |
| 4.50%, 11/15/27 (a) (i) (j) | 891 | 912 |
| 3.50%, 12/15/29 (a) (i) (j) | 865 | 892 |
| InterDigital, Inc. |  |  |
| 3.50%, 06/01/27 (a) (i) | 2083 | 8632 |
| IREN Limited |  |  |
| 3.50%, 12/15/29 (a) (i) (j) | 2711 | 8052 |
| 3.25%, 06/15/30 (a) (i) | 963 | 2346 |
| 0.00%, 07/01/31 (a) (i) (j) (l) | 37 | 28 |
| 0.25%, 06/01/32 (a) (i) (j) | 184 | 173 |
| 1.00%, 06/01/33 (a) (i) (j) | 184 | 172 |
| Lenovo Group Limited |  |  |
| 2.50%, 08/26/29 (g) (i) | 261 | 322 |
| Lumentum Holdings Inc. |  |  |
| 0.50%, 12/15/26 (a) (i) | 2056 | 7633 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| 0.25%, 03/15/26 (a) (i) | 735 | 1535 |
| Mara Holdings, Inc. |  |  |
| 0.00%, 08/01/32 (a) (i) (j) (l) | 110 | 76 |
| Microchip Technology Incorporated |  |  |
| 0.75%, 06/01/30 (a) (i) | 1286 | 1247 |
| Mirion Technologies (US), Inc. |  |  |
| 0.25%, 06/01/30 (a) (i) (j) | 250 | 309 |
| Mitek Systems, Inc. |  |  |
| 0.75%, 02/01/26 (a) (i) | 1522 | 1514 |
| MKS Inc. |  |  |
| 1.25%, 06/01/30 (a) (i) | 813 | 1040 |
| Nebius Group N.V. |  |  |
| 2.00%, 06/05/29 (a) (i) (j) | 1087 | 1983 |
| 3.00%, 06/05/31 (a) (i) (j) | 2117 | 3810 |
| 2.75%, 09/15/32 (a) (i) (j) | 37 | 36 |
| Nutanix, Inc. |  |  |
| 0.25%, 10/01/27 (a) (i) | 35 | 39 |
| 0.50%, 12/15/29 (a) (i) | 1082 | 1043 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ON Semiconductor Corporation |  |  |
| 0.00%, 05/01/27 (a) (i) (l) | 2296 | 2725 |
| 0.50%, 03/01/29 (a) (i) | 1892 | 1788 |
| OSI Systems, Inc. |  |  |
| 2.25%, 08/01/29 (a) (i) | 140 | 206 |
| 0.50%, 02/01/31 (a) (i) (j) | 128 | 126 |
| Pagaya Us Holding Company LLC |  |  |
| 6.13%, 10/01/29 (a) (i) | 682 | 1177 |
| Pagerduty, Inc. |  |  |
| 1.50%, 10/15/28 (a) (i) | 377 | 358 |
| PAR Technology Corporation |  |  |
| 2.88%, 04/15/26 (a) (i) | 94 | 95 |
| 1.50%, 10/15/27 (a) (i) | 708 | 688 |
| 1.00%, 01/15/30 (a) (i) (j) | 56 | 48 |
| Penguin Solutions, Inc. |  |  |
| 2.00%, 02/01/29 (a) (i) (j) | 1152 | 1320 |
| 2.00%, 08/15/30 (a) (i) | 980 | 1005 |
| Porch Group Inc. |  |  |
| 6.75%, 10/01/28 (a) (i) (j) | 941 | 931 |
| Q2 Holdings, Inc. |  |  |
| 0.75%, 06/01/26 (a) (i) | 181 | 183 |
| Rapid7, Inc. |  |  |
| 0.25%, 03/15/27 (a) (i) | 1104 | 1034 |
| Riot Platforms, Inc. |  |  |
| 0.75%, 01/15/30 (a) (i) | 37 | 42 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 (a) (i) (j) (l) | 725 | 708 |
| Seagate HDD Cayman |  |  |
| 3.50%, 06/01/28 (a) (i) | 2500 | 8352 |
| Semtech Corporation |  |  |
| 1.63%, 11/01/27 (a) (i) | 686 | 1371 |
| Snowflake Inc. |  |  |
| 0.00%, 10/01/27 (a) (i) (l) | 138 | 205 |
| SolarEdge Technologies Ltd. |  |  |
| 2.25%, 07/01/29 (a) (i) | 36 | 42 |
| Super Micro Computer, Inc. |  |  |
| 2.25%, 07/15/28 (a) (i) (j) | 1379 | 1305 |
| 3.50%, 03/01/29 (a) (i) | 755 | 670 |
| 0.00%, 06/15/30 (a) (i) (j) (l) | 1523 | 1282 |
| TeraWulf Inc. |  |  |
| 2.75%, 02/01/30 (a) (i) (j) | 1409 | 2325 |
| Unity Software Inc. |  |  |
| 0.00%, 11/15/26 (a) (i) (l) | 667 | 640 |
| Veeco Instruments Inc. |  |  |
| 2.88%, 06/01/29 (a) (i) | 280 | 348 |
| Vertex, Inc. |  |  |
| 0.75%, 05/01/29 (a) (i) | 1302 | 1233 |
| Viavi Solutions Inc. |  |  |
| 0.63%, 03/01/31 (a) (i) (j) | 26 | 37 |
| Vishay Intertechnology, Inc. |  |  |
| 2.25%, 09/15/30 (a) (i) | 185 | 166 |
| Western Digital Corporation |  |  |
| 3.00%, 11/15/28 (a) (i) | 3025 | 13880 |
| Wix.Com Ltd. |  |  |
| 0.00%, 09/15/30 (a) (i) (j) (l) | 46 | 40 |
| Workiva Inc. |  |  |
| 1.25%, 08/15/28 (a) (i) | 90 | 88 |
| Zscaler, Inc. |  |  |
| 0.00%, 07/15/28 (a) (i) (j) (l) | 294 | 274 |
| | | 114580 |
| **Health Care 3.3%** | **Health Care 3.3%** | **Health Care 3.3%** |
| Alnylam Pharmaceuticals, Inc. |  |  |
| 0.00%, 09/15/28 (a) (i) (j) (l) | 37 | 36 |
| Alphatec Holdings, Inc. |  |  |
| 0.75%, 08/01/26 (a) (i) | 643 | 802 |
| 0.75%, 03/15/30 (a) (i) (j) | 368 | 566 |
| Amphastar Pharmaceuticals, Inc. |  |  |
| 2.00%, 03/15/29 (a) (i) | 92 | 84 |
| ANI Pharmaceuticals, Inc. |  |  |
| 2.25%, 09/01/29 (a) (i) | 92 | 116 |
| Ascendis Pharma A/S |  |  |
| 2.25%, 04/01/28 (a) (i) | 26 | 37 |
| BioMarin Pharmaceutical Inc. |  |  |
| 1.25%, 05/15/27 (a) (i) | 2066 | 1969 |
| Bridgebio Pharma, Inc. |  |  |
| 2.50%, 03/15/27 (a) (i) | 1467 | 2763 |
| Collegium Pharmaceutical, Inc. |  |  |
| 2.88%, 02/15/29 (a) (i) | 184 | 256 |
| CONMED Corporation |  |  |
| 2.25%, 06/15/27 (a) (i) | 2374 | 2261 |
| CorMedix Inc. |  |  |
| 4.00%, 08/01/30 (a) (i) (j) | 423 | 499 |
| DexCom, Inc. |  |  |
| 0.38%, 05/15/28 (a) (i) | 1151 | 1054 |
| Enovis Corporation |  |  |
| 3.88%, 10/15/28 (a) (i) | 87 | 85 |
| Exact Sciences Corporation |  |  |
| 0.38%, 03/15/27 - 03/01/28 (a) (i) | 3990 | 4118 |
| 2.00%, 03/01/30 (i) (j) | 558 | 773 |
| Guardant Health, Inc. |  |  |
| 0.00%, 11/15/27 (a) (i) (l) | 2412 | 2604 |
| 1.25%, 02/15/31 (a) (g) (i) | 18 | 33 |
| Haemonetics Corporation |  |  |
| 2.50%, 06/01/29 (a) (i) | 368 | 382 |
| Hims & Hers Health, Inc. |  |  |
| 0.00%, 05/15/30 (a) (i) (j) (l) | 103 | 90 |
| Inotiv, Inc. |  |  |
| 3.25%, 10/15/27 (a) (i) | 701 | 160 |
| Irhythm Technologies, Inc. |  |  |
| 1.50%, 09/01/29 (a) (i) | 110 | 152 |
| Jazz Investments I Limited |  |  |
| 2.00%, 06/15/26 (a) (i) | 926 | 1073 |
| Lantheus Holdings, Inc. |  |  |
| 2.63%, 12/15/27 (a) (i) | 295 | 337 |
| LeMaitre Vascular, Inc. |  |  |
| 2.50%, 02/01/30 (a) (i) | 237 | 236 |
| LivaNova PLC |  |  |
| 2.50%, 03/15/29 (a) (i) | 1289 | 1479 |
| Mirum Pharmaceuticals, Inc. |  |  |
| 4.00%, 05/01/29 (a) (i) | 1135 | 2905 |
| Omnicell, Inc. |  |  |
| 1.00%, 12/01/29 (a) (i) | 182 | 196 |
| Pacira Pharmaceuticals, Inc. |  |  |
| 2.13%, 05/15/29 (a) (i) | 1122 | 1124 |
| Pharming Group N.V. |  |  |
| 4.50%, 04/25/29, EUR (g) (i) | 400 | 651 |
| PTC Therapeutics, Inc. |  |  |
| 1.50%, 09/15/26 (a) (i) | 1677 | 2473 |
| Teladoc Health, Inc. |  |  |
| 1.25%, 06/01/27 (a) (i) | 593 | 563 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 (a) (i) (j) | 37 | 40 |
| TransMedics Group, Inc. |  |  |
| 1.50%, 06/01/28 (a) (i) | 1012 | 1521 |
| Zoetis Inc. |  |  |
| 0.25%, 06/15/29 (a) (i) (j) | 110 | 112 |
|  |  | 31550 |
| **Consumer Discretionary 2.8%** | **Consumer Discretionary 2.8%** | **Consumer Discretionary 2.8%** |
| Alibaba Group Holding Limited |  |  |
| 0.50%, 06/01/31 (a) (i) | 36 | 56 |
| Cheesecake Factory Incorporated, The |  |  |
| 0.38%, 06/15/26 (a) (i) | 510 | 499 |
| 2.00%, 03/15/30 (a) (i) (j) | 461 | 451 |
| Delivery Hero SE |  |  |
| 1.00%, 01/23/27, EUR (g) (i) | 1300 | 1480 |
| 1.50%, 01/15/28, EUR (g) (i) | 100 | 110 |
| 3.25%, 02/21/30, EUR (g) (i) | 400 | 457 |
| DK Crown Holdings Inc. |  |  |
| 0.00%, 03/15/28 (a) (i) (l) | 1267 | 1161 |
| ETSY, Inc. |  |  |
| 0.13%, 09/01/27 (a) (i) | 927 | 855 |
| 0.25%, 06/15/28 (a) (i) | 2196 | 1950 |
| Fisker Group Inc. |  |  |
| 0.00%, 09/15/26 (a) (b) (i) (j) (m) | 2160 | 9 |
| Flight Centre Travel Group Limited |  |  |
| 2.50%, 11/17/27, AUD (g) (i) | 200 | 138 |
| GameStop Corp. |  |  |
| 0.00%, 04/01/30 - 06/15/32 (a) (i) (j) (l) | 1211 | 1181 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Gol Finance LLP |  |  |
| 14.38%, 06/05/30 (a) (j) | 357 | 366 |
| H World Group Limited |  |  |
| 3.00%, 05/01/26 (a) (i) | 1299 | 1655 |
| JD.com, Inc. |  |  |
| 0.25%, 06/01/29 (a) (i) | 404 | 403 |
| Marriott Vacations Worldwide Corporation |  |  |
| 3.25%, 12/15/27 (a) (i) | 294 | 280 |
| NCL Corporation Ltd. |  |  |
| 1.13%, 02/15/27 (a) (i) | 240 | 240 |
| 0.88%, 04/15/30 (a) (i) (j) | 91 | 101 |
| 0.75%, 09/15/30 (a) (i) (j) | 1545 | 1494 |
| Patrick Industries, Inc. |  |  |
| 1.75%, 12/01/28 (a) (i) | 445 | 752 |
| Peloton Interactive, Inc. |  |  |
| 0.00%, 02/15/26 (a) (i) (l) | 1415 | 1392 |
| 5.50%, 12/01/29 (a) (i) | 573 | 944 |
| Realreal, Inc., The |  |  |
| 4.00%, 02/15/31 (a) (g) (i) (n) | 599 | 1015 |
| Rivian Automotive, Inc. |  |  |
| 4.63%, 03/15/29 (a) (i) | 294 | 369 |
| Shake Shack, Inc. |  |  |
| 0.00%, 03/01/28 (a) (i) (l) | 92 | 87 |
| Shift Technologies, Inc. |  |  |
| 0.00%, 05/15/26 (a) (b) (i) (j) (m) | 1305 | 1 |
| Stride, Inc. |  |  |
| 1.13%, 09/01/27 (a) (i) | 666 | 903 |
| Trip.com Group Limited |  |  |
| 0.75%, 06/15/29 (a) (i) | 2053 | 2524 |
| Wayfair Inc. |  |  |
| 1.00%, 08/15/26 (i) | 57 | 57 |
| 3.25%, 09/15/27 (a) (i) | 3398 | 5656 |
| 3.50%, 11/15/28 (a) (i) | 37 | 85 |
| | | 26671 |
| **Industrials 2.5%** | **Industrials 2.5%** | **Industrials 2.5%** |
| Astronics Corporation |  |  |
| 0.00%, 01/15/31 (a) (i) (j) (l) | 613 | 716 |
| Bloom Energy Corporation |  |  |
| 3.00%, 06/01/28 - 06/01/29 (a) (i) | 2589 | 11429 |
| Dayforce, Inc. |  |  |
| 0.25%, 03/15/26 (a) (i) | 2890 | 2854 |
| Elance, Inc. |  |  |
| 0.25%, 08/15/26 (a) (i) | 1266 | 1227 |
| Eos Energy Enterprises, Inc. |  |  |
| 6.75%, 06/15/30 (a) (i) (j) | 314 | 775 |
| 1.75%, 12/01/31 (a) (i) (j) | 55 | 53 |
| Fluor Corporation |  |  |
| 1.13%, 08/15/29 (a) (i) | 198 | 225 |
| Grab Holdings Limited |  |  |
| 0.00%, 06/15/30 (a) (g) (i) (l) | 92 | 98 |
| Granite Construction Incorporated |  |  |
| 3.75%, 05/15/28 (a) (i) | 931 | 2378 |
| Greenbrier Companies, Inc., The |  |  |
| 2.88%, 04/15/28 (a) (i) | 568 | 609 |
| JBT Marel Corporation |  |  |
| 0.25%, 05/15/26 (a) (i) | 373 | 377 |
| Parsons Corporation |  |  |
| 2.63%, 03/01/29 (a) (i) | 564 | 575 |
| Pitney Bowes Inc. |  |  |
| 1.50%, 08/15/30 (a) (i) (j) | 276 | 272 |
| Tetra Tech, Inc. |  |  |
| 2.25%, 08/15/28 (a) (i) | 90 | 98 |
| Uber Technologies, Inc. |  |  |
| 0.00%, 05/15/28 (a) (i) (j) (l) | 417 | 404 |
| Xometry, Inc. |  |  |
| 1.00%, 02/01/27 (a) (i) | 1186 | 1486 |
| 0.75%, 06/15/30 (a) (i) (j) | 656 | 994 |
|  |  | 24570 |
| **Financials 2.1%** | **Financials 2.1%** | **Financials 2.1%** |
| ABRA Global Finance |  |  |
| 5.00%, 03/02/28 (a) (j) (k) (n) | 2740 | 2748 |
| 6.00%, 10/22/29 (a) (j) (k) | 270 | 270 |
| Affirm Holdings, Inc. |  |  |
| 0.00%, 11/15/26 (a) (i) (l) | 1735 | 1662 |
| 0.75%, 12/15/29 (a) (i) | 70 | 77 |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 12/31/27 (b) (j) (m) | 236 | 7 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 06/01/26) (o) | 242 | 240 |
| 5.00%, (100, 12/01/27) (o) | 33 | 32 |
| Coinbase Global, Inc. |  |  |
| 0.50%, 06/01/26 (a) (i) | 729 | 721 |
| 0.00%, 10/01/29 (a) (i) (j) (l) | 92 | 85 |
| 0.25%, 04/01/30 (a) (i) | 37 | 38 |
| Encore Capital Group, Inc. |  |  |
| 4.00%, 03/15/29 (a) (i) | 1107 | 1208 |
| Euronet Worldwide, Inc. |  |  |
| 0.63%, 10/01/30 (a) (i) (j) | 92 | 84 |
| EZCORP, Inc. |  |  |
| 3.75%, 12/15/29 (a) (i) (j) | 37 | 68 |
| Galaxy Digital Holdings LP |  |  |
| 3.00%, 12/15/26 (a) (i) (j) | 1250 | 1336 |
| 2.50%, 12/01/29 (a) (i) (j) | 1250 | 1585 |
| 0.50%, 05/01/31 (a) (i) (j) | 37 | 28 |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (j) | 268 | 184 |
| Operadora de Servicios Mega SA de CV SOFOM ER. |  |  |
| 0.00%, 12/31/27 (b) (j) (m) | 200 | 50 |
| Ping An Insurance (Group) Company of China, Ltd. |  |  |
| 0.88%, 07/22/29 (g) (i) | 800 | 1301 |
| SBL Holdings, Inc. |  |  |
| 6.50%, (100, 11/13/26) (j) (o) | 1229 | 1163 |
| Shift4 Payments, LLC |  |  |
| 0.50%, 08/01/27 (a) (i) | 1655 | 1589 |
| SoFi Technologies, Inc. |  |  |
| 0.00%, 10/15/26 (a) (i) (j) (l) | 187 | 243 |
| 1.25%, 03/15/29 (a) (i) (j) | 1072 | 3031 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (b) (j) (m) | 200 | 1 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (b) (g) (k) (m) | 263 | 3 |
| Upstart Holdings, Inc. |  |  |
| 0.25%, 08/15/26 (a) (i) | 37 | 35 |
| 2.00%, 10/01/29 (a) (i) | 552 | 698 |
| WisdomTree, Inc. |  |  |
| 3.25%, 08/15/29 (a) (i) | 1624 | 1954 |
|  |  | 20441 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| AST Spacemobile, Inc. |  |  |
| 4.25%, 03/01/32 (a) (i) (j) | 344 | 1005 |
| CommScope, LLC. |  |  |
| 7.13%, 07/01/28 (j) | 350 | 351 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 709 | 785 |
| 3.88%, 11/30/30 (i) (k) | 299 | 1009 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 786 | 794 |
| 6.00%, 01/15/30 (j) | 1331 | 1352 |
| Liberty Media Corporation |  |  |
| 3.75%, 03/15/28 - 02/15/30 (a) (i) | 4355 | 2049 |
| 4.00%, 11/15/29 (a) (i) | 1032 | 71 |
| 2.38%, 09/30/53 (a) (i) (j) | 1500 | 2201 |
| Live Nation Entertainment, Inc. |  |  |
| 2.88%, 01/15/30 (a) (i) | 37 | 39 |
| Match Group FinanceCo 3, Inc. |  |  |
| 2.00%, 01/15/30 (a) (i) (j) | 1787 | 1598 |
| Snap Inc. |  |  |
| 0.13%, 03/01/28 (a) (i) | 726 | 656 |
| TEGNA Inc. |  |  |
| 5.00%, 09/15/29 | 1172 | 1161 |
| Ziff Davis, Inc. |  |  |
| 1.75%, 11/01/26 (a) (i) | 897 | 876 |
| 3.63%, 03/01/28 (a) (g) (i) | 1478 | 1436 |
|  |  | 15383 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| B2Gold Corp. |  |  |
| 2.75%, 02/01/30 (a) (i) (j) | 1291 | 2063 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Equinox Gold Corp. |  |  |
| 4.75%, 10/15/28 (a) (i) | 274 | 643 |
| Fortuna Mining Corp. |  |  |
| 3.75%, 06/30/29 (a) (i) | 549 | 929 |
| Minera Andes Inc. |  |  |
| 5.25%, 08/15/30 (a) (i) (j) | 110 | 215 |
| Silvercorp Metals Inc. |  |  |
| 4.75%, 12/15/29 (a) (i) | 183 | 370 |
| SSR Mining Inc. |  |  |
| 2.50%, 04/01/39 (a) (i) | 37 | 48 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (b) (j) (k) (m) | 44 | 31 |
| 13.50%, 12/31/27 (b) (g) (k) (m) | 62 | 43 |
| 11.00%, 12/31/28 (b) (j) (k) (m) | 52 | 6 |
| 11.00%, 12/31/28 (b) (g) (k) (m) | 222 | 28 |
| Vizsla Silver Corp. |  |  |
| 5.00%, 01/15/31 (a) (i) (j) | 74 | 96 |
| | | 4472 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| HAT Holdings I LLC |  |  |
| 3.75%, 08/15/28 (a) (i) (j) | 92 | 117 |
| Kite Realty Group, L.P. |  |  |
| 0.75%, 04/01/27 (a) (i) (j) | 103 | 108 |
| Open Doors Technology Inc. |  |  |
| 7.00%, 05/15/30 (a) (i) (j) | 171 | 665 |
| Pebblebrook Hotel Trust |  |  |
| 1.75%, 12/15/26 (a) (i) | 373 | 360 |
| StorageVault Canada Inc. |  |  |
| 5.00%, 03/31/28, CAD (i) | 754 | 548 |
| Summit Hotel Properties, Inc. |  |  |
| 1.50%, 02/15/26 (a) (i) | 1726 | 1705 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 112 | 111 |
| Welltower OP LLC |  |  |
| 3.13%, 07/15/29 (a) (i) (j) | 112 | 171 |
|  |  | 3785 |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (j) | 214 | 217 |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.75%, 05/01/30 (a) (i) | 1226 | 2588 |
| 0.25%, 10/01/31 (a) (i) | 247 | 265 |
|  |  | 3070 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Herbalife Nutrition Ltd. |  |  |
| 4.25%, 06/15/28 (a) (i) | 228 | 248 |
| MGPI Processing, Inc. |  |  |
| 1.88%, 11/15/41 (a) (i) | 1234 | 1191 |
| Oddity Finance LLC |  |  |
| 0.00%, 06/15/30 (a) (i) (j) (l) | 330 | 286 |
| Premium Brands Holdings Corporation |  |  |
| 5.50%, 12/31/32, CAD (i) | 331 | 242 |
|  |  | 1967 |
| **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** |
| Duke Energy Corporation |  |  |
| 4.13%, 04/15/26 (a) (i) | 550 | 569 |
| Evergy, Inc. |  |  |
| 4.50%, 12/15/27 (a) (i) | 1104 | 1331 |
|  |  | 1900 |
| Total Corporate Bonds And Notes (cost $243,408) | Total Corporate Bonds And Notes (cost $243,408) | 248389 |
| **PRIVATE INVESTMENT FUNDS 11.8%** | **PRIVATE INVESTMENT FUNDS 11.8%** | **PRIVATE INVESTMENT FUNDS 11.8%** |
| WCM Partners Fund (g) (p) | 81497 | 113908 |
| Total Private Investment Funds (cost $82,500) | Total Private Investment Funds (cost $82,500) | 113908 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.0%** |
| 1345 Trust 2025-AOA |  |  |
| Series 2025-D-AOA, REMIC, 6.75%, (1 Month Term SOFR + 3.00%), 06/15/27 (q) | 80 | 80 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-B-2A, 6.61%, 09/16/31 (n) | 137 | 138 |
| AASET MT-1 Ltd |  |  |
| Series 2025-B-3A, 5.73%, 02/16/32 (j) (n) | 398 | 396 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2006-CW1 |  |  |
| Series 2006-A2C-CW1, REMIC, 3.02%, (1 Month Term SOFR + 0.39%), 07/25/36 (n) (q) (r) | 1625 | 1362 |
| Affirm Asset Securitization Trust 2025-X2 |  |  |
| Series 2025-D-X2, 5.23%, 07/15/28 | 250 | 250 |
| AG Trust 2024-NLP |  |  |
| Series 2024-B-NLP, REMIC, 6.51%, (1 Month Term SOFR + 2.76%), 08/17/26 (q) | 112 | 113 |
| Apidos CLO XXIV |  |  |
| Series 2016-DR-24A, 9.95%, (3 Month Term SOFR + 6.06%), 10/21/30 (q) | 500 | 501 |
| Arbor Multifamily Mortgage Securities Trust 2021-MF3 |  |  |
| Series 2021-E-MF3, REMIC, 2.00%, 10/16/54 | 273 | 213 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl1, Ltd. |  |  |
| Series 2022-C-FL1, 6.28%, (SOFR 30-Day Average + 2.30%), 01/15/37 (q) | 350 | 350 |
| Argentina, Republic of |  |  |
| Series 2022-E-CRE6, 7.34%, (SOFR 30-Day Average + 3.40%), 01/21/37 (q) | 330 | 321 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-D-1A, 5.72%, 04/15/31 | 250 | 250 |
| Bain Capital Credit CLO 2022-3, Limited |  |  |
| Series 2022-E-3A, 11.23%, (3 Month Term SOFR + 7.35%), 07/17/35 (q) | 500 | 491 |
| Bank 2019-BNK17 |  |  |
| Interest Only, Series 2019-XG-BN17, REMIC, 1.50%, 04/17/52 | 1978 | 77 |
| Bank 2025-BNK51 |  |  |
| Series 2025-C-BNK51, REMIC, 5.95%, 01/17/36 | 119 | 119 |
| Interest Only, Series 2025-XD-BNK51, REMIC, 2.13%, 12/16/67 (q) | 1930 | 313 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-D-5YR9, REMIC, 4.00%, 09/17/29 | 325 | 295 |
| Bank5 2025-5YR16 |  |  |
| Interest Only, Series 2025-XD-5YR19, REMIC, 1.80%, 12/17/58 (q) | 3833 | 312 |
| Bank5 2025-5YR17 |  |  |
| Series 2025-C-5YR17, REMIC, 5.89%, 10/18/30 (q) | 277 | 278 |
| Interest Only, Series 2025-XD-5YR17, REMIC, 1.81%, 11/18/58 (q) | 5000 | 395 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Interest Only, Series 2024-XD-5C27, REMIC, 2.74%, 07/17/57 (q) | 3110 | 262 |
| BBCMS Trust 2018-CBM |  |  |
| Series 2018-E-CBM, REMIC, 7.35%, (1 Month Term SOFR + 3.60%), 07/15/37 (n) (q) | 110 | 82 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-D-FL15, 6.13%, (1 Month Term SOFR + 2.40%), 09/19/30 (n) (q) | 230 | 231 |
| BDS 2025-FL16 LLC |  |  |
| Series 2025-D-FL16, 6.23%, (1 Month Term SOFR + 2.50%), 06/22/43 (n) (q) | 320 | 320 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-D-B4, REMIC, 2.76%, 07/17/28 (q) | 377 | 288 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.75%, 12/15/62 (q) | 15072 | 289 |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-E-B31, REMIC, 2.25%, 12/17/54 | 617 | 332 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-D-V16, REMIC, 4.50%, 08/16/58 | 160 | 138 |
| Benchmark 2025-V18 Mortgage Trust |  |  |
| Series 2025-C-V18, REMIC, 6.14%, 10/18/30 (q) | 276 | 277 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Interest Only, Series 2025-XD-5C12, REMIC, 2.06%, 10/15/58 (q) | 2643 | 238 |
| BRSP Ltd |  |  |
| Series 2024-C-FL2, 7.27%, (1 Month Term SOFR + 3.54%), 02/19/30 (q) | 317 | 316 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BSPRT 2025-FL12 Issuer, LLC |  |  |
| Series 2025-D-FL12, 6.43%, (1 Month Term SOFR + 2.69%), 04/17/43 (q) | 250 | 250 |
| Business Jet Securities 2024-2, LLC |  |  |
| Series 2024-C-2A, 7.97%, 09/15/30 | 393 | 392 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-D-BCAT, REMIC, 6.40%, (1 Month Term SOFR + 2.65%), 08/16/27 (q) | 115 | 115 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (q) | 170 | 157 |
| BX Trust 2021-MFM1 |  |  |
| Series 2021-D-VIEW, REMIC, 6.76%, (1 Month Term SOFR + 3.01%), 06/16/36 (q) | 220 | 220 |
| BX Trust 2022-LBA6 |  |  |
| Series 2022-E-LBA6, REMIC, 6.45%, (1 Month Term SOFR + 2.70%), 01/18/39 (q) | 120 | 120 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-E-ROIC, REMIC, 6.69%, (1 Month Term SOFR + 2.94%), 03/15/27 (q) | 199 | 198 |
| Canyon CLO 2020-1 Ltd |  |  |
| Series 2020-DR2-1A, 7.00%, (3 Month Term SOFR + 3.10%), 07/15/34 (q) | 500 | 500 |
| Carlyle Global Market Strategies CLO 2014-2-R, Ltd. |  |  |
| Series 2014-D-2RA, 9.46%, (3 Month Term SOFR + 5.61%), 05/15/31 (q) | 1000 | 1004 |
| Carlyle US CLO 2019-1 LTD |  |  |
| Series 2019-DR2-1A, 10.13%, (3 Month Term SOFR + 6.25%), 04/21/31 (q) | 500 | 501 |
| Cascade MH Asset Trust 2019-MH1 |  |  |
| Series 2019-M-MH1, REMIC, 5.99%, 11/25/44 | 4100 | 3935 |
| Castlelake Aircraft Securitization Trust 2018-1 |  |  |
| Series 2018-C-1, 6.63%, 06/15/43 (n) | 1049 | 745 |
| CF 2019-CF2 Mortgage Trust |  |  |
| Interest Only, Series 2019-XG-CF2, REMIC, 0.89%, 11/18/52 (q) | 3080 | 88 |
| Chenango Park CLO Ltd |  |  |
| Series 2018-D-1A, 9.97%, (3 Month Term SOFR + 6.06%), 04/15/30 (q) | 1000 | 986 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A1-13, REMIC, 6.00%, 08/25/37 | 945 | 440 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-D1R-5A, 7.07%, (3 Month Term SOFR + 2.75%), 01/15/38 (q) | 500 | 501 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Interest Only, Series 2018-XF-B2, REMIC, 1.39%, 03/10/51 (q) | 2522 | 68 |
| Clas 2019-1 Limited |  |  |
| Series 2019-E-1A, 0.00%, 04/15/39 (f) (q) | 1000 | 55 |
| Clover CLO 2021-3 LLC |  |  |
| Series 2021-DR-3A, 6.41%, (3 Month Term SOFR + 2.55%), 01/25/35 (q) | 500 | 496 |
| Cologix Data Centers US Issuer LLC |  |  |
| Series 2021-C-1A, 5.99%, 12/28/26 | 1300 | 1288 |
| COMM 2005-C6 |  |  |
| Series 2025-E-ELP, REMIC, 6.45%, 11/15/30 (q) | 160 | 160 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 6.22%, (1 Month Term SOFR + 2.47%), 09/15/33 (q) | 1000 | 302 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.40%, 11/18/48 (q) | 58 | 57 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Series 2019-C-C16, REMIC, 4.24%, 06/15/29 (q) | 350 | 326 |
| CSMC 2021-B33 |  |  |
| Series 2021-C-B33, REMIC, 3.64%, 10/10/31 (q) | 338 | 285 |
| DBC 2025-DBC Mortgage Trust |  |  |
| Series 2025-D-DBC, REMIC, 6.35%, (1 Month Term SOFR + 2.60%), 11/15/27 (q) | 190 | 190 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-F-NYC, REMIC, 3.70%, 05/12/31 | 375 | 287 |
| Dryden 40 Senior Loan Fund |  |  |
| Series 2015-ER-40A, 9.86%, (3 Month Term SOFR + 6.01%), 08/15/31 (j) (q) | 500 | 438 |
| EFMT 2025-INV2 |  |  |
| Series 2025-B2-INV2, REMIC, 7.47%, 05/25/70 (q) | 2500 | 2512 |
| EFMT 2025-INV5 |  |  |
| Series 2025-B2-INV5, REMIC, 7.17%, 12/25/70 (q) | 2000 | 1965 |
| FIVE 2023-V1 Mortgage Trust |  |  |
| Series 2023-E-V1, REMIC, 6.35%, 02/11/28 (q) | 417 | 389 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-D-FL3, 6.35%, (1 Month Term SOFR + 2.61%), 11/18/36 (q) | 330 | 329 |
| FS Rialto 2024-FL9 Issuer, LLC |  |  |
| Series 2024-D-FL9, 7.67%, (1 Month Term SOFR + 3.94%), 10/19/39 (q) | 300 | 294 |
| GS Mortgage Securities Trust 2014-GC26 |  |  |
| Series 2014-D-GC26, REMIC, 4.49%, 11/13/47 (q) | 170 | 94 |
| GS Mortgage Securities Trust 2015-GC28 |  |  |
| Series 2015-D-GC28, REMIC, 4.57%, 02/12/48 (q) | 337 | 340 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-D-GS9, REMIC, 3.00%, 03/10/28 | 1000 | 835 |
| GS Mortgage Securities Trust 2021-GSA3 |  |  |
| Interest Only, Series 2021-XF-GSA3, REMIC, 1.40%, 12/17/54 (q) | 3608 | 257 |
| GS Mortgage-Backed Securities Trust 2025-NQM6 |  |  |
| Series 2025-B1-NQM6, REMIC, 7.33%, 02/25/66 (q) (r) | 1000 | 998 |
| Series 2025-B2-NQM6, REMIC, 7.49%, 02/25/66 (q) | 1000 | 997 |
| GSAA Home Equity Trust 2007-9 |  |  |
| Series 2007-A2A-9, REMIC, 6.50%, 10/25/37 | 1542 | 907 |
| HGI CRE CLO 2021-FL2, Ltd. |  |  |
| Series 2021-E-FL2, 6.30%, (1 Month Term SOFR + 2.56%), 09/19/36 (n) (q) | 250 | 250 |
| Hilton Grand Vacations Trust 2025-3EXT |  |  |
| Series 2025-D-3EXT, 7.38%, 10/25/44 | 500 | 500 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-G-UES, REMIC, 4.45%, 05/06/32 (q) | 114 | 110 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP |  |  |
| Interest Only, Series 2019-XG-MFP, REMIC, 0.50%, 07/15/36 (q) | 347 | 2 |
| Series 2019-G-MFP, REMIC, 7.85%, (1 Month Term SOFR + 4.10%), 07/15/36 (q) | 347 | 61 |
| Jol Air Limited |  |  |
| Series 2019-B-1, 4.95%, 04/15/26 | 257 | 255 |
| JPMBB Commercial Mortgage Securities Trust 2014-C24 |  |  |
| Interest Only, Series 2014-XA-C24, REMIC, 0.75%, 11/18/47 (q) | 1374 | 7 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 0.99%, 11/18/48 (q) | 6779 | 16 |
| LCM XVII Limited Partnership |  |  |
| Series ER-17A, 10.17%, (3 Month Term SOFR + 6.26%), 10/15/31 (q) | 500 | 286 |
| Lehman Mortgage Trust 2006-5 |  |  |
| Series 2006-1A6-5, REMIC, 4.35%, (1 Month Term SOFR + 0.61%), 09/25/36 (q) | 660 | 219 |
| Lehman Mortgage Trust 2007-2 |  |  |
| Interest Only, Series 2007-2A13-2, REMIC, 2.84%, (6.58% - (1 Month Term SOFR \* 1)), 03/25/37 (q) | 10889 | 988 |
| Series 2007-2A1-2, REMIC, 4.16%, (1 Month Term SOFR + 0.42%), 03/25/37 (q) | 10798 | 1938 |
| LMNT CRE 2025-FL3 LLC |  |  |
| Series 2025-D-FL3, 7.33%, (1 Month Term SOFR + 3.60%), 07/21/43 (q) | 300 | 300 |
| LMRK Issuer Co. 2 LLC |  |  |
| Series 2025-C-1A, 8.12%, 09/16/30 | 350 | 352 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-E-11MD, REMIC, 7.33%, 10/18/30 (q) (r) | 80 | 80 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mariner Finance Issuance Trust 2024-B |  |  |
| Series 2024-A-BA, 4.91%, 10/21/30 | 250 | 253 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-C-2A, 7.83%, 08/20/30 | 275 | 282 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-D-FL7, 6.40%, (1 Month Term SOFR + 2.66%), 10/21/36 (q) | 290 | 287 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-D-FL14, REMIC, 8.59%, (1 Month Term SOFR + 4.84%), 03/19/39 (q) | 300 | 300 |
| Series 2024-E-FL14, REMIC, 10.04%, (1 Month Term SOFR + 6.29%), 03/19/39 (q) | 400 | 401 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-D-FL15, 7.79%, (1 Month Term SOFR + 4.04%), 08/18/41 (q) | 350 | 350 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-E-FL17, 7.22%, (1 Month Term SOFR + 3.49%), 02/21/40 (q) | 400 | 399 |
| Milos CLO, Ltd. |  |  |
| Series 2017-ER-1A, 10.30%, (3 Month Term SOFR + 6.41%), 10/21/30 (q) | 500 | 493 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2012-A2-CKSV, REMIC, 3.28%, 10/15/30 | 162 | 154 |
| Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
| Interest Only, Series 2016-XA-UB11, REMIC, 1.43%, 08/17/49 (q) | 13894 | 42 |
| Morgan Stanley Mortgage Loan Trust 2006-13ARX |  |  |
| Series 2006-A1-13AX, REMIC, 0.59%, (1 Month Term SOFR + 0.29%), 10/25/36 (n) (q) (r) | 4003 | 1134 |
| Natixis Commercial Mortgage Securities Trust 2019-10K |  |  |
| Series 2019-E-10K, REMIC, 4.13%, 05/17/29 (q) | 160 | 149 |
| New Residential Mortgage Loan Trust 2025-NQM5 |  |  |
| Series 2025-B2-NQM5, REMIC, 7.41%, 08/25/65 (q) | 1000 | 985 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-5A1-AR1, REMIC, 0.57%, (1 Month Term SOFR + 0.65%), 02/25/36 (n) (q) (r) | 6542 | 624 |
| Octagon 57 Ltd |  |  |
| Series 2021-E-1A, 10.77%, (3 Month Term SOFR + 6.86%), 10/16/34 (q) | 1500 | 1449 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-ER-1A, 11.15%, (3 Month Term SOFR + 7.26%), 01/20/35 (q) | 1000 | 898 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-ER-1A, 9.89%, (3 Month Term SOFR + 6.01%), 07/17/30 (q) | 500 | 437 |
| Series 2013-SUB-1A, REMIC, 0.00%, 07/17/30 (j) (q) | 1500 |  |
| P11 Commercial Mortgage Trust 2025-P11 |  |  |
| Series 2025-D-P11, REMIC, 7.38%, 08/12/30 (q) | 160 | 166 |
| PFP 2024-11 Ltd |  |  |
| Series 2024-C-11, 6.73%, (1 Month Term SOFR + 2.99%), 09/19/39 (q) | 293 | 291 |
| PRKCM 2022-AFC2 Trust |  |  |
| Series 2022-M1-AFC2, REMIC, 6.11%, 08/25/26 (q) | 2000 | 1999 |
| PRPM 2025-8, LLC |  |  |
| Series 2025-A2-8, 7.20%, 10/25/30 (n) | 2350 | 2341 |
| PRPM 2025-NQM6 Trust |  |  |
| Series 2025-B1-NQM6, REMIC, 6.96%, 12/25/29 (q) | 909 | 909 |
| Ready Capital Mortgage Financing 2021-FL7, LLC |  |  |
| Series 2021-E-FL7, 7.25%, (1 Month Term SOFR + 3.51%), 11/25/36 (q) | 300 | 298 |
| SG Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-B2-2, REMIC, 3.93%, 12/25/61 (q) | 4191 | 2809 |
| SoFi Professional Loan Program 2018-C Trust |  |  |
| Series 2018-R1-C, REMIC, 0.00%, 01/25/48 (f) | 50 | 375 |
| Sound Point CLO 37, Ltd. |  |  |
| Series 2019-ER-2A, 10.64%, (3 Month Term SOFR + 6.73%), 07/17/34 (q) | 500 | 437 |
| Sound Point CLO XXXII Ltd |  |  |
| Series 2021-E-4A, 10.82%, (3 Month Term SOFR + 6.96%), 10/25/34 (q) | 500 | 438 |
| Spruce Hill Mortgage Loan Trust 2020-SH1 |  |  |
| Series 2020-B2-SH1, REMIC, 4.68%, 01/28/50 (q) | 1200 | 1160 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-B2-4, REMIC, 4.14%, 08/25/56 (q) (r) | 3767 | 3120 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2004-2A2-19, REMIC, 5.00%, 01/25/35 (q) | 932 | 850 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-B-FL2, 5.65%, (1 Month Term SOFR + 1.91%), 04/16/38 (n) (q) | 100 | 100 |
| Series 2021-C-FL2, 5.95%, (1 Month Term SOFR + 2.21%), 04/16/38 (n) (q) | 300 | 300 |
| STWD 2025-FL4 LLC |  |  |
| Series 2025-D-FL4, 6.38%, (1 Month Term SOFR + 2.65%), 12/19/42 (n) (q) | 250 | 250 |
| THL Credit Wind River 2014-3 CLO Ltd |  |  |
| Series 2014-ER2-3A, 10.34%, (3 Month Term SOFR + 6.48%), 10/22/31 (q) | 500 | 472 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-F-SFR1, REMIC, 4.88%, 07/17/26 | 5000 | 4985 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 77 | 77 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2025-B-3A, 6.00%, 11/15/55 | 500 | 499 |
| Velocity Commercial Capital Loan Trust 2018-2 |  |  |
| Series 2018-M4-2, REMIC, 5.32%, 03/25/26 | 162 | 152 |
| Series 2018-M5-2, REMIC, 6.36%, 06/25/26 | 92 | 85 |
| Series 2018-M6-2, REMIC, 7.05%, 08/25/27 | 213 | 188 |
| Velocity Commercial Capital Loan Trust 2019-1 |  |  |
| Series 2019-M4-1, REMIC, 4.61%, 03/25/27 (q) | 306 | 263 |
| Series 2019-M5-1, REMIC, 5.70%, 08/25/27 (q) | 178 | 152 |
| Series 2019-M6-1, REMIC, 6.79%, 08/25/28 (q) | 252 | 205 |
| Verus Securitization Trust 2024-5 |  |  |
| Series 2024-B2-5, REMIC, 7.78%, 06/25/69 (q) | 1250 | 1264 |
| Verus Securitization Trust 2024-7 |  |  |
| Series 2024-B2-7, REMIC, 7.81%, 09/25/69 (q) | 1250 | 1266 |
| Verus Securitization Trust 2025-4 |  |  |
| Series 2025-B1-4, REMIC, 7.44%, 05/25/70 (q) | 1000 | 1023 |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-B2-6, 7.36%, 07/25/70 (q) | 600 | 598 |
| Vital Care Issuer LLC |  |  |
| Series 2025-A2-1A, 6.74%, 01/30/56 | 250 | 251 |
| Voya CLO Ltd |  |  |
| Series 2019-E-2A, 10.75%, (3 Month Term SOFR + 6.86%), 07/20/32 (q) | 500 | 501 |
| Wells Fargo & Company |  |  |
| Series 2016-D-C33, REMIC, 3.12%, 03/17/26 | 470 | 433 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 4.11%, 12/17/48 (q) | 54 | 54 |
| Wells Fargo Commercial Mortgage Trust 2018-C46 |  |  |
| Series 2018-C-C46, REMIC, 4.96%, 08/17/28 (q) | 280 | 265 |
| Wells Fargo Commercial Mortgage Trust 2024-C63 |  |  |
| Interest Only, Series 2024-XD-C63, REMIC, 2.30%, 08/17/57 (q) | 1840 | 285 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 |  |  |
| Series 2025-D-5C6, REMIC, 4.25%, 10/18/30 | 275 | 242 |
| Wells Fargo Commercial Mortgage Trust 2025-C65 |  |  |
| Interest Only, Series 2025-XD-C65, REMIC, 2.31%, 10/18/58 (q) | 1580 | 273 |
| WFRBS Commercial Mortgage Trust 2013-C14 |  |  |
| Series 2013-AS-C14, REMIC, 3.49%, 06/15/46 | 35 | 34 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $88,598) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $88,598) | 76459 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 5.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.1%** |
| **Collateralized Mortgage Obligations 4.2%** | **Collateralized Mortgage Obligations 4.2%** | **Collateralized Mortgage Obligations 4.2%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2022-1B2-R01, REMIC, 9.87%, (SOFR 30-Day Average + 6.00%), 12/26/41 (q) | 1250 | 1298 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1B2-R03, REMIC, 13.72%, (SOFR 30-Day Average + 9.85%), 03/25/42 (q) | 1000 | 1093 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series SW-4170, REMIC, 0.00%, (3.94% - (SOFR 30-Day Average \* 1)), 01/15/33 (q) | 232 | 212 |
| Interest Only, Series SG-3972, REMIC, 1.80%, (5.79% - (SOFR 30-Day Average \* 1)), 12/15/41 (q) | 2323 | 237 |
| Series MS-4096, REMIC, 0.21%, (2.51% - (SOFR 30-Day Average \* 0.57)), 08/15/42 (q) | 129 | 69 |
| Series SB-4118, REMIC, 0.29%, (2.56% - (SOFR 30-Day Average \* 0.57)), 10/15/42 (q) | 77 | 40 |
| Interest Only, Series IO-5343, REMIC, 3.50%, 10/15/42 | 4806 | 492 |
| Series SJ-4141, REMIC, 0.00%, (4.63% - (SOFR 30-Day Average \* 1.5)), 12/15/42 (q) | 92 | 46 |
| Series ST-4666, REMIC, 0.00%, (6.80% - (SOFR 30-Day Average \* 1.75)), 12/15/42 (q) | 119 | 70 |
| Interest Only, Series CI-5156, REMIC, 3.00%, 02/25/50 | 3180 | 555 |
| Interest Only, Series HI-5023, REMIC, 3.00%, 10/25/50 | 2224 | 362 |
| Interest Only, Series TI-5057, REMIC, 3.00%, 11/25/50 | 2909 | 465 |
| Interest Only, Series LI-5077, REMIC, 3.00%, 02/25/51 | 4190 | 662 |
| Interest Only, Series CI-5293, REMIC, 2.50%, 04/25/51 | 5265 | 832 |
| Interest Only, Series QI-5547, REMIC, 3.00%, 04/25/51 | 2759 | 503 |
| Interest Only, Series AI-5127, REMIC, 3.00%, 06/25/51 | 3523 | 596 |
| Interest Only, Series IN-5180, REMIC, 3.00%, 07/25/51 | 1962 | 393 |
| Interest Only, Series GI-5132, REMIC, 3.00%, 08/25/51 | 5626 | 938 |
| Interest Only, Series PI-5133, REMIC, 3.00%, 08/25/51 | 3330 | 507 |
| Interest Only, Series CI-5531, REMIC, 3.50%, 09/25/51 | 5335 | 974 |
| Interest Only, Series IA-5353, REMIC, 2.50%, 10/25/51 | 5153 | 574 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C7-427, 2.50%, 08/25/35 | 6312 | 471 |
| Interest Only, Series C1-437, 1.50%, 05/25/37 | 14010 | 736 |
| Interest Only, Series C34-431, 1.50%, 06/25/37 | 9945 | 511 |
| Interest Only, Series C22-425, 4.00%, 09/25/47 | 3521 | 577 |
| Interest Only, Series C34-436, 3.00%, 07/25/52 | 2168 | 367 |
| Series 2012-GS-125, REMIC, 0.26%, (2.56% - (SOFR 30-Day Average \* 0.57)), 11/25/42 (q) | 811 | 483 |
| Interest Only, Series 2018-SA-54, REMIC, 2.26%, (6.14% - (SOFR 30-Day Average \* 1)), 08/25/48 (q) | 1826 | 160 |
| Interest Only, Series 2021-IN-85, REMIC, 2.50%, 02/25/50 | 3972 | 635 |
| Interest Only, Series 2020-AS-54, REMIC, 2.16%, (6.04% - (SOFR 30-Day Average \* 1)), 08/25/50 (q) | 1855 | 224 |
| Interest Only, Series 2020-SA-74, REMIC, 0.23%, (4.10% - (SOFR 30-Day Average \* 1)), 10/25/50 (q) | 4944 | 209 |
| Interest Only, Series 2020-SA-77, REMIC, 0.23%, (4.10% - (SOFR 30-Day Average \* 1)), 11/25/50 (q) | 6521 | 247 |
| Interest Only, Series 2020-IB-80, REMIC, 2.50%, 11/25/50 | 3867 | 615 |
| Interest Only, Series 2020-WI-75, REMIC, 2.50%, 11/25/50 | 3130 | 498 |
| Interest Only, Series 2024-IE-22, REMIC, 2.50%, 11/25/50 | 3863 | 622 |
| Interest Only, Series 2021-S-82, REMIC, 0.00%, (3.75% - (SOFR 30-Day Average \* 1)), 01/25/51 (q) | 6621 | 197 |
| Interest Only, Series 2020-HI-96, REMIC, 3.00%, 01/25/51 | 2165 | 362 |
| Interest Only, Series 2021-MI-3, REMIC, 3.50%, 02/25/51 | 3150 | 593 |
| Interest Only, Series 2021-PI-20, REMIC, 2.50%, 04/25/51 | 3776 | 598 |
| Interest Only, Series 2024-IO-32, REMIC, 2.50%, 04/25/51 | 641 | 97 |
| Interest Only, Series 2021-IO-43, REMIC, 2.50%, 06/25/51 | 3950 | 617 |
| Interest Only, Series 2021-WI-56, REMIC, 2.50%, 09/25/51 | 3818 | 480 |
| Interest Only, Series 2021-LI-66, REMIC, 2.50%, 10/25/51 | 3354 | 562 |
| Interest Only, Series 2021-MI-74, REMIC, 2.50%, 11/25/51 | 3230 | 358 |
| Interest Only, Series 2023-IO-59, REMIC, 2.50%, 12/25/51 | 4851 | 516 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2013-SA-195, REMIC, 0.60%, 01/20/42 (q) | 2909 | 110 |
| Interest Only, Series 2018-HS-97, REMIC, 2.35%, (6.09% - (1 Month Term SOFR \* 1)), 07/20/48 (q) | 160 | 19 |
| Interest Only, Series 2018-SD-91, REMIC, 2.35%, (6.09% - (1 Month Term SOFR \* 1)), 07/20/48 (q) | 1252 | 137 |
| Interest Only, Series 2018-SA-111, REMIC, 0.70%, (4.44% - (1 Month Term SOFR \* 1)), 08/20/48 (q) | 1874 | 78 |
| Interest Only, Series 2018-SH-105, REMIC, 2.40%, (6.14% - (1 Month Term SOFR \* 1)), 08/20/48 (q) | 1217 | 132 |
| Interest Only, Series 2018-SK-124, REMIC, 2.35%, (6.09% - (1 Month Term SOFR \* 1)), 09/20/48 (q) | 1450 | 161 |
| Interest Only, Series 2018-SA-166, REMIC, 2.30%, (6.04% - (1 Month Term SOFR \* 1)), 12/20/48 (q) | 1344 | 140 |
| Interest Only, Series 2019-SH-92, REMIC, 2.25%, (5.99% - (1 Month Term SOFR \* 1)), 07/20/49 (q) | 1308 | 146 |
| Interest Only, Series 2022-IB-218, REMIC, 3.00%, 07/20/50 | 569 | 95 |
| Interest Only, Series 2020-SC-115, REMIC, 0.35%, (4.09% - (1 Month Term SOFR \* 1)), 08/20/50 (q) | 3387 | 124 |
| Interest Only, Series 2020-BS-112, REMIC, 2.40%, (6.14% - (1 Month Term SOFR \* 1)), 08/20/50 (q) | 2722 | 346 |
| Interest Only, Series 2020-SD-142, REMIC, 2.45%, (6.19% - (1 Month Term SOFR \* 1)), 09/20/50 (q) | 2275 | 320 |
| Interest Only, Series 2020-SH-146, REMIC, 2.45%, (6.19% - (1 Month Term SOFR \* 1)), 10/20/50 (q) | 2131 | 304 |
| Interest Only, Series 2020-TI-151, REMIC, 2.50%, 10/20/50 | 3839 | 579 |
| Interest Only, Series 2022-AI-112, REMIC, 2.50%, 10/20/50 | 1277 | 198 |
| Interest Only, Series 2020-MI-154, REMIC, 3.00%, 10/20/50 | 3326 | 554 |
| Interest Only, Series 2020-SD-167, REMIC, 2.45%, (6.19% - (1 Month Term SOFR \* 1)), 11/20/50 (q) | 2231 | 311 |
| Interest Only, Series 2020-AI-173, REMIC, 2.50%, 11/20/50 | 3926 | 602 |
| Interest Only, Series 2020-DI-167, REMIC, 2.50%, 11/20/50 | 4170 | 605 |
| Interest Only, Series 2020-HI-173, REMIC, 2.50%, 11/20/50 | 4062 | 604 |
| Interest Only, Series 2020-KI-175, REMIC, 2.50%, 11/20/50 | 4740 | 699 |
| Interest Only, Series 2020-YI-165, REMIC, 2.50%, 11/20/50 | 4081 | 608 |
| Interest Only, Series 2020-SU-189, REMIC, 2.45%, (6.19% - (1 Month Term SOFR \* 1)), 12/20/50 (q) | 2080 | 292 |
| Interest Only, Series 2020-BI-188, REMIC, 2.50%, 12/20/50 | 4156 | 634 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2020-UH-191, REMIC, 3.50%, 12/20/50 | 3049 | 586 |
| Interest Only, Series 2021-SA-97, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 06/20/51 (q) | 7821 | 53 |
| Interest Only, Series 2021-SB-107, REMIC, 0.00%, (3.10% - (SOFR 30-Day Average \* 1)), 06/20/51 (q) | 5295 | 70 |
| Interest Only, Series 2021-SB-97, REMIC, 0.00%, (3.64% - (1 Month Term SOFR \* 1)), 06/20/51 (q) | 3030 | 77 |
| Interest Only, Series 2021-IP-160, REMIC, 2.50%, 06/20/51 | 3342 | 397 |
| Interest Only, Series 2021-BI-149, REMIC, 3.00%, 08/20/51 | 3358 | 529 |
| Interest Only, Series 2021-SA-158, REMIC, 0.00%, (3.70% - (SOFR 30-Day Average \* 1)), 09/20/51 (q) | 4588 | 120 |
| Interest Only, Series 2021-BI-160, REMIC, 3.00%, 09/20/51 | 3449 | 567 |
| Interest Only, Series 2021-IA-159, REMIC, 3.00%, 09/20/51 | 3387 | 532 |
| Interest Only, Series 2021-VI-161, REMIC, 3.00%, 09/20/51 | 4445 | 588 |
| Interest Only, Series 2024-KI-48, REMIC, 2.50%, 10/20/51 | 3796 | 547 |
| Interest Only, Series 2025-JI-62, REMIC, 2.50%, 10/20/51 | 4761 | 576 |
| Interest Only, Series 2021-SL-196, REMIC, 0.00%, (2.65% - (SOFR 30-Day Average \* 1)), 11/20/51 (q) | 12477 | 90 |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 4105 | 582 |
| Interest Only, Series 2023-GI-19, REMIC, 3.00%, 11/20/51 | 3516 | 524 |
| Interest Only, Series 2021-SC-221, REMIC, 0.00%, (3.80% - (SOFR 30-Day Average \* 1)), 12/20/51 (q) | 7549 | 186 |
| Interest Only, Series 2021-SN-213, REMIC, 0.00%, (3.20% - (SOFR 30-Day Average \* 1)), 12/20/51 (q) | 7197 | 94 |
| Interest Only, Series 2024-BI-6, REMIC, 3.00%, 12/20/51 | 3533 | 563 |
| Interest Only, Series 2022-IO-137, REMIC, 3.00%, 01/20/52 | 3728 | 534 |
| Interest Only, Series 2024-CI-79, REMIC, 3.50%, 02/20/52 | 3303 | 543 |
| Interest Only, Series 2020-BI-H19, REMIC, 1.83%, 11/20/70 (q) | 4244 | 380 |
| Interest Only, Series 2021-QI-H08, REMIC, 0.03%, 05/20/71 (q) | 21039 | 627 |
| Government National Mortgage Association Guaranteed Remic Pass-Through Securities, The |  |  |
| Interest Only, Series 2025-MI-48, REMIC, 2.50%, 06/20/51 | 6031 | 875 |
| Interest Only, Series 2022-IO-207, REMIC, 3.00%, 08/20/51 | 4960 | 796 |
| Government National Mortgage Association REMIC Trust 2019-085 |  |  |
| Interest Only, Series 2019-IH-90, REMIC, 3.00%, 05/20/48 | 3504 | 513 |
| Government National Mortgage Association REMIC Trust 2024-025 |  |  |
| Interest Only, Series 2024-DI-24, REMIC, 3.50%, 11/20/51 | 2970 | 555 |
| | | 40955 |
| **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series 2020-X9-M10, REMIC, 0.77%, 12/25/27 (q) | 8577 | 69 |
| Interest Only, Series 2019-X-M5, REMIC, 0.48%, 02/25/29 (q) | 11553 | 141 |
| Interest Only, Series 2019-X-M7, REMIC, 0.33%, 05/25/29 (q) | 8819 | 83 |
| Interest Only, Series 2019-X-M12, REMIC, 0.56%, 06/25/29 (q) | 7725 | 127 |
| Interest Only, Series 2019-X-M25, REMIC, 0.12%, 11/25/29 (q) | 24423 | 101 |
| Interest Only, Series 2022-X2-M4, REMIC, 0.18%, 05/25/30 (q) | 34805 | 255 |
| Interest Only, Series 2020-X2-M13, REMIC, 1.22%, 09/25/30 (q) | 3208 | 108 |
| Interest Only, Series 2019-X2-M21, REMIC, 1.28%, 02/25/31 (q) | 3363 | 160 |
| Interest Only, Series 2019-2XA-M24, REMIC, 1.15%, 03/25/31 (q) | 3382 | 162 |
| Interest Only, Series 2021-X1-M23, REMIC, 0.53%, 11/25/31 (q) | 11969 | 210 |
| Interest Only, Series 2020-X4-M10, REMIC, 0.88%, 07/25/32 (q) | 11664 | 461 |
| Freddie Mac Multifamily Securities 2018-KF56 Mortgage Trust |  |  |
| Series 2018-C-KF56, REMIC, 9.84%, (SOFR 30-Day Average + 5.91%), 11/25/28 (q) (r) | 246 | 238 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-94, REMIC, 0.83%, 02/16/63 (q) | 6669 | 404 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (q) | 4442 | 220 |
| Interest Only, Series 2023-IO-179, REMIC, 0.61%, 09/16/63 (q) | 9556 | 412 |
| Interest Only, Series 2022-IO-48, REMIC, 0.71%, 01/16/64 (q) | 7314 | 450 |
| Interest Only, Series 2025-IO-21, REMIC, 0.95%, 04/16/65 (q) | 1446 | 101 |
| Interest Only, Series 2024-AI-170, REMIC, 0.76%, 10/16/65 (q) | 5906 | 376 |
| Interest Only, Series 2024-IO-158, REMIC, 1.08%, 12/16/65 (q) | 7777 | 601 |
| Interest Only, Series 2024-IO-170, REMIC, 1.00%, 03/16/66 (q) | 1666 | 121 |
|  |  | 4800 |
| **U.S. Treasury Note 0.4%** | **U.S. Treasury Note 0.4%** | **U.S. Treasury Note 0.4%** |
| Treasury, United States Department of |  |  |
| 4.00%, 03/31/30 (a) | 1231 | 1247 |
| 3.63%, 08/31/30 (a) | 2362 | 2354 |
|  |  | 3601 |
| Total Government And Agency Obligations (cost $56,784) | Total Government And Agency Obligations (cost $56,784) | 49356 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.5%** | **SENIOR FLOATING RATE INSTRUMENTS 0.5%** | **SENIOR FLOATING RATE INSTRUMENTS 0.5%** |
| **Communication Services 0.4%** | **Communication Services 0.4%** | **Communication Services 0.4%** |
| Avaya, Inc. |  |  |
| 2023 Exit Term Loan, 11.42%, (1 Month Term SOFR + 7.50%), 08/01/28 (q) | 267 | 239 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 12/15/29 (q) | 429 | 429 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/29 (q) | 992 | 986 |
| 2024 Extended Term Loan B2, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/30 (q) | 2302 | 2287 |
|  |  | 3941 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 7.03%, (1 Month Term SOFR + 3.00%), 06/30/27 (f) (q) | 5 | 5 |
| 2020 Letter Of Credit, 8.55%, (1 Month Term SOFR + 4.60%), 06/30/27 (f) (q) | 321 | 266 |
| 2020 Take Back Term Loan, 8.03%, (1 Month Term SOFR + 4.00%), 12/31/27 (k) (q) | 428 | 329 |
| Lealand Reficar Term Loan |  |  |
| Term Loan, 12.09%, (SOFR +7.50%), 06/30/27 (d) (k) (q) | 5 | 4 |
|  |  | 604 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Astra Acquisition Corp. |  |  |
| 2021 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 8.88%), 10/22/29 (b) (m) (q) | 405 |  |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 7.78%, (1 Month Term SOFR + 3.75%), 09/08/26 (q) | 32 | 29 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (b) (f) (m) (q) | 43 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vision Solutions, Inc. |  |  |
| 2021 Incremental Term Loan, 8.10%, (3 Month Term SOFR + 4.00%), 04/24/28 (q) | 32 | 30 |
| | | 59 |
| Total Senior Floating Rate Instruments (cost $5,214) | Total Senior Floating Rate Instruments (cost $5,214) | 4604 |
| **OTHER EQUITY INTERESTS 0.3%** | **OTHER EQUITY INTERESTS 0.3%** | **OTHER EQUITY INTERESTS 0.3%** |
| Acropolis Infrastructure Acquisition Corp. (b) (f) (s) | 17 |  |
| Altaba Inc. (b) (f) (s) | 2007 | 2559 |
| Amyris, Inc. (b) (f) (i) (s) | 2856 |  |
| Danimer Scientific, Inc. (b) (f) (i) (s) | 672 |  |
| Pershing Square Tontine Holdings, Ltd. (b) (f) (s) | 31 |  |
| Zalatoris Acquisition Escrow (b) (f) (s) | 13 |  |
| Total Other Equity Interests (cost $4,413) | Total Other Equity Interests (cost $4,413) | 2559 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| City Office REIT, Inc., 6.63%, (25, 1/09/26) (o) | 54 | 1367 |
| Total Preferred Stocks (cost $1,333) | Total Preferred Stocks (cost $1,333) | 1367 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (b) (f) | 2 | 4 |
| Aimei Health Technology Co., Ltd. (b) | 15 | 6 |
| Akouos, Inc. (b) (f) | 14 | 7 |
| AmpliTech Group, Inc. (b) | 13 | 2 |
| Axiom Intelligence Acquisition Corp 1 (b) | 8 | 2 |
| BEST SPAC I Acquisition Corp. (b) | 2 |  |
| Bristol-Myers Squibb Company (b) (f) | 25 | 25 |
| Cayson Acquisition Corp. (b) | 7 | 2 |
| Crane Harbor Acquisition Corp. (b) | 14 | 11 |
| Drugs Made In America Acquisition Corp. (b) | 25 | 4 |
| EGH Acquisition Corp. (b) | 3 | 1 |
| Emmis Acquisition Corp. (b) | 8 | 1 |
| ESH Acquisition Corp. (b) | 16 | 3 |
| Inhibrx, Inc. (b) (f) | 11 | 8 |
| Jackson Acquisition Co II (b) | 42 | 10 |
| Jena Acquisition Corp II (b) | 18 | 3 |
| K&F Growth Acquisition Corp. II (b) | 11 | 2 |
| Kochav Defense Acquisition Corp. (b) | 52 | 13 |
| Lakeshore Acquisition III Corp. (b) | 20 | 4 |
| Mountain Lake Acquisition Corp. (b) | 33 | 8 |
| Oyster Enterprises II Acquisition Corp (b) | 43 | 9 |
| Pershing Square SPARC Holdings, Ltd. (b) (f) | 7 | 2 |
| Sizzle Acquisition Corp II (b) | 50 | 8 |
| Soulpower Acquisition Corp (b) | 37 | 6 |
| Spring Valley Acquisition Corp. II (b) | 1 |  |
| Tavia Acquisition Corp (b) | 19 | 4 |
| Thayer Ventures Acquisition Corporation II (b) | 13 | 3 |
| UY Scuti Acquisition Corp. (b) | 16 | 3 |
| Total Rights (cost $168) | Total Rights (cost $168) | 151 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Agriculture & Natural Solutions Acquisition Corp. (b) | 7 | 2 |
| Alchemy Investments Acquisition Corp 1 (b) | 9 | 2 |
| Aldel Financial II Inc. (b) | 14 | 6 |
| Altenergy Acquisition Corp. (b) | 3 |  |
| Archimedes Tech Spac Partners II Co. (b) | 9 | 5 |
| Armada Acquisition Corp. II (b) | 6 | 5 |
| Berto Acquisition Corp. (b) | 2 | 1 |
| Cartesian Growth Corp III (b) | 5 | 4 |
| Cartesian Growth Corporation II (b) | 3 | 1 |
| Copley Acquisition Corp. (b) | 19 | 3 |
| Dune Acquisition Corp. II (b) | 22 | 6 |
| Electriq Power Holdings, Inc. (b) (f) | 4 |  |
| FACT II Acquisition Corp. (b) | 10 | 3 |
| GameStop Corp. (a) (b) | 1 | 3 |
| Gesher Acquisition Corp. II (b) | 5 | 2 |
| Goal Acquisitions Corp. (b) (f) | 45 |  |
| Gores Holdings X, Inc. (b) | 6 | 4 |
| Graf Global Corp. (b) | 4 | 2 |
| iLearningEngines, Inc. (b) (f) | 14 |  |
| Iron Horse Acquisitions Corp. (b) (f) | 11 | 1 |
| Jaws Mustang Acquisition Corp. (b) | 12 | 1 |
| Keen Vision Acquisition Corporation (b) | 27 | 1 |
| Launch Two Acquisition Corp. (b) | 6 | 2 |
| LightWave Acquisition Corp. (b) | 11 | 2 |
| Live Oak Acquisition Corp V (b) | 5 | 5 |
| Maxeon Solar Technologies, Ltd. (b) (f) | 81 |  |
| New Providence Acquisition Corp. III (b) | 20 | 10 |
| Newbury Street Acquisition Corporation (b) | 10 | 2 |
| NewHold Investment Corp. III (b) | 5 | 2 |
| Open Doors Technology Inc. - Series A (a) (b) |  |  |
| Open Doors Technology Inc. - Series K (a) (b) |  |  |
| Open Doors Technology Inc. - Series Z (a) (b) |  |  |
| Roman DBDR Acquisition Corp. II (b) | 7 | 4 |
| Ross Acquisition Corp. II (b) (f) | 1 |  |
| SIM Acquisition Corp. I (b) | 23 | 5 |
| Spark I Acquisition Corp. (b) | 10 | 3 |
| Stellar V Capital Corp. (b) | 5 | 1 |
| Target Global Acquisition I Corp. (b) (f) | 6 |  |
| Tevogen Bio Holdings Inc. (b) | 4 |  |
| Texas Ventures Acquisition III Corp (b) | 7 | 6 |
| Titan Acquisition Corp (b) | 34 | 12 |
| Voyager Acquisition Corp. (b) | 8 | 2 |
| Total Warrants (cost $100) | Total Warrants (cost $100) | 108 |
| **SHORT TERM INVESTMENTS 28.4%** | **SHORT TERM INVESTMENTS 28.4%** | **SHORT TERM INVESTMENTS 28.4%** |
| **Investment Companies 24.4%** | **Investment Companies 24.4%** | **Investment Companies 24.4%** |
| JNL Government Money Market Fund - Class I, 3.64% (t) (u) | 235012 | 235012 |
| **U.S. Treasury Bill 3.9%** | **U.S. Treasury Bill 3.9%** | **U.S. Treasury Bill 3.9%** |
| Treasury, United States Department of |  |  |
| 4.01%, 01/22/26 | 17700 | 17665 |
| 3.74%, 04/16/26 | 19600 | 19400 |
|  |  | 37065 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (t) (u) | 1154 | 1154 |
| Total Short Term Investments (cost $273,218) | Total Short Term Investments (cost $273,218) | 273231 |
| **Total Investments 126.5% (cost $1,062,187)** | **Total Investments 126.5% (cost $1,062,187)** | **1217681** |
| **Total Securities Sold Short (28.0)% (proceeds $228,660)** | **Total Securities Sold Short (28.0)% (proceeds $228,660)** | **(269247)** |
| **Total Purchased Options 0.0% (cost $240)** | **Total Purchased Options 0.0% (cost $240)** | **71** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (271) |
| **Other Assets and Liabilities, Net 1.5%** | **Other Assets and Liabilities, Net 1.5%** | **14312** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **962546** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

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

(b) Non-income producing security.

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

(d) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(e) Shares subject to merger appraisal rights.

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

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

(h) All or a portion of the security was on loan as of December 31, 2025.

(i) Convertible security.

(j) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $64,205 and 6.7% of the Fund.

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

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

(m) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(n) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

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

(q) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

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

(t) Investment in affiliate.

(u) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (28.0%)** | **SECURITIES SOLD SHORT (28.0%)** | **SECURITIES SOLD SHORT (28.0%)** |
| **COMMON STOCKS (20.7%)** | **COMMON STOCKS (20.7%)** | **COMMON STOCKS (20.7%)** |
| **Information Technology (11.1%)** | **Information Technology (11.1%)** | **Information Technology (11.1%)** |
| A10 Networks, Inc. | (2) | (42) |
| Adtran Holdings, Inc. | (2) | (20) |
| Akamai Technologies, Inc. | (5) | (468) |
| Applied Digital Corporation | (114) | (2795) |
| Applied Optoelectronics, Inc. |  | (18) |
| ASML Holding N.V. - ADR | (4) | (4014) |
| Aurora Innovations Inc. - Class A | (21) | (81) |
| BigBear.ai Holdings, LLC | (48) | (258) |
| Bill Holdings, Inc. | (3) | (162) |
| Bitdeer Technologies Group - Class A | (19) | (213) |
| Blackline, Inc. | (2) | (86) |
| Box, Inc. - Class A | (9) | (262) |
| Camtek Ltd. |  | (27) |
| Check Point Software Technologies Ltd | (1) | (204) |
| Cipher Mining Inc. | (137) | (2024) |
| Cleanspark Inc. | (3) | (34) |
| Cloudflare, Inc. - Class A | (10) | (1929) |
| Cohu, Inc. | (2) | (58) |
| CommVault Systems, Inc. | (1) | (98) |
| Core Scientific, Inc. | (116) | (1692) |
| Coreweave, Inc. - Class A | (5) | (377) |
| DigitalOcean Holdings, Inc. | (4) | (198) |
| Dropbox, Inc. - Class A | (27) | (761) |
| Fastly, Inc. - Class A | (4) | (41) |
| Five9, Inc. |  | (5) |
| Guidewire Software, Inc. | (3) | (655) |
| Impinj, Inc. | (6) | (1017) |
| Indie Semiconductor, Inc. - Class A | (150) | (530) |
| InterDigital, Inc. | (27) | (8588) |
| IREN Limited | (244) | (9213) |
| KLA Corporation | (5) | (6599) |
| Lenovo Group Limited | (155) | (183) |
| Lumentum Holdings Inc. | (21) | (7631) |
| MACOM Technology Solutions Holdings, Inc. | (9) | (1533) |
| Mara Holdings, Inc. | (4) | (36) |
| Microchip Technology Incorporated | (3) | (161) |
| Mirion Technologies (US), Inc. - Class A | (8) | (195) |
| MKS Inc. | (4) | (635) |
| Nebius Group N.V. - Class A (a) | (51) | (4231) |
| NetApp, Inc. | (62) | (6609) |
| Nutanix, Inc. - Class A | (7) | (343) |
| ON Semiconductor Corporation | (33) | (1814) |
| OSI Systems, Inc. | (1) | (213) |
| Pagaya Technologies, Ltd. - Class A | (44) | (914) |
| Palo Alto Networks, Inc. | (1) | (234) |
| PAR Technology Corporation | (1) | (50) |
| Penguin Solutions, Inc. | (59) | (1158) |
| Porch Group Inc. - Class A | (4) | (33) |
| Q2 Holdings, Inc. |  | (38) |
| Riot Platforms, Inc. | (2) | (25) |
| Rubrik, Inc. - Class A | (4) | (286) |
| Seagate Technology Holdings Public Limited Company | (71) | (19668) |
| Semtech Corporation | (17) | (1256) |
| Snowflake Inc. - Class A | (1) | (156) |
| SolarEdge Technologies Ltd. | (1) | (24) |
| Super Micro Computer, Inc. | (34) | (996) |
| TeraWulf Inc. | (139) | (1600) |
| Veeco Instruments Inc. | (6) | (181) |
| Vertex, Inc. - Class A | (13) | (263) |
| Viavi Solutions Inc. | (2) | (29) |
| Vishay Intertechnology, Inc. | (2) | (37) |
| Western Digital Corporation | (80) | (13722) |
| Wix.Com Ltd. |  | (12) |
| Workiva Inc. - Class A |  | (27) |
| Zscaler, Inc. |  | (46) |
|  |  | (106808) |
| **Consumer Discretionary (3.4%)** | **Consumer Discretionary (3.4%)** | **Consumer Discretionary (3.4%)** |
| Alibaba Group Holding Limited - ADR |  | (45) |
| AutoZone, Inc. | (1) | (3273) |
| Best Buy Co., Inc. | (52) | (3499) |
| Cheesecake Factory Incorporated, The | (3) | (178) |
| Cricut, Inc. - Class A | (195) | (964) |
| D.R. Horton, Inc. | (9) | (1242) |
| Flight Centre Travel Group Limited | (5) | (49) |
| GameStop Corp. - Class A | (27) | (533) |
| H World Group Limited - ADR | (31) | (1453) |
| Home Depot, Inc., The | (14) | (4681) |
| JD.com, Inc. - Class A-ADR | (4) | (102) |
| Lennar Corporation - Class A | (8) | (813) |
| Mister Car Wash, Inc. | (107) | (594) |
| Norwegian Cruise Line Holdings Ltd. | (32) | (709) |
| Patrick Industries, Inc. | (6) | (671) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| Peloton Interactive, Inc. - Class A | (102) | (629) |
| Pool Corporation | (11) | (2598) |
| Realreal, Inc., The | (51) | (798) |
| Rivian Automotive, Inc. - Class A | (11) | (215) |
| Shake Shack, Inc. - Class A |  | (12) |
| Stride, Inc. | (10) | (640) |
| Toll Brothers, Inc. | (14) | (1929) |
| Trip.com Group Limited - ADR | (23) | (1659) |
| Wayfair Inc. - Class A | (49) | (4901) |
| | | (32187) |
| **Industrials (2.3%)** | **Industrials (2.3%)** | **Industrials (2.3%)** |
| ACCO Brands Corporation | (200) | (745) |
| Astronics Corporation | (9) | (482) |
| Bloom Energy Corporation - Class A | (127) | (11078) |
| Deluxe Corporation | (71) | (1590) |
| Eos Energy Enterprises, Inc. - Class A | (59) | (679) |
| Fluor Corporation | (3) | (110) |
| Grab Holdings Limited - Class A | (8) | (38) |
| Granite Construction Incorporated | (20) | (2268) |
| Greenbrier Companies, Inc., The | (5) | (250) |
| JBT Marel Corporation | (1) | (110) |
| Masco Corporation | (22) | (1428) |
| Millerknoll, Inc. | (30) | (555) |
| Parsons Corporation | (2) | (152) |
| Pitney Bowes Inc. | (12) | (128) |
| Tetra Tech, Inc. | (1) | (42) |
| Union Pacific Corporation |  | (82) |
| Werner Enterprises, Inc. | (22) | (649) |
| Xometry, Inc. - Class A | (24) | (1451) |
|  |  | (21837) |
| **Health Care (1.5%)** | **Health Care (1.5%)** | **Health Care (1.5%)** |
| Alnylam Pharmaceuticals, Inc. |  | (9) |
| Alphatec Holdings, Inc. | (46) | (959) |
| Amphastar Pharmaceuticals, Inc. |  | (13) |
| ANI Pharmaceuticals, Inc. | (1) | (74) |
| Ascendis Pharma A/S - ADR |  | (26) |
| Bridgebio Pharma, Inc. | (31) | (2356) |
| Collegium Pharmaceutical, Inc. | (4) | (185) |
| CorMedix Inc. | (24) | (281) |
| Enovis Corporation |  | (13) |
| Exact Sciences Corporation | (11) | (1118) |
| Guardant Health, Inc. | (9) | (971) |
| Haemonetics Corporation | (2) | (124) |
| Hims & Hers Health, Inc. - Class A | (1) | (33) |
| Inotiv, Inc. | (53) | (30) |
| Irhythm Technologies, Inc. | (1) | (106) |
| Jazz Pharmaceuticals Public Limited Company | (4) | (745) |
| Lantheus Holdings, Inc. | (2) | (105) |
| LeMaitre Vascular, Inc. | (1) | (83) |
| LivaNova PLC | (12) | (754) |
| Mirum Pharmaceuticals, Inc. | (34) | (2705) |
| Omnicell, Inc. | (2) | (98) |
| Pacira Pharmaceuticals, Inc. | (15) | (401) |
| Pharming Group N.V. | (238) | (398) |
| PTC Therapeutics, Inc. | (28) | (2133) |
| Tempus AI, Inc. - Class A |  | (19) |
| TransMedics Group, Inc. | (9) | (1037) |
| Zoetis Inc. - Class A |  | (53) |
|  |  | (14829) |
| **Financials (1.1%)** | **Financials (1.1%)** | **Financials (1.1%)** |
| Affirm Holdings, Inc. - Class A |  | (36) |
| American Coastal Insurance Corporation | (54) | (681) |
| Baldwin Insurance Group, Inc., The - Class A | (23) | (564) |
| Coinbase Global, Inc. - Class A |  | (66) |
| Encore Capital Group, Inc. | (11) | (586) |
| Euronet Worldwide, Inc. |  | (23) |
| EZCORP, Inc. - Class A | (3) | (61) |
| Galaxy Digital Inc. - Class A | (56) | (1254) |
| HA Sustainable Infrastructure Capital, Inc. | (2) | (76) |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | (144) | (1205) |
| Shift4 Payments, LLC - Class A | (2) | (125) |
| SoFi Technologies, Inc. | (114) | (2981) |
| The Western Union Company | (85) | (790) |
| Upstart Holdings, Inc. | (9) | (406) |
| WisdomTree, Inc. | (98) | (1195) |
|  |  | (10049) |
| **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** |
| B2Gold Corp. | (339) | (1529) |
| Coeur Mining, Inc. | (40) | (722) |
| Equinox Gold Corp. | (41) | (574) |
| Fortuna Mining Corp. | (72) | (708) |
| Minera Andes Inc. | (9) | (161) |
| Sherwin-Williams Company, The | (3) | (905) |
| Silvercorp Metals Inc. | (35) | (296) |
| SSR Mining Inc. | (2) | (37) |
| Vizsla Silver Corp. | (10) | (57) |
|  |  | (4989) |
| **Communication Services (0.4%)** | **Communication Services (0.4%)** | **Communication Services (0.4%)** |
| AST Spacemobile, Inc. - Class A | (12) | (865) |
| Live Nation Entertainment, Inc. | (12) | (1770) |
| Match Group, Inc. | (2) | (71) |
| Optimum Communications, Inc. - Class A | (500) | (824) |
| Sirius XM Holdings Inc. | (14) | (284) |
|  |  | (3814) |
| **Energy (0.2%)** | **Energy (0.2%)** | **Energy (0.2%)** |
| Solaris Energy Infrastructure, Inc. - Class A | (44) | (2033) |
| **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
| Duke Energy Corporation | (2) | (248) |
| Evergy, Inc. | (13) | (979) |
|  |  | (1227) |
| **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |
| Kite Realty Naperville, LLC | (3) | (65) |
| Open Doors Technology Inc. - Class A | (106) | (621) |
| Pebblebrook Hotel Trust |  | (5) |
| StorageVault Canada Inc. | (6) | (22) |
| Welltower Inc. | (1) | (145) |
|  |  | (858) |
| **Consumer Staples (0.0%)** | **Consumer Staples (0.0%)** | **Consumer Staples (0.0%)** |
| Herbalife Nutrition Ltd. | (8) | (99) |
| Oddity Tech Ltd - Class A | (2) | (78) |
|  |  | (177) |
| Total Common Stocks (proceeds $175,972) | Total Common Stocks (proceeds $175,972) | (198808) |
| **INVESTMENT COMPANIES (6.0%)** | **INVESTMENT COMPANIES (6.0%)** | **INVESTMENT COMPANIES (6.0%)** |
| iShares iBoxx $ High Yield Corporate Bond ETF | (46) | (3718) |
| SPDR S&P 500 ETF Trust | (61) | (41639) |
| VanEck Semiconductor ETF | (35) | (12597) |
| Vanguard Growth ETF |  | (57) |
| Vanguard S&P 500 Growth ETF |  | (114) |
| Total Investment Companies (proceeds $40,458) | Total Investment Companies (proceeds $40,458) | (58125) |
| **GOVERNMENT AND AGENCY OBLIGATIONS (1.3%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.3%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.3%)** |
| **U.S. Treasury Note (1.3%)** | **U.S. Treasury Note (1.3%)** | **U.S. Treasury Note (1.3%)** |
| Treasury, United States Department of |  |  |
| 3.88%, 03/31/27 | (1075) | (1080) |
| 3.75%, 04/30/27 | (1407) | (1412) |
| 3.75%, 06/30/27 | (2006) | (2014) |
| 3.88%, 07/31/27 | (2006) | (2018) |
| 3.63%, 08/31/27 | (1906) | (1911) |
| 3.88%, 04/30/30 | (2814) | (2838) |
| 3.88%, 06/30/30 | (996) | (1004) |
| Total Government And Agency Obligations (proceeds $12,190) | Total Government And Agency Obligations (proceeds $12,190) | (12277) |
| **CORPORATE BONDS AND NOTES (0.0%)** | **CORPORATE BONDS AND NOTES (0.0%)** | **CORPORATE BONDS AND NOTES (0.0%)** |
| **Information Technology (0.0%)** | **Information Technology (0.0%)** | **Information Technology (0.0%)** |
| Nebius Group N.V. |  |  |
| 1.00%, 09/15/30 (b) (c) | (37) | (37) |
| Total Corporate Bonds And Notes (proceeds $40) | Total Corporate Bonds And Notes (proceeds $40) | (37) |
| **Total Securities Sold Short (28.0%) (proceeds $228,660)** | **Total Securities Sold Short (28.0%) (proceeds $228,660)** | **(269247)** |

---

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

(b) Convertible security.

(c) The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. Determinations of liquidity are unaudited. As of

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

December 31, 2025, the value and the percentage of net assets of these liquid securities was $37 and 0.0%, respectively.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 133011 | 806745 | 704744 | 8528 |  |  | 235012 | 24.4 |
| JNL Government Money Market Fund, 3.74% - Class SL | 535 | 37229 | 36610 | 30 |  |  | 1154 | 0.1 |
|  | 133546 | 843974 | 741354 | 8558 |  |  | 236166 | 24.5 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 06/17/19 | 3578 | 6880 | 0.7 |
| AMS-Osram AG, 10.50%, 03/30/29 | 07/17/25 | 257 | 257 |  |
| Delivery Hero SE | 01/21/22 | 309 | 125 |  |
| Delivery Hero SE, 1.00%, 01/23/27 | 03/10/22 | 1314 | 1480 | 0.2 |
| Delivery Hero SE, 1.50%, 01/15/28 | 02/05/24 | 90 | 110 |  |
| Delivery Hero SE, 3.25%, 02/21/30 | 06/28/24 | 384 | 457 | 0.1 |
| Flight Centre Travel Group Limited, 2.50%, 11/17/27 | 12/06/24 | 134 | 138 |  |
| Grab Holdings Limited, 0.00%, 06/15/30 | 10/29/25 | 107 | 98 |  |
| Guardant Health, Inc., 1.25%, 02/15/31 | 10/29/25 | 26 | 33 |  |
| Lenovo Group Limited, 2.50%, 08/26/29 | 03/26/25 | 356 | 322 |  |
| Meridan Management Ltd | 03/05/21 | 317 |  |  |
| Nebius Group N.V. - Class A | 09/25/25 | (5181) | (4231) | (0.4) |
| Pharming Group N.V., 4.50%, 04/25/29 | 09/24/24 | 495 | 651 | 0.1 |
| Ping An Insurance (Group) Company of China, Ltd., 0.88%, 07/22/29 | 12/06/24 | 922 | 1301 | 0.1 |
| Realreal, Inc., The, 4.00%, 02/15/31 | 08/26/25 | 665 | 1015 | 0.1 |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 62 | 43 |  |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 120 | 28 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 26 | 3 |  |
| WCM Partners Fund | 02/27/25 | 82500 | 113908 | 11.8 |
| Ziff Davis, Inc., 3.63%, 03/01/28 | 04/01/25 | 1414 | 1436 | 0.2 |
|  |  | 87895 | 124054 | 12.9 |

---

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund —Unfunded Commitments** | **JNL Multi-Manager Alternative Fund —Unfunded Commitments** | **JNL Multi-Manager Alternative Fund —Unfunded Commitments** |
| | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Lealand Finance Company B.V., 2020 Senior Letter Of Credit, 3 Month SOFR + 3.00% | 163 | 46 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 60 | April 2026 | 12526 | (4) | 2 |
| United States 5 Year Note | 25 | April 2026 | 2737 | (3) | (5) |
| United States Long Bond | 30 | March 2026 | 3497 | (7) | (29) |
|  |  |  |  | (14) | (32) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States Ultra Bond | (27) | March 2026 | (3239) | 10 | 53 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Applied Digital Corporation | Call | 30.00 | 03/20/26 | 4 | 12 | 1 |
| B2Gold Corp. | Call | 5.00 | 04/17/26 | 91 | 46 | 4 |
| Bill Holdings, Inc. | Call | 60.00 | 01/16/26 | 9 | 54 |  |
| BioMarin Pharmaceutical Inc. | Put | 55.00 | 01/16/26 | 18 | 99 | 1 |
| Bloom Energy Corporation | Put | 19.00 | 01/16/26 | 8 | 15 |  |
| Bridgebio Pharma, Inc. | Call | 85.00 | 04/17/26 | 11 | 94 | 7 |
| Core Scientific, Inc. | Call | 20.00 | 02/20/26 | 18 | 36 | 1 |
| Core Scientific, Inc. | Call | 20.00 | 03/20/26 | 18 | 36 | 2 |
| CorMedix Inc. | Call | 13.00 | 03/20/26 | 37 | 48 | 3 |
| DigitalOcean Holdings, Inc. | Call | 50.00 | 02/20/26 | 4 | 20 | 1 |
| Dropbox, Inc. | Call | 30.00 | 04/17/26 | 18 | 54 | 2 |
| Galaxy Digital Inc. | Call | 35.00 | 04/17/26 | 18 | 63 | 2 |
| Guardant Health, Inc. | Call | 125.00 | 01/16/26 | 18 | 225 | 2 |
| Guardant Health, Inc. | Call | 135.00 | 04/17/26 | 16 | 216 | 5 |
| Indie Semiconductor, Inc. | Call | 5.50 | 05/15/26 | 37 | 20 | 1 |
| Indie Semiconductor, Inc. | Call | 4.00 | 05/15/26 | 73 | 29 | 5 |
| IREN Limited | Call | 70.00 | 01/16/26 | 18 | 126 |  |
| IREN Limited | Call | 50.00 | 03/20/26 | 37 | 185 | 12 |
| Kenvue Inc. | Put | 13.00 | 02/20/26 | 20 | 26 |  |
| Lumentum Holdings Inc. | Put | 350.00 | 01/02/26 | 9 | 315 | 1 |
| Nebius Group N.V. | Call | 110.00 | 03/20/26 | 18 | 198 | 11 |
| Nutanix, Inc. | Call | 60.00 | 03/20/26 | 18 | 108 | 3 |
| On Semiconductor Corporation | Call | 60.00 | 03/20/26 | 4 | 24 | 1 |
| Open Doors Technology Inc. | Put | 1.50 | 01/16/26 | 76 | 11 |  |
| Pagaya Technologies, Ltd. | Call | 31.00 | 01/16/26 | 18 | 56 |  |
| Pagaya Technologies, Ltd. | Call | 30.00 | 02/20/26 | 18 | 54 | 1 |
| Porch Group Inc | Call | 15.00 | 01/16/26 | 10 | 15 |  |
| Sarepta Therapeutics, Inc. | Call | 30.00 | 01/16/26 | 10 | 30 |  |
| Shift4 Payments, LLC | Call | 85.00 | 04/17/26 | 4 | 34 | 1 |
| Stride, Inc. | Call | 80.00 | 01/16/26 | 18 | 144 |  |
| Stride, Inc. | Call | 85.00 | 03/20/26 | 7 | 60 | 1 |
| Super Micro Computer, Inc. | Call | 40.00 | 01/16/26 | 19 | 76 |  |
| Teck Resources Limited | Put | 36.00 | 01/16/26 | 588 | 2117 | 1 |
| TeraWulf Inc. | Call | 14.00 | 03/20/26 | 18 | 25 | 2 |
| Warner Bros. Discovery, Inc. | Put | 17.50 | 01/16/26 | 232 | 406 |  |
|  |  |  |  |  |  | 71 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Air Lease Corporation | Call | 65.00 | 02/20/26 | 94 | 611 |  |
| Applied Digital Corporation | Put | 16.00 | 03/20/26 | 4 | 6 |  |
| Bridgebio Pharma, Inc. | Put | 55.00 | 04/17/26 | 11 | 61 | (2) |
| Core Scientific, Inc. | Put | 15.00 | 02/20/26 | 18 | 27 | (4) |
| CorMedix Inc. | Put | 10.00 | 03/20/26 | 37 | 37 | (2) |
| DigitalOcean Holdings, Inc. | Put | 30.00 | 02/20/26 | 4 | 12 |  |
| Electronic Arts Inc. | Call | 210.00 | 03/20/26 | 13 | 273 |  |
| Electronic Arts Inc. | Call | 210.00 | 06/18/26 | 4 | 84 |  |
| Exact Sciences Corporation | Call | 105.00 | 01/16/26 | 66 | 693 |  |
| Guardant Health, Inc. | Put | 80.00 | 01/16/26 | 18 | 144 | (1) |
| Guardant Health, Inc. | Put | 85.00 | 04/17/26 | 16 | 136 | (9) |
| IREN Limited | Put | 30.00 | 03/20/26 | 37 | 111 | (11) |
| Kenvue Inc. | Call | 16.00 | 02/20/26 | 20 | 32 | (3) |
| Nebius Group N.V. | Put | 80.00 | 03/20/26 | 18 | 144 | (20) |
| Nutanix, Inc. | Put | 47.50 | 03/20/26 | 18 | 86 | (5) |
| On Semiconductor Corporation | Put | 37.00 | 03/20/26 | 4 | 15 |  |
| Pagaya Technologies, Ltd. | Put | 20.00 | 01/16/26 | 18 | 36 | (2) |
| Pagaya Technologies, Ltd. | Put | 16.00 | 02/20/26 | 18 | 29 | (1) |
| Porch Group Inc | Put | 10.00 | 01/16/26 | 71 | 71 | (8) |
| Teck Resources Limited | Call | 39.00 | 01/16/26 | 588 | 2293 | (509) |
| TeraWulf Inc. | Put | 11.00 | 03/20/26 | 18 | 20 | (3) |
| Warner Bros. Discovery, Inc. | Call | 30.00 | 02/20/26 | 141 | 423 | (14) |
| Warner Bros. Discovery, Inc. | Call | 27.00 | 02/20/26 | 380 | 1026 | (103) |
| Warner Bros. Discovery, Inc. | Call | 26.00 | 02/20/26 | 297 | 772 | (102) |
| Warner Bros. Discovery, Inc. | Call | 30.00 | 03/20/26 | 601 | 1803 | (67) |
| Warner Bros. Discovery, Inc. | Call | 27.00 | 03/20/26 | 92 | 248 | (22) |
| Warner Bros. Discovery, Inc. | Call | 30.00 | 04/17/26 | 113 | 339 | (15) |
|  |  |  |  |  |  | (903) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | JPM | 03/17/26 | HKD | 219 | 28 |  |
| USD/AUD | SSB | 03/26/26 | AUD | (159) | (106) | (1) |
| USD/CAD | SSB | 03/26/26 | CAD | (277) | (203) |  |
| USD/EUR | JPM | 03/05/26 | EUR | (230) | (271) | 1 |
| USD/EUR | SSB | 03/26/26 | EUR | (274) | (323) | (1) |
| USD/GBP | GSC | 03/04/26 | GBP | (1592) | (2146) | (15) |
| USD/HKD | JPM | 03/17/26 | HKD | (6346) | (817) |  |
|  |  |  |  |  | (3838) | (16) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Headhunter Group PLC‡ (MT) | MSC | Federal Funds Effective Rate +0.55% (MT) | TBD | 13705 | 206 | (218) |
| Ozon Holdings PLC‡ (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (48131) | (558) | 4 |
| Public Joint Stock Company Children's World‡ (MT) | GSC | Federal Funds Effective Rate +0.96% (MT) | TBD | 560770 | 284 | (301) |
| Public Joint Stock Company Sberbank of Russia‡ (MT) | GSC | Federal Funds Effective Rate +0.96% (MT) | TBD | 41476 |  |  |
| VK Company Limited‡ (MT) | MSC | Federal Funds Effective Rate -2.13% (MT) | TBD | (137620) | (249) | 9 |
|  |  |  |  |  |  | (506) |

---

‡Contract for Difference fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| Bristol-Myers Squibb Company‡ (MT) | 1M LIBOR +0.00% (Q) | BOA | 12/27/26 |  |  | 23 |
| Dayforce, Inc. (MT) | OBFR +0.61% (Q) | GSC | 11/19/26 | 2111 |  | 3 |
| Frontier Communications Parent, Inc. (MT) | OBFR +0.61% (Q) | GSC | 09/10/26 | 1333 |  | 24 |
| Just Group PLC (MT) | OBFR +0.85% (Q) | GSC | 08/01/26 | 2045 |  | 63 |
| Confluent, Inc. (MT) | OBFR +0.38% (Q) | JPM | 12/11/26 | 2465 |  | 23 |
| CyberArk Software Ltd. (MT) | OBFR +0.38% (Q) | JPM | 09/19/26 | 1881 |  | (158) |
| Dayforce, Inc. (MT) | OBFR +0.38% (Q) | JPM | 11/19/26 | 2111 |  | 2 |
| Hang Seng Bank, Limited (MT) | OBFR +0.55% (Q) | JPM | 10/15/26 | 766 |  | 5 |
|  |  |  |  |  |  | (15) |
| **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| Anglo American PLC (MT) | OBFR -0.35% (Q) | BOA | 09/25/26 | (227) |  | (15) |
| Coeur Mining, Inc. (MT) | OBFR -0.35% (M) | GSC | 11/05/26 | (406) |  | (117) |
| Fifth Third Bancorp (MT) | OBFR -0.35% (M) | GSC | 11/05/26 | (1502) |  | (179) |
| Former Charter Communications Parent, Inc. (MT) | OBFR -0.35% (Q) | GSC | 01/29/26 | (1694) |  | 255 |
| Palo Alto Networks, Inc. (MT) | OBFR -0.35% (Q) | GSC | 10/29/26 | (8595) |  | 1440 |
| Union Pacific Corporation (MT) | OBFR -0.35% (M) | GSC | 11/05/26 | (2899) |  | (85) |
| Anglo American PLC (MT) | OBFR -0.35% (Q) | JPM | 09/26/26 | (586) |  | (84) |
| Fifth Third Bancorp (MT) | OBFR -0.25% (Q) | JPM | 12/16/26 | (394) |  | 8 |
| Huntington Bancshares Incorporated (MT) | OBFR -0.25% (Q) | JPM | 09/15/26 | (682) |  | 17 |
| Union Pacific Corporation (MT) | OBFR -0.25% (Q) | JPM | 08/22/26 | (1433) |  | (67) |
|  |  |  |  |  |  | 1173 |

---

‡Total Return Swap fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Other ($)<sup>1</sup>** | **Total ($)** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| **Assets - Securities** |  |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 412206 | 35333 | 10 |  | 447549 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 248389 |  |  | 248389 |
| &nbsp;&nbsp;Private Investment Funds |  |  |  | 113908 | 113908 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 76029 | 430 |  | 76459 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 49356 |  |  | 49356 |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>2</sup> |  | 4379 | 271 |  | 4650 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 2559 |  | 2559 |
| &nbsp;&nbsp;Preferred Stocks | 1367 |  |  |  | 1367 |
| &nbsp;&nbsp;Rights | 105 |  | 46 |  | 151 |
| &nbsp;&nbsp;Warrants | 107 |  | 1 |  | 108 |
| &nbsp;&nbsp;Short Term Investments | 236166 | 37065 |  |  | 273231 |
|  | 649951 | 450551 | 3317 | 113908 | 1217727 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (196973) | (1835) |  |  | (198808) |
| &nbsp;&nbsp;Investment Companies | (58125) |  |  |  | (58125) |
| &nbsp;&nbsp;Government And Agency Obligations |  | (12277) |  |  | (12277) |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | (37) |  |  | (37) |
|  | (255098) | (14149) |  |  | (269247) |
| **Assets - Investments in Other Financial Instruments<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 55 |  |  |  | 55 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 71 |  |  |  | 71 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1 |  |  | 1 |
| &nbsp;&nbsp;OTC Contracts for Difference |  |  | 13 |  | 13 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 1840 | 23 |  | 1863 |
|  | 126 | 1841 | 36 |  | 2003 |
| **Liabilities - Investments in Other Financial Instruments<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (34) |  |  |  | (34) |
| &nbsp;&nbsp;Exchange Traded Written Options | (903) |  |  |  | (903) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (17) |  |  | (17) |
| &nbsp;&nbsp;OTC Contracts for Difference |  |  | (519) |  | (519) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (705) |  |  | (705) |
|  | (937) | (722) | (519) |  | (2178) |

---

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

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

<sup>3</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |
| **COMMON STOCKS 94.1%** | **COMMON STOCKS 94.1%** | **COMMON STOCKS 94.1%** |
| **China 16.0%** | **China 16.0%** | **China 16.0%** |
| Alibaba Group Holding Limited (a) | 1462 | 26870 |
| Anhui Conch Cement Company Limited - Class A | 1438 | 4497 |
| Anhui Gujing Distillery Company Limited - Class B | 415 | 4655 |
| Bank of Ningbo Co., Ltd. - Class A | 1396 | 5609 |
| Bilibili Inc. (b) | 136 | 3368 |
| BYD Company Limited - Class A | 299 | 4147 |
| China Construction Bank Corporation - Class H | 7898 | 7800 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 1166 | 5266 |
| China Resources Land Limited | 1171 | 4082 |
| Chongqing Baiya Sanitary Products Co., Ltd. - Class A | 942 | 2941 |
| Chongqing Brewery Co., Ltd. - Class A | 309 | 2310 |
| Contemporary Amperex Technology Co., Limited - Class A | 196 | 10295 |
| DiDi Global Inc. - Class A - ADR (b) | 1977 | 10441 |
| eDraco Travel Limited (a) | 3020 | 8713 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 681 | 6307 |
| Haitian International Holdings Limited | 2783 | 7911 |
| Hosa International Limited (b) (c) | 7408 |  |
| iQIYI, Inc. - Class A - ADR (b) (d) | 1966 | 3774 |
| J&T Global Express Limited (b) | 5225 | 7023 |
| Kanzhun Limited - ADR | 112 | 2288 |
| KE Holdings Inc. | 663 | 3528 |
| Meituan - Class B (a) (b) | 176 | 2330 |
| NetEase, Inc. | 350 | 9623 |
| PDD Holdings Inc. - ADR (b) | 95 | 10685 |
| PICC Property and Casualty Company Limited - Class H | 694 | 1458 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 522 | 4361 |
| SANY Heavy Industry Co., Ltd. - Class A | 1446 | 4370 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 114 | 3104 |
| Sunny Optical Technology (Group) Company Limited | 538 | 4526 |
| Tencent Holdings Limited | 464 | 35736 |
| Trip.com Group Limited | 60 | 4266 |
| Wanhua Chemical Group Co., Ltd. - Class A | 227 | 2487 |
| Xiamen Meitu Technology Co., Ltd. | 11224 | 10081 |
|  |  | 224852 |
| **India 14.1%** | **India 14.1%** | **India 14.1%** |
| Adani Energy Solutions Limited (b) | 311 | 3551 |
| Adani Enterprises Limited (b) (c) | 32 | 473 |
| Adani Enterprises Limited | 264 | 6586 |
| Adani Green Energy (UP) Limited (b) | 429 | 4844 |
| Adani Ports and Special Economic Zone Limited | 308 | 5042 |
| Adani Power Limited (b) | 3918 | 6217 |
| Ashok Leyland Limited | 3534 | 7017 |
| Bajaj Finserv Limited | 35 | 786 |
| Bharti Airtel Limited | 391 | 9162 |
| Computer Age Management Services Limited | 422 | 3457 |
| Federal Bank Ltd, The | 4499 | 13365 |
| GMR Airports Limited (b) | 2726 | 3165 |
| HDFC Bank Limited - ADR | 149 | 5438 |
| Hindalco Industries Limited | 823 | 8109 |
| ICICI Bank Limited | 1606 | 23931 |
| ICICI Bank Limited - ADR | 57 | 1698 |
| Indian Hotels Company Limited, The | 19 | 155 |
| Indraprastha Gas Limited | 2384 | 5155 |
| Infosys Limited - ADR (d) | 211 | 3757 |
| ITC Hotels Limited (b) | 498 | 1095 |
| ITC Limited | 2864 | 12834 |
| JSW Energy Limited | 183 | 980 |
| JSW Steel Limited | 225 | 2913 |
| KFIN Technologies Limited | 193 | 2309 |
| Lodha Developers Limited | 137 | 1616 |
| Meesho Limited (b) | 1268 | 2542 |
| NHPC Limited | 3780 | 3328 |
| Oracle Financial Services Software Limited | 22 | 1920 |
| Patanjali Foods Limited | 541 | 3270 |
| Phoenix Mills Limited, The | 267 | 5500 |
| Power Finance Corporation Limited | 495 | 1954 |
| Reliance Industries Limited | 698 | 12203 |
| Shree Cement Limited | 23 | 6811 |
| Shriram Finance Limited | 1377 | 15236 |
| State Bank of India | 311 | 3398 |
| Sun Pharma Advanced Research Company Limited | 244 | 4665 |
| Tata Capital Limited (b) | 975 | 3711 |
| Tata Consultancy Services Limited | 14 | 496 |
|  |  | 198689 |
| **Taiwan 12.5%** | **Taiwan 12.5%** | **Taiwan 12.5%** |
| ADDCN Technology Co., Ltd. | 608 | 3298 |
| ASE Technology Holding Co., Ltd. | 1066 | 8478 |
| BizLink Holding Inc. | 248 | 11980 |
| Chroma ATE Inc. | 233 | 5732 |
| Eclat Textile Corporation Ltd. | 346 | 4224 |
| Kerry TJ Logistics Company Limited | 1275 | 1344 |
| Lite-On Technology Corporation | 2457 | 12789 |
| Lumax International Corp., Ltd. | 248 | 848 |
| MediaTek Inc. | 332 | 15074 |
| Sporton International Inc. | 838 | 4269 |
| Taiwan Semiconductor Manufacturing Company Limited | 2168 | 106961 |
|  |  | 174997 |
| **Brazil 10.3%** | **Brazil 10.3%** | **Brazil 10.3%** |
| American Beverage Co Ambev - ADR (d) | 1267 | 3131 |
| B3 S.A. - Brasil, Bolsa, Balcao | 852 | 2140 |
| Banco BTG Pactual S/A | 1019 | 9723 |
| BRBI BR Partners S.A. | 1175 | 4274 |
| Caixa Seguridade Participacoes S/A | 4026 | 12187 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 530 | 4892 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 614 | 14905 |
| Companhia Paranaense De Energia | 584 | 1392 |
| CPFL Energia S/A | 91 | 884 |
| Embraer S.A. | 322 | 5203 |
| Embraer S.A. - ADR | 59 | 3812 |
| Eneva S.A. (b) | 759 | 2791 |
| Equatorial Energia S.A. | 390 | 2726 |
| Gps Participacoes E Empreendimentos S.A. | 2715 | 7980 |
| Inter & Co, Inc. - Class A | 1357 | 11506 |
| Klabin S.A. | 570 | 1940 |
| NU Holdings Ltd. - Class A (b) | 265 | 4433 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 642 | 7606 |
| Prio S.A. (b) | 847 | 6360 |
| Rede D'or Sao Luiz S.A. | 744 | 5503 |
| Tegma Gestao Logistica S/A | 1370 | 9229 |
| Totvs S.A. | 1382 | 10603 |
| Vale S.A. - ADR | 461 | 6010 |
| Vivara Participacoes S.A. | 869 | 5259 |
|  |  | 144489 |
| **South Korea 10.0%** | **South Korea 10.0%** | **South Korea 10.0%** |
| Coupang, Inc. - Class A (b) | 244 | 5745 |
| Coway Co., Ltd. | 58 | 3476 |
| Duzon Bizon Co., Ltd. | 96 | 5664 |
| Hanwha Aerospace Co., Ltd. | 5 | 3077 |
| HD Hyundai Marine Solution Co., Ltd. | 58 | 7765 |
| Hyundai Motor Company | 30 | 6102 |
| Hyundai Rotem Company | 28 | 3597 |
| KT&G Corporation | 7 | 694 |
| Leeno Industrial Inc. | 189 | 7891 |
| Nice Information Service Co., Ltd. | 623 | 7354 |
| S-1 Corporation | 114 | 5672 |
| Samsung Electronics Co., Ltd. | 343 | 28399 |
| Samsung Fire & Marine Insurance Co., Ltd. | 4 | 1523 |
| Samsung Life Insurance Co., Ltd. | 71 | 7703 |
| Shinhan Financial Group Co., Ltd. | 133 | 7069 |
| SK Hynix Inc. | 60 | 27141 |
| SK Square Co., Ltd. (b) | 29 | 7426 |
| ST Pharm Co., Ltd. | 51 | 4169 |
|  |  | 140467 |
| **Mexico 4.2%** | **Mexico 4.2%** | **Mexico 4.2%** |
| BBB Foods Inc. - Class A (b) | 152 | 5070 |
| CEMEX S.A.B. de C.V. - ADR | 1504 | 17286 |
| Corporacion Moctezuma S.A.B. de C.V. | 2232 | 10346 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. (d) | 236 | 6176 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. - Series B - ADR | 15 | 3932 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 283 | 2615 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 716 | 6780 |
| Qualitas Controladora, S.A.B. de C.V. (d) | 710 | 7351 |
| | | 59556 |
| **Singapore 3.4%** | **Singapore 3.4%** | **Singapore 3.4%** |
| DBS Group Holdings Ltd | 73 | 3200 |
| Haw Par Corporation Limited | 779 | 9495 |
| Riverstone Holdings Limited (d) | 7989 | 5405 |
| Sea Limited - Class A - ADR (b) | 135 | 17242 |
| Seatrium Limited (d) | 3580 | 6004 |
| Singapore Telecommunications Limited | 1969 | 6983 |
|  |  | 48329 |
| **Indonesia 2.1%** | **Indonesia 2.1%** | **Indonesia 2.1%** |
| PT. Avia Avian | 110189 | 3341 |
| PT. Bank Central Asia Tbk | 16003 | 7830 |
| PT. Bank Mandiri | 19704 | 6034 |
| PT. Bank Rakyat Indonesia (Persero) Tbk | 18809 | 4130 |
| PT. Dayamitra Telekomunikasi | 55657 | 2336 |
| PT. Sarana Menara Nusantara | 143051 | 5022 |
| PT. Semen Indonesia Tbk Disingkat Pt Semen Indonesia (persero) Tbk | 5674 | 899 |
|  |  | 29592 |
| **South Africa 2.0%** | **South Africa 2.0%** | **South Africa 2.0%** |
| Capitec Bank Holdings | 27 | 6839 |
| Clicks Group | 250 | 5090 |
| FirstRand Limited | 1971 | 10786 |
| Rand Merchant Investment Holdings Limited | 1154 | 4990 |
| Standard Bank Group | 24 | 425 |
|  |  | 28130 |
| **Poland 1.9%** | **Poland 1.9%** | **Poland 1.9%** |
| Allegro.eu (a) (b) | 858 | 7392 |
| Grupa Pracuj Spolka Akcyjna | 685 | 8852 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 107 | 2537 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 351 | 6500 |
| XTB Spolka Akcyjna | 40 | 808 |
|  |  | 26089 |
| **Thailand 1.8%** | **Thailand 1.8%** | **Thailand 1.8%** |
| Bangkok Bank Public Company Limited | 393 | 2111 |
| Humanica Public Company Limited | 11807 | 1890 |
| KASIKORNBANK Public Company Limited | 331 | 2039 |
| Krungthai Bank Public Company Limited | 2758 | 2473 |
| Siam Commercial Bank Public Company Limited, The | 974 | 4292 |
| True Corporation Public Company Limited - NVDR | 22647 | 7829 |
| Union Auction Public Company Limited | 24952 | 4591 |
|  |  | 25225 |
| **United Arab Emirates 1.7%** | **United Arab Emirates 1.7%** | **United Arab Emirates 1.7%** |
| Adnoc Drilling Company PJSC | 3921 | 5704 |
| Adnoc Gas | 3068 | 2966 |
| Aldar Properties - PJSC | 1097 | 2599 |
| Alpha Dhabi Holding | 1346 | 3484 |
| First Abu Dhabi Bank PJSC | 630 | 2994 |
| International Holdings Company PJSC - Dubai Branch (b) | 55 | 5967 |
| NMC Health PLC (c) | 119 |  |
|  |  | 23714 |
| **United States of America 1.7%** | **United States of America 1.7%** | **United States of America 1.7%** |
| Coca-Cola Company, The | 74 | 5152 |
| Cognizant Technology Solutions Corporation - Class A | 81 | 6692 |
| ESAB Corporation | 33 | 3645 |
| Philip Morris International Inc. | 50 | 8034 |
|  |  | 23523 |
| **Malaysia 1.5%** | **Malaysia 1.5%** | **Malaysia 1.5%** |
| Carlsberg Brewery Malaysia Berhad | 977 | 4022 |
| CIMB Group Holdings Berhad | 4133 | 8393 |
| Heineken Malaysia Berhad | 1499 | 8487 |
|  |  | 20902 |
| **Hong Kong 1.5%** | **Hong Kong 1.5%** | **Hong Kong 1.5%** |
| AIA Group Limited | 557 | 5709 |
| Futu Holdings Limited - ADR | 18 | 3010 |
| Melco Resorts & Entertainment Limited - ADR (b) | 601 | 4553 |
| Wasion Holdings Limited | 1476 | 3257 |
| Xinyi Glass Holdings Limited (d) | 3777 | 4010 |
|  |  | 20539 |
| **Greece 1.4%** | **Greece 1.4%** | **Greece 1.4%** |
| Eurobank S.A. (b) | 330 | 1324 |
| National Bank of Greece S.A. - Class R | 152 | 2309 |
| Optima Bank S.A. | 786 | 7127 |
| Piraeus Bank S.A. (b) | 1172 | 9330 |
|  |  | 20090 |
| **Saudi Arabia 1.4%** | **Saudi Arabia 1.4%** | **Saudi Arabia 1.4%** |
| Al Rajhi Banking and Investment Corporation | 112 | 2907 |
| BUPA Arabia for Cooperative Insurance Company | 110 | 4086 |
| Saudi Arabian Oil Company (a) | 391 | 2482 |
| Saudi National Bank, The | 894 | 9008 |
| The Company For Cooperative Insurance | 17 | 538 |
|  |  | 19021 |
| **Peru 1.1%** | **Peru 1.1%** | **Peru 1.1%** |
| Credicorp Ltd. | 46 | 13342 |
| Ferreycorp S.A.A. | 2223 | 2579 |
|  |  | 15921 |
| **Netherlands 0.9%** | **Netherlands 0.9%** | **Netherlands 0.9%** |
| Prosus N.V. - Class N (d) | 197 | 12169 |
| **Hungary 0.7%** | **Hungary 0.7%** | **Hungary 0.7%** |
| OTP Bank Nyrt. | 96 | 10312 |
| **Switzerland 0.6%** | **Switzerland 0.6%** | **Switzerland 0.6%** |
| Coca-Cola HBC AG | 48 | 2503 |
| VAT Group AG (a) | 12 | 5903 |
|  |  | 8406 |
| **Sweden 0.6%** | **Sweden 0.6%** | **Sweden 0.6%** |
| Epiroc Aktiebolag - Class B | 388 | 7821 |
| **United Kingdom 0.5%** | **United Kingdom 0.5%** | **United Kingdom 0.5%** |
| HSBC Holdings PLC | 133 | 2106 |
| Unilever PLC - ADR | 67 | 4369 |
|  |  | 6475 |
| **Argentina 0.4%** | **Argentina 0.4%** | **Argentina 0.4%** |
| Grupo Financiero Galicia S.A. - Class B - ADR (d) | 71 | 3824 |
| Tenaris S.A. | 125 | 2405 |
|  |  | 6229 |
| **Kazakhstan 0.4%** | **Kazakhstan 0.4%** | **Kazakhstan 0.4%** |
| Joint Stock Company Kaspi.Kz - ADR (a) (b) | 78 | 6107 |
| **France 0.4%** | **France 0.4%** | **France 0.4%** |
| TotalEnergies SE | 89 | 5857 |
| **Canada 0.3%** | **Canada 0.3%** | **Canada 0.3%** |
| Celestica Inc. (b) | 17 | 4954 |
| **Turkey 0.2%** | **Turkey 0.2%** | **Turkey 0.2%** |
| TAV Havalimanlari Holding Anonim Sirketi - Class A (b) | 442 | 3076 |
| **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** |
| Banco Internacional | 14917 | 2876 |
| **Austria 0.2%** | **Austria 0.2%** | **Austria 0.2%** |
| Erste Group Bank AG | 20 | 2407 |
| **Philippines 0.1%** | **Philippines 0.1%** | **Philippines 0.1%** |
| International Container Terminal Services, Inc. | 158 | 1525 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom - ADR (a) (b) (c) | 627 |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (a) (b) (c) | 200 |  |
| Public Joint Stock Company Mobile Telesystems - ADR (a) (b) (c) | 101 |  |
| Public Joint Stock Company Novatek (a) (b) (c) | 150 |  |
| Public Joint Stock Company Novatek - GDR (a) (b) (c) | 1 |  |
| Public Joint Stock Company Sberbank of Russia (a) (b) (c) | 544 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Public Joint Stock Society Moscow Exchange MICEX-RTS (a) (b) (c) | 2990 |  |
| Public Joint-Stock Company Lukoil Oil Company - ADR (a) (b) (c) | 47 |  |
| Total Common Stocks (cost $1,120,603) | Total Common Stocks (cost $1,120,603) | 1322339 |
| **PREFERRED STOCKS 2.2%** | **PREFERRED STOCKS 2.2%** | **PREFERRED STOCKS 2.2%** |
| **Brazil 1.7%** | **Brazil 1.7%** | **Brazil 1.7%** |
| Banco Bradesco S/A. (e) | 1239 | 4084 |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class C (b) | 139 | 1249 |
| Gerdau S.A. | 1130 | 4182 |
| Itau Unibanco Holding S.A. (e) | 1388 | 9884 |
| Petroleo Brasileiro S/A Petrobras. (e) | 886 | 4973 |
|  |  | 24372 |
| **South Korea 0.5%** | **South Korea 0.5%** | **South Korea 0.5%** |
| Samsung Electronics Co., Ltd., 1.00% (f) | 99 | 6160 |
| Total Preferred Stocks (cost $27,103) | Total Preferred Stocks (cost $27,103) | 30532 |
| **SHORT TERM INVESTMENTS 3.5%** | **SHORT TERM INVESTMENTS 3.5%** | **SHORT TERM INVESTMENTS 3.5%** |
| **Investment Companies 2.7%** | **Investment Companies 2.7%** | **Investment Companies 2.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (g) (h) | 12479 | 12479 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (g) (h) | 24838 | 24838 |
|  |  | 37317 |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.74% (g) (h) | 11786 | 11786 |
| Total Short Term Investments (cost $49,103) | Total Short Term Investments (cost $49,103) | 49103 |
| **Total Investments 99.8% (cost $1,196,809)** | **Total Investments 99.8% (cost $1,196,809)** | **1401974** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (1) |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **2192** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1404165** |

---

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

(b) Non-income producing security.

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

(d) All or a portion of the security was on loan as of December 31, 2025.

(e) Convertible security.

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

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 35978 | 496750 | 520249 | 945 |  |  | 12479 | 0.9 |
| JNL Government Money Market Fund, 3.74% - Class SL | 1723 | 73744 | 63681 | 283 |  |  | 11786 | 0.8 |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 3144 | 151855 | 130161 | 276 |  |  | 24838 | 1.8 |
|  | 40845 | 722349 | 714091 | 1504 |  |  | 49103 | 3.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alibaba Group Holding Limited | 03/10/23 | 19958 | 26870 | 1.9 |
| Allegro.eu | 09/01/22 | 5208 | 7392 | 0.5 |
| eDraco Travel Limited | 06/06/23 | 7150 | 8713 | 0.6 |
| Joint Stock Company Kaspi.Kz | 01/19/23 | 6344 | 6107 | 0.5 |
| Meituan - Class B | 09/27/24 | 3604 | 2330 | 0.2 |
| Public Joint Stock Company Gazprom | 06/24/21 | 5367 |  |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel | 05/03/24 | 541 |  |  |
| Public Joint Stock Company Mobile Telesystems | 11/16/20 | 876 |  |  |
| Public Joint Stock Company Novatek | 11/13/20 | 2678 |  |  |
| Public Joint Stock Company Novatek | 09/24/21 | 159 |  |  |
| Public Joint Stock Company Sberbank of Russia | 03/09/21 | 2176 |  |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS | 04/16/20 | 4462 |  |  |
| Public Joint-Stock Company Lukoil Oil Company | 01/15/21 | 3890 |  |  |
| Saudi Arabian Oil Company | 10/22/24 | 2806 | 2482 | 0.2 |
| VAT Group AG | 04/14/25 | 4422 | 5903 | 0.4 |
|  |  | 69641 | 59797 | 4.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | SSB | 01/05/26 | HKD | 204 | 26 |  |
| PLN/USD | BBH | 01/02/26 | PLN | 196 | 55 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| PLN/USD | BBH | 01/05/26 | PLN | 216 | 60 |  |
| USD/HKD | SSB | 01/05/26 | HKD | (1360) | (175) |  |
| USD/HKD | BOA | 01/06/26 | HKD | (669) | (86) |  |
| USD/PLN | BOA | 01/02/26 | PLN | (24) | (7) |  |
| USD/PLN | BOA | 01/05/26 | PLN | (8400) | (2340) | (1) |
| ZAR/USD | SSB | 01/02/26 | ZAR | 297 | 18 |  |
| ZAR/USD | SSB | 01/05/26 | ZAR | 1490 | 91 |  |
|  |  |  |  |  | (2358) | (1) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 190115 | 1131751 | 473 | 1322339 |
| &nbsp;&nbsp;Preferred Stocks |  | 30532 |  | 30532 |
| &nbsp;&nbsp;Short Term Investments | 49103 |  |  | 49103 |
|  | 239218 | 1162283 | 473 | 1401974 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1) |  | (1) |
|  |  | (1) |  | (1) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** |
| **SENIOR FLOATING RATE INSTRUMENTS 89.4%** | **SENIOR FLOATING RATE INSTRUMENTS 89.4%** | **SENIOR FLOATING RATE INSTRUMENTS 89.4%** |
| **Industrials 25.6%** | **Industrials 25.6%** | **Industrials 25.6%** |
| Acosta, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (6 Month Term SOFR + 5.50%), 08/21/31 (a) (b) | 120 | 117 |
| 2024 Term Loan B, 9.22%, (6 Month Term SOFR + 5.50%), 08/21/31 (a) | 214 | 209 |
| Advantage Sales & Marketing, Inc. |  |  |
| 2024 Term Loan, 8.45%, (3 Month Term SOFR + 4.25%), 10/28/27 (a) | 539 | 446 |
| Advisor Group, Inc. |  |  |
| 2025 Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 07/17/32 (a) | 4339 | 4355 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.85%, (1 Month Term SOFR + 3.00%), 07/31/28 (a) | 2548 | 2553 |
| 2024 1st Lien Term Loan B, 6.87%, (1 Month Term SOFR + 3.00%), 07/31/28 (a) | 1699 | 1702 |
| Air Comm Corporation, LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/21/31 (a) (b) | 27 | 27 |
| 2024 Delayed Draw Term Loan, 6.57%, (3 Month Term SOFR + 2.75%), 11/21/31 (a) | 18 | 18 |
| 2025 Term Loan, 6.57%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 285 | 286 |
| 2025 Term Loan, 6.67%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 243 | 244 |
| AlixPartners, LLP |  |  |
| 2025 USD Term Loan, 0.00%, (1 Month Term SOFR + 2.00%), 07/29/32 (a) (b) | 1000 | 1001 |
| 2025 USD Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 07/29/32 (a) | 3060 | 3063 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 07/31/31 (a) | 2149 | 2152 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.13%, (3 Month Term SOFR + 2.25%), 04/20/28 (a) | 1642 | 1645 |
| 2023 1st Lien Term Loan, 0.00%, (6 Month Term SOFR + 2.25%), 05/29/29 (a) (b) | 425 | 425 |
| 2023 1st Lien Term Loan, 6.26%, (6 Month Term SOFR + 2.25%), 05/29/29 (a) | 397 | 397 |
| 2025 Term Loan B, 7.13%, (3 Month Term SOFR + 3.25%), 05/09/32 (a) | 279 | 280 |
| Amynta Agency Borrower Inc. |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 12/29/31 (a) | 575 | 576 |
| Anticimex International AB |  |  |
| 2021 USD Term Loan B1, 7.31%, (SOFR + 3.40%), 07/21/28 (a) | 257 | 258 |
| 2024 Term Loan B6, 7.31%, (SOFR + 3.40%), 11/16/28 (a) | 499 | 501 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 669 | 671 |
| Archkey Solutions LLC |  |  |
| 2024 Delayed Draw Term Loan B, 0.00%, (SOFR + 4.25%), 10/10/31 (a) (b) | 49 | 50 |
| 2024 Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 10/10/31 (a) | 423 | 427 |
| Artera Services, LLC |  |  |
| 2024 Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 02/07/31 (a) | 1081 | 870 |
| Arthur US Finco Inc |  |  |
| Term Loan B, 9.25%, (3 Month Term SOFR + 5.25%), 11/08/30 (a) | 720 | 652 |
| Astro Acquisition, LLC |  |  |
| 2025 Term Loan B, 7.12%, (6 Month Term SOFR + 3.25%), 08/14/32 (a) | 908 | 913 |
| Aurora Lux Finco S.a r.l |  |  |
| 2025 Term Loan B, 9.15%, (SOFR + 5.25%), 09/05/32 (a) | 760 | 753 |
| Azuria Water Solutions, Inc. |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 05/17/28 (a) | 2140 | 2148 |
| AZZ Inc. |  |  |
| Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 05/06/29 (a) | 151 | 151 |
| Barnes Group Inc |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 12/11/31 (a) | 1623 | 1625 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 12/26/30 (a) | 1307 | 1292 |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 7.31%, (3 Month Term SOFR + 3.25%), 06/25/32 (a) | 2930 | 2950 |
| Bleriot US Bidco Inc. |  |  |
| 2023 Term Loan B, 6.50%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 266 | 267 |
| BradyPlus Holdings LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 12/11/32 (a) (b) | 1730 | 1710 |
| BrightView Landscapes, LLC |  |  |
| 2025 Term Loan B, 5.84%, (3 Month Term SOFR + 2.00%), 04/20/29 (a) | 2469 | 2469 |
| Calpine Construction Finance Company, L.P. |  |  |
| 2025 Repriced Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 07/31/30 (a) | 2064 | 2065 |
| Cast and Crew Payroll, LLC |  |  |
| 2021 Incremental Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 12/30/28 (a) | 1135 | 664 |
| Chart Industries, Inc. |  |  |
| 2024 Term Loan B, 6.48%, (3 Month Term SOFR + 2.50%), 03/15/30 (a) | 574 | 575 |
| CHG Healthcare Services Inc. |  |  |
| 2025 Term Loan B1, 6.59%, (3 Month Term SOFR + 2.75%), 09/29/28 (a) | 754 | 757 |
| Chromalloy Corporation |  |  |
| 2024 Term Loan B, 7.23%, (3 Month Term SOFR + 3.25%), 03/21/31 (a) | 374 | 376 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| Term Loan B, 7.09%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) | 4321 | 4322 |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) (b) | 12 | 12 |
| 2025 Delayed Draw Term Loan, 7.03%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) | 44 | 44 |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) | 3313 | 3308 |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 5.87%, (SOFR + 1.75%), 06/12/32 (a) | 1995 | 1993 |
| Congruex Group LLC |  |  |
| Term Loan, 5.49%, (3 Month Term SOFR + 1.50%), 04/26/29 (a) | 113 | 92 |
| Constant Contact Inc. |  |  |
| Term Loan, 8.17%, (SOFR + 4.00%), 02/10/28 (a) | 1348 | 1282 |
| Construction Partners Inc. |  |  |
| Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 10/30/31 (a) | 351 | 353 |
| Core & Main LP |  |  |
| 2024 Term Loan E, 5.69%, (3 Month Term SOFR + 2.00%), 02/09/31 (a) | 211 | 211 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 04/12/28 (a) (b) | 50 | 39 |
| 2021 Term Loan B, 7.10%, (1 Month Term SOFR + 3.25%), 04/12/28 (a) | 1257 | 980 |
| 2022 Term Loan, 9.38%, (1 Month Term SOFR + 5.63%), 08/01/28 (a) | 89 | 70 |
| 2024 Term Loan B, 8.25%, (1 Month Term SOFR + 4.50%), 05/05/31 (a) | 254 | 179 |
| Corpay Technologies Operating Company LLC |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 10/03/32 (a) | 525 | 525 |
| Corporation Service Company |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 08/10/29 (a) | 540 | 540 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 1808 | 1811 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 Add-on Term Loan B, 8.00%, (Prime + 1.00%), 05/19/31 (a) | 138 | 138 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.34%, (1 Month Term SOFR + 4.50%), 09/18/28 (a) | 157 | 156 |
| CQP Holdco LP |  |  |
| 2024 1st Lien Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 12/31/30 (a) | 4299 | 4312 |
| Crown Equipment Corporation |  |  |
| 2025 1st Lien Term Loan B, 5.77%, (1 Month Term SOFR + 2.00%), 10/10/31 (a) | 298 | 300 |
| Crown Subsea Communications Holding,Inc. |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 01/30/31 (a) | 2711 | 2729 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.19%, (3 Month Term SOFR + 3.25%), 07/02/31 (a) | 1213 | 1217 |
| 2nd Lien Term Loan, 9.19%, (3 Month Term SOFR + 5.25%), 07/02/32 (a) | 250 | 247 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan B, 5.84%, (3 Month Term SOFR + 2.00%), 03/01/31 (a) | 311 | 311 |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 6.59%, (1 Month Term SOFR + 2.75%), 09/17/32 (a) | 2213 | 2218 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (SOFR + 3.75%), 07/01/32 (a) (b) | 39 | 39 |
| 2025 Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 07/01/32 (a) | 846 | 846 |
| 2025 2nd Lien Term Loan, 9.42%, (1 Month Term SOFR + 5.50%), 07/24/33 (a) | 140 | 140 |
| Disco Parent, Inc. |  |  |
| 2025 Term Loan B, 7.07%, (3 Month Term SOFR + 3.25%), 08/01/32 (a) | 195 | 196 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 5.92%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 535 | 536 |
| 2024 1st Lien Term Loan B2, 5.92%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 203 | 204 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 7.77%, (1 Month Term SOFR + 3.75%), 11/09/28 (a) | 1096 | 1078 |
| Edelman Financial Center, LLC |  |  |
| 2024 Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 04/07/28 (a) | 1489 | 1495 |
| EMG Utica, LLC |  |  |
| 2025 Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 10/24/29 (a) | 342 | 346 |
| Employbridge Holding Company |  |  |
| 2025 First Out Term Loan, 9.50%, (3 Month Term SOFR + 5.50%), 01/19/30 (a) | 1874 | 1425 |
| EMRLD Borrower LP |  |  |
| Term Loan B, 6.07%, (3 Month Term SOFR + 2.25%), 05/04/30 (a) | 99 | 99 |
| 2024 Term Loan B, 6.12%, (6 Month Term SOFR + 2.25%), 06/18/31 (a) | 1456 | 1458 |
| Ensemble RCM, LLC |  |  |
| 2024 Term Loan B, 6.84%, (3 Month Term SOFR + 3.00%), 08/01/29 (a) | 4296 | 4314 |
| EOC Borrower, LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 01/28/32 (a) | 1474 | 1480 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 9.26%, (3 Month Term SOFR + 5.00%), 08/23/28 (a) | 417 | 190 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 6.97%, (1 Month Term SOFR + 3.25%), 01/13/29 (a) (c) | 6110 | 6107 |
| Fleet Midco I Limited |  |  |
| 2024 1st Lien Term Loan B, 6.54%, (6 Month Term SOFR + 2.50%), 04/18/30 (a) | 1723 | 1729 |
| Fortress Intermediate 3, Inc. |  |  |
| 2025 Term Loan B, 6.78%, (1 Month Term SOFR + 3.00%), 06/27/31 (a) | 2884 | 2882 |
| Genesee & Wyoming Inc. (New) |  |  |
| 2024 Term Loan, 5.75%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 702 | 702 |
| Genmab AS |  |  |
| Term Loan B, 8.75%, (Prime + 2.00%), 11/19/32 (a) | 885 | 889 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 7.92%, (1 Month Term SOFR + 4.00%), 01/16/32 (a) | 3520 | 3498 |
| Green Infrastructure Partners Inc. |  |  |
| USD Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/18/32 (a) | 1908 | 1908 |
| Griffon Corporation |  |  |
| 2024 Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 01/24/29 (a) | 386 | 388 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 8.78%, (1 Month Term SOFR + 4.75%), 06/28/28 (a) | 669 | 549 |
| Term Loan, 9.01%, (3 Month Term SOFR + 4.75%), 06/28/28 (a) | 779 | 639 |
| GTCR Everest Borrower, LLC |  |  |
| Add on Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/05/31 (a) | 4737 | 4753 |
| Harbourvest Partners LP |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 04/22/30 (a) (b) | 440 | 440 |
| Harbourvest Partners, LLC |  |  |
| 2024 1st Lien Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 04/22/30 (a) | 889 | 889 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 5.74%, (1 Month Term SOFR + 2.00%), 02/05/30 (a) | 1577 | 1578 |
| Horizon US Finco LP |  |  |
| Term Loan B, 0.00%, (6 Month Term SOFR + 4.50%), 12/16/31 (a) (b) | 30 | 29 |
| Term Loan B, 8.34%, (6 Month Term SOFR + 4.50%), 12/16/31 (a) | 579 | 564 |
| ICON Luxembourg S.a r.l. |  |  |
| 2024 LUX Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 07/03/28 (a) | 199 | 201 |
| IVC Acquisition Ltd |  |  |
| 2025 USD Repriced Term Loan B, 7.75%, (3 Month Term SOFR + 3.75%), 12/06/28 (a) | 764 | 768 |
| John Bean Technologies Corp |  |  |
| Term Loan, 5.67%, (1 Month Term SOFR + 1.75%), 01/02/32 (a) | 189 | 189 |
| Johnstone Supply LLC |  |  |
| Term Loan B, 6.23%, (1 Month Term SOFR + 2.50%), 06/09/31 (a) | 479 | 481 |
| Kaman Corporation |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) (b) | 108 | 108 |
| 2025 Term Loan B, 6.23%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 69 | 69 |
| 2025 Term Loan B, 6.32%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 941 | 945 |
| 2025 Delayed Draw Term Loan, 6.43%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 11 | 11 |
| 2025 Term Loan B, 6.54%, (6 Month Term SOFR + 2.50%), 01/30/32 (a) | 245 | 246 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.17%, (1 Month Term SOFR + 3.25%), 01/25/29 (a) | 2285 | 2261 |
| KNS Acquisition Corp. |  |  |
| 2024 Term Loan A, 8.84%, (1 Month Term SOFR + 5.00%), 04/19/30 (a) | 340 | 335 |
| 2024 Term Loan B, 10.09%, (1 Month Term SOFR + 6.25%), 10/19/30 (a) | 327 | 276 |
| Kohler Energy Co LLC |  |  |
| USD Term Loan B, 7.75%, (3 Month Term SOFR + 3.75%), 01/30/31 (a) | 3451 | 3467 |
| KUEHG Corp. |  |  |
| 2025 Term Loan, 6.75%, (3 Month Term SOFR + 2.75%), 06/12/30 (a) | 83 | 80 |
| LaserShip, Inc. |  |  |
| 2024 New Money Term Loan A, 10.25%, (3 Month Term SOFR + 6.25%), 01/02/29 (a) | 122 | 123 |
| 2024 Term Loan B, 5.76%, (3 Month Term SOFR + 1.50%), 08/10/29 (a) | 353 | 262 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 7.58%, (1 Month Term SOFR + 3.75%), 06/06/31 (a) | 1324 | 1240 |
| 2025 Incremental Term Loan, 8.73%, (1 Month Term SOFR + 5.00%), 06/06/31 (a) | 360 | 359 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 04/14/31 (a) | 376 | 376 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.70%, (6 Month Term SOFR + 2.50%), 06/15/28 (a) | 846 | 850 |
| 2025 Repriced Term Loan, 6.64%, (3 Month Term SOFR + 2.75%), 03/26/32 (a) | 3329 | 3347 |
| Madison Safety & Flow LLC |  |  |
| 2025 1st Lien Term Loan B, 6.23%, (1 Month Term SOFR + 2.50%), 09/26/31 (a) | 2996 | 3014 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 8.26%, (3 Month Term SOFR + 4.00%), 05/12/28 (a) | 2051 | 1856 |
| Maximus, Inc. |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 05/21/31 (a) | 192 | 192 |
| Modena Buyer LLC |  |  |
| Term Loan, 8.09%, (3 Month Term SOFR + 4.25%), 04/03/31 (a) | 2342 | 2327 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 05/22/32 (a) (b) | 20 | 20 |
| Delayed Draw Term Loan, 7.25%, (3 Month Term SOFR + 3.25%), 05/22/32 (a) | 30 | 30 |
| Term Loan, 7.25%, (3 Month Term SOFR + 3.25%), 05/22/32 (a) | 394 | 390 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 5.72%, (1 Month Term SOFR + 2.00%), 02/19/32 (a) | 298 | 299 |
| Neptune BidCo US Inc. |  |  |
| 2022 USD Term Loan A, 8.76%, (3 Month Term SOFR + 4.75%), 10/11/28 (a) | 434 | 428 |
| 2022 USD Term Loan B, 9.03%, (3 Month Term SOFR + 5.00%), 04/11/29 (a) | 2995 | 2958 |
| Nielsen Consumer Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 6.42%, (1 Month Term SOFR + 2.50%), 10/04/30 (a) | 672 | 672 |
| Nourish Buyer I Inc |  |  |
| 2025 Term Loan B, 8.25%, (1 Month Term SOFR + 4.50%), 07/08/32 (a) | 630 | 633 |
| Nuvei Technologies Corp. |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 11/17/31 (a) | 2970 | 2971 |
| OMNIA Partners LLC |  |  |
| 2024 Term Loan B, 6.61%, (3 Month Term SOFR + 2.75%), 07/25/30 (a) | 952 | 955 |
| Optiv Security, Inc. |  |  |
| 2023 Term Loan, 9.11%, (3 Month Term SOFR + 5.25%), 08/17/26 (a) | 597 | 421 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 06/18/28 (a) (b) | 175 | 172 |
| Term Loan, 7.28%, (1 Month Term SOFR + 3.25%), 06/18/28 (a) | 965 | 946 |
| Parexel International Corporation |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 12/09/31 (a) (b) | 1048 | 1050 |
| 2025 Repriced Term Loan B, 6.51%, (1 Month Term SOFR + 2.75%), 12/09/31 (a) | 1518 | 1522 |
| Park River Holdings Inc. |  |  |
| 2025 Term Loan, 8.49%, (3 Month Term SOFR + 4.50%), 09/24/32 (a) | 545 | 548 |
| Petco Health and Wellness Company, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 02/25/28 (a) (b) | 859 | 850 |
| 2021 Term Loan B, 7.51%, (3 Month Term SOFR + 3.25%), 02/25/28 (a) | 766 | 757 |
| Phoenix Aviation Capital, LLC |  |  |
| Term Loan B, 7.11%, (3 Month Term SOFR + 3.25%), 10/09/30 (a) | 3000 | 2968 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 02/13/32 (a) | 956 | 949 |
| Pinnacle Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (SOFR + 2.50%), 09/11/32 (a) (b) | 85 | 86 |
| Term Loan, 6.49%, (3 Month Term SOFR + 2.50%), 09/11/32 (a) | 3402 | 3412 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 01/31/32 (a) | 2201 | 2185 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 07/03/28 (a) | 50 | 50 |
| Prime Security Services Borrower, LLC |  |  |
| 2025 Incremental Term Loan B, 5.58%, (1 Month Term SOFR + 1.75%), 03/08/32 (a) | 1995 | 1989 |
| Propulsion (BC) Finco S.a r.l. |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 2.50%), 11/21/32 (a) (b) | 1500 | 1506 |
| 2025 Repriced Term Loan B, 6.37%, (1 Month Term SOFR + 2.50%), 11/21/32 (a) | 472 | 474 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) (b) | 1350 | 1336 |
| 2024 Extended Term Loan B, 8.67%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) | 1328 | 1314 |
| QuidelOrtho Corp |  |  |
| Term Loan, 8.00%, (3 Month Term SOFR + 4.00%), 08/13/32 (a) | 4357 | 4351 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, 6.17%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) | 2980 | 2990 |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 01/30/32 (a) | 1798 | 1803 |
| QXO Inc. |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 04/30/32 (a) | 186 | 186 |
| Rand Parent, LLC |  |  |
| 2025 Term Loan B, 7.00%, (3 Month Term SOFR + 3.00%), 03/18/30 (a) | 2298 | 2302 |
| Roper Industrial Products Investment Company LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 11/23/29 (a) | 3390 | 3409 |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 8.51%, (3 Month Term SOFR + 4.50%), 07/16/32 (a) | 284 | 285 |
| Shift4 Payments, LLC |  |  |
| 2025 Term Loan, 6.75%, (3 Month Term SOFR + 2.50%), 05/12/32 (a) | 95 | 95 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 04/02/29 (a) | 3403 | 3420 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.37%, (3 Month Term SOFR + 2.50%), 12/04/31 (a) | 1568 | 1566 |
| Spectris Plc |  |  |
| USD Term Loan, 6.49%, (3 Month Term SOFR + 2.75%), 09/26/32 (a) | 608 | 610 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.02%, (3 Month Term SOFR + 4.00%), 02/26/28 (a) | 3145 | 2418 |
| Star Parent Inc. |  |  |
| Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 09/19/30 (a) | 1935 | 1937 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.74%, (3 Month Term SOFR + 2.75%), 09/24/32 (a) | 2908 | 2606 |
| Stonepeak Nile Parent LLC |  |  |
| 2025 Term Loan B, 6.15%, (3 Month Term SOFR + 2.25%), 04/09/32 (a) | 3094 | 3092 |
| Student Transportation of America Holdings, Inc. |  |  |
| Term Loan B, 6.94%, (3 Month Term SOFR + 3.25%), 06/10/32 (a) | 2935 | 2940 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.23%, (1 Month Term SOFR + 2.50%), 08/14/32 (a) | 454 | 455 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Titan Acquisition Limited |  |  |
| 2024 Term Loan B, 7.59%, (3 Month Term SOFR + 3.75%), 02/01/29 (a) | 1622 | 1632 |
| 2024 Term Loan B, 7.59%, (3 Month Term SOFR + 3.75%), 02/01/29 (a) | 1622 | 1632 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 6.95%, (6 Month Term SOFR + 2.75%), 04/30/30 (a) | 4150 | 4174 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.50%, (3 Month Term SOFR + 2.50%), 02/28/31 (a) | 7666 | 7692 |
| 2025 Term Loan M, 6.50%, (3 Month Term SOFR + 2.50%), 08/13/32 (a) | 4050 | 4066 |
| 2024 Term Loan L, 6.50%, (3 Month Term SOFR + 2.50%), 09/05/32 (a) | 489 | 491 |
| Turquoise Topco Ltd. |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 08/13/32 (a) (b) | 2775 | 2737 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 02/22/31 (a) | 3013 | 3023 |
| US Fertility Enterprises LLC |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 10/03/31 (a) (b) | 8 | 8 |
| 2024 Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 10/03/31 (a) | 246 | 246 |
| Term Loan, 0.00%, (SOFR + 3.50%), 12/11/32 (a) (b) | 270 | 271 |
| Van Pool Transportation LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 06/18/30 (a) (b) | 12 | 12 |
| 2025 Delayed Draw Term Loan, 7.25%, (3 Month Term SOFR + 3.25%), 06/18/30 (a) | 19 | 19 |
| 2025 Term Loan, 7.25%, (3 Month Term SOFR + 3.25%), 06/18/30 (a) | 229 | 230 |
| Vertiv Group Corporation |  |  |
| 2025 Term Loan, 5.61%, (1 Month Term SOFR + 1.75%), 08/07/32 (a) | 1945 | 1954 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 03/27/31 (a) | 3846 | 3878 |
| VM Consolidated, Inc. |  |  |
| 2025 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 10/03/32 (a) | 364 | 366 |
| Wash Multifamily Parent Inc. |  |  |
| Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 08/07/32 (a) | 330 | 332 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 5.87%, (1 Month Term SOFR + 2.00%), 01/20/31 (a) | 1884 | 1886 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 7.25%, (3 Month Term SOFR + 3.25%), 02/01/31 (a) | 1728 | 1734 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.12%, (1 Month Term SOFR + 3.25%), 10/19/29 (a) | 920 | 924 |
| | | 237465 |
| **Information Technology 15.3%** | **Information Technology 15.3%** | **Information Technology 15.3%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 6.50%, (3 Month Term SOFR + 2.50%), 01/24/31 (a) | 5786 | 5775 |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.50%, (3 Month Term SOFR + 2.50%), 02/07/31 (a) | 5451 | 5479 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 12/11/28 (a) | 2215 | 2220 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 01/27/29 (a) | 6129 | 6135 |
| BCPE Pequod Buyer Inc |  |  |
| USD Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 09/19/31 (a) | 3676 | 3681 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B2, 6.00%, (3 Month Term SOFR + 2.00%), 01/31/31 (a) | 763 | 764 |
| Boxer Parent Company Inc. |  |  |
| 2025 USD Term Loan B, 6.82%, (3 Month Term SOFR + 3.00%), 07/30/31 (a) | 3555 | 3543 |
| Calabrio, Inc. |  |  |
| 2025 First Out Term Loan, 7.82%, (3 Month Term SOFR + 4.00%), 10/24/32 (a) | 1500 | 1410 |
| Camelot U.S. Acquisition LLC |  |  |
| 2025 Incremental Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 01/31/31 (a) | 2073 | 2074 |
| CD&R Hydra Buyer Inc. |  |  |
| 2024 Term Loan B, 8.02%, (1 Month Term SOFR + 4.00%), 03/15/31 (a) | 1397 | 1396 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 7.25%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) | 608 | 514 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 2.75%), 07/22/32 (a) | 338 | 339 |
| Ciena Corporation |  |  |
| 2025 Repriced Term Loan B, 5.48%, (1 Month Term SOFR + 1.75%), 10/24/30 (a) | 132 | 132 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), 7.25%, (3 Month Term SOFR + 3.25%), 03/24/31 (a) | 3509 | 3513 |
| 2025 Term Loan B (2032), 7.25%, (3 Month Term SOFR + 3.25%), 08/07/32 (a) | 2770 | 2772 |
| CoorsTek Inc. |  |  |
| Term Loan B, 6.86%, (3 Month Term SOFR + 3.00%), 10/10/32 (a) | 375 | 378 |
| Cyberswift US Finco, LLC |  |  |
| Term Loan B, 7.91%, (3 Month Term SOFR + 4.00%), 09/22/32 (a) | 155 | 155 |
| Dawn Bidco LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 10/07/32 (a) (b) | 2460 | 2451 |
| DCert Buyer, Inc. |  |  |
| 2021 2nd Lien Term Loan, 10.92%, (1 Month Term SOFR + 7.00%), 02/16/29 (a) | 250 | 224 |
| Delta TopCo, Inc. |  |  |
| 2025 Term Loan B, 6.44%, (1 Month Term SOFR + 2.75%), 11/30/29 (a) | 586 | 582 |
| 2025 Term Loan B, 6.58%, (1 Month Term SOFR + 2.75%), 11/30/29 (a) | 2230 | 2216 |
| Dragon Buyer, Inc. |  |  |
| Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/24/31 (a) | 351 | 351 |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 08/30/30 (a) | 291 | 290 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 10/29/29 (a) | 1553 | 1562 |
| EP Purchaser, LLC |  |  |
| 2021 Term Loan B, 7.44%, (3 Month Term SOFR + 3.50%), 11/06/28 (a) | 69 | 49 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.42%, (1 Month Term SOFR + 2.50%), 05/23/31 (a) | 5080 | 5094 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.10%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) | 2271 | 2227 |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 01/28/29 (a) | 1850 | 1852 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 01/23/32 (a) | 3048 | 3038 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B7, 5.67%, (1 Month Term SOFR + 1.75%), 05/21/31 (a) | 1142 | 1144 |
| Kaseya Inc. |  |  |
| 2025 2nd Lien Term Loan B, 0.00%, (1 Month Term SOFR + 5.00%), 03/07/33 (a) (b) | 130 | 127 |
| 2025 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 03/05/32 (a) | 1868 | 1868 |
| 2025 2nd Lien Term Loan B, 8.92%, (1 Month Term SOFR + 5.00%), 03/07/33 (a) | 670 | 654 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KnowBe4, Inc. |  |  |
| 2025 Term Loan, 7.59%, (3 Month Term SOFR + 3.75%), 07/21/32 (a) | 500 | 500 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 03/01/29 (a) | 2079 | 1912 |
| MH Sub I, LLC |  |  |
| 2023 Term Loan, 8.25%, (3 Month Term SOFR + 4.25%), 04/13/28 (a) | 2260 | 2096 |
| 2024 Term Loan B4, 8.17%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) | 6090 | 5195 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 06/05/31 (a) | 794 | 796 |
| MKS Instruments, Inc. |  |  |
| 2025 USD Repriced Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 08/17/29 (a) | 548 | 550 |
| NCR Atleos LLC |  |  |
| 2025 Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 04/16/29 (a) | 324 | 325 |
| Open Text Corporation |  |  |
| 2023 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 01/31/30 (a) | 3891 | 3891 |
| Peraton Corp. |  |  |
| 2nd Lien Term Loan B1, 0.00%, (3 Month Term SOFR + 7.75%), 02/01/29 (a) (b) | 295 | 231 |
| Term Loan B, 7.69%, (3 Month Term SOFR + 3.75%), 02/22/28 (a) | 4319 | 4002 |
| Ping Identity Corporation |  |  |
| 2025 Term Loan, 6.62%, (3 Month Term SOFR + 2.75%), 10/31/32 (a) | 445 | 446 |
| PointClickCare Technologies, Inc. |  |  |
| 2025 Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 11/03/31 (a) | 2778 | 2779 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 0.00%, (3 Month Term SOFR + 4.00%), 06/03/28 (a) (b) | 500 | 481 |
| USD Term Loan B, 8.10%, (3 Month Term SOFR + 4.00%), 06/03/28 (a) | 3980 | 3832 |
| Priority Holdings, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 07/22/32 (a) | 227 | 223 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.25%, (3 Month Term SOFR + 3.25%), 10/28/30 (a) | 1935 | 1931 |
| 2025 2nd Lien Incremental Term Loan, 9.00%, (3 Month Term SOFR + 5.00%), 11/22/32 (a) | 430 | 411 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 6.61%, (3 Month Term SOFR + 2.75%), 07/02/31 (a) | 565 | 566 |
| Proofpoint, Inc. |  |  |
| 2025 Repriced Term Loan, 6.85%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) | 665 | 668 |
| 2024 Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) | 2902 | 2915 |
| Qnity Electronics Inc. |  |  |
| Term Loan B, 5.80%, (6 Month Term SOFR + 2.00%), 08/11/32 (a) | 3290 | 3302 |
| Rackspace Finance, LLC |  |  |
| 2024 First Lien Second Out Term Loan, 6.61%, (1 Month Term SOFR + 2.75%), 03/15/28 (a) | 808 | 293 |
| 2024 First Lien First Out Term Loan, 10.11%, (1 Month Term SOFR + 6.25%), 05/15/28 (a) | 188 | 190 |
| RealPage, Inc. |  |  |
| 1st Lien Term Loan, 7.26%, (3 Month Term SOFR + 3.00%), 02/18/28 (a) | 491 | 490 |
| 2024 Incremental Term Loan, 7.75%, (3 Month Term SOFR + 3.75%), 04/24/28 (a) | 2128 | 2133 |
| Red Planet Borrower, LLC |  |  |
| 2025 Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 08/07/32 (a) | 1610 | 1612 |
| Renaissance Holding Corp. |  |  |
| 2024 1st Lien Term Loan, 7.92%, (1 Month Term SOFR + 4.00%), 04/05/30 (a) | 1302 | 1134 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 11/28/28 (a) | 4913 | 4910 |
| Sandisk Corp |  |  |
| Term Loan B, 6.86%, (3 Month Term SOFR + 3.00%), 12/12/31 (a) | 725 | 729 |
| SonarSource Financing LLC |  |  |
| Term Loan, 8.23%, (3 Month Term SOFR + 4.50%), 12/17/30 (a) | 430 | 425 |
| Sovos Compliance, LLC |  |  |
| 2025 Repriced Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 08/13/29 (a) | 487 | 489 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 5.92%, (1 Month Term SOFR + 2.00%), 05/09/31 (a) | 2815 | 2829 |
| TCP Sunbelt Acquisition Co. |  |  |
| 2024 Term Loan B, 8.07%, (3 Month Term SOFR + 4.25%), 10/11/31 (a) | 406 | 409 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.34%, (3 Month Term SOFR + 2.50%), 01/30/31 (a) | 8059 | 8062 |
| ViaSat, Inc. |  |  |
| Term Loan, 8.53%, (1 Month Term SOFR + 4.50%), 02/23/29 (a) | 1547 | 1540 |
| 2023 Term Loan, 8.35%, (1 Month Term SOFR + 4.50%), 05/30/30 (a) | 1639 | 1632 |
| VS Buyer, LLC |  |  |
| 2025 Term Loan B, 6.09%, (3 Month Term SOFR + 2.25%), 04/12/31 (a) | 1758 | 1763 |
| World Wide Technology Holding Co. LLC |  |  |
| 2025 Repriced Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 03/01/30 (a) | 3143 | 3145 |
| X Corp. |  |  |
| Term Loan, 10.45%, (3 Month Term SOFR + 6.50%), 10/27/29 (a) | 2578 | 2530 |
| 2025 Fixed Term Loan, 9.50%, 12/31/99 | 1730 | 1723 |
| X.Ai Corp |  |  |
| Term Loan, 11.12%, (6 Month Term SOFR + 7.25%), 06/17/30 (a) | 379 | 374 |
| Fixed Term Loan, 12.50%, 06/28/30 | 140 | 147 |
| Zelis Payments Buyer, Inc. |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 09/28/29 (a) (b) | 1500 | 1484 |
| Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 09/28/29 (a) | 424 | 419 |
| 5th Amendment Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) | 2289 | 2269 |
| | | 141792 |
| **Communication Services 11.5%** | **Communication Services 11.5%** | **Communication Services 11.5%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.13%, (1 Month Term SOFR + 3.25%), 01/27/29 (a) | 1141 | 1148 |
| 888 Acquisitions Limited |  |  |
| USD Term Loan B, 9.05%, (6 Month Term SOFR + 5.25%), 07/01/28 (a) | 2992 | 2549 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 7.74%, (1 Month Term SOFR + 3.75%), 11/05/27 (a) | 158 | 158 |
| AIT Worldwide Logistics, Inc |  |  |
| 2025 Repriced Term Loan, 7.89%, (3 Month Term SOFR + 4.00%), 04/08/30 (a) | 544 | 547 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.32%, (3 Month Term SOFR + 5.50%), 02/10/27 (a) (c) | 5290 | 3688 |
| Allwyn Entertainment Financing US LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 11/10/32 (a) (b) | 2000 | 1960 |
| Altice Financing S.A. |  |  |
| 2022 USD Term Loan, 8.90%, (SOFR + 5.00%), 10/31/27 (a) | 5479 | 4037 |
| Altice France S.A. |  |  |
| 2025 USD Term Loan B14, 0.00%, (3 Month Term SOFR + 6.88%), 05/31/31 (a) (b) | 539 | 538 |
| 2025 USD Term Loan B13, 9.36%, (3 Month Term SOFR + 5.38%), 05/14/29 (a) | 753 | 745 |
| 2025 USD Term Loan B14, 10.86%, (3 Month Term SOFR + 6.88%), 05/31/31 (a) | 6490 | 6481 |
| AMC Entertainment Holdings, Inc. |  |  |
| 2024 Term Loan, 10.73%, (1 Month Term SOFR + 7.00%), 01/04/29 (a) | 3642 | 3643 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AP Core Holdings II, LLC |  |  |
| Amortization Term Loan B1, 9.53%, (1 Month Term SOFR + 5.50%), 07/21/27 (a) | 1380 | 1377 |
| High-Yield Term Loan B2, 9.53%, (1 Month Term SOFR + 5.50%), 07/21/27 (a) | 895 | 893 |
| Arches Buyer Inc. |  |  |
| 2021 Term Loan B, 7.27%, (1 Month Term SOFR + 3.25%), 12/06/27 (a) | 2480 | 2484 |
| Arcis Golf LLC |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 11/24/28 (a) | 372 | 372 |
| Aventiv Technologies, LLC |  |  |
| 2024 PIK Third Out Term Loan, 9.35%, (3 Month Term SOFR + 5.09%), 03/25/26 (a) | 1109 | 731 |
| 2024 Incremental Second Out Term Loan, 11.76%, (3 Month Term SOFR + 7.50%), 03/25/26 (a) (d) | 227 | 227 |
| 2024 Bridge Term Loan, 13.96%, (3 Month Term SOFR + 10.00%), 03/25/26 (a) | 202 | 212 |
| 2025 5th Amendment Incremental Bridge Loan, 14.16%, (3 Month Term SOFR + 10.00%), 03/25/26 (a) | 494 | 517 |
| Cable One, Inc. |  |  |
| 2021 Term Loan B4, 6.03%, (1 Month Term SOFR + 2.00%), 05/03/28 (a) | 1373 | 1293 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 6.24%, (3 Month Term SOFR + 2.25%), 11/21/31 (a) | 2980 | 2982 |
| Cimpress Public Limited Company |  |  |
| 2024 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 05/17/28 (a) | 1245 | 1247 |
| City Football Group Limited |  |  |
| 2024 Term Loan, 7.03%, (1 Month Term SOFR + 3.00%), 07/21/30 (a) | 1488 | 1484 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 8.03%, (1 Month Term SOFR + 4.00%), 08/20/28 (a) | 2888 | 2890 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.60%, (3 Month Term SOFR + 3.50%), 06/18/29 (a) | 5137 | 4781 |
| Coherent Corp |  |  |
| 2025 Term Loan B2, 5.67%, (1 Month Term SOFR + 1.75%), 07/02/29 (a) | 448 | 448 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 12/15/29 (a) | 2021 | 2021 |
| Coral-US Co-Borrower, LLC |  |  |
| 2025 Term Loan B7, 7.15%, (SOFR + 3.25%), 01/24/32 (a) | 360 | 353 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 8.34%, (1 Month Term SOFR + 4.50%), 12/02/31 (a) | 2387 | 2350 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 0.00%, (Prime + 1.50%), 04/15/27 (a) (b) | 1750 | 1526 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 7.13%, (SOFR + 3.25%), 06/29/29 (a) | 447 | 410 |
| 2024 1st Lien Term Loan B, 7.20%, (3 Month Term SOFR + 3.25%), 09/26/31 (a) | 785 | 698 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.10%, (3 Month Term SOFR + 5.00%), 07/22/27 (a) | 271 | 271 |
| Dotdash Meredith Inc. |  |  |
| 2025 Term Loan B, 7.37%, (1 Month Term SOFR + 3.50%), 06/05/32 (a) | 600 | 545 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 5.75%, (3 Month Term SOFR + 1.75%), 11/30/30 (a) | 2200 | 2196 |
| 2025 Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 05/22/32 (a) | 2682 | 2682 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.24%, (1 Month Term SOFR + 2.50%), 07/01/31 (a) | 5066 | 5058 |
| Gray Television, Inc. |  |  |
| 2021 Term Loan D, 6.99%, (1 Month Term SOFR + 3.00%), 10/27/28 (a) | 162 | 162 |
| 2024 Term Loan B, 9.12%, (1 Month Term SOFR + 5.25%), 05/22/29 (a) | 62 | 62 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 01/20/32 (a) | 12692 | 12756 |
| Herschend Entertainment Company, LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 05/17/32 (a) | 224 | 225 |
| Iridium Satellite LLC |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 09/20/30 (a) | 1515 | 1472 |
| Kingpin Intermediate Holdings LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 09/16/32 (a) | 665 | 650 |
| Level 3 Financing Inc. |  |  |
| 2025 Repriced Term Loan B4, 0.00%, (1 Month Term SOFR + 3.25%), 03/29/32 (a) (b) | 260 | 261 |
| 2025 Repriced Term Loan B4, 7.17%, (1 Month Term SOFR + 3.25%), 03/29/32 (a) | 1195 | 1198 |
| Life Time Fitness Inc. |  |  |
| 2025 Term Loan, 5.78%, (1 Month Term SOFR + 2.00%), 11/05/31 (a) | 610 | 612 |
| Live Nation Entertainment, Inc. |  |  |
| 2025 Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 10/19/32 (a) | 215 | 215 |
| Lumen Technologies, Inc. |  |  |
| 2024 Term Loan A, 9.92%, (1 Month Term SOFR + 6.00%), 06/01/28 (a) | 357 | 358 |
| 2024 Extended Term Loan B1, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/29 (a) | 3617 | 3593 |
| 2024 Extended Term Loan B2, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/30 (a) | 3084 | 3063 |
| Nexstar Broadcasting, Inc. |  |  |
| 2025 Term Loan B5, 6.42%, (1 Month Term SOFR + 2.50%), 06/23/32 (a) | 579 | 581 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 7.62%, (3 Month Term SOFR + 3.75%), 02/21/30 (a) | 469 | 472 |
| SBA Senior Finance II LLC |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 01/20/31 (a) | 349 | 350 |
| Securus Technologies Holdings, Inc. |  |  |
| 2023 2nd Lien Term Loan, 13.31%, (3 Month Term SOFR + 9.05%), 03/25/26 (a) (c) | 497 | 4 |
| Sinclair Television Group Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.30%), 12/31/29 (a) (b) | 145 | 132 |
| 2025 Term Loan B7, 0.00%, (1 Month Term SOFR + 4.10%), 12/31/30 (a) (b) | 190 | 172 |
| Telesat Canada |  |  |
| Term Loan B5, 6.83%, (3 Month Term SOFR + 2.75%), 11/22/26 (a) | 3000 | 2350 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 5.87%, (3 Month Term SOFR + 2.00%), 11/21/31 (a) | 4064 | 4080 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 8.88%, (3 Month Term SOFR + 5.00%), 01/17/31 (a) | 157 | 109 |
| TripAdvisor Inc. |  |  |
| Term Loan, 6.67%, (1 Month Term SOFR + 2.75%), 07/01/31 (a) | 212 | 204 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.28%, (1 Month Term SOFR + 3.25%), 05/06/28 (a) | 2437 | 2416 |
| 2024 Term Loan B, 7.53%, (1 Month Term SOFR + 3.50%), 01/31/29 (a) | 2139 | 2131 |
| 2022 First Lien Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 1270 | 1269 |
| Versant Media Group Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 10/24/30 (a) (b) | 515 | 515 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.05%, (SOFR + 3.17%), 03/06/31 (a) | 430 | 425 |
| Windstream Services, LLC |  |  |
| 2025 Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 09/24/32 (a) | 910 | 912 |
|  |  | 106291 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Financials 10.1%** | **Financials 10.1%** | **Financials 10.1%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 6.92%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) | 10240 | 10222 |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 06/07/32 (a) | 963 | 963 |
| Albion Financing 3 S.a r.l. |  |  |
| 2025 USD Term Loan, 6.87%, (3 Month Term SOFR + 3.00%), 05/21/31 (a) | 2562 | 2576 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 05/21/32 (a) | 3422 | 3436 |
| 2025 2nd Lien Term Loan, 9.42%, (1 Month Term SOFR + 5.50%), 05/15/33 (a) | 135 | 137 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 09/19/31 (a) | 3525 | 3532 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 01/23/32 (a) | 696 | 698 |
| Aretec Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 08/09/30 (a) | 2135 | 2141 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, 9.28%, (1 Month Term SOFR + 5.25%), 02/05/28 (a) | 340 | 338 |
| 2022 Term Loan B10, 8.02%, (1 Month Term SOFR + 4.00%), 08/16/28 (a) | 1741 | 1742 |
| 2023 Term Loan B11, 8.27%, (1 Month Term SOFR + 4.25%), 08/19/28 (a) | 1421 | 1422 |
| 2021 Second Lien Term Loan B4, 9.28%, (1 Month Term SOFR + 5.25%), 01/15/29 (a) | 3465 | 3396 |
| 2024 Term Loan B12, 8.17%, (1 Month Term SOFR + 4.25%), 09/12/30 (a) | 4374 | 4372 |
| 2025 Term Loan B13, 8.17%, (1 Month Term SOFR + 4.25%), 09/19/30 (a) | 499 | 498 |
| Azorra Soar TLB Finance Ltd |  |  |
| 2025 Term Loan B, 6.47%, (3 Month Term SOFR + 2.75%), 10/18/29 (a) | 361 | 362 |
| Boots Group Bidco Ltd |  |  |
| USD Term Loan, 7.21%, (3 Month Term SOFR + 3.50%), 07/22/32 (a) | 335 | 337 |
| BroadStreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 6.67%, (1 Month Term SOFR + 2.75%), 05/10/31 (a) | 767 | 769 |
| CFC Bidco 2022 Ltd |  |  |
| Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 05/30/32 (a) | 495 | 481 |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 8.01%, (1 Month Term SOFR + 4.25%), 02/11/28 (a) | 1147 | 1125 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 10/31/31 (a) | 2075 | 2085 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 6.62%, (1 Month Term SOFR + 2.75%), 02/21/31 (a) | 5474 | 5251 |
| 2024 Fixed Term Loan B, 7.63%, 02/21/31 | 230 | 222 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 09/15/31 (a) | 4825 | 4832 |
| Herc Holdings Inc. |  |  |
| Repriced Term Loan B, 5.52%, (1 Month Term SOFR + 1.75%), 06/02/32 (a) | 2000 | 2007 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 6.65%, (3 Month Term SOFR + 2.75%), 02/03/32 (a) | 800 | 800 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 6.12%, (3 Month Term SOFR + 2.25%), 06/20/30 (a) | 4532 | 4553 |
| Hudson River Trading LLC |  |  |
| 2024 Term Loan B, 6.49%, (1 Month Term SOFR + 2.75%), 03/18/30 (a) | 2880 | 2891 |
| IMC Financing LLC |  |  |
| Term Loan B, 7.23%, (1 Month Term SOFR + 3.50%), 06/02/32 (a) | 2015 | 2029 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 5.82%, (3 Month Term SOFR + 2.00%), 12/10/31 (a) | 6595 | 6559 |
| Jones DesLauriers Insurance Management Inc. |  |  |
| 2025 Term Loan B, 6.59%, (3 Month Term SOFR + 2.75%), 03/15/30 (a) | 216 | 216 |
| Term Loan, 0.00%, (SOFR + 3.00%), 12/09/32 (a) (b) | 190 | 190 |
| Jump Financial, LLC |  |  |
| 2025 1st Lien Term Loan B, 7.50%, (3 Month Term SOFR + 3.50%), 02/26/32 (a) (d) | 702 | 691 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2024 Term Loan, 8.00%, (3 Month Term SOFR + 4.00%), 06/27/31 (a) | 202 | 131 |
| NEXUS Buyer LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 07/31/31 (a) | 2063 | 2032 |
| 2025 Incremental Term Loan, 7.92%, (1 Month Term SOFR + 4.00%), 07/31/31 (a) | 224 | 223 |
| 2025 2nd Lien Term Loan B, 9.67%, (1 Month Term SOFR + 5.75%), 01/30/32 (a) | 290 | 287 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 9.15%, (3 Month Term SOFR + 5.00%), 01/19/29 (a) (c) | 348 | 322 |
| Opal Bidco SAS |  |  |
| USD Term Loan B4, 6.90%, (3 Month Term SOFR + 3.00%), 04/28/32 (a) | 3242 | 3259 |
| Orion US Finco Inc. |  |  |
| 1st Lien Term Loan, 7.43%, (3 Month Term SOFR + 3.50%), 05/21/32 (a) | 280 | 281 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 09/11/31 (a) | 2453 | 2455 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 02/16/28 (a) | 4884 | 4899 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2024 UnSub FLFO, 0.00%, (3 Month Term SOFR + 8.25%), 10/07/29 (a) (b) (d) | 3 | 2 |
| 2024 Second Out Term Loan, 11.59%, (3 Month Term SOFR + 7.50%), 10/03/29 (a) (d) | 914 | 91 |
| 2024 UnSub FLFO, 12.34%, (3 Month Term SOFR + 8.25%), 10/07/29 (a) (d) | 429 | 365 |
| Superannuation and Investments US LLC |  |  |
| 2025 Repriced Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 12/01/28 (a) | 2226 | 2234 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 5.67%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 965 | 966 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 2.75%), 05/06/31 (a) (b) | 255 | 255 |
| 2024 Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 05/06/31 (a) | 3951 | 3953 |
| USI, Inc. |  |  |
| 2024 Term Loan C, 6.25%, (3 Month Term SOFR + 2.25%), 09/27/30 (a) | 108 | 108 |
| Virtu Financial LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 06/21/31 (a) | 545 | 546 |
|  |  | 93282 |
| **Consumer Discretionary 9.4%** | **Consumer Discretionary 9.4%** | **Consumer Discretionary 9.4%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 5.67%, (1 Month Term SOFR + 1.75%), 09/23/30 (a) | 3895 | 3897 |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) | 4104 | 4107 |
| Adient US LLC |  |  |
| 2024 Term Loan B2, 6.17%, (1 Month Term SOFR + 2.25%), 01/31/31 (a) | 1068 | 1072 |
| Allison Transmission Inc |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 11/06/32 (a) (b) | 2240 | 2249 |
| American Axle & Manufacturing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 02/24/32 (a) (b) | 365 | 365 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| American Trailer World Corp. |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 02/17/28 (a) (b) | 1500 | 1328 |
| Term Loan B, 7.77%, (1 Month Term SOFR + 3.75%), 02/17/28 (a) | 826 | 731 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.68%, (3 Month Term SOFR + 3.75%), 06/26/31 (a) | 673 | 675 |
| Asplundh Tree Expert, LLC |  |  |
| 2024 Incremental Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 05/09/31 (a) | 443 | 444 |
| Autokiniton US Holdings, Inc. |  |  |
| 2024 Term Loan B, 8.03%, (1 Month Term SOFR + 4.00%), 04/06/28 (a) | 1730 | 1713 |
| Belron Finance 2019 LLC |  |  |
| 2025 Repriced Term Loan B, 6.12%, (3 Month Term SOFR + 2.25%), 10/16/31 (a) | 952 | 957 |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 6.17%, (1 Month Term SOFR + 2.25%), 12/13/29 (a) | 538 | 540 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 01/25/30 (a) | 7479 | 7412 |
| 2024 Term Loan B1, 6.17%, (1 Month Term SOFR + 2.25%), 01/24/31 (a) | 1246 | 1234 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 05/06/30 (a) | 2490 | 2491 |
| 2025 USD Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 01/14/32 (a) | 1177 | 1181 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.53%, (1 Month Term SOFR + 2.50%), 05/25/28 (a) | 764 | 745 |
| EG America LLC |  |  |
| 2025 USD Repriced Term Loan, 7.32%, (3 Month Term SOFR + 3.50%), 02/07/28 (a) | 2937 | 2946 |
| First Brands Group, LLC |  |  |
| 2025 DIP Term Loan, 5.39%, (1 Month Term SOFR + 1.55%), 06/29/26 (a) | 813 | 146 |
| 2025 DIP Term Loan, 0.00%, (3 Month Term SOFR + 5.00%), 03/22/27 (a) (d) (e) (f) | 2281 | 20 |
| 2022 Incremental Term Loan, 0.00%, (3 Month Term SOFR + 5.00%), 03/30/27 (a) (d) (e) (f) | 1695 | 10 |
| 2021 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 10.50%), 03/30/28 (a) (d) (e) (f) | 2682 | 3 |
| Flynn Restaurant Group LP |  |  |
| 2025 Incremental Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 01/17/32 (a) | 770 | 773 |
| Four Seasons Hotels Limited |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 09/22/32 (a) | 87 | 88 |
| Fugue Finance B.V. |  |  |
| 2025 Repriced Term Loan, 6.57%, (3 Month Term SOFR + 2.75%), 01/09/32 (a) | 537 | 538 |
| GEN II Fund Services LLC |  |  |
| 2024 Term Loan B, 6.75%, (6 Month Term SOFR + 2.75%), 11/19/31 (a) | 417 | 417 |
| Golden Entertainment, Inc. |  |  |
| 2023 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 05/18/30 (a) | 768 | 768 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2025 Term Loan B6 (2029), 6.37%, (3 Month Term SOFR + 2.25%), 10/31/29 (a) | 2810 | 2790 |
| 2025 Term Loan B5 (2032), 6.37%, (SOFR + 2.25%), 07/30/32 (a) | 499 | 494 |
| Harbor Freight Tools USA, Inc. |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 06/05/31 (a) | 992 | 982 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 05/20/28 (a) | 616 | 617 |
| 2024 Incremental Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 01/10/31 (a) | 2314 | 2302 |
| HNI Corp |  |  |
| Term Loan B, 5.69%, (3 Month Term SOFR + 2.00%), 11/19/32 (a) | 270 | 271 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.25%, (3 Month Term SOFR + 3.00%), 01/14/32 (a) | 2913 | 2924 |
| IRB Holding Corp |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 12/15/30 (a) | 2992 | 2998 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 04/26/30 (a) | 3735 | 3704 |
| Lippert Colipper |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 03/25/32 (a) | 313 | 314 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 04/08/28 (a) (b) | 800 | 772 |
| 2021 Term Loan B, 8.51%, (3 Month Term SOFR + 4.25%), 04/08/28 (a) | 1621 | 1564 |
| Openlane Inc. |  |  |
| Term Loan B, 6.36%, (3 Month Term SOFR + 2.50%), 10/01/32 (a) | 160 | 160 |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 10.09%, (1 Month Term SOFR + 6.25%), 03/01/26 (a) | 331 | 242 |
| PCI Gaming Authority |  |  |
| Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 05/15/26 (a) | 113 | 113 |
| Peer Holding III B.V. |  |  |
| 2025 USD Term Loan B, 0.00%, (3 Month Term SOFR + 2.25%), 09/29/32 (a) (b) | 2513 | 2515 |
| 2025 USD Term Loan B, 6.19%, (3 Month Term SOFR + 2.25%), 09/29/32 (a) | 275 | 275 |
| PetSmart, Inc. |  |  |
| 2025 USD Term Loan B, 7.73%, (1 Month Term SOFR + 4.00%), 08/09/32 (a) | 3000 | 2984 |
| Pye-Barker Fire & Safety, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 2.50%), 12/10/32 (a) (b) | 56 | 56 |
| 2025 Term Loan, 6.20%, (3 Month Term SOFR + 2.50%), 12/10/32 (a) | 374 | 376 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 6.53%, (1 Month Term SOFR + 2.50%), 10/15/28 (a) | 1128 | 1111 |
| RVR Dealership Holdings, LLC |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 02/08/28 (a) (b) | 175 | 168 |
| Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 02/08/28 (a) | 903 | 868 |
| Sabre GLBL Inc. |  |  |
| 2024 Term Loan B1, 10.02%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 484 | 426 |
| Somnigroup International Inc. |  |  |
| Term Loan B, 6.16%, (SOFR + 2.25%), 10/24/31 (a) | 823 | 828 |
| Splat Super Holdco, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 5.00%), 06/24/32 (a) (b) | 11 | 10 |
| 2025 Delayed Draw Term Loan, 8.92%, (1 Month Term SOFR + 5.00%), 06/24/32 (a) | 8 | 7 |
| 2025 Term Loan, 8.92%, (1 Month Term SOFR + 5.00%), 06/24/32 (a) | 242 | 226 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) (b) | 160 | 152 |
| 2024 Term Loan B, 9.60%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) | 4880 | 4623 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 03/07/31 (a) | 1344 | 1347 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.28%, (1 Month Term SOFR + 4.25%), 08/03/28 (a) | 935 | 939 |
| Tenneco, Inc. |  |  |
| 2022 Term Loan B, 8.99%, (3 Month Term SOFR + 5.00%), 11/17/28 (a) | 1496 | 1468 |
| 2022 Term Loan B, 9.10%, (3 Month Term SOFR + 5.00%), 11/17/28 (a) | 4 | 4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TKC Holdings, Inc. |  |  |
| 2024 Term Loan, 8.92%, (1 Month Term SOFR + 5.00%), 05/15/28 (a) | 2488 | 2494 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.28%, (1 Month Term SOFR + 3.25%), 04/14/28 (a) | 1090 | 1090 |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 7.03%, (3 Month Term SOFR + 3.00%), 08/26/31 (a) | 876 | 878 |
| Voyager Parent, LLC |  |  |
| Term Loan B, 8.75%, (3 Month Term SOFR + 4.75%), 05/08/32 (a) | 1452 | 1451 |
| Term Loan, 0.00%, (SOFR + 4.25%), 07/01/32 (a) (b) | 1000 | 999 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 01/30/31 (a) | 475 | 475 |
| Weber-Stephen Products LLC |  |  |
| 2025 Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 09/17/32 (a) | 800 | 800 |
| WH Borrower, LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 4.50%), 02/12/32 (a) (b) | 300 | 301 |
| 2025 Term Loan B, 8.39%, (3 Month Term SOFR + 4.50%), 02/12/32 (a) | 2154 | 2163 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 08/03/28 (a) | 1123 | 1126 |
| | | 87257 |
| **Health Care 5.9%** | **Health Care 5.9%** | **Health Care 5.9%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 8.19%, (3 Month Term SOFR + 4.25%), 02/01/29 (a) | 949 | 704 |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 7.78%, (1 Month Term SOFR + 3.75%), 12/23/27 (a) | 1596 | 1509 |
| 2023 Term Loan B5, 9.67%, (1 Month Term SOFR + 5.75%), 12/23/27 (a) | 673 | 643 |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 07/24/32 (a) | 3440 | 3466 |
| Aveanna Healthcare, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 09/11/32 (a) | 204 | 206 |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.25%), 12/17/30 (a) | 4079 | 4116 |
| Bausch + Lomb Corp |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 01/15/31 (a) (b) | 150 | 151 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) (b) | 25 | 24 |
| 2025 Term Loan B, 10.17%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) | 2503 | 2440 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.09%, (3 Month Term SOFR + 2.25%), 11/08/32 (a) | 1029 | 1031 |
| DaVita, Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 05/09/31 (a) | 612 | 614 |
| Elanco Animal Health Incorporated |  |  |
| 2025 Term Loan B, 5.62%, (1 Month Term SOFR + 1.75%), 10/28/32 (a) | 250 | 250 |
| Embecta Corp |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 01/27/29 (a) | 360 | 360 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 04/23/31 (a) | 643 | 637 |
| Fitness International, LLC |  |  |
| 2024 Term Loan B, 8.42%, (1 Month Term SOFR + 4.50%), 01/30/29 (a) | 309 | 310 |
| Global Medical Response, Inc. |  |  |
| 2025 Term Loan B, 7.38%, (3 Month Term SOFR + 3.50%), 10/02/28 (a) | 4885 | 4913 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) (b) | 14 | 14 |
| 2024 Delayed Draw Term Loan, 7.32%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 15 | 15 |
| 2024 Delayed Draw Term Loan, 7.42%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 5 | 5 |
| 2024 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 268 | 269 |
| Heartland Dental, LLC |  |  |
| 2025 Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 07/31/32 (a) | 264 | 265 |
| Help At Home, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 5.00%), 09/20/31 (a) (b) | 175 | 153 |
| 2024 Term Loan B, 8.92%, (1 Month Term SOFR + 5.00%), 09/20/31 (a) | 996 | 870 |
| Insulet Corporation |  |  |
| 2025 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 08/04/31 (a) | 1295 | 1304 |
| Jazz Financing Lux S.a r.l. |  |  |
| 2024 1st Lien Term Loan B2, 6.17%, (1 Month Term SOFR + 2.25%), 05/05/28 (a) | 4368 | 4384 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.65%, (3 Month Term SOFR + 3.75%), 05/16/31 (a) | 4173 | 4185 |
| Loire Finco Luxembourg S.a r.l. |  |  |
| 2025 USD Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 01/31/30 (a) | 204 | 203 |
| Lumexa Imaging, Inc. |  |  |
| Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 12/12/32 (a) | 175 | 176 |
| MED ParentCo LP |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 04/15/31 (a) | 702 | 703 |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 1.75%), 10/23/28 (a) | 1191 | 1194 |
| 2025 Incremental Term Loan B, 5.92%, (1 Month Term SOFR + 1.75%), 10/23/30 (a) | 373 | 374 |
| National Mentor Holdings, Inc. |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 6.00%), 12/05/30 (a) (b) | 402 | 402 |
| 2025 1st Lien Term Loan B, 9.76%, (1 Month Term SOFR + 6.00%), 12/05/30 (a) | 938 | 939 |
| Organon & Co |  |  |
| 2024 USD Term Loan, 0.00%, (1 Month Term SOFR + 2.25%), 05/19/31 (a) (b) | 500 | 481 |
| 2024 USD Term Loan, 6.17%, (1 Month Term SOFR + 2.25%), 05/19/31 (a) | 2562 | 2462 |
| Padagis LLC |  |  |
| Term Loan B, 8.95%, (3 Month Term SOFR + 4.75%), 06/30/28 (a) | 2253 | 2123 |
| Phoenix Guarantor Inc. |  |  |
| 2024 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 02/21/31 (a) | 2690 | 2702 |
| Radiology Partners Inc. |  |  |
| 2025 Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 06/26/32 (a) | 2494 | 2487 |
| Raven Acquisition Holdings LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 10/25/31 (a) | 3905 | 3916 |
| Sotera Health Holdings, LLC |  |  |
| 2025 Term Loan B, 6.34%, (3 Month Term SOFR + 2.50%), 05/30/31 (a) | 454 | 456 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 7.99%, (1 Month Term SOFR + 4.00%), 09/22/28 (a) | 2363 | 2372 |
| United FP Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 8.10%, (3 Month Term SOFR + 4.00%), 12/30/26 (a) | 964 | 926 |
| 2019 2nd Lien Term Loan, 12.60%, (3 Month Term SOFR + 8.50%), 12/30/27 (a) | 155 | 116 |
|  |  | 54870 |
| **Consumer Staples 3.4%** | **Consumer Staples 3.4%** | **Consumer Staples 3.4%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 08/06/32 (a) | 6530 | 6559 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Term Loan B, 7.22%, (1 Month Term SOFR + 3.50%), 12/23/30 (a) | 392 | 393 |
| Avis Budget Car Rental, LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 07/10/32 (a) | 328 | 326 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.53%, (1 Month Term SOFR + 3.50%), 03/17/28 (a) | 487 | 486 |
| C&S Wholesale Grocers Inc |  |  |
| Term Loan B, 8.96%, (3 Month Term SOFR + 5.00%), 08/05/30 (a) | 494 | 481 |
| C&S Wholesale Grocers LLC |  |  |
| Term Loan, 0.00%, (SOFR + 5.00%), 08/05/30 (a) (b) | 20 | 20 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 10.85%, (3 Month Term SOFR + 6.75%), 07/20/29 (a) | 951 | 731 |
| Celsius Holdings, Inc |  |  |
| 2025 Term Loan B, 6.98%, (3 Month Term SOFR + 2.50%), 04/01/32 (a) | 303 | 304 |
| Chobani, LLC |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 10/23/32 (a) | 770 | 773 |
| Del Monte Foods, Inc. |  |  |
| 2025 PIK Roll-Up Term Loan, 13.34%, (1 Month Term SOFR + 9.60%), 04/02/26 (a) (d) | 537 | 435 |
| 2025 DIP Term Loan, 13.35%, (1 Month Term SOFR + 9.50%), 04/02/26 (a) | 666 | 632 |
| 2025 PIK Roll-Up Term Loan, 13.35%, (1 Month Term SOFR + 9.60%), 04/02/26 (a) (d) | 343 | 278 |
| 2024 First Out Term Loan, 0.00%, (3 Month Term SOFR + 8.00%), 08/31/28 (a) (e) (f) | 179 | 82 |
| 2025 PIK Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 11/02/28 (a) (e) (f) | 165 | 76 |
| 2024 Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.25%), 02/15/29 (a) (e) (f) | 1118 | 34 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) | 1261 | 1262 |
| 2025 Incremental Term Loan, 8.25%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) (d) | 784 | 787 |
| Fiesta Purchaser, Inc. |  |  |
| 2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 2.75%), 02/12/31 (a) | 426 | 425 |
| 2025 Repriced Term Loan, 9.28%, (1 Month Term SOFR + 2.75%), 02/12/31 (a) | 359 | 359 |
| Froneri Lux Finco S.a r.l. |  |  |
| 2024 USD Term Loan B4, 6.20%, (6 Month Term SOFR + 2.25%), 09/16/31 (a) | 348 | 348 |
| Golden State Food LLC |  |  |
| Term Loan B, 8.16%, (1 Month Term SOFR + 4.00%), 10/07/31 (a) | 3313 | 3329 |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, 7.35%, (3 Month Term SOFR + 3.25%), 01/24/29 (a) | 820 | 539 |
| 2025 FLFO Term Loan, 9.50%, (3 Month Term SOFR + 5.50%), 01/24/29 (a) | 988 | 981 |
| 2025 FLTO Term Loan, 10.10%, (3 Month Term SOFR + 6.00%), 01/24/30 (a) | 864 | 220 |
| Newly Weds Foods Inc. |  |  |
| Term Loan B, 5.98%, (1 Month Term SOFR + 2.25%), 03/05/32 (a) | 900 | 900 |
| Olaplex, Inc. |  |  |
| 2022 Term Loan, 7.42%, (3 Month Term SOFR + 3.50%), 02/17/29 (a) | 140 | 136 |
| Pegasus BidCo BV |  |  |
| 2025 USD Repriced Term Loan B, 6.60%, (3 Month Term SOFR + 2.75%), 07/12/29 (a) | 3008 | 3012 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 7.19%, (3 Month Term SOFR + 3.25%), 04/01/29 (a) | 433 | 426 |
| Primo Brands Corporation |  |  |
| 2025 Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 03/31/28 (a) | 3958 | 3967 |
| Upfield B.V. |  |  |
| 2025 USD Term Loan B12, 8.30%, (6 Month Term SOFR + 3.75%), 01/03/28 (a) | 3561 | 3437 |
| | | 31738 |
| **Materials 3.3%** | **Materials 3.3%** | **Materials 3.3%** |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 08/19/30 (a) | 2056 | 2059 |
| Aruba Investments Holdings, LLC |  |  |
| 2020 USD Term Loan, 8.02%, (1 Month Term SOFR + 4.00%), 10/28/27 (a) | 631 | 575 |
| 2022 USD Incremental Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 11/04/27 (a) (d) | 335 | 294 |
| Berlin Packaging LLC |  |  |
| 2025 Term Loan B7, 7.12%, (1 Month Term SOFR + 3.25%), 06/07/31 (a) | 916 | 918 |
| 2025 Term Loan B7, 7.25%, (3 Month Term SOFR + 3.25%), 06/07/31 (a) | 130 | 130 |
| 2025 Term Loan B7, 7.25%, (3 Month Term SOFR + 3.25%), 06/07/31 (a) | 137 | 137 |
| Charter NEX US, Inc. |  |  |
| 2024 Term Loan B1, 6.50%, (1 Month Term SOFR + 2.75%), 12/01/30 (a) | 671 | 672 |
| Chemours Company (The) |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 09/30/32 (a) | 1255 | 1238 |
| Consolidated Energy Finance, S.A. |  |  |
| 2024 Term Loan B, 8.20%, (6 Month Term SOFR + 4.50%), 11/07/30 (a) | 970 | 790 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 7.61%, (3 Month Term SOFR + 3.75%), 08/04/29 (a) | 1777 | 1705 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 7.73%, (1 Month Term SOFR + 4.00%), 03/15/29 (a) | 1685 | 1620 |
| 2022 USD 2nd Lien Term Loan, 11.45%, (1 Month Term SOFR + 7.44%), 02/09/30 (a) | 176 | 171 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD Term Loan, 7.77%, (1 Month Term SOFR + 3.75%), 03/01/30 (a) | 171 | 115 |
| INEOS US Finance LLC |  |  |
| 2023 USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 02/09/30 (a) | 2031 | 1637 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2025 PIK DIP New Money Term Loan, 0.00%, (3 Month Term SOFR + 3.00%), 07/27/26 (a) (b) | 1031 | 914 |
| 2021 Term Loan B, 0.00%, (6 Month Term SOFR + 4.72%), 02/04/26 (a) (e) (f) | 5423 | 877 |
| 2025 PIK DIP New Money Term Loan, 6.74%, (3 Month Term SOFR + 3.00%), 07/27/26 (a) | 241 | 214 |
| 2025 PIK DIP Roll-Up Term Loan, 0.00%, (1 Month Term SOFR + 3.00%), 08/05/26 (a) (b) | 404 | 358 |
| 2025 PIK DIP Roll-Up Term Loan, 9.02%, (1 Month Term SOFR + 3.00%), 08/05/26 (a) | 1626 | 1443 |
| Kodiak Building Partners Inc. |  |  |
| 2024 Term Loan B, 7.75%, (3 Month Term SOFR + 3.75%), 11/26/31 (a) | 2424 | 2361 |
| Lonza Group AG |  |  |
| USD Term Loan B, 8.03%, (3 Month Term SOFR + 3.92%), 04/29/28 (a) | 2863 | 2499 |
| M2S Group Holdings Inc. |  |  |
| Term Loan B, 8.59%, (3 Month Term SOFR + 4.75%), 08/21/31 (a) | 930 | 921 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 5.50%), 03/25/30 (a) (b) | 115 | 116 |
| 2025 Term Loan B, 9.50%, (3 Month Term SOFR + 5.50%), 03/25/30 (a) | 412 | 414 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Term Loan, 7.52%, (1 Month Term SOFR + 3.50%), 09/22/28 (a) | 1008 | 1007 |
| Nouryon Finance B.V. |  |  |
| 2024 USD Term Loan B1, 7.04%, (6 Month Term SOFR + 3.25%), 04/03/28 (a) | 372 | 371 |
| 2024 USD Term Loan B2, 7.16%, (3 Month Term SOFR + 3.25%), 04/03/28 (a) | 652 | 651 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SCIH Salt Holdings Inc. |  |  |
| 2025 Repriced Term Loan B, 6.52%, (3 Month Term SOFR + 2.75%), 01/31/29 (a) | 467 | 467 |
| Solstice Advanced Materials Inc. |  |  |
| Term Loan B, 5.59%, (3 Month Term SOFR + 1.75%), 09/16/32 (a) | 360 | 362 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 8.26%, (3 Month Term SOFR + 4.00%), 03/18/28 (a) | 292 | 294 |
| SupplyOne, Inc. |  |  |
| 2024 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 03/27/31 (a) | 202 | 202 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 01/29/28 (a) | 1214 | 1172 |
| W.R. Grace & Co.-Conn. |  |  |
| 2025 Term Loan B, 7.00%, (3 Month Term SOFR + 3.00%), 08/11/32 (a) | 424 | 424 |
| Wilsonart LLC |  |  |
| 2024 Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 07/25/31 (a) | 2214 | 2142 |
| Windsor Holdings III, LLC |  |  |
| 2025 USD Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 08/01/30 (a) | 1849 | 1852 |
| | | 31122 |
| **Energy 2.4%** | **Energy 2.4%** | **Energy 2.4%** |
| AL NGPL Holdings, LLC |  |  |
| Term Loan B, 6.19%, (3 Month Term SOFR + 2.25%), 04/16/28 (a) | 2746 | 2756 |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 6.50%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 1177 | 1183 |
| Blackfin Pipeline LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 09/29/32 (a) | 3300 | 3304 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.52%, (1 Month Term SOFR + 3.50%), 11/10/29 (a) | 560 | 560 |
| Freeport LNG Investments, LLLP |  |  |
| 2025 Term Loan B, 7.12%, (3 Month Term SOFR + 3.25%), 12/21/28 (a) | 4012 | 4024 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 5.94%, (3 Month Term SOFR + 2.00%), 10/04/30 (a) | 2067 | 2069 |
| Par Petroleum, LLC |  |  |
| 2025 Term Loan B, 6.95%, (3 Month Term SOFR + 3.25%), 02/28/30 (a) | 332 | 333 |
| Prairie ECI Acquiror LP |  |  |
| 2025 Repriced Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 08/01/29 (a) | 251 | 252 |
| Rockpoint Gas Storage Partners LP |  |  |
| 2025 Repriced Term Loan B, 6.34%, (3 Month Term SOFR + 2.50%), 09/18/31 (a) | 678 | 681 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 6.34%, (3 Month Term SOFR + 2.50%), 02/16/28 (a) | 3969 | 3973 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 2024 Contingency Reserve Delayed Draw Term Loan, 6.14%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) (d) | 85 | 84 |
| Base Term Loan, 6.14%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) | 678 | 674 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.31%, (3 Month Term SOFR + 2.25%), 05/12/32 (a) | 2833 | 2842 |
|  |  | 22735 |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 09/19/31 (a) | 298 | 299 |
| BIP PipeCo Holdings LLC |  |  |
| Term Loan B, 6.19%, (3 Month Term SOFR + 2.25%), 12/05/30 (a) | 1011 | 1012 |
| Calpine Corporation |  |  |
| 2024 Term Loan B5, 5.67%, (1 Month Term SOFR + 1.75%), 12/02/27 (a) | 2000 | 1999 |
| Cogentrix Finance Holdco I LLC |  |  |
| Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 02/26/32 (a) | 421 | 423 |
| Goodnight Water Solutions, LLC |  |  |
| 2024 Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 05/22/29 (a) | 965 | 958 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 05/30/31 (a) | 203 | 204 |
| Invenergy Thermal Operating I LLC |  |  |
| 2025 Term Loan B, 6.73%, (SOFR + 2.75%), 05/06/32 (a) | 654 | 656 |
| 2025 Term Loan C, 6.73%, (SOFR + 3.50%), 05/06/32 (a) | 41 | 41 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 08/08/31 (a) | 3649 | 3665 |
| New Fortress Energy Inc. |  |  |
| 2025 Incremental Term Loan B, 0.00%, (3 Month Term SOFR + 5.50%), 10/30/28 (a) (b) | 1245 | 508 |
| 2025 Incremental Term Loan B, 9.24%, (3 Month Term SOFR + 5.50%), 10/30/28 (a) | 2234 | 912 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 5.59%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 488 | 489 |
| Talen Energy Supply, LLC |  |  |
| 2023 Term Loan B, 6.35%, (3 Month Term SOFR + 2.50%), 05/27/30 (a) | 1611 | 1616 |
| 2024-1 Incremental Term Loan, 6.35%, (3 Month Term SOFR + 2.50%), 12/10/31 (a) | 2036 | 2043 |
| 2025 Term Loan B, 5.88%, (SOFR + 2.00%), 10/09/32 (a) | 2308 | 2307 |
| Vistra Zero Operating Company, LLC |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 03/20/31 (a) | 1388 | 1372 |
|  |  | 18504 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.35%, (3 Month Term SOFR + 4.50%), 08/01/30 (a) | 2060 | 1873 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2025 Term Loan, 6.42%, (1 Month Term SOFR + 2.50%), 01/31/30 (a) | 129 | 130 |
| Greystar Real Estate Partners, LLC |  |  |
| 2025 Term Loan B, 6.32%, (3 Month Term SOFR + 2.50%), 08/21/30 (a) | 2234 | 2242 |
|  |  | 4245 |
| Total Senior Floating Rate Instruments (cost $848,861) | Total Senior Floating Rate Instruments (cost $848,861) | 829301 |
| **CORPORATE BONDS AND NOTES 4.5%** | **CORPORATE BONDS AND NOTES 4.5%** | **CORPORATE BONDS AND NOTES 4.5%** |
| **Energy 1.2%** | **Energy 1.2%** | **Energy 1.2%** |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (g) | 1750 | 1817 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (g) | 2335 | 2316 |
| Hilcorp Energy I, L.P. |  |  |
| 5.75%, 02/01/29 (g) | 1885 | 1859 |
| NFE Financing LLC |  |  |
| 0.00%, 11/15/29 (e) (f) (g) | 286 | 79 |
| NGL Energy Operating LLC |  |  |
| 8.38%, 02/15/32 (g) | 1450 | 1500 |
| Plains All American Pipeline, L.P. |  |  |
| 8.22%(3 Month Term SOFR + 4.37%), (a) (h) | 565 | 565 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (g) (h) | 1090 | 861 |
| 9.50%, 02/01/29 (g) | 1000 | 1036 |
| 9.88%, 02/01/32 (g) | 1250 | 1290 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (g) | 40 | 41 |
|  |  | 11364 |
| **Financials 0.9%** | **Financials 0.9%** | **Financials 0.9%** |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (h) | 1795 | 1770 |
| CrossCountry Intermediate HoldCo, LLC |  |  |
| 6.75%, 12/01/32 (g) | 1264 | 1284 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 (g) | 1213 | 1299 |
| 7.88%, 04/01/33 (g) | 1146 | 1186 |
| OneMain Finance Corporation |  |  |
| 4.00%, 09/15/30 | 980 | 919 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 05/15/32 (g) | 1146 | 1197 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (g) | 1000 | 1035 |
| | | 8690 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (g) | 1408 | 1391 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (g) | 1633 | 1665 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (g) | 1132 | 972 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (g) | 1727 | 1749 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (g) | 250 | 227 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 603 | 667 |
| Level 3 Financing, Inc. |  |  |
| 4.88%, 06/15/29 (g) | 5 | 5 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 1500 | 72 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (g) | 75 | 77 |
|  |  | 6825 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (g) | 3000 | 2599 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (g) | 1125 | 1171 |
| X.Ai Corp. |  |  |
| 12.50%, 06/30/30 (i) | 120 | 128 |
|  |  | 3898 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (g) | 1500 | 1477 |
| Sabre GLBL Inc. |  |  |
| 11.13%, 07/15/30 (g) | 806 | 672 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (g) | 285 | 306 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 995 | 703 |
|  |  | 3158 |
| **Industrials 0.3%** | **Industrials 0.3%** | **Industrials 0.3%** |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (g) | 65 | 50 |
| Icahn Enterprises L.P. |  |  |
| 4.38%, 02/01/29 | 390 | 335 |
| 9.00%, 06/15/30 | 325 | 309 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (g) | 1000 | 1069 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (g) | 856 | 852 |
|  |  | 2615 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| MPT Operating Partnership, L.P. |  |  |
| 5.00%, 10/15/27 | 615 | 591 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (g) (j) | 1949 | 1747 |
|  |  | 2338 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (g) | 1133 | 1180 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (g) | 65 | 54 |
|  |  | 1234 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (g) | 1000 | 1052 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (g) | 846 | 765 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (g) | 125 | 49 |
|  |  | 814 |
| Total Corporate Bonds And Notes (cost $42,778) | Total Corporate Bonds And Notes (cost $42,778) | 41988 |
| **INVESTMENT COMPANIES 0.9%** | **INVESTMENT COMPANIES 0.9%** | **INVESTMENT COMPANIES 0.9%** |
| Invesco Senior Loan ETF | 405 | 8511 |
| Total Investment Companies (cost $8,524) | Total Investment Companies (cost $8,524) | 8511 |
| **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Fusion Parent, LLC (d) (e) | 8 | 26 |
| LuxCo 3 (d) (e) | 43 | 760 |
|  |  | 786 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Clear Channel Outdoor Holdings, Inc. (e) | 112 | 249 |
| iHeartMedia, Inc. - Class A (e) | 48 | 199 |
|  |  | 448 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| AFGlobal Corporation (d) (i) | 39 |  |
| FG Parent, LLC (d) | 8 | 282 |
|  |  | 282 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Constellis Holdings, Inc. (e) | 21 |  |
| Elevate Textiles Inc (e) | 62 | 109 |
|  |  | 109 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| New Fortress Energy Inc. (e) (k) | 9 | 10 |
| Vantage Drilling International (d) |  | 3 |
|  |  | 13 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Inotiv, Inc. (e) | 3 | 2 |
| Total Common Stocks (cost $6,098) | Total Common Stocks (cost $6,098) | 1640 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** |
| BBAM US CLO I Ltd |  |  |
| Series 2022-D1R-1A, REMIC, 6.90%, (3 Month Term SOFR + 3.00%), 03/30/38 (a) | 125 | 125 |
| Birch Grove CLO 12 Ltd |  |  |
| Series 2025-D1-12A, 6.61%, (3 Month Term SOFR + 2.75%), 04/22/38 (a) | 150 | 150 |
| Brant Point CLO 2025-8 Ltd |  |  |
| Series 2025-D1-8A, 6.85%, (3 Month Term SOFR + 2.85%), 03/31/38 (a) | 100 | 100 |
| CIFC Funding 2018-IV Ltd |  |  |
| Series 2018-D2R-4A, 8.07%, (3 Month Term SOFR + 3.75%), 01/17/38 (a) | 100 | 100 |
| Flatiron RR CLO 30 Ltd |  |  |
| Series 2025-E-30A, REMIC, 9.15%, (3 Month Term SOFR + 5.25%), 04/15/38 (a) | 200 | 201 |
| Palmer Square CLO 2021-2 Ltd |  |  |
| Series 2021-DR2-2A, 8.04%, (3 Month Term SOFR + 4.14%), 04/15/38 (a) | 100 | 99 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $775) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $775) | 775 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Paragon Offshore Ltd. (d) (e) (l) | 1 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 4.9%** | **SHORT TERM INVESTMENTS 4.9%** | **SHORT TERM INVESTMENTS 4.9%** |
| **Investment Companies 4.9%** | **Investment Companies 4.9%** | **Investment Companies 4.9%** |
| JNL Government Money Market Fund - Class I, 3.64% (m) (n) | 45179 | 45179 |
| Total Short Term Investments (cost $45,179) | Total Short Term Investments (cost $45,179) | 45179 |
| **Total Investments 100.0% (cost $952,215)** | **Total Investments 100.0% (cost $952,215)** | **927394** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (383) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **927011** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

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

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

(e) Non-income producing security.

(f) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $35,929 and 3.9% of the Fund.

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

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

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

(k) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

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

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** | **JNL Multi-Manager Floating Rate Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 18702 | 497581 | 471104 | 1529 |  |  | 45179 | 4.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** | **JNL Multi-Manager Floating Rate Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| AFGlobal Corporation | 07/13/17 | 2907 |  |  |
| X.Ai Corp., 12.50%, 06/30/30 | 06/20/25 | 120 | 128 |  |
|  |  | 3027 | 128 |  |

---

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments** | **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments** | **JNL Multi-Manager Floating Rate Income Fund —Unfunded Commitments** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Pinnacle Buyer LLC, Delayed Draw Term Loan, SOFR + 2.50% | 569 | 2 |
| Raven Acquisition Holdings LLC, Delayed Draw Term Loan, 3 Month Term SOFR + 3.25% | 280 | 2 |
| Titan Acquisition Limited, 2025 Add on Delayed Draw Term Loan, SOFR + 3.75% | 1143 | 7 |
|  | 1992 | 11 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  | 826025 | 3287 | 829312 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 41988 |  | 41988 |
| &nbsp;&nbsp;Investment Companies | 8511 |  |  | 8511 |
| &nbsp;&nbsp;Common Stocks | 450 | 119 | 1071 | 1640 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 775 |  | 775 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 45179 |  |  | 45179 |
|  | 54140 | 868907 | 4358 | 927405 |

---

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

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |
| **COMMON STOCKS 97.6%** | **COMMON STOCKS 97.6%** | **COMMON STOCKS 97.6%** |
| **Japan 17.2%** | **Japan 17.2%** | **Japan 17.2%** |
| Alfresa Holdings Corporation | 167 | 2593 |
| Alps Alpine Co., Ltd. | 387 | 4937 |
| AndST HD Inc. | 64 | 1180 |
| Asahi Intecc Co., Ltd. | 52 | 966 |
| Brother Industries, Ltd. | 95 | 1890 |
| Chiyoda Corporation (a) | 1204 | 5655 |
| Credit Saison Co., Ltd. | 152 | 4077 |
| Daiichikosho Co., Ltd. | 87 | 938 |
| Electric Power Development Co., Ltd. - Class D | 75 | 1513 |
| Furukawa Electric Co., Ltd. | 57 | 3607 |
| GLP J-REIT | 1 | 1218 |
| Hanwa Co., Ltd. | 48 | 2196 |
| Integral Corporation (b) | 140 | 2955 |
| Japan Steel Works, Ltd., The | 59 | 2913 |
| Kaga Electronics Co., Ltd. | 43 | 1066 |
| Kobe Steel, Ltd. | 155 | 2042 |
| Kyushu Electric Power Co., Inc. | 471 | 5049 |
| Lifedrink Company, Inc. | 199 | 2203 |
| Mazda Motor Corporation | 126 | 984 |
| Medipal Holdings Corporation | 134 | 2364 |
| Mitsubishi Motors Corporation | 409 | 970 |
| mixi, Inc. | 74 | 1295 |
| Nippon Shinyaku Co., Ltd. | 49 | 1755 |
| NS United Kaiun Kaisha, Ltd. | 57 | 2233 |
| Persol Holdings Co., Ltd. | 987 | 1837 |
| Rakus Co., Ltd. | 502 | 3333 |
| Rakuten Bank, Ltd. (a) | 100 | 4393 |
| Sankyo Co., Ltd. | 192 | 3121 |
| Santen Pharmaceutical Co., Ltd. | 160 | 1658 |
| Shibaura Mechatronics Corporation | 28 | 3401 |
| Ship Healthcare Holdings, Inc. | 105 | 1769 |
| Sinfonia Technology Co., Ltd. | 56 | 3261 |
| Suzuken Co., Ltd. | 74 | 2908 |
| Taiheiyo Cement Corporation | 15 | 374 |
| The 77 Bank, Ltd. | 80 | 3861 |
| The Chugoku Electric Power Co.,Inc. (b) | 297 | 1884 |
| Timee, Inc. (a) (b) | 463 | 3740 |
| Tohoku-Electric Power Co., Inc. | 346 | 2544 |
| Tokai Rika Co., Ltd. | 11 | 224 |
| Tokyo Tatemono Co., Ltd. | 78 | 1759 |
| Tokyu Fudosan Holdings Corporation | 425 | 3886 |
| Toyo Tire Corporation | 110 | 3042 |
| Toyoda Gosei | 53 | 1335 |
| Toyota Boshoku Corporation | 202 | 3251 |
| transcosmos Inc. | 54 | 1336 |
| Valor Holdings Co., Ltd. | 105 | 2260 |
| Yamada Holdings Co., Ltd. | 695 | 2304 |
| Yonex Co., Ltd. | 188 | 3986 |
| Zeon Corporation | 111 | 1273 |
|  |  | 119339 |
| **United Kingdom 10.0%** | **United Kingdom 10.0%** | **United Kingdom 10.0%** |
| Ashtead Technology Holdings PLC (b) | 501 | 2094 |
| Babcock International Group PLC | 400 | 6697 |
| Balfour Beatty PLC | 188 | 1798 |
| Burberry Group PLC (a) | 274 | 4672 |
| Computacenter PLC | 49 | 1937 |
| Cranswick PLC | 89 | 5936 |
| Currys PLC | 1359 | 2307 |
| Drax Group PLC | 480 | 5408 |
| easyJet PLC | 1021 | 7025 |
| FirstGroup PLC | 556 | 1429 |
| Genus PLC | 100 | 3494 |
| Inchcape PLC | 211 | 2190 |
| Jet2 PLC | 274 | 5193 |
| Keller Group PLC | 130 | 2903 |
| Melrose Industries PLC | 663 | 5259 |
| Shawbrook Group PLC (a) | 499 | 3271 |
| St. James's Place PLC | 261 | 4881 |
| Trustpilot Group PLC (a) | 340 | 752 |
| Zigup PLC | 470 | 2433 |
|  |  | 69679 |
| **Canada 9.1%** | **Canada 9.1%** | **Canada 9.1%** |
| 5N Plus Inc. (a) | 303 | 3910 |
| AGF Management Limited - Class B | 617 | 7321 |
| Air Canada (a) | 92 | 1300 |
| Canadian Apartment Properties Real Estate Investment Trust | 47 | 1270 |
| Celestica Inc. (a) | 23 | 6801 |
| Centerra Gold Inc. | 365 | 5251 |
| Definity Financial Corporation | 115 | 6381 |
| Descartes Systems Group Inc., The (a) | 39 | 3434 |
| Extendicare Inc. | 21 | 322 |
| Finning International Inc. (b) | 145 | 7864 |
| Fortuna Mining Corp. (a) | 182 | 1782 |
| Linamar Corporation | 31 | 1865 |
| MDA Space Ltd. (a) | 156 | 3023 |
| Prairiesky Royalty Ltd. (b) | 222 | 4364 |
| RioCan Real Estate Investment Trust | 86 | 1167 |
| Russel Metals Inc. | 90 | 2864 |
| SECURE Waste Infrastructure Corp (b) | 339 | 4270 |
| Superior Plus Corp. (b) | 75 | 386 |
|  |  | 63575 |
| **Taiwan 6.3%** | **Taiwan 6.3%** | **Taiwan 6.3%** |
| Arcadyan Technology Corporation | 308 | 1704 |
| BizLink Holding Inc. | 96 | 4646 |
| E Ink Holdings Inc. | 550 | 3463 |
| Jentech Precision Industrial Co., Ltd. | 56 | 4897 |
| Lite-On Technology Corporation | 710 | 3696 |
| Primax Electronics Ltd | 758 | 1852 |
| SerComm Corporation | 314 | 796 |
| Simplo Technology Co., Ltd. | 510 | 5837 |
| Supreme Electronics Co., Ltd. | 3131 | 7446 |
| T3EX Global Holdings Corp. | 469 | 1001 |
| Tripod Technology Corporation | 410 | 4159 |
| Wah Lee Industrial Corp. | 286 | 978 |
| WNC Corporation | 601 | 1892 |
| WT Microelectronics Co., Ltd. | 329 | 1433 |
|  |  | 43800 |
| **China 5.9%** | **China 5.9%** | **China 5.9%** |
| FinVolution Group - Class A - ADR | 668 | 3493 |
| Fufeng Group Limited | 1825 | 1846 |
| Harbin Electric Co., Ltd. - Class H | 2174 | 4648 |
| Hello Group Inc. - ADR | 253 | 1654 |
| Joyy Inc. - Class A - ADR | 115 | 7435 |
| Legend Holdings Corporation - Class H (a) (c) | 596 | 681 |
| TCL Electronics Holdings Limited | 3981 | 5308 |
| Weibo Corporation - Class A - ADR | 314 | 3209 |
| XD Inc. (c) | 464 | 3860 |
| Xiamen Meitu Technology Co., Ltd. | 3092 | 2777 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 2194 | 5941 |
|  |  | 40852 |
| **South Korea 5.7%** | **South Korea 5.7%** | **South Korea 5.7%** |
| APR Co., Ltd. | 18 | 2896 |
| Binggrae Co., Ltd. | 15 | 781 |
| GS Holdings Corp. | 52 | 2010 |
| Hanwha Corporation | 119 | 6754 |
| Hyosung Corporation | 13 | 1001 |
| Hyosung Heavy Industries Co., Ltd. | 3 | 3781 |
| Hyundai Department Store Co., Ltd. | 21 | 1315 |
| IM Financial Group Co., Ltd. | 90 | 973 |
| KCC Corporation | 3 | 1015 |
| Korean Reinsurance Company | 129 | 1034 |
| LG Innotek Co., Ltd. | 38 | 7090 |
| LX International Corp. | 127 | 2866 |
| Samsung Engineering Co., Ltd. | 309 | 5143 |
| Samsung Securities Co., Ltd. | 29 | 1526 |
| Youngone Corporation | 22 | 1224 |
|  |  | 39409 |
| **Australia 5.4%** | **Australia 5.4%** | **Australia 5.4%** |
| AGL Energy Limited | 335 | 2082 |
| Domino's Pizza Enterprises Limited (b) | 185 | 2582 |
| Generation Development Group Limited (b) | 742 | 2906 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GrainCorp Limited - Class A | 382 | 1828 |
| HUB24 Limited | 57 | 3654 |
| Lynas Rare Earths Limited (a) | 305 | 2530 |
| Metcash Limited | 425 | 936 |
| Neuren Pharmaceuticals Limited (a) | 282 | 3493 |
| Perenti Limited | 1513 | 2807 |
| PEXA Group Limited (a) | 325 | 2915 |
| Regis Resources Limited | 1454 | 7282 |
| Superloop Limited (a) | 1981 | 3418 |
| Vault Minerals Limited (a) | 267 | 966 |
| | | 37399 |
| **Italy 5.2%** | **Italy 5.2%** | **Italy 5.2%** |
| Avio S.p.A. | 171 | 5881 |
| Buzzi S.p.A. | 83 | 5052 |
| Cementir Holding N.V. | 190 | 4162 |
| Hera S.p.A. | 209 | 988 |
| Lottomatica Group S.p.A. | 325 | 8522 |
| Sol S.p.A. | 69 | 3976 |
| Unipol Assicurazioni S.p.A. | 307 | 7378 |
|  |  | 35959 |
| **India 4.9%** | **India 4.9%** | **India 4.9%** |
| Cartrade Tech Limited (a) | 72 | 2260 |
| Dr. Lal Pathlabs Limited | 81 | 1335 |
| Federal Bank Ltd, The | 1265 | 3758 |
| Godfrey Phillips India Limited | 79 | 2420 |
| Lic Housing Finance Limited | 257 | 1543 |
| Multi Commodity Exchange of India Limited | 20 | 2491 |
| National Aluminium Co Ltd | 2337 | 8155 |
| Power Finance Corporation Limited | 1114 | 4399 |
| PTC India Limited | 411 | 738 |
| Redington Limited | 1463 | 4433 |
| Triveni Turbine Limited | 446 | 2670 |
|  |  | 34202 |
| **Germany 3.5%** | **Germany 3.5%** | **Germany 3.5%** |
| AlzChem Group AG | 1 | 109 |
| Aroundtown S.A. (a) | 257 | 796 |
| AUTO1 Group SE (a) | 120 | 3822 |
| HOCHTIEF Aktiengesellschaft | 3 | 1106 |
| Nordex SE (a) | 136 | 4618 |
| Scout24 SE (c) | 66 | 6657 |
| TUI AG (c) | 710 | 7432 |
|  |  | 24540 |
| **Indonesia 2.2%** | **Indonesia 2.2%** | **Indonesia 2.2%** |
| PT. Adaro Andalan Indonesia Tbk (a) | 3528 | 1492 |
| PT. Alamtri Resources Indonesia Tbk | 8633 | 938 |
| PT. Aneka Tambang | 39704 | 7476 |
| PT. Bank Syariah Indonesia Tbk | 20310 | 2719 |
| PT. Indo Tambangraya Megah Tbk | 971 | 1274 |
| PT. Japfa Comfeed Indonesia Tbk. | 6096 | 960 |
| PT. Perusahaan Gas Negara | 5003 | 573 |
|  |  | 15432 |
| **Sweden 2.1%** | **Sweden 2.1%** | **Sweden 2.1%** |
| Ambea AB (publ) (c) | 69 | 1053 |
| Apotea AB (publ) (a) (b) | 402 | 4020 |
| Bonesupport Holding AB (a) | 103 | 2102 |
| MIPS AB | 80 | 3044 |
| RaySearch Laboratories AB (publ) - Class B | 179 | 4429 |
|  |  | 14648 |
| **Brazil 2.0%** | **Brazil 2.0%** | **Brazil 2.0%** |
| Embraer S.A. | 351 | 5670 |
| Inter & Co, Inc. - Class A | 373 | 3167 |
| OdontoPrev S.A. | 608 | 1241 |
| Prio S.A. (a) | 112 | 841 |
| Totvs S.A. | 404 | 3103 |
|  |  | 14022 |
| **Israel 2.0%** | **Israel 2.0%** | **Israel 2.0%** |
| Bezeq Israel Communications Company Ltd | 600 | 1336 |
| Tower Semiconductor Ltd. (a) | 38 | 4492 |
| ZIM Integrated Shipping Services Ltd (b) | 373 | 7920 |
|  |  | 13748 |
| **Denmark 1.8%** | **Denmark 1.8%** | **Denmark 1.8%** |
| ALK-Abello A/S - Class B (a) | 121 | 4328 |
| Dampskibsselskabet NORDEN A/S | 35 | 1402 |
| ISS A/S | 60 | 2053 |
| NKT A/S (a) | 35 | 4421 |
|  |  | 12204 |
| **France 1.4%** | **France 1.4%** | **France 1.4%** |
| Exail Technologies (a) (b) | 35 | 3334 |
| Exosens | 64 | 3644 |
| Icade (b) | 37 | 958 |
| SCOR SE | 52 | 1749 |
|  |  | 9685 |
| **Norway 1.4%** | **Norway 1.4%** | **Norway 1.4%** |
| Aker Solutions ASA (c) | 383 | 1165 |
| Hoegh Autoliners ASA | 83 | 795 |
| MPC Container Ships ASA | 897 | 1561 |
| Norwegian Air Shuttle ASA (a) | 560 | 964 |
| Protector Forsikring ASA | 79 | 4085 |
| Wallenius Wilhelmsen ASA | 102 | 1014 |
|  |  | 9584 |
| **Switzerland 1.2%** | **Switzerland 1.2%** | **Switzerland 1.2%** |
| Kuros Biosciences AG (a) | 95 | 3276 |
| SMG Swiss Marketplace Group Holding AG (a) | 108 | 4972 |
|  |  | 8248 |
| **New Zealand 1.1%** | **New Zealand 1.1%** | **New Zealand 1.1%** |
| OceanaGold Corporation | 277 | 7843 |
| **Greece 1.0%** | **Greece 1.0%** | **Greece 1.0%** |
| Motor Oil (Hellas) Corinth Refineries S.A. - Class R | 21 | 764 |
| Piraeus Bank S.A. (a) | 744 | 5924 |
|  |  | 6688 |
| **United States of America 0.9%** | **United States of America 0.9%** | **United States of America 0.9%** |
| Life360, Inc. - CHESS (a) | 140 | 3097 |
| Millicom International Cellular S.A. | 64 | 3532 |
|  |  | 6629 |
| **Hong Kong 0.9%** | **Hong Kong 0.9%** | **Hong Kong 0.9%** |
| Hysan Development Company Limited | 306 | 743 |
| VSTECS Holdings Limited (b) | 5382 | 5404 |
|  |  | 6147 |
| **Mexico 0.9%** | **Mexico 0.9%** | **Mexico 0.9%** |
| Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. - Class B (b) | 201 | 2706 |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (a) (b) | 70 | 3419 |
|  |  | 6125 |
| **Lithuania 0.8%** | **Lithuania 0.8%** | **Lithuania 0.8%** |
| Baltic Classifieds Group PLC | 1949 | 5320 |
| **Austria 0.8%** | **Austria 0.8%** | **Austria 0.8%** |
| BAWAG Group AG (c) | 35 | 5304 |
| **South Africa 0.7%** | **South Africa 0.7%** | **South Africa 0.7%** |
| Growthpoint Properties Limited | 2256 | 2341 |
| Telkom S.A. Ltd | 812 | 2890 |
|  |  | 5231 |
| **Thailand 0.6%** | **Thailand 0.6%** | **Thailand 0.6%** |
| Regional Container Lines Public Co Ltd | 3573 | 3098 |
| Sansiri Public Company Limited | 29276 | 1241 |
|  |  | 4339 |
| **Malaysia 0.6%** | **Malaysia 0.6%** | **Malaysia 0.6%** |
| Kumpulan Sime Darby Berhad | 8149 | 4317 |
| **Spain 0.5%** | **Spain 0.5%** | **Spain 0.5%** |
| Grenergy Renovables S.A. (a) | 37 | 3737 |
| **Ireland 0.5%** | **Ireland 0.5%** | **Ireland 0.5%** |
| COSMO Pharmaceuticals N.V. - Class N | 24 | 3200 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Proximus | 238 | 1972 |
| **Singapore 0.2%** | **Singapore 0.2%** | **Singapore 0.2%** |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (b) (c) | 1458 | 1666 |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| NOS, SGPS, S.A. | 329 | 1552 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Turkey 0.2%** | **Turkey 0.2%** | **Turkey 0.2%** |
| Torunlar Gayrimenkul Yatirim Ortakligi Anonim Sirketi | 634 | 1094 |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| Dubai Residential REIT (a) | 2958 | 999 |
| Total Common Stocks (cost $595,243) | Total Common Stocks (cost $595,243) | 678488 |
| **INVESTMENT COMPANIES 0.8%** | **INVESTMENT COMPANIES 0.8%** | **INVESTMENT COMPANIES 0.8%** |
| **United States of America 0.8%** | **United States of America 0.8%** | **United States of America 0.8%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF | 37 | 5307 |
| Total Investment Companies (cost $5,286) | Total Investment Companies (cost $5,286) | 5307 |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **Brazil 0.3%** | **Brazil 0.3%** | **Brazil 0.3%** |
| Metalgrafica Iguacu S A | 1419 | 2317 |
| Total Preferred Stocks (cost $2,499) | Total Preferred Stocks (cost $2,499) | 2317 |
| **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 15656 | 15656 |
| Total Short Term Investments (cost $15,656) | Total Short Term Investments (cost $15,656) | 15656 |
| **Total Investments 100.9% (cost $618,684)** | **Total Investments 100.9% (cost $618,684)** | **701768** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (4) |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(6285)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **695479** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** | **JNL Multi-Manager International Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 8668 | 463947 | 456959 | 457 |  |  | 15656 | 2.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 211 | 6682 | 6893 | 26 |  |  |  |  |
|  | 8879 | 470629 | 463852 | 483 |  |  | 15656 | 2.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Aker Solutions ASA | 04/23/25 | 1171 | 1165 | 0.2 |
| Ambea AB (publ) | 09/25/25 | 957 | 1053 | 0.1 |
| BAWAG Group AG | 04/14/25 | 3814 | 5304 | 0.8 |
| Legend Holdings Corporation - Class H | 08/22/25 | 912 | 681 | 0.1 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 06/21/24 | 1334 | 1666 | 0.2 |
| Scout24 SE | 12/12/23 | 6528 | 6657 | 1.0 |
| TUI AG | 12/22/23 | 5916 | 7432 | 1.1 |
| XD Inc. | 07/22/25 | 3753 | 3860 | 0.5 |
|  |  | 24385 | 27818 | 4.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | CIT | 01/02/26 | HKD | 1532 | 197 |  |
| HKD/USD | BNY | 01/05/26 | HKD | 2541 | 326 |  |
| JPY/USD | BBH | 01/05/26 | JPY | 28305 | 181 | (1) |
| JPY/USD | HSB | 01/05/26 | JPY | 233870 | 1493 | (4) |
| JPY/USD | BBH | 01/06/26 | JPY | 30384 | 194 | (1) |
| JPY/USD | BBH | 01/06/26 | JPY | 15192 | 97 |  |
| USD/DKK | SSB | 01/02/26 | DKK | (2475) | (389) |  |
| USD/JPY | BBH | 01/06/26 | JPY | (35183) | (225) |  |
| USD/JPY | HSB | 01/06/26 | JPY | (156055) | (996) | 2 |
| USD/THB | SSB | 01/05/26 | THB | (3843) | (122) |  |
|  |  |  |  |  | 756 | (4) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 110847 | 567641 |  | 678488 |
| &nbsp;&nbsp;Investment Companies | 5307 |  |  | 5307 |
| &nbsp;&nbsp;Preferred Stocks |  | 2317 |  | 2317 |
| &nbsp;&nbsp;Short Term Investments | 15656 |  |  | 15656 |
|  | 131810 | 569958 |  | 701768 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 2 |  | 2 |
|  |  | 2 |  | 2 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (6) |  | (6) |
|  |  | (6) |  | (6) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |
| **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** |
| **Industrials 21.4%** | **Industrials 21.4%** | **Industrials 21.4%** |
| AAON, Inc. (a) | 52 | 4003 |
| AGCO Corporation | 28 | 2890 |
| Alamo Group Inc. | 20 | 3383 |
| AMETEK, Inc. | 27 | 5441 |
| API Group Corporation (b) | 105 | 4018 |
| Axon Enterprise, Inc. (b) | 8 | 4430 |
| Builders FirstSource, Inc. (b) | 20 | 2089 |
| Caci International Inc. - Class A (b) | 7 | 3579 |
| Carlisle Companies Incorporated | 42 | 13232 |
| Carrier Global Corporation | 53 | 2807 |
| CNH Industrial N.V. | 487 | 4493 |
| Comfort Systems USA, Inc. | 9 | 8510 |
| Copart, Inc. (b) | 134 | 5236 |
| CSX Corporation | 142 | 5162 |
| Delta Air Lines, Inc. | 90 | 6272 |
| Equifax, Inc. | 31 | 6748 |
| ESAB Corporation | 42 | 4692 |
| Expeditors International of Washington, Inc. - Class A | 24 | 3639 |
| Fastenal Company | 116 | 4675 |
| Fortive Corporation | 76 | 4224 |
| FTI Consulting, Inc. (b) | 22 | 3784 |
| Graco Inc. | 37 | 3033 |
| Hubbell Incorporated | 9 | 4030 |
| IDEX Corporation | 36 | 6495 |
| Karman Holdings Inc. (b) | 21 | 1538 |
| Knight-Swift Transportation Holdings Inc. - Class A | 84 | 4371 |
| L3Harris Technologies, Inc. | 15 | 4257 |
| Landstar System, Inc. | 72 | 10447 |
| Lincoln Electric Holdings, Inc. | 40 | 9514 |
| McGrath RentCorp | 58 | 6087 |
| Middleby Corporation, The (b) | 17 | 2587 |
| Mine Safety Appliances Company, LLC | 30 | 4804 |
| Nordson Corporation | 20 | 4809 |
| Nvent Electric Public Limited Company | 17 | 1682 |
| Oshkosh Corporation | 53 | 6597 |
| Paycom Software, Inc. | 25 | 3965 |
| Regal Rexnord Corporation | 22 | 3059 |
| Republic Services, Inc. | 14 | 2951 |
| Rollins, Inc. | 96 | 5746 |
| Simpson Manufacturing Co., Inc. | 60 | 9662 |
| SS&C Technologies Holdings, Inc. | 111 | 9662 |
| StandardAero, Inc. (b) | 65 | 1870 |
| Textron Inc. | 36 | 3156 |
| UFP Industries, Inc. | 42 | 3781 |
| Unifirst Corporation | 18 | 3533 |
| Valmont Industries, Inc. | 7 | 2948 |
| Veralto Corporation | 47 | 4740 |
| W.W. Grainger, Inc. | 6 | 5550 |
| Waste Connections, Inc. | 18 | 3156 |
| Xylem Inc. | 74 | 10078 |
|  |  | 247415 |
| **Financials 16.0%** | **Financials 16.0%** | **Financials 16.0%** |
| American Financial Group, Inc. | 37 | 5074 |
| Arch Capital Group Ltd. (b) | 57 | 5467 |
| Ares Management Corporation - Class A | 65 | 10461 |
| Baldwin Insurance Group, Inc., The - Class A (b) | 88 | 2115 |
| Brown & Brown, Inc. | 47 | 3746 |
| Carlyle Group Inc., The | 70 | 4115 |
| Commerce Bancshares, Inc. | 30 | 1570 |
| Corpay Inc. (b) | 22 | 6615 |
| Cullen/Frost Bankers, Inc. | 36 | 4495 |
| F&G Annuities & Life, Inc. | 4 | 120 |
| FactSet Research Systems Inc. | 15 | 4208 |
| Fairfax Financial Holdings Limited | 3 | 5825 |
| Fidelity National Financial, Inc. - Class A | 53 | 2904 |
| First Citizens BancShares, Inc. - Class A | 5 | 10484 |
| Goosehead Insurance, Inc. - Class A | 94 | 6902 |
| Hamilton Lane Incorporated - Class A | 32 | 4298 |
| Hartford Insurance Group, Inc., The | 39 | 5402 |
| Houlihan Lokey, Inc. - Class A | 63 | 10844 |
| Huntington Bancshares Incorporated | 282 | 4900 |
| Kinsale Capital Group, Inc. | 11 | 4107 |
| MSCI Inc. - Class A | 11 | 6024 |
| Old Republic International Corporation | 103 | 4715 |
| Raymond James Financial, Inc. | 30 | 4882 |
| Ryan Specialty Group Holdings, Inc. - Class A | 111 | 5757 |
| ServisFirst Bancshares, Inc. | 41 | 2979 |
| Toast, Inc. - Class A (b) | 376 | 13368 |
| TPG Inc. - Class A | 107 | 6822 |
| Tradeweb Markets Inc. - Class A | 51 | 5538 |
| Truist Financial Corporation | 106 | 5241 |
| Voya Financial, Inc. | 57 | 4230 |
| White Mountains Insurance Group Ltd | 5 | 10151 |
| Willis Towers Watson Public Limited Company | 35 | 11438 |
|  |  | 184797 |
| **Information Technology 14.9%** | **Information Technology 14.9%** | **Information Technology 14.9%** |
| Akamai Technologies, Inc. (b) | 79 | 6963 |
| Amphenol Corporation - Class A | 133 | 17935 |
| Autodesk, Inc. (b) | 12 | 3552 |
| Check Point Software Technologies Ltd (b) | 20 | 3748 |
| Cloudflare, Inc. - Class A (b) | 92 | 18195 |
| Confluent, Inc. - Class A (b) | 204 | 6184 |
| Datadog, Inc. - Class A (b) | 65 | 8846 |
| Fair Isaac Corporation (b) | 5 | 9175 |
| GitLab Inc. - Class A (b) | 120 | 4522 |
| Keysight Technologies, Inc. (b) | 26 | 5303 |
| Microchip Technology Incorporated | 75 | 4785 |
| MKS Inc. | 31 | 5002 |
| MongoDB, Inc. - Class A (b) | 12 | 4826 |
| Monolithic Power Systems, Inc. | 8 | 7382 |
| Nutanix, Inc. - Class A (b) | 100 | 5169 |
| Okta, Inc. - Class A (b) | 65 | 5620 |
| Palo Alto Networks, Inc. (b) | 20 | 3592 |
| Procore Technologies, Inc. (b) | 70 | 5092 |
| PTC Inc. (b) | 33 | 5783 |
| Pure Storage, Inc. - Class A (b) | 118 | 7879 |
| Synopsys, Inc. (b) | 12 | 5637 |
| Trimble Inc. (b) | 149 | 11624 |
| Vertex, Inc. - Class A (b) | 240 | 4789 |
| Workday, Inc. - Class A (b) | 21 | 4510 |
| Zebra Technologies Corporation - Class A (b) | 11 | 2550 |
| Zscaler, Inc. (b) | 15 | 3261 |
|  |  | 171924 |
| **Health Care 12.7%** | **Health Care 12.7%** | **Health Care 12.7%** |
| Agilent Technologies, Inc. | 36 | 4967 |
| Bio-Techne Corporation | 64 | 3764 |
| Cooper Companies, Inc., The (b) | 177 | 14500 |
| Edwards Lifesciences Corporation (b) | 79 | 6735 |
| Exact Sciences Corporation (b) | 64 | 6551 |
| GE HealthCare Technologies Inc. | 78 | 6360 |
| HealthEquity, Inc. (b) | 69 | 6336 |
| Hologic, Inc. (b) | 75 | 5602 |
| IDEXX Laboratories, Inc. (b) | 13 | 8486 |
| Insulet Corporation (b) | 28 | 8016 |
| IQVIA Holdings Inc. (b) | 22 | 4976 |
| Labcorp Holdings Inc. | 43 | 10982 |
| Medline Inc. - Class A (b) | 86 | 3595 |
| Mettler-Toledo International Inc. (b) | 4 | 5995 |
| Molina Healthcare, Inc. (b) | 19 | 3332 |
| Penumbra, Inc. (b) | 20 | 6063 |
| Quest Diagnostics Incorporated | 28 | 4820 |
| Repligen Corporation (b) | 29 | 4670 |
| Smith & Nephew PLC - ADR (a) | 113 | 3706 |
| Steris Public Limited Company | 15 | 3676 |
| Veeva Systems Inc. - Class A (b) | 17 | 3795 |
| Waters Corporation (b) | 14 | 5318 |
| West Pharmaceutical Services, Inc. | 51 | 13831 |
|  |  | 146076 |
| **Consumer Discretionary 12.6%** | **Consumer Discretionary 12.6%** | **Consumer Discretionary 12.6%** |
| AutoZone, Inc. (b) | 1 | 3680 |
| BorgWarner Inc. | 86 | 3862 |
| Carnival Corporation | 203 | 6191 |
| CAVA Group, Inc. (b) | 58 | 3404 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chewy, Inc. - Class A (b) | 121 | 4016 |
| Domino's Pizza, Inc. | 26 | 10566 |
| Expedia Group, Inc. | 32 | 9217 |
| Floor & Decor Holdings, Inc. - Class A (b) | 57 | 3471 |
| Global-E Online Ltd. (b) | 186 | 7303 |
| Hilton Worldwide Holdings Inc. | 8 | 2327 |
| Lennar Corporation - Class A | 49 | 5084 |
| Lithia Motors, Inc. - Class A | 31 | 10349 |
| Lowe`s Companies, Inc. | 21 | 5052 |
| MercadoLibre, Inc. (b) | 5 | 10492 |
| Murphy USA Inc. | 21 | 8377 |
| On Holding AG - Class A (b) | 167 | 7743 |
| Penske Automotive Group, Inc. | 20 | 3166 |
| Planet Fitness, Inc. - Class A (b) | 15 | 1573 |
| Pool Corporation | 18 | 4016 |
| Restaurant Brands International Limited Partnership | 52 | 3541 |
| SharkNinja, Inc. (b) | 40 | 4510 |
| Texas Roadhouse, Inc. - Class A | 16 | 2689 |
| TopBuild Corp. (b) | 26 | 10585 |
| Tractor Supply Company | 62 | 3087 |
| Williams-Sonoma, Inc. | 12 | 2107 |
| Wingstop Inc. | 20 | 4770 |
| Wyndham Hotels & Resorts, Inc. | 53 | 4005 |
| | | 145183 |
| **Consumer Staples 7.0%** | **Consumer Staples 7.0%** | **Consumer Staples 7.0%** |
| Albertsons Companies, Inc. - Class A | 169 | 2904 |
| Archer-Daniels-Midland Company | 63 | 3651 |
| BJ's Wholesale Club Holdings, Inc. (b) | 95 | 8521 |
| Casey's General Stores, Inc. | 8 | 4408 |
| Celsius Holdings, Inc. (b) | 164 | 7518 |
| Coca-Cola Consolidated, Inc. | 54 | 8331 |
| e.l.f. Beauty, Inc. (b) | 37 | 2813 |
| Estee Lauder Companies Inc., The - Class A | 87 | 9120 |
| Freshpet, Inc. (b) | 106 | 6481 |
| Kroger Co., The | 89 | 5570 |
| Maplebear Inc. (b) | 62 | 2811 |
| McCormick & Company, Incorporated | 76 | 5176 |
| Monster Beverage 1990 Corporation (b) | 22 | 1687 |
| Performance Food Group Company (b) | 53 | 4811 |
| Sprouts Farmers Market, Inc. (b) | 31 | 2470 |
| US Foods Holding Corp. (b) | 56 | 4256 |
|  |  | 80528 |
| **Materials 3.9%** | **Materials 3.9%** | **Materials 3.9%** |
| Amrize AG (b) | 142 | 7661 |
| AptarGroup, Inc. | 31 | 3769 |
| CF Industries Holdings, Inc. | 46 | 3565 |
| Crown Holdings, Inc. | 29 | 2986 |
| Franco-Nevada Corporation | 17 | 3420 |
| Packaging Corporation of America | 30 | 6166 |
| RPM International Inc. | 46 | 4774 |
| Steel Dynamics, Inc. | 25 | 4300 |
| Titan America | 320 | 5273 |
| Warrior Met Coal, Inc. | 26 | 2315 |
| Westlake Corporation | 15 | 1116 |
|  |  | 45345 |
| **Communication Services 3.0%** | **Communication Services 3.0%** | **Communication Services 3.0%** |
| Atlanta Braves Holdings, Inc. - Series C (b) | 96 | 3782 |
| News Corporation - Class A | 168 | 4386 |
| Reddit, Inc. - Class A (b) | 27 | 6151 |
| Trade Desk, Inc., The - Class A (b) | 183 | 6973 |
| Universal Music Group N.V. - ADR (a) | 606 | 7899 |
| Warner Music Group Corp. - Class A | 185 | 5674 |
|  |  | 34865 |
| **Real Estate 2.9%** | **Real Estate 2.9%** | **Real Estate 2.9%** |
| Camden Property Trust | 36 | 3963 |
| CoStar Group, Inc. (b) | 67 | 4538 |
| Equity Lifestyle Properties, Inc. | 85 | 5138 |
| Lamar Advertising Company - Class A | 43 | 5418 |
| Mid-America Apartment Communities, Inc. | 45 | 6277 |
| NNN REIT, Inc. | 126 | 5005 |
| St. Joe Company, The | 63 | 3734 |
|  |  | 34073 |
| **Energy 1.5%** | **Energy 1.5%** | **Energy 1.5%** |
| Baker Hughes Company - Class A | 78 | 3561 |
| Chord Energy Corporation | 25 | 2290 |
| Coterra Energy Inc. | 175 | 4595 |
| Devon Energy Corporation | 111 | 4084 |
| Expand Energy Corporation | 28 | 3046 |
|  |  | 17576 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| Alliant Energy Corporation | 111 | 7188 |
| American Water Works Company, Inc. | 34 | 4489 |
| CMS Energy Corporation | 75 | 5255 |
|  |  | 16932 |
| Total Common Stocks (cost $1,044,159) | Total Common Stocks (cost $1,044,159) | 1124714 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 22398 | 22398 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 7337 | 7337 |
| Total Short Term Investments (cost $29,735) | Total Short Term Investments (cost $29,735) | 29735 |
| **Total Investments 100.0% (cost $1,073,894)** | **Total Investments 100.0% (cost $1,073,894)** | **1154449** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (18) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1154431** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** | **JNL Multi-Manager Mid Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 38159 | 752837 | 768598 | 1649 |  |  | 22398 | 2.0 |
| JNL Government Money Market Fund, 3.74% - Class SL | 645 | 123010 | 116318 | 117 |  |  | 7337 | 0.6 |
|  | 38804 | 875847 | 884916 | 1766 |  |  | 29735 | 2.6 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1124714 |  |  | 1124714 |
| &nbsp;&nbsp;Short Term Investments | 29735 |  |  | 29735 |
|  | 1154449 |  |  | 1154449 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |
| **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
| **Industrials 26.0%** | **Industrials 26.0%** | **Industrials 26.0%** |
| AAON, Inc. | 339 | 25885 |
| Advanced Drainage Systems, Inc. | 141 | 20411 |
| AeroVironment, Inc. (a) | 11 | 2762 |
| Alliance Laundry Holdings Inc. (a) | 283 | 5770 |
| Ameresco, Inc. - Class A (a) | 177 | 5183 |
| Amprius Technologies Operating, Inc. (a) | 25 | 196 |
| Applied Industrial Technologies, Inc. | 59 | 15197 |
| Archer Aviation Inc. - Class A (a) (b) | 115 | 868 |
| Argan, Inc. | 29 | 9240 |
| Axon Enterprise, Inc. (a) | 11 | 6542 |
| BETA Technologies, Inc. - Class A (a) | 40 | 1119 |
| Bloom Energy Corporation - Class A (a) | 17 | 1504 |
| Booz Allen Hamilton Holding Corporation - Class A | 100 | 8414 |
| Carpenter Technology Corporation | 62 | 19465 |
| Casella Waste Systems, Inc. - Class A (a) | 190 | 18541 |
| CECO Environmental Corp. (a) | 47 | 2792 |
| Comfort Systems USA, Inc. | 3 | 2744 |
| Construction Partners, Inc. - Class A (a) | 57 | 6270 |
| Crane Company | 16 | 2891 |
| CSW Industrials, Inc. | 12 | 3404 |
| Curtiss-Wright Corporation | 7 | 3842 |
| Ducommun Incorporated (a) | 57 | 5403 |
| Dycom Industries, Inc. (a) | 30 | 10107 |
| Electrovaya Inc. (a) (b) | 76 | 599 |
| Embraer S.A. - ADR | 34 | 2196 |
| Enerpac Tool Group Corp. - Class A | 443 | 16947 |
| Enovix Corporation (a) (b) | 190 | 1387 |
| Enpro Inc. | 26 | 5498 |
| Eos Energy Enterprises, Inc. - Class A (a) (b) | 344 | 3947 |
| ESCO Technologies Inc. | 23 | 4508 |
| Everus Construction Group, Inc. (a) | 49 | 4244 |
| Federal Signal Corporation | 16 | 1749 |
| Flowserve Corporation | 32 | 2201 |
| FTAI Aviation Ltd. | 111 | 21930 |
| FTI Consulting, Inc. (a) | 17 | 2919 |
| Griffon Corporation | 35 | 2602 |
| HEICO Corporation - Class A | 83 | 21038 |
| IES Holdings, Inc. (a) | 7 | 2738 |
| JBT Marel Corporation | 14 | 2041 |
| Karman Holdings Inc. (a) (b) | 299 | 21799 |
| Kornit Digital Ltd. (a) | 286 | 4111 |
| Kratos Defense & Security Solutions, Inc. (a) | 179 | 13583 |
| Legence Corp. - Class A (a) | 32 | 1393 |
| Limbach Holdings, Inc. (a) | 45 | 3492 |
| Loar Holdings Inc. (a) | 191 | 12991 |
| McGrath RentCorp | 19 | 2041 |
| Mercury Systems, Inc. (a) | 262 | 19172 |
| Modine Manufacturing Company (a) | 120 | 16080 |
| Montrose Environmental Group, Inc. (a) | 512 | 12717 |
| MYR Group Inc. (a) | 7 | 1447 |
| Newpark Resources, Inc. (a) | 225 | 2685 |
| NextPower LLC - Class A (a) | 140 | 12144 |
| Omega Flex, Inc. | 34 | 1001 |
| Parsons Corporation (a) (b) | 44 | 2722 |
| Planet Labs Inc. - Class A (a) | 241 | 4750 |
| Primoris Services Corporation | 28 | 3510 |
| Qxo, Inc. (a) (b) | 99 | 1918 |
| RBC Bearings Incorporated (a) | 12 | 5172 |
| Redwire Corporation (a) (b) | 123 | 938 |
| Regal Rexnord Corporation | 65 | 9163 |
| Saia, Inc. (a) | 93 | 30531 |
| Shoals Technologies Group, Inc. - Class A (a) | 136 | 1159 |
| Simpson Manufacturing Co., Inc. | 92 | 14842 |
| SiteOne Landscape Supply, Inc. (a) | 144 | 17872 |
| SPX Technologies, Inc. (a) | 20 | 4054 |
| Sterling Infrastructure, Inc. (a) | 61 | 18488 |
| Tecogen Inc. (a) (b) | 70 | 346 |
| Toro Company, The | 59 | 4646 |
| Transcat, Inc. (a) | 18 | 1007 |
| TransUnion | 122 | 10446 |
| UL Solutions Inc. - Class A | 180 | 14124 |
| Verisk Analytics, Inc. | 54 | 12006 |
| Voyager Technologies, Inc. - Class A (a) (b) | 120 | 3137 |
| VSE Corporation | 55 | 9486 |
| Xometry, Inc. - Class A (a) (b) | 45 | 2672 |
|  |  | 572739 |
| **Information Technology 21.8%** | **Information Technology 21.8%** | **Information Technology 21.8%** |
| ACI Worldwide, Inc. (a) | 165 | 7877 |
| Advanced Energy Industries, Inc. | 104 | 21702 |
| Agilysys, Inc. (a) | 65 | 7783 |
| Alkami Technology, Inc. (a) | 415 | 9563 |
| Ambarella Inc. (a) | 17 | 1223 |
| AppFolio, Inc. - Class A (a) | 24 | 5604 |
| Arlo Technologies, Inc. (a) | 119 | 1665 |
| Badger Meter, Inc. | 35 | 6095 |
| Bentley Systems, Incorporated - Class B | 329 | 12565 |
| Camtek Ltd. (a) (b) | 13 | 1411 |
| Celestica Inc. (a) | 5 | 1525 |
| Cellebrite Di Ltd (a) | 448 | 8070 |
| Cipher Mining Inc. (a) (b) | 61 | 899 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 739 | 17841 |
| Coherent Corp. (a) | 14 | 2529 |
| CommVault Systems, Inc. (a) | 55 | 6938 |
| Credo Technology Group Holding Ltd (a) | 77 | 11047 |
| Descartes Systems Group Inc., The (a) | 205 | 17929 |
| Digital Turbine USA, Inc. (a) | 2469 | 12343 |
| Dynatrace, Inc. (a) | 219 | 9490 |
| Fabrinet (a) | 8 | 3805 |
| GitLab Inc. - Class A (a) (b) | 210 | 7866 |
| Guidewire Software, Inc. (a) | 40 | 7956 |
| HubSpot, Inc. (a) | 5 | 1832 |
| Impinj, Inc. (a) | 37 | 6454 |
| Indie Semiconductor, Inc. - Class A (a) (b) | 4838 | 17076 |
| Intapp US, Inc. (a) | 125 | 5717 |
| InterDigital, Inc. | 13 | 4004 |
| Itron, Inc. (a) | 22 | 2089 |
| JFROG Ltd (a) | 134 | 8394 |
| Klaviyo, Inc. - Series A (a) | 62 | 2004 |
| Lattice Semiconductor Corporation (a) | 56 | 4152 |
| LightPath Technologies, Inc. - Class A (a) | 116 | 1251 |
| Lumentum Holdings Inc. (a) | 11 | 3998 |
| MACOM Technology Solutions Holdings, Inc. (a) | 34 | 5810 |
| Mirion Technologies (US), Inc. - Class A (a) | 400 | 9369 |
| Monday.Com Ltd. (a) | 18 | 2713 |
| nCino OpCo, Inc. (a) (b) | 796 | 20410 |
| Netskope, Inc. - Class A (a) | 319 | 5590 |
| Novanta Inc. (a) | 174 | 20778 |
| NVE Corporation | 8 | 491 |
| OneStream, Inc. - Class A (a) | 254 | 4673 |
| Onto Innovation Inc. (a) | 46 | 7159 |
| OSI Systems, Inc. (a) | 11 | 2836 |
| Porch Group Inc. - Class A (a) | 2141 | 19549 |
| Procore Technologies, Inc. (a) | 160 | 11608 |
| Rambus Inc. (a) | 162 | 14852 |
| Red Cat Holdings, Inc. (a) (b) | 52 | 412 |
| Semtech Corporation (a) | 212 | 15662 |
| SentinelOne, Inc. - Class A (a) | 359 | 5385 |
| ServiceTitan, Inc. - Class A (a) | 199 | 21230 |
| Silicon Motion, Inc. - ADR | 65 | 6007 |
| Sitime Corporation (a) | 37 | 13227 |
| Teledyne Technologies Incorporated (a) | 32 | 16468 |
| TeraWulf Inc. (a) (b) | 69 | 795 |
| TTM Technologies, Inc. (a) | 28 | 1964 |
| Tyler Technologies, Inc. (a) | 34 | 15248 |
| Unusual Machines, Inc. (a) (b) | 169 | 2154 |
| Varonis Systems, Inc. (a) | 310 | 10168 |
| Weave Communications, Inc. (a) | 109 | 831 |
| Zeta Global Holdings Corp. - Class A (a) | 285 | 5796 |
|  |  | 481882 |
| **Health Care 20.6%** | **Health Care 20.6%** | **Health Care 20.6%** |
| Alkermes Public Limited Company (a) | 158 | 4401 |
| Alphatec Holdings, Inc. (a) | 71 | 1485 |
| Apogee Therapeutics, Inc. (a) | 48 | 3655 |
| Arcellx Inc. (a) | 47 | 3094 |
| Arcutis Biotherapeutics, Inc. (a) | 135 | 3916 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arrowhead Pharmaceuticals Inc (a) | 118 | 7855 |
| AtriCure, Inc. (a) | 187 | 7382 |
| AxoGen, Inc. (a) | 179 | 5867 |
| Axsome Therapeutics, Inc. (a) | 65 | 11829 |
| BillionToOne, Inc. - Class A (a) | 9 | 742 |
| Bio-Techne Corporation | 93 | 5461 |
| Bridgebio Pharma, Inc. (a) | 149 | 11374 |
| Canticle Pharmaceuticals, Inc. (a) | 22 | 13288 |
| Caredx, Inc. (a) | 451 | 8490 |
| Celcuity Inc. (a) | 10 | 1010 |
| Centessa Pharmaceuticals PLC - ADR (a) | 115 | 2887 |
| Certara, Inc. (a) | 737 | 6494 |
| Charles River Laboratories International, Inc. (a) | 45 | 9063 |
| Crinetics Pharmaceuticals, Inc. (a) | 170 | 7932 |
| Cytokinetics, Incorporated (a) | 48 | 3033 |
| Denali Therapeutics Inc. (a) | 135 | 2223 |
| Edgewise Therapeutics, Inc. (a) | 111 | 2745 |
| Ensign Group, Inc., The | 74 | 12822 |
| Establishment Labs Holdings Inc. (a) (b) | 139 | 10132 |
| Exact Sciences Corporation (a) | 112 | 11349 |
| GeneDx Holdings Corp. - Class A (a) | 13 | 1633 |
| Glaukos Corporation (a) | 79 | 8907 |
| Guardant Health, Inc. (a) | 180 | 18382 |
| HealthEquity, Inc. (a) | 337 | 30851 |
| Heartflow, Inc. (a) (b) | 164 | 4791 |
| IDEAYA Biosciences, Inc. (a) | 119 | 4113 |
| Immunome, Inc. (a) | 102 | 2189 |
| Indivior PLC (a) | 48 | 1724 |
| Inspire Medical Systems, Inc. (a) | 38 | 3467 |
| Iradimed Corporation | 97 | 9416 |
| Irhythm Technologies, Inc. (a) | 52 | 9042 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 45 | 1838 |
| Kymera Therapeutics, Inc. (a) | 85 | 6643 |
| LeMaitre Vascular, Inc. | 182 | 14783 |
| LENZ Therapeutics, Inc. (a) (b) | 55 | 883 |
| Ligand Pharmaceuticals Incorporated (a) | 21 | 3920 |
| Masimo Corporation (a) | 54 | 7010 |
| Mind Medicine (MindMed) Inc. (a) | 113 | 1517 |
| Mirum Pharmaceuticals, Inc. (a) | 46 | 3669 |
| Natera, Inc. (a) | 17 | 3786 |
| National Research Corporation (b) | 64 | 1197 |
| Nuvalent, Inc. - Class A (a) | 16 | 1573 |
| OptimizeRX Corporation (a) | 46 | 570 |
| Option Care Health, Inc. (a) | 91 | 2904 |
| Orthopediatrics Corp. (a) | 160 | 2849 |
| Owlet, Inc. - Class A (a) (b) | 257 | 4154 |
| Penumbra, Inc. (a) | 18 | 5674 |
| Phreesia, Inc. (a) | 277 | 4693 |
| Praxis Precision Medicines, Inc. (a) | 15 | 4283 |
| Procept Biorobotics Corporation (a) | 55 | 1731 |
| Protagonist Therapeutics, Inc. (a) | 64 | 5620 |
| PTC Therapeutics, Inc. (a) | 89 | 6756 |
| RadNet, Inc. (a) | 211 | 15017 |
| Repligen Corporation (a) | 86 | 14104 |
| Revolution Medicines, Inc. (a) | 53 | 4232 |
| Rhythm Pharmaceuticals, Inc. (a) | 63 | 6679 |
| Scholar Rock Holding Corporation (a) | 57 | 2530 |
| Septerna, Inc. (a) | 92 | 2568 |
| SI-BONE, Inc. (a) | 245 | 4827 |
| Spyre Therapeutics, Inc. (a) (b) | 68 | 2232 |
| Stevanato Group Societa' Per Azioni | 343 | 6903 |
| Structure Therapeutics Inc. - ADR (a) | 30 | 2110 |
| Talkspace, Inc. (a) | 230 | 834 |
| Tarsus Pharmaceuticals, Inc. (a) | 35 | 2905 |
| TransMedics Group, Inc. (a) (b) | 17 | 2080 |
| Travere Therapeutics, Inc. (a) | 43 | 1627 |
| U.S. Physical Therapy, Inc. | 61 | 4776 |
| Ultragenyx Pharmaceutical Inc. (a) | 78 | 1783 |
| Vaxcyte, Inc. (a) | 49 | 2261 |
| Veracyte, Inc. (a) | 120 | 5064 |
| Viking Therapeutics, Inc. (a) | 34 | 1182 |
| Wave Life Sciences Ltd. (a) | 167 | 2842 |
| Waystar Holding Corp. (a) | 200 | 6550 |
| West Pharmaceutical Services, Inc. | 72 | 19697 |
| Xenon Pharmaceuticals Inc. (a) | 77 | 3439 |
| | | 455339 |
| **Consumer Discretionary 11.8%** | **Consumer Discretionary 11.8%** | **Consumer Discretionary 11.8%** |
| Birkenstock Holding PLC (a) | 162 | 6606 |
| Black Rock Coffee Bar, Inc. - Class A (a) | 150 | 3335 |
| Boot Barn Holdings, Inc. (a) | 82 | 14269 |
| BRP Inc. | 27 | 1920 |
| Brunello Cucinelli S.p.A. | 64 | 7373 |
| Carvana Co. - Class A (a) | 4 | 1829 |
| Cavco Industries, Inc. (a) | 7 | 4237 |
| Churchill Downs Incorporated | 69 | 7885 |
| DK Crown Holdings Inc. - Class A (a) | 302 | 10423 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 202 | 3450 |
| Dutch Bros Inc. - Class A (a) | 26 | 1570 |
| First Watch Restaurant Group, Inc. (a) | 143 | 2156 |
| Floor & Decor Holdings, Inc. - Class A (a) | 66 | 3994 |
| Genius Sports Limited (a) | 887 | 9779 |
| Global-E Online Ltd. (a) | 121 | 4766 |
| Installed Building Products, Inc. (b) | 106 | 27492 |
| Kura Sushi USA, Inc. - Class A (a) (b) | 108 | 5636 |
| Life Time Group Holdings, Inc. (a) | 172 | 4564 |
| Lindblad Expeditions, LLC (a) | 136 | 1961 |
| National Vision Holdings, Inc. (a) | 110 | 2834 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 177 | 19430 |
| Patrick Industries, Inc. | 26 | 2810 |
| Planet Fitness, Inc. - Class A (a) | 73 | 7884 |
| Pool Corporation | 16 | 3606 |
| Realreal, Inc., The (a) | 83 | 1316 |
| Revolve Group Inc. - Class A (a) | 175 | 5267 |
| RH (a) | 45 | 8082 |
| Rush Street Interactive, Inc. - Class A (a) | 85 | 1660 |
| SharkNinja, Inc. (a) | 173 | 19337 |
| Smith Douglas Homes Corp. - Class A (a) (b) | 75 | 1250 |
| Sportradar Group AG - Class A (a) | 124 | 2946 |
| Steven Madden, Ltd. | 41 | 1687 |
| Texas Roadhouse, Inc. - Class A | 94 | 15682 |
| Thor Industries, Inc. | 14 | 1406 |
| TopBuild Corp. (a) | 25 | 10367 |
| Travel + Leisure Co. | 40 | 2818 |
| Universal Technical Institute, Inc. (a) | 48 | 1262 |
| Victoria's Secret & Co. (a) | 28 | 1539 |
| Wingstop Inc. | 73 | 17302 |
| Wynn Resorts, Limited | 64 | 7722 |
|  |  | 259452 |
| **Financials 8.8%** | **Financials 8.8%** | **Financials 8.8%** |
| Bancorp, Inc., The (a) | 43 | 2923 |
| Chime Financial, Inc. - Class A (a) (b) | 45 | 1125 |
| Coastal Financial Corporation (a) | 18 | 2112 |
| Customers Bancorp, Inc. (a) | 36 | 2642 |
| Dave Inc. - Class A (a) | 12 | 2656 |
| Evercore Inc. - Class A | 45 | 15153 |
| Figure Technology Solutions, Inc. - Class A (a) | 63 | 2581 |
| Goosehead Insurance, Inc. - Class A | 97 | 7098 |
| Hamilton Lane Incorporated - Class A | 28 | 3809 |
| HCI Group, Inc. | 12 | 2244 |
| Houlihan Lokey, Inc. - Class A | 65 | 11305 |
| Jack Henry & Associates, Inc. | 70 | 12797 |
| Kinsale Capital Group, Inc. | 28 | 11085 |
| LendingClub Corporation (a) | 106 | 2016 |
| Marex Group PLC | 133 | 5116 |
| Moelis & Company - Class A | 218 | 14965 |
| Morningstar, Inc. | 10 | 2073 |
| Neptune Insurance Holdings Inc. - Class A (a) | 29 | 856 |
| Paymentus Holdings, Inc. - Class A (a) | 79 | 2507 |
| Piper Sandler Companies | 7 | 2433 |
| Primerica, Inc. | 26 | 6770 |
| Ryan Specialty Group Holdings, Inc. - Class A | 403 | 20821 |
| ServisFirst Bancshares, Inc. | 81 | 5819 |
| Skyward Specialty Insurance Group, Inc. (a) | 97 | 4944 |
| StepStone Group Inc. - Class A | 241 | 15395 |
| StoneX Group Inc. (a) | 54 | 5161 |
| Toast, Inc. - Class A (a) | 86 | 3053 |
| Triumph Financial, Inc. (a) | 82 | 5151 |
| UMB Financial Corporation | 80 | 9177 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Victory Capital Holdings, Inc. - Class A | 121 | 7613 |
| Wealthfront Corporation (a) | 146 | 1981 |
| | | 193381 |
| **Consumer Staples 3.0%** | **Consumer Staples 3.0%** | **Consumer Staples 3.0%** |
| Celsius Holdings, Inc. (a) | 330 | 15105 |
| e.l.f. Beauty, Inc. (a) | 29 | 2176 |
| Freshpet, Inc. (a) | 20 | 1247 |
| Oddity Tech Ltd - Class A (a) | 191 | 7672 |
| Performance Food Group Company (a) | 83 | 7477 |
| PriceSmart, Inc. | 13 | 1619 |
| Primo Brands Corporation - Class A | 387 | 6320 |
| SunOpta Inc. (a) | 1041 | 3957 |
| The Chefs' Warehouse, Inc. (a) | 177 | 11037 |
| Turning Point Brands, Inc. | 29 | 3178 |
| Vita Coco Company, Inc., The (a) | 39 | 2068 |
| Vital Farms, Inc. (a) | 165 | 5282 |
|  |  | 67138 |
| **Communication Services 2.1%** | **Communication Services 2.1%** | **Communication Services 2.1%** |
| Liberty Live Holdings, Inc. - Series C (a) | 128 | 10640 |
| Liberty Media Corporation - Series A (a) | 84 | 7516 |
| Magnite, Inc. (a) | 870 | 14115 |
| Rightmove PLC | 847 | 5928 |
| Rightmove PLC - ADR | 648 | 8976 |
|  |  | 47175 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| Cameco Corporation | 29 | 2666 |
| Centrus Energy Corp. - Class A (a) (b) | 10 | 2585 |
| Energy Fuels Inc. (a) (b) | 144 | 2094 |
| Gulfport Energy Operating Corporation (a) | 7 | 1517 |
| Matador Resources Company | 61 | 2582 |
| Range Resources Corporation | 101 | 3577 |
| Solaris Energy Infrastructure, Inc. - Class A | 38 | 1730 |
| TechnipFMC PLC | 179 | 7980 |
| Uranium Energy Corp. (a) | 491 | 5730 |
| Weatherford International Public Limited Company | 48 | 3770 |
|  |  | 34231 |
| **Real Estate 1.3%** | **Real Estate 1.3%** | **Real Estate 1.3%** |
| American Healthcare REIT, Inc. | 195 | 9170 |
| Compass, Inc. - Class A (a) | 519 | 5489 |
| CoStar Group, Inc. (a) | 12 | 774 |
| EastGroup Properties, Inc. | 51 | 9137 |
| Terreno Realty Corporation | 59 | 3459 |
|  |  | 28029 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Avient Corporation | 202 | 6324 |
| Hawkins, Inc. | 23 | 3313 |
| Hudbay Minerals Inc. | 93 | 1851 |
| KRC Materials, Inc. (a) | 22 | 1545 |
| Materion Corporation | 38 | 4784 |
| MP Materials Corp. - Class A (a) (b) | 25 | 1288 |
| Pan American Silver Corp. | 56 | 2912 |
| United States Antimony Corporation (a) (b) | 185 | 927 |
| United States Lime & Minerals, Inc. | 16 | 1907 |
|  |  | 24851 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Ormat Technologies, Inc. | 12 | 1368 |
| Total Common Stocks (cost $1,925,784) | Total Common Stocks (cost $1,925,784) | 2165585 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Flexion Therapeutics, Inc. (a) (b) (c) | 491 | 5 |
| Total Rights (cost $0) | Total Rights (cost $0) | 5 |
| **SHORT TERM INVESTMENTS 3.4%** | **SHORT TERM INVESTMENTS 3.4%** | **SHORT TERM INVESTMENTS 3.4%** |
| **Investment Companies 1.9%** | **Investment Companies 1.9%** | **Investment Companies 1.9%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 41657 | 41657 |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| JNL Government Money Market Fund - Class SL, 3.74% (d) (e) | 34194 | 34194 |
| Total Short Term Investments (cost $75,851) | Total Short Term Investments (cost $75,851) | 75851 |
| **Total Investments 101.6% (cost $2,001,635)** | **Total Investments 101.6% (cost $2,001,635)** | **2241441** |
| **Other Assets and Liabilities, Net (1.6)%** | **Other Assets and Liabilities, Net (1.6)%** | **(35486)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2205955** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 85183 | 936945 | 980471 | 2586 |  |  | 41657 | 1.9 |
| JNL Government Money Market Fund, 3.74% - Class SL | 23978 | 685326 | 675110 | 1569 |  |  | 34194 | 1.5 |
|  | 109161 | 1622271 | 1655581 | 4155 |  |  | 75851 | 3.4 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2152284 | 13301 |  | 2165585 |
| &nbsp;&nbsp;Rights |  |  | 5 | 5 |
| &nbsp;&nbsp;Short Term Investments | 75851 |  |  | 75851 |
|  | 2228135 | 13301 | 5 | 2241441 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |
| **COMMON STOCKS 97.9%** | **COMMON STOCKS 97.9%** | **COMMON STOCKS 97.9%** |
| **Industrials 24.1%** | **Industrials 24.1%** | **Industrials 24.1%** |
| ACV Auctions Inc. - Class A (a) | 271 | 2176 |
| Alight, Inc. - Class A | 606 | 1182 |
| American Woodmark Corporation (a) | 36 | 1928 |
| Armstrong World Industries, Inc. | 55 | 10449 |
| Blue Bird Global Corporation (a) | 81 | 3819 |
| BrightView Holdings, Inc. (a) | 574 | 7277 |
| Caci International Inc. - Class A (a) | 12 | 6357 |
| Cadre Holdings, Inc. | 473 | 19337 |
| CBIZ, Inc. (a) | 145 | 7301 |
| CNH Industrial N.V. | 357 | 3288 |
| CoreCivic, Inc. (a) | 574 | 10964 |
| CSW Industrials, Inc. | 31 | 9033 |
| Enerpac Tool Group Corp. - Class A | 237 | 9057 |
| ESAB Corporation | 56 | 6289 |
| Gorman- Rupp Company, The | 37 | 1762 |
| GXO Logistics Inc. (a) | 137 | 7197 |
| Hayward Holdings, Inc. (a) | 708 | 10938 |
| Helios Technologies, Inc. | 45 | 2418 |
| Hillman Solutions Corp. - Class A (a) | 2526 | 21880 |
| HNI Corporation | 115 | 4815 |
| Hub Group, Inc. - Class A | 105 | 4461 |
| Huntington Ingalls Industries, Inc. | 16 | 5360 |
| Huron Consulting Group Inc. (a) | 53 | 9107 |
| ICF International, Inc. | 96 | 8228 |
| IES Holdings, Inc. (a) | 25 | 9617 |
| Insperity, Inc. | 372 | 14416 |
| Janus International Group, Inc. (a) | 1306 | 8541 |
| Korn Ferry | 29 | 1943 |
| Landstar System, Inc. | 134 | 19311 |
| Masterbrand, Inc. (a) (b) | 413 | 4559 |
| Maximus, Inc. | 126 | 10896 |
| McGrath RentCorp | 111 | 11628 |
| Middleby Corporation, The (a) | 39 | 5724 |
| Mine Safety Appliances Company, LLC | 52 | 8306 |
| Modine Manufacturing Company (a) | 111 | 14746 |
| MOOG Inc. - Class A | 22 | 5418 |
| MYR Group Inc. (a) | 53 | 11560 |
| Owens Corning | 33 | 3701 |
| Paycom Software, Inc. | 85 | 13592 |
| Powell Industries, Inc. (b) | 9 | 2817 |
| Rentokil Initial PLC - ADR (b) | 200 | 5897 |
| Rush Enterprises, Inc. - Class A | 108 | 5818 |
| Science Applications International Corporation | 33 | 3283 |
| Simpson Manufacturing Co., Inc. | 24 | 3859 |
| Tecnoglass Inc. | 63 | 3165 |
| Timken Company, The | 100 | 8419 |
| UFP Industries, Inc. | 48 | 4333 |
| U-Haul Holding Company - Series N | 206 | 9634 |
| Unifirst Corporation | 57 | 11083 |
| V2X, Inc. (a) | 169 | 9219 |
| Verra Mobility Corporation - Class A (a) | 884 | 19816 |
| WESCO International, Inc. | 21 | 5186 |
| Willscot Holdings Corporation - Class A | 162 | 3058 |
|  |  | 414168 |
| **Financials 22.1%** | **Financials 22.1%** | **Financials 22.1%** |
| Amalgamated Financial Corp. | 108 | 3449 |
| Assured Guaranty Ltd. | 252 | 22611 |
| Atlantic Union Bank | 116 | 4100 |
| AXIS Capital Holdings Limited | 60 | 6460 |
| Axos Financial, Inc. (a) | 36 | 3120 |
| Bancorp, Inc., The (a) | 155 | 10498 |
| Bank of Hawaii Corporation | 83 | 5666 |
| Bank OZK | 64 | 2939 |
| BankUnited, Inc. | 137 | 6111 |
| Beacon Financial Corporation | 74 | 1953 |
| Burford Capital Limited - Class C | 797 | 7113 |
| Cannae Holdings, Inc. | 213 | 3353 |
| CNA Financial Corporation | 85 | 4080 |
| CNO Financial Group, Inc. | 110 | 4670 |
| Columbia Banking System, Inc. | 353 | 9861 |
| Commerce Bancshares, Inc. | 182 | 9533 |
| Essent Group Ltd. | 135 | 8799 |
| Euronet Worldwide, Inc. (a) | 167 | 12710 |
| EVERTEC, Inc. | 64 | 1867 |
| F.N.B. Corporation | 338 | 5779 |
| Federated Hermes, Inc. - Class B | 53 | 2742 |
| First American Financial Corporation | 174 | 10684 |
| First Citizens BancShares, Inc. - Class A | 9 | 18346 |
| First Hawaiian, Inc. | 283 | 7162 |
| Genworth Financial, Inc. - Class A (a) | 1110 | 10021 |
| Glacier Bancorp, Inc. | 215 | 9487 |
| Hanover Insurance Group Inc., The | 31 | 5581 |
| Independent Bank Corp. | 75 | 5481 |
| International Bancshares Corporation | 83 | 5488 |
| MarketAxess Holdings Inc. | 19 | 3480 |
| Marqeta, Inc. - Class A (a) | 783 | 3719 |
| P10, Inc. - Class A (b) | 326 | 3199 |
| QCR Holdings, Inc. | 35 | 2947 |
| Skyward Specialty Insurance Group, Inc. (a) | 467 | 23885 |
| Stewart Information Services Corporation | 162 | 11380 |
| Texas Capital Bancshares, Inc. (a) | 42 | 3792 |
| Triumph Financial, Inc. (a) | 52 | 3257 |
| UMB Financial Corporation | 82 | 9482 |
| Virtu Financial, Inc. - Class A | 239 | 7950 |
| Virtus Investment Partners, Inc. | 51 | 8286 |
| WAFD, Inc. | 158 | 5061 |
| Wex, Inc. (a) | 56 | 8335 |
| White Mountains Insurance Group Ltd | 23 | 47784 |
| Wintrust Financial Corporation | 124 | 17365 |
| WSFS Financial Corporation | 195 | 10796 |
|  |  | 380382 |
| **Consumer Discretionary 11.3%** | **Consumer Discretionary 11.3%** | **Consumer Discretionary 11.3%** |
| Dorman Products, Inc. (a) | 69 | 8535 |
| Dream Finders Homes, Inc. - Class A (a) | 333 | 5690 |
| Frontdoor, Inc. (a) | 192 | 11074 |
| Grand Canyon Education, Inc. (a) | 62 | 10270 |
| Group 1 Automotive, Inc. | 19 | 7541 |
| Hasbro, Inc. | 79 | 6489 |
| LCI Industries | 40 | 4891 |
| Les Vetements de Sport Gildan Inc. - Class A | 246 | 15340 |
| LGI Homes, Inc. (a) | 52 | 2234 |
| Lithia Motors, Inc. - Class A | 33 | 10944 |
| LKQ Corporation | 144 | 4336 |
| M/I Homes, Inc. (a) | 34 | 4294 |
| Malibu Boats, Inc. - Class A (a) | 251 | 7071 |
| Meritage Homes Corporation | 20 | 1327 |
| Murphy USA Inc. | 27 | 10877 |
| OneSpaWorld Holdings Limited (b) | 280 | 5807 |
| Patrick Industries, Inc. | 94 | 10244 |
| Pursuit Attractions And Hospitality, Inc. (a) | 78 | 2613 |
| United Parks And Resorts Inc. (a) (b) | 139 | 5034 |
| Vail Resorts, Inc. (b) | 35 | 4616 |
| Valvoline, Inc. (a) | 294 | 8554 |
| Winmark Corporation | 11 | 4434 |
| Winnebago Industries, Inc. | 207 | 8388 |
| Wyndham Hotels & Resorts, Inc. | 105 | 7939 |
| YETI Holdings, Inc. (a) | 594 | 26226 |
|  |  | 194768 |
| **Health Care 11.2%** | **Health Care 11.2%** | **Health Care 11.2%** |
| Acadia Healthcare Company, Inc. (a) | 94 | 1340 |
| AdaptHealth LLC - Class A (a) | 937 | 9333 |
| Addus HomeCare Corporation (a) | 171 | 18344 |
| Alphatec Holdings, Inc. (a) | 268 | 5640 |
| Arcellx Inc. (a) | 19 | 1261 |
| BioMarin Pharmaceutical Inc. (a) | 88 | 5225 |
| Charles River Laboratories International, Inc. (a) | 36 | 7149 |
| CONMED Corporation | 159 | 6446 |
| Cooper Companies, Inc., The (a) | 97 | 7982 |
| CRISPR Therapeutics AG (a) (b) | 45 | 2365 |
| Dentsply Sirona Inc. | 386 | 4412 |
| Dynavax Technologies Corporation (a) | 174 | 2670 |
| Embecta Corp. | 197 | 2346 |
| Encompass Health Corporation | 34 | 3650 |
| Enovis Corporation (a) | 72 | 1928 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ensign Group, Inc., The | 50 | 8658 |
| Evolent Health, Inc. - Class A (a) | 137 | 547 |
| Haemonetics Corporation (a) | 70 | 5648 |
| Icon Public Limited Company (a) | 46 | 8342 |
| ICU Medical, Inc. (a) | 133 | 18971 |
| Inspire Medical Systems, Inc. (a) | 10 | 938 |
| Integer Holdings Corporation (a) | 99 | 7781 |
| Janux Therapeutics, Inc. (a) | 41 | 571 |
| Lantheus Holdings, Inc. (a) | 173 | 11514 |
| MoonLake Immunotherapeutics AG - Class A (a) | 56 | 734 |
| Pennant Group, Inc., The (a) | 380 | 10686 |
| Perrigo Company Public Limited Company | 303 | 4220 |
| Praxis Precision Medicines, Inc. (a) | 23 | 6676 |
| Relay Therapeutics, Inc. (a) | 304 | 2575 |
| Smith & Nephew PLC - ADR (b) | 176 | 5788 |
| Tango Therapeutics, Inc. (a) (b) | 173 | 1536 |
| Teleflex Incorporated | 58 | 7081 |
| UFP Technologies, Inc. (a) | 16 | 3467 |
| Varex Imaging Corporation (a) | 311 | 3622 |
| Vericel Corporation (a) | 96 | 3465 |
| | | 192911 |
| **Information Technology 11.0%** | **Information Technology 11.0%** | **Information Technology 11.0%** |
| ACI Worldwide, Inc. (a) | 198 | 9444 |
| ACM Research, Inc. - Class A (a) | 210 | 8281 |
| Alkami Technology, Inc. (a) | 207 | 4774 |
| Arrow Electronics, Inc. (a) | 31 | 3366 |
| ASGN Incorporated (a) | 218 | 10520 |
| Axcelis Technologies, Inc. (a) | 185 | 14849 |
| Cleanspark Inc. (a) (b) | 262 | 2649 |
| Cognex Corporation | 206 | 7430 |
| DigitalOcean Holdings, Inc. (a) | 98 | 4724 |
| ePlus Inc. | 273 | 23934 |
| Formfactor, Inc. (a) | 252 | 14057 |
| Globant S.A. (a) | 49 | 3182 |
| Insight Enterprises, Inc. (a) | 76 | 6175 |
| InterDigital, Inc. | 48 | 15282 |
| Itron, Inc. (a) | 31 | 2872 |
| MKS Inc. | 59 | 9393 |
| Napco Security Technologies, Inc. | 129 | 5359 |
| NCR Voyix Corporation (a) | 183 | 1863 |
| Open Text Corporation | 104 | 3383 |
| PAR Technology Corporation (a) (b) | 155 | 5636 |
| Plexus Corp. (a) | 12 | 1809 |
| Silicon Motion, Inc. - ADR | 198 | 18355 |
| TD SYNNEX Corporation | 30 | 4519 |
| Vontier Corporation | 208 | 7719 |
|  |  | 189575 |
| **Materials 4.5%** | **Materials 4.5%** | **Materials 4.5%** |
| AptarGroup, Inc. | 64 | 7776 |
| Ashland Inc. | 92 | 5379 |
| Century Aluminum Company (a) | 150 | 5883 |
| Commercial Metals Company | 45 | 3148 |
| Element Solutions Inc. | 684 | 17097 |
| H.B. Fuller Company | 153 | 9109 |
| Hecla Mining Company | 530 | 10162 |
| International Flavors & Fragrances Inc. | 75 | 5073 |
| KRC Materials, Inc. (a) | 48 | 3352 |
| Quaker Chemical Corporation | 71 | 9794 |
|  |  | 76773 |
| **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** |
| Apple Hospitality REIT, Inc. | 346 | 4104 |
| Brandywine Realty Trust | 618 | 1805 |
| Cushman & Wakefield Ltd. (a) | 848 | 13722 |
| Getty Realty Corp. (b) | 151 | 4135 |
| Highwoods Properties, Inc. | 95 | 2461 |
| Howard Hughes Holdings Inc. (a) | 38 | 3001 |
| Independence Realty Trust, Inc. | 89 | 1559 |
| PotlatchDeltic Corporation | 114 | 4547 |
| Ryman Hospitality Properties, Inc. | 176 | 16663 |
| STAG Industrial, Inc. | 152 | 5571 |
| Terreno Realty Corporation | 79 | 4621 |
|  |  | 62189 |
| **Energy 3.1%** | **Energy 3.1%** | **Energy 3.1%** |
| Atlas Energy Solutions Inc. (b) | 570 | 5367 |
| CNX Resources Corporation (a) | 182 | 6693 |
| CVR Energy, Inc. (a) | 55 | 1402 |
| Delek US Holdings, Inc. | 123 | 3642 |
| DHT Holdings, Inc. | 295 | 3599 |
| DMC Global Inc. (a) | 384 | 2571 |
| Gulfport Energy Operating Corporation (a) | 24 | 5063 |
| HF Sinclair Corporation | 68 | 3118 |
| Matador Resources Company | 46 | 1969 |
| Ovintiv Canada ULC | 33 | 1299 |
| Permian Resources Corporation - Class A | 474 | 6656 |
| RPC, Inc. | 933 | 5075 |
| SM Energy Company | 72 | 1341 |
| Talos Energy Inc. (a) | 259 | 2855 |
| Weatherford International Public Limited Company | 40 | 3167 |
|  |  | 53817 |
| **Consumer Staples 3.0%** | **Consumer Staples 3.0%** | **Consumer Staples 3.0%** |
| Bellring Intermediate Holdings, Inc. (a) | 161 | 4309 |
| BJ's Wholesale Club Holdings, Inc. (a) | 141 | 12690 |
| Cal-Maine Foods, Inc. | 61 | 4836 |
| Dole Public Limited Company | 175 | 2622 |
| Ingles Markets, Incorporated - Class A | 55 | 3746 |
| Ingredion Incorporated | 46 | 5076 |
| Interparfums, Inc. | 81 | 6871 |
| Nomad Foods Limited | 490 | 6129 |
| PriceSmart, Inc. | 37 | 4508 |
|  |  | 50787 |
| **Utilities 2.6%** | **Utilities 2.6%** | **Utilities 2.6%** |
| Avista Corporation | 56 | 2160 |
| Black Hills Corporation | 65 | 4513 |
| Hawaiian Electric Industries, Inc. (a) | 572 | 7036 |
| IDACORP, Inc. | 12 | 1575 |
| MDU Resources Group, Inc. | 320 | 6254 |
| NorthWestern Corporation | 83 | 5366 |
| Portland General Electric Company | 87 | 4161 |
| Southwest Gas Holdings, Inc. | 58 | 4603 |
| Spire Inc. | 45 | 3717 |
| Talen Energy Corporation (a) | 5 | 1717 |
| TXNM Energy, Inc. | 47 | 2783 |
|  |  | 43885 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| IDT Corporation - Class B | 71 | 3653 |
| Lumen Technologies, Inc. (a) | 262 | 2034 |
| Sphere Entertainment Co. - Class A (a) | 25 | 6466 |
| Telephone and Data Systems, Inc. | 157 | 6457 |
| TripAdvisor, Inc. (a) | 228 | 3313 |
| Yelp Inc. (a) | 65 | 1987 |
|  |  | 23910 |
| Total Common Stocks (cost $1,516,952) | Total Common Stocks (cost $1,516,952) | 1683165 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 34521 | 34521 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 11073 | 11073 |
| Total Short Term Investments (cost $45,594) | Total Short Term Investments (cost $45,594) | 45594 |
| **Total Investments 100.5% (cost $1,562,546)** | **Total Investments 100.5% (cost $1,562,546)** | **1728759** |
| **Other Assets and Liabilities, Net (0.5)%** | **Other Assets and Liabilities, Net (0.5)%** | **(8775)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1719984** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** | **JNL Multi-Manager Small Cap Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 54416 | 454533 | 474428 | 1860 |  |  | 34521 | 2.0 |
| JNL Government Money Market Fund, 3.74% - Class SL | 19164 | 330753 | 338844 | 647 |  |  | 11073 | 0.7 |
|  | 73580 | 785286 | 813272 | 2507 |  |  | 45594 | 2.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1683165 |  |  | 1683165 |
| &nbsp;&nbsp;Short Term Investments | 45594 |  |  | 45594 |
|  | 1728759 |  |  | 1728759 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |
| **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** |
| **Information Technology 17.7%** | **Information Technology 17.7%** | **Information Technology 17.7%** |
| Accenture Public Limited Company - Class A | 38 | 10189 |
| AppLovin Corporation - Class A (a) | 131 | 88567 |
| Microsoft Corporation | 67 | 32446 |
| NVIDIA Corporation | 249 | 46435 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 76 | 23090 |
| Western Digital Corporation | 266 | 45867 |
|  |  | 246594 |
| **Financials 15.6%** | **Financials 15.6%** | **Financials 15.6%** |
| Allstate Corporation, The | 77 | 16081 |
| American International Group, Inc. | 221 | 18899 |
| Ares Management Corporation - Class A | 55 | 8846 |
| Arthur J. Gallagher & Co. | 31 | 7922 |
| Berkshire Hathaway Inc. - Class B (a) | 58 | 29548 |
| Brookfield Corporation - Class A | 142 | 6493 |
| Cincinnati Financial Corporation | 75 | 12212 |
| CME Group Inc. - Class A | 45 | 12377 |
| Fairfax Financial Holdings Limited | 3 | 5094 |
| First Citizens BancShares, Inc. - Class A | 4 | 7879 |
| KKR & Co. Inc. - Class A | 31 | 3914 |
| LPL Financial Holdings Inc. | 40 | 14387 |
| Old Republic International Corporation | 158 | 7221 |
| Progressive Corporation, The | 144 | 32687 |
| Reinsurance Group of America, Incorporated | 116 | 23660 |
| RenaissanceRe Holdings Ltd | 18 | 4993 |
| Willis Towers Watson Public Limited Company | 18 | 5922 |
|  |  | 218135 |
| **Health Care 13.8%** | **Health Care 13.8%** | **Health Care 13.8%** |
| Becton, Dickinson and Company | 31 | 6088 |
| Cardinal Health, Inc. | 110 | 22673 |
| Cigna Group, The | 86 | 23752 |
| Eli Lilly and Company | 16 | 16690 |
| GE HealthCare Technologies Inc. | 72 | 5940 |
| Illumina, Inc. (a) | 67 | 8779 |
| Johnson & Johnson | 100 | 20761 |
| Labcorp Holdings Inc. | 25 | 6363 |
| McKesson Corporation | 21 | 17226 |
| Novartis AG - ADR (b) | 130 | 17959 |
| Tenet Healthcare Corporation (a) | 94 | 18576 |
| Teva Pharmaceutical Industries Ltd - ADR (a) | 905 | 28229 |
|  |  | 193036 |
| **Industrials 12.0%** | **Industrials 12.0%** | **Industrials 12.0%** |
| BAE Systems PLC - ADR | 282 | 26184 |
| Caci International Inc. - Class A (a) | 7 | 3734 |
| Carlisle Companies Incorporated | 22 | 7152 |
| Deere & Company | 15 | 6992 |
| Delta Air Lines, Inc. | 90 | 6253 |
| GE Vernova Inc. | 31 | 20431 |
| General Electric Company | 67 | 20478 |
| Lockheed Martin Corporation | 13 | 6134 |
| Rolls-Royce Holdings PLC - ADR (b) | 1351 | 21245 |
| Siemens Energy AG (a) | 289 | 40419 |
| Union Pacific Corporation | 36 | 8415 |
|  |  | 167437 |
| **Consumer Staples 9.5%** | **Consumer Staples 9.5%** | **Consumer Staples 9.5%** |
| Altria Group, Inc. | 353 | 20341 |
| Anheuser-Busch InBev - ADR (b) | 109 | 6970 |
| BJ's Wholesale Club Holdings, Inc. (a) | 115 | 10336 |
| Casey's General Stores, Inc. | 6 | 3320 |
| Coca-Cola Company, The | 206 | 14426 |
| Kroger Co., The | 273 | 17077 |
| Philip Morris International Inc. | 371 | 59441 |
|  |  | 131911 |
| **Consumer Discretionary 7.9%** | **Consumer Discretionary 7.9%** | **Consumer Discretionary 7.9%** |
| Amazon.com, Inc. (a) | 175 | 40343 |
| Lennar Corporation - Class A | 29 | 2985 |
| Lithia Motors, Inc. - Class A | 19 | 6433 |
| LVMH Moet Hennessy Louis Vuitton - ADR | 24 | 3674 |
| Restaurant Brands International Limited Partnership | 51 | 3484 |
| Sea Limited - Class A - ADR (a) | 212 | 27004 |
| Tapestry, Inc. | 200 | 25550 |
|  |  | 109473 |
| **Utilities 7.4%** | **Utilities 7.4%** | **Utilities 7.4%** |
| American Electric Power Company, Inc. | 182 | 20979 |
| American Water Works Company, Inc. | 101 | 13180 |
| Atmos Energy Corporation | 29 | 4865 |
| CenterPoint Energy, Inc. | 251 | 9616 |
| Duke Energy Corporation | 111 | 13006 |
| Exelon Corporation | 296 | 12905 |
| NextEra Energy, Inc. | 148 | 11865 |
| PPL Corporation | 197 | 6909 |
| XCEL Energy Inc. | 131 | 9651 |
|  |  | 102976 |
| **Communication Services 6.2%** | **Communication Services 6.2%** | **Communication Services 6.2%** |
| AT&T Inc. | 953 | 23669 |
| Meta Platforms, Inc. - Class A | 23 | 14984 |
| Spotify Technology S.A. (a) | 32 | 18513 |
| Universal Music Group N.V. - ADR (b) | 596 | 7777 |
| Verizon Communications Inc. | 523 | 21280 |
|  |  | 86223 |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| American Healthcare REIT, Inc. | 396 | 18616 |
| Mid-America Apartment Communities, Inc. | 46 | 6444 |
| Welltower Inc. | 94 | 17355 |
|  |  | 42415 |
| **Energy 2.7%** | **Energy 2.7%** | **Energy 2.7%** |
| Chevron Corporation | 60 | 9132 |
| Enbridge Inc. | 232 | 11113 |
| Exxon Mobil Corporation | 142 | 17115 |
|  |  | 37360 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Amrize AG (a) | 165 | 8898 |
| Corteva, Inc. | 167 | 11179 |
| CRH Public Limited Company | 66 | 8288 |
|  |  | 28365 |
| Total Common Stocks (cost $1,107,643) | Total Common Stocks (cost $1,107,643) | 1363925 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (c) | 8 | 13 |
| Total Rights (cost $0) | Total Rights (cost $0) | 13 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Investment Companies 2.1%** | **Investment Companies 2.1%** | **Investment Companies 2.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 29672 | 29672 |
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (d) (e) | 13135 | 13135 |
| Total Short Term Investments (cost $42,807) | Total Short Term Investments (cost $42,807) | 42807 |
| **Total Investments 100.9% (cost $1,150,450)** | **Total Investments 100.9% (cost $1,150,450)** | **1406745** |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(12654)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1394091** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** | **JNL Multi-Manager U.S. Select Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 9713 | 833799 | 813840 | 1652 |  |  | 29672 | 2.1 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 160658 | 147523 | 294 |  |  | 13135 | 1.0 |
|  | 9713 | 994457 | 961363 | 1946 |  |  | 42807 | 3.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1323506 | 40419 |  | 1363925 |
| &nbsp;&nbsp;Rights |  |  | 13 | 13 |
| &nbsp;&nbsp;Short Term Investments | 42807 |  |  | 42807 |
|  | 1366313 | 40419 | 13 | 1406745 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Information Technology 34.1%** | **Information Technology 34.1%** | **Information Technology 34.1%** |
| Accenture Public Limited Company - Class A | 6 | 1622 |
| Adobe Inc. (a) | 4 | 1409 |
| Advanced Micro Devices, Inc. (a) | 16 | 3378 |
| Akamai Technologies, Inc. (a) | 1 | 117 |
| Amphenol Corporation - Class A | 12 | 1606 |
| Analog Devices, Inc. | 5 | 1306 |
| Apple Inc. | 143 | 38959 |
| Applied Materials, Inc. | 8 | 1994 |
| AppLovin Corporation - Class A (a) | 3 | 1771 |
| Arista Networks, Inc. (a) | 10 | 1321 |
| Autodesk, Inc. (a) | 2 | 613 |
| Broadcom Inc. | 46 | 15860 |
| Cadence Design Systems, Inc. (a) | 3 | 823 |
| CDW Corp. | 1 | 178 |
| Cisco Systems, Inc. | 38 | 2953 |
| Cognizant Technology Solutions Corporation - Class A | 5 | 389 |
| Corning Incorporated | 8 | 672 |
| CrowdStrike Holdings, Inc. - Class A (a) | 2 | 1145 |
| Datadog, Inc. - Class A (a) | 3 | 414 |
| Dell Technologies Inc. - Class C | 3 | 370 |
| EPAM Systems, Inc. (a) | 1 | 119 |
| F5, Inc. (a) | 1 | 148 |
| Fair Isaac Corporation (a) |  | 392 |
| First Solar, Inc. (a) | 1 | 277 |
| Fortinet, Inc. (a) | 6 | 481 |
| Gartner, Inc. (a) | 1 | 167 |
| Gen Digital Inc. | 6 | 149 |
| GoDaddy Inc. - Class A (a) | 1 | 163 |
| Hewlett Packard Enterprise Company | 13 | 314 |
| HP, Inc. | 9 | 200 |
| Intel Corporation (a) | 44 | 1605 |
| International Business Machines Corporation | 9 | 2678 |
| Intuit Inc. | 3 | 1793 |
| Jabil Inc. | 1 | 246 |
| Keysight Technologies, Inc. (a) | 2 | 349 |
| KLA Corporation | 1 | 1557 |
| Lam Research Corporation | 12 | 2083 |
| Microchip Technology Incorporated | 5 | 338 |
| Micron Technology, Inc. | 11 | 3100 |
| Microsoft Corporation | 72 | 34873 |
| Monolithic Power Systems, Inc. |  | 413 |
| Motorola Solutions, Inc. | 2 | 614 |
| NetApp, Inc. | 2 | 200 |
| NVIDIA Corporation | 236 | 43980 |
| NXP Semiconductors N.V. | 2 | 533 |
| ON Semiconductor Corporation (a) | 4 | 222 |
| Oracle Corporation | 16 | 3185 |
| Palantir Technologies Inc. - Class A (a) | 22 | 3924 |
| Palo Alto Networks, Inc. (a) | 7 | 1222 |
| PTC Inc. (a) | 1 | 205 |
| Qnity Electronics, Inc. | 2 | 170 |
| Qualcomm Incorporated | 10 | 1761 |
| Roper Technologies, Inc. | 1 | 466 |
| Salesforce, Inc. | 9 | 2459 |
| SanDisk LLC (a) | 1 | 320 |
| Seagate Technology Holdings Public Limited Company | 2 | 585 |
| ServiceNow, Inc. (a) | 10 | 1545 |
| Skyworks Solutions, Inc. | 1 | 87 |
| Super Micro Computer, Inc. (a) | 5 | 148 |
| Synopsys, Inc. (a) | 2 | 850 |
| TE Connectivity Public Limited Company | 3 | 657 |
| Teledyne Technologies Incorporated (a) |  | 239 |
| Teradyne, Inc. | 2 | 298 |
| Texas Instruments Incorporated | 9 | 1531 |
| Trimble Inc. (a) | 2 | 173 |
| Tyler Technologies, Inc. (a) |  | 195 |
| VeriSign, Inc. | 1 | 192 |
| Western Digital Corporation | 3 | 579 |
| Workday, Inc. - Class A (a) | 2 | 450 |
| Zebra Technologies Corporation - Class A (a) |  | 115 |
|  |  | 195250 |
| **Financials 13.3%** | **Financials 13.3%** | **Financials 13.3%** |
| AFLAC Incorporated | 5 | 503 |
| Allstate Corporation, The | 3 | 532 |
| American Express Company | 5 | 1918 |
| American International Group, Inc. | 5 | 460 |
| Ameriprise Financial, Inc. | 1 | 425 |
| AON Public Limited Company - Class A | 2 | 728 |
| Apollo Global Management, Inc. | 4 | 638 |
| Arch Capital Group Ltd. (a) | 3 | 319 |
| Ares Management Corporation - Class A | 2 | 310 |
| Arthur J. Gallagher & Co. | 3 | 652 |
| Assurant, Inc. | 1 | 120 |
| Bank of America Corporation | 65 | 3568 |
| Bank of New York Mellon Corporation, The (b) | 7 | 795 |
| Berkshire Hathaway Inc. - Class B (a) | 18 | 8946 |
| BlackRock, Inc. | 1 | 1492 |
| Blackstone Inc. - Class A | 7 | 1105 |
| Block, Inc. - Class A (a) | 5 | 347 |
| Brown & Brown, Inc. | 3 | 220 |
| Capital One Financial Corporation | 6 | 1502 |
| CBOE Global Markets, Inc. | 1 | 249 |
| Charles Schwab Corporation, The | 16 | 1602 |
| Chubb Limited | 4 | 1113 |
| Cincinnati Financial Corporation | 2 | 257 |
| Citigroup Inc. | 17 | 2008 |
| Citizens Financial Group, Inc. | 4 | 241 |
| CME Group Inc. - Class A | 4 | 964 |
| Coinbase Global, Inc. - Class A (a) | 2 | 497 |
| Corpay Inc. (a) | 1 | 213 |
| Erie Indemnity Company - Class A |  | 70 |
| Everest Group, Ltd. |  | 149 |
| FactSet Research Systems Inc. |  | 109 |
| Fidelity National Information Services, Inc. | 5 | 330 |
| Fifth Third Bancorp | 6 | 293 |
| Fiserv, Inc. (a) | 5 | 346 |
| Franklin Resources, Inc. | 3 | 69 |
| Global Payments Inc. | 2 | 181 |
| Globe Life Inc. | 1 | 116 |
| Goldman Sachs Group, Inc., The | 3 | 2550 |
| Hartford Insurance Group, Inc., The | 3 | 362 |
| Huntington Bancshares Incorporated | 15 | 258 |
| Interactive Brokers Group, Inc. - Class A | 4 | 273 |
| Intercontinental Exchange, Inc. | 6 | 900 |
| Invesco Ltd. | 4 | 115 |
| Jack Henry & Associates, Inc. | 1 | 138 |
| JPMorgan Chase & Co. | 26 | 8499 |
| KeyCorp | 9 | 194 |
| KKR & Co. Inc. - Class A | 7 | 849 |
| Loews Corporation | 2 | 177 |
| M&T Bank Corporation | 1 | 291 |
| Marsh & Mclennan Companies, Inc. | 5 | 865 |
| MasterCard Incorporated - Class A | 8 | 4525 |
| MetLife, Inc. | 5 | 428 |
| Moody's Corporation | 2 | 777 |
| Morgan Stanley | 12 | 2088 |
| MSCI Inc. - Class A | 1 | 433 |
| Nasdaq, Inc. | 4 | 415 |
| Northern Trust Corporation | 2 | 260 |
| PayPal Holdings, Inc. | 9 | 532 |
| Principal Financial Group, Inc. | 2 | 173 |
| Progressive Corporation, The | 6 | 1290 |
| Prudential Financial, Inc. | 3 | 382 |
| Raymond James Financial, Inc. | 2 | 283 |
| Regions Financial Corporation | 9 | 236 |
| Robinhood Markets, Inc. - Class A (a) | 8 | 856 |
| S&P Global Inc. | 3 | 1582 |
| State Street Corporation | 3 | 352 |
| Synchrony Financial | 4 | 307 |
| T. Rowe Price Group, Inc. | 2 | 217 |
| The PNC Financial Services Group, Inc. | 4 | 804 |
| Travelers Companies, Inc., The | 2 | 630 |
| Truist Financial Corporation | 12 | 603 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| U.S. Bancorp | 15 | 795 |
| Visa Inc. - Class A | 16 | 5726 |
| W. R. Berkley Corporation | 3 | 201 |
| Wells Fargo & Company | 30 | 2824 |
| Willis Towers Watson Public Limited Company | 1 | 319 |
| | | 75896 |
| **Communication Services 10.5%** | **Communication Services 10.5%** | **Communication Services 10.5%** |
| Alphabet Inc. - Class A | 56 | 17651 |
| Alphabet Inc. - Class C | 45 | 14174 |
| AT&T Inc. | 68 | 1692 |
| Comcast Corporation - Class A | 36 | 1062 |
| Electronic Arts Inc. | 2 | 441 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 180 |
| Fox Corporation - Class A | 2 | 131 |
| Fox Corporation - Class B | 1 | 92 |
| Live Nation Entertainment, Inc. (a) | 2 | 219 |
| Match Group, Inc. | 2 | 71 |
| Meta Platforms, Inc. - Class A | 21 | 13944 |
| Netflix, Inc. (a) | 41 | 3850 |
| News Corporation - Class A | 4 | 96 |
| News Corporation - Class B (c) | 1 | 26 |
| Omnicom Group Inc. | 3 | 254 |
| Paramount Skydance Corporation - Class B (c) | 2 | 32 |
| Take-Two Interactive Software, Inc. (a) | 2 | 432 |
| TKO Group Holdings Inc. - Class A | 1 | 134 |
| T-Mobile US, Inc. | 5 | 959 |
| Trade Desk, Inc., The - Class A (a) | 4 | 157 |
| Verizon Communications Inc. | 41 | 1665 |
| Walt Disney Company, The | 17 | 1957 |
| Warner Bros. Discovery, Inc. - Series A (a) | 24 | 695 |
|  |  | 59914 |
| **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** |
| Airbnb, Inc. - Class A (a) | 4 | 562 |
| Amazon.com, Inc. (a) | 94 | 21783 |
| Aptiv PLC (a) | 2 | 156 |
| AutoZone, Inc. (a) |  | 556 |
| Best Buy Co., Inc. | 2 | 126 |
| Booking Holdings Inc. |  | 1687 |
| Carnival Corporation | 10 | 314 |
| Carvana Co. - Class A (a) | 1 | 582 |
| Chipotle Mexican Grill, Inc. (a) | 13 | 470 |
| D.R. Horton, Inc. | 3 | 367 |
| Darden Restaurants, Inc. | 1 | 204 |
| Deckers Outdoor Corporation (a) | 1 | 138 |
| Domino's Pizza, Inc. |  | 124 |
| DoorDash, Inc. - Class A (a) | 4 | 812 |
| eBay Inc. | 5 | 394 |
| Expedia Group, Inc. | 1 | 319 |
| Ford Motor Company | 39 | 511 |
| Garmin Ltd. | 2 | 319 |
| General Motors Company | 9 | 725 |
| Genuine Parts Company | 1 | 163 |
| Hasbro, Inc. | 1 | 101 |
| Hilton Worldwide Holdings Inc. | 2 | 650 |
| Home Depot, Inc., The | 10 | 3319 |
| Las Vegas Sands Corp. | 3 | 193 |
| Lennar Corporation - Class A | 2 | 216 |
| Lowe`s Companies, Inc. | 6 | 1326 |
| Lululemon Athletica Canada Inc. (a) | 1 | 225 |
| Marriott International, Inc. - Class A | 2 | 675 |
| McDonald's Corporation | 7 | 2117 |
| MGM Resorts International (a) (c) | 2 | 72 |
| Nike, Inc. - Class B | 12 | 734 |
| Norwegian Cruise Line Holdings Ltd. (a) | 4 | 98 |
| NVR, Inc. (a) |  | 197 |
| O'Reilly Automotive, Inc. (a) | 8 | 749 |
| Pool Corporation |  | 62 |
| PulteGroup, Inc. | 2 | 227 |
| Ralph Lauren Corporation - Class A |  | 132 |
| Ross Stores, Inc. | 3 | 552 |
| Royal Caribbean Cruises Ltd. | 2 | 687 |
| Starbucks Corporation | 11 | 938 |
| Tapestry, Inc. | 2 | 257 |
| Tesla, Inc. (a) | 27 | 12272 |
| TJX Companies, Inc., The | 11 | 1658 |
| Tractor Supply Company | 5 | 261 |
| Ulta Beauty, Inc. (a) |  | 257 |
| Williams-Sonoma, Inc. | 1 | 216 |
| Wynn Resorts, Limited | 1 | 94 |
| Yum! Brands, Inc. | 3 | 415 |
|  |  | 59012 |
| **Health Care 9.5%** | **Health Care 9.5%** | **Health Care 9.5%** |
| Abbott Laboratories | 17 | 2118 |
| AbbVie Inc. | 17 | 3918 |
| Agilent Technologies, Inc. | 3 | 376 |
| Align Technology, Inc. (a) | 1 | 98 |
| Amgen Inc. | 5 | 1710 |
| Baxter International Inc. | 5 | 93 |
| Becton, Dickinson and Company | 3 | 543 |
| Biogen Inc. (a) | 1 | 246 |
| Bio-Techne Corporation | 2 | 99 |
| Boston Scientific Corporation (a) | 14 | 1366 |
| Bristol-Myers Squibb Company | 20 | 1074 |
| Cardinal Health, Inc. | 2 | 473 |
| Cencora, Inc. | 2 | 621 |
| Centene Corporation (a) | 5 | 186 |
| Charles River Laboratories International, Inc. (a) | 1 | 101 |
| Cigna Group, The | 3 | 708 |
| Cooper Companies, Inc., The (a) | 2 | 169 |
| CVS Health Corporation | 12 | 978 |
| Danaher Corporation | 6 | 1379 |
| DaVita, Inc. (a) |  | 42 |
| DexCom, Inc. (a) | 4 | 263 |
| Edwards Lifesciences Corporation (a) | 6 | 487 |
| Elevance Health, Inc. | 2 | 765 |
| Eli Lilly and Company | 8 | 8265 |
| GE HealthCare Technologies Inc. | 4 | 365 |
| Gilead Sciences, Inc. | 12 | 1478 |
| HCA Healthcare, Inc. | 2 | 729 |
| Henry Schein, Inc. (a) | 1 | 74 |
| Hologic, Inc. (a) | 2 | 162 |
| Humana Inc. | 1 | 301 |
| IDEXX Laboratories, Inc. (a) | 1 | 520 |
| Incyte Corporation (a) | 2 | 155 |
| Insulet Corporation (a) | 1 | 189 |
| Intuitive Surgical, Inc. (a) | 3 | 1931 |
| IQVIA Holdings Inc. (a) | 2 | 360 |
| Johnson & Johnson | 23 | 4837 |
| Labcorp Holdings Inc. | 1 | 197 |
| McKesson Corporation | 1 | 989 |
| Medtronic, Inc. | 12 | 1187 |
| Merck & Co., Inc. | 24 | 2551 |
| Mettler-Toledo International Inc. (a) |  | 275 |
| Moderna, Inc. (a) | 3 | 99 |
| Molina Healthcare, Inc. (a) | 1 | 94 |
| Pfizer Inc. | 55 | 1374 |
| Quest Diagnostics Incorporated | 1 | 195 |
| Regeneron Pharmaceuticals, Inc. | 1 | 763 |
| ResMed Inc. | 1 | 348 |
| Revvity, Inc. | 1 | 102 |
| Solventum Corporation (a) | 1 | 102 |
| Steris Public Limited Company | 1 | 248 |
| Stryker Corporation | 3 | 1172 |
| Thermo Fisher Scientific Inc. | 4 | 2124 |
| UnitedHealth Group Incorporated | 9 | 2909 |
| Universal Health Services, Inc. - Class B | 1 | 117 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1128 |
| Viatris Inc. | 11 | 136 |
| Waters Corporation (a) | 1 | 223 |
| West Pharmaceutical Services, Inc. | 1 | 201 |
| Zimmer Biomet Holdings, Inc. | 2 | 180 |
| Zoetis Inc. - Class A | 4 | 521 |
|  |  | 54414 |
| **Industrials 8.1%** | **Industrials 8.1%** | **Industrials 8.1%** |
| 3M Company | 5 | 825 |
| A. O. Smith Corporation | 1 | 78 |
| Allegion Public Limited Company | 1 | 137 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AMETEK, Inc. | 2 | 446 |
| Automatic Data Processing, Inc. | 4 | 1004 |
| Axon Enterprise, Inc. (a) | 1 | 435 |
| Boeing Company, The (a) | 8 | 1636 |
| Broadridge Financial Solutions, Inc. | 1 | 253 |
| Builders FirstSource, Inc. (a) | 1 | 116 |
| C.H. Robinson Worldwide, Inc. | 1 | 181 |
| Carrier Global Corporation | 8 | 410 |
| Caterpillar Inc. | 5 | 2604 |
| Cintas Corporation | 3 | 619 |
| Comfort Systems USA, Inc. |  | 320 |
| Copart, Inc. (a) | 9 | 346 |
| CSX Corporation | 18 | 669 |
| Cummins Inc. | 1 | 679 |
| Dayforce, Inc. (a) | 1 | 100 |
| Deere & Company | 2 | 1138 |
| Delta Air Lines, Inc. | 6 | 432 |
| Dover Corporation | 1 | 266 |
| Eaton Corporation Public Limited Company | 4 | 1204 |
| EMCOR Group, Inc. |  | 269 |
| Emerson Electric Co. | 6 | 732 |
| Equifax, Inc. | 1 | 268 |
| Expeditors International of Washington, Inc. - Class A | 1 | 204 |
| Fastenal Company | 11 | 452 |
| FedEx Corporation | 2 | 608 |
| Fortive Corporation | 3 | 153 |
| GE Vernova Inc. | 3 | 1727 |
| Generac Holdings Inc. (a) | 1 | 77 |
| General Dynamics Corporation | 2 | 814 |
| General Electric Company | 10 | 3135 |
| Honeywell International Inc. | 6 | 1196 |
| Howmet Aerospace Inc. | 4 | 811 |
| Hubbell Incorporated | 1 | 236 |
| Huntington Ingalls Industries, Inc. |  | 132 |
| IDEX Corporation | 1 | 125 |
| Illinois Tool Works Inc. | 3 | 629 |
| Ingersoll Rand Inc. | 3 | 264 |
| J.B. Hunt Transport Services, Inc. | 1 | 153 |
| Jacobs Solutions Inc. | 1 | 161 |
| Johnson Controls International Public Limited Company | 6 | 693 |
| L3Harris Technologies, Inc. | 2 | 537 |
| Leidos Holdings, Inc. | 1 | 222 |
| Lennox International Inc. |  | 151 |
| Lockheed Martin Corporation | 2 | 955 |
| Masco Corporation | 2 | 115 |
| Nordson Corporation | 1 | 130 |
| Norfolk Southern Corporation | 2 | 627 |
| Northrop Grumman Corporation | 1 | 750 |
| Old Dominion Freight Line, Inc. | 2 | 263 |
| Otis Worldwide Corporation | 4 | 336 |
| PACCAR Inc. | 5 | 559 |
| Parker-Hannifin Corporation | 1 | 1090 |
| Paychex, Inc. | 3 | 349 |
| Paycom Software, Inc. | 1 | 79 |
| Pentair Public Limited Company | 2 | 170 |
| Quanta Services, Inc. | 1 | 620 |
| Republic Services, Inc. | 2 | 412 |
| Rockwell Automation, Inc. | 1 | 407 |
| Rollins, Inc. | 3 | 174 |
| RTX Corporation | 13 | 2388 |
| Snap-on Incorporated | 1 | 184 |
| Southwest Airlines Co. | 5 | 205 |
| Stanley Black & Decker, Inc. | 2 | 117 |
| Textron Inc. | 2 | 143 |
| Trane Technologies Public Limited Company | 2 | 850 |
| TransDigm Group Incorporated | 1 | 735 |
| Uber Technologies, Inc. (a) | 20 | 1654 |
| Union Pacific Corporation | 6 | 1324 |
| United Airlines Holdings, Inc. (a) | 3 | 345 |
| United Parcel Service, Inc. - Class B | 7 | 710 |
| United Rentals, Inc. | 1 | 503 |
| Veralto Corporation | 2 | 242 |
| Verisk Analytics, Inc. | 1 | 306 |
| W.W. Grainger, Inc. |  | 438 |
| Waste Management, Inc. | 4 | 792 |
| Westinghouse Air Brake Technologies Corporation | 2 | 354 |
| Xylem Inc. | 2 | 327 |
| | | 46300 |
| **Consumer Staples 4.7%** | **Consumer Staples 4.7%** | **Consumer Staples 4.7%** |
| Altria Group, Inc. | 16 | 939 |
| Archer-Daniels-Midland Company | 5 | 277 |
| Brown-Forman Corporation - Class B (c) | 2 | 43 |
| Bunge Global S.A. | 1 | 120 |
| Campbell's Company, The (c) | 2 | 51 |
| Church & Dwight Co., Inc. | 2 | 194 |
| Clorox Company, The | 1 | 124 |
| Coca-Cola Company, The | 38 | 2628 |
| Colgate-Palmolive Company | 8 | 609 |
| Conagra Brands, Inc. | 5 | 85 |
| Constellation Brands, Inc. - Class A | 1 | 191 |
| Costco Wholesale Corporation | 4 | 3710 |
| Dollar General Corporation | 2 | 287 |
| Dollar Tree, Inc. (a) | 2 | 224 |
| Estee Lauder Companies Inc., The - Class A | 2 | 235 |
| General Mills, Inc. | 5 | 244 |
| Hershey Company, The | 1 | 261 |
| Hormel Foods Corporation | 3 | 67 |
| J. M. Smucker Company, The | 1 | 108 |
| Kenvue Inc. | 18 | 317 |
| Keurig Dr Pepper Inc. | 13 | 374 |
| Kimberly-Clark Corporation | 3 | 326 |
| Kraft Heinz Company, The | 8 | 194 |
| Kroger Co., The | 6 | 375 |
| Lamb Weston Holdings, Inc. | 1 | 59 |
| McCormick & Company, Incorporated | 2 | 166 |
| Molson Coors Beverage Company - Class B | 2 | 84 |
| Mondelez International, Inc. - Class A | 13 | 676 |
| Monster Beverage 1990 Corporation (a) | 7 | 527 |
| PepsiCo, Inc. | 13 | 1907 |
| Philip Morris International Inc. | 15 | 2423 |
| Procter & Gamble Company, The | 23 | 3233 |
| Sysco Corporation | 5 | 334 |
| Target Corporation | 4 | 435 |
| Tyson Foods, Inc. - Class A | 3 | 169 |
| Walmart Inc. | 43 | 4746 |
|  |  | 26742 |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| APA Corporation | 3 | 85 |
| Baker Hughes Company - Class A | 10 | 437 |
| Chevron Corporation | 18 | 2782 |
| ConocoPhillips | 12 | 1135 |
| Coterra Energy Inc. | 7 | 195 |
| Devon Energy Corporation | 6 | 222 |
| Diamondback Energy, Inc. | 2 | 282 |
| EOG Resources, Inc. | 5 | 536 |
| EQT Corporation | 6 | 313 |
| Expand Energy Corporation | 2 | 251 |
| Exxon Mobil Corporation | 41 | 4907 |
| Halliburton Company | 8 | 235 |
| Kinder Morgan, Inc. | 19 | 526 |
| Marathon Petroleum Corporation | 3 | 473 |
| Occidental Petroleum Corporation | 7 | 288 |
| ONEOK, Inc. | 6 | 452 |
| Phillips 66 | 4 | 504 |
| Schlumberger Limited | 14 | 555 |
| Targa Resources Corp. | 2 | 379 |
| Texas Pacific Land Corporation | 1 | 155 |
| Valero Energy Corporation | 3 | 476 |
| Williams Companies, Inc., The | 12 | 719 |
|  |  | 15907 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| AES Corporation, The | 7 | 103 |
| Alliant Energy Corporation | 2 | 155 |
| Ameren Corporation | 3 | 269 |
| American Electric Power Company, Inc. | 5 | 604 |
| American Water Works Company, Inc. | 2 | 246 |
| Atmos Energy Corporation | 2 | 268 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CenterPoint Energy, Inc. | 7 | 249 |
| CMS Energy Corporation | 3 | 199 |
| Consolidated Edison, Inc. | 3 | 343 |
| Constellation Energy Group, Inc. | 3 | 1071 |
| Dominion Energy, Inc. | 9 | 497 |
| DTE Energy Company | 2 | 258 |
| Duke Energy Corporation | 8 | 891 |
| Edison International | 4 | 230 |
| Entergy Corporation | 4 | 406 |
| Evergy, Inc. | 2 | 156 |
| Eversource Energy | 4 | 246 |
| Exelon Corporation | 10 | 432 |
| FirstEnergy Corp. | 5 | 225 |
| NextEra Energy, Inc. | 20 | 1621 |
| NiSource Inc. | 4 | 186 |
| NRG Energy, Inc. | 2 | 291 |
| PG&E Corporation | 21 | 339 |
| Pinnacle West Capital Corporation (c) | 1 | 106 |
| PPL Corporation | 7 | 250 |
| Public Service Enterprise Group Incorporated | 5 | 390 |
| Sempra | 6 | 557 |
| The Southern Company | 11 | 931 |
| Vistra Corp. | 3 | 502 |
| WEC Energy Group Inc. | 3 | 334 |
| XCEL Energy Inc. | 6 | 416 |
| | | 12771 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Air Products and Chemicals, Inc. | 2 | 544 |
| Albemarle Corporation | 1 | 156 |
| Amcor Pty Ltd | 23 | 188 |
| Avery Dennison Corporation | 1 | 132 |
| Ball Corporation | 3 | 147 |
| CF Industries Holdings, Inc. | 2 | 127 |
| Corteva, Inc. | 7 | 437 |
| CRH Public Limited Company | 6 | 795 |
| Dow Inc. | 7 | 161 |
| DuPont de Nemours, Inc. | 4 | 167 |
| Ecolab Inc. | 2 | 649 |
| Freeport-McMoRan Inc. | 14 | 706 |
| International Flavors & Fragrances Inc. | 3 | 172 |
| International Paper Company | 5 | 201 |
| Linde Public Limited Company | 5 | 1941 |
| LyondellBasell Industries N.V. - Class A | 2 | 107 |
| Martin Marietta Materials, Inc. | 1 | 358 |
| Mosaic Company, The | 3 | 72 |
| Newmont Corporation | 11 | 1062 |
| Nucor Corporation | 2 | 347 |
| Packaging Corporation of America | 1 | 180 |
| PPG Industries, Inc. | 2 | 221 |
| Sherwin-Williams Company, The | 2 | 726 |
| Smurfit Westrock Public Limited Company | 5 | 194 |
| Steel Dynamics, Inc. | 1 | 239 |
| Vulcan Materials Company | 1 | 364 |
|  |  | 10393 |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| Alexandria Real Estate Equities, Inc. | 2 | 76 |
| American Tower Corporation | 5 | 793 |
| AvalonBay Communities, Inc. | 1 | 251 |
| BXP, Inc. | 2 | 102 |
| Camden Property Trust | 1 | 109 |
| CBRE Group, Inc. - Class A (a) | 3 | 457 |
| CoStar Group, Inc. (a) | 4 | 279 |
| Crown Castle Inc. | 4 | 377 |
| Digital Realty Trust, Inc. | 3 | 482 |
| Equinix, Inc. | 1 | 725 |
| Equity Residential | 3 | 215 |
| Essex Property Trust, Inc. | 1 | 161 |
| Extra Space Storage Inc. | 2 | 267 |
| Federal Realty Investment Trust | 1 | 84 |
| Healthpeak OP, LLC | 7 | 105 |
| Host Hotels & Resorts, Inc. | 7 | 119 |
| Invitation Homes Inc. | 6 | 159 |
| Iron Mountain Incorporated | 3 | 242 |
| Kimco Realty OP, LLC | 7 | 140 |
| Mid-America Apartment Communities, Inc. | 1 | 159 |
| ProLogis Inc. | 9 | 1161 |
| Public Storage Operating Company | 2 | 400 |
| Realty Income Corporation | 9 | 496 |
| Regency Centers Corporation | 2 | 103 |
| SBA Communications Corporation - Class A | 1 | 201 |
| Simon Property Group, Inc. | 3 | 574 |
| UDR, Inc. | 3 | 113 |
| Ventas, Inc. | 5 | 354 |
| VICI Properties Inc. | 10 | 289 |
| Welltower Inc. | 7 | 1220 |
| Weyerhaeuser Company | 7 | 176 |
|  |  | 10389 |
| Total Common Stocks (cost $327,819) | Total Common Stocks (cost $327,819) | 566988 |
| **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** |
| iShares Core S&P 500 ETF | 5 | 3262 |
| Total Investment Companies (cost $3,264) | Total Investment Companies (cost $3,264) | 3262 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (d) | 1680 | 1680 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (d) | 221 | 221 |
| Total Short Term Investments (cost $1,901) | Total Short Term Investments (cost $1,901) | 1901 |
| **Total Investments 100.0% (cost $332,984)** | **Total Investments 100.0% (cost $332,984)** | **572151** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (16) |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (243) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **571892** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of December 31, 2025.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** | **JNL S&P 500 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 553 |  | 37 | 14 | 19 | 260 | 795 | 0.2 |
| JNL Government Money Market Fund, 3.64% - Class I | 738 | 86849 | 85907 | 55 |  |  | 1680 | 0.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 671 | 22350 | 22800 | 12 |  |  | 221 |  |
|  | 1962 | 109199 | 108744 | 81 | 19 | 260 | 2696 | 0.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 6 | March 2026 | 2067 | (16) | 1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 566988 |  |  | 566988 |
| &nbsp;&nbsp;Investment Companies | 3262 |  |  | 3262 |
| &nbsp;&nbsp;Short Term Investments | 1901 |  |  | 1901 |
|  | 572151 |  |  | 572151 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1 |  |  | 1 |
|  | 1 |  |  | 1 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |
| **COMMON STOCKS 94.4%** | **COMMON STOCKS 94.4%** | **COMMON STOCKS 94.4%** |
| **United States of America 54.8%** | **United States of America 54.8%** | **United States of America 54.8%** |
| AbbVie Inc. | 3 | 750 |
| AECOM | 3 | 264 |
| Apple Inc. | 5 | 1225 |
| Broadcom Inc. | 1 | 489 |
| Cadence Design Systems, Inc. (a) | 2 | 462 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 459 |
| Emerson Electric Co. | 4 | 543 |
| Flex Ltd. (a) | 6 | 380 |
| Jefferies Financial Group Inc. | 8 | 493 |
| LPL Financial Holdings Inc. | 1 | 420 |
| Medtronic, Inc. | 4 | 426 |
| Microsoft Corporation | 3 | 1215 |
| NextEra Energy, Inc. | 8 | 660 |
| NVIDIA Corporation | 4 | 801 |
| Palo Alto Networks, Inc. (a) | 2 | 426 |
| Rockwell Automation, Inc. | 2 | 757 |
| Salesforce, Inc. | 2 | 525 |
| ServiceNow, Inc. (a) | 3 | 482 |
| Steris Public Limited Company | 3 | 680 |
| Stryker Corporation | 1 | 476 |
| TE Connectivity Public Limited Company | 2 | 404 |
| Tetra Tech, Inc. | 9 | 283 |
| Veralto Corporation | 7 | 741 |
| Visa Inc. - Class A | 2 | 745 |
| Waste Management, Inc. | 3 | 753 |
|  |  | 14859 |
| **United Kingdom 8.4%** | **United Kingdom 8.4%** | **United Kingdom 8.4%** |
| Experian PLC | 6 | 267 |
| Halma Public Limited Company | 12 | 574 |
| London Stock Exchange Group PLC | 6 | 657 |
| NatWest Group PLC | 47 | 414 |
| Relx PLC | 9 | 358 |
|  |  | 2270 |
| **Canada 4.9%** | **Canada 4.9%** | **Canada 4.9%** |
| Cameco Corporation | 4 | 368 |
| Groupe WSP Global Inc. | 2 | 396 |
| Shopify Inc. - Class A (a) | 4 | 575 |
|  |  | 1339 |
| **Brazil 4.0%** | **Brazil 4.0%** | **Brazil 4.0%** |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 31 | 739 |
| NU Holdings Ltd. - Class A (a) | 21 | 356 |
|  |  | 1095 |
| **Switzerland 2.7%** | **Switzerland 2.7%** | **Switzerland 2.7%** |
| Galderma Group AG | 2 | 467 |
| Partners Group Holding AG |  | 260 |
|  |  | 727 |
| **Italy 2.6%** | **Italy 2.6%** | **Italy 2.6%** |
| Prysmian S.p.A. | 7 | 712 |
| **Taiwan 2.6%** | **Taiwan 2.6%** | **Taiwan 2.6%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 2 | 710 |
| **Japan 2.2%** | **Japan 2.2%** | **Japan 2.2%** |
| Nissan Chemical Corporation | 6 | 215 |
| Terumo Corporation | 27 | 388 |
|  |  | 603 |
| **Hong Kong 2.1%** | **Hong Kong 2.1%** | **Hong Kong 2.1%** |
| AIA Group Limited | 54 | 555 |
| **France 1.9%** | **France 1.9%** | **France 1.9%** |
| Danone | 6 | 499 |
| **South Korea 1.8%** | **South Korea 1.8%** | **South Korea 1.8%** |
| Samsung Electronics Co., Ltd. | 6 | 487 |
| **Germany 1.5%** | **Germany 1.5%** | **Germany 1.5%** |
| SAP SE | 2 | 401 |
| **Sweden 1.4%** | **Sweden 1.4%** | **Sweden 1.4%** |
| Spotify Technology S.A. (a) | 1 | 390 |
| **Jersey 1.2%** | **Jersey 1.2%** | **Jersey 1.2%** |
| Aptiv PLC (a) | 4 | 327 |
| **Argentina 1.0%** | **Argentina 1.0%** | **Argentina 1.0%** |
| MercadoLibre, Inc. (a) |  | 270 |
| **India 1.0%** | **India 1.0%** | **India 1.0%** |
| Apollo Hospitals Enterprise Limited | 3 | 259 |
| **Austria 0.3%** | **Austria 0.3%** | **Austria 0.3%** |
| Erste Group Bank AG | 1 | 90 |
| Total Common Stocks (cost $22,655) | Total Common Stocks (cost $22,655) | 25593 |
| **SHORT TERM INVESTMENTS 5.2%** | **SHORT TERM INVESTMENTS 5.2%** | **SHORT TERM INVESTMENTS 5.2%** |
| **Investment Companies 5.2%** | **Investment Companies 5.2%** | **Investment Companies 5.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 1405 | 1405 |
| Total Short Term Investments (cost $1,405) | Total Short Term Investments (cost $1,405) | 1405 |
| **Total Investments 99.6% (cost $24,060)** | **Total Investments 99.6% (cost $24,060)** | **26998** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (3) |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **102** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **27097** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** | **JNL/AB Sustainable Global Thematic Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 328 | 11582 | 10505 | 33 |  |  | 1405 | 5.2 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 821 | 821 |  |  |  |  |  |
|  | 328 | 12403 | 11326 | 33 |  |  | 1405 | 5.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | MSC | 01/28/26 | AUD | 552 | 368 | 10 |
| BRL/USD | UBS | 01/05/26 | BRL | 5460 | 997 | 17 |
| CAD/USD | MSC | 02/05/26 | CAD | 351 | 256 | 4 |
| CNY/USD | MSC | 01/16/26 | CNY | 6851 | 981 | 11 |
| EUR/USD | MSC | 01/29/26 | EUR | 577 | 680 | 10 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | MSC | 01/14/26 | HKD | 6274 | 807 |  |
| INR/USD | BOA | 02/10/26 | INR | 16804 | 186 | (2) |
| JPY/USD | MSC | 01/23/26 | JPY | 104859 | 670 | (23) |
| JPY/USD | MSC | 01/23/26 | JPY | 2035 | 13 |  |
| KRW/USD | BOA | 01/09/26 | KRW | 349836 | 243 | (8) |
| KRW/USD | SCB | 01/09/26 | KRW | 94567 | 66 | (2) |
| KRW/USD | UBS | 01/09/26 | KRW | 99825 | 69 | (1) |
| MXN/USD | MSC | 03/12/26 | MXN | 867 | 48 |  |
| SEK/USD | MSC | 02/13/26 | SEK | 1710 | 186 | 5 |
| TWD/USD | MSC | 02/12/26 | TWD | 11640 | 371 | 3 |
| TWD/USD | SCB | 02/12/26 | TWD | 2306 | 74 | (1) |
| TWD/USD | SCB | 02/12/26 | TWD | 2238 | 71 |  |
| USD/BRL | UBS | 01/05/26 | BRL | (5460) | (996) | 9 |
| USD/BRL | UBS | 02/03/26 | BRL | (5090) | (922) | (16) |
| USD/CAD | MSC | 02/05/26 | CAD | (1090) | (796) | (12) |
| USD/CHF | MSC | 01/29/26 | CHF | (110) | (139) | (2) |
| USD/CNY | MSC | 01/16/26 | CNY | (1114) | (160) | (2) |
| USD/EUR | MSC | 01/29/26 | EUR | (419) | (492) | 1 |
| USD/GBP | MSC | 02/26/26 | GBP | (722) | (973) | (12) |
| USD/GBP | MSC | 02/26/26 | GBP | (323) | (435) |  |
| USD/HKD | MSC | 01/14/26 | HKD | (9730) | (1251) | 1 |
| USD/KRW | MSC | 01/09/26 | KRW | (544228) | (378) | (2) |
| USD/KRW | SCB | 01/09/26 | KRW | (107867) | (75) | (2) |
| USD/TWD | CIT | 02/12/26 | TWD | (16450) | (525) | 10 |
| USD/TWD | GSC | 02/12/26 | TWD | (2304) | (74) |  |
| ZAR/USD | MSC | 02/26/26 | ZAR | 991 | 60 | 1 |
|  |  |  |  |  | (1070) | (3) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 18251 | 7342 |  | 25593 |
| &nbsp;&nbsp;Short Term Investments | 1405 |  |  | 1405 |
|  | 19656 | 7342 |  | 26998 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 82 |  | 82 |
|  |  | 82 |  | 82 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (85) |  | (85) |
|  |  | (85) |  | (85) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |
| **COMMON STOCKS 95.4%** | **COMMON STOCKS 95.4%** | **COMMON STOCKS 95.4%** |
| **Information Technology 15.7%** | **Information Technology 15.7%** | **Information Technology 15.7%** |
| Accenture Public Limited Company - Class A | 11 | 2854 |
| Adobe Inc. (a) | 1 | 349 |
| Advanced Micro Devices, Inc. (a) | 10 | 2045 |
| Apple Inc. | 12 | 3361 |
| Applied Materials, Inc. | 3 | 783 |
| Arista Networks, Inc. (a) | 43 | 5621 |
| Broadcom Inc. | 5 | 1697 |
| Cisco Systems, Inc. | 76 | 5887 |
| CrowdStrike Holdings, Inc. - Class A (a) | 5 | 2165 |
| Datadog, Inc. - Class A (a) | 5 | 743 |
| Fortinet, Inc. (a) | 19 | 1500 |
| International Business Machines Corporation | 14 | 4021 |
| Intuit Inc. | 2 | 1259 |
| Lam Research Corporation | 14 | 2348 |
| Microsoft Corporation | 10 | 4765 |
| Motorola Solutions, Inc. | 5 | 2028 |
| NVIDIA Corporation | 33 | 6074 |
| Palantir Technologies Inc. - Class A (a) | 14 | 2448 |
| Palo Alto Networks, Inc. (a) | 14 | 2666 |
| Roper Technologies, Inc. | 6 | 2673 |
| Salesforce, Inc. | 3 | 745 |
| ServiceNow, Inc. (a) | 23 | 3472 |
| Teledyne Technologies Incorporated (a) | 1 | 491 |
| Zoom Communications, Inc. - Class A (a) | 57 | 4903 |
| Zscaler, Inc. (a) | 1 | 247 |
|  |  | 65145 |
| **Consumer Staples 14.9%** | **Consumer Staples 14.9%** | **Consumer Staples 14.9%** |
| Altria Group, Inc. | 36 | 2081 |
| Casey's General Stores, Inc. | 2 | 979 |
| Church & Dwight Co., Inc. | 30 | 2543 |
| Coca-Cola Company, The | 85 | 5952 |
| Colgate-Palmolive Company | 58 | 4568 |
| Costco Wholesale Corporation | 7 | 6061 |
| General Mills, Inc. | 30 | 1380 |
| Hershey Company, The | 11 | 2015 |
| Kroger Co., The | 89 | 5562 |
| Mondelez International, Inc. - Class A | 32 | 1698 |
| Monster Beverage 1990 Corporation (a) | 77 | 5878 |
| PepsiCo, Inc. | 31 | 4415 |
| Philip Morris International Inc. | 37 | 5977 |
| Pilgrim's Pride Corporation | 15 | 581 |
| Procter & Gamble Company, The | 42 | 5976 |
| Walmart Inc. | 53 | 5911 |
|  |  | 61577 |
| **Health Care 14.4%** | **Health Care 14.4%** | **Health Care 14.4%** |
| Abbott Laboratories | 43 | 5440 |
| Boston Scientific Corporation (a) | 31 | 2983 |
| Cardinal Health, Inc. | 16 | 3303 |
| Cencora, Inc. | 17 | 5628 |
| Cigna Group, The | 3 | 925 |
| Corcept Therapeutics Incorporated (a) | 17 | 592 |
| Edwards Lifesciences Corporation (a) | 8 | 649 |
| Elevance Health, Inc. | 4 | 1540 |
| Eli Lilly and Company | 2 | 2168 |
| Johnson & Johnson | 29 | 5952 |
| McKesson Corporation | 7 | 5988 |
| Medtronic, Inc. | 13 | 1201 |
| Merck & Co., Inc. | 31 | 3312 |
| Neurocrine Biosciences, Inc. (a) | 6 | 805 |
| Regeneron Pharmaceuticals, Inc. | 3 | 2062 |
| Stryker Corporation | 2 | 541 |
| Thermo Fisher Scientific Inc. | 1 | 319 |
| United Therapeutics Corporation (a) | 8 | 3982 |
| UnitedHealth Group Incorporated | 9 | 2960 |
| Veeva Systems Inc. - Class A (a) | 27 | 5927 |
| Vertex Pharmaceuticals Incorporated (a) | 7 | 3386 |
|  |  | 59663 |
| **Financials 12.7%** | **Financials 12.7%** | **Financials 12.7%** |
| Allstate Corporation, The | 7 | 1514 |
| AON Public Limited Company - Class A | 1 | 437 |
| Arch Capital Group Ltd. (a) | 38 | 3688 |
| CBOE Global Markets, Inc. | 24 | 5948 |
| Chubb Limited | 19 | 5973 |
| CME Group Inc. - Class A | 22 | 5979 |
| First Citizens BancShares, Inc. - Class A |  | 476 |
| Hartford Insurance Group, Inc., The | 6 | 784 |
| Intercontinental Exchange, Inc. | 7 | 1159 |
| JPMorgan Chase & Co. | 7 | 2226 |
| Marsh & Mclennan Companies, Inc. | 10 | 1844 |
| MasterCard Incorporated - Class A | 10 | 5891 |
| NU Holdings Ltd. - Class A (a) | 8 | 137 |
| Progressive Corporation, The | 23 | 5161 |
| Travelers Companies, Inc., The | 15 | 4465 |
| Visa Inc. - Class A | 17 | 5934 |
| W. R. Berkley Corporation | 12 | 861 |
|  |  | 52477 |
| **Industrials 12.2%** | **Industrials 12.2%** | **Industrials 12.2%** |
| Automatic Data Processing, Inc. | 19 | 4921 |
| Caci International Inc. - Class A (a) | 3 | 1571 |
| Cintas Corporation | 10 | 1909 |
| Copart, Inc. (a) | 76 | 2980 |
| Deere & Company | 9 | 4023 |
| FTI Consulting, Inc. (a) | 11 | 1909 |
| General Dynamics Corporation | 8 | 2670 |
| Illinois Tool Works Inc. | 4 | 950 |
| Leidos Holdings, Inc. | 7 | 1189 |
| Lockheed Martin Corporation | 12 | 5778 |
| Northrop Grumman Corporation | 6 | 3213 |
| Republic Services, Inc. | 28 | 5923 |
| Rollins, Inc. | 8 | 501 |
| RTX Corporation | 15 | 2760 |
| Trane Technologies Public Limited Company | 9 | 3328 |
| Uber Technologies, Inc. (a) | 6 | 530 |
| Verisk Analytics, Inc. | 1 | 230 |
| Waste Management, Inc. | 27 | 5984 |
|  |  | 50369 |
| **Communication Services 9.7%** | **Communication Services 9.7%** | **Communication Services 9.7%** |
| Alphabet Inc. - Class A | 19 | 6048 |
| AT&T Inc. | 216 | 5368 |
| Electronic Arts Inc. | 27 | 5474 |
| Fox Corporation - Class A | 12 | 893 |
| Meta Platforms, Inc. - Class A | 9 | 5793 |
| Netflix, Inc. (a) | 27 | 2511 |
| Roblox Corporation - Class A (a) | 17 | 1396 |
| Spotify Technology S.A. (a) | 8 | 4635 |
| The New York Times Company - Class A | 8 | 565 |
| T-Mobile US, Inc. | 10 | 2106 |
| Verizon Communications Inc. | 136 | 5555 |
|  |  | 40344 |
| **Consumer Discretionary 9.2%** | **Consumer Discretionary 9.2%** | **Consumer Discretionary 9.2%** |
| Airbnb, Inc. - Class A (a) | 11 | 1485 |
| Amazon.com, Inc. (a) | 26 | 6041 |
| AutoZone, Inc. (a) | 1 | 4891 |
| Booking Holdings Inc. | 1 | 4830 |
| Deckers Outdoor Corporation (a) | 1 | 151 |
| Dillard's, Inc. - Class A | 4 | 2399 |
| DoorDash, Inc. - Class A (a) | 2 | 502 |
| Duolingo, Inc. - Class A (a) | 3 | 548 |
| Garmin Ltd. | 8 | 1554 |
| Home Depot, Inc., The | 3 | 1160 |
| McDonald's Corporation | 19 | 5752 |
| O'Reilly Automotive, Inc. (a) | 60 | 5433 |
| TJX Companies, Inc., The | 22 | 3435 |
|  |  | 38181 |
| **Energy 5.3%** | **Energy 5.3%** | **Energy 5.3%** |
| Chevron Corporation | 39 | 5962 |
| ConocoPhillips | 25 | 2343 |
| Coterra Energy Inc. | 27 | 705 |
| Diamondback Energy, Inc. | 10 | 1466 |
| EOG Resources, Inc. | 35 | 3659 |
| Exxon Mobil Corporation | 50 | 6075 |
| Texas Pacific Land Corporation | 6 | 1719 |
|  |  | 21929 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Materials 0.8%** | **Materials 0.8%** | **Materials 0.8%** |
| Linde Public Limited Company | 8 | 3330 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Duke Energy Corporation | 16 | 1931 |
| Total Common Stocks (cost $310,753) | Total Common Stocks (cost $310,753) | 394946 |
| **SHORT TERM INVESTMENTS 4.3%** | **SHORT TERM INVESTMENTS 4.3%** | **SHORT TERM INVESTMENTS 4.3%** |
| **Investment Companies 4.3%** | **Investment Companies 4.3%** | **Investment Companies 4.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 18006 | 18006 |
| Total Short Term Investments (cost $18,006) | Total Short Term Investments (cost $18,006) | 18006 |
| **Total Investments 99.7% (cost $328,759)** | **Total Investments 99.7% (cost $328,759)** | **412952** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (124) |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **1215** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **414043** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** | **JNL/AQR Large Cap Defensive Style Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 6626 | 108931 | 97551 | 634 |  |  | 18006 | 4.3 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 26500 | 26500 | 10 |  |  |  |  |
|  | 6626 | 135431 | 124051 | 644 |  |  | 18006 | 4.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 48 | March 2026 | 16661 | (124) | (119) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 394946 |  |  | 394946 |
| &nbsp;&nbsp;Short Term Investments | 18006 |  |  | 18006 |
|  | 412952 |  |  | 412952 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (119) |  |  | (119) |
|  | (119) |  |  | (119) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |
| **COMMON STOCKS 61.6%** | **COMMON STOCKS 61.6%** | **COMMON STOCKS 61.6%** |
| **Information Technology 16.7%** | **Information Technology 16.7%** | **Information Technology 16.7%** |
| Accenture Public Limited Company - Class A | 7 | 1998 |
| Accton Technology Corporation | 26 | 983 |
| Adobe Inc. (a) (b) | 12 | 4236 |
| Advanced Micro Devices, Inc. (a) | 25 | 5407 |
| Advantest Corporation | 16 | 2030 |
| Akamai Technologies, Inc. (a) | 8 | 678 |
| Amphenol Corporation - Class A | 18 | 2397 |
| Analog Devices, Inc. | 1 | 187 |
| Apple Inc. (b) | 199 | 54198 |
| AppLovin Corporation - Class A (a) | 3 | 2032 |
| Arista Networks, Inc. (a) | 8 | 1102 |
| ASMedia Technology Inc. | 6 | 231 |
| ASML Holding N.V. | 13 | 14211 |
| ASPEED Technology Inc. | 3 | 694 |
| Autodesk, Inc. (a) | 16 | 4673 |
| Avaya Holdings Corp. (a) |  | 3 |
| Broadcom Inc. | 83 | 28654 |
| Cadence Design Systems, Inc. (a) | 3 | 1030 |
| Canon Inc. (c) | 41 | 1208 |
| Capgemini France | 3 | 567 |
| Chorus Limited - Class A | 6 | 512 |
| Circle Internet Group, Inc. - Class A (a) | 29 | 2270 |
| Cisco Systems, Inc. | 141 | 10840 |
| Cognizant Technology Solutions Corporation - Class A | 3 | 235 |
| Constellation Software Inc. | 1 | 2523 |
| CrowdStrike Holdings, Inc. - Class A (a) | 4 | 1807 |
| Dassault Systemes | 39 | 1098 |
| Datadog, Inc. - Class A (a) | 41 | 5514 |
| Dell Technologies Inc. - Class C | 18 | 2292 |
| Elm Company |  | 85 |
| eMemory Technology Inc. | 7 | 385 |
| EPAM Systems, Inc. (a) | 1 | 192 |
| Figma, Inc. - Class A (a) (c) | 4 | 140 |
| Flex Ltd. (a) | 14 | 842 |
| Fortinet, Inc. (a) | 15 | 1195 |
| FUJIFILM Holdings Corporation | 19 | 405 |
| Genius Electronic Optical Co., Ltd. | 31 | 438 |
| Hewlett Packard Enterprise Company | 28 | 674 |
| Hon Hai Precision Industry Co., Ltd. | 96 | 711 |
| Infosys Limited | 24 | 424 |
| Intel Corporation (a) | 67 | 2478 |
| Intuit Inc. | 13 | 8568 |
| Isu Petasys Co., Ltd. | 1 | 98 |
| Jabil Inc. | 11 | 2449 |
| Keyence Corporation | 4 | 1556 |
| KLA Corporation | 1 | 1458 |
| Lam Research Corporation | 69 | 11809 |
| Lenovo Group Limited | 594 | 703 |
| Marvell Technology, Inc. | 15 | 1304 |
| MediaTek Inc. | 13 | 579 |
| Micron Technology, Inc. (d) | 56 | 16098 |
| Microsoft Corporation | 134 | 64621 |
| MongoDB, Inc. - Class A (a) | 10 | 4021 |
| Monolithic Power Systems, Inc. | 1 | 1272 |
| Motorola Solutions, Inc. | 5 | 1955 |
| Murata Manufacturing Co., Ltd. | 87 | 1809 |
| Nebius Group N.V. - Class A (a) (c) (e) | 2 | 126 |
| Northern Data AG (a) | 4 | 75 |
| NVIDIA Corporation (b) | 386 | 71918 |
| NXP Semiconductors N.V. | 3 | 587 |
| Oracle Corporation | 17 | 3289 |
| Palantir Technologies Inc. - Class A (a) | 32 | 5681 |
| Rakus Co., Ltd. | 39 | 259 |
| Realtek Semiconductor Corporation | 56 | 865 |
| Salesforce, Inc. | 39 | 10446 |
| Samsung Electronics Co., Ltd. | 40 | 3291 |
| SAP SE | 11 | 2557 |
| ServiceNow, Inc. (a) | 58 | 8820 |
| ServiceTitan, Inc. - Class A (a) | 49 | 5238 |
| SK Hynix Inc. | 7 | 3232 |
| Skyworks Solutions, Inc. | 36 | 2306 |
| Snowflake Inc. - Class A (a) | 4 | 788 |
| Socionext Inc. (c) | 31 | 438 |
| STMicroelectronics N.V. | 24 | 626 |
| Taiwan Semiconductor Manufacturing Company Limited | 582 | 28714 |
| TD SYNNEX Corporation | 4 | 528 |
| TE Connectivity Public Limited Company | 3 | 736 |
| Telefonaktiebolaget LM Ericsson - Class B | 70 | 683 |
| Texas Instruments Incorporated | 3 | 586 |
| Trend Micro Incorporated | 9 | 371 |
| Tyler Technologies, Inc. (a) | 1 | 288 |
| Veritas NewCo. (a) (f) | 4 | 93 |
| Veritas NewCo. (a) (f) | 6 | 134 |
| Winbond Electronics Corp. (a) | 478 | 1263 |
| WiseTech Global Limited | 12 | 534 |
| Wolfspeed, Inc. (a) (c) | 1 | 19 |
| WOM Mobile SpA (a) (f) | 1 | 13 |
| Workday, Inc. - Class A (a) | 3 | 618 |
|  |  | 435001 |
| **Financials 10.3%** | **Financials 10.3%** | **Financials 10.3%** |
| 3i Group PLC | 11 | 484 |
| Abu Dhabi Commercial Bank PJSC | 28 | 109 |
| Admiral Group PLC | 22 | 954 |
| Adyen N.V. (a) (e) |  | 315 |
| AIA Group Limited |  | 2 |
| Akbank Turk Anonim Sirketi - Class A | 224 | 365 |
| Aktsionernoe Obshchestvo Narodny Bank Kazakhstana - GDR (e) | 5 | 144 |
| Al Rajhi Banking and Investment Corporation | 16 | 413 |
| Allianz SE | 3 | 1409 |
| American Express Company | 7 | 2654 |
| Axis Bank Limited | 4 | 50 |
| B3 S.A. - Brasil, Bolsa, Balcao | 102 | 255 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 83 | 1962 |
| Banco de Sabadell, S.A. | 154 | 607 |
| Bank of America Corporation | 397 | 21813 |
| Bank of Nova Scotia, The | 6 | 440 |
| Bankinter Sociedad Anonima (c) | 68 | 1132 |
| BB Seguridade Participacoes S.A. | 98 | 645 |
| Berkshire Hathaway Inc. - Class B (a) | 4 | 2128 |
| CaixaBank, S.A. | 188 | 2305 |
| Capital One Financial Corporation | 58 | 14062 |
| Charles Schwab Corporation, The | 2 | 162 |
| China Galaxy Securities Co., Ltd. - Class H | 387 | 499 |
| CIMB Group Holdings Berhad | 40 | 81 |
| Citigroup Inc. (d) | 142 | 16580 |
| Coinbase Global, Inc. - Class A (a) | 3 | 592 |
| Comerica Incorporated | 2 | 164 |
| Dai-ichi Life Holdings, Inc. | 80 | 667 |
| Daiwa Securities Group Inc. | 117 | 1023 |
| Danske Bank A/S | 21 | 1047 |
| Deutsche Bank Aktiengesellschaft - Class N | 16 | 618 |
| EQT AB (c) (e) | 5 | 205 |
| FactSet Research Systems Inc. | 5 | 1486 |
| Fawry For Banking Technology And Electronic Payments S.A.E (a) | 230 | 78 |
| Fifth Third Bancorp | 15 | 714 |
| Finecobank Banca Fineco S.p.A. | 26 | 685 |
| First Citizens BancShares, Inc. - Class A | 1 | 1110 |
| First Horizon Corporation | 27 | 648 |
| FirstRand Limited | 194 | 1062 |
| Flagstar Bank, National Association | 91 | 1145 |
| GF Securities Co., Ltd. - Class A | 83 | 260 |
| Goldman Sachs Group, Inc., The | 3 | 2947 |
| Grupo Cibest S A - ADR | 3 | 159 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 96 | 891 |
| Huntington Bancshares Incorporated | 90 | 1562 |
| ICICI Bank Limited | 3 | 50 |
| IndusInd Bank Ltd. (a) | 10 | 92 |
| ING Groep N.V. | 427 | 12058 |
| Intesa Sanpaolo SpA | 2107 | 14560 |
| Invesco Ltd. | 32 | 834 |
| Investor Aktiebolag - Class B | 29 | 1021 |
| Japan Exchange Group, Inc. | 71 | 757 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Japan Post Bank Co., Ltd. | 81 | 1140 |
| Japan Post Holdings Co., Ltd. | 61 | 645 |
| Joint Stock Company Kaspi.Kz - ADR (a) (e) | 3 | 198 |
| JPMorgan Chase & Co. | 62 | 19945 |
| KB Financial Group Inc. | 2 | 190 |
| KBC Groep | 9 | 1195 |
| KKR & Co. Inc. - Class A | 54 | 6872 |
| Komercni banka, a.s. | 2 | 139 |
| Krungthai Card Public Company Limited | 191 | 159 |
| Lion Finance Group PLC | 1 | 166 |
| Macquarie Group Limited | 15 | 2052 |
| Marsh & Mclennan Companies, Inc. | 43 | 7991 |
| MasterCard Incorporated - Class A | 26 | 14704 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 23 | 482 |
| Metropolitan Bank & Trust Company | 72 | 84 |
| Mitsubishi UFJ Financial Group, Inc. | 83 | 1325 |
| Mizuho Financial Group, Inc. | 8 | 281 |
| MONETA Money Bank, a.s. (e) | 8 | 75 |
| Morgan Stanley | 11 | 1971 |
| MSCI Inc. - Class A | 3 | 1749 |
| National Bank of Greece S.A. - Class R | 10 | 157 |
| NatWest Group PLC | 343 | 3010 |
| Nomura Holdings, Inc. | 116 | 964 |
| OTP Bank Nyrt. | 4 | 413 |
| Partners Group Holding AG (c) | 2 | 2661 |
| PayPal Holdings, Inc. | 5 | 305 |
| Power Corporation of Canada (c) | 4 | 190 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 13 | 298 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 67 | 1239 |
| Principal Financial Group, Inc. | 25 | 2164 |
| Progressive Corporation, The | 44 | 10002 |
| Prudential Financial, Inc. | 21 | 2355 |
| PT. Bank Mandiri | 1571 | 481 |
| PT. Bank Syariah Indonesia Tbk | 199 | 27 |
| Raiffeisen Bank International AG | 1 | 59 |
| Rasan Information Technology Company (a) | 8 | 234 |
| Raymond James Financial, Inc. | 1 | 139 |
| Robinhood Markets, Inc. - Class A (a) | 7 | 805 |
| Rocket Companies, Inc. - Class A | 76 | 1481 |
| S&P Global Inc. | 2 | 1035 |
| Sampo Oyj - Class A | 51 | 615 |
| Saudi National Bank, The | 6 | 64 |
| SBI Life Insurance Company Limited (e) | 57 | 1286 |
| SBI Shinsei Bank, Limited | 45 | 499 |
| Schroders PLC | 93 | 509 |
| Societe Generale | 109 | 8817 |
| St. James's Place PLC | 29 | 543 |
| StoneCo Ltd. - Class A (a) | 4 | 58 |
| Sumitomo Mitsui Financial Group, Inc. | 29 | 938 |
| Sun Life Financial Inc. | 57 | 3566 |
| Synchrony Financial | 19 | 1611 |
| T. Rowe Price Group, Inc. | 6 | 626 |
| TBC Bank Group PLC | 1 | 80 |
| The PNC Financial Services Group, Inc. | 4 | 923 |
| TS Financial Holding Co., Ltd. | 298 | 193 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 870 | 286 |
| U.S. Bancorp | 34 | 1788 |
| UBS Group AG | 6 | 257 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. | 175 | 14444 |
| Visa Inc. - Class A | 6 | 2166 |
| Wealthfront Corporation (a) | 31 | 426 |
| Wells Fargo & Company | 233 | 21685 |
| XP Inc. - Class A | 4 | 68 |
| Zurich Insurance Group AG - Class N | 2 | 1587 |
| | | 268422 |
| **Consumer Discretionary 7.1%** | **Consumer Discretionary 7.1%** | **Consumer Discretionary 7.1%** |
| Adidas AG - Class N | 3 | 558 |
| Airbnb, Inc. - Class A (a) | 18 | 2454 |
| Alibaba Group Holding Limited (e) | 25 | 467 |
| Alibaba Group Holding Limited - ADR | 13 | 1921 |
| Amazon.com, Inc. (a) (b) | 199 | 45882 |
| ANTA Sports Products Limited | 87 | 899 |
| Aptiv PLC (a) | 6 | 466 |
| AutoNation, Inc. (a) | 1 | 196 |
| AutoZone, Inc. (a) |  | 492 |
| Best Buy Co., Inc. | 40 | 2675 |
| Bloomberry Resorts Corporation | 449 | 19 |
| Booking Holdings Inc. | 1 | 5634 |
| Bridgestone Corporation (c) | 13 | 301 |
| Burlington Stores, Inc. (a) | 2 | 594 |
| BYD Company Limited - Class H | 326 | 3934 |
| Caesars Entertainment, Inc. (a) | 13 | 315 |
| Carvana Co. - Class A (a) | 3 | 1176 |
| Century Communities, Inc. | 9 | 525 |
| Compass Group PLC | 193 | 6148 |
| D.R. Horton, Inc. | 43 | 6211 |
| Deckers Outdoor Corporation (a) | 2 | 252 |
| Dick's Sporting Goods, Inc. | 3 | 524 |
| DigiPlus Interactive Corp. | 84 | 23 |
| Domino's Pizza, Inc. | 1 | 278 |
| eBay Inc. | 11 | 979 |
| Eicher Motors Limited | 2 | 132 |
| Ferrari N.V. | 2 | 780 |
| Ford Motor Company | 278 | 3654 |
| Garmin Ltd. | 6 | 1310 |
| Geely Automobile Holdings Limited | 616 | 1415 |
| Genius Sports Limited (a) | 80 | 887 |
| Great Wall Motor Company Limited - Class A | 450 | 1457 |
| Greek Organisation of Football Prognostics S.A. - Class R | 6 | 128 |
| Hermes International | 3 | 6655 |
| Hilton Worldwide Holdings Inc. | 14 | 4155 |
| Home Depot, Inc., The | 26 | 8931 |
| Industria de Diseno Textil, S.A. | 10 | 677 |
| Isetan Mitsukoshi Holdings Ltd. (c) | 22 | 313 |
| Jawbone Inc. (e) (f) |  |  |
| JD.com, Inc. - Class A | 122 | 1759 |
| KIA Corporation | 1 | 119 |
| Laopu Gold Co., Ltd. - Class H (e) | 3 | 255 |
| Las Vegas Sands Corp. | 29 | 1878 |
| Les Vetements de Sport Gildan Inc. - Class A (c) | 24 | 1488 |
| Lojas Renner S/A. | 216 | 525 |
| LPP Spolka Akcyjna |  | 440 |
| Lululemon Athletica Canada Inc. (a) | 8 | 1752 |
| LVMH Moet Hennessy Louis Vuitton | 9 | 6849 |
| M/I Homes, Inc. (a) | 2 | 287 |
| McDonald's Corporation | 12 | 3587 |
| MercadoLibre, Inc. (a) | 1 | 1545 |
| Meritage Homes Corporation | 7 | 463 |
| Metaplanet Inc. (a) | 102 | 263 |
| Misto Holdings Corporation | 3 | 99 |
| Mr Price Group | 30 | 317 |
| Pandora A/S | 3 | 302 |
| POP MART International Group Limited (e) | 49 | 1170 |
| Prosus N.V. - Class N | 15 | 911 |
| PT. Mitra Adiperkasa | 671 | 47 |
| Renault | 28 | 1147 |
| SAIC Motor Corporation Limited - Class A | 453 | 987 |
| Sanrio Company, Ltd. (c) | 14 | 447 |
| Sea Limited - Class A - ADR (a) |  | 23 |
| Shenzhou International Group Holdings Limited | 60 | 469 |
| Six Flags Entertainment Corporation (a) | 24 | 369 |
| Sony Group Corporation | 40 | 1035 |
| Starbucks Corporation | 7 | 565 |
| Suzuki Motor Corporation | 84 | 1255 |
| Tapestry, Inc. | 11 | 1390 |
| Tesla, Inc. (a) | 43 | 19242 |
| TJX Companies, Inc., The | 71 | 10943 |
| Toll Brothers, Inc. | 10 | 1322 |
| Toyota Motor Corporation | 110 | 2353 |
| TRI Pointe Homes Holdings, Inc. (a) | 15 | 484 |
| Trip.com Group Limited | 7 | 517 |
| Ulta Beauty, Inc. (a) | 1 | 659 |
| Viking Holdings Ltd (a) | 3 | 191 |
| Wynn Macau, Limited | 805 | 614 |
| Wynn Resorts, Limited | 21 | 2475 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Yum China Holdings, Inc. | 31 | 1468 |
| | | 185428 |
| **Industrials 6.9%** | **Industrials 6.9%** | **Industrials 6.9%** |
| ABB Ltd - Class N | 17 | 1266 |
| Air Arabia PJSC | 138 | 175 |
| Airbus SE | 17 | 3939 |
| Airtac International Group | 19 | 562 |
| Alliance Laundry Holdings Inc. (a) | 34 | 699 |
| Athens International Airport S.A. | 17 | 213 |
| Atlas Copco Aktiebolag - Class A | 86 | 1535 |
| Automatic Data Processing, Inc. | 6 | 1457 |
| BAE Systems PLC | 427 | 9857 |
| BELIMO Holding AG - Class N |  | 485 |
| BizLink Holding Inc. | 12 | 581 |
| Boeing Company, The (a) | 62 | 13457 |
| Bouygues | 12 | 639 |
| Bunzl Public Limited Company | 25 | 697 |
| CAE Inc. (a) | 8 | 244 |
| Canadian National Railway Company | 14 | 1378 |
| Carrier Global Corporation | 14 | 759 |
| Compagnie de Saint-Gobain | 66 | 6713 |
| Delta Air Lines, Inc. (d) | 110 | 7617 |
| Doosan Enerbility Co., Ltd. (a) | 2 | 118 |
| DSV A/S | 24 | 6183 |
| Eaton Corporation Public Limited Company | 7 | 2097 |
| Eiffage | 6 | 876 |
| EMCOR Group, Inc. |  | 269 |
| Experian PLC | 14 | 638 |
| Fortive Corporation | 9 | 495 |
| Frontken Corporation Berhad | 175 | 180 |
| Furukawa Electric Co., Ltd. | 8 | 535 |
| GE Vernova Inc. | 10 | 6620 |
| General Electric Company | 29 | 8872 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 9 | 278 |
| GS Engineering & Construction Corp. | 14 | 189 |
| HD Hyundai Heavy Industries Co., Ltd. | 3 | 1015 |
| HD Hyundai Marine Solution Co., Ltd. | 1 | 117 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 2 | 512 |
| Hindustan Aeronautics Limited | 7 | 321 |
| Honeywell International Inc. | 21 | 4065 |
| Howmet Aerospace Inc. | 16 | 3293 |
| Huntington Ingalls Industries, Inc. | 3 | 1014 |
| Illinois Tool Works Inc. | 9 | 2231 |
| International Container Terminal Services, Inc. | 12 | 117 |
| Kone Corporation - Class B | 7 | 528 |
| Kongsberg Gruppen ASA | 13 | 344 |
| Legrand | 8 | 1182 |
| Leonardo S.p.A. | 41 | 2345 |
| Localiza Rent A Car S/A | 19 | 146 |
| Lockheed Martin Corporation | 7 | 3462 |
| LuxCo 3 (a) (f) | 1 | 21 |
| MISUMI Group Inc. | 29 | 447 |
| Nidec Corporation | 123 | 1677 |
| Obayashi Corporation | 34 | 719 |
| Otis Worldwide Corporation | 42 | 3695 |
| Palladyne AI Corp. (a) (c) | 1 | 5 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 6 | 94 |
| PT. Astra International | 169 | 68 |
| Relx PLC | 124 | 5047 |
| Rockwell Automation, Inc. |  | 144 |
| Rolls-Royce Holdings PLC | 302 | 4678 |
| RTX Corporation | 5 | 842 |
| Rumo S.A. | 45 | 120 |
| Safran | 2 | 715 |
| Schneider Electric SE | 2 | 668 |
| Shimizu Corporation | 63 | 1067 |
| Siemens Energy AG (a) | 28 | 3927 |
| Southwest Airlines Co. | 18 | 739 |
| Techtronic Industries Company Limited | 91 | 1048 |
| Textron Inc. | 25 | 2145 |
| Thales | 5 | 1444 |
| TOTO Ltd. | 13 | 348 |
| Toyota Tsusho Corporation | 26 | 884 |
| Trane Technologies Public Limited Company | 33 | 12653 |
| TransDigm Group Incorporated | 6 | 8212 |
| Transurban Holdings Limited | 145 | 1376 |
| Uber Technologies, Inc. (a) | 32 | 2632 |
| Union Pacific Corporation | 22 | 5195 |
| United Airlines Holdings, Inc. (a) | 71 | 7990 |
| Verisure P.L.C. (a) | 27 | 450 |
| Vertiv Holdings Co - Class A | 38 | 6225 |
| Waste Management, Inc. | 5 | 1051 |
| Weichai Power Co., Ltd. - Class H | 261 | 632 |
| Wizz Air Holdings PLC (a) (c) (e) | 9 | 152 |
| Wolters Kluwer N.V. - Class C | 13 | 1349 |
| Worley Limited | 52 | 434 |
| Yaskawa Electric Corporation (c) | 9 | 278 |
|  |  | 179486 |
| **Health Care 6.6%** | **Health Care 6.6%** | **Health Care 6.6%** |
| Abbott Laboratories | 48 | 5959 |
| AbbVie Inc. | 25 | 5740 |
| Alcon AG | 8 | 611 |
| Argenx SE (a) |  | 378 |
| Argenx SE - ADR (a) |  | 192 |
| Asahi Intecc Co., Ltd. | 22 | 409 |
| Ascendis Pharma A/S - ADR (a) | 1 | 206 |
| Axsome Therapeutics, Inc. (a) | 2 | 323 |
| Bayer Aktiengesellschaft - Class N | 6 | 261 |
| Boston Scientific Corporation (a) | 125 | 11914 |
| Bristol-Myers Squibb Company | 30 | 1601 |
| Cardinal Health, Inc. | 1 | 140 |
| Centene Corporation (a) | 9 | 372 |
| Coloplast A/S - Class B | 6 | 526 |
| Convatec Group PLC (e) | 80 | 262 |
| Edwards Lifesciences Corporation (a) | 18 | 1576 |
| Eli Lilly and Company (d) | 25 | 27314 |
| EssilorLuxottica | 28 | 8990 |
| Fresenius Medical Care AG | 11 | 533 |
| Galderma Group AG | 9 | 1761 |
| Genmab A/S (a) | 1 | 340 |
| Gilead Sciences, Inc. | 12 | 1505 |
| Grand Round, Inc. (e) (f) | 644 | 515 |
| GSK PLC | 52 | 1267 |
| Haleon PLC | 120 | 604 |
| HCA Healthcare, Inc. |  | 129 |
| Humana Inc. | 2 | 454 |
| Incyte Corporation (a) | 12 | 1139 |
| Insmed Incorporated (a) | 2 | 409 |
| Intuitive Surgical, Inc. (a) | 16 | 9163 |
| Johnson & Johnson | 36 | 7378 |
| Masimo Corporation (a) | 13 | 1745 |
| McKesson Corporation | 12 | 10119 |
| Medtronic, Inc. | 83 | 8012 |
| Merck & Co., Inc. | 46 | 4838 |
| MLP Saglik Hizmetleri Anonim Sirketi (a) | 15 | 134 |
| Moderna, Inc. (a) | 75 | 2226 |
| NMC Health PLC (f) | 162 |  |
| Novartis AG - Class N | 24 | 3297 |
| Olympus Corporation | 88 | 1121 |
| Pfizer Inc. | 65 | 1621 |
| Rede D'or Sao Luiz S.A. | 17 | 123 |
| Regeneron Pharmaceuticals, Inc. | 2 | 1183 |
| ResMed Inc. | 1 | 246 |
| Royalty Pharma PLC - Class A | 5 | 174 |
| Sanofi | 79 | 7630 |
| Santen Pharmaceutical Co., Ltd. | 31 | 325 |
| Soleno Therapeutics, Inc. (a) | 3 | 123 |
| Steris Public Limited Company | 1 | 214 |
| Stryker Corporation | 37 | 12850 |
| Sumitomo Pharma Co., Ltd. (a) | 34 | 500 |
| Telix Pharmaceuticals Limited (a) (c) | 28 | 206 |
| Teva Pharmaceutical Industries Ltd - ADR (a) | 39 | 1207 |
| Thermo Fisher Scientific Inc. | 8 | 4643 |
| UCB |  | 130 |
| United Therapeutics Corporation (a) | 1 | 403 |
| UnitedHealth Group Incorporated | 13 | 4289 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Universal Health Services, Inc. - Class B | 3 | 549 |
| Vera Therapeutics, Inc. - Class A (a) | 3 | 137 |
| Vertex Pharmaceuticals Incorporated (a) | 11 | 5013 |
| Viatris Inc. | 228 | 2845 |
| West Pharmaceutical Services, Inc. |  | 91 |
| Xenon Pharmaceuticals Inc. (a) | 3 | 136 |
| Zimmer Biomet Holdings, Inc. | 10 | 900 |
| Zoetis Inc. - Class A | 29 | 3665 |
| | | 172666 |
| **Communication Services 5.7%** | **Communication Services 5.7%** | **Communication Services 5.7%** |
| Alphabet Inc. - Class C | 193 | 60633 |
| AMC Networks, Inc. - Class A (a) | 15 | 138 |
| America Movil, S.A.B. De C.V. | 202 | 208 |
| Bilibili Inc. - ADR (a) (c) | 8 | 199 |
| Deutsche Telekom AG - Class N | 84 | 2726 |
| EchoStar Corporation - Class A (a) (c) | 28 | 3033 |
| Elisa Oyj | 6 | 280 |
| Emirates Integrated Telecommunications Company PJSC | 34 | 91 |
| Etihad Etisalat Company | 22 | 387 |
| Former Charter Communications Parent, Inc. - Class A (a) | 6 | 1187 |
| Fox Corporation - Class A | 17 | 1216 |
| Hellenic Telecommunications Organization S.A. - Class R | 11 | 217 |
| International Games System Co., Ltd. | 9 | 207 |
| Kakaku.com, Inc. | 21 | 305 |
| KDDI Corporation | 68 | 1182 |
| Krafton, Inc. (a) | 3 | 570 |
| Lionsgate Studios Corp. (a) | 116 | 1058 |
| Live Nation Entertainment, Inc. (a) | 40 | 5649 |
| Lumen Technologies, Inc. (a) | 52 | 401 |
| LY Corporation | 300 | 798 |
| Match Group, Inc. | 60 | 1932 |
| Meta Platforms, Inc. - Class A | 37 | 24583 |
| NAVER Corporation | 3 | 527 |
| Netflix, Inc. (a) | 74 | 6951 |
| NEXON Co., Ltd. | 46 | 1102 |
| Nintendo Co., Ltd. | 16 | 1095 |
| Omnicom Group Inc. | 17 | 1407 |
| Paramount Skydance Corporation - Class B (c) | 6 | 76 |
| PT. Telekomunikasi Indonesia | 153 | 32 |
| Roblox Corporation - Class A (a) | 7 | 541 |
| Spotify Technology S.A. (a) | 1 | 338 |
| Starz Entertainment (a) | 5 | 56 |
| Take-Two Interactive Software, Inc. (a) | 3 | 880 |
| Telenor ASA | 28 | 409 |
| Tencent Holdings Limited | 136 | 10433 |
| Tencent Holdings Limited - ADR |  | 17 |
| T-Mobile US, Inc. | 4 | 829 |
| True Corporation Public Company Limited | 316 | 109 |
| True Corporation Public Company Limited - NVDR (c) | 267 | 92 |
| Verizon Communications Inc. | 105 | 4267 |
| Vodacom Group (c) | 8 | 67 |
| Walt Disney Company, The | 104 | 11861 |
|  |  | 148089 |
| **Consumer Staples 2.8%** | **Consumer Staples 2.8%** | **Consumer Staples 2.8%** |
| Alimentation Couche-Tard Inc. | 23 | 1249 |
| Altria Group, Inc. | 67 | 3877 |
| British American Tobacco P.L.C. | 57 | 3230 |
| Carrefour | 11 | 176 |
| Coca-Cola Company, The | 33 | 2287 |
| Costco Wholesale Corporation | 20 | 16908 |
| CP ALL Public Company Limited | 186 | 257 |
| Dollar General Corporation | 16 | 2153 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 5 | 172 |
| Estee Lauder Companies Inc., The - Class A | 10 | 1072 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 4 | 45 |
| ITC Limited | 95 | 427 |
| J Sainsbury PLC (c) | 287 | 1258 |
| Japan Tobacco Inc. (c) | 71 | 2557 |
| Jeronimo Martins, SGPS S.A. | 7 | 158 |
| Keurig Dr Pepper Inc. | 64 | 1804 |
| KT&G Corporation | 7 | 680 |
| L'Oreal | 1 | 328 |
| Nestle S.A. - Class N | 5 | 458 |
| Nongfu Spring Co., Ltd. - Class H (e) |  | 1 |
| PepsiCo, Inc. | 10 | 1394 |
| Philip Morris International Inc. | 52 | 8386 |
| Procter & Gamble Company, The | 33 | 4778 |
| Seven & I Holdings Co., Ltd. | 43 | 623 |
| Target Corporation | 6 | 612 |
| Wal-Mart de Mexico, S.A.B. de C.V. (c) | 40 | 125 |
| Walmart Inc. | 160 | 17775 |
| Woolworths Group Limited | 28 | 541 |
|  |  | 73331 |
| **Energy 2.3%** | **Energy 2.3%** | **Energy 2.3%** |
| ADES Holding Company | 29 | 137 |
| BP P.L.C. | 115 | 676 |
| Cameco Corporation (c) (d) | 2 | 202 |
| Cameco Corporation | 87 | 7991 |
| Cenovus Energy Inc. | 53 | 889 |
| Chevron Corporation | 55 | 8456 |
| Devon Energy Corporation | 42 | 1533 |
| ENEOS Holdings, Inc. | 256 | 1810 |
| EOG Resources, Inc. | 20 | 2142 |
| EQT Corporation | 112 | 5978 |
| Idemitsu Kosan Co., Ltd. | 95 | 716 |
| Inpex Corporation (c) | 21 | 416 |
| Koninklijke Vopak N.V. | 5 | 212 |
| Repsol S.A. | 52 | 970 |
| Santos Limited | 177 | 726 |
| Schlumberger Limited | 10 | 402 |
| Shell PLC - Class A | 302 | 11164 |
| Solaris Energy Infrastructure, Inc. - Class A | 21 | 947 |
| Suncor Energy Inc. | 100 | 4453 |
| Tenaris S.A. | 25 | 485 |
| Valero Energy Corporation | 18 | 2984 |
| Williams Companies, Inc., The | 126 | 7601 |
|  |  | 60890 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Air Products and Chemicals, Inc. | 13 | 3121 |
| Albemarle Corporation | 6 | 836 |
| Algoma Steel Group Inc. (c) | 88 | 361 |
| Anglo American PLC | 12 | 513 |
| Asahi Kasei Corporation | 74 | 667 |
| Barrick Mining Corporation | 36 | 1559 |
| BHP Group Limited | 98 | 2970 |
| Borouge PLC | 167 | 120 |
| China Hongqiao Group Limited | 153 | 638 |
| CRH Public Limited Company | 66 | 8194 |
| Eldorado Gold Corporation (a) | 11 | 384 |
| First Quantum Minerals Ltd (a) | 7 | 183 |
| Fortescue Ltd | 47 | 690 |
| Freeport-McMoRan Inc. | 164 | 8341 |
| Fresnillo PLC | 44 | 1955 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 7 | 64 |
| Harmony Gold Mining Company | 63 | 1272 |
| Holcim AG | 17 | 1664 |
| Kansai Paint Co., Ltd. (c) | 17 | 276 |
| Kinross Gold Corporation | 72 | 2033 |
| Kumba Iron Ore Ltd (e) | 9 | 199 |
| Kuraray Co., Ltd. | 4 | 38 |
| MP Materials Corp. - Class A (a) (c) | 22 | 1125 |
| Newmont Corporation | 14 | 1413 |
| Nippon Steel Corporation (c) | 31 | 127 |
| Nissan Chemical Corporation (c) | 14 | 468 |
| Northam Platinum Limited | 13 | 261 |
| Nutrien Ltd. (c) | 12 | 749 |
| Quintis Limited (e) (f) (g) | 3771 |  |
| Rio Tinto Limited | 14 | 1338 |
| Rio Tinto PLC | 5 | 382 |
| Saudi Basic Industries Corporation | 5 | 66 |
| Southern Copper Corporation | 1 | 146 |
| SSAB AB - Class A | 8 | 58 |
| SSAB AB - Class B | 20 | 147 |
| Symrise AG | 10 | 800 |
| Teck Resources Limited - Class B | 26 | 1259 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vale S.A. - ADR | 51 | 658 |
| Vale S.A. | 15 | 200 |
| Valterra Platinum | 6 | 539 |
| Yanbu National Petrochemical Company | 17 | 124 |
| | | 45938 |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| Ameren Corporation | 2 | 182 |
| Constellation Energy Group, Inc. | 1 | 492 |
| Duke Energy Corporation | 7 | 790 |
| E.ON SE - Class N | 74 | 1413 |
| Engie | 71 | 1868 |
| Fortis Inc. | 21 | 1085 |
| Korea Electric Power Corp | 11 | 347 |
| National Grid PLC | 691 | 10638 |
| Naturgy Energy Group S.A. | 9 | 285 |
| NextEra Energy, Inc. | 122 | 9788 |
| NRG Energy, Inc. | 11 | 1712 |
| Pinnacle West Capital Corporation | 7 | 630 |
| RWE Aktiengesellschaft | 11 | 608 |
| The Southern Company | 5 | 414 |
| Vistra Corp. | 29 | 4714 |
|  |  | 34966 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| Aldar Properties - PJSC | 58 | 137 |
| Ayala Land Inc. | 234 | 89 |
| Emaar Development LLC | 24 | 99 |
| Emaar Properties PJSC | 116 | 442 |
| ProLogis Inc. | 15 | 1880 |
| PT. Ciputra Development | 1693 | 84 |
| The British Land Company Public Limited Company | 45 | 245 |
| UOL Group Limited | 29 | 194 |
| Ventas, Inc. | 3 | 258 |
| VICI Properties Inc. | 14 | 403 |
| Welltower Inc. | 2 | 400 |
|  |  | 4231 |
| Total Common Stocks (cost $1,405,523) | Total Common Stocks (cost $1,405,523) | 1608448 |
| **CORPORATE BONDS AND NOTES 10.4%** | **CORPORATE BONDS AND NOTES 10.4%** | **CORPORATE BONDS AND NOTES 10.4%** |
| **Financials 1.8%** | **Financials 1.8%** | **Financials 1.8%** |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (h) | 280 | 272 |
| AIB Group Public Limited Company |  |  |
| 6.00%, (100, 07/14/31), EUR (e) (i) | 250 | 300 |
| Alexandrite Lake Lux Holdings S.a r.l. |  |  |
| 6.75%, 07/30/30, EUR (e) | 531 | 634 |
| Alliant Holdings Intermediate, LLC |  |  |
| 5.88%, 11/01/29 (h) | 291 | 290 |
| 7.00%, 01/15/31 (h) | 50 | 52 |
| 6.50%, 10/01/31 (h) | 98 | 101 |
| American National Group Inc. |  |  |
| 7.00%, 12/01/55 | 100 | 100 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (c) (h) | 100 | 103 |
| Ardonagh Finco Limited |  |  |
| 6.88%, 02/15/31, EUR (h) | 1475 | 1784 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (h) | 174 | 187 |
| Axis Bank Limited |  |  |
| 4.10%, (100, 09/08/26) (e) (i) (j) | 300 | 296 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (h) | 134 | 142 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 6.88%, (100, 12/13/30), EUR (e) (i) | 400 | 508 |
| 8.38%, (100, 06/21/28), EUR (e) (i) | 200 | 258 |
| Bank of America Corporation |  |  |
| 6.25%, (100, 07/26/30) (i) | 73 | 74 |
| Bank of New York Mellon Corporation, The |  |  |
| 5.95%, (100, 12/20/30) (i) | 200 | 203 |
| 6.30%, (100, 03/20/30) (i) | 73 | 76 |
| Bankinter Sociedad Anonima |  |  |
| 7.38%, (100, 08/15/28), EUR (e) (i) | 200 | 252 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (i) (j) | 214 | 207 |
| 7.63%, (100, 03/15/35) (c) (i) (j) | 200 | 213 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (h) | 200 | 204 |
| BNP Paribas |  |  |
| 4.63%, (100, 01/12/27) (h) (i) | 214 | 212 |
| Bper Banca S..A. |  |  |
| 6.50%, (100, 03/20/30), EUR (e) (i) | 200 | 243 |
| Bracken Midco1 PLC |  |  |
| 6.75%, 11/01/27, GBP (e) (k) | 183 | 245 |
| Breakwater Energy Holdings S.a r.l. |  |  |
| 9.25%, 11/15/30 (h) | 250 | 260 |
| CaixaBank, S.A. |  |  |
| 5.88%, (100, 10/09/27), EUR (e) (i) (j) | 400 | 487 |
| 6.25%, (100, 07/24/32), EUR (e) (i) | 200 | 247 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (i) | 73 | 75 |
| 6.95%, (100, 02/15/30) (i) | 76 | 78 |
| 5.92%, (10 Year Treasury + 0.00%), 12/11/30 (f) (l) | 1472 | 1472 |
| COMMERZBANK Aktiengesellschaft |  |  |
| 7.88%, (100, 07/02/29), EUR (e) (i) | 200 | 264 |
| Credit Acceptance Corporation |  |  |
| 9.25%, 12/15/28 (h) | 100 | 105 |
| 6.63%, 03/15/30 (h) | 100 | 100 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.50%, (100, 11/30/26), EUR (e) (i) | 200 | 234 |
| 4.63%, (100, 10/30/27), EUR (e) (i) | 1000 | 1164 |
| 6.75%, (100, 10/30/34), EUR (e) (i) | 400 | 479 |
| 7.13%, EUR (e) (i) | 200 | 248 |
| Dongyang Life Insurance Co., Ltd. |  |  |
| 6.25%, 05/07/35 (e) | 300 | 311 |
| Dynamo NewCo II GmbH |  |  |
| 6.25%, 10/15/31, EUR (e) | 185 | 223 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (h) | 479 | 488 |
| Encore Issuances S.A. |  |  |
| 4.93%, 08/14/26, EUR (l) | 200 | 236 |
| Eurobank Ergasias Services And Holdings S.A. |  |  |
| 4.00%, 02/07/36, EUR (e) | 421 | 491 |
| First Citizens BancShares, Inc. |  |  |
| 6.25%, 03/12/40 | 2373 | 2414 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (h) | 128 | 133 |
| Flourishing Trade And Investment Ltd |  |  |
| 11.04%, 04/02/28 (f) (h) (k) | 3919 | 4056 |
| Ford Motor Credit Company LLC |  |  |
| 6.95%, 03/06/26 - 06/10/26 | 793 | 799 |
| 4.54%, 08/01/26 | 225 | 225 |
| 5.13%, 11/05/26 | 458 | 462 |
| 4.27%, 01/09/27 | 449 | 447 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 (h) | 100 | 107 |
| 8.38%, 04/01/32 (h) | 39 | 41 |
| Galaxy Digital Holdings LP |  |  |
| 0.50%, 05/01/31 (h) (j) | 410 | 311 |
| Garfunkelux Holdco 3 S.A. |  |  |
| 9.00%, 09/01/28, EUR (e) | 905 | 1013 |
| GGAM Finance Ltd. |  |  |
| 6.88%, 04/15/29 (c) (h) | 151 | 156 |
| GS Finance Corp. |  |  |
| 8.75%, (10 Year Treasury + 0.00%), 02/14/30 (l) | 4390 | 4378 |
| HSBC Holdings PLC |  |  |
| 6.95%, (100, 08/27/31) (i) (j) | 68 | 71 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (i) (j) | 400 | 388 |
| 7.25%, (100, 11/16/34) (e) (i) | 250 | 266 |
| Intrum Investments and Financing AB |  |  |
| 8.00%, 09/11/27, EUR (e) | 266 | 316 |
| 7.75%, 09/11/28, EUR (e) | 223 | 229 |
| 8.50%, 09/11/29 - 09/11/30, EUR (e) | 293 | 290 |
| Jane Street Group, LLC |  |  |
| 6.75%, 05/01/33 (h) | 300 | 313 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (h) | 400 | 384 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (i) | 69 | 72 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.88%, 01/15/31 (h) | 291 | 305 |
| Lloyds Banking Group PLC |  |  |
| 6.63%, (100, 09/27/35) (i) (j) | 330 | 329 |
| 7.50%, (100, 06/27/30), GBP (i) | 200 | 280 |
| Minejesa Capital B.V. |  |  |
| 5.63%, 08/10/37 (h) | 200 | 198 |
| Muangthai Capital Public Company Limited |  |  |
| 6.88%, 09/30/28 (e) | 300 | 304 |
| 7.55%, 07/21/30 | 250 | 259 |
| Muthoot Finance Limited |  |  |
| 6.38%, 03/02/30 (e) | 495 | 503 |
| National Australia Bank Limited |  |  |
| 4.95%, (3 Month AUD Bank Bill + 1.30%), 11/14/35, AUD (l) | 430 | 287 |
| National Bank of Greece S.A. |  |  |
| 5.88%, 06/28/35, EUR (e) | 200 | 251 |
| Nationwide Building Society |  |  |
| 5.75%, (100, 06/20/27), GBP (e) (i) (j) | 215 | 289 |
| 7.50%, (100, 12/20/30), GBP (e) (i) | 567 | 795 |
| NatWest Group PLC |  |  |
| 7.50%, GBP (i) (j) | 225 | 314 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (h) | 645 | 700 |
| NN Group N.V. |  |  |
| 5.75%, (100, 09/11/34), EUR (e) (i) | 275 | 328 |
| Nomura Holdings, Inc. |  |  |
| 7.00%, (100, 07/15/30) (i) | 200 | 205 |
| OneMain Finance Corporation |  |  |
| 7.13%, 11/15/31 | 75 | 78 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (h) | 131 | 136 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 05/15/32 (h) | 207 | 216 |
| PRA Group Europe Holding II S.a r.l. |  |  |
| 6.25%, 09/30/32, EUR (e) | 140 | 160 |
| Progroup AG |  |  |
| 5.13%, 04/15/29, EUR (h) | 224 | 270 |
| 5.38%, 04/15/31, EUR (h) | 188 | 225 |
| PT. Bank Negara Indonesia (persero) |  |  |
| 4.30%, (100, 03/24/27) (e) (i) | 300 | 293 |
| Resurgent Trade and Investment Ltd |  |  |
| 9.51%, 12/05/27 (f) | 2991 | 2991 |
| Rocket Companies, Inc. |  |  |
| 6.50%, 08/01/29 (h) | 74 | 76 |
| 7.13%, 02/01/32 (h) | 263 | 276 |
| 6.38%, 08/01/33 (h) | 100 | 104 |
| Ryan Specialty, LLC |  |  |
| 5.88%, 08/01/32 (h) | 100 | 102 |
| Sammaan Capital Limited |  |  |
| 7.50%, 10/16/30 (e) | 275 | 271 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (h) | 100 | 103 |
| 5.50%, 05/15/33, EUR (e) | 896 | 1080 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 100 | 103 |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/27 (h) | 203 | 201 |
| Stena International S.A. |  |  |
| 7.25%, 01/15/31 (e) | 1017 | 1035 |
| StoneX Escrow Issuer LLC |  |  |
| 6.88%, 07/15/32 (h) | 100 | 103 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 6.45%, (100, 06/05/35) (i) | 107 | 109 |
| Texas Capital Bancshares, Inc. |  |  |
| 4.00%, 05/06/31 | 1202 | 1187 |
| UBS Group AG |  |  |
| 6.60%, (100, 08/05/30) (h) (i) (j) | 200 | 203 |
| UnipolSai Assicurazioni S.p.A. |  |  |
| 4.90%, 05/23/34, EUR (e) | 200 | 245 |
| United Wholesale Mortgage, LLC |  |  |
| 5.50%, 04/15/29 (h) | 343 | 340 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (h) | 107 | 108 |
| 6.25%, 03/15/31 (h) | 101 | 101 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (h) | 100 | 104 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (h) | 100 | 101 |
| 6.38%, 02/01/30 (h) | 100 | 95 |
| WOM Chile Holdco SpA |  |  |
| 5.00%, 04/01/32 (h) (j) (k) | 181 | 166 |
| Worldline |  |  |
| 5.25%, 11/27/29, EUR (c) (e) | 100 | 104 |
| | | 46822 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (h) | 42 | 41 |
| Altice Financing S.A. |  |  |
| 3.00%, 01/15/28, EUR (e) | 826 | 662 |
| Altice France |  |  |
| 5.50%, 10/15/31, EUR (e) | 91 | 101 |
| 5.63%, 06/15/32, EUR (e) | 90 | 101 |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29 (h) | 804 | 843 |
| 4.25%, 02/15/29 (c) | 804 | 706 |
| 4.25%, 02/15/29 (j) | 417 | 413 |
| 10.50%, 07/15/32 (c) (h) | 208 | 230 |
| APLD ComputeCo LLC |  |  |
| 9.25%, 12/15/30 (h) | 100 | 98 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (h) | 124 | 122 |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (h) | 4997 | 5290 |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 135 | 140 |
| British Telecommunications Public Limited Company |  |  |
| 4.88%, 11/23/81 (h) | 463 | 447 |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (h) | 300 | 299 |
| 4.25%, 02/01/31 (h) | 400 | 367 |
| 7.38%, 03/01/31 (h) | 200 | 204 |
| 4.75%, 02/01/32 (c) (h) | 188 | 172 |
| 4.50%, 06/01/33 (c) (h) | 300 | 263 |
| Cellnex Telecom, S.A. |  |  |
| 0.75%, 11/20/31, EUR (e) (j) | 200 | 212 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (h) | 82 | 84 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.88%, 04/01/30 (h) | 100 | 105 |
| 7.13%, 02/15/31 (h) | 58 | 61 |
| Cogent Communications Group, LLC |  |  |
| 7.00%, 06/15/27 (c) (h) | 138 | 138 |
| CommScope, LLC. |  |  |
| 9.50%, 12/15/31 (h) | 130 | 131 |
| Connect Finco S.a r.l. |  |  |
| 9.00%, 09/15/29 (h) | 628 | 666 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (c) (h) | 856 | 728 |
| 11.25%, 05/15/28 (h) | 200 | 157 |
| 11.75%, 01/31/29 (h) | 491 | 363 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (h) | 98 | 99 |
| 10.00%, 02/15/31 (h) | 300 | 306 |
| DISH Network Corporation |  |  |
| 3.38%, 08/15/26 (j) | 258 | 253 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 55 | 61 |
| 6.75%, 11/30/30 (c) (k) | 55 | 56 |
| Eircom Limited |  |  |
| 5.00%, 04/30/31, EUR (e) | 442 | 527 |
| Engineering - Ingegneria Informatica - S.p.A. |  |  |
| 8.63%, 02/15/30, EUR (e) | 215 | 270 |
| Fibercop S.p.A. |  |  |
| 4.75%, 06/30/30, EUR (e) | 132 | 158 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.13%, 06/30/32, EUR (e) | 127 | 152 |
| Frontier Communications Holdings, LLC |  |  |
| 6.00%, 01/15/30 (c) (h) | 415 | 421 |
| 8.75%, 05/15/30 (h) | 1462 | 1527 |
| 8.63%, 03/15/31 (h) | 1100 | 1156 |
| Frontier Communications Parent, Inc. |  |  |
| 5.00%, 05/01/28 (c) (h) | 100 | 100 |
| 6.75%, 05/01/29 (h) | 610 | 614 |
| Frontier Florida LLC |  |  |
| 6.86%, 02/01/28 | 1259 | 1310 |
| Frontier North Inc. |  |  |
| 6.73%, 02/15/28 | 175 | 181 |
| Global Switch Finance B.V. |  |  |
| 1.38%, 10/07/30, EUR (e) | 242 | 266 |
| Gray Media, Inc. |  |  |
| 9.63%, 07/15/32 (c) (h) | 200 | 208 |
| 7.25%, 08/15/33 (h) | 85 | 87 |
| iHeartCommunications, Inc. |  |  |
| 7.75%, 08/15/30 (h) (m) | 200 | 174 |
| Iliad Holding |  |  |
| 4.25%, 01/09/32, EUR (e) | 500 | 591 |
| Kaixo Bondco Telecom S.A. |  |  |
| 5.13%, 09/30/29, EUR (e) | 273 | 324 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (h) | 195 | 200 |
| 7.00%, 03/31/34 (h) | 166 | 171 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/27 (h) | 247 | 247 |
| 2.88%, 10/15/31 (h) (j) | 145 | 142 |
| Maya |  |  |
| 5.63%, 10/15/28, EUR (e) | 1693 | 2015 |
| 7.00%, 10/15/28 (h) | 200 | 203 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (h) | 67 | 71 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (h) | 229 | 229 |
| Outfront Media Capital Corporation |  |  |
| 5.00%, 08/15/27 (h) | 122 | 122 |
| 4.63%, 03/15/30 (h) | 119 | 116 |
| Rogers Communications Inc. |  |  |
| 5.25%, 03/15/82 (h) | 200 | 199 |
| Sirius XM Radio Inc. |  |  |
| 5.00%, 08/01/27 (h) | 200 | 200 |
| 4.00%, 07/15/28 (h) | 200 | 195 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33 (h) | 122 | 126 |
| SoftBank Group Corp. |  |  |
| 5.38%, 01/08/29, EUR (e) | 498 | 598 |
| 5.25%, 10/10/29, EUR (e) | 186 | 222 |
| 5.88%, 07/10/31, EUR (e) | 747 | 896 |
| 5.75%, 07/08/32, EUR (e) | 994 | 1181 |
| 6.38%, 07/10/33, EUR (e) | 560 | 674 |
| Summer (BC) Holdco B S.a r.l. |  |  |
| 5.88%, 02/15/30, EUR (e) | 353 | 382 |
| 6.31%, (3 Month EURIBOR + 4.25%), 02/15/30, EUR (e) (l) | 199 | 219 |
| Sunrise FinCo I B.V. |  |  |
| 4.88%, 07/15/31 (h) | 750 | 718 |
| Tele Columbus AG |  |  |
| 10.00%, 03/19/29, EUR (a) (e) (k) (n) | 594 | 451 |
| Telecom Argentina S.A. |  |  |
| 9.25%, 05/28/33 (h) | 19 | 20 |
| Telecom Italia Capital |  |  |
| 7.72%, 06/04/38 | 148 | 163 |
| Telenet Finance Luxembourg Notes S.a r.l. |  |  |
| 5.50%, 03/01/28 (h) | 1000 | 995 |
| TELUS Corporation |  |  |
| 6.63%, 10/15/55 | 115 | 117 |
| United Group B.V. |  |  |
| 6.31%, (3 Month EURIBOR + 4.25%), 02/15/31, EUR (h) (l) | 642 | 757 |
| 6.50%, 10/31/31, EUR (e) | 155 | 186 |
| Uniti Group Inc. |  |  |
| 4.75%, 04/15/28 (h) | 284 | 282 |
| Versant Media Group, Inc. |  |  |
| 7.25%, 01/30/31 (h) | 42 | 43 |
| VFU Funding PLC |  |  |
| 9.62%, 02/11/27 (e) (l) (o) | 161 | 155 |
| Viacom Inc. |  |  |
| 6.25%, 02/28/57 | 300 | 270 |
| Virgin Media O2 Vendor Financing Notes V Designated Activity Company |  |  |
| 7.88%, 03/15/32, GBP (e) | 139 | 188 |
| Virgin Media Secured Finance PLC |  |  |
| 5.50%, 05/15/29 (h) | 208 | 205 |
| 4.25%, 01/15/30, GBP (e) | 525 | 648 |
| 4.13%, 08/15/30, GBP (e) | 761 | 921 |
| Virgin Media Vendor Financing Notes III Designated Activity Company |  |  |
| 4.88%, 07/15/28, GBP (e) | 1382 | 1812 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (e) | 325 | 389 |
| 4.75%, 07/15/31 (h) | 263 | 242 |
| 6.75%, 01/15/33 (h) | 210 | 207 |
| Vodafone Group Public Limited Company |  |  |
| 7.00%, 04/04/79 | 200 | 211 |
| 4.13%, 06/04/81 | 88 | 82 |
| 8.00%, 08/30/86, GBP (e) | 228 | 335 |
| VZ Secured Financing B.V. |  |  |
| 5.25%, 01/15/33, EUR (e) | 487 | 561 |
| VZ Vendor Financing II B.V. |  |  |
| 2.88%, 01/15/29, EUR (e) | 950 | 1052 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (h) | 100 | 104 |
| 6.75%, 11/15/32 (h) | 100 | 103 |
| Windstream Services, LLC |  |  |
| 7.50%, 10/15/33 (h) | 143 | 147 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (h) | 100 | 103 |
| Zayo Group Holdings, Inc. |  |  |
| 6.25%, 03/09/30 (h) (k) | 96 | 91 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29, EUR (e) | 590 | 728 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (h) | 200 | 189 |
| | | 42868 |
| **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** |
| Adient Global Holdings Ltd |  |  |
| 7.00%, 04/15/28 (h) | 166 | 170 |
| Advance Auto Parts, Inc. |  |  |
| 7.38%, 08/01/33 (h) | 100 | 100 |
| Afflelou |  |  |
| 6.00%, 07/25/29, EUR (e) | 430 | 526 |
| Alibaba Group Holding Limited |  |  |
| 0.50%, 06/01/31 (j) | 697 | 1082 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| 7.25%, 04/30/30, EUR (e) | 576 | 711 |
| Asbury Automotive Group, Inc. |  |  |
| 4.75%, 03/01/30 | 106 | 104 |
| Ashton Woods USA L.L.C. |  |  |
| 6.88%, 08/01/33 (c) (h) | 301 | 301 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (h) | 654 | 603 |
| 10.38%, 03/31/29, GBP (e) | 411 | 505 |
| Avianca MidCo 2 PLC |  |  |
| 9.00%, 12/01/28 (e) | 65 | 66 |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/30 (h) | 100 | 102 |
| BCPE Flavor Debt Merger Sub LLC |  |  |
| 9.50%, 07/01/32 (h) | 252 | 241 |
| Beach Acquisition Bidco, LLC |  |  |
| 5.25%, 07/15/32, EUR (e) | 256 | 306 |
| Bertrand Franchise Finance |  |  |
| 5.75%, (3 Month EURIBOR + 3.75%), 07/18/30, EUR (e) (l) | 264 | 307 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 06/15/31 (h) | 303 | 296 |
| Bracelet Holdings Inc. |  |  |
| 9.25%, 07/02/28 (h) | 1635 | 1572 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Brookfield Residential Properties Inc. |  |  |
| 4.88%, 02/15/30 (h) | 266 | 248 |
| Bubbles BidCo S.p.A. |  |  |
| 6.25%, (3 Month EURIBOR + 4.25%), 09/30/31, EUR (e) (l) | 355 | 420 |
| 6.50%, 09/30/31, EUR (e) | 259 | 312 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (c) (h) | 155 | 148 |
| 7.00%, 02/15/30 (h) | 144 | 149 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29, GBP (e) | 122 | 172 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/29 (c) (h) (m) | 100 | 95 |
| Churchill Downs Incorporated |  |  |
| 5.50%, 04/01/27 (h) | 30 | 30 |
| Cinemark USA, Inc. |  |  |
| 7.00%, 08/01/32 (c) (h) | 133 | 138 |
| Cirsa Finance International S.a r.l. |  |  |
| 7.88%, 07/31/28, EUR (e) | 637 | 781 |
| 4.88%, 10/15/31, EUR (e) | 111 | 134 |
| 5.10%, (3 Month EURIBOR + 3.00%), 10/15/32, EUR (e) (l) | 163 | 193 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 09/15/32 (h) | 200 | 206 |
| 4.75%, 06/15/31, EUR (e) | 430 | 516 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 8.50%, 07/15/31, EUR (e) | 476 | 598 |
| Deuce Finco PLC |  |  |
| 7.00%, 11/20/31, GBP (e) | 305 | 416 |
| 5.55%, (3 Month EURIBOR + 3.50%), 11/20/32, EUR (e) (l) | 285 | 339 |
| Discovery Communications, LLC |  |  |
| 5.00%, 09/20/37 | 100 | 80 |
| 6.35%, 06/01/40 | 100 | 82 |
| Duomo Bidco S.p.A. |  |  |
| 5.31%, (3 Month EURIBOR + 3.25%), 01/15/32, EUR (e) (l) | 401 | 475 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (h) | 654 | 709 |
| Fertitta Entertainment LLC |  |  |
| 6.75%, 01/15/30 (h) | 300 | 284 |
| Flutter Treasury Designated Activity Company |  |  |
| 4.00%, 06/04/31, EUR (e) | 292 | 341 |
| Fortune Star (BVI) Limited |  |  |
| 6.80%, 09/09/29 (e) | 200 | 197 |
| Forvia |  |  |
| 2.75%, 02/15/27, EUR (e) (o) | 179 | 210 |
| 6.75%, 09/15/33 (c) (h) | 300 | 308 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31, EUR (e) | 106 | 124 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (c) (h) | 46 | 40 |
| Goldstory |  |  |
| 6.05%, (3 Month EURIBOR + 4.00%), 02/01/30, EUR (h) (l) | 502 | 597 |
| 6.75%, 02/01/30, EUR (h) | 669 | 813 |
| Group 1 Automotive, Inc. |  |  |
| 6.38%, 01/15/30 (h) | 184 | 189 |
| GTECH S.p.A. |  |  |
| 4.88%, 01/31/31, EUR (e) | 275 | 332 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 5.88%, 03/15/33 (h) | 200 | 206 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 4.88%, 07/01/31 (c) (h) | 246 | 229 |
| IHO Verwaltungs GmbH |  |  |
| 8.75%, 05/15/28, EUR (e) (k) | 654 | 801 |
| 7.00%, 11/15/31, EUR (e) (k) | 394 | 499 |
| Jaguar Land Rover Automotive PLC |  |  |
| 5.50%, 07/15/29 (h) | 200 | 200 |
| Kohl's Corporation |  |  |
| 5.13%, 05/01/31 (m) (o) | 200 | 175 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (h) | 101 | 107 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 (c) (h) | 692 | 662 |
| Light and Wonder International, Inc. |  |  |
| 7.25%, 11/15/29 (h) | 15 | 15 |
| 7.50%, 09/01/31 (h) | 82 | 86 |
| Lions Gate Capital Holdings 1, Inc. |  |  |
| 6.00%, 04/15/29 (h) (o) | 2662 | 2541 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (h) | 177 | 142 |
| Lithia Motors, Inc. |  |  |
| 4.63%, 12/15/27 (h) | 100 | 100 |
| Lottomatica S.p.A. |  |  |
| 5.38%, 06/01/30, EUR (e) | 137 | 166 |
| 5.31%, (3 Month EURIBOR + 3.25%), 06/01/31, EUR (e) (l) | 207 | 244 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 (c) | 186 | 173 |
| MAHLE GmbH |  |  |
| 6.50%, 05/02/31, EUR (h) | 767 | 934 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/29 | 110 | 113 |
| 6.50%, 04/15/32 | 56 | 58 |
| Mohegan Escrow Issuer, LLC |  |  |
| 11.88%, 04/15/31 (c) (h) | 211 | 222 |
| Motion Finco S.a r.l. |  |  |
| 7.38%, 06/15/30, EUR (e) | 294 | 313 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (h) | 139 | 142 |
| NCL Finance, Ltd. |  |  |
| 6.13%, 03/15/28 (h) | 100 | 103 |
| Newell Brands Inc. |  |  |
| 6.63%, 09/15/29 | 100 | 99 |
| 6.63%, 05/15/32 (c) | 100 | 97 |
| Nissan Motor Acceptance Company LLC |  |  |
| 5.63%, 09/29/28 (h) | 222 | 222 |
| Nissan Motor Co., Ltd. |  |  |
| 5.25%, 07/17/29, EUR (e) | 436 | 525 |
| 7.50%, 07/17/30 (h) | 300 | 314 |
| Park River Holdings, Inc. |  |  |
| 8.75%, 12/31/30 (h) | 100 | 98 |
| PetSmart, LLC |  |  |
| 10.00%, 09/15/33 (h) | 300 | 308 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30, GBP (h) | 828 | 1119 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28, GBP (e) | 273 | 387 |
| PrestigeBidCo GmbH |  |  |
| 5.78%, (3 Month EURIBOR + 3.75%), 07/01/29, EUR (e) (l) | 358 | 423 |
| Prosus N.V. |  |  |
| 4.03%, 08/03/50 (e) | 312 | 218 |
| Rakuten Group, Inc. |  |  |
| 4.25%, (100, 04/22/27), EUR (e) (i) | 343 | 389 |
| 8.13%, (100, 12/15/29) (h) (i) | 500 | 515 |
| RCI Banque |  |  |
| 6.13%, (100, 09/24/30), EUR (e) (i) | 200 | 236 |
| 5.50%, 10/09/34, EUR (e) | 600 | 742 |
| 4.75%, 03/24/37, EUR (e) | 200 | 238 |
| Restaurant Brands International Limited Partnership |  |  |
| 6.13%, 06/15/29 (h) | 100 | 103 |
| 5.63%, 09/15/29 (h) | 125 | 127 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 - 03/15/30 (h) | 1153 | 961 |
| 11.13%, 07/15/30 (h) | 175 | 146 |
| Schaeffler AG |  |  |
| 4.25%, 04/01/28, EUR (e) | 200 | 240 |
| 5.38%, 04/01/31, EUR (e) | 100 | 124 |
| Service Corporation International |  |  |
| 3.38%, 08/15/30 | 100 | 93 |
| Shiba Bidco S.p.A. |  |  |
| 4.50%, 10/31/28, EUR (h) | 1589 | 1878 |
| Six Flags Operations Inc. |  |  |
| 5.50%, 04/15/27 (h) | 54 | 54 |
| STL Holding Company LLC |  |  |
| 8.75%, 02/15/29 (h) | 212 | 223 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Stonegate Pub Company Financing 2019 PLC |  |  |
| 8.69%, (3 Month EURIBOR + 6.63%), 07/31/29, EUR (e) (l) | 183 | 209 |
| 10.75%, 07/31/29, GBP (e) | 369 | 490 |
| Studio City Finance Limited |  |  |
| 5.00%, 01/15/29 (e) | 300 | 289 |
| Tabcorp Finance Pty Ltd |  |  |
| 5.99%, 05/28/31, AUD | 250 | 165 |
| Tenneco, Inc. |  |  |
| 8.00%, 11/17/28 (h) | 109 | 109 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.63%, 04/30/33 (c) | 215 | 203 |
| The Unique Pub Finance Company PLC |  |  |
| 6.46%, 03/30/32, GBP (e) | 448 | 632 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (h) | 95 | 96 |
| TUI Cruises GmbH |  |  |
| 6.25%, 04/15/29, EUR (h) | 521 | 635 |
| 5.00%, 05/15/30, EUR (e) | 160 | 193 |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29 (h) | 28 | 27 |
| 8.50%, 07/31/31 (h) | 279 | 291 |
| 9.38%, 08/01/32 (h) | 25 | 27 |
| Viking Cruises Limited |  |  |
| 7.00%, 02/15/29 (h) | 100 | 100 |
| 9.13%, 07/15/31 (h) | 177 | 189 |
| Volkswagen International Finance N.V. |  |  |
| 5.49%, (100, 11/15/30), EUR (e) (i) | 100 | 121 |
| 5.99%, (100, 11/15/33), EUR (e) (i) | 200 | 243 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (h) | 55 | 58 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 1452 | 1437 |
| 4.28%, 03/15/32 | 200 | 176 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 100 | 100 |
| Wynn Macau, Limited |  |  |
| 5.50%, 10/01/27 (h) | 226 | 226 |
| 5.63%, 08/26/28 (e) | 300 | 299 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (c) (h) | 100 | 102 |
| Yum! Brands, Inc. |  |  |
| 3.63%, 03/15/31 | 100 | 95 |
| ZF Friedrichshafen AG |  |  |
| 7.00%, 06/12/30, EUR (e) | 300 | 371 |
| ZF North America Capital, Inc. |  |  |
| 7.50%, 03/24/31 (h) | 300 | 303 |
| | | 41964 |
| **Energy 0.9%** | **Energy 0.9%** | **Energy 0.9%** |
| Antero Midstream Partners LP |  |  |
| 5.38%, 06/15/29 (h) | 100 | 100 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 10/15/32 (h) | 100 | 103 |
| Blue Racer Midstream, LLC |  |  |
| 7.25%, 07/15/32 (h) | 46 | 49 |
| Buckeye Partners, L.P. |  |  |
| 6.75%, 02/01/30 (h) | 158 | 165 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (h) | 353 | 369 |
| 7.00%, 01/15/34 (h) | 524 | 515 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/26 (h) | 448 | 447 |
| 8.38%, 07/01/28 (h) | 394 | 406 |
| 8.63%, 11/01/30 (h) | 367 | 384 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (h) | 218 | 219 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (h) | 160 | 160 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33 (h) | 467 | 442 |
| 8.38%, 01/15/34 (h) | 100 | 99 |
| DeepOcean AS |  |  |
| 6.00%, 04/08/31, EUR (e) | 143 | 172 |
| Delek Logistics Partners, LP |  |  |
| 8.63%, 03/15/29 (h) | 134 | 140 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (h) | 331 | 335 |
| Ecopetrol S.A. |  |  |
| 8.88%, 01/13/33 | 75 | 80 |
| Energean PLC |  |  |
| 5.63%, 05/12/31, EUR (e) | 200 | 235 |
| Energy Transfer LP |  |  |
| 6.75%, 02/15/56 | 100 | 100 |
| Eni S.p.A. |  |  |
| 4.88%, (100, 01/21/34), EUR (e) (i) | 325 | 387 |
| EQT Corporation |  |  |
| 7.50%, 06/01/30 | 135 | 148 |
| Genesis Energy, L.P. |  |  |
| 7.75%, 02/01/28 | 169 | 169 |
| 8.00%, 05/15/33 | 95 | 98 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (h) | 121 | 122 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (h) | 208 | 212 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (h) | 300 | 285 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (h) | 100 | 105 |
| India Cleantech Energy |  |  |
| 4.70%, 08/10/26 (e) | 228 | 225 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (c) (h) | 300 | 311 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (h) | 213 | 204 |
| Kodiak Gas Services, LLC |  |  |
| 6.75%, 10/01/35 (h) | 100 | 103 |
| Kondor Finance PLC |  |  |
| 7.13%, 07/19/26, EUR (e) | 124 | 120 |
| Matador Resources Company |  |  |
| 6.25%, 04/15/33 (h) | 188 | 188 |
| Medco Maple Tree Pte. Ltd. |  |  |
| 8.96%, 04/27/29 (e) | 300 | 313 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (h) | 126 | 131 |
| Northern Oil and Gas Incorporated |  |  |
| 7.88%, 10/15/33 (h) | 323 | 313 |
| Occidental Petroleum Corporation |  |  |
| 5.20%, 08/01/29 | 270 | 277 |
| OEG Finance PLC |  |  |
| 7.25%, 09/27/29, EUR (e) | 643 | 792 |
| Petrobras Global Finance B.V. |  |  |
| 6.75%, 01/27/41 | 108 | 109 |
| Petroleos Mexicanos |  |  |
| 7.50%, 03/20/26 (h) | 3919 | 3921 |
| 8.75%, 06/02/29 | 53 | 57 |
| 5.95%, 01/28/31 | 104 | 101 |
| Pluspetrol Camisea S.A. |  |  |
| 6.24%, 07/03/36 (h) | 95 | 101 |
| Preem Holding AB (publ) |  |  |
| 12.00%, 06/30/27, EUR (e) | 230 | 280 |
| Puma International Financing S.A. |  |  |
| 7.75%, 04/25/29 (e) | 300 | 309 |
| Raizen Fuels Finance S.A. |  |  |
| 6.45%, 03/05/34 (h) | 287 | 236 |
| 6.95%, 03/05/54 (h) | 200 | 152 |
| Santos Finance Ltd |  |  |
| 5.75%, 11/13/35 (h) | 250 | 249 |
| SM Energy Company |  |  |
| 6.75%, 08/01/29 (h) | 200 | 201 |
| 7.00%, 08/01/32 (h) | 100 | 98 |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.75%, 05/01/30 (j) | 787 | 1661 |
| 0.25%, 10/01/31 (j) | 2514 | 2694 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (h) (i) | 400 | 409 |
| 7.00%, 05/01/29 (h) | 113 | 118 |
| 5.63%, 03/15/31 (h) | 300 | 301 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 - 09/01/31 (h) | 420 | 418 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (h) | 488 | 490 |
| Transocean Titan Financing Limited |  |  |
| 8.38%, 02/01/28 (h) | 174 | 177 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (h) | 194 | 201 |
| 6.25%, 10/01/33 (h) | 34 | 34 |
| Valaris Limited |  |  |
| 8.38%, 04/30/30 (h) | 49 | 51 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (h) | 100 | 94 |
| 6.25%, 01/15/30 (h) | 100 | 101 |
| 4.13%, 08/15/31 (h) | 100 | 91 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (h) (i) | 489 | 386 |
| 8.13%, 06/01/28 (h) | 70 | 71 |
| 7.00%, 01/15/30 (c) (h) | 358 | 344 |
| 8.38%, 06/01/31 (h) | 300 | 298 |
| 9.88%, 02/01/32 (c) (h) | 200 | 206 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (h) | 200 | 215 |
| 6.75%, 01/15/36 (h) | 115 | 118 |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/33 (h) | 34 | 35 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/32 (h) | 82 | 81 |
| WBI Operations LLC |  |  |
| 6.50%, 10/15/33 (h) | 100 | 99 |
| Wintershall Dea GmbH |  |  |
| 6.12%, (100, 05/08/30), EUR (e) (i) | 460 | 552 |
| | | 24082 |
| **Industrials 0.9%** | **Industrials 0.9%** | **Industrials 0.9%** |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (h) | 100 | 101 |
| Air France - KLM |  |  |
| 5.75%, (100, 05/21/30), EUR (e) (i) | 200 | 237 |
| Allegiant Travel Company |  |  |
| 7.25%, 08/15/27 (h) | 288 | 292 |
| American Airlines, Inc. |  |  |
| 8.50%, 05/15/29 (c) (h) | 300 | 313 |
| Arcosa, Inc. |  |  |
| 6.88%, 08/15/32 (h) | 137 | 144 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 4.00%, 09/01/29 (h) | 300 | 282 |
| 5.00%, 01/30/31, EUR (e) | 246 | 292 |
| ATI Inc. |  |  |
| 7.25%, 08/15/30 | 240 | 253 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (h) | 128 | 132 |
| Biffa Group Holdings Limited |  |  |
| 5.25%, 06/15/31, EUR (e) | 253 | 297 |
| 7.38%, 06/15/31, GBP (e) | 450 | 612 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (h) | 11 | 12 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (h) | 200 | 207 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (c) (h) | 256 | 260 |
| 6.75%, 04/15/32 (h) | 154 | 158 |
| Corporation De Securite Garda World |  |  |
| 8.38%, 11/15/32 (h) | 300 | 305 |
| Czechoslovak Group a.s. |  |  |
| 5.25%, 01/10/31, EUR (e) | 635 | 773 |
| Deutsche Lufthansa Aktiengesellschaft |  |  |
| 5.25%, 01/15/55, EUR (e) | 600 | 731 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31, GBP (e) | 599 | 857 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (h) | 100 | 104 |
| Equipmentshare.Com Inc. |  |  |
| 9.00%, 05/15/28 (h) | 135 | 140 |
| Fedrigoni S.p.A. |  |  |
| 6.13%, 06/15/31, EUR (c) (e) | 575 | 659 |
| Fiber Midco S.p.A. |  |  |
| 10.00%, 06/15/29, EUR (e) (k) | 287 | 256 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.88%, 12/01/30 (h) | 200 | 212 |
| Gategroup Finance (Luxembourg) S.A. |  |  |
| 3.00%, 02/28/27, CHF (e) | 505 | 631 |
| Heathrow Finance PLC |  |  |
| 6.63%, 03/01/31, GBP (e) | 877 | 1190 |
| Herc Holdings Inc. |  |  |
| 7.25%, 06/15/33 (h) | 200 | 212 |
| I.M.A. Industria Macchine Automatiche S.p.A. In Sigla Ima S.p.A. |  |  |
| 5.78%, (3 Month EURIBOR + 3.75%), 04/15/29, EUR (h) (l) | 516 | 612 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (h) | 154 | 155 |
| King US Bidco, Inc. |  |  |
| 5.31%, (3 Month EURIBOR + 3.25%), 12/01/32, EUR (e) (l) | 398 | 471 |
| Kleopatra Finco S.a r.l. |  |  |
| 0.00%, 03/01/26, EUR (a) (e) (n) | 626 | 115 |
| Luna 1.5 S.a r.l. |  |  |
| 10.50%, 07/01/32, EUR (e) (k) | 234 | 286 |
| Luna 2.5 S.a r.l. |  |  |
| 5.50%, 07/01/32, EUR (e) | 143 | 171 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (h) | 357 | 356 |
| 9.25%, 04/15/30 (h) | 546 | 524 |
| Maxam Prill S.a r.l. |  |  |
| 6.00%, 07/15/30, EUR (e) | 620 | 742 |
| Mobico Group PLC |  |  |
| 4.25%, (100, 02/26/31), GBP (e) (i) | 100 | 77 |
| 4.88%, 09/26/31, EUR (e) | 571 | 530 |
| Pacific National Finance Pty Ltd |  |  |
| 7.75%, 12/11/54, AUD (o) | 290 | 195 |
| Paprec Holding |  |  |
| 4.13%, 07/15/30, EUR (e) | 630 | 744 |
| PCF GmbH |  |  |
| 4.75%, 04/15/29, EUR (e) | 158 | 87 |
| 6.78%, (3 Month EURIBOR + 4.75%), 04/15/29, EUR (e) (l) | 215 | 118 |
| Pitney Bowes Inc. |  |  |
| 6.88%, 03/15/27 (h) | 934 | 935 |
| Prysmian S.p.A. |  |  |
| 5.25%, (100, 05/21/30), EUR (e) (i) | 525 | 642 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (h) | 200 | 208 |
| Schneider Electric SE |  |  |
| 1.25%, 09/23/33, EUR (e) (j) | 800 | 953 |
| Seche Environnement |  |  |
| 4.50%, 03/25/30, EUR (e) | 100 | 120 |
| SGL Group ApS |  |  |
| 6.28%, (3 Month EURIBOR + 4.25%), 02/24/31, EUR (l) | 125 | 141 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (h) | 100 | 107 |
| Spirit AeroSystems, Inc. |  |  |
| 4.60%, 06/15/28 | 100 | 100 |
| Standard Building Solutions Inc. |  |  |
| 3.38%, 01/15/31 (h) | 100 | 92 |
| 6.25%, 08/01/33 (h) | 120 | 123 |
| Stem, Inc. |  |  |
| 0.50%, 12/01/28 (h) (j) | 115 | 41 |
| Toucan Finco Ltd. |  |  |
| 9.50%, 05/15/30 (h) (k) | 1022 | 1020 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 (h) | 600 | 619 |
| 6.63%, 03/01/32 (h) | 100 | 104 |
| Trivium Packaging Finance B.V. |  |  |
| 12.25%, 01/15/31 (c) (h) | 300 | 326 |
| Vertical Midco GmbH |  |  |
| 4.38%, 07/15/27, EUR (e) | 1621 | 1910 |
| Weekley Homes, LLC |  |  |
| 4.88%, 09/15/28 (h) | 10 | 10 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/29 (h) | 100 | 103 |
| | | 22399 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| Albertsons Companies, Inc. |  |  |
| 6.50%, 02/15/28 (h) | 205 | 209 |
| 6.25%, 03/15/33 (h) | 33 | 34 |
| Albion Financing 1 S.a r.l. |  |  |
| 5.38%, 05/21/30, EUR (e) | 345 | 417 |
| Allied Universal Holdco LLC |  |  |
| 4.88%, 06/01/28, GBP (e) | 1713 | 2248 |
| 6.00%, 06/01/29 (c) (h) | 400 | 395 |
| APCOA GmbH |  |  |
| 6.15%, (3 Month EURIBOR + 4.13%), 04/15/31, EUR (e) (l) | 263 | 311 |
| Arena Luxembourg Finance S.a r.l. |  |  |
| 4.55%, (3 Month EURIBOR + 2.50%), 05/01/30, EUR (e) (l) | 306 | 362 |
| Avis Budget Car Rental, LLC |  |  |
| 8.00%, 02/15/31 (c) (h) | 100 | 103 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (e) | 161 | 204 |
| 6.13%, 11/30/28, GBP (h) | 1389 | 1759 |
| BCP V Modular Services Finance PLC |  |  |
| 6.75%, 11/30/29, EUR (h) | 1195 | 1085 |
| Bellis Acquisition Company PLC |  |  |
| 8.00%, 07/01/31, EUR (c) (e) | 677 | 771 |
| Boels Topholding B.V. |  |  |
| 6.25%, 02/15/29, EUR (e) | 949 | 1149 |
| 5.75%, 05/15/30, EUR (h) | 178 | 216 |
| Currenta Group Holdings S.a r.l. |  |  |
| 5.50%, 05/15/30, EUR (e) | 197 | 233 |
| Darling Global Finance B.V. |  |  |
| 4.50%, 07/15/32, EUR (e) | 393 | 467 |
| Darling Ingredients Inc. |  |  |
| 6.00%, 06/15/30 (h) | 100 | 101 |
| Elo |  |  |
| 2.88%, 01/29/26, EUR (e) | 200 | 235 |
| Energizer Holdings, Inc. |  |  |
| 4.38%, 03/31/29 (h) | 196 | 187 |
| Fomento Economico Mexicano, S.A. B. De C.V. |  |  |
| 2.63%, 02/24/26, EUR (e) (j) | 1000 | 1174 |
| FR Bondco |  |  |
| 6.88%, 10/31/32, EUR (e) | 281 | 331 |
| Froneri Lux Topco S.a r.l. |  |  |
| 4.75%, 08/01/32, EUR (e) | 302 | 358 |
| ION Platform Finance S.a r.l. |  |  |
| 5.75%, 05/15/28 (h) | 635 | 602 |
| 7.88%, 05/01/29, EUR (h) | 831 | 990 |
| 6.50%, 09/30/30, EUR (e) | 241 | 273 |
| 6.88%, 09/30/32, EUR (e) | 186 | 208 |
| Irca S.p.A. |  |  |
| 5.85%, (3 Month EURIBOR + 3.75%), 12/15/29, EUR (e) (l) | 191 | 227 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (h) | 269 | 282 |
| Lion/Polaris Lux 4 S.A. |  |  |
| 5.64%, (3 Month EURIBOR + 3.63%), 07/01/29, EUR (e) (l) | 459 | 545 |
| Loxama |  |  |
| 6.38%, 05/31/29, EUR (e) | 854 | 1038 |
| Ocado Group PLC |  |  |
| 11.00%, 06/15/30, GBP (e) | 270 | 366 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (h) | 500 | 198 |
| Perrigo Finance Unlimited Company |  |  |
| 5.38%, 09/30/32, EUR | 161 | 192 |
| 6.13%, 09/30/32 | 100 | 98 |
| Port of Newcastle Investments (Financing) Pty Limited |  |  |
| 6.10%, 07/18/33, AUD | 180 | 120 |
| Post Holdings, Inc. |  |  |
| 6.25%, 02/15/32 - 10/15/34 (h) | 246 | 252 |
| PT. Indofood CBP Sukses Makmur |  |  |
| 4.75%, 06/09/51 (e) | 300 | 258 |
| Q-Park Holding I B.V. |  |  |
| 5.13%, 02/15/30, EUR (e) | 674 | 816 |
| REI Agro Limited |  |  |
| 0.00%, 11/13/14 (a) (e) (f) (j) (n) | 628 |  |
| 0.00%, 11/16/16 (a) (f) (h) (j) (n) | 185 |  |
| Sabre Financial Borrower, LLC |  |  |
| 11.13%, 06/15/29 (h) | 490 | 495 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30 (h) | 100 | 98 |
| 7.25%, 01/15/32 (h) | 100 | 105 |
| United Rentals (North America), Inc. |  |  |
| 5.25%, 01/15/30 | 233 | 236 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (e) | 853 | 1006 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 04/15/30 (h) | 134 | 138 |
|  |  | 20892 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| A.C.N. 092 200 854 Ltd |  |  |
| 0.00%, 10/01/26 (f) (h) (k) | 506 | 52 |
| 0.00%, 10/01/28 (f) (h) (k) (o) | 7017 |  |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.75%, 10/01/30 | 292 | 280 |
| Ardagh Group S.A. |  |  |
| 9.50%, 10/06/30 (e) | 782 | 848 |
| 9.50%, 12/01/30 (h) | 1501 | 1627 |
| 11.00%, 12/01/30 (h) (k) | 2899 | 2663 |
| 12.00%, 12/01/30, EUR (c) (e) (k) | 1363 | 1460 |
| Arsenal AIC Parent LLC |  |  |
| 11.50%, 10/01/31 (h) | 317 | 348 |
| Ball Corporation |  |  |
| 6.00%, 06/15/29 | 100 | 103 |
| 4.25%, 07/01/32, EUR | 336 | 403 |
| Celanese US Holdings LLC |  |  |
| 6.50%, 04/15/30 | 200 | 200 |
| 6.88%, 07/15/32 (m) (o) | 125 | 130 |
| 6.75%, 04/15/33 (c) | 77 | 76 |
| Chemours Company, The |  |  |
| 4.63%, 11/15/29 (h) | 159 | 144 |
| 8.00%, 01/15/33 (h) | 211 | 204 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (c) (h) | 115 | 119 |
| 7.38%, 05/01/33 (h) | 200 | 208 |
| Compass Minerals International, Inc. |  |  |
| 8.00%, 07/01/30 (h) | 110 | 115 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (e) | 200 | 200 |
| F.I.S. - Fabbrica Italiana Sintetici S.p.A. |  |  |
| 5.63%, 08/01/27, EUR (e) | 376 | 442 |
| FMC Corporation |  |  |
| 8.45%, 11/01/55 (c) | 100 | 78 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.88%, 04/15/30 (h) | 100 | 103 |
| GC Treasury Center Company Limited |  |  |
| 6.50%, (100, 09/10/30) (e) (i) | 300 | 303 |
| Herens Holdco S.a r.l. |  |  |
| 5.25%, 05/15/29, EUR (h) | 944 | 610 |
| Huntsman International LLC |  |  |
| 2.95%, 06/15/31 (c) | 100 | 84 |
| INEOS Finance PLC |  |  |
| 7.50%, 04/15/29 (c) (h) | 200 | 172 |
| 7.25%, 03/31/31, EUR (e) | 380 | 383 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (e) | 336 | 313 |
| 6.75%, 04/15/30, EUR (c) (e) | 266 | 229 |
| Itelyum Regeneration S.p.A. |  |  |
| 5.75%, 04/15/30, EUR (e) | 269 | 315 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29, EUR (e) | 261 | 283 |
| Lune Holdings S.a r.l. |  |  |
| 5.63%, 11/15/28, EUR (e) | 479 | 65 |
| Magnera Corporation |  |  |
| 7.25%, 11/15/31 (h) | 150 | 147 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Methanex Corporation |  |  |
| 6.25%, 03/15/32 (h) | 100 | 103 |
| Mineral Resources Limited |  |  |
| 9.25%, 10/01/28 (h) | 128 | 134 |
| 8.50%, 05/01/30 (h) | 566 | 588 |
| NOVA Chemicals Corporation |  |  |
| 5.25%, 06/01/27 (h) | 101 | 101 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (h) | 51 | 49 |
| Olympus Water US Holding Corporation |  |  |
| 7.25%, 06/15/31 (h) | 200 | 204 |
| 6.13%, 02/15/33, EUR (e) | 448 | 521 |
| PT. Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (e) | 347 | 348 |
| 6.20%, 04/14/52 (e) | 300 | 306 |
| Salzgitter Aktiengesellschaft |  |  |
| 3.38%, 10/22/32, EUR (e) (j) | 400 | 512 |
| Samarco Mineracao S.A. |  |  |
| 9.00%, 06/30/31 (e) (k) (o) | 43 | 44 |
| 9.00%, 06/30/31 (h) (k) (o) | 23 | 23 |
| Sappi Papier Holding GmbH |  |  |
| 4.50%, 03/15/32, EUR (e) | 232 | 264 |
| Sasol Financing USA LLC |  |  |
| 6.50%, 09/27/28 | 200 | 196 |
| Scotts Miracle-Gro Company, The |  |  |
| 4.00%, 04/01/31 (c) | 227 | 213 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (h) | 100 | 104 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (c) (h) | 105 | 74 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 13 | 13 |
| Vedanta Resources Finance II PLC |  |  |
| 10.88%, 09/17/29 (h) | 243 | 256 |
| Vedanta Resources Limited |  |  |
| 10.88%, 09/17/29 (e) | 300 | 316 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.50%, 10/28/32 (h) | 55 | 56 |
| W. R. Grace Holdings LLC |  |  |
| 4.88%, 06/15/27 (h) | 80 | 80 |
| | | 17212 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| ADLER Financing S.a r.l. |  |  |
| 8.25%, 12/31/28, EUR (k) | 1213 | 1558 |
| alstria office AG |  |  |
| 4.25%, 10/15/29, EUR (e) | 200 | 232 |
| 5.50%, 03/20/31, EUR (e) | 300 | 360 |
| Aroundtown S.A. |  |  |
| 5.25%, (100, 04/30/31), EUR (e) (i) | 1536 | 1760 |
| 7.88%, (100, 08/07/29) (e) (i) | 160 | 161 |
| Branicks Group AG |  |  |
| 2.25%, 09/22/26, EUR (e) | 200 | 164 |
| DEMIRE Deutsche Mittelstand Real Estate AG |  |  |
| 5.00%, 12/31/27, EUR (e) (o) | 793 | 869 |
| Five Point Operating Company, LP |  |  |
| 8.00%, 10/01/30 (h) | 80 | 83 |
| Heimstaden Bostad AB |  |  |
| 1.38%, 03/03/27, EUR (e) | 219 | 253 |
| Howard Hughes Corporation, The |  |  |
| 5.38%, 08/01/28 (h) | 183 | 183 |
| I&M Holdings Limited |  |  |
| 5.00%, 03/11/30, EUR (e) | 100 | 112 |
| 5.38%, 07/08/31, EUR (e) | 125 | 139 |
| Iron Mountain Incorporated |  |  |
| 5.25%, 07/15/30 (h) | 200 | 198 |
| 6.25%, 01/15/33 (c) (h) | 123 | 124 |
| 4.75%, 01/15/34, EUR (e) | 487 | 555 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 7.00%, 07/15/31 (h) | 100 | 106 |
| Lendlease Asia Treasury Pte. Ltd. |  |  |
| 3.90%, (100, 09/30/30), SGD (e) (i) | 500 | 389 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (h) | 100 | 102 |
| MPT Operating Partnership, L.P. |  |  |
| 7.00%, 02/15/32, EUR (e) | 339 | 412 |
| New Immo Holding |  |  |
| 5.88%, 04/17/28, EUR (e) | 200 | 243 |
| 4.88%, 12/08/28, EUR (e) | 500 | 595 |
| 4.95%, 11/14/30, EUR (e) | 100 | 118 |
| RHP Hotel Properties, LP |  |  |
| 4.75%, 10/15/27 | 258 | 257 |
| SBA Communications Corporation |  |  |
| 3.88%, 02/15/27 | 113 | 112 |
| 3.13%, 02/01/29 | 106 | 101 |
| Scentre Group Trust 1 |  |  |
| 5.35%, 09/18/35, AUD | 690 | 441 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (h) (p) | 656 | 588 |
| 8.38%, 06/15/29 | 1778 | 1790 |
| 4.95%, 10/01/29 | 100 | 87 |
| 8.63%, 11/15/31 (h) | 215 | 226 |
| 8.88%, 06/15/32 | 1547 | 1527 |
| TAG Immobilien AG |  |  |
| 0.63%, 03/11/31, EUR (j) | 200 | 238 |
| Unibail-Rodamco-Westfield SE |  |  |
| 4.75%, (100, 06/11/31), EUR (e) (i) | 400 | 479 |
| Vivion Investments S.a r.l. |  |  |
| 8.13%, (100, 03/08/31), EUR (e) (i) | 500 | 541 |
| 8.25%, 08/31/28 - 02/28/29, EUR (e) (k) (o) | 673 | 789 |
| 5.63%, 06/08/30, EUR (e) | 709 | 801 |
| Vonovia SE |  |  |
| 0.88%, 05/20/32, EUR (e) (j) | 300 | 341 |
|  |  | 17034 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| Almaviva - The Italian Innovation Company S.p.A. In Breve Almaviva S.p.A. |  |  |
| 5.00%, 10/30/30, EUR (e) | 619 | 733 |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (e) (j) | 700 | 779 |
| Atos SE |  |  |
| 5.20%, 12/18/30, EUR (e) (o) | 548 | 636 |
| 1.04%, 12/18/32, EUR (e) (o) | 399 | 304 |
| Cedacri Mergeco S.p.A. |  |  |
| 6.69%, (3 Month EURIBOR + 4.63%), 05/15/28, EUR (e) (l) | 150 | 178 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (h) | 910 | 922 |
| 9.00%, 09/30/29 (h) | 554 | 577 |
| 8.25%, 06/30/32 (h) | 311 | 326 |
| Core Scientific, Inc. |  |  |
| 0.00%, 06/15/31 (h) (j) (p) | 145 | 152 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (h) | 104 | 97 |
| 9.00%, 02/01/31 (h) | 121 | 110 |
| 1.75%, 12/01/31 (h) (j) | 176 | 168 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (h) | 100 | 100 |
| Gen Digital Inc. |  |  |
| 7.13%, 09/30/30 (h) | 208 | 215 |
| GoTo Group, Inc. |  |  |
| 5.50%, 05/01/28 (h) | 483 | 263 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (h) | 102 | 101 |
| Infopro Digital Limited |  |  |
| 5.50%, 06/15/31, EUR (e) | 274 | 324 |
| IPD 3 B.V. |  |  |
| 5.50%, 06/15/31, EUR (e) | 508 | 603 |
| Kioxia Holdings Corporation |  |  |
| 6.25%, 07/24/30 (h) | 200 | 206 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (h) | 300 | 262 |
| NCR Voyix Corporation |  |  |
| 5.00%, 10/01/28 (h) | 247 | 245 |
| 5.13%, 04/15/29 (h) | 309 | 306 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 (h) | 114 | 112 |
| RingCentral, Inc. |  |  |
| 8.50%, 08/15/30 (h) | 1337 | 1416 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.25%, 12/15/29 (h) | 933 | 989 |
| 5.88%, 07/15/30 (h) | 135 | 139 |
| 8.50%, 07/15/31 (h) | 501 | 532 |
| 9.63%, 12/01/32 (h) | 897 | 1019 |
| TeamSystem S.p.A. |  |  |
| 5.00%, 07/01/31, EUR (e) | 161 | 190 |
| 5.53%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (e) (l) | 320 | 378 |
| 5.28%, (3 Month EURIBOR + 3.25%), 07/01/32, EUR (e) (l) | 273 | 322 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (h) | 32 | 33 |
| Wolfspeed, Inc. |  |  |
| 2.50%, 06/15/31 (h) (j) | 8 | 11 |
| 2.50%, 06/15/31 (j) | 8 | 12 |
| 7.00%, 06/15/31 (k) | 20 | 16 |
| WOM Mobile SpA |  |  |
| 12.50%, 04/01/31 (h) (k) | 12 | 12 |
| Xerox Corporation |  |  |
| 10.25%, 10/15/30 (c) (h) | 1218 | 1174 |
| 13.50%, 04/15/31 (c) (h) | 750 | 614 |
| | | 14576 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Acadia Healthcare Company, Inc. |  |  |
| 5.50%, 07/01/28 (h) | 232 | 230 |
| 7.38%, 03/15/33 (c) (h) | 100 | 101 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (h) | 460 | 480 |
| Bausch+Lomb Netherlands B.V. |  |  |
| 5.87%, (3 Month EURIBOR + 3.88%), 01/15/31, EUR (e) (l) | 181 | 216 |
| Bayer Aktiengesellschaft |  |  |
| 5.38%, 03/25/82, EUR (e) | 600 | 722 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 1100 | 1093 |
| Clariane |  |  |
| 0.88%, 03/06/27, EUR (e) (j) | 547 | 367 |
| Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/30 (h) | 38 | 36 |
| 4.75%, 02/15/31 (h) | 388 | 345 |
| 10.88%, 01/15/32 (h) | 90 | 98 |
| CVS Health Corporation |  |  |
| 6.75%, 12/10/54 | 100 | 104 |
| 7.00%, 03/10/55 (c) | 100 | 105 |
| DaVita, Inc. |  |  |
| 4.63%, 06/01/30 (h) | 153 | 149 |
| 6.88%, 09/01/32 (h) | 100 | 104 |
| Dentsply Sirona Inc. |  |  |
| 8.38%, 09/12/55 (c) | 100 | 94 |
| Dolcetto HoldCo S.p.A. |  |  |
| 5.63%, 07/14/32, EUR (e) | 311 | 371 |
| 5.73%, (3 Month EURIBOR + 3.63%), 07/14/32, EUR (e) (l) | 110 | 131 |
| Endo Finance Holdings, Inc. |  |  |
| 8.50%, 04/15/31 (c) (h) | 229 | 242 |
| Grifols, S.A. |  |  |
| 7.13%, 05/01/30, EUR (e) | 344 | 424 |
| Grunenthal GmbH |  |  |
| 4.63%, 11/15/31, EUR (e) | 459 | 544 |
| Gruppo San Donato S.p.A. |  |  |
| 6.50%, 10/31/31, EUR (e) | 189 | 226 |
| HCA Inc. |  |  |
| 4.90%, 11/15/35 | 137 | 135 |
| 5.70%, 11/15/55 | 160 | 153 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (h) | 100 | 108 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (h) | 300 | 300 |
| Jazz Securities Designated Activity Company |  |  |
| 4.38%, 01/15/29 (c) (h) | 200 | 197 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (h) | 133 | 138 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32, EUR (e) | 301 | 358 |
| 5.39%, (3 Month EURIBOR + 3.38%), 06/30/32, EUR (e) (l) | 100 | 118 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 (h) | 100 | 98 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (h) | 298 | 291 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.28%, (3 Month EURIBOR + 3.25%), 10/15/32, EUR (e) (l) | 787 | 925 |
| Rossini S.a r.l. |  |  |
| 5.87%, (3 Month EURIBOR + 3.88%), 12/31/29, EUR (e) (l) | 129 | 154 |
| 6.75%, 12/31/29, EUR (e) | 214 | 264 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (c) (h) | 231 | 226 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (h) | 235 | 251 |
| Tenet Healthcare Corporation |  |  |
| 4.63%, 06/15/28 (e) | 283 | 283 |
| 6.13%, 06/15/30 | 200 | 204 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 7.88%, 09/15/31, EUR | 677 | 950 |
| Teva Pharmaceutical Finance Netherlands IV B.V. |  |  |
| 5.75%, 12/01/30 | 300 | 310 |
|  |  | 11645 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| A2a S.p.A. |  |  |
| 5.00%, (100, 06/11/29), EUR (e) (i) | 171 | 207 |
| AC Energy And Infrastructure Corporation |  |  |
| 4.00% (e) (i) | 300 | 198 |
| AES Andes S.A. |  |  |
| 6.30%, 03/15/29 (h) | 200 | 207 |
| AES Corporation, The |  |  |
| 6.95%, 07/15/55 | 200 | 196 |
| AGL Energy Limited |  |  |
| 5.77%, 09/30/35, AUD | 200 | 130 |
| Alexander Funding Trust II |  |  |
| 7.47%, 07/31/28 (h) | 295 | 315 |
| AmeriGas Partners, L.P. |  |  |
| 9.38%, 06/01/28 (h) | 100 | 103 |
| 9.50%, 06/01/30 (h) | 198 | 211 |
| Atlantica Infraestructura Sostenible Sociedad Limitada |  |  |
| 5.63%, 02/15/32, EUR (e) | 303 | 363 |
| Centrica PLC |  |  |
| 6.50%, 05/21/55, GBP (e) | 513 | 711 |
| Clean Renewable Power (Mauritius) Pte. Ltd |  |  |
| 4.25%, 03/25/27 (e) | 231 | 226 |
| Contourglobal Power Holdings S.A. |  |  |
| 5.00%, 02/28/30, EUR (e) | 257 | 309 |
| Diamond II Limited |  |  |
| 7.95%, 07/28/26 (e) | 300 | 301 |
| Edison International |  |  |
| 8.13%, 06/15/53 | 100 | 104 |
| EDP, S.A. |  |  |
| 4.63%, 09/16/54, EUR (e) | 400 | 481 |
| Electricite de France |  |  |
| 4.38%, (100, 01/06/31), EUR (e) (i) | 300 | 349 |
| 5.13%, (100, 09/17/29), EUR (e) (i) | 200 | 241 |
| 5.63%, (100, 06/17/32), EUR (e) (i) | 200 | 244 |
| 7.38%, (100, 06/17/35), GBP (e) (i) | 200 | 277 |
| Iberdrola Finance Ireland Designated Activity Company |  |  |
| 1.50%, 03/27/30, EUR (e) (j) | 300 | 393 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (e) | 174 | 172 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/29 (h) | 172 | 164 |
| 5.25%, 06/15/29 (h) | 168 | 168 |
| 6.00%, 02/01/33 (h) | 100 | 102 |
| PacifiCorp |  |  |
| 7.38%, 09/15/55 | 100 | 102 |
| PG&E Corporation |  |  |
| 5.00%, 07/01/28 | 100 | 100 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (h) | 675 | 715 |
| Thames Water Utilities Finance PLC |  |  |
| 4.00%, 06/19/27, GBP (e) | 832 | 803 |
| Veolia Environnement |  |  |
| 4.32%, (100, 10/24/32), EUR (e) (i) | 200 | 234 |
| Vistra Operations Company LLC |  |  |
| 5.63%, 02/15/27 (h) | 1615 | 1615 |
| 7.75%, 10/15/31 (h) | 300 | 318 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/30 (h) | 848 | 840 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 8.63%, 03/15/33 (h) | 200 | 210 |
| | | 11109 |
| Total Corporate Bonds And Notes (cost $271,210) | Total Corporate Bonds And Notes (cost $271,210) | 270603 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** |
| 1211 Avenue of The Americas |  |  |
| Series 2015-D-1211, REMIC, 4.14%, 08/10/35 (l) | 665 | 605 |
| 720 East CLO VII Ltd |  |  |
| Series 2025-A1-7A, 4.94%, (3 Month Term SOFR + 1.06%), 04/20/37 (l) | 420 | 419 |
| AB Carval Euro CLO II-C Designated Activity Company |  |  |
| Series D-2X, 5.81%, (3 Month EURIBOR + 3.75%), 02/15/37, EUR (e) (l) | 380 | 448 |
| Affirm Asset Securitization Trust 2025-X2 |  |  |
| Series 2025-A-X2, 4.45%, 12/15/26 | 1067 | 1068 |
| Series 2025-B-X2, 4.56%, 02/15/27 | 157 | 157 |
| Series 2025-C-X2, 4.93%, 05/15/27 | 100 | 100 |
| AGL Core CLO 31 Ltd |  |  |
| Series 2024-A-31A, 5.28%, (3 Month Term SOFR + 1.40%), 07/20/37 (l) | 1000 | 1002 |
| Air Canada |  |  |
| Series 2020-C-1, 10.50%, 07/15/26 | 931 | 958 |
| Ajax Mortgage Loan Trust 2021-E |  |  |
| Series 2021-A1-E, REMIC, 1.74%, 12/25/60 (o) | 2653 | 2375 |
| Series 2021-A2-E, REMIC, 2.69%, 12/25/60 (o) | 502 | 389 |
| Series 2021-M1-E, REMIC, 2.94%, 12/25/60 (o) | 203 | 152 |
| Series 2021-B1-E, REMIC, 3.73%, 12/25/60 (o) | 332 | 227 |
| American Airlines, Inc. |  |  |
| Series 2025-B-1B, 5.65%, 11/11/34 | 294 | 296 |
| Anchorage Capital CLO 17, Ltd. |  |  |
| Series 2021-A1R-17A, 5.13%, (3 Month Term SOFR + 1.23%), 02/16/38 (l) | 250 | 250 |
| AOA Trust 2025-1301 |  |  |
| Series 2025-A-1301, 5.06%, 08/11/30 (l) | 510 | 515 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Series 2020-E-MF1, REMIC, 1.75%, 04/15/30 | 257 | 212 |
| Arbour CLO VI Designated Activity Company |  |  |
| Series DR-6X, 5.26%, (3 Month EURIBOR + 3.20%), 11/15/37, EUR (e) (l) | 440 | 513 |
| Arcano Euro CLO I Designated Activity Company |  |  |
| Series D-1X, 5.47%, (3 Month EURIBOR + 3.40%), 04/25/39, EUR (e) (l) | 520 | 616 |
| Arcano Euro CLO II Designated Activity Company |  |  |
| Series D-2X, 5.30%, 07/25/39, EUR (e) (l) | 230 | 270 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.12%, (1 Month Term SOFR + 1.38%), 07/19/38 (l) | 1020 | 1019 |
| Arini European CLO IV Designated Activity Company |  |  |
| Series D-4X, 5.53%, (3 Month EURIBOR + 3.50%), 01/15/38, EUR (e) (l) | 630 | 743 |
| Arini European CLO V Designated Activity Company |  |  |
| Series D-5X, 4.83%, (3 Month EURIBOR + 2.80%), 01/17/39, EUR (e) (l) | 340 | 399 |
| Atrium Hotel Portfolio Trust 2025-ATRM |  |  |
| Series 2025-A-ATRM, REMIC, 5.40%, (1 Month Term SOFR + 1.65%), 08/15/42 (l) | 255 | 255 |
| Aurium CLO Vii Designated Activity Company |  |  |
| Series DR-7X, 5.18%, (3 Month EURIBOR + 3.15%), 10/15/38, EUR (e) (l) | 150 | 176 |
| Aurium CLO XIII Designated Activity Company |  |  |
| Series D-13X, 4.81%, (3 Month EURIBOR + 2.80%), 04/15/38, EUR (e) (l) | 230 | 268 |
| Avoca CLO XVIII Designated Activity Company |  |  |
| Series DR-18X, 5.08%, (3 Month EURIBOR + 3.05%), 04/15/38, EUR (e) (l) | 250 | 292 |
| Avoca Static CLO I Designated Activity Company |  |  |
| Series DR-1X, 4.93%, (3 Month EURIBOR + 2.90%), 01/15/35, EUR (e) (l) | 220 | 259 |
| BAHA Trust 2024-MAR |  |  |
| Series 2024-C-MAR, REMIC, 7.77%, 12/13/29 (l) | 830 | 870 |
| Ballyrock CLO 14 Ltd. |  |  |
| Series 2020-A1AR-14A, 5.26%, (3 Month Term SOFR + 1.38%), 07/20/37 (l) | 3500 | 3508 |
| BAMLL Commercial Mortgage Securities Trust 2025-ASHF |  |  |
| Series 2025-E-ASHF, REMIC, 9.00%, (1 Month Term SOFR + 5.25%), 02/16/27 (l) | 1232 | 1236 |
| Bankers Healthcare Group Securitization Trust 2020-A |  |  |
| Series 2020-C-A, 5.17%, 09/17/31 | 97 | 97 |
| BAY 2025-LIVN Mortgage Trust |  |  |
| Series 2025-A-LIVN, REMIC, 5.55%, (1 Month Term SOFR + 1.18%), 05/17/27 (l) | 250 | 251 |
| Bayview Commercial Asset Trust 2006-3 |  |  |
| Series 2006-M1-3A, REMIC, 4.36%, (1 Month Term SOFR + 0.62%), 10/27/36 (l) (o) | 31 | 30 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-C-TALL, REMIC, 5.07%, (1 Month Term SOFR + 1.32%), 03/16/37 (l) (o) | 744 | 664 |
| Benchmark 2021-B23 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B23, REMIC, 1.25%, 02/18/54 (l) | 8245 | 385 |
| Benefit Street Partners CLO Ltd |  |  |
| Series 2015-A1R-6BR, 5.06%, (3 Month Term SOFR + 1.18%), 04/20/38 (l) | 500 | 500 |
| BFLD Commercial Mortgage Trust 2025-5MW |  |  |
| Series 2025-E-5MW, REMIC, 7.91%, 10/11/30 (l) | 1132 | 1160 |
| BHMS Commercial Mortgage Trust 2025-ATLS |  |  |
| Series 2025-A-ATLS, REMIC, 5.60%, (1 Month Term SOFR + 1.85%), 08/16/27 (l) (o) | 570 | 571 |
| Bluemountain CLO XXX Ltd |  |  |
| Series 2018-B-22A, 5.67%, (3 Month Term SOFR + 1.76%), 07/15/31 (l) | 252 | 252 |
| BMP 2024-MF23 |  |  |
| Series 2024-E-MF23, 7.14%, (1 Month Term SOFR + 3.39%), 06/15/26 (l) | 376 | 376 |
| BWAY Corporation |  |  |
| Series 2013-D-1515, REMIC, 3.63%, 03/10/33 | 581 | 530 |
| BX Commercial Mortgage Trust 2020-VIV4 |  |  |
| Series 2020-A-VIV4, REMIC, 2.84%, 03/11/30 | 237 | 219 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-A-XL2, REMIC, 4.55%, (1 Month Term SOFR + 0.80%), 10/15/38 (l) | 119 | 118 |
| Series 2021-F-XL2, REMIC, 6.11%, (1 Month Term SOFR + 2.36%), 10/15/38 (l) | 1757 | 1748 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-B-GPA3, REMIC, 5.39%, (1 Month Term SOFR + 1.64%), 12/15/26 (l) | 1295 | 1298 |
| BX Commercial Mortgage Trust 2024-KING |  |  |
| Series 2024-A-KING, REMIC, 5.29%, (1 Month Term SOFR + 1.54%), 05/15/26 (l) | 484 | 484 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.39%, (1 Month Term SOFR + 1.64%), 05/15/29 (l) | 297 | 298 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.14%, (1 Month Term SOFR + 1.39%), 03/15/26 (l) | 640 | 640 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (l) | 1238 | 1178 |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (l) | 1735 | 1601 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 04/15/29 (l) | 737 | 736 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BX Trust 2024-VLT4 |  |  |
| Series 2024-E-VLT4, REMIC, 6.64%, (1 Month Term SOFR + 2.89%), 06/15/26 (l) | 410 | 409 |
| Series 2024-F-VLT4, REMIC, 7.69%, (1 Month Term SOFR + 3.94%), 06/15/26 (l) | 1025 | 1029 |
| BX Trust 2025-LIFE |  |  |
| Series 2025-A-LIFE, REMIC, 5.88%, 06/14/35 (l) | 360 | 366 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-E-ROIC, REMIC, 6.69%, (1 Month Term SOFR + 2.94%), 03/15/27 (l) | 727 | 723 |
| BX Trust 2025-VLT6 |  |  |
| Series 2025-A-VLT6, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 03/15/27 (l) | 307 | 307 |
| Capital Four CLO VIII Designated Activity Company |  |  |
| Series D-8X, 5.32%, (3 Month EURIBOR + 3.25%), 10/25/37, EUR (e) (l) | 520 | 614 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-B-CD6, REMIC, 3.91%, 11/15/27 (l) | 132 | 127 |
| CFSP 2024-AHP1 A |  |  |
| Series 2024-A-AHP1, REMIC, 6.50%, 04/17/37 | 805 | 786 |
| CIFC European Funding CLO II Designated Activity Company |  |  |
| Series DR-2X, 5.07%, (3 Month EURIBOR + 3.00%), 10/15/39, EUR (e) (l) | 310 | 363 |
| CIFC Funding 2014-III, Ltd. |  |  |
| Series 2014-A1R-3A, 5.08%, (3 Month Term SOFR + 1.18%), 03/31/38 (l) | 1800 | 1800 |
| CIFC Funding 2019-IV Ltd |  |  |
| Series 2019-A1R2-4A, 5.20%, (3 Month Term SOFR + 1.30%), 07/15/38 (l) | 3000 | 3010 |
| Series 2019-BR2-4A, 5.75%, (3 Month Term SOFR + 1.85%), 07/15/38 (l) | 1300 | 1299 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-A1R-5A, 5.58%, (3 Month Term SOFR + 1.26%), 01/15/38 (l) | 1300 | 1302 |
| CIFC Funding 2024-III Ltd |  |  |
| Series 2024-A1-3A, REMIC, 5.36%, (3 Month Term SOFR + 1.48%), 07/21/37 (l) | 300 | 301 |
| Community Loan Servicing, LLC |  |  |
| Series 2005-M6-3A, REMIC, 4.90%, (1 Month Term SOFR + 1.16%), 11/25/35 (l) (o) | 35 | 38 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2025-A1-2A, 4.93%, 11/25/30 | 1212 | 1209 |
| Concord Music Royalties LLC |  |  |
| Series 2024-A-1A, 5.64%, 10/20/29 | 441 | 446 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-E-DFW1, REMIC, 7.64%, (1 Month Term SOFR + 3.89%), 08/15/41 (l) | 480 | 482 |
| Contego CLO V Designated Activity Company |  |  |
| Series DR-5X, 5.13%, (3 Month EURIBOR + 3.10%), 10/15/37, EUR (e) (l) | 340 | 393 |
| Contego CLO VII Designated Activity Company |  |  |
| Series DR-7X, 5.49%, (3 Month EURIBOR + 3.45%), 01/23/38, EUR (e) (l) | 430 | 502 |
| Contego CLO XI Designated Activity Company |  |  |
| Series DR-11X, 5.25%, (3 Month EURIBOR + 3.20%), 11/20/38, EUR (e) (l) | 320 | 372 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.40%, 11/18/48 (l) | 16 | 16 |
| CSMC 2020-FACT |  |  |
| Series 2020-E-FACT, REMIC, 9.23%, (1 Month Term SOFR + 5.48%), 10/15/37 (l) | 200 | 186 |
| CVC Cordatus Opportunity Loan Fund-R Designated Activity Company |  |  |
| Series DR-1X, 4.86%, (3 Month EURIBOR + 2.80%), 09/18/33, EUR (e) (l) | 1030 | 1201 |
| DB Master Finance LLC |  |  |
| Series 2025-A2I-1A, 4.89%, 11/20/30 | 1083 | 1085 |
| DBGS 2024-SBL |  |  |
| Series 2024-A-SBL, REMIC, 5.63%, (1 Month Term SOFR + 1.88%), 08/17/26 (l) | 110 | 110 |
| DGWD Trust 2025-INFL |  |  |
| Series 2025-A-INFL, REMIC, 5.35%, (1 Month Term SOFR + 1.60%), 08/15/27 (l) | 824 | 825 |
| Diameter Capital CLO 9 Ltd |  |  |
| Series 2025-A-9A, 5.05%, (3 Month Term SOFR + 1.17%), 04/20/38 (l) | 250 | 250 |
| DK Trust 2025-LXP |  |  |
| Series 2025-A-LXP, REMIC, 5.34%, (1 Month Term SOFR + 1.59%), 08/15/27 (l) | 171 | 171 |
| ELM Park CLO Designated Activity Company |  |  |
| Series DR3-1X, 5.29%, (3 Month EURIBOR + 3.20%), 01/15/38, EUR (e) (l) | 200 | 235 |
| ELM Trust 2024-ELM |  |  |
| Series 2024-E10-ELM, REMIC, 8.05%, 06/11/27 (l) | 918 | 926 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-BRR-2A, 5.58%, (3 Month Term SOFR + 1.70%), 10/20/37 (l) | 350 | 351 |
| Fidelity Grand Harbour CLO 2023-1 Designated Activity Company |  |  |
| Series 2023-DR-1X, 4.74%, (3 Month EURIBOR + 2.70%), 02/15/38, EUR (e) (l) | 440 | 512 |
| Flatiron CLO 28 Ltd |  |  |
| Series 2024-A1R-1A, 4.98%, (3 Month Term SOFR + 1.08%), 07/15/36 (l) | 250 | 250 |
| FNA 8, LLC |  |  |
| Series 2025-A-1, 5.62%, 03/15/45 (l) | 895 | 906 |
| Foundation Finance Trust 2025-3 |  |  |
| Series 2025-A-3A, REMIC, 4.56%, 08/15/52 | 1362 | 1366 |
| FS Rialto 2025-FL10 Issuer, LLC |  |  |
| Series 2025-A-FL10, 5.12%, (1 Month Term SOFR + 1.39%), 08/19/42 (l) | 810 | 809 |
| Golub Capital Partners CLO 77 B Ltd |  |  |
| Series 2024-A1-77A, 5.57%, (3 Month Term SOFR + 1.25%), 01/25/38 (l) | 250 | 250 |
| GoodLeap Home Improvement Solutions Trust 2024-1 |  |  |
| Series 2024-A-1A, REMIC, 5.35%, 04/20/33 | 1483 | 1492 |
| Goodleap Sustainable Home Solutions Trust 2021-3 |  |  |
| Series 2021-A-3CS, REMIC, 2.10%, 03/20/36 | 424 | 346 |
| GreenSky Home Improvement Trust 2024-1 |  |  |
| Series 2024-A4-1, 5.67%, 06/25/59 | 826 | 843 |
| Series 2024-B-1, 5.87%, 06/25/59 | 132 | 135 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 4.88%, (1 Month Term SOFR + 1.13%), 07/15/39 (l) | 53 | 53 |
| GS Mortgage Securities Corporation Trust 2021-ROSS |  |  |
| Series 2021-A-ROSS, REMIC, 5.01%, (1 Month Term SOFR + 1.26%), 06/16/36 (l) | 230 | 219 |
| GS Mortgage Securities Corporation Trust 2025-800D |  |  |
| Series 2025-A-800D, REMIC, 6.40%, (1 Month Term SOFR + 2.65%), 11/18/27 (l) (o) | 1139 | 1140 |
| GS Mortgage Securities Trust 2020-GC47 |  |  |
| Series 2020-AS-GC47, REMIC, 2.73%, 04/12/30 | 676 | 615 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.65%, 12/12/53 (l) | 931 | 57 |
| Hambridge Euro CLO 1 Designated Activity Company |  |  |
| Series D-1X, 5.33%, (3 Month EURIBOR + 3.30%), 10/20/38, EUR (e) (l) | 310 | 367 |
| Henley CLO XI Designated Activity Company |  |  |
| Series D-11X, 4.66%, (3 Month EURIBOR + 2.60%), 04/25/39, EUR (e) (l) | 490 | 570 |
| Henley CLO XII Designated Activity Company |  |  |
| Series D-12X, 5.13%, (3 Month EURIBOR + 3.10%), 01/15/38, EUR (e) (l) | 320 | 377 |
| HILT Commercial Mortgage Trust 2024-ORL |  |  |
| Series 2024-A-ORL, REMIC, 5.29%, (1 Month Term SOFR + 1.54%), 05/15/26 (l) | 821 | 821 |
| Series 2024-D-ORL, REMIC, 6.94%, (1 Month Term SOFR + 3.19%), 05/15/26 (l) | 867 | 871 |
| Holland Park CLO Designated Activity Company |  |  |
| Series A1RR-1X, 2.97%, (3 Month EURIBOR + 0.92%), 11/14/32, EUR (e) (l) | 38 | 44 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hudson Yards 2016-10HY Mortgage Trust |  |  |
| Series 2016-E-10HY, REMIC, 2.98%, 08/12/26 (l) | 138 | 134 |
| Huntington National Bank, The |  |  |
| Series 2024-B2-1, 5.32%, (SOFR 30-Day Average + 1.40%), 02/20/28 (h) (l) | 470 | 471 |
| Series 2025-B2-2, 5.12%, (SOFR 30-Day Average + 1.20%), 09/20/33 (l) | 332 | 332 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-DFL-WPT, REMIC, 6.56%, (1 Month Term SOFR + 2.74%), 07/08/33 (l) (o) | 192 | 105 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 6.31%, (1 Month Term SOFR + 2.56%), 04/15/26 (l) | 1108 | 1108 |
| Series 2021-F-MHC, REMIC, 6.81%, (1 Month Term SOFR + 3.06%), 04/15/26 (l) | 520 | 520 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-C-OPO, REMIC, 3.45%, 01/08/27 (l) | 481 | 401 |
| J.P. Morgan Mortgage Trust 2021-INV5 |  |  |
| Series 2021-A2A-INV5, REMIC, 2.50%, 07/25/43 (l) | 2278 | 1907 |
| J.P. Morgan Mortgage Trust 2021-INV7 |  |  |
| Series 2021-A3A-INV7, REMIC, 2.50%, 02/25/28 (l) | 3176 | 2869 |
| Series 2021-A4A-INV7, REMIC, 2.50%, 07/25/43 (l) | 1620 | 1116 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 173 | 154 |
| Jubilee CLO 2024-XXIX Designated Activity Company |  |  |
| Series 2024-D-29X, 5.21%, (3 Month EURIBOR + 3.20%), 01/15/39, EUR (e) (l) | 540 | 630 |
| JW Commercial Mortgage Trust 2024-MRCO |  |  |
| Series 2024-D-MRCO, REMIC, 6.94%, (1 Month Term SOFR + 3.19%), 06/15/26 (l) | 340 | 341 |
| KSL Commercial Mortgage Trust 2024-HT2 |  |  |
| Series 2024-A-HT2, REMIC, 5.29%, (1 Month Term SOFR + 1.54%), 12/15/26 (l) | 607 | 607 |
| Lendmark Funding Trust 2021-1 |  |  |
| Series 2025-A-3A, 4.51%, 05/21/35 | 1225 | 1224 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.14%, (1 Month Term SOFR + 1.39%), 11/01/29 (l) (o) | 830 | 830 |
| Lyra Music Assets Delaware LP |  |  |
| Series 2024-A2-2A, 5.76%, 12/20/29 (h) | 1082 | 1095 |
| Madison Park Funding XXVII, Ltd. |  |  |
| Series 2025-A-40RA, 5.25%, 10/16/38 (l) | 250 | 251 |
| Mariner Finance Issuance Trust 2024- A |  |  |
| Series 2024-A-AA, 5.13%, 09/22/36 | 837 | 848 |
| Series 2024-D-AA, 6.77%, 09/22/36 | 139 | 142 |
| Mariner Finance Issuance Trust 2025-B |  |  |
| Series 2025-A-BA, 4.59%, 11/22/38 | 1056 | 1059 |
| MCR 2024-TWA Mortgage Trust |  |  |
| Series 2024-E-TWA, REMIC, 8.73%, 06/12/27 | 314 | 319 |
| MF1 2025-FL20 LLC |  |  |
| Series 2025-A-FL20, 5.20%, (1 Month Term SOFR + 1.34%), 08/18/29 (l) | 970 | 972 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| Series 2021-F-W10, REMIC, 7.12%, (1 Month Term SOFR + 3.37%), 12/16/26 (l) | 695 | 694 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 5.97%, (1 Month Term SOFR + 2.22%), 04/15/26 (l) | 21 | 21 |
| Series 2021-F-MHC, REMIC, 6.47%, (1 Month Term SOFR + 2.72%), 04/15/26 (l) | 137 | 137 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-G-STOR, REMIC, 6.62%, (1 Month Term SOFR + 2.86%), 07/15/38 (l) | 602 | 600 |
| Morgan Stanley Capital I Trust 2018-MP |  |  |
| Series 2018-A-MP, REMIC, 4.28%, 07/13/28 (l) (q) | 338 | 314 |
| Navient Private Education Loan Trust 2021-D |  |  |
| Series 2021-B-DA, 2.61%, 04/15/60 | 212 | 203 |
| Series 2021-C-DA, 3.48%, 04/15/60 | 565 | 535 |
| Series 2021-A-DA, 4.76%, (Prime + -1.99%), 04/15/60 (l) | 739 | 732 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2024-A-A, 5.66%, 12/15/34 | 1650 | 1691 |
| Navient Refinance Loan Trust 2025-B |  |  |
| Series 2025-A-B, 4.72%, 12/15/34 | 1019 | 1022 |
| Navient Refinance Loan Trust 2025-C |  |  |
| Series 2025-A-C, 4.80%, 10/15/55 | 717 | 717 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-B1-A, 2.85%, 04/20/62 | 981 | 890 |
| Series 2021-D-A, 4.93%, 04/20/62 | 930 | 873 |
| Nelnet Student Loan Trust 2021-B |  |  |
| Series 2021-C-BA, 3.57%, 04/20/62 | 980 | 893 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-C-CA, 3.36%, 04/20/62 | 130 | 115 |
| Nelnet Student Loan Trust 2025-A |  |  |
| Series 2025-A1B-AA, 5.08%, (SOFR 30-Day Average + 1.10%), 03/15/57 (l) | 1691 | 1685 |
| Nelnet Student Loan Trust 2025-C |  |  |
| Series 2025-A1B-CA, REMIC, 5.27%, (SOFR 30-Day Average + 1.35%), 08/15/36 (l) | 1110 | 1117 |
| Series 2025-D-CA, REMIC, 5.82%, 08/15/36 | 660 | 655 |
| Neuberger Berman CLO XXI Ltd. |  |  |
| Series 2016-A1R3-21A, 5.20%, (3 Month Term SOFR + 1.32%), 01/20/39 (l) | 6600 | 6615 |
| Neuberger Berman Loan Advisers CLO 26 Ltd |  |  |
| Series 2017-BR2-26A, 5.63%, (3 Month Term SOFR + 1.75%), 10/18/38 (l) | 500 | 501 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-3BP, REMIC, 4.96%, (1 Month Term SOFR + 1.27%), 02/16/27 (l) | 406 | 403 |
| OCP CLO 2014-5, Ltd. |  |  |
| Series 2014-A2R-5A, 5.52%, (3 Month Term SOFR + 1.66%), 04/28/31 (l) | 95 | 95 |
| OCP CLO 2017-13 Ltd |  |  |
| Series 2017-AR2-13A, 5.21%, (3 Month Term SOFR + 1.34%), 11/26/37 (l) | 700 | 702 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-BR-1A, 5.74%, (3 Month Term SOFR + 1.86%), 07/17/30 (l) | 2000 | 2002 |
| OHA Credit Partners Ltd |  |  |
| Series 2023-A-15RA, 5.17%, (3 Month Term SOFR + 1.29%), 07/20/38 (l) | 1300 | 1303 |
| Oha Credit Partners X Ltd |  |  |
| Series 2014-AR2-10RA, 5.01%, (3 Month Term SOFR + 1.13%), 04/20/38 (l) | 250 | 249 |
| ONNI Commercial Mortgage Trust 2024-APT |  |  |
| Series 2024-A-APT, REMIC, 5.75%, 07/17/29 (l) | 420 | 426 |
| P11 Commercial Mortgage Trust 2025-P11 |  |  |
| Series 2025-A-P11, REMIC, 5.34%, 08/12/30 (l) | 427 | 438 |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company |  |  |
| Series 2024-D-2X, 5.21%, (3 Month EURIBOR + 3.15%), 05/15/34, EUR (e) (l) | 380 | 446 |
| Palmer Square European Loan Funding 2024-3 Designated Activity Company |  |  |
| Series 2024-D-3X, 5.11%, (3 Month EURIBOR + 3.05%), 05/15/34, EUR (e) (l) | 320 | 376 |
| Penta CLO 17 Designated Activity Company |  |  |
| Series 2024-D-17X, 5.31%, (3 Month EURIBOR + 3.25%), 08/15/38, EUR (e) (l) | 350 | 411 |
| Pikes Peak CLO 4 |  |  |
| Series 2019-ARR-4A, 5.11%, (3 Month Term SOFR + 1.21%), 07/15/34 (l) | 250 | 250 |
| PKHL Commercial Mortgage Trust 2021-MF |  |  |
| Series 2021-F-MF, REMIC, 7.21%, (1 Month Term SOFR + 3.46%), 07/15/38 (l) | 141 | 55 |
| Planet Fitness Master |  |  |
| Series 2025-A2II-1A, 5.65%, 12/06/55 | 896 | 897 |
| PRM5 Trust 2025-PRM5 |  |  |
| Series 2025-D-PRM5, REMIC, 5.81%, 03/10/28 (l) | 900 | 901 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Prodigy Finance CM2021-1 Designated Activity Company |  |  |
| Series 2021-B-1A, 6.35%, (1 Month Term SOFR + 2.61%), 07/25/51 (l) | 45 | 45 |
| Series 2021-C-1A, 7.60%, (1 Month Term SOFR + 3.86%), 07/25/51 (l) | 39 | 39 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-F-SFR3, REMIC, 3.44%, 05/19/26 | 419 | 416 |
| Providus CLO II Designated Activity Company |  |  |
| Series DRR-2X, 5.21%, (3 Month EURIBOR + 3.20%), 10/15/38, EUR (e) (l) | 346 | 405 |
| QTS Issuer ABS II LLC |  |  |
| Series 2025-A2-1A, 5.04%, 10/05/55 | 1171 | 1165 |
| Regatta 31 Funding Ltd |  |  |
| Series 2025-A1-1A, 5.03%, (3 Month Term SOFR + 1.17%), 03/25/38 (l) | 1600 | 1600 |
| Regional Management Issuance Trust 2024-2 |  |  |
| Series 2025-A-2, 4.59%, 11/16/37 | 1489 | 1490 |
| Republic Finance Issuance Trust 2024-A |  |  |
| Series 2024-A-A, 5.91%, 06/21/27 | 1284 | 1297 |
| Republic Finance Issuance Trust 2025-A |  |  |
| Series 2025-A-A, 4.59%, 11/20/29 | 1359 | 1357 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2025-A2A-1A, 5.09%, 08/15/30 | 982 | 972 |
| Rockford Tower Europe CLO 2025-1 Designated Activity Company |  |  |
| Series 2025-D-1X, 5.06%, (3 Month EURIBOR + 3.00%), 10/25/37, EUR (e) (l) | 430 | 502 |
| Rockford Tower Europe CLO 2025-3 Designated Activity Company |  |  |
| Series 2025-D-3X, 5.14%, (3 Month EURIBOR + 3.10%), 01/15/40, EUR (e) (l) | 230 | 269 |
| RR 28 Ltd |  |  |
| Series 2024-A1R-28RA, 5.45%, (3 Month Term SOFR + 1.55%), 04/15/37 (l) | 762 | 763 |
| SCG Commercial Mortgage Trust 2025-DLFN |  |  |
| Series 2025-E-DLFN, REMIC, 6.70%, 03/15/27 (l) | 520 | 517 |
| Signal Harmonic CLO I Designated Activity Company |  |  |
| Series DR-1X, 5.42%, (3 Month EURIBOR + 3.50%), 07/15/38, EUR (e) (l) | 180 | 212 |
| Silver Point CLO 7 LTD |  |  |
| Series 2024-A1-7A, 5.26%, (3 Month Term SOFR + 1.36%), 01/15/38 (l) | 250 | 251 |
| Silver Point CLO 8 Ltd |  |  |
| Series 2025-A1-8A, 5.11%, (3 Month Term SOFR + 1.21%), 04/15/38 (l) | 150 | 150 |
| Silver Point Euro CLO 1, Designated Activity Company |  |  |
| Series D-1X, 5.07%, (3 Month EURIBOR + 3.00%), 01/15/39, EUR (e) (l) | 310 | 362 |
| Sixth Street CLO XX Ltd |  |  |
| Series 2021-A1R-20A, 5.20%, (3 Month Term SOFR + 1.32%), 07/19/38 (l) | 3000 | 3007 |
| Series 2021-A2R-20A, 5.45%, (3 Month Term SOFR + 1.57%), 07/19/38 (l) | 3000 | 3007 |
| SLM Private Education Loan Trust 2010-C |  |  |
| Series 2010-A5-C, 8.61%, (1 Month Term SOFR + 4.86%), 10/15/41 (l) | 1285 | 1344 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-B-A, 2.31%, 01/15/53 | 169 | 165 |
| Series 2021-C-A, 2.99%, 01/15/53 | 1715 | 1519 |
| SMB Private Education Loan Trust 2021-C |  |  |
| Series 2021-B-C, REMIC, 2.30%, 01/15/53 | 118 | 116 |
| Series 2021-C-C, REMIC, 3.00%, 01/15/53 | 108 | 97 |
| Series 2021-D-C, REMIC, 3.93%, 01/15/53 | 33 | 30 |
| SMB Private Education Loan Trust 2024-D |  |  |
| Series 2024-A1B-D, 5.23%, (SOFR 30-Day Average + 1.25%), 07/05/53 (l) | 1051 | 1043 |
| SoFi Personal Loan Trust 2023-1 |  |  |
| Series 2023-A-1, 6.00%, 09/13/27 (l) | 604 | 611 |
| Series 2023-R1-1, 0.00%, 11/12/30 (l) | 27 | 545 |
| Sona Fios CLO III DAC |  |  |
| Series D-3X, 5.25%, (3 Month EURIBOR + 3.25%), 04/20/37, EUR (e) (l) | 690 | 811 |
| Sona Fios CLO V Designated Activity Company |  |  |
| Series D-5X, 5.33%, (3 Month EURIBOR + 3.30%), 08/25/38, EUR (e) (l) | 260 | 306 |
| Spirit Airlines, LLC |  |  |
| Series 2015-A-1, 0.00%, 04/01/28 (a) (n) | 23 | 22 |
| Series 2017-A-1, 0.00%, 02/15/30 (a) (n) | 714 | 617 |
| Series 2017-AA-1, 0.00%, 02/15/30 (a) (n) | 271 | 238 |
| SPLT_24-1: A ABS |  |  |
| Series 2024-A-1, 6.06%, 02/12/31 | 422 | 425 |
| SPLT_24-1: R1 ABS |  |  |
| Series 2024-R1-1, 0.00%, 02/12/31 (l) | 24 | 406 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-F-MFP, REMIC, 6.49%, (1 Month Term SOFR + 2.74%), 11/15/38 (l) | 1261 | 1260 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-F-MFP2, REMIC, 6.48%, (1 Month Term SOFR + 2.73%), 11/16/26 (l) | 360 | 360 |
| Subway Funding LLC |  |  |
| Series 2024-A2II-1A, 6.27%, 07/30/31 | 825 | 842 |
| Summit Issuer, LLC |  |  |
| Series 2025-A2-1A, 5.21%, 11/20/30 | 1237 | 1242 |
| Symphony CLO XXI Ltd |  |  |
| Series 2019-AR2-21A, 4.80%, (3 Month Term SOFR + 0.90%), 07/15/32 (l) | 193 | 193 |
| Taco Bell Funding, LLC |  |  |
| Series 2025-A2I-1A, 4.82%, 08/25/55 | 1239 | 1231 |
| TCW CLO 2023-1 Ltd |  |  |
| Series 2023-A1R-1A, 5.25%, (3 Month Term SOFR + 1.38%), 03/31/38 (l) | 2000 | 2005 |
| Texas Debt Capital CLO 2023-I Ltd |  |  |
| Series 2023-D1R-1A, 6.63%, (3 Month Term SOFR + 2.75%), 07/20/38 (l) | 1300 | 1306 |
| Texas Debt Capital Euro CLO 2025-I Designated Activity Company |  |  |
| Series 2025-D-1X, 5.02%, (3 Month EURIBOR + 3.00%), 04/16/39, EUR (e) (l) | 520 | 609 |
| TICP CLO VI 2016-2, Ltd. |  |  |
| Series 2016-AR2-6A, 5.29%, (3 Month Term SOFR + 1.38%), 01/17/34 (l) | 250 | 250 |
| Tikehau CLO XII Designated Activity Company |  |  |
| Series D-12X, 5.25%, (3 Month EURIBOR + 3.25%), 10/20/38, EUR (e) (l) | 570 | 673 |
| TRESTLES CLO III LTD |  |  |
| Series 2020-A1R-3A, 5.27%, (3 Month Term SOFR + 1.39%), 10/20/37 (l) | 1250 | 1255 |
| Truist Bank |  |  |
| Series 2025-B-1, 4.73%, 09/26/33 | 1126 | 1129 |
| UBS Commercial Mortgage Trust 2019-C17 |  |  |
| Series 2019-A4-C17, REMIC, 2.92%, 09/17/29 | 180 | 171 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-A-2, REMIC, 2.90%, 05/01/28 | 111 | 105 |
| Upgrade Master Pass-Thru Trust |  |  |
| Series 2025-A-ST7, 4.55%, 11/15/32 | 901 | 901 |
| Series 2025-B-ST7, 4.98%, 11/15/32 | 366 | 366 |
| Upgrade Master Pass-Thru Trust Series 2025-ST6 |  |  |
| Series 2025-A-ST6, 4.61%, 10/15/32 | 345 | 345 |
| UPX HIL 2025-1 Issuer Trust |  |  |
| Series 2025-A-1, 5.16%, 06/25/32 | 1213 | 1223 |
| Victory Street CLO I Designated Activity Company |  |  |
| Series D-1X, 5.46%, (3 Month EURIBOR + 3.45%), 01/15/38, EUR (e) (l) | 480 | 568 |
| Victory Street CLO II Designated Activity Company |  |  |
| Series D-2X, 5.16%, (3 Month EURIBOR + 3.10%), 01/15/39, EUR (e) (l) | 380 | 447 |
| VNDO Trust 2016-350P |  |  |
| Series 2016-D-350P, REMIC, 3.90%, 01/12/27 (l) | 325 | 320 |
| Voya CLO 2018-2 Ltd |  |  |
| Series 2018-C1-2A, 6.02%, (3 Month Term SOFR + 2.11%), 07/15/31 (l) | 700 | 701 |
| Wells Fargo Commercial Mortgage Trust 2018-1745 |  |  |
| Series 2018-A-1745, REMIC, 3.75%, 06/15/28 (l) | 211 | 198 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Interest Only, Series 2020-XA-C58, REMIC, 1.79%, 07/17/53 (l) | 4765 | 308 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Commercial Mortgage Trust 2021-C59 |  |  |
| Interest Only, Series 2021-XA-C59, REMIC, 1.48%, 04/17/54 (l) | 2797 | 156 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2024-A-1CHI, REMIC, 5.48%, 07/15/27 (l) | 417 | 421 |
| Whitebox CLO V Ltd |  |  |
| Series 2025-A1-5A, 5.64%, (3 Month Term SOFR + 1.36%), 07/20/38 (l) | 3000 | 3006 |
| Series 2025-B-5A, 5.98%, (3 Month Term SOFR + 1.70%), 07/20/38 (l) | 700 | 703 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $164,299) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $164,299) | 160824 |
| **SENIOR FLOATING RATE INSTRUMENTS 4.2%** | **SENIOR FLOATING RATE INSTRUMENTS 4.2%** | **SENIOR FLOATING RATE INSTRUMENTS 4.2%** |
| **Industrials 1.1%** | **Industrials 1.1%** | **Industrials 1.1%** |
| AERNNOVA Aerospace SAU |  |  |
| Term Loan B, 6.03%, (EURIBOR + 4.00%), 02/27/30, EUR (l) | 1303 | 1510 |
| Althea Acquisition Bidco S.a.r.l |  |  |
| Term Loan, 0.00%, (Euribor + 3.25%), 10/07/32, EUR (l) (r) | 1232 | 1454 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 07/31/31 (l) | 722 | 723 |
| Applegreen Ireland Investments Finance Ltd. |  |  |
| Term Loan, 6.57%, (3 Month EURIBOR + 5.00%), 01/24/32, EUR (l) | 854 | 1010 |
| Argent Bidco SAS |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.25%), 12/31/49, EUR (l) (r) | 1000 | 1181 |
| Artemis Bidco Ltd |  |  |
| Term Loan, 5.80%, (EURIBOR + 3.75%), 05/28/32, EUR (l) | 1654 | 1958 |
| Beach Acquisition Bidco LLC |  |  |
| Term Loan, 5.55%, (EURIBOR + 3.50%), 06/25/32, EUR (l) | 1821 | 2157 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| Term Loan B, 7.09%, (1 Month Term SOFR + 3.17%), 03/30/29 (l) | 857 | 857 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 6.97%, (1 Month Term SOFR + 3.25%), 01/13/29 (k) (l) | 965 | 965 |
| FNZ Group Entities Ltd |  |  |
| Term Loan, 9.97%, (SONIA + 6.00%), 10/30/31, GBP (l) | 1500 | 1628 |
| Garda World Security Corporation |  |  |
| 2025 Term Loan B, 6.75%, (1 Month Term SOFR + 3.00%), 02/01/29 (l) | 281 | 282 |
| Kestrel Acquisition LLC |  |  |
| Term Loan, 7.00%, (SOFR + 3.00%), 11/10/31 (l) | 608 | 608 |
| Modulaire Group Holdings Limited |  |  |
| Facility B3, 6.42%, (EURIBOR + 4.42%), 07/02/31, EUR (l) | 1000 | 1101 |
| Nielsen Consumer Inc. |  |  |
| Term Loan, 4.68%, (EURIBOR + 3.25%), 10/31/30, EUR (l) | 1326 | 1567 |
| Node AcquiCo |  |  |
| Term Loan, 5.41%, (EURIBOR + 3.50%), 12/08/32, EUR (l) | 1000 | 1181 |
| OCS Group Holdings Ltd. |  |  |
| Term Loan, 0.00%, (SONIA + 5.75%), 12/31/49, GBP (l) (r) | 1000 | 1346 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 01/31/32 (l) | 135 | 134 |
| Platea BC Bidco AB |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) (r) | 101 | 120 |
| Rain Carbon Inc. |  |  |
| 2023 Replacement Term Loan, 7.04%, (EURIBOR + 5.00%), 10/31/28, EUR (l) | 1000 | 1171 |
| Sector Alarm Holding AS |  |  |
| Term Loan, 5.57%, (EURIBOR + 3.50%), 06/14/29, EUR (l) | 814 | 964 |
| Speed Midco 3 S.a.r.l. |  |  |
| Term Loan, 4.84%, (EURIBOR + 2.75%), 09/19/32, EUR (l) | 1500 | 1773 |
| Tackle S.a r.l. |  |  |
| Term Loan B2, 5.32%, (EURIBOR + 3.25%), 05/22/28, EUR (l) | 1839 | 2164 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.50%, (3 Month Term SOFR + 2.50%), 02/28/31 (l) | 493 | 494 |
| Vaco Holdings, LLC |  |  |
| 2022 Term Loan, 9.15%, (3 Month Term SOFR + 5.00%), 01/07/29 (l) | 648 | 526 |
| Verisure Holding AB |  |  |
| Term Loan, 4.30%, (EURIBOR + 2.25%), 10/23/32, EUR (l) | 1000 | 1182 |
|  |  | 28056 |
| **Information Technology 1.0%** | **Information Technology 1.0%** | **Information Technology 1.0%** |
| Altar Bidco, Inc. |  |  |
| Term Loan, 9.28%, (3 Month Term SOFR + 5.60%), 11/09/28 (l) | 2318 | 2178 |
| Atos SE |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 2.60%), 12/17/29, EUR (l) (r) | 1000 | 1200 |
| Aviv Group GmbH |  |  |
| Term Loan, 6.10%, (EURIBOR + 4.00%), 01/29/32, EUR (l) | 1433 | 1694 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B2, 6.00%, (3 Month Term SOFR + 2.00%), 01/31/31 (l) | 864 | 865 |
| Cegid SAS |  |  |
| Term Loan, 4.82%, (3 Month EURIBOR + 3.25%), 01/16/30, EUR (l) | 1500 | 1767 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2032), 7.25%, (3 Month Term SOFR + 3.25%), 08/07/32 (l) | 503 | 503 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 7.76%, (3 Month Term SOFR + 3.50%), 09/23/28 (l) | 603 | 591 |
| DRI Holdings, Inc. |  |  |
| Term Loan, 9.27%, (1 Month Term SOFR + 5.25%), 12/15/28 (l) | 541 | 530 |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 08/30/30 (l) | 1729 | 1722 |
| GoTo Group Inc, |  |  |
| Term Loan, 8.79%, (3 Month Term SOFR + 4.75%), 04/28/28 (l) | 120 | 46 |
| GoTo Group Inc. |  |  |
| Term Loan, 8.79%, (3 Month Term SOFR + 4.75%), 04/28/28 (l) | 227 | 185 |
| IGT Holding IV AB |  |  |
| Term Loan, 5.25%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (l) | 1333 | 1578 |
| Instructure Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 11/13/31 (l) | 1987 | 1989 |
| ION Platform Finance US, Inc. |  |  |
| Initial Euro Term Loan, 6.02%, (EURIBOR + 4.00%), 09/30/32, EUR (l) | 1424 | 1595 |
| ITG Communications, LLC |  |  |
| Term Loan B, 8.95%, (SOFR + 4.75%), 07/01/31 (l) | 1399 | 1350 |
| Lorca Telecom BidCo S.A. |  |  |
| Term Loan, 4.63%, (3 Month EURIBOR + 2.75%), 03/25/31, EUR (l) | 1774 | 2088 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 03/01/29 (l) | 1159 | 1066 |
| Polaris Newco LLC |  |  |
| Term Loan, 5.82%, (3 Month EURIBOR + 4.00%), 06/02/28, EUR (l) | 1979 | 2204 |
| Redstone Holdco 2 L.P. |  |  |
| Term Loan, 8.85%, (3 Month Term SOFR + 4.75%), 04/27/28 (l) | 1348 | 545 |
| Verifone Sys Inc. |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 5.50%), 08/18/28 (l) (r) | 63 | 59 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Term Loan, 9.35%, (3 Month Term SOFR + 5.50%), 08/18/28 (l) | 1415 | 1338 |
| X Corp. |  |  |
| Term Loan, 10.45%, (3 Month Term SOFR + 6.50%), 10/27/29 (l) | 138 | 135 |
| 2025 Fixed Term Loan, 9.50%, 12/31/99 | 279 | 278 |
| Xerox Corporation |  |  |
| Initial Term Loan (First Lien), 0.00%, (SOFR + 4.00%), 11/14/29 (l) (r) | 389 | 331 |
| 2023 Term Loan B, 7.73%, (1 Month Term SOFR + 4.00%), 11/14/29 (l) | 124 | 105 |
| Term Loan, 7.92%, (SOFR + 4.00%), 11/14/29 (l) | 5 | 4 |
| Term Loan, 8.00%, (1 Month Term SOFR + 4.00%), 11/14/29 (l) | 86 | 73 |
| | | 26019 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| Altice Financing S.A. |  |  |
| Term Loan, 7.03%, (EURIBOR + 5.00%), 10/31/27, EUR (l) | 1000 | 852 |
| Avaya, Inc. |  |  |
| 2023 Exit Term Loan, 11.42%, (1 Month Term SOFR + 7.50%), 08/01/28 (l) | 6 | 5 |
| Bally's Corporation |  |  |
| 2021 Term Loan B, 7.37%, (3 Month Term SOFR + 3.25%), 08/05/28 (l) | 516 | 509 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 8.25%, (Prime + 1.50%), 04/15/27 (l) | 293 | 256 |
| DirectTV Financing, LLC |  |  |
| Term Loan, 9.34%, (3 Month Term SOFR + 5.50%), 02/15/31 (l) | 1031 | 1028 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.10%, (3 Month Term SOFR + 5.00%), 07/22/27 (l) | 39 | 39 |
| International Entertainment JJCO 3 Ltd |  |  |
| Term Loan, 8.47%, (SONIA + 4.75%), 04/02/32, GBP (l) | 2294 | 3092 |
| RunItOneTime LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 04/16/26 (f) (l) (r) | 14 | 14 |
| Term Loan, 16.42%, (SOFR + 12.50%), 04/21/26 (f) (l) | 182 | 182 |
| Term Loan, 0.00%, (SOFR + 11.50%), 05/06/26 (f) (l) (r) | 296 | 290 |
| Stage Entertainment |  |  |
| Term Loan, 6.03%, (EURIBOR + 4.00%), 06/29/29, EUR (l) | 1000 | 1141 |
| Zegona HoldCo Ltd |  |  |
| Term Loan, 4.83%, (EURIBOR + 3.00%), 07/09/29, EUR (l) | 516 | 609 |
| Ziggo BV |  |  |
| Term Loan, 4.93%, (3 Month EURIBOR + 3.00%), 01/16/29, EUR (l) | 6053 | 7069 |
|  |  | 15086 |
| **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** |
| Accell Group N.V. |  |  |
| Term Loan, 2.05%, 06/30/31, EUR (f) (l) | 1000 | 787 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.00%), 04/30/30, EUR (l) (r) | 1000 | 1174 |
| Caesars Entertainment Inc. |  |  |
| 2024 Term Loan B1, 6.17%, (1 Month Term SOFR + 2.25%), 01/24/31 (l) | 1337 | 1323 |
| CDR Firefly Bidco PLC |  |  |
| Term Loan, 8.72%, (EURIBOR + 4.75%), 04/29/29, GBP (l) | 1642 | 2228 |
| Clarios |  |  |
| Term Loan, 5.21%, (3 Month EURIBOR + 3.25%), 01/28/32, EUR (l) | 1500 | 1779 |
| Hestiafloor 2 |  |  |
| Term Loan, 5.50%, (EURIBOR + 3.50%), 02/27/30, EUR (l) | 588 | 698 |
| Hydrofarm Holdings Group, Inc. |  |  |
| Term Loan, 9.60%, (SOFR + 5.50%), 10/21/28 (f) (l) | 377 | 309 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 04/26/30 (l) | 624 | 619 |
| Jack Ohio Finance LLC |  |  |
| 2025 Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 01/28/32 (l) | 252 | 251 |
| Maverick Gaming LLC |  |  |
| Term Loan, 15.25%, (SOFR + 7.50%), 06/03/28 (l) | 521 | 287 |
| Parts Europe |  |  |
| 2025 Additional Term Facility, 5.00%, (EURIBOR + 3.00%), 02/03/31, EUR (l) | 1132 | 1345 |
| PAX Holdco Spain SLU |  |  |
| Term Loan, 6.15%, (EURIBOR + 4.00%), 12/31/29, EUR (l) | 1632 | 1922 |
| Peninsula Pacific Entertainment, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 4.75%), 08/14/32 (f) (l) (r) | 236 | 236 |
| 2025 Term Loan B, 8.74%, (3 Month Term SOFR + 4.75%), 08/14/32 (f) (l) | 1006 | 1009 |
|  |  | 13967 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 08/06/32 (l) | 424 | 425 |
| Bellis Acquisition Company PLC |  |  |
| Term Loan B, 6.08%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) | 1654 | 1757 |
| Froneri Lux Finco S.a r.l. |  |  |
| Term Loan, 4.87%, (Euribor + 3.00%), 07/17/32, EUR (l) | 2035 | 2396 |
| Market Bidco Ltd |  |  |
| Term Loan, 6.55%, (3 Month EURIBOR + 4.50%), 11/04/30, EUR (l) | 430 | 500 |
| Pegasus BidCo B.V. |  |  |
| 2025-1 Euro Term Loan, 5.06%, (EURIBOR + 3.00%), 07/12/29, EUR (l) | 1333 | 1582 |
| United Petfood |  |  |
| Term Loan, 4.58%, (3 Month EURIBOR + 2.75%), 02/26/32, EUR (l) | 1135 | 1342 |
|  |  | 8002 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| AI Sirona Luxembourg Acquisition S.a r.l. |  |  |
| Term Loan, 5.96%, (EURIBOR + 4.00%), 09/30/28, EUR (l) | 1000 | 1178 |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.25%), 12/17/30 (l) | 671 | 677 |
| Median BV |  |  |
| Term Loan B - B1, 6.94%, (3 Month EURIBOR + 5.00%), 10/14/27, EUR (l) | 1637 | 1902 |
| Nidda Healthcare Holding GmbH |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.50%), 02/21/30, EUR (l) (r) | 1000 | 1182 |
| Term Loan, 5.55%, (EURIBOR + 3.50%), 02/21/30, EUR (l) | 1399 | 1654 |
| Ramsay Sante |  |  |
| Term Loan, 5.27%, (EURIBOR + 3.25%), 08/13/31, EUR (l) | 900 | 1058 |
|  |  | 7651 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| Ineos Finance PLC |  |  |
| Term Loan, 5.18%, (EURIBOR + 3.25%), 02/07/31, EUR (l) | 1000 | 961 |
| Term Loan, 5.43%, (EURIBOR + 3.50%), 06/23/31, EUR (l) | 1000 | 963 |
| INEOS Quattro Holdings UK Limited |  |  |
| Term Loan, 6.46%, (EURIBOR + 4.50%), 03/31/29, EUR (l) | 1210 | 991 |
| Nobian Finance BV |  |  |
| Term Loan B, 5.53%, (3 Month EURIBOR + 3.50%), 07/04/30, EUR (l) | 1895 | 2125 |
|  |  | 5040 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| CPV Fairview, LLC |  |  |
| Term Loan, 6.46%(SOFR + 2.50%), (l) | 729 | 729 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CVR Energy, Inc. |  |  |
| Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 12/30/27 (l) | 498 | 499 |
| Stakeholder Midstream LLC |  |  |
| Term Loan, 8.04%, (SOFR + 4.00%), 08/19/32 (l) | 1371 | 1375 |
| | | 2603 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Boots Group Finco LP |  |  |
| Term Loan, 8.48%, (SONIA + 4.75%), 07/22/32, GBP (l) | 1449 | 1968 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Ohio Power Partners LLC |  |  |
| Term Loan, 6.71%, (SOFR + 2.75%), 10/29/32 (l) | 577 | 575 |
| West Deptford Energy Holdings LLC |  |  |
| Term Loan, 7.92%, (SOFR + 4.00%), 07/19/32 (l) | 555 | 550 |
|  |  | 1125 |
| Total Senior Floating Rate Instruments (cost $107,943) | Total Senior Floating Rate Instruments (cost $107,943) | 109517 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 4.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 4.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 4.1%** |
| **Sovereign 3.3%** | **Sovereign 3.3%** | **Sovereign 3.3%** |
| Arab Republic of Egypt |  |  |
| 24.46%, 10/01/27, EGP | 6389 | 136 |
| 24.14%, 12/03/27, EGP | 794 | 17 |
| 21.38%, 02/04/28, EGP | 8581 | 177 |
| 23.44%, 07/01/28, EGP | 6970 | 150 |
| 5.63%, 04/16/30, EUR (e) | 106 | 124 |
| 8.50%, 01/31/47 (h) | 200 | 197 |
| 7.50%, 02/16/61 (h) | 200 | 175 |
| Cabinet of Ministers of Ukraine |  |  |
| 4.50%, 02/01/29 - 02/01/34 (h) (o) | 93 | 65 |
| 0.00%, 02/01/30 - 02/01/36 (h) (o) | 53 | 29 |
| Cabinet Office, Government of Japan |  |  |
| 3.20%, 09/20/55, JPY | 113400 | 702 |
| CBB International Sukuk Company S.P.C |  |  |
| 5.45%, 09/16/32 (e) | 219 | 212 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 1.86%, 12/01/32 | 82 | 68 |
| 6.85%, 08/12/35, PEN (h) | 1726 | 556 |
| 7.60%, 08/12/39 (h) | 570 | 185 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 8.00%, 04/20/33 | 329 | 353 |
| Estado Espanol |  |  |
| 2.70%, 01/31/30, EUR | 4676 | 5526 |
| 3.15%, 04/30/35, EUR (h) | 1139 | 1329 |
| Gobierno de la Republica de Guatemala |  |  |
| 7.05%, 10/04/32 (h) | 260 | 286 |
| 6.60%, 06/13/36 (h) | 200 | 215 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (h) (o) | 60 | 59 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 9.75%, 07/20/33, UYU | 5901 | 169 |
| 8.00%, 10/29/35, UYU | 8161 | 214 |
| 5.25%, 09/10/60 | 135 | 126 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.00%, 09/03/26, MXN | 44544 | 2470 |
| 8.50%, 03/01/29, MXN | 16602 | 930 |
| 7.50%, 05/26/33, MXN | 54945 | 2830 |
| 7.38%, 05/13/55 | 594 | 639 |
| Gouvernement De France |  |  |
| 3.20%, 05/25/35, EUR (h) | 1272 | 1460 |
| Government of Barbados, The |  |  |
| 8.00%, 06/26/35 (h) | 119 | 125 |
| Government of Canada |  |  |
| 2.75%, 03/01/30, CAD | 7049 | 5102 |
| Government of Ireland |  |  |
| 2.60%, 10/18/34, EUR (e) | 9632 | 10964 |
| Government of Saudi Arabia |  |  |
| 5.00%, 01/18/53 (h) | 316 | 280 |
| HM Treasury |  |  |
| 4.38%, 03/07/30, GBP | 8024 | 11001 |
| Latvia, Republic of |  |  |
| 5.13%, 07/30/34 (h) | 200 | 204 |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag |  |  |
| 6.00%, 05/16/29, EUR (e) | 240 | 302 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 5.75%, 11/03/27, COP | 6926800 | 1680 |
| 7.75%, 09/18/30, COP | 5531900 | 1202 |
| Ministry of Finance People's Republic of China |  |  |
| 2.11%, 08/25/34, CNY | 4110 | 601 |
| Morocco, Kingdom of |  |  |
| 5.95%, 03/08/28 (h) | 200 | 206 |
| 4.75%, 04/02/35, EUR (h) | 135 | 162 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 8.08%, 04/01/36 (h) | 200 | 216 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/27, BRL | 15160 | 2681 |
| Presidencia De La Nacion |  |  |
| 0.75%, 07/09/30 (o) | 67 | 57 |
| Presidencia de la Republica de Chile |  |  |
| 3.75%, 01/14/32, EUR | 100 | 119 |
| 4.34%, 03/07/42 | 354 | 316 |
| Presidencia de la Republica Dominicana |  |  |
| 4.50%, 01/30/30 (h) | 370 | 362 |
| 7.05%, 02/03/31 (h) | 150 | 162 |
| 10.75%, 06/01/36, DOP (h) | 30250 | 516 |
| Republic of Indonesia, The Government of, The |  |  |
| 7.00%, 05/15/27 - 02/15/33, IDR | 24802000 | 1536 |
| 8.25%, 06/15/32, IDR | 607000 | 41 |
| 6.63%, 05/15/33, IDR | 3659000 | 226 |
| 7.13%, 06/15/38, IDR (e) | 13785000 | 880 |
| Romania, Government of |  |  |
| 2.12%, 07/16/31, EUR (e) | 56 | 58 |
| 6.25%, 09/10/34, EUR (h) | 148 | 182 |
| 6.75%, 07/11/39, EUR (h) | 51 | 62 |
| 6.50%, 10/07/45, EUR (h) | 61 | 71 |
| Sandor-Palota |  |  |
| 5.25%, 06/16/29 (h) | 344 | 350 |
| 7.00%, 10/24/35, HUF | 203300 | 629 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 2.95%, 07/01/30, EUR | 4209 | 4990 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 51469 | 3180 |
| 7.00%, 02/28/31, ZAR | 41875 | 2474 |
| 8.50%, 01/31/37, ZAR | 21211 | 1274 |
| 5.00%, 10/12/46 | 200 | 157 |
| 5.75%, 09/30/49 | 353 | 297 |
| Thailand, Kingdom of |  |  |
| 2.50%, 11/17/29, THB | 80127 | 2665 |
| 2.41%, 03/17/35, THB | 24593 | 835 |
| 4.00%, 06/17/55, THB | 588 | 25 |
| The Central People's Government of the People's Republic of China |  |  |
| 1.92%, 07/15/45, CNY | 2290 | 307 |
| The Philippines, Government of |  |  |
| 6.25%, 02/28/29, PHP | 31410 | 544 |
| 6.38%, 07/27/30 - 04/28/35, PHP | 122840 | 2135 |
| 6.00%, 08/20/30, PHP | 74705 | 1279 |
| The Republic of Uzbekistan |  |  |
| 5.38%, 05/29/27, EUR (h) | 108 | 130 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 31.08%, 11/08/28, TRY | 7148 | 165 |
| 30.00%, 09/12/29, TRY | 4100 | 93 |
| Urad Vlady Ceske Republiky |  |  |
| 4.50%, 11/11/32, CZK | 18690 | 919 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 04/25/29, PLN | 4862 | 1420 |
| 4.75%, 07/25/29, PLN | 2739 | 776 |
| 4.88%, 10/04/33 | 38 | 38 |
| 5.00%, 10/25/34 - 10/25/35, PLN | 5831 | 1613 |
| 5.50%, 04/04/53 | 58 | 55 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vlada Crne Gore |  |  |
| 2.88%, 12/16/27, EUR (e) | 106 | 122 |
| Vlada NA Republika Severna Makedonija |  |  |
| 6.96%, 03/13/27, EUR (e) | 115 | 140 |
| | | 85325 |
| **Mortgage-Backed Securities 0.7%** | **Mortgage-Backed Securities 0.7%** | **Mortgage-Backed Securities 0.7%** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 3.50%, 01/15/56 (s) | 20495 | 18933 |
| **Treasury Inflation Indexed Securities 0.1%** | **Treasury Inflation Indexed Securities 0.1%** | **Treasury Inflation Indexed Securities 0.1%** |
| Presidencia da Republica |  |  |
| 6.00%, 08/15/30, BRL (l) (t) | 1610 | 1262 |
| Urzad Rady Ministrow |  |  |
| 2.00%, 08/25/36, PLN (u) | 1025 | 260 |
|  |  | 1522 |
| **Municipal 0.0%** | **Municipal 0.0%** | **Municipal 0.0%** |
| GC Education, Inc. |  |  |
| 7.38%, 10/01/29 | 555 | 582 |
| Port of Beaumont Industrial Development Authority |  |  |
| 10.00%, 07/01/26 | 785 | 788 |
|  |  | 1370 |
| **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series X1-KW09, REMIC, 0.78%, 05/25/29 (l) | 8224 | 162 |
| Interest Only, Series XFX-KL06, REMIC, 1.36%, 12/25/29 (l) | 1325 | 50 |
| Interest Only, Series X1-K105, REMIC, 1.51%, 01/25/30 (l) | 1693 | 87 |
| Interest Only, Series X1-K109, REMIC, 1.57%, 04/25/30 (l) | 2330 | 128 |
| Interest Only, Series X1-K110, REMIC, 1.64%, 04/25/30 (l) | 1295 | 74 |
| Interest Only, Series X1-K116, REMIC, 1.41%, 07/25/30 (l) | 1186 | 61 |
| Interest Only, Series 2020-X1-K120, REMIC, 1.03%, 10/25/30 (l) | 7575 | 300 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2018-A2-M13, REMIC, 3.75%, 09/25/30 (l) | 234 | 232 |
|  |  | 1094 |
| **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2022-B1-DNA1, REMIC, 7.27%, (SOFR 30-Day Average + 3.40%), 01/25/32 (l) | 331 | 339 |
| Total Government And Agency Obligations (cost $104,828) | Total Government And Agency Obligations (cost $104,828) | 108583 |
| **INVESTMENT COMPANIES 3.5%** | **INVESTMENT COMPANIES 3.5%** | **INVESTMENT COMPANIES 3.5%** |
| iShares Broad USD High Yield Corporate Bond ETF (c) (g) | 81 | 3047 |
| iShares China Large-Cap ETF (c) (g) | 167 | 6412 |
| iShares Core S&P Small Cap ETF (g) | 12 | 1484 |
| iShares MSCI Brazil ETF (c) (g) | 41 | 1290 |
| iShares MSCI China ETF (c) (g) | 84 | 5064 |
| KraneShares CSI China Internet ETF (c) | 81 | 2752 |
| SPDR Gold Shares | 159 | 62900 |
| State Street Blackstone Senior Loan ETF (c) | 33 | 1353 |
| State Street SPDR S&P Homebuilders ETF (c) | 12 | 1265 |
| State Street SPDR S&P Regional Banking ETF (c) | 42 | 2743 |
| VanEck Semiconductor ETF (c) | 6 | 2220 |
| Total Investment Companies (cost $85,332) | Total Investment Companies (cost $85,332) | 90530 |
| **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Banco Bradesco S/A. (j) | 617 | 2035 |
| Citigroup Capital XIII, 10.47%, 10/30/40 | 70 | 2117 |
| Wells Fargo & Company - Series A, 7.50% (i) (j) | 1 | 1082 |
|  |  | 5234 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Petroleo Brasileiro S/A Petrobras. (j) | 105 | 589 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Localiza Rent A Car S/A (a) | 1 | 5 |
| Total Preferred Stocks (cost $5,265) | Total Preferred Stocks (cost $5,265) | 5828 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Walgreens Boots Alliance, Inc. (a) (f) | 38 | 20 |
| Total Rights (cost $0) | Total Rights (cost $0) | 20 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Evgo Inc. (a) | 23 | 2 |
| Hippo Holdings Inc. (a) | 20 |  |
| Latch, Inc. (a) (f) | 53 |  |
| Offerpad Solutions Inc. (a) | 35 |  |
| Palladyne AI Corp. (a) | 121 | 7 |
| Total Warrants (cost $441) | Total Warrants (cost $441) | 9 |
| **SHORT TERM INVESTMENTS 9.1%** | **SHORT TERM INVESTMENTS 9.1%** | **SHORT TERM INVESTMENTS 9.1%** |
| **Investment Companies 7.6%** | **Investment Companies 7.6%** | **Investment Companies 7.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (g) (v) | 196875 | 196875 |
| **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** |
| JNL Government Money Market Fund - Class SL, 3.74% (g) (v) | 36687 | 36687 |
| **Treasury Securities 0.1%** | **Treasury Securities 0.1%** | **Treasury Securities 0.1%** |
| Arab Republic of Egypt |  |  |
| 22.98%, 06/23/26, EGP | 22150 | 414 |
| Presidencia da Republica |  |  |
| 13.18%, 04/01/26, BRL | 14293 | 2522 |
| 12.80%, 07/01/26, BRL | 3751 | 641 |
|  |  | 3577 |
| Total Short Term Investments (cost $237,179) | Total Short Term Investments (cost $237,179) | 237139 |
| **Total Investments 99.3% (cost $2,382,020)** | **Total Investments 99.3% (cost $2,382,020)** | **2591501** |
| **Total Purchased Options 0.3% (cost $12,392)** | **Total Purchased Options 0.3% (cost $12,392)** | **8877** |
| **Other Derivative Instruments (0.3)%** | **Other Derivative Instruments (0.3)%** | **(8662)** |
| **Other Assets and Liabilities, Net 0.7%** | **Other Assets and Liabilities, Net 0.7%** | **16762** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2608478** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

(a) Non-income producing security.

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

(c) All or a portion of the security was on loan as of December 31, 2025.

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

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

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

(g) Investment in affiliate.

(h) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $125,389 and 4.8% of the Fund.

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

(j) Convertible security.

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

(l) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(m) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(n) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(o) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

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

(r) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $18,839.

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

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

(v) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 65.8% |
| **United Kingdom** | 5.3 |
| **France** | 3.4 |
| **Multi-National** | 2.2 |
| **Italy** | 2.1 |
| **Japan** | 2.1 |
| **Netherlands** | 2.0 |
| **Canada** | 1.8 |
| **Ireland** | 1.6 |
| **Taiwan** | 1.5 |
| **Germany** | 1.5 |
| **Cayman Islands** | 1.5 |
| **China** | 1.4 |
| **Spain** | 0.9 |
| **Mexico** | 0.7 |
| **Switzerland** | 0.7 |
| **Australia** | 0.6 |
| **Brazil** | 0.6 |
| **South Africa** | 0.5 |
| **South Korea** | 0.5 |
| **Denmark** | 0.4 |
| **Sweden** | 0.3 |
| **Poland** | 0.3 |
| **India** | 0.2 |
| **Indonesia** | 0.2 |
| **Thailand** | 0.2 |
| **Philippines** | 0.2 |
| **Colombia** | 0.2 |
| **Luxembourg** | 0.1 |
| **Belgium** | 0.1 |
| **Israel** | 0.1 |
| **Czech Republic** | 0.1 |
| **Finland** | 0.1 |
| **Argentina** | 0.1 |
| **Hungary** | 0.1 |
| **Saudi Arabia** | 0.1 |
| **Egypt** | 0.1 |
| **Greece** | 0.1 |
| **Macau** | 0.1 |
| **United Arab Emirates** | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Hong Kong** | 0.1 |
| **Turkey** |  |
| **Dominican Republic** |  |
| **Peru** |  |
| **Norway** |  |
| **Austria** |  |
| **Chile** |  |
| **Portugal** |  |
| **Singapore** |  |
| **Uruguay** |  |
| **Guatemala** |  |
| **Jersey** |  |
| **Romania** |  |
| **Ukraine** |  |
| **Morocco** |  |
| **Kazakhstan** |  |
| **Costa Rica** |  |
| **Malta** |  |
| **Malaysia** |  |
| **Cote D'Ivoire** |  |
| **Bahrain** |  |
| **Latvia** |  |
| **Kuwait** |  |
| **Zambia** |  |
| **Vietnam** |  |
| **Macedonia** |  |
| **Uzbekistan** |  |
| **Russian Federation** |  |
| **Barbados** |  |
| **Montenegro** |  |
| **Georgia** |  |
| **Ecuador** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| iShares 0-5 Year TIPS Bond ETF | 3079 |  | 3126 | 43 | 107 | (60) |  |  |
| iShares Biotechnology ETF | 2644 |  | 2656 | 3 | (206) | 218 |  |  |
| iShares Broad USD High Yield Corporate Bond ETF | 2998 |  |  | 207 |  | 49 | 3047 | 0.1 |
| iShares China Large-Cap ETF |  | 14841 | 8869 | 110 | 406 | 34 | 6412 | 0.2 |
| iShares Core S&P Small Cap ETF | 1423 |  |  | 21 |  | 61 | 1484 | 0.1 |
| iShares iBoxx $ High Yield Corporate Bond ETF | 3392 | 13978 | 17505 | 43 | 116 | 19 |  |  |
| iShares Latin America 40 ETF | 730 |  | 844 |  | (68) | 182 |  |  |
| iShares MSCI Brazil ETF | 914 |  |  | 67 |  | 376 | 1290 | 0.1 |
| iShares MSCI China ETF | 3950 |  |  | 107 |  | 1114 | 5064 | 0.2 |
| iShares MSCI Emerging Markets ETF | 354 |  | 378 |  | 1 | 23 |  |  |
| iShares Russell 2000 ETF |  | 19385 | 19360 |  | (25) |  |  |  |
| iShares Russell Mid-Cap Growth ETF | 495 |  | 469 |  | 97 | (123) |  |  |
| JNL Government Money Market Fund, 3.64% - Class I | 251956 | 892125 | 947206 | 8722 |  |  | 196875 | 7.5 |
| JNL Government Money Market Fund, 3.74% - Class SL | 37793 | 1157849 | 1158955 | 1987 |  |  | 36687 | 1.4 |
| Quintis Limited |  |  |  |  |  |  |  |  |
|  | 309728 | 2098178 | 2159368 | 11310 | 428 | 1893 | 250859 | 9.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| A2a S.p.A., 5.00% (callable at 100, 06/11/29) | 06/04/24 | 185 | 207 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| AB Carval Euro CLO II-C Designated Activity Company, Series D-2X, 5.81%, 02/15/37 | 07/05/24 | 412 | 448 |  |
| AC Energy And Infrastructure Corporation, 4.00% | 02/13/25 | 200 | 198 |  |
| Adyen N.V. | 12/22/25 | 315 | 315 |  |
| Afflelou, 6.00%, 07/25/29 | 07/17/24 | 470 | 526 |  |
| AIB Group Public Limited Company, 6.00% (callable at 100, 07/14/31) | 01/07/25 | 259 | 300 |  |
| Air France - KLM, 5.75% (callable at 100, 05/21/30) | 05/15/25 | 223 | 237 |  |
| Aktsionernoe Obshchestvo Narodny Bank Kazakhstana | 10/22/24 | 91 | 144 |  |
| Albion Financing 1 S.a r.l., 5.38%, 05/21/30 | 05/14/25 | 385 | 417 |  |
| Alexandrite Lake Lux Holdings S.a r.l., 6.75%, 07/30/30 | 07/24/25 | 625 | 634 |  |
| Alibaba Group Holding Limited | 11/18/25 | 509 | 467 |  |
| Allied Universal Holdco LLC, 4.88%, 06/01/28 | 02/08/24 | 2012 | 2248 | 0.1 |
| Allwyn Entertainment Financing (UK) PLC, 7.25%, 04/30/30 | 03/19/24 | 647 | 711 | 0.1 |
| Almaviva - The Italian Innovation Company S.p.A. In Breve Almaviva S.p.A., 5.00%, 10/30/30 | 06/26/25 | 725 | 733 | 0.1 |
| alstria office AG, 4.25%, 10/15/29 | 10/08/25 | 231 | 232 |  |
| alstria office AG, 5.50%, 03/20/31 | 03/14/25 | 325 | 360 |  |
| Altice Financing S.A., 3.00%, 01/15/28 | 10/15/25 | 743 | 662 | 0.1 |
| Altice France, 5.50%, 10/15/31 | 10/13/25 | 98 | 101 |  |
| Altice France, 5.63%, 06/15/32 | 10/13/25 | 98 | 101 |  |
| AMS-Osram AG, 2.13%, 11/03/27 | 11/15/23 | 665 | 779 | 0.1 |
| APCOA GmbH, 6.15%, 04/15/31 | 09/25/24 | 293 | 311 |  |
| Arab Republic of Egypt, 5.63%, 04/16/30 | 05/03/24 | 98 | 124 |  |
| Arbour CLO VI Designated Activity Company, Series DR-6X, 5.26%, 11/15/37 | 09/20/24 | 491 | 513 |  |
| Arcano Euro CLO I Designated Activity Company, Series D-1X, 5.47%, 04/25/39 | 03/12/25 | 566 | 616 |  |
| Arcano Euro CLO II Designated Activity Company, Series D-2X, 5.30%, 07/25/39 | 06/27/25 | 269 | 270 |  |
| Ardagh Group S.A., 9.50%, 10/06/30 | 11/06/25 | 764 | 848 | 0.1 |
| Ardagh Group S.A., 12.00%, 12/01/30 | 11/17/25 | 1392 | 1460 | 0.1 |
| Ardagh Metal Packaging Finance Public Limited Company, 5.00%, 01/30/31 | 11/20/25 | 284 | 292 |  |
| Arena Luxembourg Finance S.a r.l., 4.55%, 05/01/30 | 03/25/25 | 330 | 362 |  |
| Arini European CLO IV Designated Activity Company, Series D-4X, 5.53%, 01/15/38 | 10/24/24 | 682 | 743 | 0.1 |
| Arini European CLO V Designated Activity Company, Series D-5X, 4.83%, 01/17/39 | 02/21/25 | 356 | 399 |  |
| Aroundtown S.A., 5.25% (callable at 100, 04/30/31) | 10/23/25 | 1739 | 1760 | 0.1 |
| Aroundtown S.A., 7.88% (callable at 100, 08/07/29) | 11/06/25 | 162 | 161 |  |
| Aston Martin Capital Holdings Limited, 10.38%, 03/31/29 | 07/09/24 | 540 | 505 |  |
| Atlantica Infraestructura Sostenible Sociedad Limitada, 5.63%, 02/15/32 | 10/23/24 | 327 | 363 |  |
| Atos SE, 5.20%, 12/18/30 | 01/10/25 | 368 | 636 |  |
| Atos SE, 1.04%, 12/18/32 | 02/05/25 | 150 | 304 |  |
| Aurium CLO Vii Designated Activity Company, Series DR-7X, 5.18%, 10/15/38 | 08/14/25 | 175 | 176 |  |
| Aurium CLO XIII Designated Activity Company, Series D-13X, 4.81%, 04/15/38 | 01/30/25 | 239 | 268 |  |
| Avianca MidCo 2 PLC, 9.00%, 12/01/28 | 08/06/25 | 63 | 66 |  |
| Avoca CLO XVIII Designated Activity Company, Series DR-18X, 5.08%, 04/15/38 | 12/13/24 | 262 | 292 |  |
| Avoca Static CLO I Designated Activity Company, Series DR-1X, 4.93%, 01/15/35 | 11/04/24 | 239 | 259 |  |
| Axis Bank Limited, 4.10% (callable at 100, 09/08/26) | 02/10/25 | 289 | 296 |  |
| Banco Bilbao Vizcaya Argentaria, S.A., 6.88% (callable at 100, 12/13/30) | 06/04/24 | 435 | 508 |  |
| Banco Bilbao Vizcaya Argentaria, S.A., 8.38% (callable at 100, 06/21/28) | 07/25/24 | 227 | 258 |  |
| Bankinter Sociedad Anonima, 7.38% (callable at 100, 08/15/28) | 01/28/25 | 219 | 252 |  |
| Bausch+Lomb Netherlands B.V., 5.87%, 01/15/31 | 06/18/25 | 207 | 216 |  |
| Bayer Aktiengesellschaft, 5.38%, 03/25/82 | 09/11/25 | 731 | 722 | 0.1 |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 01/18/24 | 193 | 204 |  |
| Beach Acquisition Bidco, LLC, 5.25%, 07/15/32 | 06/26/25 | 300 | 306 |  |
| Bellis Acquisition Company PLC, 8.00%, 07/01/31 | 06/18/25 | 797 | 771 | 0.1 |
| Bertrand Franchise Finance, 5.75%, 07/18/30 | 05/30/24 | 290 | 307 |  |
| Biffa Group Holdings Limited, 5.25%, 06/15/31 | 12/04/25 | 295 | 297 |  |
| Biffa Group Holdings Limited, 7.38%, 06/15/31 | 12/04/25 | 600 | 612 |  |
| Boels Topholding B.V., 6.25%, 02/15/29 | 03/12/24 | 1057 | 1149 | 0.1 |
| Bper Banca S..A., 6.50% (callable at 100, 03/20/30) | 11/13/24 | 211 | 243 |  |
| Bracken Midco1 PLC, 6.75%, 11/01/27 | 12/03/24 | 229 | 245 |  |
| Branicks Group AG, 2.25%, 09/22/26 | 09/19/25 | 201 | 164 |  |
| Bubbles BidCo S.p.A., 6.25%, 09/30/31 | 09/18/24 | 393 | 420 |  |
| Bubbles BidCo S.p.A., 6.50%, 09/30/31 | 09/18/24 | 288 | 312 |  |
| CaixaBank, S.A., 5.88% (callable at 100, 10/09/27) | 07/24/24 | 430 | 487 |  |
| CaixaBank, S.A., 6.25% (callable at 100, 07/24/32) | 01/16/25 | 206 | 247 |  |
| Capital Four CLO VIII Designated Activity Company, Series D-8X, 5.32%, 10/25/37 | 09/20/24 | 580 | 614 |  |
| CBB International Sukuk Company S.P.C, 5.45%, 09/16/32 | 12/09/22 | 203 | 212 |  |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29 | 12/11/24 | 160 | 172 |  |
| Cedacri Mergeco S.p.A., 6.69%, 05/15/28 | 09/29/25 | 178 | 178 |  |
| Cellnex Telecom, S.A., 0.75%, 11/20/31 | 04/03/24 | 194 | 212 |  |
| Centrica PLC, 6.50%, 05/21/55 | 05/14/24 | 647 | 711 | 0.1 |
| CIFC European Funding CLO II Designated Activity Company, Series DR-2X, 5.07%, 10/15/39 | 10/17/25 | 362 | 363 |  |
| Cirsa Finance International S.a r.l., 7.88%, 07/31/28 | 03/14/24 | 714 | 781 | 0.1 |
| Cirsa Finance International S.a r.l., 4.88%, 10/15/31 | 10/14/25 | 129 | 134 |  |
| Cirsa Finance International S.a r.l., 5.10%, 10/15/32 | 10/14/25 | 189 | 193 |  |
| Clariane, 0.88%, 03/06/27 | 12/03/25 | 380 | 367 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Clarios Global LP, 4.75%, 06/15/31 | 06/04/25 | 491 | 516 |  |
| Clean Renewable Power (Mauritius) Pte. Ltd, 4.25%, 03/25/27 | 02/12/25 | 227 | 226 |  |
| COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29) | 06/25/24 | 214 | 264 |  |
| Contego CLO V Designated Activity Company, Series DR-5X, 5.13%, 10/15/37 | 03/03/25 | 356 | 393 |  |
| Contego CLO VII Designated Activity Company, Series DR-7X, 5.49%, 01/23/38 | 12/11/24 | 451 | 502 |  |
| Contego CLO XI Designated Activity Company, Series DR-11X, 5.25%, 11/20/38 | 10/29/24 | 346 | 372 |  |
| Contourglobal Power Holdings S.A., 5.00%, 02/28/30 | 01/23/25 | 268 | 309 |  |
| Convatec Group PLC | 12/09/25 | 246 | 262 |  |
| Currenta Group Holdings S.a r.l., 5.50%, 05/15/30 | 05/08/25 | 221 | 233 |  |
| CVC Cordatus Opportunity Loan Fund-R Designated Activity Company, Series DR-1X, 4.86%, 09/18/33 | 03/13/25 | 1117 | 1201 | 0.1 |
| Czechoslovak Group a.s., 5.25%, 01/10/31 | 06/25/25 | 751 | 773 | 0.1 |
| Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31 | 03/12/24 | 550 | 598 |  |
| Darling Global Finance B.V., 4.50%, 07/15/32 | 06/18/25 | 451 | 467 |  |
| DeepOcean AS, 6.00%, 04/08/31 | 09/24/25 | 168 | 172 |  |
| DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, 12/31/27 | 06/20/25 | 883 | 869 | 0.1 |
| Deuce Finco PLC, 7.00%, 11/20/31 | 11/12/25 | 401 | 416 |  |
| Deuce Finco PLC, 5.55%, 11/20/32 | 11/12/25 | 330 | 339 |  |
| Deutsche Bank Aktiengesellschaft, 4.50% (callable at 100, 11/30/26) | 05/17/24 | 195 | 234 |  |
| Deutsche Bank Aktiengesellschaft, 4.63% (callable at 100, 10/30/27) | 01/24/25 | 1000 | 1164 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 6.75% (callable at 100, 10/30/34) | 11/24/25 | 461 | 479 |  |
| Deutsche Bank Aktiengesellschaft, 7.13% | 03/24/25 | 216 | 248 |  |
| Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55 | 01/08/25 | 621 | 731 | 0.1 |
| Diamond II Limited, 7.95%, 07/28/26 | 03/17/25 | 302 | 301 |  |
| Dolcetto HoldCo S.p.A., 5.63%, 07/14/32 | 06/25/25 | 363 | 371 |  |
| Dolcetto HoldCo S.p.A., 5.73%, 07/14/32 | 06/25/25 | 128 | 131 |  |
| Dongyang Life Insurance Co., Ltd., 6.25%, 05/07/35 | 04/28/25 | 299 | 311 |  |
| Duomo Bidco S.p.A., 5.31%, 01/15/32 | 11/25/25 | 464 | 475 |  |
| Dynamo NewCo II GmbH, 6.25%, 10/15/31 | 09/25/24 | 206 | 223 |  |
| Edge Finco PLC, 8.13%, 08/15/31 | 10/03/24 | 786 | 857 | 0.1 |
| EDP, S.A., 4.63%, 09/16/54 | 09/09/24 | 439 | 481 |  |
| Eircom Limited, 5.00%, 04/30/31 | 06/20/25 | 510 | 527 |  |
| Electricite de France, 4.38% (callable at 100, 01/06/31) | 09/29/25 | 350 | 349 |  |
| Electricite de France, 5.13% (callable at 100, 09/17/29) | 09/10/24 | 219 | 241 |  |
| Electricite de France, 5.63% (callable at 100, 06/17/32) | 09/10/24 | 221 | 244 |  |
| Electricite de France, 7.38% (callable at 100, 06/17/35) | 09/10/24 | 262 | 277 |  |
| ELM Park CLO Designated Activity Company, Series DR3-1X, 5.29%, 01/15/38 | 11/20/25 | 231 | 235 |  |
| Elo, 2.88%, 01/29/26 | 01/20/25 | 206 | 235 |  |
| Energean PLC, 5.63%, 05/12/31 | 10/29/25 | 232 | 235 |  |
| Engineering - Ingegneria Informatica - S.p.A., 8.63%, 02/15/30 | 01/29/25 | 224 | 270 |  |
| Eni S.p.A., 4.88% (callable at 100, 01/21/34) | 01/14/25 | 332 | 387 |  |
| EQT AB | 07/30/25 | 180 | 205 |  |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 12/09/22 | 198 | 200 |  |
| Eurobank Ergasias Services And Holdings S.A., 4.00%, 02/07/36 | 02/04/25 | 435 | 491 |  |
| F.I.S. - Fabbrica Italiana Sintetici S.p.A., 5.63%, 08/01/27 | 07/09/24 | 404 | 442 |  |
| Fedrigoni S.p.A., 6.13%, 06/15/31 | 07/24/24 | 611 | 659 | 0.1 |
| Fiber Midco S.p.A., 10.00%, 06/15/29 | 05/09/24 | 309 | 256 |  |
| Fibercop S.p.A., 4.75%, 06/30/30 | 06/18/25 | 151 | 158 |  |
| Fibercop S.p.A., 5.13%, 06/30/32 | 06/18/25 | 146 | 152 |  |
| Fidelity Grand Harbour CLO 2023-1 Designated Activity Company, Series 2023-DR-1X, 4.74%, 02/15/38 | 02/07/25 | 454 | 512 |  |
| Flutter Treasury Designated Activity Company, 4.00%, 06/04/31 | 05/22/25 | 329 | 341 |  |
| Fomento Economico Mexicano, S.A. B. De C.V., 2.63%, 02/24/26 | 09/26/25 | 1170 | 1174 | 0.1 |
| Fortune Star (BVI) Limited, 6.80%, 09/09/29 | 10/27/25 | 200 | 197 |  |
| Forvia, 2.75%, 02/15/27 | 05/18/23 | 187 | 210 |  |
| FR Bondco, 6.88%, 10/31/32 | 11/05/25 | 323 | 331 |  |
| Fressnapf Holding SE, 5.25%, 10/31/31 | 10/23/24 | 114 | 124 |  |
| Froneri Lux Topco S.a r.l., 4.75%, 08/01/32 | 07/16/25 | 351 | 358 |  |
| Garfunkelux Holdco 3 S.A., 9.00%, 09/01/28 | 09/11/25 | 1025 | 1013 | 0.1 |
| Gategroup Finance (Luxembourg) S.A., 3.00%, 02/28/27 | 06/18/25 | 609 | 631 |  |
| GC Treasury Center Company Limited, 6.50% (callable at 100, 09/10/30) | 09/03/25 | 300 | 303 |  |
| Global Switch Finance B.V., 1.38%, 10/07/30 | 07/24/24 | 243 | 266 |  |
| Government of Ireland, 2.60%, 10/18/34 | 03/27/25 | 10296 | 10964 | 0.4 |
| Grand Round, Inc. | 03/31/15 | 1774 | 515 |  |
| Grifols, S.A., 7.13%, 05/01/30 | 12/11/24 | 361 | 424 |  |
| Grunenthal GmbH, 4.63%, 11/15/31 | 11/13/25 | 537 | 544 |  |
| Gruppo San Donato S.p.A., 6.50%, 10/31/31 | 10/16/25 | 221 | 226 |  |
| GTECH S.p.A., 4.88%, 01/31/31 | 04/24/25 | 313 | 332 |  |
| Hambridge Euro CLO 1 Designated Activity Company, Series D-1X, 5.33%, 10/20/38 | 09/17/25 | 367 | 367 |  |
| Heathrow Finance PLC, 6.63%, 03/01/31 | 10/03/24 | 1125 | 1190 | 0.1 |
| Heimstaden Bostad AB, 1.38%, 03/03/27 | 03/13/24 | 227 | 253 |  |
| Henley CLO XI Designated Activity Company, Series D-11X, 4.66%, 04/25/39 | 02/10/25 | 505 | 570 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Henley CLO XII Designated Activity Company, Series D-12X, 5.13%, 01/15/38 | 10/22/24 | 345 | 377 |  |
| Holland Park CLO Designated Activity Company, Series A1RR-1X, 2.97%, 11/14/32 | 07/10/20 | 42 | 44 |  |
| I&M Holdings Limited, 5.00%, 03/11/30 | 12/04/24 | 105 | 112 |  |
| I&M Holdings Limited, 5.38%, 07/08/31 | 04/01/25 | 134 | 139 |  |
| Iberdrola Finance Ireland Designated Activity Company, 1.50%, 03/27/30 | 03/20/25 | 326 | 393 |  |
| IHO Verwaltungs GmbH, 8.75%, 05/15/28 | 11/21/23 | 730 | 801 | 0.1 |
| IHO Verwaltungs GmbH, 7.00%, 11/15/31 | 03/18/25 | 433 | 499 |  |
| Iliad Holding, 4.25%, 01/09/32 | 09/02/25 | 582 | 591 |  |
| India Cleantech Energy, 4.70%, 08/10/26 | 02/12/25 | 226 | 225 |  |
| INEOS Finance PLC, 7.25%, 03/31/31 | 09/23/25 | 449 | 383 |  |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 03/05/24 | 376 | 313 |  |
| INEOS Quattro Finance 2 plc, 6.75%, 04/15/30 | 10/02/24 | 294 | 229 |  |
| Infopro Digital Limited, 5.50%, 06/15/31 | 11/19/25 | 317 | 324 |  |
| ING Groep N.V., 7.25% (callable at 100, 11/16/34) | 09/05/24 | 250 | 266 |  |
| Intrum Investments and Financing AB, 8.00%, 09/11/27 | 07/17/25 | 289 | 316 |  |
| Intrum Investments and Financing AB, 7.75%, 09/11/28 | 07/29/25 | 242 | 229 |  |
| Intrum Investments and Financing AB, 8.50%, 09/11/29 | 07/29/25 | 175 | 160 |  |
| Intrum Investments and Financing AB, 8.50%, 09/11/30 | 07/29/25 | 139 | 130 |  |
| ION Platform Finance S.a r.l., 6.50%, 09/30/30 | 09/30/25 | 283 | 273 |  |
| ION Platform Finance S.a r.l., 6.88%, 09/30/32 | 09/30/25 | 218 | 208 |  |
| IPD 3 B.V., 5.50%, 06/15/31 | 04/29/25 | 585 | 603 |  |
| Irca S.p.A., 5.85%, 12/15/29 | 11/27/24 | 202 | 227 |  |
| Iron Mountain Incorporated, 4.75%, 01/15/34 | 09/05/25 | 570 | 555 |  |
| Itelyum Regeneration S.p.A., 5.75%, 04/15/30 | 03/26/25 | 305 | 315 |  |
| Jawbone Inc. | 01/25/17 |  |  |  |
| Joint Stock Company Kaspi.Kz | 06/26/24 | 291 | 198 |  |
| Jubilee CLO 2024-XXIX Designated Activity Company, Series 2024-D-29X, 5.21%, 01/15/39 | 09/27/24 | 603 | 630 |  |
| Kaixo Bondco Telecom S.A., 5.13%, 09/30/29 | 06/12/24 | 289 | 324 |  |
| King US Bidco, Inc., 5.31%, 12/01/32 | 11/12/25 | 461 | 471 |  |
| Kleopatra Finco S.a r.l., 0.00%, 03/01/26 | 07/31/24 | 658 | 115 |  |
| Kondor Finance PLC, 7.13%, 07/19/26 | 05/21/24 | 131 | 120 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 07/23/24 | 308 | 283 |  |
| Kumba Iron Ore Ltd | 04/05/22 | 258 | 199 |  |
| Laopu Gold Co., Ltd. - Class H | 12/16/25 | 277 | 255 |  |
| Lendlease Asia Treasury Pte. Ltd., 3.90% (callable at 100, 09/30/30) | 09/22/25 | 390 | 389 |  |
| Lion/Polaris Lux 4 S.A., 5.64%, 07/01/29 | 06/26/24 | 492 | 545 |  |
| Lottomatica S.p.A., 5.38%, 06/01/30 | 05/14/24 | 148 | 166 |  |
| Lottomatica S.p.A., 5.31%, 06/01/31 | 05/14/24 | 224 | 244 |  |
| Loxama, 6.38%, 05/31/29 | 03/12/24 | 955 | 1038 | 0.1 |
| Luna 1.5 S.a r.l., 10.50%, 07/01/32 | 08/08/25 | 272 | 286 |  |
| Luna 2.5 S.a r.l., 5.50%, 07/01/32 | 06/18/25 | 164 | 171 |  |
| Lune Holdings S.a r.l., 5.63%, 11/15/28 | 08/08/24 | 324 | 65 |  |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag, 6.00%, 05/16/29 | 11/08/23 | 256 | 302 |  |
| Maxam Prill S.a r.l., 6.00%, 07/15/30 | 06/26/25 | 726 | 742 | 0.1 |
| Maya, 5.63%, 10/15/28 | 12/06/23 | 1832 | 2015 | 0.1 |
| Medco Maple Tree Pte. Ltd., 8.96%, 04/27/29 | 02/13/25 | 314 | 313 |  |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32 | 06/11/25 | 346 | 358 |  |
| Mehilainen Yhtiot Oy, 5.39%, 06/30/32 | 06/11/25 | 115 | 118 |  |
| Mobico Group PLC, 4.25% (callable at 100, 02/26/31) | 10/14/24 | 120 | 77 |  |
| Mobico Group PLC, 4.88%, 09/26/31 | 05/09/25 | 577 | 530 |  |
| MONETA Money Bank, a.s. | 05/22/24 | 40 | 75 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 02/13/25 | 170 | 172 |  |
| Motion Finco S.a r.l., 7.38%, 06/15/30 | 07/09/24 | 325 | 313 |  |
| MPT Operating Partnership, L.P., 7.00%, 02/15/32 | 01/30/25 | 349 | 412 |  |
| Muangthai Capital Public Company Limited, 6.88%, 09/30/28 | 03/24/25 | 303 | 304 |  |
| Muthoot Finance Limited, 6.38%, 03/02/30 | 08/26/25 | 495 | 503 |  |
| National Bank of Greece S.A., 5.88%, 06/28/35 | 07/25/24 | 225 | 251 |  |
| Nationwide Building Society, 5.75% (callable at 100, 06/20/27) | 07/25/24 | 264 | 289 |  |
| Nationwide Building Society, 7.50% (callable at 100, 12/20/30) | 09/09/24 | 726 | 795 | 0.1 |
| Nebius Group N.V. - Class A | 09/25/25 | 149 | 126 |  |
| New Immo Holding, 5.88%, 04/17/28 | 09/11/25 | 239 | 243 |  |
| New Immo Holding, 4.88%, 12/08/28 | 06/05/25 | 569 | 595 |  |
| New Immo Holding, 4.95%, 11/14/30 | 11/06/25 | 115 | 118 |  |
| Nidda Healthcare Holding GmbH, 5.28%, 10/15/32 | 10/01/25 | 923 | 925 | 0.1 |
| Nissan Motor Co., Ltd., 5.25%, 07/17/29 | 07/10/25 | 510 | 525 |  |
| NN Group N.V., 5.75% (callable at 100, 09/11/34) | 03/04/25 | 292 | 328 |  |
| Nongfu Spring Co., Ltd. - Class H | 09/26/24 |  | 1 |  |
| Ocado Group PLC, 11.00%, 06/15/30 | 05/01/25 | 359 | 366 |  |
| OEG Finance PLC, 7.25%, 09/27/29 | 06/30/25 | 777 | 792 | 0.1 |
| Olympus Water US Holding Corporation, 6.13%, 02/15/33 | 09/25/25 | 522 | 521 |  |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company, Series 2024-D-2X, 5.21%, 05/15/34 | 07/16/24 | 414 | 446 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Palmer Square European Loan Funding 2024-3 Designated Activity Company, Series 2024-D-3X, 5.11%, 05/15/34 | 10/17/24 | 346 | 376 |  |
| Paprec Holding, 4.13%, 07/15/30 | 12/04/25 | 734 | 744 | 0.1 |
| PCF GmbH, 4.75%, 04/15/29 | 10/23/24 | 147 | 87 |  |
| PCF GmbH, 6.78%, 04/15/29 | 07/24/24 | 206 | 118 |  |
| Penta CLO 17 Designated Activity Company, Series 2024-D-17X, 5.31%, 08/15/38 | 06/14/24 | 375 | 411 |  |
| Pinnacle Bidco PLC, 10.00%, 10/11/28 | 10/03/24 | 373 | 387 |  |
| POP MART International Group Limited | 07/23/25 | 1515 | 1170 | 0.1 |
| PRA Group Europe Holding II S.a r.l., 6.25%, 09/30/32 | 11/04/25 | 156 | 160 |  |
| Preem Holding AB (publ), 12.00%, 06/30/27 | 04/02/25 | 253 | 280 |  |
| PrestigeBidCo GmbH, 5.78%, 07/01/29 | 06/19/24 | 382 | 423 |  |
| Prosus N.V., 4.03%, 08/03/50 | 07/25/25 | 209 | 218 |  |
| Providus CLO II Designated Activity Company, Series DRR-2X, 5.21%, 10/15/38 | 09/19/24 | 386 | 405 |  |
| Prysmian S.p.A., 5.25% (callable at 100, 05/21/30) | 05/14/25 | 583 | 642 |  |
| PT. Bank Negara Indonesia (persero), 4.30% (callable at 100, 03/24/27) | 02/12/25 | 287 | 293 |  |
| PT. Freeport Indonesia, 4.76%, 04/14/27 | 12/09/22 | 344 | 348 |  |
| PT. Freeport Indonesia, 6.20%, 04/14/52 | 02/20/25 | 298 | 306 |  |
| PT. Indofood CBP Sukses Makmur, 4.75%, 06/09/51 | 03/10/25 | 249 | 258 |  |
| Puma International Financing S.A., 7.75%, 04/25/29 | 02/13/25 | 305 | 309 |  |
| Q-Park Holding I B.V., 5.13%, 02/15/30 | 06/20/24 | 727 | 816 | 0.1 |
| Quintis Limited | 11/03/17 | 1905 |  |  |
| Rakuten Group, Inc., 4.25% (callable at 100, 04/22/27) | 12/18/25 | 389 | 389 |  |
| RCI Banque, 6.13% (callable at 100, 09/24/30) | 09/17/25 | 236 | 236 |  |
| RCI Banque, 5.50%, 10/09/34 | 06/25/24 | 654 | 742 | 0.1 |
| RCI Banque, 4.75%, 03/24/37 | 03/10/25 | 216 | 238 |  |
| REI Agro Limited, 0.00%, 11/13/14 | 08/26/11 | 499 |  |  |
| Republic of Indonesia, The Government of, The, 7.13%, 06/15/38 | 09/23/24 | 885 | 880 | 0.1 |
| Rockford Tower Europe CLO 2025-1 Designated Activity Company, Series 2025-D-1X, 5.06%, 10/25/37 | 03/07/25 | 466 | 502 |  |
| Rockford Tower Europe CLO 2025-3 Designated Activity Company, Series 2025-D-3X, 5.14%, 01/15/40 | 10/31/25 | 265 | 269 |  |
| Romania, Government of, 2.12%, 07/16/31 | 12/13/22 | 49 | 58 |  |
| Rossini S.a r.l., 5.87%, 12/31/29 | 07/11/24 | 141 | 154 |  |
| Rossini S.a r.l., 6.75%, 12/31/29 | 07/11/24 | 233 | 264 |  |
| Salzgitter Aktiengesellschaft, 3.38%, 10/22/32 | 10/15/25 | 466 | 512 |  |
| Samarco Mineracao S.A., 9.00%, 06/30/31 | 02/13/24 | 43 | 44 |  |
| Sammaan Capital Limited, 7.50%, 10/16/30 | 10/09/25 | 275 | 271 |  |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32 | 03/05/25 | 250 | 264 |  |
| SBI Life Insurance Company Limited | 11/20/25 | 1287 | 1286 | 0.1 |
| Schaeffler AG, 4.25%, 04/01/28 | 03/25/25 | 216 | 240 |  |
| Schaeffler AG, 5.38%, 04/01/31 | 03/25/25 | 108 | 124 |  |
| Schneider Electric SE, 1.25%, 09/23/33 | 09/16/25 | 949 | 953 | 0.1 |
| Seche Environnement, 4.50%, 03/25/30 | 03/18/25 | 109 | 120 |  |
| Shift4 Payments, LLC, 5.50%, 05/15/33 | 05/08/25 | 411 | 432 |  |
| Shift4 Payments, LLC, 5.50%, 05/15/33 | 12/03/25 | 642 | 648 |  |
| Signal Harmonic CLO I Designated Activity Company, Series DR-1X, 5.42%, 07/15/38 | 08/14/25 | 210 | 212 |  |
| Silver Point Euro CLO 1, Designated Activity Company, Series D-1X, 5.07%, 01/15/39 | 10/21/25 | 360 | 362 |  |
| SoftBank Group Corp., 5.38%, 01/08/29 | 06/27/24 | 534 | 598 |  |
| SoftBank Group Corp., 5.25%, 10/10/29 | 07/02/25 | 220 | 222 |  |
| SoftBank Group Corp., 5.88%, 07/10/31 | 07/02/25 | 894 | 896 | 0.1 |
| SoftBank Group Corp., 5.75%, 07/08/32 | 06/27/24 | 1109 | 1181 | 0.1 |
| SoftBank Group Corp., 6.38%, 07/10/33 | 07/02/25 | 673 | 674 | 0.1 |
| Sona Fios CLO III DAC, Series D-3X, 5.25%, 04/20/37 | 08/02/24 | 753 | 811 | 0.1 |
| Sona Fios CLO V Designated Activity Company, Series D-5X, 5.33%, 08/25/38 | 07/08/25 | 305 | 306 |  |
| Stena International S.A., 7.25%, 01/15/31 | 03/10/25 | 1026 | 1035 | 0.1 |
| Stonegate Pub Company Financing 2019 PLC, 8.69%, 07/31/29 | 07/31/24 | 198 | 209 |  |
| Stonegate Pub Company Financing 2019 PLC, 10.75%, 07/31/29 | 07/31/24 | 475 | 490 |  |
| Studio City Finance Limited, 5.00%, 01/15/29 | 02/13/25 | 280 | 289 |  |
| Summer (BC) Holdco B S.a r.l., 5.88%, 02/15/30 | 02/07/25 | 392 | 382 |  |
| Summer (BC) Holdco B S.a r.l., 6.31%, 02/15/30 | 02/07/25 | 206 | 219 |  |
| TeamSystem S.p.A., 5.00%, 07/01/31 | 06/18/25 | 185 | 190 |  |
| TeamSystem S.p.A., 5.53%, 07/31/31 | 07/17/24 | 350 | 378 |  |
| TeamSystem S.p.A., 5.28%, 07/01/32 | 06/18/25 | 313 | 322 |  |
| Tele Columbus AG, 10.00%, 03/19/29 | 03/21/24 | 522 | 451 |  |
| Tenet Healthcare Corporation, 4.63%, 06/15/28 | 11/13/25 | 282 | 283 |  |
| Texas Debt Capital Euro CLO 2025-I Designated Activity Company, Series 2025-D-1X, 5.02%, 04/16/39 | 03/13/25 | 564 | 609 |  |
| Thames Water Utilities Finance PLC, 4.00%, 06/19/27 | 04/16/24 | 974 | 803 | 0.1 |
| The Unique Pub Finance Company PLC, 6.46%, 03/30/32 | 02/12/24 | 588 | 632 |  |
| Tikehau CLO XII Designated Activity Company, Series D-12X, 5.25%, 10/20/38 | 06/27/24 | 610 | 673 | 0.1 |
| TUI Cruises GmbH, 5.00%, 05/15/30 | 11/19/24 | 170 | 193 |  |
| Unibail-Rodamco-Westfield SE, 4.75% (callable at 100, 06/11/31) | 09/02/25 | 463 | 479 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| UnipolSai Assicurazioni S.p.A., 4.90%, 05/23/34 | 05/16/24 | 217 | 245 |  |
| United Group B.V., 6.50%, 10/31/31 | 10/09/24 | 170 | 186 |  |
| Vedanta Resources Limited, 10.88%, 09/17/29 | 02/13/25 | 311 | 316 |  |
| Veolia Environnement, 4.32% (callable at 100, 10/24/32) | 09/17/25 | 236 | 234 |  |
| Verisure Midholding AB, 5.25%, 02/15/29 | 01/25/23 | 870 | 1006 | 0.1 |
| Vertical Midco GmbH, 4.38%, 07/15/27 | 02/13/23 | 1722 | 1910 | 0.1 |
| VFU Funding PLC, 9.62%, 02/11/27 | 06/21/23 | 146 | 155 |  |
| Victory Street CLO I Designated Activity Company, Series D-1X, 5.46%, 01/15/38 | 11/04/24 | 522 | 568 |  |
| Victory Street CLO II Designated Activity Company, Series D-2X, 5.16%, 01/15/39 | 10/31/25 | 438 | 447 |  |
| Virgin Media O2 Vendor Financing Notes V Designated Activity Company, 7.88%, 03/15/32 | 07/31/25 | 190 | 188 |  |
| Virgin Media Secured Finance PLC, 4.25%, 01/15/30 | 10/03/23 | 550 | 648 |  |
| Virgin Media Secured Finance PLC, 4.13%, 08/15/30 | 01/16/24 | 864 | 921 | 0.1 |
| Virgin Media Vendor Financing Notes III Designated Activity Company, 4.88%, 07/15/28 | 10/04/23 | 1666 | 1812 | 0.1 |
| Vivion Investments S.a r.l., 8.13% (callable at 100, 03/08/31) | 11/21/25 | 558 | 541 |  |
| Vivion Investments S.a r.l., 8.25%, 08/31/28 | 12/13/24 | 124 | 143 |  |
| Vivion Investments S.a r.l., 8.25%, 02/28/29 | 11/21/25 | 636 | 646 |  |
| Vivion Investments S.a r.l., 5.63%, 06/08/30 | 11/20/25 | 809 | 801 | 0.1 |
| Vlada Crne Gore, 2.88%, 12/16/27 | 03/15/24 | 110 | 122 |  |
| Vlada NA Republika Severna Makedonija, 6.96%, 03/13/27 | 11/03/23 | 124 | 140 |  |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 01/27/25 | 353 | 389 |  |
| Vodafone Group Public Limited Company, 8.00%, 08/30/86 | 03/15/24 | 308 | 335 |  |
| Volkswagen International Finance N.V., 5.49% (callable at 100, 11/15/30) | 05/12/25 | 111 | 121 |  |
| Volkswagen International Finance N.V., 5.99% (callable at 100, 11/15/33) | 05/12/25 | 222 | 243 |  |
| Vonovia SE, 0.88%, 05/20/32 | 05/13/25 | 336 | 341 |  |
| VZ Secured Financing B.V., 5.25%, 01/15/33 | 09/08/25 | 573 | 561 |  |
| VZ Vendor Financing II B.V., 2.88%, 01/15/29 | 03/12/24 | 958 | 1052 | 0.1 |
| Wintershall Dea GmbH, 6.12% (callable at 100, 05/08/30) | 04/29/25 | 524 | 552 |  |
| Wizz Air Holdings PLC | 04/03/24 | 217 | 152 |  |
| Worldline, 5.25%, 11/27/29 | 09/10/25 | 99 | 104 |  |
| Wynn Macau, Limited, 5.63%, 08/26/28 | 02/13/25 | 294 | 299 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 07/30/25 | 524 | 539 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 10/23/24 | 171 | 189 |  |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 06/04/25 | 342 | 371 |  |
|  |  | 141978 | 144146 | 5.5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3 Month SOFR Index | 58 | March 2026 |  | 13948 |  | 17 |
| 3 Month SOFR Index | 9 | September 2026 |  | 2174 |  | 1 |
| Australia 10 Year Bond | 153 | March 2026 | AUD | 16768 | 4 | (11) |
| Australia 3 Year Bond | 405 | March 2026 | AUD | 42543 | (8) | (13) |
| Chicago Board Options Exchange Volatility Index | 1 | April 2026 |  | 22 |  | (2) |
| Chicago Board Options Exchange Volatility Index | 4 | June 2026 |  | 88 |  | (4) |
| Euro BOBL | 585 | March 2026 | EUR | 68262 |  | (357) |
| Euro Bund | 240 | March 2026 | EUR | 30848 |  | (268) |
| Euro OAT | 110 | March 2026 | EUR | 13321 |  | (64) |
| Euro Schatz | 63 | March 2026 | EUR | 6737 |  | (10) |
| Euro STOXX 50 Price Index | 73 | March 2026 | EUR | 4218 |  | 54 |
| FTSE 100 Index | 2 | March 2026 | GBP | 195 | (1) | 5 |
| Italy Government BTP Bond | 90 | March 2026 | EUR | 10848 |  | (36) |
| Japan 10 Year Bond | 20 | March 2026 | JPY | 2671672 |  | (149) |
| KOSPI 200 Index | 135 | March 2026 | KRW | 19693295 |  | 575 |
| Long Gilt | 92 | March 2026 | GBP | 8364 | 20 | 56 |
| NIFTY 50 Index | 130 | January 2026 |  | 6829 | 45 | 3 |
| Nikkei 225 Index | 142 | March 2026 | JPY | 7194780 |  | (263) |
| Russell 2000 Index | 129 | March 2026 |  | 16474 | (127) | (362) |
| S&P 500 Index | 288 | March 2026 |  | 99153 | (704) | 99 |
| S&P/TSX 60 Index | 6 | March 2026 | CAD | 2220 | (9) | 10 |
| STOXX Banks Index | 618 | March 2026 | EUR | 8030 |  | 225 |
| United States 2 Year Note | 260 | April 2026 |  | 54282 | (18) | 3 |
| United States Long Bond | 165 | March 2026 |  | 19197 | (36) | (124) |
| United States Ultra Bond | 744 | March 2026 |  | 89181 | (279) | (1389) |
|  |  |  |  |  | (1113) | (2004) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Chicago Board Options Exchange Volatility Index | (1) | May 2026 |  | (22) |  | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Euro Buxl 30 Year Bond | (14) | March 2026 | EUR | (1566) |  | 29 |
| NASDAQ 100 Stock Index | (289) | March 2026 |  | (146463) | 1263 | (677) |
| United States 10 Year Note | (827) | March 2026 |  | (93164) | 168 | 178 |
| United States 10 Year Ultra Bond | (2239) | March 2026 |  | (258104) | 420 | 584 |
| United States 5 Year Note | (50) | April 2026 |  | (5447) | 6 | (18) |
|  |  |  |  |  | 1857 | 97 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 28-Day MEXIBOR (M) | Receiving | 9.31<br> (M) | 01/09/26 | MXN | 43904 |  | 1 |
| 28-Day MEXIBOR (M) | Receiving | 7.73<br> (M) | 06/19/26 | MXN | 46101 |  | (8) |
| 28-Day MEXIBOR (M) | Receiving | 8.97<br> (M) | 12/14/29 | MXN | 9218 |  | (21) |
| 28-Day MEXIBOR (M) | Receiving | 8.65<br> (M) | 02/07/30 | MXN | 9850 | (1) | (18) |
| 28-Day MEXIBOR (M) | Receiving | 7.73<br> (M) | 05/06/30 | MXN | 4433 |  | (1) |
| 28-Day MEXIBOR (M) | Paying | 8.47<br> (M) | 02/25/26 | MXN | 76642 |  | 7 |
| 28-Day MEXIBOR (M) | Paying | 7.73<br> (M) | 05/11/26 | MXN | 23608 |  | 3 |
| 28-Day MEXIBOR (M) | Paying | 9.26<br> (M) | 11/18/26 | MXN | 368829 | 2 | 350 |
| 28-Day MEXIBOR (M) | Paying | 9.04<br> (M) | 11/14/29 | MXN | 135897 | 6 | 328 |
| 28-Day MEXIBOR (M) | Paying | 7.82<br> (M) | 06/07/30 | MXN | 8813 | 1 | 3 |
| 28-Day MEXIBOR (M) | Paying | 7.72<br> (M) | 06/24/30 | MXN | 5735 |  | 1 |
| 28-Day MEXIBOR (M) | Paying | 7.69<br> (M) | 07/30/30 | MXN | 32764 | 2 | 1 |
| 28-Day MEXIBOR (M) | Paying | 8.27<br> (M) | 12/05/35 | MXN | 6570 | 1 | 2 |
| 3M JIBAR (Q) | Receiving | 8.02<br> (Q) | 03/26/26 | ZAR | 30810 |  | (5) |
| 3M JIBAR (Q) | Receiving | 8.15<br> (Q) | 05/07/26 | ZAR | 44841 | (1) | (11) |
| 3M JIBAR (Q) | Receiving | 6.94<br> (Q) | 09/17/26 | ZAR | 37265 | (1) | (5) |
| 3M JIBAR (Q) | Receiving | 6.92<br> (Q) | 09/23/26 | ZAR | 7160 |  | (1) |
| 3M JIBAR (Q) | Receiving | 7.25<br> (Q) | 03/19/27 | ZAR | 17380 |  | (9) |
| 3M JIBAR (Q) | Receiving | 6.99<br> (Q) | 09/17/27 | ZAR | 7821 |  | (5) |
| 3M JIBAR (Q) | Receiving | 7.94<br> (Q) | 03/19/30 | ZAR | 32421 | (2) | (96) |
| 3M JIBAR (Q) | Receiving | 7.60<br> (Q) | 09/17/30 | ZAR | 14589 | (2) | (35) |
| 3M JIBAR (Q) | Paying | 9.90<br> (Q) | 09/20/33 | ZAR | 44674 | 10 | 439 |
| 3M JIBAR (Q) | Paying | 9.90<br> (Q) | 09/20/33 | ZAR | 22337 | 5 | 220 |
| 3M JIBAR (Q) | Paying | 9.92<br> (Q) | 09/20/33 | ZAR | 22337 | 5 | 221 |
| 6M BUBOR (S) | Paying | 6.50<br> (A) | 03/19/27 | HUF | 194072 |  | 2 |
| 6M BUBOR (S) | Paying | 5.68<br> (A) | 09/17/27 | HUF | 270932 | 1 | (3) |
| 6M BUBOR (S) | Paying | 5.76<br> (A) | 09/17/27 | HUF | 408000 | 1 | (4) |
| 6M BUBOR (S) | Paying | 6.55<br> (A) | 03/19/30 | HUF | 77570 | 1 | 4 |
| 6M BUBOR (S) | Paying | 5.96<br> (A) | 09/17/30 | HUF | 34906 |  |  |
| 6M EURIBOR (S) | Receiving | 0.02<br> (A) | 08/26/31 | EUR | 15925 | 11 | 2327 |
| 6M EURIBOR (S) | Paying | 3.00<br> (S) | 03/05/29 | EUR | 23857 | 22 | 479 |
| 6M EURIBOR (S) | Paying | 2.90<br> (A) | 04/30/29 | EUR | 26623 | (11) | 432 |
| 6M EURIBOR (S) | Paying | 2.87<br> (A) | 06/11/29 | EUR | 19266 | (8) | 286 |
| 6M EURIBOR (S) | Paying | 2.42<br> (A) | 01/31/30 | EUR | 346 |  | (1) |
| 6M EURIBOR (S) | Paying | 2.63<br> (A) | 01/31/30 | EUR | 468 |  | (8) |
| 6M EURIBOR (S) | Paying | 2.43<br> (A) | 02/03/30 | EUR | 695 |  | (2) |
| 6M EURIBOR (S) | Paying | 2.20<br> (A) | 06/04/30 | EUR | 4886 | (3) | (77) |
| 6M PRIBOR (S) | Paying | 3.46<br> (A) | 03/19/30 | CZK | 18218 | 1 | (11) |
| 6M PRIBOR (S) | Paying | 3.56<br> (A) | 06/18/30 | CZK | 4572 |  | (2) |
| 6M PRIBOR (S) | Paying | 3.66<br> (A) | 06/18/30 | CZK | 7410 | 1 | (2) |
| 6M PRIBOR (S) | Paying | 3.41<br> (A) | 09/17/30 | CZK | 13590 | 1 | (11) |
| 6M PRIBOR (S) | Paying | 3.55<br> (A) | 09/17/30 | CZK | 17667 | 2 | (9) |
| 6M PRIBOR (S) | Paying | 3.91<br> (A) | 12/17/30 | CZK | 35969 | 4 | 7 |
| 6M WIBOR (S) | Receiving | 4.21<br> (A) | 09/17/26 | PLN | 3178 | 3 | (1) |
| 6M WIBOR (S) | Receiving | 5.24<br> (S) | 09/19/26 | PLN | 7062 | (2) | (17) |
| 6M WIBOR (S) | Receiving | 5.13<br> (A) | 03/19/27 | PLN | 3523 |  | (15) |
| 6M WIBOR (S) | Receiving | 5.14<br> (A) | 03/19/27 | PLN | 5872 | (1) | (25) |
| 6M WIBOR (S) | Receiving | 3.97<br> (A) | 09/17/27 | PLN | 4228 | (1) | (7) |
| 6M WIBOR (S) | Receiving | 4.08<br> (A) | 12/17/30 | PLN | 1504 |  | (6) |
| 6M WIBOR (S) | Receiving | 4.10<br> (A) | 12/17/30 | PLN | 1527 |  | (7) |
| 6M WIBOR (S) | Receiving | 4.08<br> (A) | 12/17/30 | PLN | 1527 |  | (6) |
| 6M WIBOR (S) | Paying | 4.04<br> (A) | 09/17/30 | PLN | 2358 |  | 8 |
| 7-Day China Fixing Repo Rate (Q) | Paying | 1.59<br> (Q) | 12/17/28 | CNY | 13721 | (1) | 3 |
| 7-Day China Fixing Repo Rate (Q) | Paying | 1.45<br> (Q) | 09/17/30 | CNY | 10526 | (1) | (9) |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.28<br> (A) | 03/09/26 | JPY | 4330863 |  | 17 |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 1.45<br> (A) | 03/06/54 | JPY | 440458 | (2) | (794) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 1.45<br> (A) | 03/11/54 | JPY | 440458 | (2) | (793) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 2.58<br> (A) | 10/08/55 | JPY | 40200 |  | (13) |
| BRAZIBOR (A) | Receiving | 13.88<br> (A) | 01/04/27 | BRL | 14302 | 3 | 1 |
| BRAZIBOR (A) | Paying | 13.14<br> (A) | 01/02/29 | BRL | 2906 | (2) | (1) |
| BRAZIBOR (A) | Paying | 13.01<br> (A) | 01/02/29 | BRL | 5889 | (3) | (5) |
| ESTR Volume Weighted Trimmed Mean Rate (A) | Paying | 2.34<br> (A) | 01/19/33 | EUR | 11820 | (16) | (197) |
| Federal Funds Effective Rate (A) | Receiving | 3.68<br> (A) | 01/28/26 |  | 200749 |  | (6) |
| Federal Funds Effective Rate (A) | Receiving | 3.79<br> (A) | 01/28/26 |  | 402370 |  | (46) |
| HICP (A) | Paying | 2.69<br> (A) | 08/15/32 | EUR | 2335 | 4 | 99 |
| Korean Won 3M Certificate of Deposit (Q) | Paying | 2.40<br> (Q) | 09/17/28 | KRW | 2630770 |  | (29) |
| Korean Won 3M Certificate of Deposit (Q) | Paying | 2.40<br> (Q) | 09/17/28 | KRW | 3315128 |  | (36) |
| Korean Won 3M Certificate of Deposit (Q) | Paying | 2.91<br> (Q) | 12/17/30 | KRW | 1653798 |  | (12) |
| MIBOR (S) | Paying | 6.34<br> (S) | 03/20/27 | INR | 304464 | 1 | 39 |
| MIBOR (S) | Paying | 6.26<br> (S) | 03/20/29 | INR | 94215 | 1 | 17 |
| MIBOR (S) | Paying | 6.30<br> (S) | 03/20/29 | INR | 115151 | 1 | 23 |
| MIBOR (S) | Paying | 6.34<br> (S) | 03/20/34 | INR | 38724 |  | 8 |
| MIBOR (S) | Paying | 6.35<br> (S) | 03/20/34 | INR | 38724 |  | 8 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.18<br> (A) | 02/10/28 | GBP | 134798 | 17 | (396) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.86<br> (A) | 06/20/28 | GBP | 10155 | 3 | 403 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.12<br> (A) | 11/17/28 | GBP | 9358 | 6 | 195 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.12<br> (A) | 11/21/28 | GBP | 9372 | 6 | 196 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.00<br> (A) | 01/16/30 | GBP | 20893 | 19 | 420 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.10<br> (A) | 11/07/54 | GBP | 7500 | 13 | (554) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.45<br> (A) | 12/04/55 | GBP | 3554 | 6 | (6) |
| Thai Overnight Repurchase Rate (Q) | Receiving | 1.35<br> (Q) | 09/17/35 | THB | 1613 | 1 |  |
| Thai Overnight Repurchase Rate (Q) | Paying | 1.38<br> (Q) | 09/17/35 | THB | 1613 | (1) | (1) |
| U.S. SOFR (A) | Receiving | 3.88<br> (A) | 03/20/27 |  | 1380 |  | (8) |
| U.S. SOFR (A) | Receiving | 3.45<br> (A) | 01/26/28 |  | 36886 | 21 | (104) |
| U.S. SOFR (A) | Receiving | 3.27<br> (A) | 02/05/28 |  | 37186 | 22 | 17 |
| U.S. SOFR (A) | Receiving | 3.46<br> (A) | 12/15/36 |  | 7381 | 23 | 271 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 09/29/43 |  | 2537 | 10 | (35) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 11/03/53 |  | 8127 | 35 | 729 |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 11/02/54 |  | 74211 | 318 | 6672 |
| U.S. SOFR (A) | Paying | 4.93<br> (A) | 04/26/26 |  | 172694 | 6 | 618 |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 05/08/26 |  | 38002 | 1 | 102 |
| U.S. SOFR (A) | Paying | 4.35<br> (A) | 07/22/26 |  | 16524 |  | 65 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 10/28/26 |  | 59862 | (6) | 239 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 01/14/27 |  | 55300 | (9) | 359 |
| U.S. SOFR (A) | Paying | 4.73<br> (A) | 04/26/27 |  | 206451 | (55) | 3448 |
| U.S. SOFR (A) | Paying | 4.10<br> (A) | 05/30/27 |  | 45464 | (14) | 452 |
| U.S. SOFR (A) | Paying | 4.15<br> (A) | 05/30/27 |  | 45464 | (14) | 483 |
| U.S. SOFR (A) | Paying | 4.20<br> (A) | 10/23/27 |  | 15436 | (7) | 236 |
| U.S. SOFR (A) | Paying | 3.23<br> (A) | 12/11/27 |  | 55264 | (21) | 23 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 01/26/28 |  | 36886 | (21) | 494 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 08/20/28 |  | 37166 | (31) | 157 |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 04/26/29 |  | 265430 | (308) | 9172 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 05/06/29 |  | 37974 | (44) | 761 |
| U.S. SOFR (A) | Paying | 3.66<br> (A) | 10/10/29 |  | 18554 | (25) | 177 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 01/23/30 |  | 20893 | (32) | 470 |
| U.S. SOFR (A) | Paying | 3.23<br> (A) | 02/19/30 |  | 20761 | (32) | (150) |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 02/24/30 |  | 18047 | (28) | 339 |
| U.S. SOFR (A) | Paying | 4.35<br> (A) | 04/26/34 |  | 203666 | (588) | 9111 |
| U.S. SOFR (A) | Paying | 3.66<br> (A) | 10/10/34 |  | 12495 | (36) | (69) |
| U.S. SOFR (A) | Paying | 3.67<br> (A) | 12/26/34 |  | 21606 | (63) | (125) |
| U.S. SOFR (A) | Paying | 3.70<br> (A) | 01/06/35 |  | 16913 | (49) | (62) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 03/27/35 |  | 16742 | (50) | (17) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 07/09/35 |  | 8525 | (25) | (22) |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 04/26/54 |  | 8103 | (36) | (194) |
|  |  |  |  |  |  | (958) | 36832 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| Avis Budget Car Rental, LLC (Q) | N/A | 5.00 | 12/20/26 | 1885 | (74) | (1) | 204 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CDX.NA.HY.41.V2 (Q) | N/A | 5.00 | 12/20/28 | 936 | (69) |  | (64) |
| CDX.NA.HY.44 (Q) | N/A | 5.00 | 06/20/30 | 7865 | (624) | 6 | (74) |
| CDX.NA.HY.45 (Q) | N/A | 5.00 | 12/20/30 | 2334 | (178) | 2 | (21) |
| CDX.NA.IG.44 (Q) | N/A | 1.00 | 06/20/30 | 4192 | (94) |  | (2) |
| CDX.NA.IG.45 (Q) | N/A | 1.00 | 12/20/30 | 8664 | (196) |  | 2 |
|  |  |  |  |  | (1235) | 7 | 45 |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| Ardagh Packaging Holdings Limited (Q) | 3.44 | 5.00 | 12/20/29 | (212) | 13 | 13 | 13 |
| Ardagh Packaging Holdings Limited (Q) | 0.42 | 5.00 | 06/20/30 | (22) | 5 | 5 | 5 |
| CDX.NA.HY.39.V4 (Q) | 1.92 | 5.00 | 12/20/27 | (3189) | 184 | (3) | 182 |
| CDX.NA.HY.41.V2 (Q) | 2.28 | 5.00 | 12/20/28 | (6116) | 454 | (3) | 230 |
| CDX.NA.IG.39 (Q) | 0.22 | 1.00 | 12/20/27 | (2318) | 35 |  | 31 |
| ITRAXX.EUR.XO.42.V4 (Q) | 2.17 | 5.00 | 12/20/29 | (15228) | 1816 | 10 | 247 |
| ITRAXX.EUR.XO.43.V3 (Q) | 2.15 | 5.00 | 06/20/30 | (1596) | 213 | 1 | 32 |
|  |  |  |  |  | 2720 | 23 | 740 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Alphabet Inc. | Call | 340.00 | 01/16/26 | 398 | 13532 | 19 |
| Alphabet Inc. | Call | 340.00 | 02/20/26 | 319 | 10846 | 217 |
| Amazon.com, Inc. | Call | 255.00 | 02/20/26 | 143 | 3647 | 55 |
| Amazon.com, Inc. | Call | 240.00 | 02/20/26 | 399 | 9576 | 331 |
| Apple Inc. | Call | 285.00 | 01/16/26 | 438 | 12483 | 20 |
| Apple Inc. | Call | 280.00 | 01/16/26 | 117 | 3276 | 14 |
| Apple Inc. | Call | 290.00 | 02/20/26 | 239 | 6931 | 68 |
| Bank of America Corporation | Call | 55.00 | 01/16/26 | 638 | 3509 | 88 |
| Boeing Company, The | Call | 235.00 | 01/16/26 | 46 | 1081 | 1 |
| Broadcom Inc. | Call | 430.00 | 03/20/26 | 144 | 6192 | 108 |
| Carrier Global Corporation | Call | 65.00 | 01/16/26 | 462 | 3003 | 1 |
| Citigroup Inc. | Call | 120.00 | 02/20/26 | 399 | 4788 | 140 |
| Citigroup Inc. | Call | 110.00 | 03/20/26 | 195 | 2145 | 215 |
| Delta Air Lines, Inc. | Call | 70.00 | 01/16/26 | 960 | 6720 | 245 |
| Delta Air Lines, Inc. | Call | 75.00 | 03/20/26 | 143 | 1073 | 40 |
| Fifth Third Bancorp | Call | 50.00 | 02/20/26 | 770 | 3850 | 50 |
| Freeport-McMoRan Inc. | Call | 55.00 | 01/16/26 | 134 | 737 | 4 |
| Goldman Sachs Group, Inc., The | Call | 870.00 | 01/16/26 | 18 | 1566 | 51 |
| Goldman Sachs Group, Inc., The | Call | 865.00 | 02/20/26 | 25 | 2163 | 115 |
| Invesco QQQ Trust Series I | Call | 609.00 | 01/02/26 | 701 | 42691 | 425 |
| iShares iBoxx $ High Yield Corporate Bond ETF | Put | 80.00 | 01/16/26 | 145 | 1160 | 1 |
| iShares iBoxx $ High Yield Corporate Bond ETF | Put | 80.00 | 01/30/26 | 119 | 952 | 3 |
| iShares Russell 2000 ETF | Call | 250.00 | 01/16/26 | 439 | 10975 | 94 |
| iShares Russell 2000 ETF | Put | 245.00 | 01/16/26 | 75 | 1838 | 21 |
| JPMorgan Chase & Co. | Call | 325.00 | 02/20/26 | 159 | 5168 | 159 |
| Lionsgate Studios Corp. | Call | 9.00 | 01/16/26 | 47 | 42 | 2 |
| Lionsgate Studios Corp. | Call | 10.00 | 03/20/26 | 29 | 29 | 3 |
| Lionsgate Studios Corp. | Call | 12.00 | 06/18/26 | 65 | 78 | 5 |
| Meta Platforms, Inc. | Call | 670.00 | 02/20/26 | 84 | 5628 | 261 |
| Microsoft Corporation | Call | 510.00 | 02/20/26 | 132 | 6732 | 118 |
| Netflix, Inc. | Call | 122.00 | 01/16/26 | 141 | 1720 |  |
| NVIDIA Corporation | Call | 195.00 | 01/16/26 | 397 | 7742 | 85 |
| NVIDIA Corporation | Call | 200.00 | 03/20/26 | 280 | 5600 | 279 |
| Paramount Skydance Corporation | Call | 16.00 | 01/16/26 | 132 | 211 | 1 |
| Rockwell Automation, Inc. | Call | 410.00 | 02/20/26 | 75 | 3075 | 83 |
| Sabre Corporation | Call | 2.00 | 01/16/26 | 106 | 21 |  |
| Sabre Corporation | Call | 2.50 | 01/16/26 | 279 | 70 |  |
| Sabre Corporation | Call | 2.00 | 04/17/26 | 237 | 47 | 4 |
| SPDR Gold Shares | Call | 405.00 | 01/16/26 | 640 | 25920 | 278 |
| SPDR Gold Shares | Call | 390.00 | 01/16/26 | 1068 | 41652 | 1255 |
| SPDR Gold Shares | Call | 390.00 | 02/20/26 | 1270 | 49530 | 2210 |
| SPDR Gold Shares | Call | 420.00 | 03/20/26 | 319 | 13398 | 281 |
| SPDR S&P 500 ETF Trust | Call | 690.00 | 01/02/26 | 874 | 60306 | 4 |
| SPDR S&P 500 ETF Trust | Call | 693.00 | 01/09/26 | 1748 | 121136 | 147 |
| State Street SPDR S&P Regional Banking ETF | Call | 70.00 | 01/16/26 | 714 | 4998 | 7 |
| Tesla Inc. | Call | 540.00 | 02/20/26 | 6 | 324 | 5 |
| Tesla Inc. | Call | 480.00 | 02/20/26 | 102 | 4896 | 216 |
| Tesla Inc. | Call | 450.00 | 02/20/26 | 108 | 4860 | 357 |
| United Airlines Holdings, Inc. | Call | 120.00 | 03/20/26 | 102 | 1224 | 66 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| Valero Energy Corporation | Call | 175.00 | 02/20/26 | 159 | 2783 | 48 |
| Vertiv Holdings Co | Call | 200.00 | 02/20/26 | 338 | 6760 | 111 |
| Vistra Corp. | Call | 210.00 | 01/16/26 | 169 | 3549 | 1 |
| Walmart Inc. | Call | 115.00 | 01/16/26 | 254 | 2921 | 14 |
| Walt Disney Company, The | Call | 110.00 | 01/16/26 | 94 | 1034 | 43 |
|  |  |  |  |  |  | 8369 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Option Type** | **Barrier**<br>**Price ($)** | **Barrier**<br>**Price ($)** | **Exercise**<br>**Price ($)** | **Exercise**<br>**Price ($)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| EUR/CZK Spot Rate | BOA | Put | One-touch | CZK | 23.85 | CZK | 23.85 | 02/05/26 | EUR | 35716 | 3 |
| USD/CAD Spot Rate | MSC | Put | One-touch | CAD | 1.36 | CAD | 1.36 | 01/27/26 |  | 49600 | 12 |
| USD/CZK Spot Rate | BOA | Put | One-touch | CZK | 20.00 | CZK | 20.00 | 02/05/26 |  | 31271 | 2 |
| USD/INR Spot Rate | BOA | Put | One-touch | INR | 88.15 | INR | 88.15 | 02/27/26 |  | 51820 | 3 |
| USD/JPY Spot Rate | MSC | Put | Up-and-In | JPY | 160.25 | JPY | 158.00 | 01/21/26 |  | 4994400 | 1 |
|  |  |  |  |  |  |  |  |  |  |  | 21 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| AUD/USD Spot Rate | DUB | Call |  | 0.67 | 01/08/26 | 785000 | AUD | 785 | 1 |
| EUR/USD Spot Rate | DUB | Call |  | 1.18 | 01/16/26 | 441000 | EUR | 441 | 1 |
| USD/BRL Spot Rate | BCL | Call | BRL | 5.55 | 02/06/26 | 625000 |  | 625 | 9 |
| USD/COP Spot Rate | UBS | Call | COP | 3920.00 | 05/27/26 | 618000 |  | 618 | 23 |
| EUR/USD Spot Rate | BNP | Put |  | 1.13 | 01/12/26 | 4975900 | EUR | 4976 |  |
| USD/BRL Spot Rate | BCL | Put | BRL | 5.25 | 02/26/26 | 6943100 |  | 6943 | 16 |
|  |  |  |  |  |  |  |  |  | 50 |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| Euro STOXX 600 Banks Price Index | BOA | Call | EUR | 260.00 | 01/16/26 | 642 | EUR | 8346 | 248 |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| U.S. SOFR, 05/04/56 | BOA | Call |  | 3.55 | 04/30/26 | 22686000 |  | 22686 | 51 |
| U.S. SOFR, 02/09/36 | DUB | Call |  | 3.57 | 02/05/26 | 8872770 |  | 8873 | 11 |
| U.S. SOFR, 02/09/56 | DUB | Call |  | 3.77 | 02/05/26 | 5908460 |  | 5908 | 3 |
| U.S. SOFR, 06/10/27 | GSC | Call |  | 3.00 | 06/08/26 | 111620002 |  | 111620 | 116 |
| U.S. SOFR, 02/10/31 | JPM | Call |  | 3.15 | 02/06/26 | 10296000 |  | 10296 | 5 |
| U.S. SOFR, 02/10/36 | JPM | Call |  | 3.45 | 02/06/26 | 6465010 |  | 6465 | 3 |
|  |  |  |  |  |  |  |  |  | 189 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Alphabet Inc. | Call | 330.00 | 01/16/26 | 45 | 1485 | (6) |
| Alphabet Inc. | Call | 370.00 | 02/20/26 | 430 | 15910 | (86) |
| Alphabet Inc. | Call | 345.00 | 02/20/26 | 102 | 3519 | (58) |
| Alphabet Inc. | Put | 290.00 | 02/20/26 | 319 | 9251 | (202) |
| Amazon.com, Inc. | Put | 215.00 | 02/20/26 | 143 | 3075 | (72) |
| Amazon.com, Inc. | Put | 205.00 | 02/20/26 | 399 | 8180 | (114) |
| Apple Inc. | Call | 270.00 | 01/16/26 | 81 | 2187 | (45) |
| Apple Inc. | Put | 245.00 | 02/20/26 | 239 | 5856 | (44) |
| Bank of America Corporation | Call | 60.00 | 01/16/26 | 638 | 3828 | (6) |
| Boeing Company, The | Put | 185.00 | 01/16/26 | 46 | 851 | (1) |
| Boston Scientific Corporation | Put | 90.00 | 01/16/26 | 69 | 621 | (2) |
| Broadcom Inc. | Call | 380.00 | 01/16/26 | 44 | 1672 | (7) |
| Broadcom Inc. | Put | 310.00 | 03/20/26 | 144 | 4464 | (208) |
| Broadcom Inc. | Put | 280.00 | 09/18/26 | 80 | 2240 | (187) |
| Cameco Corporation | Call | 95.00 | 01/16/26 | 49 | 466 | (10) |
| Carrier Global Corporation | Put | 50.00 | 01/16/26 | 462 | 2310 | (15) |
| Cisco Systems, Inc. | Call | 80.00 | 01/16/26 | 92 | 736 | (2) |
| Citigroup Inc. | Call | 110.00 | 01/16/26 | 118 | 1298 | (93) |
| Citigroup Inc. | Call | 130.00 | 02/20/26 | 399 | 5187 | (39) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| Citigroup Inc. | Put | 95.00 | 03/20/26 | 195 | 1853 | (19) |
| Costco Wholesale Corporation | Put | 840.00 | 01/16/26 | 9 | 756 | (4) |
| CRH Public Limited Company | Call | 135.00 | 01/16/26 | 41 | 554 | (2) |
| Delta Air Lines, Inc. | Call | 80.00 | 01/16/26 | 960 | 7680 | (27) |
| Delta Air Lines, Inc. | Call | 80.00 | 02/20/26 | 463 | 3704 | (41) |
| Delta Air Lines, Inc. | Put | 57.50 | 01/16/26 | 555 | 3191 | (13) |
| Delta Air Lines, Inc. | Put | 60.00 | 03/20/26 | 143 | 858 | (23) |
| Eli Lilly and Company | Call | 900.00 | 01/16/26 | 14 | 1260 | (254) |
| Fifth Third Bancorp | Put | 43.00 | 02/20/26 | 770 | 3311 | (38) |
| Freeport-McMoRan Inc. | Call | 60.00 | 01/16/26 | 134 | 804 | (1) |
| Freeport-McMoRan Inc. | Call | 50.00 | 01/16/26 | 161 | 805 | (31) |
| Goldman Sachs Group, Inc., The | Put | 770.00 | 02/20/26 | 25 | 1925 | (14) |
| Hilton Worldwide Holdings Inc. | Call | 300.00 | 01/16/26 | 24 | 720 | (3) |
| Intuitive Surgical, Inc. | Call | 575.00 | 01/16/26 | 7 | 403 | (11) |
| Invesco QQQ Trust Series I | Call | 621.00 | 01/02/26 | 701 | 43532 | (12) |
| iShares iBoxx $ High Yield Corporate Bond ETF | Call | 81.00 | 01/16/26 | 812 | 6577 | (6) |
| iShares iBoxx $ High Yield Corporate Bond ETF | Call | 82.00 | 02/20/26 | 541 | 4436 | (2) |
| iShares iBoxx $ High Yield Corporate Bond ETF | Put | 78.00 | 02/20/26 | 541 | 4220 | (5) |
| iShares Russell 2000 ETF | Call | 270.00 | 01/16/26 | 439 | 11853 | (2) |
| iShares Russell 2000 ETF | Put | 225.00 | 01/16/26 | 75 | 1688 | (1) |
| JPMorgan Chase & Co. | Call | 355.00 | 02/20/26 | 159 | 5645 | (24) |
| McKesson Corporation | Call | 940.00 | 01/16/26 | 8 | 752 |  |
| McKesson Corporation | Call | 840.00 | 01/16/26 | 9 | 756 | (7) |
| Medtronic, Inc. | Call | 105.00 | 01/16/26 | 69 | 725 |  |
| Meta Platforms, Inc. | Call | 750.00 | 02/20/26 | 84 | 6300 | (68) |
| Micron Technology, Inc. | Call | 155.00 | 01/16/26 | 28 | 434 | (365) |
| Microsoft Corporation | Put | 440.00 | 02/20/26 | 132 | 5808 | (61) |
| NVIDIA Corporation | Call | 205.00 | 01/16/26 | 320 | 6560 | (17) |
| NVIDIA Corporation | Put | 145.00 | 03/20/26 | 399 | 5786 | (96) |
| NVIDIA Corporation | Put | 150.00 | 09/18/26 | 128 | 1920 | (138) |
| Palantir Technologies Inc. | Call | 210.00 | 01/16/26 | 2 | 42 |  |
| Paramount Skydance Corporation | Call | 20.00 | 01/16/26 | 132 | 264 |  |
| Rockwell Automation, Inc. | Put | 330.00 | 02/20/26 | 75 | 2475 | (13) |
| SPDR Gold Shares | Call | 430.00 | 01/16/26 | 745 | 32035 | (38) |
| SPDR Gold Shares | Call | 395.00 | 01/16/26 | 317 | 12522 | (275) |
| SPDR Gold Shares | Call | 420.00 | 02/20/26 | 2539 | 106638 | (1447) |
| SPDR Gold Shares | Put | 370.00 | 02/20/26 | 428 | 15836 | (138) |
| SPDR Gold Shares | Put | 375.00 | 03/20/26 | 319 | 11963 | (194) |
| SPDR S&P 500 ETF Trust | Call | 698.00 | 01/02/26 | 874 | 61005 | (1) |
| SPDR S&P 500 ETF Trust | Call | 701.00 | 01/09/26 | 1748 | 122535 | (14) |
| State Street SPDR S&P Regional Banking ETF | Call | 77.00 | 01/16/26 | 714 | 5498 |  |
| State Street SPDR S&P Regional Banking ETF | Put | 61.00 | 01/16/26 | 396 | 2416 | (8) |
| Tesla Inc. | Call | 500.00 | 01/16/26 | 9 | 450 | (2) |
| Tesla Inc. | Call | 480.00 | 01/16/26 | 16 | 768 | (9) |
| Tesla Inc. | Call | 620.00 | 02/20/26 | 6 | 372 | (2) |
| Tesla Inc. | Call | 560.00 | 02/20/26 | 102 | 5712 | (65) |
| Tesla Inc. | Call | 550.00 | 02/20/26 | 108 | 5940 | (79) |
| Tesla Inc. | Put | 380.00 | 01/16/26 | 6 | 228 | (1) |
| Tesla Inc. | Put | 350.00 | 02/20/26 | 108 | 3780 | (39) |
| Tesla Inc. | Put | 360.00 | 02/20/26 | 102 | 3672 | (46) |
| Trane Technologies Public Limited Company | Call | 480.00 | 01/16/26 | 16 | 768 |  |
| United Airlines Holdings, Inc. | Put | 85.00 | 03/20/26 | 102 | 867 | (13) |
| Valero Energy Corporation | Call | 170.00 | 01/16/26 | 15 | 255 | (2) |
| Valero Energy Corporation | Put | 145.00 | 02/20/26 | 238 | 3451 | (48) |
| Vertiv Holdings Co | Call | 250.00 | 02/20/26 | 338 | 8450 | (19) |
| Vertiv Holdings Co | Put | 140.00 | 02/20/26 | 338 | 4732 | (169) |
| Vistra Corp. | Call | 250.00 | 01/16/26 | 169 | 4225 |  |
| Vistra Corp. | Put | 150.00 | 01/16/26 | 169 | 2535 | (27) |
| Walt Disney Company, The | Put | 100.00 | 01/16/26 | 94 | 940 |  |
|  |  |  |  |  |  | (5131) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
| CDX.NA.IG.45, 12/20/30 | GSC | Call | 60.00 | 02/18/26 | 5251407 | 5251 | (23) |
| CDX.NA.IG.45, 12/20/30 | GSC | Put | 60.00 | 02/18/26 | 5251407 | 5251 | (3) |
|  |  |  |  |  |  |  | (26) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| EUR/USD Spot Rate | BOA | Put |  | 1.13 | 01/12/26 | 4975900 | EUR | 4976 |  |
| USD/BRL Spot Rate | BCL | Call | BRL | 5.75 | 02/06/26 | 938000 |  | 938 | (6) |
| USD/BRL Spot Rate | BOA | Put | BRL | 5.25 | 03/12/26 | 6891074 |  | 6891 | (22) |
| USD/BRL Spot Rate | MSC | Put | BRL | 5.25 | 02/26/26 | 6943100 |  | 6943 | (16) |
| USD/CLP Spot Rate | CIT | Call | CLP | 940.00 | 01/16/26 | 209000 |  | 209 |  |
| USD/CLP Spot Rate | CIT | Put | CLP | 920.00 | 01/16/26 | 209000 |  | 209 | (5) |
| USD/COP Spot Rate | UBS | Call | COP | 4200.00 | 05/27/26 | 927000 |  | 927 | (14) |
| USD/IDR Spot Rate | BOA | Put | IDR | 16325.00 | 03/12/26 | 6891074 |  | 6891 | (13) |
| USD/IDR Spot Rate | MSC | Put | IDR | 16250.00 | 02/25/26 | 6928800 |  | 6929 | (6) |
| USD/MXN Spot Rate | BOA | Put | MXN | 17.95 | 02/26/26 | 6943100 |  | 6943 | (51) |
| USD/MXN Spot Rate | BOA | Put | MXN | 17.65 | 03/12/26 | 6891074 |  | 6891 | (22) |
| USD/ZAR Spot Rate | BOA | Put | ZAR | 16.70 | 02/26/26 | 6928800 |  | 6929 | (111) |
| USD/ZAR Spot Rate | BOA | Put | ZAR | 16.35 | 03/12/26 | 6906956 |  | 6907 | (51) |
|  |  |  |  |  |  |  |  |  | (317) |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| Euro STOXX 600 Banks Price Index | BOA | Call | EUR | 270.00 | 02/20/26 | 186 | EUR | 2511 | (67) |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 6M EURIBOR, 04/27/36 | JPM | Put |  | 2.94 | 04/23/26 | 22069000 | EUR | 22069 | (334) |
| Sterling Overnight Index Average Rate, 03/04/56 | GSC | Call |  | 4.20 | 03/04/26 | 3553700 | GBP | 3554 | (23) |
| U.S. SOFR, 01/06/28 | BCL | Call |  | 2.87 | 01/02/26 | 6716133 |  | 6716 |  |
| U.S. SOFR, 05/04/56 | BOA | Call |  | 3.25 | 04/30/26 | 22686000 |  | 22686 | (15) |
| U.S. SOFR, 02/20/36 | CIT | Call |  | 3.40 | 02/18/26 | 17552000 |  | 17552 | (11) |
| U.S. SOFR, 03/13/36 | CIT | Call |  | 3.50 | 03/11/26 | 17571000 |  | 17571 | (37) |
| U.S. SOFR, 12/18/36 | CIT | Call |  | 3.20 | 12/16/26 | 8783000 |  | 8783 | (52) |
| U.S. SOFR, 02/27/31 | GSC | Call |  | 2.90 | 02/25/26 | 17174000 |  | 17174 | (5) |
| U.S. SOFR, 02/27/36 | GSC | Call |  | 3.25 | 02/25/26 | 9225000 |  | 9225 | (3) |
| U.S. SOFR, 06/10/27 | GSC | Call |  | 2.50 | 06/08/26 | 111620002 |  | 111620 | (37) |
| U.S. SOFR, 02/19/36 | NSI | Call |  | 3.60 | 02/17/26 | 11678000 |  | 11678 | (26) |
| U.S. SOFR, 02/04/36 | BOA | Put |  | 3.96 | 02/02/26 | 15877000 |  | 15877 | (30) |
| U.S. SOFR, 02/24/28 | BOA | Put |  | 3.58 | 02/20/26 | 39868000 |  | 39868 | (8) |
| U.S. SOFR, 12/18/36 | CIT | Put |  | 4.60 | 12/16/26 | 8783000 |  | 8783 | (65) |
| U.S. SOFR, 12/20/29 | DUB | Put |  | 4.50 | 12/16/27 | 70851000 |  | 70851 | (189) |
| U.S. SOFR, 02/04/56 | GSC | Put |  | 4.30 | 02/02/26 | 7021000 |  | 7021 | (31) |
| U.S. SOFR, 06/10/27 | GSC | Put |  | 3.50 | 06/08/26 | 111620002 |  | 111620 | (72) |
| U.S. SOFR, 09/22/29 | GSC | Put |  | 4.30 | 09/20/27 | 120519000 |  | 120519 | (327) |
| U.S. SOFR, 02/12/31 | JPM | Put |  | 3.77 | 02/10/26 | 4557086 |  | 4557 | (2) |
| U.S. SOFR, 04/27/36 | JPM | Put |  | 4.00 | 04/23/26 | 20792000 |  | 20792 | (145) |
| U.S. SOFR, 02/19/36 | NSI | Put |  | 4.00 | 02/17/26 | 11678000 |  | 11678 | (27) |
| U.S. SOFR, 12/10/29 | NSI | Put |  | 4.00 | 12/08/27 | 46997896 |  | 46998 | (220) |
|  |  |  |  |  |  |  |  |  | (1659) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| ARS/USD | CIT | 01/26/26 | ARS | 245701 | 164 | (2) |
| ARS/USD | JPM | 01/26/26 | ARS | 167229 | 111 |  |
| AUD/USD | BOA | 01/15/26 | AUD | 1376 | 918 | 9 |
| AUD/USD | MSC | 01/15/26 | AUD | 139 | 93 | 1 |
| AUD/USD | CIB | 03/18/26 | AUD | 6700 | 4472 | 19 |
| AUD/USD | RBC | 03/18/26 | AUD | 56911 | 37982 | 159 |
| BRL/EUR | GSC | 03/18/26 | EUR | (9008) | (10623) | (15) |
| BRL/USD | BCL | 01/05/26 | BRL | 17428 | 3180 | (37) |
| BRL/USD | BNP | 01/05/26 | BRL | 1702 | 311 | (1) |
| BRL/USD | CIT | 01/05/26 | BRL | 25160 | 4591 | 85 |
| BRL/USD | MSC | 01/05/26 | BRL | 2219 | 405 | (10) |
| BRL/USD | CIT | 02/03/26 | BRL | 19839 | 3592 | 64 |
| CAD/USD | CIT | 03/18/26 | CAD | 75643 | 55282 | 354 |
| CHF/EUR | JPM | 03/18/26 | EUR | (2244) | (2646) | 13 |
| CHF/USD | MSC | 01/15/26 | CHF | 249 | 314 | 2 |
| CHF/USD | UBS | 01/15/26 | CHF | 179 | 226 | 2 |
| CHF/USD | UBS | 03/18/26 | CHF | 53015 | 67445 | 449 |
| CLP/USD | BOA | 01/15/26 | CLP | 283723 | 315 | 9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CLP/USD | GSC | 01/15/26 | CLP | 669499 | 744 | 24 |
| CLP/USD | UBS | 01/15/26 | CLP | 381512 | 424 | 12 |
| CNY/USD | CIB | 01/15/26 | CNY | 24704 | 3537 | 52 |
| CNY/USD | SGS | 03/18/26 | CNY | 334778 | 48072 | 384 |
| COP/USD | HSB | 01/15/26 | COP | 5708497 | 1503 | (18) |
| COP/USD | CIT | 01/30/26 | COP | 799690 | 209 | (2) |
| CZK/USD | BOA | 01/15/26 | CZK | 51863 | 2523 | 35 |
| DKK/USD | BNP | 03/18/26 | DKK | 11865 | 1875 | 13 |
| DKK/USD | UBS | 03/18/26 | DKK | 81035 | 12804 | 89 |
| EGP/USD | CIT | 01/05/26 | EGP | 14072 | 294 |  |
| EGP/USD | CIT | 01/20/26 | EGP | 15018 | 312 | 2 |
| EUR/CHF | MSC | 03/18/26 | CHF | (11844) | (15068) | (53) |
| EUR/HUF | BOA | 01/15/26 | HUF | (98021) | (300) |  |
| EUR/JPY | JPM | 03/18/26 | JPY | (826159) | (5307) | (1) |
| EUR/USD | BOA | 01/15/26 | EUR | 856 | 1006 |  |
| EUR/USD | BCL | 01/16/26 | EUR | 63 | 75 |  |
| EUR/USD | HSB | 01/16/26 | EUR | 49 | 58 | 1 |
| EUR/USD | JPM | 01/16/26 | EUR | 4 | 4 |  |
| EUR/USD | SCB | 01/16/26 | EUR | 322 | 379 | 2 |
| EUR/USD | JPM | 03/18/26 | EUR | 3356 | 3958 | (12) |
| EUR/USD | RBS | 03/18/26 | EUR | 1801 | 2123 | 2 |
| EUR/USD | SGS | 03/18/26 | EUR | 49292 | 58124 | 211 |
| EUR/USD | UBS | 03/18/26 | EUR | 20784 | 24508 | 165 |
| GBP/EUR | JPM | 03/18/26 | EUR | (5396) | (6363) | 24 |
| GBP/USD | CIB | 03/18/26 | GBP | 25313 | 34115 | 372 |
| GBP/USD | CIT | 03/18/26 | GBP | 6913 | 9317 | 96 |
| HKD/USD | SCB | 03/18/26 | HKD | 52094 | 6709 | (4) |
| HUF/USD | CIB | 01/15/26 | HUF | 460662 | 1408 | 18 |
| HUF/USD | HSB | 01/15/26 | HUF | 102012 | 312 |  |
| HUF/USD | GSC | 03/18/26 | HUF | 1060639 | 3228 | 25 |
| IDR/USD | CIT | 01/15/26 | IDR | 64702555 | 3880 | 19 |
| INR/USD | CIT | 01/15/26 | INR | 380759 | 4233 | (57) |
| JPY/AUD | JPM | 03/18/26 | AUD | (3924) | (2619) | (23) |
| JPY/EUR | DUB | 03/18/26 | EUR | (17178) | (20255) | (198) |
| JPY/EUR | JPM | 03/18/26 | EUR | (4500) | (5306) | (43) |
| JPY/USD | MSC | 01/15/26 | JPY | 47433 | 303 | (1) |
| JPY/USD | WBC | 01/15/26 | JPY | 33443 | 214 | (1) |
| JPY/USD | DUB | 03/18/26 | JPY | 22543858 | 144820 | (1277) |
| JPY/USD | SGS | 03/18/26 | JPY | 972355 | 6246 | (80) |
| JPY/USD | UBS | 03/18/26 | JPY | 529205 | 3400 | (9) |
| KRW/USD | GSC | 01/15/26 | KRW | 573249 | 398 | 6 |
| KRW/USD | SGS | 03/18/26 | KRW | 21349863 | 14863 | 226 |
| MXN/EUR | GSC | 03/18/26 | EUR | (8976) | (10584) | 80 |
| MXN/USD | BOA | 01/15/26 | MXN | 71679 | 3977 | 87 |
| MXN/USD | CIT | 01/15/26 | MXN | 5652 | 314 | 2 |
| MXN/USD | GSC | 01/26/26 | MXN | 14342 | 795 | 1 |
| MXN/USD | MSC | 08/18/26 | MXN | 48031 | 2605 | 54 |
| MYR/USD | BCL | 01/15/26 | MYR | 16726 | 4123 | 88 |
| MYR/USD | MSC | 01/27/26 | MYR | 3236 | 798 | 10 |
| NGN/USD | MSC | 01/30/26 | NGN | 264720 | 181 | 2 |
| NOK/CHF | MSC | 03/18/26 | CHF | (11599) | (14756) | (68) |
| NZD/USD | BNP | 03/18/26 | NZD | 2414 | 1393 | (7) |
| PEN/USD | CIT | 01/15/26 | PEN | 1415 | 421 | 1 |
| PEN/USD | GSC | 01/26/26 | PEN | 1910 | 568 | 2 |
| PHP/USD | SGS | 01/15/26 | PHP | 23334 | 396 | 1 |
| PLN/USD | BCL | 01/15/26 | PLN | 1487 | 414 | (1) |
| PLN/USD | BCL | 01/15/26 | PLN | 1859 | 518 |  |
| PLN/USD | HSB | 01/15/26 | PLN | 8221 | 2290 | 41 |
| PLN/USD | MSC | 01/15/26 | PLN | 1492 | 416 | 7 |
| PLN/USD | DUB | 01/26/26 | PLN | 8072 | 2248 | 20 |
| PLN/USD | GSC | 03/18/26 | PLN | 18191 | 5065 | 55 |
| SEK/USD | MSC | 03/18/26 | SEK | 96249 | 10494 | 97 |
| SGD/USD | GSC | 03/18/26 | SGD | 7160 | 5597 | 31 |
| THB/USD | NSI | 01/15/26 | THB | 9925 | 315 | 3 |
| THB/USD | SCB | 01/15/26 | THB | 134362 | 4267 | 114 |
| TRY/USD | BCL | 01/26/26 | TRY | 40370 | 925 | 5 |
| TRY/USD | UBS | 03/18/26 | TRY | 114217 | 2521 | 32 |
| TWD/USD | MSC | 03/18/26 | TWD | 393030 | 12568 | (97) |
| USD/ARS | CIT | 01/26/26 | ARS | (217620) | (145) | (6) |
| USD/AUD | BCL | 01/15/26 | AUD | (473) | (316) | (2) |
| USD/AUD | CIT | 01/15/26 | AUD | (139) | (93) | (3) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/BRL | BCL | 01/05/26 | BRL | (18070) | (3298) | 39 |
| USD/BRL | CIT | 01/05/26 | BRL | (19694) | (3594) | (66) |
| USD/BRL | JPM | 01/05/26 | BRL | (7090) | (1294) | 33 |
| USD/BRL | MSC | 01/05/26 | BRL | (2272) | (415) | 2 |
| USD/BRL | CIT | 02/03/26 | BRL | (25160) | (4556) | (82) |
| USD/BRL | BNP | 03/18/26 | BRL | (4829) | (867) | (2) |
| USD/BRL | JPM | 04/02/26 | BRL | (14293) | (2554) | 9 |
| USD/CAD | MSC | 03/18/26 | CAD | (6818) | (4983) | (32) |
| USD/CHF | BCL | 01/15/26 | CHF | (248) | (313) | (1) |
| USD/CHF | MSC | 01/15/26 | CHF | (179) | (226) | (2) |
| USD/CHF | MSC | 03/18/26 | CHF | (4103) | (5219) |  |
| USD/CNY | HSB | 01/27/26 | CNY | (6468) | (927) | (14) |
| USD/COP | SGS | 01/15/26 | COP | (1212432) | (319) | (7) |
| USD/COP | CIT | 01/27/26 | COP | (12129256) | (3171) | 64 |
| USD/CZK | DUB | 01/27/26 | CZK | (21582) | (1050) | (15) |
| USD/EGP | CIT | 01/05/26 | EGP | (7036) | (148) | (7) |
| USD/EGP | CIT | 01/05/26 | EGP | (7036) | (148) |  |
| USD/EGP | CIT | 03/31/26 | EGP | (7036) | (143) |  |
| USD/EUR | BCL | 01/15/26 | EUR | (110) | (130) |  |
| USD/EUR | MSC | 01/15/26 | EUR | (778) | (915) | (12) |
| USD/EUR | UBS | 01/16/26 | EUR | (1144) | (1345) | (11) |
| USD/EUR | UBS | 01/16/26 | EUR | (41) | (48) |  |
| USD/EUR | DUB | 03/18/26 | EUR | (69243) | (81649) | (570) |
| USD/EUR | MSC | 03/18/26 | EUR | (1591) | (1875) | (17) |
| USD/EUR | TDB | 03/18/26 | EUR | (2198) | (2592) | (19) |
| USD/EUR | TDB | 03/18/26 | EUR | (1375) | (1621) | 3 |
| USD/GBP | DUB | 03/18/26 | GBP | (28924) | (38981) | (418) |
| USD/GBP | MSC | 03/18/26 | GBP | (2344) | (3158) | (14) |
| USD/HKD | SCB | 03/18/26 | HKD | (201957) | (26009) | 15 |
| USD/HUF | BCL | 01/15/26 | HUF | (136265) | (416) | (1) |
| USD/HUF | RBS | 01/27/26 | HUF | (208179) | (636) | (8) |
| USD/IDR | CIT | 01/27/26 | IDR | (43476982) | (2607) | (12) |
| USD/IDR | BNP | 03/25/26 | IDR | (591996) | (35) |  |
| USD/INR | NSI | 03/18/26 | INR | (44525) | (493) | (1) |
| USD/JPY | BCL | 01/15/26 | JPY | (80767) | (516) | 3 |
| USD/JPY | JPM | 03/18/26 | JPY | (1240938) | (7972) | 22 |
| USD/JPY | MSC | 03/18/26 | JPY | (339582) | (2181) | 32 |
| USD/MXN | MSC | 01/20/26 | MXN | (48031) | (2663) | (55) |
| USD/MXN | GSC | 01/27/26 | MXN | (126766) | (7024) | (193) |
| USD/MXN | MSC | 03/18/26 | MXN | (37219) | (2052) | (27) |
| USD/MYR | BCL | 01/27/26 | MYR | (1456) | (359) | (7) |
| USD/MYR | MSC | 01/27/26 | MYR | (1780) | (439) | (6) |
| USD/NOK | DUB | 03/18/26 | NOK | (120087) | (11911) | (72) |
| USD/PEN | CIT | 01/15/26 | PEN | (2833) | (843) | (4) |
| USD/PEN | CIT | 01/26/26 | PEN | (637) | (189) |  |
| USD/PEN | UBS | 01/27/26 | PEN | (3451) | (1026) | (7) |
| USD/PHP | CIT | 01/15/26 | PHP | (7803) | (133) | (1) |
| USD/PHP | BOA | 01/26/26 | PHP | (76378) | (1298) | (8) |
| USD/PHP | SGS | 01/27/26 | PHP | (159500) | (2709) | (11) |
| USD/PLN | GSC | 01/27/26 | PLN | (23719) | (6606) | (123) |
| USD/SGD | HSB | 01/15/26 | SGD | (515) | (401) | (5) |
| USD/THB | HSB | 01/15/26 | THB | (16393) | (521) |  |
| USD/THB | JPM | 01/27/26 | THB | (109136) | (3469) | (96) |
| USD/UYU | GSC | 01/27/26 | UYU | (8834) | (225) | (5) |
| USD/ZAR | BOA | 01/15/26 | ZAR | (5308) | (320) | (16) |
| USD/ZAR | CIT | 01/15/26 | ZAR | (7129) | (430) | (13) |
| USD/ZAR | SCB | 01/27/26 | ZAR | (108920) | (6567) | (294) |
| ZAR/EUR | DUB | 03/18/26 | EUR | (6088) | (7178) | 151 |
| ZAR/USD | BCL | 01/15/26 | ZAR | 5331 | 322 | 10 |
| ZAR/USD | UBS | 01/15/26 | ZAR | 50070 | 3021 | 118 |
| ZAR/USD | DUB | 03/18/26 | ZAR | 54024 | 3246 | 90 |
|  |  |  |  |  | 288029 | (14) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying/**<br>**Receiving**<br>**Floating Rate** | **Fixed**<br>**Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Premiums Paid**<br>(Received) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRAZIBOR (A) | Paying<br> BCL | 13.33<br> (A) | 01/02/29 | BRL | 1021 |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying/**<br>**Receiving**<br>**Floating Rate** | **Counterparty** | **Fixed**<br>**Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Premiums Paid**<br>(Received) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRAZIBOR (A) | Paying | BCL | 14.03<br> (A) | 01/02/29 | BRL | 2269 |  | 7 |
| BRAZIBOR (A) | Paying | BCL | 13.34<br> (A) | 01/02/29 | BRL | 4562 |  | (1) |
| BRAZIBOR (A) | Paying | BCL | 13.00<br> (A) | 01/02/29 | BRL | 18531 |  | (27) |
| BRAZIBOR (A) | Paying | BNP | 10.12<br> (A) | 01/04/27 | BRL | 150 |  | (2) |
| BRAZIBOR (A) | Paying | BNP | 10.03<br> (A) | 01/04/27 | BRL | 19707 |  | (297) |
| BRAZIBOR (A) | Paying | BNP | 10.12<br> (A) | 01/04/27 | BRL | 26802 |  | (391) |
| BRAZIBOR (A) | Paying | BOA | 9.97<br> (A) | 01/04/27 | BRL | 22621 |  | (342) |
| BRAZIBOR (A) | Paying | BOA | 10.12<br> (A) | 01/04/27 | BRL | 27934 |  | (408) |
| BRAZIBOR (A) | Paying | BOA | 12.95<br> (A) | 01/02/29 | BRL | 10350 |  | (18) |
| BRAZIBOR (A) | Paying | BOA | 13.00<br> (A) | 01/02/29 | BRL | 12045 |  | (18) |
| BRAZIBOR (A) | Paying | BOA | 13.12<br> (A) | 01/02/29 | BRL | 48379 |  | (49) |
| Chilean Interbank Rate (S) | Receiving | GSC | 4.44<br> (S) | 12/17/27 | CLP | 1530952 |  | (4) |
| Colombian Interbank Rate (A) | Receiving | BCL | 8.07<br> (A) | 09/17/26 | COP | 115948 |  | 1 |
| Colombian Interbank Rate (Q) | Receiving | BCL | 7.25<br> (Q) | 09/25/26 | COP | 257662 |  | 1 |
| Colombian Interbank Rate (Q) | Paying | GSC | 9.31<br> (Q) | 12/17/27 | COP | 1559457 |  | (12) |
| Colombian Interbank Rate (Q) | Paying | GSC | 9.37<br> (Q) | 12/17/27 | COP | 1548036 |  | (11) |
| Colombian Interbank Rate (Q) | Receiving | GSC | 9.42<br> (Q) | 12/17/29 | COP | 862451 |  | 10 |
| Colombian Interbank Rate (Q) | Receiving | GSC | 9.36<br> (Q) | 12/17/29 | COP | 864988 |  | 11 |
| Colombian Interbank Rate (Q) | Paying | MSC | 9.54<br> (Q) | 12/17/27 | COP | 3073423 |  | (19) |
| Colombian Interbank Rate (Q) | Receiving | MSC | 9.54<br> (Q) | 12/17/29 | COP | 1691338 |  | 18 |
|  |  |  |  |  |  |  |  | (1551) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| American Airlines Group Inc. (Q)  | BOA | N/A | 5.00 | 12/20/30  | 115  | (5)  | 2  | (7)  |
| Ally Financial Inc. (Q)  | GSC | N/A | 5.00 | 12/20/30  | 380  | (63)  | (59)  | (4)  |
| Ally Financial Inc. (Q)  | JPM | N/A | 5.00 | 12/20/30  | 175  | (29)  | (28)  | (1)  |
| Boeing Company, The (Q)  | DUB | N/A | 1.00 | 12/20/28  | 1300  | (20)  | (7)  | (13)  |
| Boeing Company, The (Q)  | JPM | N/A | 1.00 | 06/20/29  | 1300  | (22)  | 16  | (38)  |
| BorgWarner Inc. (Q)  | BNP | N/A | 1.00 | 12/20/27  | 210  | (3)  | 3  | (6)  |
| Community Health Systems, Inc. (Q)  | GSC | N/A | 5.00 | 06/20/26  | 50  | (1)  | 4  | (5)  |
| Community Health Systems, Inc. (Q)  | GSC | N/A | 5.00 | 06/20/26  | 80  | (2)  | 8  | (10)  |
| Deutsche Bank Aktiengesellschaft (Q)  | BNP | N/A | 1.00 | 12/20/29  | 752  | (12)  | (4)  | (8)  |
| DXC Technology Company (Q)  | JPM | N/A | 5.00 | 06/20/29  | 112  | (15)  | (13)  | (2)  |
| DXC Technology Company (Q)  | JPM | N/A | 5.00 | 12/20/30  | 225  | (35)  | (33)  | (2)  |
| Intesa Sanpaolo SPA (Q)  | JPM | N/A | 1.00 | 12/20/29  | 722  | (9)  | (1)  | (8)  |
| Intesa Sanpaolo SPA (Q)  | BNP | N/A | 1.00 | 06/20/30  | 802  | (23)  | (15)  | (8)  |
| Southwest Airlines Co. (Q)  | DUB | N/A | 1.00 | 12/20/30  | 355  | (1)  | 1  | (2)  |
| Southwest Airlines Co. (Q)  | GSC | N/A | 1.00 | 12/20/30  | 905  | (2)  | 4  | (6)  |
| Occidental Petroleum Corporation (Q)  | DUB | N/A | 1.00 | 06/20/30  | 230  | (2)  | (1)  | (1)  |
| Government of the Republic of Panama (Q)  | JPM | N/A | 1.00 | 12/20/30  | 90  | 1  | 2  | (1)  |
| Pitney Bowes Inc. (Q)  | BCL | N/A | 1.00 | 12/20/27  | 80  | —  | 20  | (20)  |
| Pitney Bowes Inc. (Q)  | BOA | N/A | 1.00 | 12/20/27  | 115  | —  | 24  | (24)  |
| Pitney Bowes Inc. (Q)  | CIT | N/A | 1.00 | 12/20/27  | 40  | —  | 11  | (11)  |
| Pitney Bowes Inc. (Q)  | CIT | N/A | 1.00 | 12/20/27  | 60  | —  | 17  | (17)  |
| Pitney Bowes Inc. (Q)  | GSC | N/A | 1.00 | 12/20/27  | 70  | —  | 18  | (18)  |
| Simon Property Group, Inc. (Q)  | JPM | N/A | 1.00 | 06/20/28  | 645  | (11)  | 16  | (27)  |
| Simon Property Group, L.P. (Q)  | BNP | N/A | 1.00 | 06/20/30  | 185  | (4)  | (1)  | (3)  |
| Telecom Italia S.p.A. (Q)  | GSC | N/A | 1.00 | 12/20/29  | 323  | (2)  | 14  | (16)  |
| UBS Group AG (Q)  | JPM | N/A | 1.00 | 06/20/28  | 1318  | (24)  | 37  | (61)  |
| Whirlpool Corporation (Q)  | DUB | N/A | 1.00 | 12/20/30  | 90  | 6  | 6  | —  |
| Xerox Corporation (Q)  | BCL | N/A | 1.00 | 12/20/26  | 45  | 9  | 12  | (3)  |
| Xerox Corporation (Q)  | JPM | N/A | 1.00 | 12/20/27  | 120  | 54  | 14  | 40  |
|  |  |  |  |  | 10894 | (215) | 67 | (282) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| ITRAXX.EUR.XO.42.V3 (Q)  | BNP | 3.28 | 5.00 | 12/20/29  | (688)  | 45  | 37  | 8  |
| ITRAXX.EUR.XO.42.V3 (Q)  | BNP | 3.28 | 5.00 | 12/20/29  | (688)  | 45  | 38  | 7  |
| ITRAXX.EUR.XO.42.V3 (Q)  | BNP | 1.38 | 5.00 | 12/20/29  | (1339)  | 186  | 142  | 44  |
| AXA (Q)  | BNP | 0.37 | 1.00 | 06/20/30  | (802)  | 22  | 15  | 7  |
| Forvia (Q)  | JPM | 2.43 | 5.00 | 12/20/30  | (189)  | 22  | 16  | 6  |
| Eutelsat SA (Q)  | BNP | 1.06 | 5.00 | 12/20/30  | (344)  | 63  | 39  | 24  |
| Eutelsat SA (Q)  | JPM | 1.06 | 5.00 | 12/20/30  | (397)  | 72  | 47  | 25  |
| Hannover Ruck SE (Q)  | BNP | 0.61 | 1.00 | 12/20/29  | (376)  | 6  | 2  | 4  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen (Q)  | BNP | 0.60 | 1.00 | 12/20/29  | (376)  | 6  | 2  | 4  |
| Altice France (Q)  | JPM | 2.87 | 5.00 | 06/20/27  | (846)  | 27  | 19  | 8  |
| Swedbank AB (Q)  | JPM | 0.75 | 1.00 | 12/20/29  | (722)  | 7  | (2)  | 9  |
| Vistra Operations Company LLC (Q)  | JPM | 1.06 | 5.00 | 12/20/30  | (120)  | 21  | 23  | (2)  |
| Vistra Operations Company LLC (Q)  | JPM | 1.06 | 5.00 | 12/20/30  | (65)  | 11  | 12  | (1)  |
| ZF Friedrichshafen AG (Q)  | DUB | 2.40 | 5.00 | 12/20/28  | (347)  | 26  | 23  | 3  |
|  |  |  |  |  | (7299) | 559 | 413 | 146 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Adyen N.V. (MT) | JPM | OBFR +0.26% (M) | TBD | 943 |  | 1462 | 55 |
| Alexandria Real Estate Equities, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (38416) |  | (1868) | (39) |
| ALFA, S.A.B. de C.V. (MT) | BOA | OBFR -0.85% (M) | TBD | (92044) |  | (83) | 2 |
| ALFA, S.A.B. de C.V. (MT) | JPM | OBFR -0.50% (M) | TBD | (145742) |  | (126) | (1) |
| Alibaba Group Holding Limited (MT) | JPM | HONIA +0.30% (M) | TBD | 13400 | HKD | 2060 | (19) |
| Alliance Laundry Holdings Inc. (MT) | BCL | OBFR -6.00% (M) | TBD | (34349) |  | (742) | 44 |
| Alstom (MT) | BOA | OBFR -0.26% (M) | TBD | (19810) |  | (579) | (6) |
| AMC Networks, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 28632 |  | 267 | 4 |
| Amcor Pty Ltd (MT) | BOA | OBFR -0.15% (M) | TBD | (161279) |  | (1342) | (2) |
| Ares Management Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (2754) |  | (468) | 22 |
| Axon Enterprise, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (818) |  | (491) | 27 |
| Baidu, Inc. (MT) | JPM | HONIA +0.30% (M) | TBD | 13900 | HKD | 1763 | 7 |
| Barratt Redrow PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (186895) |  | (932) | (28) |
| Barry Callebaut AG (MT) | JPM | OBFR -0.47% (M) | TBD | (672) |  | (1025) | (75) |
| Baxter International Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (125922) |  | (2390) | (16) |
| BE Semiconductor Industries N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (1345) |  | (208) | (3) |
| BeOne Medicines AG (MT) | BOA | OBFR -0.05% (M) | TBD | (21200) |  | (509) | 21 |
| Bilibili Inc (MT) | JPM | HONIA +0.15% (M) | TBD | 5000 | HKD | 992 | (4) |
| Block, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (23918) |  | (1558) | 3 |
| Brandywine Realty Trust (MT) | JPM | OBFR -0.15% (M) | TBD | (813) |  | (2) |  |
| Brown-Forman Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (10658) |  | (299) | 18 |
| Builders FirstSource, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (11054) |  | (1146) | 9 |
| Bunge Global SA (MT) | BOA | OBFR -0.15% (M) | TBD | (7869) |  | (707) | 6 |
| BXP, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (20020) |  | (1390) | 26 |
| C.H. Robinson Worldwide, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (5860) |  | (967) | 22 |
| Cellnex Telecom, S.A. (MT) | BOA | OBFR -0.09% (M) | TBD | (10403) |  | (326) | (9) |
| CF Industries Holdings, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (16883) |  | (1311) | 6 |
| Chailease Holding Company Limited (MT) | BOA | OBFR -0.35% (M) | TBD | (1025) |  | (4) |  |
| Charles River Laboratories International, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1837) |  | (373) | 7 |
| China Construction Bank Corporation (MT) | BOA | OBFR -0.05% (M) | TBD | (468000) |  | (454) | (34) |
| China Merchants Bank Co., Ltd. (MT) | BOA | OBFR -0.30% (M) | TBD | (90000) |  | (590) | (19) |
| China Railway Group Limited (MT) | BOA | OBFR -0.17% (M) | TBD | (601000) |  | (292) | (11) |
| China Resources Power Holdings Company Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (364511) |  | (824) | 14 |
| China Resources Power Holdings Company Limited (MT) | JPM | OBFR -0.30% (M) | TBD | (1866) |  | (4) |  |
| Cigna Group, The (MT) | BOA | OBFR -0.15% (M) | TBD | (3934) |  | (1084) | 2 |
| Cirsa Enterprises SA (MT) | JPM | ESTR +0.26% (M) | TBD | 14252 | EUR | 189 | 26 |
| Community Financial System, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (2206) |  | (131) | 4 |
| Comstock Resources, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 5503 |  | 127 |  |
| Constellation Brands, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2386) |  | (338) | 9 |
| Continental Aktiengesellschaft (MT) | BOA | OBFR -0.26% (M) | TBD | (7992) |  | (625) | (8) |
| Coreweave, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (1339) |  | (114) | 19 |
| Cosan S.A. (MT) | JPM | OBFR -0.40% (M) | TBD | (172532) |  | (164) | (1) |
| Croda International Public Limited Company (MT) | BOA | OBFR -0.25% (M) | TBD | (4962) |  | (185) | 5 |
| CRRC Corporation Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (335000) |  | (260) | 3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| CVB Financial Corp. (MT) | JPM | OBFR -0.15% (M) | TBD | (5610) |  | (110) | 5 |
| Datadog, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1817) |  | (257) | 10 |
| Davide Campari-Milano N.V. (MT) | BOA | OBFR -0.29% (M) | TBD | (72801) |  | (475) | 4 |
| Deere & Company (MT) | BOA | OBFR -0.15% (M) | TBD | (694) |  | (325) | 1 |
| Delivery Hero SE (MT) | BOA | OBFR -0.26% (M) | TBD | (23498) |  | (622) | 2 |
| Derayah Financial (MT) | JPM | OBFR +0.75% (M) | TBD | 14191 |  | 110 | (12) |
| DiaSorin S.p.A. (MT) | BOA | OBFR +0.26% (M) | TBD | 220 |  | 17 |  |
| DISCO Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (1200) |  | (360) | (10) |
| DMG Mori Co., Ltd. (MT) | BOA | OBFR -0.25% (M) | TBD | (29581) |  | (494) | (14) |
| Dollar Tree, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (6178) |  | (757) | (3) |
| Dow Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (32075) |  | (749) |  |
| Eagle Bancorp, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 5166 |  | 107 | 3 |
| Elevance Health, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2409) |  | (829) | (15) |
| Emirates Integrated Telecommunications Company PJSC (MT) | JPM | OBFR +0.75% (M) | TBD | 148124 |  | 379 | 16 |
| Entain PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (33375) |  | (338) | (6) |
| EQT Corporation (MT) | JPM | OBFR +0.20% (M) | TBD | 2308 |  | 131 | (7) |
| Equifax Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2585) |  | (569) | 9 |
| Expand Energy Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (17061) |  | (1840) | (42) |
| First Solar, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1718) |  | (489) | 40 |
| Flagstar Bank, National Association (MT) | JPM | OBFR +0.20% (M) | TBD | 91333 |  | 1176 | (29) |
| Flynas Company (MT) | JPM | OBFR +0.75% (M) | TBD | 5225 |  | 89 | 2 |
| Formosa Chemicals & Fibre Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (264000) |  | (273) | 4 |
| Formosa Chemicals & Fibre Corporation (MT) | JPM | OBFR -0.35% (M) | TBD | (3000) |  | (3) |  |
| Formosa Plastics Corporation (MT) | BOA | OBFR -2.30% (M) | TBD | (308000) |  | (392) | 11 |
| G&L Beijer Ref AB (MT) | BOA | OBFR -0.26% (M) | TBD | (3467) |  | (56) |  |
| G&L Beijer Ref AB (MT) | JPM | OBFR -0.28% (M) | TBD | (5307) |  | (84) | (1) |
| Galaxy Digital Inc. (MT) | JPM | OBFR +0.50% (M) | TBD | (3485) |  | (91) | 13 |
| Genuine Parts Company (MT) | BOA | OBFR -0.15% (M) | TBD | (6814) |  | (853) | 5 |
| Grifols, S.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (40719) |  | (529) | 15 |
| H & M Hennes & Mauritz AB (MT) | JPM | OBFR -0.66% (M) | TBD | (14444) |  | (267) | (23) |
| Harmonic Drive Systems Inc. (MT) | BOA | OBFR -0.13% (M) | TBD | (18800) |  | (426) | (28) |
| Hasbro, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (11045) |  | (901) | (4) |
| Hensoldt AG (MT) | BOA | OBFR -0.26% (M) | TBD | (6300) |  | (545) | 1 |
| Horizon Robotics (MT) | JPM | OBFR -1.51% (M) | TBD | (24600) |  | (27) |  |
| Horizon Robotics (MT) | BOA | OBFR -1.40% (M) | TBD | (288600) |  | (326) | 5 |
| HUTCHMED (China) Limited (MT) | JPM | OBFR -0.30% (M) | TBD | (18000) |  | (51) | 3 |
| HUTCHMED (China) Limited (MT) | BOA | OBFR -0.65% (M) | TBD | (43000) |  | (114) |  |
| Iberdrola, Sociedad Anonima (MT) | JPM | OBFR +0.26% (M) | TBD | 29700 |  | 620 | 24 |
| IDEXX Laboratories, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (606) |  | (424) | 14 |
| IHI Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (13400) |  | (239) | 3 |
| Iluka Resources Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (113293) |  | (467) | 32 |
| IMCD N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (4926) |  | (443) | (4) |
| Innolux Corporation (MT) | BOA | OBFR -0.35% (M) | TBD | (1366000) |  | (548) | (193) |
| International Paper Company (MT) | BOA | OBFR -0.15% (M) | TBD | (91896) |  | (3611) | (6) |
| International Paper Company (MT) | JPM | OBFR -0.25% (M) | TBD | (14838) |  | (577) | 8 |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | BOA | OBFR -1.30% (M) | TBD | (30826) |  | (2479) | (16) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (MT) | JPM | OBFR -0.81% (M) | TBD | (32765) |  | (3625) | (5) |
| Jack Henry & Associates, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2149) |  | (398) | 6 |
| Japan Steel Works, Ltd., The (MT) | BOA | OBFR -0.15% (M) | TBD | (8400) |  | (423) | 11 |
| JD Health International Inc. (MT) | BOA | OBFR -0.30% (M) | TBD | (19800) |  | (151) | 10 |
| JD Sports Fashion PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (510971) |  | (574) | (7) |
| JD Sports Fashion PLC (MT) | JPM | OBFR -0.25% (M) | TBD | (56619) |  | (60) | (4) |
| JD.com, Inc. (MT) | JPM | HONIA +0.30% (M) | TBD | 13100 | HKD | 1525 | (8) |
| JDE Peet's N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (7687) |  | (288) |  |
| Johnson Controls International Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (7649) |  | (918) | (1) |
| KADOKAWA Future Publishing Co., Ltd. (MT) | BOA | OBFR -0.14% (M) | TBD | (17500) |  | (338) | (16) |
| Kawasaki Heavy Industries, Ltd. (MT) | BOA | OBFR -0.13% (M) | TBD | (7100) |  | (508) | 38 |
| Kering (MT) | BOA | OBFR -0.06% (M) | TBD | (6749) |  | (2423) | 44 |
| KKR & Co. Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (16914) |  | (2223) | 68 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Kobayashi Pharmaceutical Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (4100) |  | (137) | (7) |
| Kuaishou Technology (MT) | JPM | HONIA +1.00% (M) | TBD | 15500 | HKD | 1060 | (10) |
| Leidos Holdings, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2787) |  | (518) | 15 |
| Lennar Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (6364) |  | (673) | 20 |
| LG Energy Solution Ltd. (MT) | BOA | OBFR -7.00% (M) | TBD | (1359) |  | (358) | 10 |
| Li Auto Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (118100) |  | (1003) | 16 |
| Lionsgate Studios Corp. (MT) | JPM | OBFR +0.00% (M) | TBD | 801 |  | 7 |  |
| Lynas Rare Earths Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (75840) |  | (636) | 6 |
| M3, Inc. (MT) | BOA | OBFR -0.10% (M) | TBD | (83900) |  | (1101) | (35) |
| MatsukiyoCocokara & Co. (MT) | BOA | OBFR -0.25% (M) | TBD | (26700) |  | (465) | 3 |
| Meiji Holdings Co., Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (8900) |  | (192) | (6) |
| Meituan (MT) | BOA | OBFR -0.15% (M) | TBD | (131700) |  | (1740) | (1) |
| Mercari, Inc. (MT) | JPM | OBFR -0.25% (M) | TBD | (34) |  | (1) |  |
| Mercari, Inc. (MT) | BOA | OBFR -0.25% (M) | TBD | (33098) |  | (627) | (41) |
| Mineral Resources Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (23194) |  | (793) | (43) |
| MMG Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (796000) |  | (896) |  |
| Molina Healthcare, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (9788) |  | (1602) | (95) |
| Molson Coors Beverage Company (MT) | BOA | OBFR -0.15% (M) | TBD | (10872) |  | (506) | (1) |
| Mosaic Company, The (MT) | BOA | OBFR -0.15% (M) | TBD | (48862) |  | (1188) | 12 |
| Natura Cosmeticos S.A. (MT) | BOA | OBFR -0.40% (M) | TBD | (45201) |  | (59) | (2) |
| Natura Cosmeticos S.A. (MT) | JPM | OBFR -0.85% (M) | TBD | (2390) |  | (3) |  |
| Nec Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (16200) |  | (555) | 4 |
| Neste Oyj (MT) | BOA | OBFR -0.26% (M) | TBD | (14629) |  | (322) | (10) |
| NetEase, Inc. (MT) | JPM | OBFR +0.30% (M) | TBD | 7300 | HKD | 1570 |  |
| NIBE Industrier AB (MT) | BOA | OBFR -0.26% (M) | TBD | (174201) |  | (657) | (11) |
| Ningbo Joyson Electronic Corp. (MT) | JPM | OBFR +0.30% (M) | TBD | 28000 | HKD | 486 | 6 |
| Nippon Yusen Kabushiki Kaisha (MT) | BOA | OBFR -0.10% (M) | TBD | (12500) |  | (390) | (15) |
| Nissan Motor Co., Ltd. (MT) | JPM | OBFR -0.17% (M) | TBD | (158000) |  | (389) | (4) |
| Norfolk Southern Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (6747) |  | (1967) | 21 |
| Northern Star Resources Ltd (MT) | JPM | OBFR -0.25% (M) | TBD | (112201) |  | (1937) | (50) |
| Norwegian Cruise Line Holdings Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (81610) |  | (1979) | 159 |
| Novozymes A/S (MT) | BOA | OBFR -0.26% (M) | TBD | (11582) |  | (731) | (11) |
| Occidental Petroleum Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (27938) |  | (1125) | (31) |
| ONEOK, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 1791 |  | 132 | (1) |
| Ono Pharmaceutical Co., Ltd. (MT) | BOA | OBFR -0.13% (M) | TBD | (35500) |  | (492) |  |
| Open Text Corporation (MT) | BOA | OBFR -0.20% (M) | TBD | (23442) |  | (792) | 29 |
| Orlen S A (MT) | BOA | OBFR -0.50% (M) | TBD | (10059) |  | (266) | (2) |
| Packaging Corporation of America (MT) | BOA | OBFR -0.15% (M) | TBD | (3357) |  | (693) | (4) |
| Paramount Skydance Corporation (MT) | JPM | OBFR +0.20% (M) | TBD | 5333 |  | 78 | (6) |
| Pool Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (2598) |  | (602) | 9 |
| POSCO Future M Co., Ltd. (MT) | JPM | OBFR -8.75% (M) | TBD | (2324) |  | (349) | 48 |
| POSCO Future M Co., Ltd. (MT) | BOA | OBFR -7.00% (M) | TBD | (1803) |  | (239) | 6 |
| Postal Savings Bank of China Co., Ltd. (MT) | BOA | OBFR -0.30% (M) | TBD | (1235000) |  | (834) | (10) |
| Power Corporation of Canada (MT) | JPM | OBFR -0.25% (M) | TBD | (3584) |  | (183) | (9) |
| Prio S.A. (MT) | BOA | OBFR -0.30% (M) | TBD | (74161) |  | (526) | (30) |
| Quanta Services, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4194) |  | (1816) | 47 |
| Rasan Information Technology Company (MT) | JPM | OBFR +0.75% (M) | TBD | 9913 |  | 312 | (6) |
| Relx PLC (MT) | JPM | SONIA +0.25% (M) | TBD | 1317 | GBP | 39 | 1 |
| Restaurant Brands International Limited Partnership (MT) | BOA | OBFR -0.20% (M) | TBD | (31909) |  | (2245) | 49 |
| Revvity, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (3942) |  | (385) | 4 |
| Rheinmetall Aktiengesellschaft (MT) | JPM | ESTR +0.26% (M) | TBD | 76 | EUR | 119 | (1) |
| Roche Holding AG (MT) | BOA | OBFR -0.22% (M) | TBD | (1540) |  | (632) |  |
| Ryohin Keikaku Co., Ltd. (MT) | BOA | OBFR -0.11% (M) | TBD | (25100) |  | (478) | 33 |
| SANY Heavy Industry Co., Ltd. (MT) | JPM | HONIA +0.30% (M) | TBD | 18400 | HKD | 394 | 3 |
| Sapporo Holdings Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (34000) |  | (349) | (20) |
| Sartorius Stedim Biotech (MT) | JPM | OBFR -0.26% (M) | TBD | (1635) |  | (402) |  |
| Sasol (MT) | JPM | OBFR -0.40% (M) | TBD | (94604) |  | (576) | (27) |
| SATS Ltd. (MT) | JPM | OBFR -0.30% (M) | TBD | (46900) |  | (123) | (15) |
| SBA Communications Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (7002) |  | (1336) | (18) |
| SBI Holdings, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (41900) |  | (881) | (22) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Seagate Technology Holdings Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (1800) |  | (509) | 12 |
| Seatrium Limited (MT) | BOA | OBFR -1.50% (M) | TBD | (206300) |  | (340) | (6) |
| Seatrium Limited (MT) | JPM | OBFR -1.25% (M) | TBD | (153800) |  | (250) | (7) |
| Sembcorp Industries Ltd (MT) | BOA | OBFR -0.30% (M) | TBD | (47800) |  | (220) | (3) |
| Sembcorp Industries Ltd (MT) | JPM | OBFR -0.30% (M) | TBD | (36700) |  | (167) | (4) |
| SGH Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (13079) |  | (401) | (2) |
| Sharp Corporation (MT) | BOA | OBFR -1.34% (M) | TBD | (9200) |  | (44) | (1) |
| Sharp Corporation (MT) | JPM | OBFR -0.47% (M) | TBD | (45400) |  | (234) | 11 |
| Shiseido Company, Limited (MT) | BOA | OBFR -0.10% (M) | TBD | (39600) |  | (594) | 13 |
| SIG Group AG (MT) | BOA | OBFR -0.26% (M) | TBD | (48273) |  | (638) | (49) |
| Sigma Healthcare Ltd (MT) | JPM | OBFR +0.25% (M) | TBD | (429978) |  | (797) | (44) |
| SMG Swiss Marketplace Group Holding AG (MT) | JPM | OBFR +0.26% (M) | TBD | 455 |  | 18 | 3 |
| Smurfit Westrock Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (53623) |  | (2043) | (30) |
| SoftBank Group Corp. (MT) | BOA | OBFR -0.15% (M) | TBD | (16800) |  | (474) | 3 |
| Solventum Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (3496) |  | (282) | 6 |
| SSE PLC (MT) | JPM | SONIA +0.25% (M) | TBD | 3949 | GBP | 85 | 4 |
| Sunny Optical Technology (Group) Company Limited (MT) | JPM | HONIA +0.30% (M) | TBD | 15800 | HKD | 1082 | (6) |
| Super Micro Computer, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (27885) |  | (866) | 51 |
| Swatch Group AG, The (MT) | JPM | OBFR -0.26% (M) | TBD | (667) |  | (134) | (6) |
| Swatch Group AG, The (MT) | BOA | OBFR -0.30% (M) | TBD | (438) |  | (93) | 1 |
| Synopsys, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2940) |  | (1415) | 35 |
| Talabat Holding PLC (MT) | JPM | OBFR +0.75% (M) | TBD | 360863 |  | 95 | (3) |
| Teledyne Technologies Incorporated (MT) | BOA | OBFR -0.15% (M) | TBD | (3074) |  | (1593) | 24 |
| Teleperformance SE (MT) | BOA | OBFR -0.26% (M) | TBD | (4524) |  | (327) | (1) |
| Temenos AG (MT) | BOA | OBFR -0.26% (M) | TBD | (7302) |  | (730) | 2 |
| Tencent Holdings Limited (MT) | JPM | HONIA +1.00% (M) | TBD | 3300 | HKD | 1998 | (3) |
| Teradyne, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1620) |  | (319) | 6 |
| The Unite Group PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (48751) |  | (360) | (8) |
| TOPPAN Holdings Inc. (MT) | BOA | OBFR -0.13% (M) | TBD | (13900) |  | (434) | 20 |
| Tourmaline Oil Corp (MT) | BOA | OBFR -0.20% (M) | TBD | (15153) |  | (668) | (15) |
| Toyota Industries Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (9300) |  | (1057) | 4 |
| United Rentals, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (417) |  | (341) | 3 |
| UNIZO Holdings Company, Limited (MT) | BOA | OBFR -0.15% (M) | TBD | (19800) |  | (960) | (44) |
| Vanguard Intermediate-Term Corporate Bond ETF (MT) | JPM | OBFR -0.15% (M) | TBD | (30290) |  | (2539) | (12) |
| W. R. Berkley Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (10654) |  | (748) | (10) |
| Willis Towers Watson Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (2409) |  | (801) | 8 |
| Wise PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (22256) |  | (267) |  |
| Xiaomi Corporation (MT) | JPM | HONIA +0.30% (M) | TBD | 39200 | HKD | 1667 | (17) |
| Xinyi Glass Holdings Limited (MT) | BOA | OBFR -2.00% (M) | TBD | (249035) |  | (270) | 6 |
| Xinyi Glass Holdings Limited (MT) | JPM | OBFR -0.75% (M) | TBD | (39746) |  | (46) | 4 |
| XPeng Inc. (MT) | BOA | OBFR -0.20% (M) | TBD | (120600) |  | (1195) | (25) |
| XPeng Inc. (MT) | JPM | HONIA +0.15% (M) | TBD | 12100 | HKD | 965 | (2) |
| Yakult Honsha Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (34400) |  | (529) | (15) |
| Zensho Holdings Co., Ltd. (MT) | BOA | OBFR -0.12% (M) | TBD | (6100) |  | (349) |  |
| Zijin Mining Group Co., Ltd. (MT) | BOA | OBFR -0.30% (M) | TBD | (94000) |  | (423) | (7) |
|  |  |  |  |  |  |  | (108) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| iShares Broad USD High Yield Corporate Bond ETF (Q) | SOFR +0.25% (Q) | BNP | 03/20/26 | 956 |  | 2 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR +0.10% (Q) | BNP | 03/20/26 | 7088 |  | 16 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR +0.10% (Q) | GSC | 03/20/26 | 3466 |  | 8 |
| iShares Broad USD High Yield Corporate Bond ETF (Q) | SOFR +0.25% (Q) | JPM | 03/20/26 | 3930 |  | 10 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR +0.10% (Q) | JPM | 03/20/26 | 5028 |  | 12 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR +0.10% (Q) | MSC | 03/20/26 | 3020 |  | 7 |
|  |  |  |  |  |  | 55 |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| BNP Paribas AIR Intraday US Ultimate Index (Q) | Fixed Rate of +0.00% (Q) | BNP | 12/18/26 | 65 |  |  |
| Citi EQ US 1W Volatility Carry Index‡ (Q) | Fixed Rate of +0.00% (Q) | BOA | 12/18/26 | 192 |  | 1 |
| Deutsche Bank Variable Notional Long-Short Credit Index (Q) | 3M TSY +0.00% (Q) | DUB | 12/11/26 | 335 |  | 1 |
| Goldman Sachs Rate Volatility Index‡ (Q) | SOFR +0.00% (Q) | GSC | 12/18/26 | 111 |  |  |
| Goldman Sachs Systematic Equity Skew Index‡ (Q) | SOFR +0.00% (Q) | GSC | 12/18/26 | 144 |  |  |
| J.P. Morgan Emerging Market FX Volatility Index‡ (Q) | 3M TSY +0.00% (Q) | JPM | 12/18/26 | 208 |  | (2) |
| **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.45% (Q) | BOA | 03/20/26 | (4469) |  | (11) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (Q) | SOFR -0.30% (Q) | GSC | 03/20/26 | (11208) |  | 4 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (Q) | SOFR -0.30% (Q) | JPM | 03/20/26 | (7737) |  | 3 |
|  |  |  |  |  |  | (4) |

---

‡Total Return Swap fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1214367 | 393305 | 776 | 1608448 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 262032 | 8571 | 270603 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 160824 |  | 160824 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 106690 | 2827 | 109517 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 108583 |  | 108583 |
| &nbsp;&nbsp;Investment Companies | 90530 |  |  | 90530 |
| &nbsp;&nbsp;Preferred Stocks | 3204 | 2624 |  | 5828 |
| &nbsp;&nbsp;Rights |  |  | 20 | 20 |
| &nbsp;&nbsp;Warrants | 9 |  |  | 9 |
| &nbsp;&nbsp;Short Term Investments | 233562 | 3577 |  | 237139 |
|  | 1541672 | 1037635 | 12194 | 2591501 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Purchased Barrier Options |  | 1 |  | 1 |
| &nbsp;&nbsp;Futures Contracts | 1840 |  |  | 1840 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 40945 |  | 40945 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 946 |  | 946 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 8369 |  |  | 8369 |
| &nbsp;&nbsp;OTC Purchased Options |  | 507 |  | 507 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 4268 |  | 4268 |
| &nbsp;&nbsp;OTC Interest Rate Swap Agreements |  | 48 |  | 48 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 189 |  | 189 |
| &nbsp;&nbsp;OTC Contracts for Difference |  | 1485 |  | 1485 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 63 | 1 | 64 |
|  | 10209 | 48452 | 1 | 58662 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (3747) |  |  | (3747) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (4113) |  | (4113) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (161) |  | (161) |
| &nbsp;&nbsp;Exchange Traded Written Options | (5131) |  |  | (5131) |
| &nbsp;&nbsp;OTC Written Options |  | (2069) |  | (2069) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (4282) |  | (4282) |
| &nbsp;&nbsp;OTC Interest Rate Swap Agreements |  | (1599) |  | (1599) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (325) |  | (325) |
| &nbsp;&nbsp;OTC Contracts for Difference |  | (1593) |  | (1593) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (11) | (2) | (13) |
|  | (8878) | (14153) | (2) | (23033) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |
| **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** |
| **United States of America 31.2%** | **United States of America 31.2%** | **United States of America 31.2%** |
| Bunge Global S.A. | 171 | 15252 |
| Chevron Corporation | 222 | 33907 |
| Corteva, Inc. | 389 | 26053 |
| Deere & Company | 21 | 9795 |
| EQT Corporation | 132 | 7068 |
| Exxon Mobil Corporation | 413 | 49698 |
| HF Sinclair Corporation | 115 | 5284 |
| Linde Public Limited Company | 23 | 9862 |
| Martin Marietta Materials, Inc. | 11 | 7138 |
| Newmont Corporation | 346 | 34525 |
| Packaging Corporation of America | 100 | 20723 |
| Permian Resources Corporation - Class A | 405 | 5677 |
| Williams Companies, Inc., The | 120 | 7228 |
|  |  | 232210 |
| **Canada 22.8%** | **Canada 22.8%** | **Canada 22.8%** |
| Barrick Mining Corporation | 704 | 30675 |
| Cameco Corporation | 94 | 8594 |
| Kinross Gold Corporation | 538 | 15142 |
| Nutrien Ltd. (a) | 544 | 33557 |
| Pan American Silver Corp. | 84 | 4349 |
| Red Lake Madsen Mine Ltd. (b) (c) | 428 |  |
| Suncor Energy Inc. | 527 | 23373 |
| Teck Resources Limited - Class B | 260 | 12456 |
| Wheaton Precious Metals Corp. | 354 | 41613 |
|  |  | 169759 |
| **United Kingdom 13.9%** | **United Kingdom 13.9%** | **United Kingdom 13.9%** |
| Anglo American PLC | 866 | 36040 |
| Mondi PLC | 541 | 6626 |
| Shell PLC - Class A | 1500 | 55466 |
| TechnipFMC PLC | 124 | 5508 |
|  |  | 103640 |
| **Ireland 5.0%** | **Ireland 5.0%** | **Ireland 5.0%** |
| CRH Public Limited Company | 113 | 14043 |
| Smurfit Westrock Public Limited Company | 599 | 23179 |
|  |  | 37222 |
| **Brazil 4.3%** | **Brazil 4.3%** | **Brazil 4.3%** |
| Vale S.A. - ADR | 2488 | 32416 |
| **Australia 3.5%** | **Australia 3.5%** | **Australia 3.5%** |
| Rio Tinto PLC | 323 | 26149 |
| **Switzerland 3.2%** | **Switzerland 3.2%** | **Switzerland 3.2%** |
| Glencore PLC | 4363 | 23889 |
| **Norway 2.4%** | **Norway 2.4%** | **Norway 2.4%** |
| Norsk Hydro ASA | 2342 | 18047 |
| **Luxembourg 2.1%** | **Luxembourg 2.1%** | **Luxembourg 2.1%** |
| ArcelorMittal - ADR | 342 | 15592 |
| **China 1.5%** | **China 1.5%** | **China 1.5%** |
| Zijin Mining Group Co., Ltd. - Class H | 2526 | 11556 |
| **South Africa 1.3%** | **South Africa 1.3%** | **South Africa 1.3%** |
| Valterra Platinum | 111 | 9350 |
| **Finland 1.2%** | **Finland 1.2%** | **Finland 1.2%** |
| UPM-Kymmene Oyj | 304 | 8794 |
| **Denmark 1.1%** | **Denmark 1.1%** | **Denmark 1.1%** |
| Novozymes A/S - Class B | 126 | 8052 |
| **France 1.0%** | **France 1.0%** | **France 1.0%** |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 40 | 7554 |
| **Germany 1.0%** | **Germany 1.0%** | **Germany 1.0%** |
| Heidelberg Materials AG | 29 | 7475 |
| **Mexico 1.0%** | **Mexico 1.0%** | **Mexico 1.0%** |
| Southern Copper Corporation | 51 | 7382 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom (b) (c) (d) | 5692 |  |
| Public Joint Stock Company Polyus (b) (c) (d) | 106 |  |
| Total Common Stocks (cost $621,955) | Total Common Stocks (cost $621,955) | 719087 |
| **SHORT TERM INVESTMENTS 6.8%** | **SHORT TERM INVESTMENTS 6.8%** | **SHORT TERM INVESTMENTS 6.8%** |
| **Investment Companies 3.7%** | **Investment Companies 3.7%** | **Investment Companies 3.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (e) (f) | 27505 | 27505 |
| **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** | **Securities Lending Collateral 3.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (e) (f) | 23385 | 23385 |
| Total Short Term Investments (cost $50,890) | Total Short Term Investments (cost $50,890) | 50890 |
| **Total Investments 103.3% (cost $672,845)** | **Total Investments 103.3% (cost $672,845)** | **769977** |
| **Other Assets and Liabilities, Net (3.3)%** | **Other Assets and Liabilities, Net (3.3)%** | **(24785)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **745192** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Non-income producing security.

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

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

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** | **JNL/BlackRock Global Natural Resources Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 22076 | 442881 | 437452 | 495 |  |  | 27505 | 3.7 |
| JNL Government Money Market Fund, 3.74% - Class SL | 71 | 310721 | 287407 | 170 |  |  | 23385 | 3.1 |
|  | 22147 | 753602 | 724859 | 665 |  |  | 50890 | 6.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** | **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** | **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** | **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** | **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Public Joint Stock Company Gazprom | 11/23/21 | 25117 |  |  |
| Public Joint Stock Company Polyus | 06/10/20 | 15311 |  |  |
|  |  | 40428 |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 500089 | 218998 |  | 719087 |
| &nbsp;&nbsp;Short Term Investments | 50890 |  |  | 50890 |
|  | 550979 | 218998 |  | 769977 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |
| **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** |
| **Information Technology 55.1%** | **Information Technology 55.1%** | **Information Technology 55.1%** |
| Advanced Micro Devices, Inc. (a) | 424 | 90802 |
| Amphenol Corporation - Class A | 611 | 82538 |
| Apple Inc. | 964 | 262173 |
| AppLovin Corporation - Class A (a) | 98 | 65973 |
| Arista Networks, Inc. (a) | 848 | 111153 |
| Broadcom Inc. | 629 | 217790 |
| Intel Corporation (a) | 2313 | 85346 |
| Lam Research Corporation | 467 | 79883 |
| Microsoft Corporation | 812 | 392649 |
| NVIDIA Corporation | 3411 | 636075 |
| Oracle Corporation | 699 | 136186 |
| Palantir Technologies Inc. - Class A (a) | 433 | 76876 |
| Palo Alto Networks, Inc. (a) | 161 | 29746 |
| Shopify Inc. - Class A (a) | 301 | 48523 |
| Snowflake Inc. - Class A (a) | 515 | 113055 |
|  |  | 2428768 |
| **Communication Services 11.6%** | **Communication Services 11.6%** | **Communication Services 11.6%** |
| Alphabet Inc. - Class A | 715 | 223815 |
| Meta Platforms, Inc. - Class A | 342 | 225769 |
| Netflix, Inc. (a) | 645 | 60496 |
|  |  | 510080 |
| **Consumer Discretionary 11.4%** | **Consumer Discretionary 11.4%** | **Consumer Discretionary 11.4%** |
| Amazon.com, Inc. (a) | 1557 | 359378 |
| Tesla, Inc. (a) | 322 | 144791 |
|  |  | 504169 |
| **Health Care 7.9%** | **Health Care 7.9%** | **Health Care 7.9%** |
| Boston Scientific Corporation (a) | 719 | 68580 |
| Eli Lilly and Company | 193 | 207857 |
| McKesson Corporation | 51 | 42046 |
| Thermo Fisher Scientific Inc. | 55 | 31679 |
|  |  | 350162 |
| **Industrials 6.3%** | **Industrials 6.3%** | **Industrials 6.3%** |
| Caterpillar Inc. | 152 | 86908 |
| GE Vernova Inc. | 33 | 21453 |
| Howmet Aerospace Inc. | 369 | 75720 |
| L3Harris Technologies, Inc. | 77 | 22558 |
| TransDigm Group Incorporated | 24 | 31708 |
| Vertiv Holdings Co - Class A | 239 | 38771 |
|  |  | 277118 |
| **Financials 3.9%** | **Financials 3.9%** | **Financials 3.9%** |
| Capital One Financial Corporation | 185 | 44930 |
| Citigroup Inc. | 547 | 63793 |
| JPMorgan Chase & Co. | 136 | 43791 |
| Robinhood Markets, Inc. - Class A (a) | 184 | 20816 |
|  |  | 173330 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| Walmart Inc. | 371 | 41370 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Newmont Corporation | 225 | 22427 |
| **Energy 0.5%** | **Energy 0.5%** | **Energy 0.5%** |
| EQT Corporation | 397 | 21267 |
| Total Common Stocks (cost $2,726,510) | Total Common Stocks (cost $2,726,510) | 4328691 |
| **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 87605 | 87605 |
| Total Short Term Investments (cost $87,605) | Total Short Term Investments (cost $87,605) | 87605 |
| **Total Investments 100.1% (cost $2,814,115)** | **Total Investments 100.1% (cost $2,814,115)** | **4416296** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(3379)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4412917** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** | **JNL/BlackRock Large Cap Select Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 19634 | 705450 | 637479 | 570 |  |  | 87605 | 2.0 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 173584 | 173584 | 45 |  |  |  |  |
|  | 19634 | 879034 | 811063 | 615 |  |  | 87605 | 2.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4328691 |  |  | 4328691 |
| &nbsp;&nbsp;Short Term Investments | 87605 |  |  | 87605 |
|  | 4416296 |  |  | 4416296 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |
| **COMMON STOCKS 94.9%** | **COMMON STOCKS 94.9%** | **COMMON STOCKS 94.9%** |
| **United Kingdom 26.4%** | **United Kingdom 26.4%** | **United Kingdom 26.4%** |
| AstraZeneca PLC | 567 | 105319 |
| Barclays PLC | 13190 | 84532 |
| BP P.L.C. | 8979 | 52582 |
| British American Tobacco P.L.C. | 536 | 30361 |
| Diageo PLC | 2181 | 47075 |
| National Grid PLC | 3248 | 49985 |
| NatWest Group PLC | 2966 | 26033 |
| Prudential Public Limited Company | 2395 | 36991 |
| Reckitt Benckiser Group PLC | 1069 | 86530 |
| Relx PLC | 1181 | 47889 |
| Rolls-Royce Holdings PLC | 3792 | 58799 |
| SEGRO Public Limited Company | 3100 | 30149 |
| Smith & Nephew PLC | 1087 | 18130 |
| Smiths Group PLC | 312 | 9888 |
| Standard Chartered PLC | 1240 | 30338 |
| The Berkeley Group Holdings PLC | 408 | 21481 |
|  |  | 736082 |
| **France 20.2%** | **France 20.2%** | **France 20.2%** |
| Alstom (a) | 3708 | 109605 |
| BNP Paribas | 755 | 71638 |
| Capgemini France | 302 | 50471 |
| Compagnie de Saint-Gobain | 655 | 66887 |
| Kering | 431 | 152175 |
| LVMH Moet Hennessy Louis Vuitton | 25 | 18685 |
| Sanofi | 545 | 52926 |
| Societe Generale | 503 | 40536 |
|  |  | 562923 |
| **Japan 11.6%** | **Japan 11.6%** | **Japan 11.6%** |
| FANUC Corporation | 1885 | 73446 |
| KDDI Corporation | 1442 | 24913 |
| Murata Manufacturing Co., Ltd. | 510 | 10602 |
| Renesas Electronics Corporation | 6916 | 95735 |
| SMC Corporation | 171 | 59511 |
| Sompo Holdings, Inc. | 1134 | 38633 |
| Sumitomo Mitsui Financial Group, Inc. | 662 | 21271 |
|  |  | 324111 |
| **Germany 8.0%** | **Germany 8.0%** | **Germany 8.0%** |
| Daimler Truck Holding AG | 63 | 2749 |
| Deutsche Bank Aktiengesellschaft - Class N | 772 | 29780 |
| Deutsche Telekom AG - Class N | 1832 | 59551 |
| E.ON SE - Class N | 770 | 14623 |
| Infineon Technologies AG - Class N | 1347 | 58852 |
| SAP SE | 235 | 56800 |
|  |  | 222355 |
| **Netherlands 6.8%** | **Netherlands 6.8%** | **Netherlands 6.8%** |
| Akzo Nobel N.V. | 833 | 57890 |
| Heineken N.V. | 594 | 48778 |
| ING Groep N.V. | 889 | 25069 |
| Koninklijke Philips N.V. | 2102 | 57226 |
|  |  | 188963 |
| **South Korea 4.3%** | **South Korea 4.3%** | **South Korea 4.3%** |
| Samsung Electronics Co., Ltd. | 1023 | 84677 |
| Samsung Fire & Marine Insurance Co., Ltd. | 47 | 16027 |
| Shinhan Financial Group Co., Ltd. | 391 | 20759 |
|  |  | 121463 |
| **Italy 2.7%** | **Italy 2.7%** | **Italy 2.7%** |
| ENEL - SpA | 2440 | 25428 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. | 614 | 50796 |
|  |  | 76224 |
| **Belgium 2.5%** | **Belgium 2.5%** | **Belgium 2.5%** |
| Anheuser-Busch InBev | 674 | 43439 |
| Syensqo (b) | 324 | 26007 |
|  |  | 69446 |
| **Canada 2.4%** | **Canada 2.4%** | **Canada 2.4%** |
| Barrick Mining Corporation | 349 | 15202 |
| Canadian Pacific Kansas City Limited | 692 | 50961 |
|  |  | 66163 |
| **United States of America 2.2%** | **United States of America 2.2%** | **United States of America 2.2%** |
| Carnival Corporation | 2051 | 62627 |
| **Denmark 1.9%** | **Denmark 1.9%** | **Denmark 1.9%** |
| Novo Nordisk A/S - Class B | 1023 | 52077 |
| **Ireland 1.6%** | **Ireland 1.6%** | **Ireland 1.6%** |
| Smurfit Westrock Public Limited Company | 1132 | 43762 |
| **China 1.3%** | **China 1.3%** | **China 1.3%** |
| Tencent Holdings Limited | 456 | 35106 |
| **Sweden 1.1%** | **Sweden 1.1%** | **Sweden 1.1%** |
| Hexagon Aktiebolag - Class B | 2648 | 31267 |
| **Singapore 0.9%** | **Singapore 0.9%** | **Singapore 0.9%** |
| United Overseas Bank Limited | 953 | 25940 |
| **Luxembourg 0.4%** | **Luxembourg 0.4%** | **Luxembourg 0.4%** |
| ArcelorMittal | 276 | 12697 |
| **Greece 0.4%** | **Greece 0.4%** | **Greece 0.4%** |
| Eurobank S.A. (a) | 2580 | 10337 |
| **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** |
| PT. Bank Mandiri | 22553 | 6907 |
| Total Common Stocks (cost $2,110,418) | Total Common Stocks (cost $2,110,418) | 2648450 |
| **PREFERRED STOCKS 3.0%** | **PREFERRED STOCKS 3.0%** | **PREFERRED STOCKS 3.0%** |
| **Switzerland 3.0%** | **Switzerland 3.0%** | **Switzerland 3.0%** |
| Roche Holding AG | 205 | 84118 |
| Total Preferred Stocks (cost $61,146) | Total Preferred Stocks (cost $61,146) | 84118 |
| **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** |
| **Investment Companies 1.9%** | **Investment Companies 1.9%** | **Investment Companies 1.9%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 53524 | 53524 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) |  |  |
| Total Short Term Investments (cost $53,524) | Total Short Term Investments (cost $53,524) | 53524 |
| **Total Investments 99.8% (cost $2,225,088)** | **Total Investments 99.8% (cost $2,225,088)** | **2786092** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **4630** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2790722** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** | **JNL/Causeway International Value Select Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 9333 | 629551 | 585360 | 1651 |  |  | 53524 | 1.9 |
| JNL Government Money Market Fund, 3.74% - Class SL | 10658 | 125917 | 136575 | 418 |  |  |  |  |
|  | 19991 | 755468 | 721935 | 2069 |  |  | 53524 | 1.9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 172552 | 2475898 |  | 2648450 |
| &nbsp;&nbsp;Preferred Stocks |  | 84118 |  | 84118 |
| &nbsp;&nbsp;Short Term Investments | 53524 |  |  | 53524 |
|  | 226076 | 2560016 |  | 2786092 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Information Technology 45.9%** | **Information Technology 45.9%** | **Information Technology 45.9%** |
| Apple Inc. | 305 | 82871 |
| Arista Networks, Inc. (a) | 32 | 4167 |
| ASML Holding N.V. - ADR | 23 | 24967 |
| Broadcom Inc. | 83 | 28849 |
| Datadog, Inc. - Class A (a) | 53 | 7173 |
| Fair Isaac Corporation (a) | 8 | 12884 |
| Intuit Inc. | 45 | 29743 |
| Marvell Technology, Inc. | 96 | 8161 |
| Microsoft Corporation | 204 | 98880 |
| NVIDIA Corporation | 1044 | 194686 |
| Oracle Corporation | 157 | 30594 |
| Palo Alto Networks, Inc. (a) | 175 | 32211 |
| Salesforce, Inc. | 51 | 13493 |
| ServiceNow, Inc. (a) | 74 | 11334 |
| Synopsys, Inc. (a) | 47 | 21890 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 96 | 29064 |
|  |  | 630967 |
| **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** |
| Airbnb, Inc. - Class A (a) | 181 | 24615 |
| Amazon.com, Inc. (a) | 455 | 104994 |
| Chipotle Mexican Grill, Inc. (a) | 598 | 22122 |
| Tesla, Inc. (a) | 66 | 29729 |
|  |  | 181460 |
| **Communication Services 12.1%** | **Communication Services 12.1%** | **Communication Services 12.1%** |
| Alphabet Inc. - Class A | 124 | 38782 |
| Meta Platforms, Inc. - Class A | 122 | 80730 |
| Netflix, Inc. (a) | 505 | 47382 |
|  |  | 166894 |
| **Industrials 8.4%** | **Industrials 8.4%** | **Industrials 8.4%** |
| Airbus SE - ADR | 324 | 18785 |
| Eaton Corporation Public Limited Company | 82 | 26122 |
| Parker-Hannifin Corporation | 8 | 6680 |
| RTX Corporation | 114 | 20973 |
| Uber Technologies, Inc. (a) | 237 | 19366 |
| W.W. Grainger, Inc. | 23 | 23419 |
|  |  | 115345 |
| **Health Care 7.6%** | **Health Care 7.6%** | **Health Care 7.6%** |
| Intuitive Surgical, Inc. (a) | 63 | 35442 |
| Stryker Corporation | 55 | 19246 |
| Thermo Fisher Scientific Inc. | 43 | 24931 |
| Vertex Pharmaceuticals Incorporated (a) | 54 | 24642 |
|  |  | 104261 |
| **Financials 7.3%** | **Financials 7.3%** | **Financials 7.3%** |
| Marsh & Mclennan Companies, Inc. | 111 | 20526 |
| PayPal Holdings, Inc. | 117 | 6859 |
| S&P Global Inc. | 33 | 17254 |
| Visa Inc. - Class A | 158 | 55321 |
|  |  | 99960 |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| Linde Public Limited Company | 46 | 19443 |
| Sherwin-Williams Company, The | 60 | 19578 |
|  |  | 39021 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Monster Beverage 1990 Corporation (a) | 218 | 16731 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Equinix, Inc. | 11 | 8676 |
| Total Common Stocks (cost $753,381) | Total Common Stocks (cost $753,381) | 1363315 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 11477 | 11477 |
| Total Short Term Investments (cost $11,477) | Total Short Term Investments (cost $11,477) | 11477 |
| **Total Investments 99.9% (cost $764,858)** | **Total Investments 99.9% (cost $764,858)** | **1374792** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1386** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1376178** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** | **JNL/ClearBridge Large Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 8912 | 320196 | 317631 | 592 |  |  | 11477 | 0.8 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 27946 | 27946 | 11 |  |  |  |  |
|  | 8912 | 348142 | 345577 | 603 |  |  | 11477 | 0.8 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1363315 |  |  | 1363315 |
| &nbsp;&nbsp;Short Term Investments | 11477 |  |  | 11477 |
|  | 1374792 |  |  | 1374792 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **Real Estate 96.4%** | **Real Estate 96.4%** | **Real Estate 96.4%** |
| Agree Realty Corporation | 23 | 1645 |
| American Homes 4 Rent - Class A | 31 | 1008 |
| American Tower Corporation | 26 | 4582 |
| Americold Realty Trust, Inc. (a) | 18 | 236 |
| BXP, Inc. | 22 | 1500 |
| Caretrust REIT, Inc. | 28 | 1003 |
| Crown Castle Inc. | 67 | 5965 |
| Digital Realty Trust, Inc. | 46 | 7179 |
| Equinix, Inc. | 4 | 3160 |
| Equity Lifestyle Properties, Inc. | 10 | 621 |
| Equity Residential | 16 | 996 |
| Essex Property Trust, Inc. | 10 | 2514 |
| Extra Space Storage Inc. | 29 | 3742 |
| Gaming and Leisure Properties, Inc. | 14 | 609 |
| Healthcare Realty Trust Incorporated - Class A | 95 | 1615 |
| Highwoods Properties, Inc. | 36 | 936 |
| Host Hotels & Resorts, Inc. | 123 | 2180 |
| Hudson Pacific Properties, Inc. (b) | 12 | 134 |
| Invitation Homes Inc. | 81 | 2246 |
| Iron Mountain Incorporated | 33 | 2748 |
| Kilroy Realty Corporation (a) | 9 | 328 |
| Kimco Realty OP, LLC | 84 | 1712 |
| Kite Realty Naperville, LLC | 54 | 1300 |
| Lamar Advertising Company - Class A | 3 | 406 |
| Omega Healthcare Investors, Inc. | 21 | 919 |
| OUTFRONT Media Inc. | 24 | 569 |
| ProLogis Inc. | 42 | 5350 |
| Public Storage Operating Company | 5 | 1314 |
| Realty Income Corporation | 22 | 1219 |
| SBA Communications Corporation - Class A | 9 | 1733 |
| Simon Property Group, Inc. | 8 | 1493 |
| SL Green Realty Corp. | 10 | 456 |
| Sun Communities, Inc. | 18 | 2195 |
| UDR, Inc. | 38 | 1405 |
| Welltower Inc. | 53 | 9925 |
| Weyerhaeuser Company | 82 | 1939 |
|  |  | 76882 |
| **Consumer Discretionary 1.4%** | **Consumer Discretionary 1.4%** | **Consumer Discretionary 1.4%** |
| Boyd Gaming Corporation | 4 | 320 |
| Caesars Entertainment, Inc. (b) | 35 | 810 |
|  |  | 1130 |
| **Health Care 0.8%** | **Health Care 0.8%** | **Health Care 0.8%** |
| PACS Group, Inc. (b) | 16 | 609 |
| Total Common Stocks (cost $82,616) | Total Common Stocks (cost $82,616) | 78621 |
| **WARRANTS 0.3%** | **WARRANTS 0.3%** | **WARRANTS 0.3%** |
| Hudson Pacific Properties, Inc. (b) (c) | 22 | 234 |
| Total Warrants (cost $339) | Total Warrants (cost $339) | 234 |
| **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 3.74% (d) (e) | 594 | 594 |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 440 | 440 |
| Total Short Term Investments (cost $1,034) | Total Short Term Investments (cost $1,034) | 1034 |
| **Total Investments 100.2% (cost $83,989)** | **Total Investments 100.2% (cost $83,989)** | **79889** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | (153) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **79736** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Non-income producing security.

(c) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** | **JNL/Cohen & Steers U.S. Realty Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 978 | 27230 | 27768 | 20 |  |  | 440 | 0.6 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 882 | 288 |  |  |  | 594 | 0.7 |
|  | 978 | 28112 | 28056 | 20 |  |  | 1034 | 1.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 78621 |  |  | 78621 |
| &nbsp;&nbsp;Warrants |  | 234 |  | 234 |
| &nbsp;&nbsp;Short Term Investments | 1034 |  |  | 1034 |
|  | 79655 | 234 |  | 79889 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |
| **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** |
| **Japan 21.2%** | **Japan 21.2%** | **Japan 21.2%** |
| Advantest Corporation | 11 | 1404 |
| AEON Co., Ltd. | 29 | 454 |
| Ain Holdings Inc. | 3 | 124 |
| Ajinomoto Co., Inc. | 10 | 224 |
| Aozora Bank, Ltd. | 35 | 557 |
| Asahi Group Holdings, Ltd. | 40 | 415 |
| ASICS Corporation | 19 | 466 |
| Astellas Pharma Inc. | 82 | 1094 |
| Bandai Namco Holdings Inc. | 17 | 453 |
| Baycurrent Inc. | 4 | 166 |
| Bridgestone Corporation (a) | 27 | 610 |
| Canon Inc. (a) | 19 | 573 |
| Capcom Co., Ltd. | 11 | 248 |
| Central Japan Railway Company | 6 | 152 |
| Chubu Electric Power Co., Ltd. | 13 | 193 |
| Chugai Pharmaceutical Co., Ltd. | 7 | 362 |
| Cosmo Energy Holdings Co., Ltd. | 23 | 613 |
| Daifuku Co., Ltd. | 8 | 258 |
| Dai-ichi Life Holdings, Inc. | 85 | 707 |
| Daiichi Sankyo Company, Limited | 11 | 240 |
| Daikin Industries, Ltd. | 4 | 475 |
| Daito Trust Construction Co., Ltd. | 9 | 162 |
| Daiwa House Industry Co., Ltd. | 14 | 465 |
| Daiwa Securities Group Inc. | 30 | 259 |
| Daiwabo Holdings Co., Ltd. | 46 | 913 |
| DENSO Corporation | 24 | 329 |
| DIC Corporation (a) | 39 | 900 |
| DISCO Corporation | 2 | 463 |
| DOWA Holdings Co., Ltd. | 56 | 2671 |
| East Japan Railway Company | 7 | 172 |
| EBARA Corporation | 22 | 519 |
| Eisai Co., Ltd. | 7 | 208 |
| ENEOS Holdings, Inc. | 163 | 1153 |
| EXEO Group, Inc. | 85 | 1413 |
| FANUC Corporation | 2 | 94 |
| Fast Retailing Co., Ltd. | 2 | 693 |
| Fuji Corporation Co., Ltd. | 18 | 424 |
| Fuji Electric Co., Ltd. | 4 | 281 |
| FUJIFILM Holdings Corporation | 11 | 229 |
| Fujikura Ltd. | 8 | 848 |
| Fujitsu Limited | 17 | 471 |
| Hamamatsu Photonics K.K. | 53 | 558 |
| Hankyu Hanshin Holdings, Inc. | 8 | 189 |
| HASEKO Corporation | 40 | 800 |
| Hitachi, Ltd. | 62 | 1947 |
| Honda Motor Co., Ltd. - ADR (a) | 1 | 22 |
| Honda Motor Co., Ltd. | 51 | 499 |
| HOYA Corporation | 4 | 546 |
| Idemitsu Kosan Co., Ltd. | 48 | 363 |
| IHI Corporation | 32 | 556 |
| Inpex Corporation | 91 | 1823 |
| Isuzu Motors Limited | 59 | 920 |
| ITOCHU Corporation | 41 | 518 |
| J.Front Retailing Co., Ltd. | 30 | 423 |
| Japan Airlines Co., Ltd. | 6 | 109 |
| Japan Airport Terminal Co., Ltd. | 33 | 915 |
| Japan Exchange Group, Inc. | 30 | 321 |
| Japan Post Bank Co., Ltd. | 17 | 241 |
| Japan Post Holdings Co., Ltd. | 16 | 173 |
| Japan Tobacco Inc. | 12 | 418 |
| JEOL Ltd. | 21 | 682 |
| Kaga Electronics Co., Ltd. | 3 | 74 |
| Kajima Corporation | 5 | 172 |
| Kanematsu Corporation | 55 | 632 |
| Kao Corporation | 12 | 464 |
| Kawasaki Heavy Industries, Ltd. | 6 | 424 |
| KDDI Corporation | 64 | 1097 |
| Keio Corporation | 11 | 295 |
| Keisei Electric Railway Co., Ltd. | 3 | 27 |
| Keyence Corporation | 1 | 217 |
| Kikkoman Corporation | 28 | 251 |
| Kintetsu Group Holdings Co., Ltd. | 21 | 413 |
| Kirin Holdings Company, Limited | 20 | 303 |
| Koei Tecmo Holdings Co., Ltd. | 8 | 94 |
| Komatsu Ltd. | 13 | 422 |
| Konami Group Corporation | 3 | 396 |
| Konica Minolta, Inc. | 250 | 1088 |
| Kubota Corporation | 31 | 441 |
| Kurita Water Industries Ltd. | 11 | 459 |
| KYOCERA Corporation | 35 | 484 |
| Kyushu Electric Power Co., Inc. | 22 | 231 |
| Lasertec Co., Ltd. (a) | 2 | 452 |
| Lion Corporation | 75 | 787 |
| LIXIL Corporation | 63 | 765 |
| LY Corporation | 54 | 145 |
| Mabuchi Motor Co., Ltd. | 136 | 1244 |
| Makita Corporation | 5 | 154 |
| Marubeni Corporation | 14 | 376 |
| MARUWA Co., Ltd. | 1 | 300 |
| MatsukiyoCocokara & Co. | 4 | 62 |
| Mebuki Financial Group Inc. | 188 | 1243 |
| Meiji Holdings Co., Ltd. | 6 | 138 |
| Mercari, Inc. (b) | 74 | 1493 |
| Minebeamitsumi Inc. | 59 | 1195 |
| MIRAIT ONE Corporation | 14 | 309 |
| Mitsubishi Chemical Group Corporation | 110 | 643 |
| Mitsubishi Corporation | 29 | 672 |
| Mitsubishi Electric Corporation | 9 | 264 |
| Mitsubishi Estate Co., Ltd. | 10 | 237 |
| Mitsubishi Heavy Industries, Ltd. | 22 | 543 |
| Mitsubishi Logistics Corporation | 31 | 234 |
| Mitsubishi Materials Corporation | 87 | 2044 |
| Mitsubishi UFJ Financial Group, Inc. | 76 | 1208 |
| Mitsui & Co., Ltd. | 17 | 493 |
| Mitsui E&S Co., Ltd. | 27 | 951 |
| Mitsui Fudosan Co., Ltd. | 17 | 191 |
| Mitsui Kinzoku Company, Limited | 21 | 2332 |
| Mitsui O.S.K. Lines, Ltd. (a) | 12 | 361 |
| Mizuho Financial Group, Inc. | 22 | 788 |
| MonotaRO Co., Ltd. | 4 | 62 |
| MS&AD Insurance Group Holdings, Inc. | 28 | 656 |
| Murata Manufacturing Co., Ltd. | 15 | 314 |
| Nagase & Co., Ltd. | 57 | 1388 |
| Nagoya Railroad Co., Ltd. (a) | 19 | 209 |
| Nec Corporation | 9 | 292 |
| Nidec Corporation | 31 | 426 |
| Nifco Inc. | 37 | 1146 |
| Nihon M&A Center Holdings Inc. | 10 | 46 |
| Nintendo Co., Ltd. | 2 | 128 |
| Nippon Express Co., Ltd. | 34 | 720 |
| Nippon Gas Co., Ltd. | 75 | 1422 |
| Nippon Paint Holdings Co., Ltd. | 28 | 186 |
| Nippon Sanso Holdings Corporation | 2 | 48 |
| Nippon Steel Corporation | 166 | 682 |
| Nippon Telegraph and Telephone Corporation | 213 | 215 |
| Nippon Yusen Kabushiki Kaisha | 18 | 571 |
| Nipro Corporation | 12 | 110 |
| Nissan Chemical Corporation | 16 | 536 |
| Nissan Motor Co., Ltd. (b) | 83 | 206 |
| Nissin Food Holdings Co., Ltd. | 2 | 37 |
| Niterra Co., Ltd. | 3 | 132 |
| Nitori Holdings Co., Ltd. | 19 | 329 |
| Nitto Denko Corporation | 24 | 571 |
| Nomura Holdings, Inc. | 52 | 428 |
| Nomura Holdings, Inc. - ADR | 4 | 32 |
| Nomura Research Institute, Ltd. | 6 | 243 |
| OBIC Business Consultants Co., Ltd. | 1 | 27 |
| OBIC Co., Ltd. | 4 | 126 |
| Olympus Corporation | 48 | 605 |
| OMRON Corporation | 2 | 45 |
| Ono Pharmaceutical Co., Ltd. | 4 | 53 |
| Oriental Land Co., Ltd. | 7 | 131 |
| ORIX Corporation | 18 | 533 |
| Osaka Gas Co., Ltd. | 4 | 122 |
| Otsuka Holdings Co., Ltd. | 9 | 520 |
| Pan Pacific International Holdings Corporation | 37 | 217 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Panasonic Holdings Corporation | 41 | 529 |
| Pigeon Corporation (a) | 46 | 475 |
| Rakuten Bank, Ltd. (b) | 1 | 62 |
| Rakuten Group, Inc. (b) | 40 | 256 |
| Recruit Holdings Co., Ltd. | 14 | 805 |
| Renesas Electronics Corporation | 29 | 396 |
| Resona Holdings, Inc. | 34 | 328 |
| Resonac Graphite America Inc. | 59 | 2473 |
| Ryohin Keikaku Co., Ltd. | 4 | 67 |
| Sankyu Co., Ltd. | 6 | 308 |
| Santen Pharmaceutical Co., Ltd. | 159 | 1650 |
| Sapporo Holdings Limited (a) | 60 | 645 |
| Sawai Group Holdings Co., Ltd. | 19 | 292 |
| SBI Holdings, Inc. | 28 | 608 |
| SCREEN Holdings Co., Ltd. | 2 | 146 |
| Secom Co., Ltd. | 2 | 85 |
| Sekisui Chemical Co., Ltd. | 30 | 508 |
| Sekisui House, Ltd. | 24 | 535 |
| Seven & I Holdings Co., Ltd. | 48 | 693 |
| Shimadzu Corporation | 7 | 173 |
| Shimano Inc. | 2 | 158 |
| Shin-Etsu Chemical Co., Ltd. | 23 | 715 |
| Shionogi & Co., Ltd. | 18 | 322 |
| Ship Healthcare Holdings, Inc. | 62 | 1046 |
| Shiseido Company, Limited (a) | 7 | 99 |
| Sinfonia Technology Co., Ltd. | 17 | 987 |
| SKYLARK Holdings Co., Ltd. (a) | 53 | 1138 |
| SMC Corporation | 1 | 244 |
| Socionext Inc. | 35 | 488 |
| SoftBank Corp. | 230 | 316 |
| SoftBank Group Corp. | 115 | 3223 |
| Sojitz Corporation | 41 | 1278 |
| Sompo Holdings, Inc. | 18 | 620 |
| Sony Financial Group Inc. | 89 | 94 |
| Sony Group Corporation | 89 | 2287 |
| Sotetsu Holdings Inc. | 18 | 327 |
| Subaru Corporation. | 64 | 1402 |
| SUMCO Corporation (a) | 184 | 1686 |
| Sumitomo Bakelite Co., Ltd. | 3 | 92 |
| Sumitomo Chemical Company, Limited | 346 | 984 |
| Sumitomo Corporation | 11 | 367 |
| Sumitomo Electric Industries, Ltd. | 31 | 1254 |
| Sumitomo Forestry Co., Ltd. (a) | 50 | 514 |
| Sumitomo Heavy Industries, Ltd. | 18 | 464 |
| Sumitomo Mitsui Financial Group, Inc. - ADR | 3 | 58 |
| Sumitomo Mitsui Financial Group, Inc. | 32 | 1015 |
| Sumitomo Mitsui Trust Group, Inc. | 14 | 415 |
| Sumitomo Realty & Development Co., Ltd. | 24 | 593 |
| Suzuki Motor Corporation | 37 | 559 |
| Sysmex Corporation | 74 | 727 |
| T&D Holdings, Inc. | 13 | 293 |
| Taisei Corporation | 3 | 237 |
| Takeda Pharmaceutical Company Limited | 24 | 736 |
| TDK Corporation | 42 | 592 |
| Teijin Limited | 26 | 228 |
| Terumo Corporation | 16 | 232 |
| The Hachijuni Bank, Ltd. | 64 | 690 |
| The Kansai Electric Power Company, Incorporated | 15 | 231 |
| TIS Inc. | 6 | 195 |
| Toho Co., Ltd. | 1 | 46 |
| TOHO GAS Co., Ltd. | 6 | 167 |
| Tokai Carbon Co., Ltd. | 152 | 939 |
| Tokio Marine Holdings, Inc. | 27 | 998 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 36 | 150 |
| Tokyo Electron Limited | 4 | 949 |
| Tokyo Gas Co., Ltd. | 6 | 242 |
| Tokyu Fudosan Holdings Corporation | 175 | 1599 |
| Toray Industries, Inc. | 44 | 288 |
| Tosoh Corporation | 75 | 1124 |
| TOTO Ltd. | 19 | 517 |
| Toyo Suisan Kaisha, Ltd. | 3 | 192 |
| Toyo Tire Corporation | 32 | 884 |
| Toyota Industries Corporation | 1 | 113 |
| Toyota Motor Corporation | 185 | 3965 |
| Toyota Tsusho Corporation | 17 | 587 |
| Trend Micro Incorporated | 16 | 644 |
| Tsumura & Co. | 86 | 2223 |
| UBE Corporation | 45 | 740 |
| Unicharm Corporation | 46 | 265 |
| United Supermarkets Holdings Inc. (a) | 40 | 231 |
| West Japan Railway Company | 11 | 225 |
| Yakult Honsha Co., Ltd. | 32 | 503 |
| Yamaha Corporation | 14 | 98 |
| Yamaha Motor Co., Ltd. (a) | 49 | 365 |
| Yamato Holdings Co., Ltd. | 35 | 491 |
| Yaskawa Electric Corporation | 8 | 254 |
| Yokohama Financial Group, Inc. | 69 | 573 |
| Yoshinoya Holdings Co., Ltd. (a) | 58 | 1142 |
| | | 134054 |
| **Canada 11.7%** | **Canada 11.7%** | **Canada 11.7%** |
| Agnico Eagle Mines Limited | 12 | 2057 |
| Alamos Gold Inc - Class A | 33 | 1269 |
| Algonquin Power & Utilities Corp. (a) | 93 | 569 |
| Alimentation Couche-Tard Inc. | 10 | 543 |
| ARC Resources Ltd. | 63 | 1173 |
| Aritzia, Inc. (b) | 3 | 219 |
| ATCO Ltd. - Class I | 5 | 198 |
| ATS Corporation (b) | 6 | 153 |
| Bank of Montreal | 11 | 1400 |
| Bank of Nova Scotia, The | 16 | 1150 |
| Banque Nationale Du Canada (a) | 7 | 888 |
| Barrick Mining Corporation | 52 | 2256 |
| Bombardier Inc. - Class B (b) | 5 | 804 |
| Boyd Group Services Inc. | 2 | 356 |
| Brookfield Corporation - Class A | 12 | 555 |
| Brookfield Infrastructure Corporation - Class A (a) | 3 | 154 |
| Brookfield Wealth Solutions Ltd. - Class A | 10 | 449 |
| CAE Inc. (a) (b) | 8 | 228 |
| Cameco Corporation | 3 | 247 |
| Canadian Imperial Bank of Commerce | 19 | 1712 |
| Canadian National Railway Company | 7 | 732 |
| Canadian Natural Resources Limited | 57 | 1917 |
| Canadian Pacific Kansas City Limited | 7 | 497 |
| Capital Power Corporation (a) | 9 | 392 |
| Celestica Inc. (b) | 6 | 1834 |
| Cenovus Energy Inc. | 84 | 1423 |
| Chorus Limited - Class A | 6 | 525 |
| Chorus Limited - Class A |  | 35 |
| Colliers International Group Inc. | 2 | 265 |
| Constellation Software Inc. |  | 481 |
| Descartes Systems Group Inc., The (b) | 2 | 137 |
| Dollarama Inc. | 7 | 1031 |
| Eldorado Gold Corporation (a) (b) | 62 | 2238 |
| Element Fleet Management Corp. | 34 | 900 |
| Emera Incorporated (c) | 6 | 291 |
| Empire Company Limited - Class A | 2 | 70 |
| Enbridge Inc. | 13 | 641 |
| EQB Inc. | 4 | 327 |
| Fairfax Financial Holdings Limited |  | 572 |
| Finning International Inc. (a) | 31 | 1656 |
| FirstService Corporation (a) | 4 | 634 |
| Fortis Inc. | 1 | 55 |
| Fortis Inc. (a) | 8 | 426 |
| Franco-Nevada Corporation | 1 | 273 |
| GFL Environmental Inc. | 3 | 142 |
| Great-West Lifeco Inc. | 4 | 212 |
| Groupe Atkinsrealis Inc. | 5 | 303 |
| Groupe WSP Global Inc. | 4 | 696 |
| Hydro One Limited | 1 | 43 |
| iA Societe Financiere Inc. | 9 | 1140 |
| IAMGOLD Corporation (a) (b) | 195 | 3215 |
| IGM Financial Inc. | 4 | 200 |
| Imperial Oil Limited | 6 | 543 |
| Intact Financial Corporation | 5 | 976 |
| International Petroleum Corporation (b) | 12 | 214 |
| Kinross Gold Corporation | 90 | 2541 |
| Les Vetements de Sport Gildan Inc. - Class A | 24 | 1511 |
| Loblaw Companies Limited | 11 | 492 |
| Magna International Inc. | 18 | 954 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Manulife Financial Corporation | 22 | 793 |
| MDA Space Ltd. (b) | 5 | 99 |
| Methanex Corporation | 6 | 250 |
| Metro Inc. - Class A | 7 | 533 |
| Nutrien Ltd. | 17 | 1076 |
| ONEX Corporation | 16 | 1345 |
| Open Text Corporation | 54 | 1763 |
| Orogen Royalties Inc. | 4 | 142 |
| Pan American Silver Corp. | 32 | 1649 |
| Pembina Pipeline Corporation | 22 | 823 |
| Prairiesky Royalty Ltd. (a) | 14 | 279 |
| Premium Brands Holdings Corporation | 3 | 220 |
| Quebecor Inc. - Class B | 2 | 89 |
| Restaurant Brands International Limited Partnership | 11 | 737 |
| Rogers Communications Inc. - Class B | 27 | 1022 |
| Royal Bank of Canada |  | 63 |
| Royal Bank of Canada | 31 | 5283 |
| Saputo Inc. | 3 | 80 |
| Shopify Inc. - Class A (b) | 2 | 242 |
| Shopify Inc. - Class A (b) |  | 60 |
| South Bow Corporation (a) | 5 | 141 |
| Spin Master Corp. (d) | 1 | 15 |
| Stantec Inc. | 8 | 753 |
| Sun Life Financial Inc. | 25 | 1544 |
| Suncor Energy Inc. | 37 | 1657 |
| TC Energy Corporation (a) | 6 | 340 |
| Teck Resources Limited - Class B | 8 | 377 |
| TFI International Inc. (a) | 2 | 240 |
| Thomson Reuters Corporation | 1 | 144 |
| TMX Group Limited | 6 | 244 |
| Toromont Industries Ltd. | 9 | 1060 |
| Toronto-Dominion Bank, The (a) | 3 | 295 |
| Toronto-Dominion Bank, The | 13 | 1236 |
| Tourmaline Oil Corp | 8 | 377 |
| Triple Flag Precious Metals Corp. | 6 | 196 |
| Wheaton Precious Metals Corp. | 1 | 144 |
| Whitecap Resources Inc. (a) | 210 | 1763 |
| Winpak Ltd. (a) | 1 | 29 |
| | | 74017 |
| **United Kingdom 11.4%** | **United Kingdom 11.4%** | **United Kingdom 11.4%** |
| 3i Group PLC | 38 | 1679 |
| Anglo American PLC | 31 | 1302 |
| AstraZeneca PLC - ADR | 9 | 833 |
| AstraZeneca PLC | 17 | 3149 |
| Auto Trader Group PLC | 144 | 1133 |
| BAE Systems PLC | 38 | 868 |
| Barclays PLC | 188 | 1208 |
| Barclays PLC - ADR | 6 | 143 |
| Barratt Redrow PLC | 606 | 3112 |
| Beazley Ireland Holdings PLC | 89 | 997 |
| Bellway P.L.C | 14 | 526 |
| BP P.L.C. - ADR | 8 | 281 |
| BP P.L.C. | 335 | 1961 |
| British American Tobacco P.L.C. | 16 | 930 |
| BT Group PLC | 397 | 985 |
| Bunzl Public Limited Company | 8 | 211 |
| Burberry Group PLC (b) | 62 | 1052 |
| Centrica PLC | 455 | 1041 |
| Compass Group PLC | 49 | 1563 |
| Croda International Public Limited Company | 9 | 320 |
| Diageo PLC - ADR | 1 | 107 |
| Diageo PLC | 21 | 462 |
| Diploma PLC | 1 | 102 |
| Drax Group PLC | 31 | 347 |
| Experian PLC | 27 | 1207 |
| Fiat Chrysler Automobiles N.V. | 45 | 492 |
| Frasers Group PLC (b) | 14 | 127 |
| Games Workshop Group PLC | 2 | 568 |
| GSK PLC | 56 | 1383 |
| GSK PLC - ADR | 1 | 39 |
| Haleon PLC | 226 | 1139 |
| Haleon PLC - ADR | 1 | 10 |
| Halma Public Limited Company | 3 | 129 |
| Howden Joinery Group PLC | 137 | 1538 |
| HSBC Holdings PLC - ADR | 8 | 638 |
| HSBC Holdings PLC | 199 | 3148 |
| Imperial Brands PLC | 21 | 878 |
| Inchcape PLC | 23 | 239 |
| Informa PLC | 101 | 1197 |
| InterContinental Hotels Group PLC | 1 | 172 |
| InterContinental Hotels Group PLC - ADR (a) | 1 | 109 |
| Intertek Group PLC | 18 | 1140 |
| Ithaca Energy PLC | 35 | 79 |
| J Sainsbury PLC | 127 | 555 |
| JD Sports Fashion PLC | 28 | 32 |
| Jet2 PLC | 4 | 70 |
| Kingfisher PLC | 454 | 1917 |
| Legal & General Group PLC | 166 | 586 |
| Lion Finance Group PLC | 5 | 664 |
| Lloyds Banking Group PLC - ADR (a) | 17 | 88 |
| Lloyds Banking Group PLC | 704 | 933 |
| London Stock Exchange Group PLC | 1 | 180 |
| Man Group PLC | 119 | 366 |
| Marks and Spencer Group P.L.C. | 243 | 1083 |
| Melrose Industries PLC | 23 | 184 |
| Mondi PLC | 28 | 338 |
| National Grid PLC | 24 | 362 |
| National Grid PLC - ADR (a) | 2 | 147 |
| NatWest Group PLC | 261 | 2287 |
| Next PLC | 3 | 475 |
| Paragon Banking Group PLC | 23 | 263 |
| Pennon Group PLC | 70 | 498 |
| Reckitt Benckiser Group PLC | 22 | 1775 |
| Relx PLC | 25 | 1011 |
| Relx PLC - ADR | 5 | 211 |
| Rolls-Royce Holdings PLC | 158 | 2456 |
| RS Group PLC | 80 | 669 |
| Serco Group PLC | 91 | 343 |
| Severn Trent PLC | 6 | 241 |
| Shell PLC - Class A | 115 | 4256 |
| Shell PLC - Class A - ADR | 13 | 922 |
| Smith & Nephew PLC - ADR (a) | 5 | 180 |
| Smith & Nephew PLC | 36 | 602 |
| Smiths Group PLC | 9 | 299 |
| Softcat PLC | 58 | 1102 |
| Spirax Group PLC | 5 | 445 |
| SSE PLC | 40 | 1188 |
| St. James's Place PLC | 42 | 777 |
| Standard Chartered PLC | 9 | 226 |
| Subsea 7 S.A. | 11 | 218 |
| Tate & Lyle Public Limited Company | 18 | 90 |
| Tesco PLC | 250 | 1487 |
| The Sage Group PLC | 19 | 279 |
| Unilever PLC | 16 | 1068 |
| Unilever PLC - ADR | 7 | 490 |
| United Utilities PLC | 33 | 538 |
| Vistry Group PLC | 11 | 93 |
| Vodafone Group Public Limited Company | 987 | 1315 |
| Wise PLC - Class A (b) | 10 | 116 |
| WPP 2012 Limited | 30 | 133 |
|  |  | 72102 |
| **France 7.7%** | **France 7.7%** | **France 7.7%** |
| Aeroports de Paris (a) | 3 | 364 |
| Airbus SE | 6 | 1377 |
| Alstom (b) | 19 | 571 |
| Amundi (c) | 4 | 357 |
| AXA | 16 | 773 |
| Biomerieux S.A. | 1 | 176 |
| BNP Paribas | 8 | 739 |
| Bouygues | 15 | 807 |
| Bureau Veritas | 17 | 553 |
| Capgemini France | 4 | 713 |
| Carrefour | 82 | 1365 |
| Compagnie de Saint-Gobain | 20 | 2089 |
| Compagnie Generale des Etablissements Michelin | 28 | 946 |
| Credit Agricole S.A. | 15 | 309 |
| Danone | 11 | 981 |
| Dassault Aviation | 1 | 181 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dassault Systemes | 5 | 134 |
| Edenred | 7 | 150 |
| Eiffage | 8 | 1171 |
| Elis Services | 8 | 215 |
| Engie | 95 | 2504 |
| EssilorLuxottica | 1 | 388 |
| Eurazeo | 3 | 218 |
| Eurofins Scientific SE | 13 | 943 |
| Euronext N.V. (c) | 6 | 860 |
| Gaztransport Et Technigaz | 4 | 773 |
| Getlink S.E. | 6 | 104 |
| Hermes International |  | 819 |
| IPSEN | 3 | 480 |
| JCDecaux SE | 20 | 363 |
| Kering | 1 | 271 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 6 | 1130 |
| Legrand | 6 | 843 |
| L'Oreal | 2 | 755 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 2594 |
| Nexans | 2 | 291 |
| Orange | 121 | 2021 |
| Pernod Ricard | 2 | 165 |
| Publicis Groupe S.A. | 4 | 432 |
| Renault | 37 | 1517 |
| Rexel | 54 | 2134 |
| Safran | 3 | 1036 |
| Sanofi | 10 | 946 |
| Sartorius Stedim Biotech |  | 38 |
| Schneider Electric SE | 2 | 533 |
| Societe d'exploitation Hoteliere (a) | 22 | 1127 |
| Societe Generale | 28 | 2255 |
| Spie S.A. | 16 | 902 |
| Technip Energies N.V. | 7 | 280 |
| Teleperformance SE | 4 | 281 |
| Thales | 3 | 794 |
| Tikehau Capital | 5 | 92 |
| TotalEnergies SE | 58 | 3834 |
| Veolia Environnement | 9 | 325 |
| VINCI | 14 | 1911 |
| Vivendi SE | 104 | 289 |
| VusionGroup | 1 | 226 |
| | | 48445 |
| **Germany 7.6%** | **Germany 7.6%** | **Germany 7.6%** |
| Adidas AG - Class N | 4 | 827 |
| Allianz SE | 3 | 1520 |
| Aumovio SE (b) | 3 | 165 |
| Aurubis AG | 4 | 568 |
| BASF SE - Class N | 50 | 2613 |
| Bayer Aktiengesellschaft - Class N | 5 | 207 |
| Bayerische Motoren Werke Aktiengesellschaft | 6 | 708 |
| Beiersdorf Aktiengesellschaft | 1 | 135 |
| Brenntag SE - Class N | 14 | 835 |
| Carl Zeiss Meditec AG | 11 | 493 |
| Continental Aktiengesellschaft | 7 | 521 |
| CTS Eventim AG & Co. KGaA | 13 | 1188 |
| Daimler Truck Holding AG | 30 | 1310 |
| Deutsche Bank Aktiengesellschaft - Class N | 25 | 955 |
| Deutsche Borse Aktiengesellschaft - Class N | 4 | 952 |
| Deutsche Lufthansa Aktiengesellschaft | 35 | 341 |
| Deutsche Post AG - Class N | 36 | 1988 |
| Deutsche Telekom AG - Class N | 103 | 3340 |
| DW Property Invest GmbH | 3 | 65 |
| E.ON SE - Class N | 127 | 2418 |
| Elia Group | 2 | 248 |
| Fraport AG Frankfurt Airport Services Worldwide | 2 | 139 |
| freenet AG - Class N | 15 | 520 |
| Fresenius Medical Care AG | 14 | 685 |
| Fresenius SE & Co. KGaA | 14 | 780 |
| GEA Group Aktiengesellschaft | 24 | 1647 |
| Hannover Ruck SE - Class N | 3 | 852 |
| Hapag-Lloyd Aktiengesellschaft (c) | 1 | 138 |
| Heidelberg Materials AG | 1 | 176 |
| Henkel AG & Co. KGaA |  | 7 |
| Hensoldt AG | 20 | 1718 |
| Infineon Technologies AG - Class N | 34 | 1482 |
| Kion Group AG | 9 | 747 |
| Knorr - Bremse Aktiengesellschaft (c) | 13 | 1427 |
| LEG Immobilien SE | 5 | 341 |
| Mercedes-Benz Group AG - Class N | 14 | 984 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 183 |
| MTU Aero Engines AG - Class N | 2 | 641 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 2 | 1399 |
| Nemetschek SE | 1 | 94 |
| Puma SE | 2 | 60 |
| Qiagen N.V. |  | 22 |
| Qiagen N.V. | 12 | 558 |
| Rheinmetall Aktiengesellschaft | 2 | 3461 |
| RTL Group S.A. | 3 | 110 |
| RWE Aktiengesellschaft | 22 | 1162 |
| SAP SE | 5 | 1161 |
| Scout24 SE (c) | 7 | 681 |
| Siemens Aktiengesellschaft - Class N | 3 | 892 |
| Siemens Energy AG (b) | 8 | 1137 |
| Siemens Healthineers AG (c) | 4 | 196 |
| Sixt SE | 1 | 104 |
| Stroer SE & Co. KGaA | 1 | 49 |
| Symrise AG | 4 | 314 |
| Talanx Aktiengesellschaft | 14 | 1889 |
| Volkswagen Aktiengesellschaft | 1 | 181 |
| Vonovia SE | 9 | 262 |
| Zalando SE (b) (c) | 22 | 636 |
|  |  | 48232 |
| **Switzerland 7.5%** | **Switzerland 7.5%** | **Switzerland 7.5%** |
| ABB Ltd - Class N | 11 | 785 |
| Alcon AG | 6 | 490 |
| Alcon AG | 10 | 753 |
| ALSO Holding AG - Class N | 1 | 189 |
| Amrize AG (b) | 15 | 802 |
| Avolta AG - Class N | 9 | 552 |
| BELIMO Holding AG - Class N | 1 | 530 |
| BKW Energie AG | 1 | 170 |
| Bucher Industries AG | 4 | 1755 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 293 |
| Compagnie Financiere Richemont S.A. | 4 | 918 |
| Datwyler Holding AG | 1 | 181 |
| EMS-Chemie Holding AG |  | 338 |
| Geberit AG - Class N | 3 | 2357 |
| Georg Fischer AG - Class N | 15 | 1037 |
| Givaudan S.A. - Class N |  | 309 |
| Glencore PLC | 153 | 838 |
| Helvetia Baloise Holding AG | 6 | 1629 |
| Holcim AG | 22 | 2189 |
| INFICON Holding AG | 1 | 117 |
| International Workplace Group PLC | 29 | 91 |
| Julius Bar Gruppe AG - Class N | 41 | 3198 |
| Lonza Group AG | 2 | 1039 |
| Nestle S.A. - Class N | 48 | 4723 |
| Novartis AG - ADR | 11 | 1550 |
| Novartis AG - Class N | 34 | 4609 |
| Partners Group Holding AG |  | 581 |
| PSP Swiss Property AG - Class N | 3 | 478 |
| Roche Holding AG |  | 164 |
| Schindler Holding AG - Class N | 1 | 231 |
| SGS S.A. | 3 | 301 |
| Siegfried Holding AG | 6 | 586 |
| Sika AG | 2 | 464 |
| SoftwareONE Holding AG | 2 | 20 |
| Sonova Holding AG | 3 | 666 |
| Sulzer AG - Class N | 1 | 157 |
| Swiss Life Holding AG - Class N | 1 | 899 |
| Swiss Prime Site AG - Class N | 39 | 6095 |
| Swiss Re AG | 1 | 114 |
| Swisscom AG - Class N | 1 | 798 |
| Swissquote Group Holding S.A. - Class N | 1 | 709 |
| UBS Group AG |  | 19 |
| UBS Group AG | 29 | 1361 |
| VAT Group AG (c) | 1 | 578 |
| VZ Holding AG - Class N | 2 | 349 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zurich Insurance Group AG - Class N | 1 | 1033 |
| | | 47045 |
| **Australia 6.1%** | **Australia 6.1%** | **Australia 6.1%** |
| AGL Energy Limited | 19 | 117 |
| ALS Limited | 36 | 521 |
| Ampol Limited | 19 | 402 |
| Ansell Limited | 32 | 746 |
| ANZ Group Holdings Limited | 30 | 720 |
| Aristocrat Leisure Limited | 5 | 205 |
| ASX Limited | 2 | 69 |
| Atlas Arteria Limited | 39 | 128 |
| AUB Group Limited | 12 | 243 |
| Australian Pipeline Trust | 20 | 122 |
| BHP Group Limited - ADR (a) | 8 | 500 |
| BHP Group Limited | 119 | 3591 |
| BHP Group Limited (a) | 6 | 179 |
| BlueScope Steel Limited | 34 | 539 |
| Brambles Limited | 57 | 867 |
| Breville Group Limited (a) | 23 | 444 |
| Car Group Limited | 3 | 66 |
| Cleanaway Waste Management Limited | 240 | 414 |
| Coles Group Limited | 46 | 655 |
| Commonwealth Bank of Australia | 10 | 1020 |
| Computershare Limited | 23 | 512 |
| CSL Limited | 5 | 532 |
| Dalrymple Bay Infrastructure Limited | 9 | 32 |
| Downer EDI Limited | 105 | 557 |
| Dyno Nobel Limited | 607 | 1296 |
| EBOS Group Limited | 7 | 105 |
| Endeavour Group Limited (a) | 154 | 376 |
| Evolution Mining Limited | 132 | 1111 |
| Flight Centre Travel Group Limited (a) | 5 | 50 |
| Fortescue Ltd | 50 | 735 |
| Generation Development Group Limited | 50 | 194 |
| Genesis Minerals Limited (b) | 62 | 299 |
| Harvey Norman Holdings Ltd | 83 | 384 |
| HUB24 Limited | 3 | 202 |
| IDP Education Limited (a) | 5 | 19 |
| Insurance Australia Group Limited | 104 | 554 |
| JB Hi-Fi Limited | 10 | 662 |
| Lendlease Corporation Limited | 44 | 154 |
| Lynas Rare Earths Limited (b) | 22 | 187 |
| Macquarie Group Limited | 2 | 310 |
| Medibank Private Limited | 135 | 432 |
| Metcash Limited | 261 | 575 |
| National Australia Bank Limited | 40 | 1117 |
| Netwealth Group Limited | 7 | 123 |
| New Hope Corporation Limited (a) | 371 | 994 |
| NEXTDC Limited (b) | 21 | 173 |
| Nine Entertainment Co. Holdings Limited | 197 | 145 |
| Northern Star Resources Ltd | 62 | 1101 |
| Orica Limited | 34 | 551 |
| Origin Energy Limited | 51 | 393 |
| Orora Limited (a) | 81 | 120 |
| PLS Group Limited (b) | 44 | 124 |
| Premier Investments Limited | 18 | 168 |
| Qantas Airways Limited | 15 | 104 |
| QBE Insurance Group Limited | 103 | 1364 |
| Ramsay Health Care Limited | 10 | 217 |
| Regis Healthcare Limited | 10 | 48 |
| Rio Tinto Limited | 11 | 1077 |
| Rio Tinto PLC - ADR | 1 | 80 |
| Rio Tinto PLC | 24 | 1958 |
| Santos Limited | 190 | 780 |
| SEEK Limited | 13 | 207 |
| Sonic Healthcare Limited | 15 | 230 |
| Steadfast Group Ltd | 37 | 129 |
| Suncorp Group Limited | 74 | 866 |
| Super Retail Group Limited | 36 | 384 |
| Technology One Limited | 14 | 267 |
| Telstra Group Limited | 66 | 213 |
| Transurban Holdings Limited | 20 | 192 |
| Treasury Wine Estates Limited | 63 | 220 |
| Tuas Limited (b) | 5 | 25 |
| Ventia Services Group Limited (c) | 177 | 700 |
| Wesfarmers Limited | 12 | 626 |
| Westpac Banking Corporation | 39 | 999 |
| WiseTech Global Limited | 4 | 177 |
| Woodside Energy Group Ltd | 54 | 854 |
| Woodside Energy Group Ltd - ADR (a) | 3 | 47 |
| Woolworths Group Limited | 28 | 553 |
| Zip Co Limited (b) | 54 | 117 |
|  |  | 38269 |
| **Italy 3.7%** | **Italy 3.7%** | **Italy 3.7%** |
| Acea S.p.A. | 4 | 115 |
| Assicurazioni Generali Societa' Per Azioni | 5 | 220 |
| Azimut Holding S.p.A. | 10 | 430 |
| Banca Mediolanum SpA | 8 | 190 |
| Banca Monte dei Paschi di Siena S.p.A. | 158 | 1690 |
| Banco BPM Societa' Per Azioni | 126 | 1923 |
| Bper Banca S.p.A. | 58 | 791 |
| Brunello Cucinelli S.p.A. (a) | 10 | 1188 |
| Buzzi S.p.A. | 9 | 569 |
| Credito Emiliano S.p.A. | 46 | 822 |
| De' Longhi S.p.A. | 6 | 260 |
| ENEL - SpA | 112 | 1172 |
| Eni S.p.A. | 81 | 1537 |
| Ferrari N.V. | 1 | 263 |
| Ferrari N.V. |  | 163 |
| Finecobank Banca Fineco S.p.A. | 27 | 692 |
| Hera S.p.A. | 233 | 1100 |
| Intesa Sanpaolo SpA | 159 | 1102 |
| Iren S.p.A. | 34 | 102 |
| Italgas S.p.A. | 64 | 719 |
| Iveco Group N.V. | 33 | 729 |
| Leonardo S.p.A. | 8 | 447 |
| Moncler S.p.A. | 7 | 420 |
| Poste Italiane - Societa' Per Azioni (c) | 10 | 249 |
| Prada S.p.A. | 13 | 75 |
| Prysmian S.p.A. | 4 | 396 |
| Recordati Industria Chimica E Farmaceutica S.p.A. In Breve Recordati S.p.A. | 21 | 1197 |
| Reply S.p.A. | 2 | 300 |
| Snam S.p.A. | 39 | 258 |
| Sol S.p.A. | 2 | 134 |
| Telecom Italia S.p.A. | 1756 | 1057 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 38 | 402 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. | 28 | 2328 |
| Unipol Assicurazioni S.p.A. | 14 | 330 |
|  |  | 23370 |
| **Netherlands 3.2%** | **Netherlands 3.2%** | **Netherlands 3.2%** |
| Aalberts N.V. | 22 | 734 |
| ABN AMRO Bank N.V. - DUTCHCERT (c) | 54 | 1880 |
| Adyen N.V. (b) (c) |  | 292 |
| Arcadis N.V. | 5 | 207 |
| ASM International N.V. | 1 | 845 |
| ASML Holding N.V. - ADR | 1 | 1183 |
| ASML Holding N.V. | 3 | 3466 |
| ASR Nederland N.V. | 11 | 779 |
| BE Semiconductor Industries N.V. | 3 | 437 |
| CTP N.V. | 6 | 129 |
| HAL Trust | 1 | 135 |
| Heineken N.V. | 7 | 561 |
| IMCD N.V. | 6 | 568 |
| ING Groep N.V. | 27 | 769 |
| Koninklijke Ahold Delhaize N.V. | 38 | 1567 |
| Koninklijke KPN N.V. | 287 | 1343 |
| Koninklijke Philips N.V. - ADR (a) (c) | 2 | 55 |
| Koninklijke Philips N.V. | 18 | 487 |
| Koninklijke Vopak N.V. | 22 | 990 |
| Magnum Ice Cream Company B.V., The (b) | 2 | 27 |
| Magnum Ice Cream Company B.V., The (a) (b) | 4 | 58 |
| NN Group N.V. | 17 | 1338 |
| Prosus N.V. - Class N | 11 | 654 |
| Randstad N.V. | 5 | 198 |
| STMicroelectronics N.V. | 20 | 522 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wolters Kluwer N.V. - Class C | 7 | 778 |
| | | 20002 |
| **Sweden 2.8%** | **Sweden 2.8%** | **Sweden 2.8%** |
| AAK AB (publ) | 2 | 70 |
| AB Sagax - Class B | 5 | 114 |
| Addlife AB - Class B | 19 | 320 |
| Addnode Group Aktiebolag (publ) - Class B | 10 | 102 |
| Addtech AB - Class B | 8 | 269 |
| Aktiebolaget Electrolux - Class B (b) | 15 | 104 |
| Aktiebolaget SKF - Class B | 14 | 381 |
| Aktiebolaget Volvo - Class A | 5 | 154 |
| Aktiebolaget Volvo - Class B | 43 | 1379 |
| Alfa Laval AB | 3 | 175 |
| ASSA ABLOY AB - Class B | 6 | 219 |
| Atlas Copco Aktiebolag - Class A | 26 | 460 |
| Atlas Copco Aktiebolag - Class B | 15 | 235 |
| Avanza Bank Holding AB | 15 | 579 |
| Axfood AB | 5 | 160 |
| Betsson AB - Class B | 16 | 252 |
| Bilia AB - Class A | 4 | 56 |
| Billerud Aktiebolag (publ) | 67 | 685 |
| Boliden AB (b) | 10 | 568 |
| Bonesupport Holding AB (b) | 1 | 14 |
| Bravida Holding AB (c) | 29 | 278 |
| Bure Equity AB | 13 | 354 |
| Camurus AB (b) |  | 27 |
| Castellum Aktiebolag (a) | 35 | 409 |
| Dometic Group AB (publ) (c) | 39 | 196 |
| Electrolux Professional AB (publ) - Class B | 20 | 141 |
| Elekta AB (publ) - Class B | 42 | 260 |
| Epiroc Aktiebolag - Class A | 8 | 173 |
| Epiroc Aktiebolag - Class B | 5 | 107 |
| EQT AB (c) | 1 | 29 |
| Essity Aktiebolag (publ) - Class A |  | 13 |
| Essity Aktiebolag (publ) - Class B | 13 | 370 |
| Evolution AB (publ) (c) | 2 | 138 |
| G&L Beijer Ref AB - Class B | 3 | 54 |
| Getinge AB (publ) - Class B | 19 | 444 |
| H & M Hennes & Mauritz AB - Class B (a) | 10 | 203 |
| Hexagon Aktiebolag - Class B | 13 | 151 |
| Hexpol AB - Class B | 9 | 81 |
| HMS Networks AB (b) | 1 | 46 |
| Husqvarna Aktiebolag - Class B | 12 | 63 |
| Indutrade Aktiebolag | 1 | 25 |
| Lifco AB (Publ) - Class B | 2 | 75 |
| Lindab International AB | 7 | 160 |
| Loomis AB - Class B | 9 | 367 |
| Medicover AB - Class B | 14 | 338 |
| Mycronic AB (publ) | 10 | 247 |
| NCC Aktiebolag - Class B | 10 | 236 |
| NIBE Industrier AB - Class B | 22 | 84 |
| Nordnet AB | 9 | 256 |
| Nyfosa AB | 15 | 120 |
| Peab AB - Class B | 23 | 210 |
| SAAB Aktiebolag - Class B | 1 | 68 |
| Sandvik Aktiebolag | 19 | 628 |
| Scandic Hotels Group AB | 37 | 389 |
| Securitas AB - Class B | 8 | 121 |
| Skandinaviska Enskilda Banken AB - Class A | 18 | 383 |
| Skanska AB - Class B | 9 | 234 |
| Skistar Aktiebolag - Class B | 6 | 114 |
| SSAB AB - Class B | 25 | 184 |
| Svenska Cellulosa Aktiebolaget SCA - Class A | 1 | 14 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 16 | 219 |
| Svenska Handelsbanken AB - Class A | 14 | 209 |
| Svenska Handelsbanken AB - Class B (a) | 1 | 14 |
| SWECO Civil AB - Class B | 15 | 250 |
| Swedbank AB - Class A | 12 | 433 |
| Swedish Orphan Biovitrum AB (Publ) (b) | 1 | 33 |
| Tele2 AB - Class B | 18 | 302 |
| Telefonaktiebolaget LM Ericsson - Class A | 1 | 9 |
| Telefonaktiebolaget LM Ericsson - Class B | 76 | 744 |
| Telia Company AB | 128 | 548 |
| Thule Group AB (c) | 2 | 62 |
| Trelleborg AB - Class B | 4 | 149 |
| Truecaller AB - Class B (a) | 73 | 153 |
| Vitrolife AB | 3 | 37 |
| Volvo Cars AB - Class B (b) | 10 | 33 |
| Wihlborgs Fastigheter AB | 27 | 267 |
|  |  | 17548 |
| **Spain 2.8%** | **Spain 2.8%** | **Spain 2.8%** |
| Acciona, S.A. | 2 | 377 |
| ACS, Actividades de Construccion y Servicios, S.A. | 12 | 1173 |
| AENA, S.M.E., S.A. | 11 | 309 |
| Amadeus IT Holding, S.A. (c) | 18 | 1320 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 108 | 2529 |
| Banco Bilbao Vizcaya Argentaria, S.A. - ADR | 14 | 330 |
| Banco de Sabadell, S.A. | 381 | 1508 |
| Banco Santander, S.A. | 197 | 2326 |
| Bankinter Sociedad Anonima | 67 | 1113 |
| CaixaBank, S.A. | 86 | 1050 |
| Cellnex Telecom, S.A. (c) | 4 | 126 |
| Corporacion Acciona Energias Renovables, S.A. | 3 | 66 |
| EDP Renovaveis, S.A. (a) | 12 | 175 |
| Enagas S.A. | 12 | 188 |
| Endesa, S.A. | 10 | 376 |
| Fluidra S.A. | 3 | 81 |
| Grifols, S.A. - Class A (a) | 37 | 473 |
| Iberdrola, Sociedad Anonima | 24 | 516 |
| Industria de Diseno Textil, S.A. | 12 | 767 |
| Logista Integral S.A. | 6 | 221 |
| Mapfre S.A. | 70 | 353 |
| Naturgy Energy Group S.A. | 6 | 189 |
| Redeia Corporacion S.A. | 18 | 318 |
| Repsol S.A. (a) | 44 | 821 |
| Telefonica, S.A. (a) | 162 | 666 |
| Viscofan, S.A. | 1 | 61 |
|  |  | 17432 |
| **Denmark 2.0%** | **Denmark 2.0%** | **Denmark 2.0%** |
| A.P. Moller - Maersk A/S - Class A |  | 94 |
| A.P. Moller - Maersk A/S - Class B |  | 222 |
| Ambu A/S - Class B | 9 | 118 |
| Cadeler A/S (b) (d) | 24 | 113 |
| Carlsberg A/S - Class B | 5 | 608 |
| Coloplast A/S - Class B | 3 | 251 |
| Danske Bank A/S | 24 | 1221 |
| Demant A/S (b) | 12 | 391 |
| DSV A/S | 2 | 620 |
| Genmab A/S (b) | 2 | 466 |
| H. Lundbeck A/S - Class B | 38 | 257 |
| NKT A/S (b) | 8 | 1023 |
| Novo Nordisk A/S - Class B | 40 | 2056 |
| Novozymes A/S - Class B | 8 | 487 |
| Orsted A/S (b) (c) | 7 | 136 |
| Pandora A/S | 7 | 767 |
| Ringkjobing Landbobank. Aktieselskab | 6 | 1564 |
| Rockwool A/S - Class A | 1 | 18 |
| Rockwool A/S - Class B | 31 | 1103 |
| Tryg A/S | 9 | 249 |
| Vestas Wind Systems A/S | 30 | 829 |
|  |  | 12593 |
| **Finland 1.5%** | **Finland 1.5%** | **Finland 1.5%** |
| Elisa Oyj | 19 | 831 |
| Fortum Oyj | 25 | 528 |
| Hiab Oyj - Class B | 8 | 436 |
| Huhtamaki Oyj | 7 | 241 |
| Kesko Oyj - Class B | 6 | 146 |
| Kone Corporation - Class B | 6 | 444 |
| Konecranes Abp | 8 | 904 |
| Metso Oyj | 35 | 612 |
| Neste Oyj | 14 | 329 |
| Nokia Oyj | 88 | 568 |
| Nokia Oyj - Series A - ADR | 17 | 111 |
| Nordea Bank Abp | 58 | 1087 |
| Orion Oyj - Class B | 3 | 216 |
| Sampo Oyj - Class A | 46 | 556 |
| Sampo Oyj - Class A | 31 | 369 |
| Stora Enso Oyj - Class R (a) | 54 | 672 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| UPM-Kymmene Oyj | 18 | 528 |
| Valmet Oy (a) | 11 | 372 |
| Wartsila Oyj Abp | 19 | 683 |
| | | 9633 |
| **Israel 1.3%** | **Israel 1.3%** | **Israel 1.3%** |
| Africa Israel Residences Ltd. | 1 | 83 |
| Alrov Properties & Lodgings Ltd. |  | 7 |
| Azrieli Group Ltd. |  | 40 |
| Bank Hapoalim B.M. | 23 | 523 |
| Bank Leumi Le-Israel B.M. | 36 | 783 |
| Bezeq Israel Communications Company Ltd | 73 | 163 |
| Big Shopping Centers Ltd |  | 59 |
| Blue Square Real Estate Ltd |  | 54 |
| Camtek Ltd. (b) |  | 20 |
| Carasso Motors Ltd. | 4 | 47 |
| Cellcom Israel Ltd. | 17 | 197 |
| CLAL Insurance Enterprises Holdings Ltd | 7 | 463 |
| Delek Group Ltd. | 1 | 137 |
| Delta Galil Industries Ltd. | 1 | 66 |
| EL AL Israel Airlines Ltd. (b) | 60 | 307 |
| Elbit Systems Ltd. |  | 38 |
| Electra Ltd | 4 | 138 |
| Enlight Renewable Energy Ltd. (b) | 3 | 125 |
| Equital Ltd. (b) | 2 | 121 |
| Fattal Holdings (1998) Ltd. (b) | 1 | 167 |
| First International Bank of Israel Ltd. | 2 | 145 |
| Formula Systems (1985) Ltd. | 1 | 156 |
| Fox - Wizel Ltd | 1 | 72 |
| Harel Insurance Investments & Financial Services Ltd. | 5 | 192 |
| I.D.I. Insurance Company Ltd | 2 | 117 |
| ICL Group Ltd | 8 | 46 |
| Industrial Buildings Corporation Ltd | 50 | 244 |
| Inrom Construction Industries Ltd | 8 | 54 |
| Isracard Ltd. | 56 | 273 |
| Israel Canada (T. R) Ltd | 24 | 122 |
| Israel Discount Bank Limited | 31 | 330 |
| Magic Software Enterprises Ltd. | 3 | 91 |
| Matrix I.T. Ltd | 3 | 137 |
| Mega OR Holdings Ltd. | 1 | 101 |
| Melisron Limited |  | 42 |
| Menora Mivtachim Insurance Ltd. | 1 | 87 |
| Migdal Insurance and Financial Holdings Ltd. | 21 | 100 |
| Mizrahi Tefahot Bank Ltd | 4 | 246 |
| Nayax Ltd (b) |  | 22 |
| Nice Ltd (b) |  | 20 |
| Nova Ltd. (b) |  | 38 |
| Oil Refineries Ltd | 484 | 150 |
| OPC Energy Ltd | 1 | 33 |
| Partner Communications Ltd | 13 | 162 |
| Paz Retail And Energy Ltd | 1 | 252 |
| Phoenix Financial Ltd | 10 | 420 |
| Shufersal Ltd. | 8 | 96 |
| Strauss Group Ltd | 2 | 63 |
| Tamar Petroleum Ltd. | 2 | 27 |
| Tel Aviv Stock Exchange Ltd., The | 12 | 360 |
| Teva Pharmaceutical Industries Ltd - ADR (b) | 4 | 128 |
| Teva Pharmaceutical Industries Ltd (b) | 11 | 358 |
| Tower Semiconductor Ltd. (b) |  | 58 |
| Tower Semiconductor Ltd. (b) | 1 | 144 |
| Veridis Environment Ltd. (b) | 5 | 61 |
|  |  | 8485 |
| **Hong Kong 1.3%** | **Hong Kong 1.3%** | **Hong Kong 1.3%** |
| AIA Group Limited | 115 | 1184 |
| Bank of East Asia, Limited, The | 146 | 250 |
| Budweiser Brewing Company APAC Limited (a) (c) | 46 | 45 |
| Cathay Pacific Airways Limited | 83 | 132 |
| CK Asset Holdings Limited | 48 | 244 |
| CK Hutchison Holdings Limited | 40 | 272 |
| CK Infrastructure Holdings Limited | 15 | 111 |
| CLP Holdings Limited | 22 | 192 |
| Dfi Retail Group Holdings Limited | 44 | 172 |
| First Pacific Company Limited | 390 | 298 |
| Guotai Junan International Holdings Limited (a) | 234 | 77 |
| Hang Lung Properties Limited | 528 | 584 |
| Hang Seng Bank, Limited | 5 | 101 |
| HK Electric Investments Limited (a) | 72 | 58 |
| HKT Trust | 223 | 330 |
| Hong Kong And China Gas Company Limited - The- | 235 | 212 |
| Hong Kong Exchanges and Clearing Limited | 13 | 689 |
| Johnson Electric Holdings Limited | 57 | 217 |
| MH Development Limited (b) (e) | 12 |  |
| MTR Corporation Limited (a) | 34 | 130 |
| New World Development Company Limited (b) | 104 | 97 |
| PCCW Limited | 124 | 86 |
| Sino Land Company Limited | 237 | 311 |
| Sun Hung Kai Properties Limited | 15 | 183 |
| SUNeVision Holdings Ltd. (a) | 46 | 27 |
| Swire Pacific Limited - Class A | 13 | 101 |
| Swire Properties Limited | 56 | 151 |
| Techtronic Industries Company Limited | 34 | 392 |
| United Laboratories International Holdings Ltd (a) | 150 | 223 |
| VTech Holdings Limited | 13 | 98 |
| WH Group Limited (c) | 400 | 446 |
| Wharf Real Estate Investment Company Limited | 43 | 136 |
| Xinyi Glass Holdings Limited (a) | 164 | 174 |
| Yue Yuen Industrial (Holdings) Limited | 99 | 204 |
|  |  | 7927 |
| **Singapore 1.2%** | **Singapore 1.2%** | **Singapore 1.2%** |
| ASMPT Limited | 23 | 230 |
| Capitaland Investment Limited | 75 | 157 |
| ComfortDelGro Corporation Limited | 80 | 92 |
| DBS Group Holdings Ltd | 27 | 1170 |
| Genting Singapore Limited | 238 | 134 |
| Golden Agri-Resources Ltd. | 640 | 142 |
| Hafnia Limited | 13 | 70 |
| Jardine Cycle & Carriage Limited | 26 | 692 |
| Keppel Ltd. | 91 | 736 |
| NetLink NBN Trust | 182 | 137 |
| Olam Group Limited | 51 | 38 |
| Oversea-Chinese Banking Corporation Limited | 33 | 513 |
| SATS Ltd. | 49 | 145 |
| Seatrium Limited (a) | 357 | 598 |
| Sembcorp Industries Ltd (a) | 63 | 295 |
| Singapore Airlines Limited | 81 | 403 |
| Singapore Exchange Limited | 33 | 437 |
| Singapore Land Group Limited | 27 | 67 |
| Singapore Technologies Engineering Ltd | 30 | 198 |
| Singapore Telecommunications Limited | 77 | 275 |
| United Overseas Bank Limited | 23 | 621 |
| UOL Group Limited | 10 | 67 |
| Venture Corporation Limited | 25 | 298 |
| Wilmar International Limited | 108 | 258 |
|  |  | 7773 |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ackermans | 3 | 831 |
| Ageas SA/NV | 7 | 480 |
| Anheuser-Busch InBev | 24 | 1538 |
| Argenx SE (b) |  | 147 |
| Azelis Group | 6 | 68 |
| CMB.TECH | 2 | 16 |
| CMB.TECH (a) | 1 | 13 |
| Colruyt Group | 3 | 101 |
| DEME Group |  | 64 |
| D'Ieteren Group | 2 | 370 |
| KBC Groep | 9 | 1237 |
| Lotus Bakeries (a) |  | 259 |
| Solvay (a) | 6 | 181 |
| UCB | 3 | 901 |
| Umicore | 11 | 239 |
|  |  | 6445 |
| **Norway 0.7%** | **Norway 0.7%** | **Norway 0.7%** |
| Aker BP ASA | 10 | 241 |
| Aker Solutions ASA (c) | 25 | 75 |
| Atea ASA | 10 | 153 |
| Bluenord ASA | 2 | 99 |
| Borregaard ASA | 4 | 83 |
| Bw Lpg Limited | 5 | 70 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DNB Bank ASA | 8 | 230 |
| DOF Group ASA | 8 | 72 |
| Elkem ASA (c) | 42 | 128 |
| Entra ASA (c) | 1 | 12 |
| Equinor ASA | 22 | 510 |
| Eurizon Opportunita | 22 | 205 |
| Frontline PLC | 4 | 83 |
| Gjensidige Forsikring ASA | 3 | 89 |
| Hoegh Autoliners ASA | 11 | 106 |
| Kongsberg Gruppen ASA | 4 | 104 |
| Leroy Seafood Group ASA | 5 | 27 |
| Link Mobility Group Holding ASA (b) (d) | 14 | 47 |
| Mowi ASA | 3 | 78 |
| Nordic Semiconductor ASA (b) | 4 | 49 |
| Norsk Hydro ASA | 31 | 238 |
| Odfjell Drilling Ltd. | 10 | 83 |
| Orkla ASA | 3 | 34 |
| Protector Forsikring ASA | 2 | 110 |
| SalMar ASA |  | 16 |
| Scatec ASA (b) (c) | 12 | 130 |
| Sparebank 1 Ostlandet | 3 | 68 |
| Sparebank 1 Sor-Norge ASA | 7 | 132 |
| Storebrand ASA | 15 | 258 |
| Telenor ASA | 7 | 106 |
| TGS-NOPEC Geophysical Company | 8 | 73 |
| TOMRA Systems ASA | 3 | 40 |
| Var Energi ASA | 7 | 24 |
| Veidekke ASA | 9 | 156 |
| Vend Marketplaces ASA - Class B | 3 | 93 |
| Wallenius Wilhelmsen ASA | 6 | 58 |
| Yara International ASA | 2 | 87 |
| | | 4167 |
| **United States of America 0.6%** | **United States of America 0.6%** | **United States of America 0.6%** |
| Ashtead Group Public Limited Company | 22 | 1488 |
| Brookfield Infrastructure Corporation - Class A | 1 | 27 |
| International Paper Company | 16 | 611 |
| James Hardie Industries Public Limited Company - CHESS | 7 | 152 |
| Reliance Worldwide Corporation Limited (a) | 88 | 226 |
| Samsonite Group S.A. (c) | 121 | 310 |
| Universal Music Group N.V. | 17 | 441 |
| Waste Connections, Inc. | 4 | 635 |
|  |  | 3890 |
| **Austria 0.6%** | **Austria 0.6%** | **Austria 0.6%** |
| Andritz AG | 5 | 355 |
| BAWAG Group AG (c) | 6 | 874 |
| Erste Group Bank AG | 6 | 747 |
| OMV Aktiengesellschaft | 8 | 459 |
| Raiffeisen Bank International AG | 1 | 51 |
| Strabag SE | 1 | 86 |
| Telekom Austria Aktiengesellschaft | 7 | 69 |
| UNIQA Insurance Group AG | 8 | 146 |
| Verbund AG | 1 | 91 |
| voestalpine AG | 16 | 715 |
| Wienerberger AG | 5 | 176 |
|  |  | 3769 |
| **Ireland 0.5%** | **Ireland 0.5%** | **Ireland 0.5%** |
| AIB Group Public Limited Company | 151 | 1612 |
| Bank of Ireland Group Public Limited Company | 50 | 968 |
| Kerry Group Public Limited Company - Class A | 3 | 241 |
| Kingspan Group Public Limited Company | 6 | 499 |
|  |  | 3320 |
| **Cote D'Ivoire 0.3%** | **Cote D'Ivoire 0.3%** | **Cote D'Ivoire 0.3%** |
| Endeavour Mining Corporation | 34 | 1740 |
| **Portugal 0.3%** | **Portugal 0.3%** | **Portugal 0.3%** |
| Banco Comercial Portugues S.A. | 607 | 639 |
| EDP, S.A. | 67 | 306 |
| Galp Energia, SGPS, S.A. - Class B | 31 | 532 |
| Jeronimo Martins, SGPS S.A. | 7 | 161 |
|  |  | 1638 |
| **Zambia 0.3%** | **Zambia 0.3%** | **Zambia 0.3%** |
| First Quantum Minerals Ltd (b) | 60 | 1609 |
| **New Zealand 0.2%** | **New Zealand 0.2%** | **New Zealand 0.2%** |
| Air New Zealand Limited | 113 | 38 |
| Auckland International Airport Limited | 20 | 95 |
| Chorus Limited | 20 | 108 |
| Contact Energy Limited | 13 | 67 |
| Fisher & Paykel Healthcare Corporation Limited | 6 | 119 |
| Fletcher Building Limited (b) | 55 | 115 |
| Freightways Group Limited | 15 | 126 |
| Genesis Energy Limited | 82 | 114 |
| Infratil Limited | 9 | 56 |
| Mainfreight Limited | 3 | 133 |
| Mercury NZ Limited | 10 | 38 |
| Meridian Energy Limited | 15 | 48 |
| Port of Tauranga Limited | 2 | 11 |
| Ryman Healthcare Limited (b) | 21 | 35 |
| Summerset Group Holdings Limited | 14 | 99 |
| The a2 Milk Company Limited (a) | 17 | 103 |
| Vector Limited | 4 | 11 |
| Xero Limited (b) | 3 | 263 |
|  |  | 1579 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| BOC Hong Kong (Holdings) Limited | 42 | 213 |
| China Shandong Hi-Speed Financial Group Limited (a) (b) | 11 | 2 |
| Cowell E Holdings Inc. (a) (b) | 28 | 99 |
| SITC International Holdings Company Limited | 107 | 383 |
|  |  | 697 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Galaxy Entertainment Group Limited | 49 | 241 |
| MGM China Holdings Limited | 15 | 25 |
| Sands China Ltd. | 32 | 80 |
| Wynn Macau, Limited | 111 | 85 |
|  |  | 431 |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| Tenaris S.A. | 20 | 395 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 5 | 228 |
| **Poland 0.0%** | **Poland 0.0%** | **Poland 0.0%** |
| InPost S.A. (a) (b) | 18 | 222 |
| **Faroe Islands 0.0%** | **Faroe Islands 0.0%** | **Faroe Islands 0.0%** |
| P/F Bakkafrost Sales | 1 | 38 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| NMC Health PLC (e) | 1 |  |
| Total Common Stocks (cost $478,904) | Total Common Stocks (cost $478,904) | 617095 |
| **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** |
| **Germany 0.6%** | **Germany 0.6%** | **Germany 0.6%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 131 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 3 | 167 |
| Henkel AG & Co. KGaA (f) | 11 | 886 |
| Jungheinrich Aktiengesellschaft | 4 | 167 |
| Porsche Automobil Holding SE (f) | 17 | 810 |
| Sartorius Aktiengesellschaft |  | 53 |
| Volkswagen Aktiengesellschaft (f) | 12 | 1428 |
|  |  | 3642 |
| **Switzerland 0.5%** | **Switzerland 0.5%** | **Switzerland 0.5%** |
| Roche Holding AG | 8 | 3406 |
| Total Preferred Stocks (cost $6,370) | Total Preferred Stocks (cost $6,370) | 7048 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild S.p.A. (a) (b) (g) |  | 1 |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software Inc. (b) (e) |  |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 1 |
| **SHORT TERM INVESTMENTS 2.5%** | **SHORT TERM INVESTMENTS 2.5%** | **SHORT TERM INVESTMENTS 2.5%** |
| **Securities Lending Collateral 1.7%** | **Securities Lending Collateral 1.7%** | **Securities Lending Collateral 1.7%** |
| JNL Government Money Market Fund - Class SL, 3.74% (h) (i) | 10338 | 10338 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Class I, 3.64% (h) (i) | 5242 | 5242 |
| Total Short Term Investments (cost $15,580) | Total Short Term Investments (cost $15,580) | 15580 |
| **Total Investments 101.4% (cost $500,854)** | **Total Investments 101.4% (cost $500,854)** | **639724** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (21) |
| **Other Assets and Liabilities, Net (1.4)%** | **Other Assets and Liabilities, Net (1.4)%** | **(8922)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **630781** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Non-income producing security.

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

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $175 and 0.0% of the Fund.

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

(f) Convertible security.

(g) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** | **JNL/DFA International Core Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 2166 | 183334 | 180258 | 177 |  |  | 5242 | 0.8 |
| JNL Government Money Market Fund, 3.74% - Class SL | 3131 | 59602 | 52395 | 172 |  |  | 10338 | 1.7 |
|  | 5297 | 242936 | 232653 | 349 |  |  | 15580 | 2.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| ABN AMRO Bank N.V. | 02/24/23 | 907 | 1880 | 0.3 |
| Adyen N.V. | 11/24/21 | 316 | 292 | 0.1 |
| Aker Solutions ASA | 08/15/25 | 73 | 75 |  |
| Amadeus IT Holding, S.A. | 07/17/20 | 1318 | 1320 | 0.2 |
| Amundi | 08/21/25 | 333 | 357 | 0.1 |
| BAWAG Group AG | 05/29/20 | 458 | 874 | 0.1 |
| Bravida Holding AB | 01/13/25 | 266 | 278 | 0.1 |
| Budweiser Brewing Company APAC Limited | 05/03/24 | 59 | 45 |  |
| Cellnex Telecom, S.A. | 06/25/19 | 163 | 126 |  |
| Dometic Group AB (publ) | 05/22/23 | 256 | 196 |  |
| Elkem ASA | 04/11/23 | 99 | 128 |  |
| Emera Incorporated | 01/05/21 | 256 | 291 | 0.1 |
| Entra ASA | 01/10/24 | 11 | 12 |  |
| EQT AB | 06/13/25 | 21 | 29 |  |
| Euronext N.V. | 11/18/20 | 628 | 860 | 0.1 |
| Evolution AB (publ) | 05/06/22 | 185 | 138 |  |
| Hapag-Lloyd Aktiengesellschaft | 10/25/21 | 191 | 138 |  |
| Knorr - Bremse Aktiengesellschaft | 10/17/23 | 1087 | 1427 | 0.2 |
| Koninklijke Philips N.V. | 08/06/21 | 72 | 55 |  |
| Orsted A/S | 12/23/20 | 225 | 136 |  |
| Poste Italiane - Societa' Per Azioni | 08/23/22 | 139 | 249 | 0.1 |
| Samsonite Group S.A. | 08/25/23 | 355 | 310 | 0.1 |
| Scatec ASA | 05/12/22 | 98 | 130 |  |
| Scout24 SE | 09/09/25 | 800 | 681 | 0.1 |
| Siemens Healthineers AG | 03/04/21 | 214 | 196 |  |
| Thule Group AB | 05/10/23 | 60 | 62 |  |
| VAT Group AG | 10/18/23 | 511 | 578 | 0.1 |
| Ventia Services Group Limited | 02/06/25 | 561 | 700 | 0.1 |
| WH Group Limited | 03/02/21 | 291 | 446 | 0.1 |
| Zalando SE | 08/13/25 | 606 | 636 | 0.1 |
|  |  | 10559 | 12645 | 2.0 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** | **JNL/DFA International Core Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 8 | March 2026 | 2792 | (21) | (35) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Forward Foreign Currency Contracts** | **JNL/DFA International Core Equity Fund — Forward Foreign Currency Contracts** | **JNL/DFA International Core Equity Fund — Forward Foreign Currency Contracts** | **JNL/DFA International Core Equity Fund — Forward Foreign Currency Contracts** | **JNL/DFA International Core Equity Fund — Forward Foreign Currency Contracts** | **JNL/DFA International Core Equity Fund — Forward Foreign Currency Contracts** | **JNL/DFA International Core Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| JPY/USD | HSB | 01/05/26 | JPY | 28584 | 182 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 87076 | 530019 |  | 617095 |
| &nbsp;&nbsp;Preferred Stocks |  | 7048 |  | 7048 |
| &nbsp;&nbsp;Warrants |  | 1 |  | 1 |
| &nbsp;&nbsp;Short Term Investments | 15580 |  |  | 15580 |
|  | 102656 | 537068 |  | 639724 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (35) |  |  | (35) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
|  | (35) |  |  | (35) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 27.7%** | **Information Technology 27.7%** | **Information Technology 27.7%** |
| 8X8, Inc. (a) | 8 | 17 |
| A10 Networks, Inc. | 3 | 50 |
| Accenture Public Limited Company - Class A | 12 | 3150 |
| ACI Worldwide, Inc. (a) | 5 | 237 |
| Adeia Inc. | 9 | 147 |
| Adobe Inc. (a) | 5 | 1912 |
| Advanced Energy Industries, Inc. | 2 | 361 |
| Advanced Micro Devices, Inc. (a) | 18 | 3856 |
| Akamai Technologies, Inc. (a) | 5 | 430 |
| Alarm.Com Holdings, Inc. (a) | 2 | 117 |
| Allegro Microsystems Inc. (a) | 4 | 107 |
| Alpha and Omega Semiconductor Limited (a) | 2 | 49 |
| Amdocs Limited | 5 | 400 |
| Amkor Technology, Inc. | 8 | 312 |
| Amphenol Corporation - Class A | 20 | 2657 |
| Amtech Systems, Inc. (a) | 1 | 12 |
| Analog Devices, Inc. | 6 | 1567 |
| AppFolio, Inc. - Class A (a) |  | 116 |
| Apple Inc. | 263 | 71521 |
| Applied Materials, Inc. | 10 | 2573 |
| Applied Optoelectronics, Inc. (a) | 1 | 36 |
| AppLovin Corporation - Class A (a) | 4 | 3019 |
| Arista Networks, Inc. (a) | 10 | 1368 |
| Arrow Electronics, Inc. (a) | 3 | 348 |
| ASGN Incorporated (a) | 2 | 98 |
| Astera Labs, Inc. (a) | 1 | 220 |
| Atlassian Corporation - Class A (a) | 1 | 157 |
| Aurora Innovations Inc. - Class A (a) | 15 | 57 |
| Autodesk, Inc. (a) | 4 | 1117 |
| AvePoint, Inc. - Class A (a) | 3 | 39 |
| Aviat Networks, Inc. (a) | 1 | 24 |
| Avnet, Inc. | 5 | 259 |
| Axcelis Technologies, Inc. (a) | 2 | 123 |
| Badger Meter, Inc. | 1 | 198 |
| Bel Fuse Inc. - Class B | 1 | 97 |
| Belden Inc. | 2 | 212 |
| Benchmark Electronics, Inc. | 3 | 124 |
| Bentley Systems, Incorporated - Class B | 8 | 299 |
| Bill Holdings, Inc. (a) | 4 | 199 |
| Blackbaud, Inc. (a) | 2 | 102 |
| Blackline, Inc. (a) | 1 | 82 |
| Box, Inc. - Class A (a) | 5 | 149 |
| Broadcom Inc. | 58 | 20187 |
| C3.ai, Inc. - Class A (a) | 3 | 39 |
| Cadence Design Systems, Inc. (a) | 3 | 862 |
| Calix, Inc. (a) | 2 | 101 |
| CCC Intelligent Solutions Holdings Inc. (a) | 11 | 87 |
| CDW Corp. | 4 | 500 |
| Cerence Inc. (a) | 2 | 26 |
| CEVA Inc. (a) | 1 | 17 |
| Ciena Corporation (a) | 5 | 1248 |
| Cirrus Logic, Inc. (a) | 2 | 269 |
| Cisco Systems, Inc. | 48 | 3730 |
| Clear Secure, Inc. - Class A | 2 | 73 |
| Clearfield, Inc. (a) | 1 | 18 |
| Cloudflare, Inc. - Class A (a) | 3 | 501 |
| Cognex Corporation | 4 | 157 |
| Cognizant Technology Solutions Corporation - Class A | 13 | 1118 |
| Coherent Corp. (a) | 5 | 975 |
| Cohu, Inc. (a) | 2 | 43 |
| CommScope Holding Company, Inc. (a) | 2 | 44 |
| CommVault Systems, Inc. (a) | 1 | 100 |
| Comtech Telecommunications Corp. (a) | 1 | 6 |
| Consensus Cloud Solutions, Inc. (a) | 1 | 31 |
| Corning Incorporated | 14 | 1269 |
| Corsair Gaming, Inc. (a) | 3 | 18 |
| Crane Nxt, Co. | 3 | 136 |
| Credo Technology Group Holding Ltd (a) | 2 | 353 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 616 |
| CTS Corporation | 2 | 87 |
| Daily Journal Corporation (a) (b) |  | 39 |
| Daktronics, Inc. (a) | 4 | 75 |
| Datadog, Inc. - Class A (a) | 2 | 320 |
| Dell Technologies Inc. - Class C | 4 | 523 |
| Digi International Inc. (a) | 3 | 127 |
| Digital Turbine USA, Inc. (a) | 5 | 26 |
| DigitalOcean Holdings, Inc. (a) | 3 | 149 |
| Diodes Incorporated (a) | 2 | 107 |
| DocuSign, Inc. (a) | 4 | 270 |
| Dolby Laboratories, Inc. - Class A | 2 | 141 |
| Dropbox, Inc. - Class A (a) | 9 | 246 |
| DXC Technology Company (a) | 14 | 198 |
| Dynatrace, Inc. (a) | 6 | 249 |
| Enphase Energy, Inc. (a) | 3 | 91 |
| Entegris, Inc. | 3 | 274 |
| EPAM Systems, Inc. (a) | 1 | 273 |
| ePlus Inc. | 1 | 97 |
| F5, Inc. (a) | 3 | 687 |
| Fabrinet (a) | 1 | 586 |
| Fair Isaac Corporation (a) |  | 659 |
| Fastly, Inc. - Class A (a) | 7 | 74 |
| First Solar, Inc. (a) | 3 | 762 |
| Flex Ltd. (a) | 18 | 1108 |
| Formfactor, Inc. (a) | 2 | 126 |
| Fortinet, Inc. (a) | 14 | 1075 |
| Frequency Electronics, Inc. (a) | 1 | 54 |
| Freshworks, Inc. - Class A (a) | 6 | 69 |
| Gartner, Inc. (a) | 2 | 392 |
| Gen Digital Inc. | 25 | 670 |
| Globalfoundries Inc. (a) | 4 | 153 |
| Globant S.A. (a) | 1 | 71 |
| GoDaddy Inc. - Class A (a) | 3 | 351 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 4 | 40 |
| Guidewire Software, Inc. (a) | 2 | 388 |
| Hackett Group, Inc., The | 2 | 37 |
| Harmonic, Inc. (a) | 7 | 70 |
| Hewlett Packard Enterprise Company | 40 | 970 |
| HP, Inc. | 15 | 330 |
| HubSpot, Inc. (a) | 1 | 207 |
| I3 Verticals, Inc. - Class A (a) | 2 | 42 |
| Ichor Holdings, Ltd. (a) | 2 | 45 |
| Information Services Group, Inc. | 4 | 22 |
| Insight Enterprises, Inc. (a) | 1 | 74 |
| Intapp US, Inc. (a) | 1 | 41 |
| Intel Corporation (a) | 71 | 2626 |
| InterDigital, Inc. | 1 | 449 |
| International Business Machines Corporation | 16 | 4875 |
| Intuit Inc. | 3 | 1984 |
| ionQ, Inc. (a) (b) | 2 | 69 |
| IPG Photonics Corporation (a) | 2 | 133 |
| Itron, Inc. (a) | 2 | 206 |
| Jabil Inc. | 5 | 1151 |
| JAMF Holding Corp. (a) | 2 | 29 |
| Key Tronic Corporation (a) |  | 1 |
| Keysight Technologies, Inc. (a) | 4 | 764 |
| KLA Corporation | 3 | 3377 |
| Klaviyo, Inc. - Series A (a) | 1 | 17 |
| Knowles Corporation (a) | 6 | 134 |
| Kulicke and Soffa Industries, Inc. | 3 | 116 |
| KVH Industries, Inc. (a) | 2 | 11 |
| Kyndryl Holdings, Inc. (a) | 16 | 416 |
| Lam Research Corporation | 21 | 3676 |
| Lattice Semiconductor Corporation (a) | 1 | 65 |
| Littelfuse, Inc. | 1 | 236 |
| LiveRamp Holdings, Inc. (a) | 2 | 57 |
| Lumentum Holdings Inc. (a) | 2 | 782 |
| MACOM Technology Solutions Holdings, Inc. (a) | 2 | 332 |
| Magnachip Semiconductor Corporation (a) | 4 | 10 |
| Manhattan Associates, Inc. (a) | 1 | 114 |
| Marvell Technology, Inc. | 10 | 843 |
| MaxLinear, Inc. (a) | 4 | 73 |
| Methode Electronics, Inc. | 2 | 13 |
| Microchip Technology Incorporated | 11 | 708 |
| Micron Technology, Inc. | 17 | 4942 |
| Microsoft Corporation | 119 | 57731 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mirion Technologies (US), Inc. - Class A (a) | 9 | 219 |
| Mitek Systems, Inc. (a) | 1 | 10 |
| MKS Inc. | 2 | 307 |
| MongoDB, Inc. - Class A (a) | 1 | 413 |
| Monolithic Power Systems, Inc. | 1 | 614 |
| Motorola Solutions, Inc. | 3 | 1237 |
| N-Able, Inc. (a) | 6 | 42 |
| Napco Security Technologies, Inc. | 2 | 82 |
| nCino OpCo, Inc. (a) | 2 | 58 |
| NCR Voyix Corporation (a) | 6 | 65 |
| NetApp, Inc. | 6 | 607 |
| NETGEAR, Inc. (a) | 2 | 54 |
| NetScout Systems, Inc. (a) | 5 | 146 |
| Nlight, Inc. (a) | 2 | 76 |
| Novanta Inc. (a) | 1 | 142 |
| Nutanix, Inc. - Class A (a) | 3 | 180 |
| NVE Corporation |  | 28 |
| NVIDIA Corporation | 431 | 80328 |
| NXP Semiconductors N.V. | 9 | 1866 |
| Okta, Inc. - Class A (a) | 4 | 342 |
| ON Semiconductor Corporation (a) | 12 | 630 |
| ON24, Inc. (a) | 6 | 50 |
| OneSpan Inc. | 3 | 43 |
| Onto Innovation Inc. (a) | 2 | 290 |
| Oracle Corporation | 30 | 5844 |
| OSI Systems, Inc. (a) | 1 | 221 |
| Palantir Technologies Inc. - Class A (a) | 13 | 2325 |
| Palo Alto Networks, Inc. (a) | 5 | 1012 |
| PAR Technology Corporation (a) (b) | 2 | 78 |
| PC Connection, Inc. | 2 | 102 |
| PDF Solutions, Inc. (a) | 2 | 68 |
| Pegasystems Inc. | 5 | 282 |
| Penguin Solutions, Inc. (a) | 3 | 64 |
| Photronics, Inc. (a) | 3 | 102 |
| Plexus Corp. (a) | 1 | 216 |
| Power Integrations, Inc. | 2 | 62 |
| Progress Software Corporation (a) | 2 | 104 |
| PTC Inc. (a) | 2 | 434 |
| Pure Storage, Inc. - Class A (a) | 4 | 285 |
| Q2 Holdings, Inc. (a) | 1 | 73 |
| Qnity Electronics, Inc. | 5 | 439 |
| Qorvo, Inc. (a) | 4 | 311 |
| Qualcomm Incorporated | 19 | 3265 |
| Qualys, Inc. (a) | 1 | 176 |
| Ralliant Corporation | 3 | 169 |
| Rambus Inc. (a) | 3 | 300 |
| Ribbon Communications Inc. (a) | 7 | 20 |
| Richardson Electronics, Ltd. | 1 | 7 |
| Rigetti Computing, Inc. (a) | 1 | 23 |
| RingCentral, Inc. - Class A (a) | 4 | 107 |
| Riot Platforms, Inc. (a) | 11 | 133 |
| Rogers Corporation (a) | 1 | 87 |
| Roper Technologies, Inc. | 1 | 656 |
| Rubrik, Inc. - Class A (a) | 2 | 138 |
| Salesforce, Inc. | 12 | 3303 |
| Samsara Inc. - Class A (a) | 3 | 91 |
| SanDisk LLC (a) | 4 | 841 |
| Sanmina Corporation (a) | 3 | 480 |
| ScanSource, Inc. (a) | 2 | 63 |
| Seagate Technology Holdings Public Limited Company | 4 | 1195 |
| Semrush Holdings, Inc. - Class A (a) | 2 | 27 |
| SentinelOne, Inc. - Class A (a) | 5 | 71 |
| ServiceNow, Inc. (a) | 9 | 1402 |
| Silicon Laboratories Inc. (a) | 2 | 205 |
| Sitime Corporation (a) | 1 | 280 |
| Skyworks Solutions, Inc. | 5 | 310 |
| Snowflake Inc. - Class A (a) | 1 | 326 |
| SolarEdge Technologies Ltd. (a) (b) | 1 | 29 |
| SPS Commerce, Inc. (a) |  | 35 |
| Super Micro Computer, Inc. (a) | 12 | 341 |
| Synaptics Incorporated (a) | 1 | 110 |
| Synchronoss Technologies, Inc. (a) |  | 4 |
| Synopsys, Inc. (a) | 2 | 977 |
| TD SYNNEX Corporation | 4 | 561 |
| TE Connectivity Public Limited Company | 7 | 1640 |
| Teledyne Technologies Incorporated (a) | 1 | 685 |
| Telos Corporation (a) | 5 | 27 |
| Teradata Corporation (a) | 3 | 94 |
| Teradyne, Inc. | 2 | 410 |
| Texas Instruments Incorporated | 14 | 2454 |
| TransAct Technologies Incorporated (a) |  |  |
| Trimble Inc. (a) | 7 | 570 |
| TTM Technologies, Inc. (a) | 7 | 514 |
| Twilio Inc. - Class A (a) | 5 | 689 |
| Tyler Technologies, Inc. (a) | 1 | 382 |
| Uipath, Inc. - Class A (a) | 10 | 163 |
| Ultra Clean Holdings, Inc. (a) | 3 | 76 |
| Unisys Corporation (a) | 4 | 11 |
| Unity Software Inc. (a) | 8 | 363 |
| Universal Display Corporation | 1 | 133 |
| Veeco Instruments Inc. (a) | 3 | 88 |
| VeriSign, Inc. | 2 | 474 |
| Vertex, Inc. - Class A (a) | 2 | 39 |
| ViaSat, Inc. (a) | 2 | 79 |
| Viavi Solutions Inc. (a) | 10 | 170 |
| Vishay Intertechnology, Inc. | 5 | 74 |
| Vishay Precision Group, Inc. (a) | 1 | 27 |
| Vontier Corporation | 10 | 365 |
| Western Digital Corporation | 11 | 1831 |
| Workday, Inc. - Class A (a) | 2 | 356 |
| Xerox Holdings Corporation (b) | 13 | 30 |
| Yext, Inc. (a) | 10 | 78 |
| Zebra Technologies Corporation - Class A (a) | 2 | 381 |
| Zeta Global Holdings Corp. - Class A (a) | 4 | 90 |
| Zoom Communications, Inc. - Class A (a) | 7 | 589 |
| Zscaler, Inc. (a) | 1 | 289 |
| | | 357531 |
| **Financials 16.3%** | **Financials 16.3%** | **Financials 16.3%** |
| 1st Security Bank of Washington | 1 | 21 |
| 1st Source Corporation | 2 | 124 |
| Acacia Research Corporation (a) | 2 | 7 |
| ACNB Corporation | 1 | 41 |
| Affiliated Managers Group, Inc. | 2 | 517 |
| Affirm Holdings, Inc. - Class A (a) | 6 | 456 |
| AFLAC Incorporated | 11 | 1258 |
| Allstate Corporation, The | 7 | 1431 |
| Ally Financial Inc. | 15 | 676 |
| Amalgamated Financial Corp. | 2 | 70 |
| Amerant Bancorp Inc. - Class A | 2 | 32 |
| American Coastal Insurance Corporation | 1 | 19 |
| American Express Company | 9 | 3413 |
| American Financial Group, Inc. | 5 | 651 |
| American International Group, Inc. | 14 | 1229 |
| Ameriprise Financial, Inc. | 3 | 1539 |
| Ameris Bancorp | 5 | 352 |
| Amerisafe, Inc. | 1 | 54 |
| AON Public Limited Company - Class A | 4 | 1341 |
| Apollo Global Management, Inc. | 6 | 848 |
| Arch Capital Group Ltd. (a) | 10 | 1006 |
| Ares Management Corporation - Class A | 2 | 330 |
| Arrow Financial Corporation | 2 | 67 |
| Arthur J. Gallagher & Co. | 3 | 796 |
| Artisan Partners Asset Management Inc. - Class A | 4 | 150 |
| Associated Banc-Corp | 11 | 281 |
| Assurant, Inc. | 3 | 667 |
| Assured Guaranty Ltd. | 3 | 303 |
| Atlantic Union Bank | 8 | 266 |
| Atlanticus Holdings Corporation (a) | 1 | 66 |
| AXIS Capital Holdings Limited | 4 | 441 |
| Axos Financial, Inc. (a) | 4 | 341 |
| B. Riley & Co., LLC (a) (b) | 2 | 7 |
| Baldwin Insurance Group, Inc., The - Class A (a) | 1 | 28 |
| Banc of California, Inc. | 2 | 34 |
| BancFirst Corporation | 2 | 226 |
| Bancorp, Inc., The (a) | 3 | 205 |
| Bank of America Corporation | 113 | 6228 |
| Bank of Hawaii Corporation | 3 | 185 |
| Bank of Marin Bancorp | 2 | 44 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank of N.T. Butterfield & Son Limited, The | 3 | 164 |
| Bank of New York Mellon Corporation, The | 16 | 1906 |
| Bank OZK | 8 | 351 |
| BankFinancial Corporation (b) | 2 | 26 |
| BankUnited, Inc. | 5 | 234 |
| Banner Corporation | 2 | 119 |
| Bar Harbor Bankshares | 1 | 41 |
| Baycom Corp | 1 | 27 |
| BCB Bancorp, Inc. | 1 | 11 |
| Beacon Financial Corporation | 7 | 189 |
| Berkshire Hathaway Inc. - Class B (a) | 28 | 13836 |
| BGC Group, Inc. - Class A | 20 | 177 |
| BlackRock, Inc. | 2 | 1817 |
| Blackstone Inc. - Class A | 7 | 1016 |
| Block, Inc. - Class A (a) | 7 | 450 |
| Blue Foundry Bancorp (a) | 2 | 19 |
| BOK Financial Corporation | 4 | 511 |
| Bread Financial Payments, Inc. | 3 | 198 |
| Bridgewater Bancshares, Inc. (a) (c) | 1 | 18 |
| Brighthouse Financial, Inc. (a) | 5 | 294 |
| Brightsphere Investment Group Inc. | 2 | 84 |
| Brown & Brown, Inc. | 8 | 652 |
| Burke & Herbert Financial Services Corp. |  | 26 |
| Business First Bancshares, Inc. | 1 | 37 |
| Byline Bancorp, Inc. | 3 | 101 |
| C&F Financial Corporation |  | 3 |
| Cadence Bank | 12 | 506 |
| Camden National Corporation | 2 | 70 |
| Cantaloupe, Inc. (a) | 2 | 26 |
| Capital Bancorp, Inc. |  | 12 |
| Capital City Bank Group, Inc. | 1 | 43 |
| Capital One Financial Corporation | 10 | 2528 |
| Capitol Federal Financial | 13 | 92 |
| Carlyle Group Inc., The | 11 | 680 |
| Carter Bankshares, Inc. (a) | 2 | 48 |
| Cass Information Systems, Inc. | 1 | 52 |
| Cathay General Bancorp | 5 | 224 |
| CBOE Global Markets, Inc. | 3 | 705 |
| Central Pacific Financial Corp. | 3 | 90 |
| Charles Schwab Corporation, The | 27 | 2733 |
| Chubb Limited | 6 | 1895 |
| Cincinnati Financial Corporation | 4 | 697 |
| Citigroup Inc. | 29 | 3385 |
| Citizens & Northern Corporation | 1 | 15 |
| Citizens Financial Group, Inc. | 13 | 764 |
| Citizens, Inc. - Class A (a) (b) | 4 | 18 |
| City Holding Company | 1 | 118 |
| Civista Bancshares, Inc. | 2 | 49 |
| CME Group Inc. - Class A | 4 | 1173 |
| CNB Financial Corporation | 2 | 57 |
| CNO Financial Group, Inc. | 1 | 62 |
| Coastal Financial Corporation (a) |  | 29 |
| Cohen & Steers, Inc. | 2 | 124 |
| Coinbase Global, Inc. - Class A (a) | 2 | 557 |
| Columbia Banking System, Inc. | 12 | 331 |
| Columbia Financial, Inc. (a) | 6 | 87 |
| Comerica Incorporated | 7 | 611 |
| Commerce Bancshares, Inc. | 7 | 348 |
| Community Financial System, Inc. | 3 | 173 |
| Community Trust Bancorp, Inc. | 1 | 80 |
| Community West Bancshares |  | 5 |
| ConnectOne Bancorp, Inc. | 5 | 118 |
| Consumer Portfolio Services, Inc. (a) | 2 | 20 |
| Corebridge Financial, Inc. | 28 | 837 |
| Corpay Inc. (a) | 3 | 876 |
| Crawford & Company - Class A | 2 | 20 |
| Crawford & Company - Class B | 1 | 15 |
| Credit Acceptance Corporation (a) (b) | 1 | 249 |
| Cullen/Frost Bankers, Inc. | 3 | 425 |
| Customers Bancorp, Inc. (a) | 2 | 170 |
| CVB Financial Corp. | 7 | 129 |
| Diamond Hill Investment Group, Inc. - Class A |  | 70 |
| Dime Community Bancshares, Inc. | 3 | 94 |
| Donegal Group Inc. - Class A | 2 | 32 |
| Donnelley Financial Solutions, Inc. (a) | 2 | 71 |
| Eagle Bancorp, Inc. | 3 | 55 |
| East West Bancorp, Inc. | 8 | 868 |
| Eastern Bankshares, Inc. | 8 | 145 |
| eHealth, Inc. (a) | 2 | 7 |
| Employers Holdings, Inc. | 2 | 75 |
| Enact Holdings, Inc. | 1 | 27 |
| Encore Capital Group, Inc. (a) | 2 | 90 |
| Enova International, Inc. (a) | 2 | 286 |
| Enterprise Financial Services Corp. | 3 | 140 |
| Equitable Holdings, Inc. | 11 | 513 |
| Equity Bancshares, Inc. - Class A | 1 | 48 |
| Erie Indemnity Company - Class A | 1 | 193 |
| Esquire Financial Holdings, Inc. |  | 30 |
| Essent Group Ltd. | 6 | 403 |
| Euronet Worldwide, Inc. (a) | 2 | 168 |
| Evercore Inc. - Class A | 2 | 583 |
| Everest Group, Ltd. | 2 | 510 |
| EVERTEC, Inc. | 1 | 34 |
| EZCORP, Inc. - Class A (a) | 3 | 66 |
| F&G Annuities & Life, Inc. | 2 | 72 |
| F.N.B. Corporation | 23 | 387 |
| FactSet Research Systems Inc. | 1 | 294 |
| Farmers National Banc Corp. | 1 | 11 |
| FB Financial Corporation | 4 | 206 |
| Federal Agricultural Mortgage Corporation - Class C | 1 | 125 |
| Federated Hermes, Inc. - Class B | 5 | 253 |
| Fidelity National Financial, Inc. - Class A | 13 | 684 |
| Fidelity National Information Services, Inc. | 14 | 913 |
| Fifth Third Bancorp | 18 | 828 |
| Financial Institutions, Inc. | 2 | 59 |
| First American Financial Corporation | 6 | 394 |
| First Bancorp | 3 | 157 |
| First Bancorp | 10 | 213 |
| First Bancorp, Inc., The | 1 | 30 |
| First Bank of New Jersey | 1 | 19 |
| First Busey Corporation | 5 | 127 |
| First Business Financial Services, Inc. | 1 | 51 |
| First Citizens BancShares, Inc. - Class A |  | 852 |
| First Commonwealth Financial Corporation | 6 | 105 |
| First Community Bancshares, Inc. | 2 | 59 |
| First Financial Bancorp. | 6 | 154 |
| First Financial Bankshares, Inc. | 6 | 194 |
| First Financial Corporation | 1 | 58 |
| First Foundation Inc. (a) | 4 | 25 |
| First Hawaiian, Inc. | 9 | 215 |
| First Horizon Corporation | 23 | 544 |
| First Internet Bancorp | 1 | 18 |
| First Interstate BancSystem, Inc. - Class A | 7 | 234 |
| First Merchants Corporation | 4 | 158 |
| First Mid Bancshares, Inc. | 2 | 64 |
| First Western Financial, Inc. (a) | 1 | 14 |
| FirstCash, Inc. | 3 | 456 |
| Fiserv, Inc. (a) | 11 | 718 |
| Flagstar Bank, National Association | 12 | 145 |
| Flushing Financial Corporation | 3 | 53 |
| Flywire Corporation (a) |  | 6 |
| Franklin Resources, Inc. | 17 | 401 |
| Fulton Financial Corporation | 10 | 189 |
| FVCBankcorp, Inc. | 2 | 22 |
| Genworth Financial, Inc. - Class A (a) | 25 | 222 |
| German American Bancorp, Inc. | 3 | 107 |
| Glacier Bancorp, Inc. | 6 | 256 |
| Global Payments Inc. | 7 | 520 |
| Globe Life Inc. | 5 | 639 |
| Goldman Sachs Group, Inc., The | 6 | 4865 |
| Goosehead Insurance, Inc. - Class A | 1 | 69 |
| Great Southern Bancorp, Inc. | 1 | 73 |
| Green Dot Corporation - Class A (a) | 3 | 45 |
| Greenlight Capital Re, Ltd. - Class A (a) | 3 | 47 |
| Hamilton Lane Incorporated - Class A | 1 | 198 |
| Hancock Whitney Corporation | 6 | 361 |
| Hanmi Financial Corporation | 3 | 73 |
| Hanover Insurance Group Inc., The | 2 | 409 |
| Hartford Insurance Group, Inc., The | 13 | 1849 |
| HBT Financial, Inc. | 1 | 17 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| HCI Group, Inc. | 1 | 150 |
| Hennessy Advisors, Inc. |  | 4 |
| Heritage Commerce Corp | 5 | 55 |
| Heritage Financial Corporation | 3 | 80 |
| Heritage Insurance Holdings, Inc. (a) | 3 | 78 |
| Hilltop Holdings Inc. | 5 | 164 |
| Hingham Institution For Savings, The |  | 60 |
| Home BancShares, Inc. | 11 | 318 |
| Hometrust Bancshares, Inc. | 1 | 62 |
| Hope Bancorp, Inc. | 6 | 69 |
| Horace Mann Educators Corporation | 3 | 146 |
| Horizon Bancorp, Inc. | 5 | 77 |
| Houlihan Lokey, Inc. - Class A | 3 | 466 |
| Huntington Bancshares Incorporated | 44 | 756 |
| Independence Holdings, LLC | 8 | 515 |
| Independent Bank Corp. | 3 | 227 |
| Independent Bank Corporation | 2 | 69 |
| Interactive Brokers Group, Inc. - Class A | 4 | 276 |
| Intercontinental Exchange, Inc. | 8 | 1254 |
| International Bancshares Corporation | 4 | 285 |
| International Money Express Inc. (a) | 3 | 44 |
| Invesco Ltd. | 21 | 552 |
| Investors Title Company |  | 25 |
| Jack Henry & Associates, Inc. | 3 | 528 |
| James River Group Holdings, Ltd. | 2 | 10 |
| Janus Henderson Group PLC | 10 | 477 |
| Jefferies Financial Group Inc. | 8 | 504 |
| JPMorgan Chase & Co. | 59 | 19137 |
| Kearny Financial Corp | 5 | 34 |
| Kestrel Group Ltd (a) |  | 5 |
| KeyCorp | 30 | 611 |
| Kinsale Capital Group, Inc. | 1 | 419 |
| KKR & Co. Inc. - Class A | 6 | 810 |
| Lakeland Financial Corporation | 2 | 100 |
| Lazard, Inc. | 4 | 175 |
| LendingClub Corporation (a) | 9 | 172 |
| LendingTree, Inc. (a) |  | 23 |
| Lincoln National Corporation | 7 | 314 |
| Live Oak Bancshares, Inc. | 2 | 74 |
| Loews Corporation | 7 | 734 |
| LPL Financial Holdings Inc. | 3 | 1081 |
| M&T Bank Corporation | 4 | 840 |
| Markel Group Inc. (a) |  | 821 |
| MarketAxess Holdings Inc. | 1 | 143 |
| Marqeta, Inc. - Class A (a) | 7 | 31 |
| Marsh & Mclennan Companies, Inc. | 9 | 1683 |
| MasterCard Incorporated - Class A | 16 | 9148 |
| Mechanics Bancorp - Class A | 3 | 42 |
| Mercantile Bank Corporation | 2 | 79 |
| Merchants Bancorp, Inc. | 2 | 80 |
| Mercury General Corporation | 4 | 337 |
| MetLife, Inc. | 19 | 1492 |
| Metrocity Bankshares, Inc. | 1 | 23 |
| Metropolitan Bank Holding Corp. | 1 | 75 |
| MGIC Investment Corporation | 15 | 451 |
| Mid Penn Bancorp, Inc. | 1 | 18 |
| Midland States Bancorp, Inc. | 2 | 33 |
| MidWestOne Financial Group, Inc. | 1 | 29 |
| Moelis & Company - Class A | 1 | 71 |
| Moody's Corporation | 3 | 1446 |
| Morgan Stanley | 28 | 4923 |
| Morningstar, Inc. | 2 | 463 |
| MSCI Inc. - Class A | 1 | 859 |
| MVB Financial Corp. | 1 | 15 |
| Nasdaq, Inc. | 15 | 1438 |
| National Bank Holdings Corporation - Class A | 2 | 88 |
| National Bankshares, Inc. |  | 2 |
| Navient Corporation | 6 | 73 |
| NB Bancorp, Inc. |  | 5 |
| NBT Bancorp Inc. | 4 | 147 |
| NCR Atleos Corporation (a) | 5 | 191 |
| Nelnet, Inc. - Class A | 2 | 231 |
| NI Holdings Inc. (a) | 1 | 12 |
| Nicolet Bankshares, Inc. | 1 | 129 |
| NMI Holdings, Inc. - Class A (a) | 5 | 186 |
| Northeast Bank |  | 52 |
| Northern Trust Corporation | 6 | 796 |
| Northfield Bancorp Inc. | 5 | 60 |
| Northrim Bancorp, Inc. | 2 | 43 |
| Northwest Bancshares, Inc. | 10 | 121 |
| Norwood Financial Corp. (b) |  | 9 |
| OceanFirst Financial Corp. | 5 | 86 |
| Octave Specialty Group, Inc. (a) | 2 | 19 |
| OFG Bancorp | 3 | 139 |
| Old National Bancorp | 22 | 496 |
| Old Republic International Corporation | 12 | 546 |
| Old Second Bancorp, Inc. | 1 | 14 |
| Onity Group Inc. (a) |  | 11 |
| Open Lending Corporation - Class A (a) | 3 | 5 |
| Oppenheimer Holdings Inc. - Class A | 1 | 79 |
| Origin Bancorp, Inc. | 1 | 31 |
| Orrstown Financial Services, Inc. | 1 | 34 |
| Oscar Health, Inc. - Class A (a) | 5 | 78 |
| P.C.B. Bancorp, Inc. | 1 | 12 |
| Palomar Holdings, Inc. (a) | 1 | 108 |
| Park National Corporation | 1 | 134 |
| Parke Bancorp, Inc. | 1 | 17 |
| Pathward Financial, Inc. | 2 | 110 |
| Paymentus Holdings, Inc. - Class A (a) | 1 | 29 |
| Payoneer Global Inc. (a) | 13 | 74 |
| PayPal Holdings, Inc. | 22 | 1259 |
| Paysafe Limited (a) | 5 | 37 |
| Peapack-Gladstone Financial Corporation | 1 | 36 |
| PennyMac Financial Services, Inc. | 1 | 137 |
| Peoples Bancorp Inc. | 2 | 63 |
| Peoples Financial Services Corp. |  | 10 |
| Pinnacle Financial Partners, Inc. | 4 | 347 |
| Pioneer Bancorp, Inc. (a) | 1 | 16 |
| Piper Sandler Companies | 1 | 278 |
| PJT Partners Inc. - Class A | 1 | 116 |
| Popular, Inc. | 4 | 551 |
| PRA Group, Inc. (a) | 4 | 63 |
| Preferred Bank | 1 | 102 |
| Primerica, Inc. | 2 | 606 |
| Primis Financial Corp. | 3 | 43 |
| Principal Financial Group, Inc. | 6 | 569 |
| ProAssurance Corporation (a) | 4 | 108 |
| PROG Holdings, Inc. | 2 | 61 |
| Progressive Corporation, The | 10 | 2241 |
| Prosperity Bancshares, Inc. | 5 | 331 |
| Provident Financial Holdings, Inc. |  | 7 |
| Provident Financial Services, Inc. | 8 | 158 |
| Prudential Financial, Inc. | 9 | 997 |
| QCR Holdings, Inc. | 1 | 81 |
| Radian Group Inc. | 9 | 307 |
| Raymond James Financial, Inc. | 6 | 947 |
| Red River Bancshares, Inc. |  | 13 |
| Regional Management Corp. | 2 | 70 |
| Regions Financial Corporation | 27 | 734 |
| Reinsurance Group of America, Incorporated | 3 | 556 |
| Remitly Global, Inc. (a) | 4 | 51 |
| RenaissanceRe Holdings Ltd | 2 | 584 |
| Renasant Corporation | 5 | 176 |
| Repay Holdings Corporation - Class A (a) | 2 | 7 |
| Republic Bancorp, Inc. - Class A | 2 | 104 |
| RLI Corp. | 4 | 240 |
| Robinhood Markets, Inc. - Class A (a) | 20 | 2266 |
| Rocket Companies, Inc. - Class A | 45 | 863 |
| Root LLC - Class A (a) |  | 10 |
| S & T Bancorp, Inc. | 3 | 105 |
| S&P Global Inc. | 4 | 1883 |
| Safety Insurance Group, Inc. | 1 | 90 |
| Seacoast Banking Corporation of Florida | 4 | 118 |
| SEI Investments Company | 6 | 510 |
| Selective Insurance Group, Inc. | 4 | 295 |
| ServisFirst Bancshares, Inc. | 3 | 187 |
| Shore Bancshares, Inc. | 1 | 26 |
| Sierra BanCorp | 1 | 48 |
| Simmons First National Corporation - Class A | 8 | 142 |
| SiriusPoint Ltd. (a) | 9 | 194 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Skyward Specialty Insurance Group, Inc. (a) | 3 | 132 |
| SLM Corporation | 12 | 330 |
| Smartfinancial, Inc. | 1 | 33 |
| SoFi Technologies, Inc. (a) | 19 | 485 |
| South Plains Financial, Inc. |  | 13 |
| Southern First Bancshares, Inc. (a) | 1 | 62 |
| Southern Missouri Bancorp, Inc. | 1 | 34 |
| Southside Bancshares, Inc. | 3 | 80 |
| Southstate Bank Corporation | 6 | 537 |
| State Street Corporation | 8 | 970 |
| Stellar Bancorp, Inc. | 1 | 40 |
| Stewart Information Services Corporation | 1 | 104 |
| Stifel Financial Corp. | 5 | 618 |
| Stock Yards Bancorp, Inc. | 2 | 125 |
| StoneX Group Inc. (a) | 4 | 356 |
| Synchrony Financial | 11 | 914 |
| Synovus Financial Corp. | 8 | 387 |
| T. Rowe Price Group, Inc. | 7 | 698 |
| Texas Capital Bancshares, Inc. (a) | 3 | 245 |
| TFS Financial Corporation | 11 | 142 |
| The PNC Financial Services Group, Inc. | 7 | 1390 |
| The Western Union Company (b) | 20 | 190 |
| Tiptree Inc. | 3 | 54 |
| Toast, Inc. - Class A (a) | 7 | 253 |
| Tompkins Financial Corporation | 1 | 86 |
| TowneBank | 5 | 170 |
| TPG Inc. - Class A | 1 | 48 |
| Tradeweb Markets Inc. - Class A | 3 | 332 |
| Travelers Companies, Inc., The | 11 | 3214 |
| TriCo Bancshares | 3 | 121 |
| Triumph Financial, Inc. (a) | 1 | 63 |
| Truist Financial Corporation | 24 | 1170 |
| Trupanion, Inc. (a) | 1 | 37 |
| Trustco Bank Corp N Y | 2 | 78 |
| Trustmark Corporation | 4 | 173 |
| U.S. Bancorp | 26 | 1376 |
| UMB Financial Corporation | 5 | 575 |
| United Bankshares, Inc. | 9 | 338 |
| United Community Banks, Inc. | 8 | 247 |
| United Fire Group, Inc. | 2 | 84 |
| Unity Bancorp, Inc. |  | 20 |
| Universal Insurance Holdings, Inc. | 2 | 57 |
| Univest Financial Corporation | 2 | 76 |
| Unum Group | 8 | 599 |
| Valley National Bancorp | 32 | 371 |
| Velocity Financial Inc. (a) | 1 | 19 |
| Victory Capital Holdings, Inc. - Class A | 3 | 166 |
| Virtu Financial, Inc. - Class A | 6 | 214 |
| Virtus Investment Partners, Inc. |  | 73 |
| Visa Inc. - Class A | 29 | 10231 |
| Voya Financial, Inc. | 5 | 388 |
| W. R. Berkley Corporation | 10 | 715 |
| WAFD, Inc. | 5 | 149 |
| Walker & Dunlop, Inc. | 1 | 85 |
| Washington Trust Bancorp, Inc. | 2 | 61 |
| Waterstone Financial, Inc. | 3 | 54 |
| Webster Financial Corporation | 8 | 521 |
| Wells Fargo & Company | 54 | 5049 |
| WesBanco, Inc. | 7 | 218 |
| West Bancorporation, Inc. | 2 | 40 |
| Westamerica Bancorporation | 2 | 83 |
| Western Alliance Bancorporation | 6 | 488 |
| Westwood Holdings Group, Inc. | 1 | 14 |
| Wex, Inc. (a) | 2 | 285 |
| White Mountains Insurance Group Ltd |  | 357 |
| Willis Towers Watson Public Limited Company | 3 | 1130 |
| Wintrust Financial Corporation | 3 | 486 |
| WisdomTree, Inc. (b) | 9 | 114 |
| World Acceptance Corporation (a) |  | 65 |
| WSFS Financial Corporation | 4 | 222 |
| Zions Bancorporation, National Association | 8 | 483 |
| Zurich American Corporation | 3 | 104 |
| | | 210699 |
| **Industrials 12.0%** | **Industrials 12.0%** | **Industrials 12.0%** |
| 3D Systems Corporation (a) | 9 | 16 |
| 3M Company | 11 | 1716 |
| A. O. Smith Corporation | 6 | 422 |
| AAON, Inc. | 2 | 124 |
| AAR Corp. (a) | 2 | 172 |
| ABM Industries Incorporated | 3 | 147 |
| ACCO Brands Corporation | 8 | 31 |
| Acuity Brands, Inc. | 2 | 553 |
| ACV Auctions Inc. - Class A (a) | 6 | 49 |
| Advanced Drainage Systems, Inc. | 4 | 574 |
| Aebi Schmidt Holding AG | 3 | 37 |
| AECOM | 5 | 519 |
| AeroVironment, Inc. (a) |  | 106 |
| AGCO Corporation | 5 | 476 |
| Air Lease Corporation - Class A | 7 | 462 |
| Alamo Group Inc. | 1 | 136 |
| Alaska Air Group, Inc. (a) | 7 | 343 |
| Albany International Corp. - Class A | 1 | 58 |
| Alight, Inc. - Class A | 12 | 24 |
| Allegiant Travel Company (a) | 1 | 48 |
| Allegion Public Limited Company | 5 | 731 |
| Allison Systems, Inc. | 7 | 638 |
| Alta Equipment Group Inc. - Class A | 2 | 9 |
| Amentum Holdings, Inc. (a) | 2 | 54 |
| Ameresco, Inc. - Class A (a) | 1 | 34 |
| American Airlines Group Inc. (a) | 18 | 278 |
| American Woodmark Corporation (a) | 1 | 65 |
| AMETEK, Inc. | 6 | 1249 |
| API Group Corporation (a) | 20 | 766 |
| Apogee Enterprises, Inc. | 1 | 48 |
| Applied Industrial Technologies, Inc. | 2 | 498 |
| Arcbest Corporation | 1 | 86 |
| Arcosa, Inc. | 3 | 291 |
| Argan, Inc. | 1 | 187 |
| Armstrong World Industries, Inc. | 2 | 461 |
| Astec Industries, Inc. | 2 | 73 |
| Astronics Corporation (a) | 2 | 120 |
| Astronics Corporation - Class B (a) | 1 | 80 |
| ATI Inc. (a) | 7 | 789 |
| Atkore Inc. | 1 | 92 |
| ATMUS Filtration Technologies Inc. | 1 | 35 |
| Automatic Data Processing, Inc. | 7 | 1792 |
| Avis Budget Group, Inc. (a) (b) |  | 42 |
| Axon Enterprise, Inc. (a) | 1 | 515 |
| AZZ Inc. | 2 | 177 |
| Barrett Business Services, Inc. | 2 | 54 |
| Blue Bird Global Corporation (a) | 1 | 41 |
| BlueLinx Holdings Inc. (a) | 1 | 47 |
| Boeing Company, The (a) | 11 | 2305 |
| Boise Cascade Company | 2 | 129 |
| Booz Allen Hamilton Holding Corporation - Class A | 3 | 239 |
| Bowman Consulting Group Ltd. (a) | 1 | 44 |
| Brady Corporation - Class A | 3 | 197 |
| BrightView Holdings, Inc. (a) | 7 | 87 |
| Brink's Company, The | 2 | 267 |
| Broadridge Financial Solutions, Inc. | 3 | 676 |
| Builders FirstSource, Inc. (a) | 6 | 609 |
| BWXT Government Group, Inc. | 4 | 648 |
| C.H. Robinson Worldwide, Inc. | 5 | 834 |
| Caci International Inc. - Class A (a) | 1 | 591 |
| Cadeler A/S - ADR (a) | 1 | 16 |
| Cadre Holdings, Inc. | 1 | 25 |
| Carlisle Companies Incorporated | 2 | 552 |
| Carpenter Technology Corporation | 2 | 705 |
| Carrier Global Corporation | 11 | 558 |
| Casella Waste Systems, Inc. - Class A (a) | 2 | 231 |
| Caterpillar Inc. | 8 | 4655 |
| CBIZ, Inc. (a) | 2 | 110 |
| CECO Environmental Corp. (a) | 2 | 107 |
| Chart Industries, Inc. (a) | 1 | 136 |
| Cimpress Public Limited Company (a) | 1 | 94 |
| Cintas Corporation | 6 | 1165 |
| Civeo Corporation | 1 | 15 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Clarivate PLC (a) | 24 | 80 |
| Clean Harbors, Inc. (a) | 3 | 786 |
| CNH Industrial N.V. | 62 | 569 |
| Columbus McKinnon Corporation | 2 | 32 |
| Comfort Systems USA, Inc. | 1 | 982 |
| Commercial Vehicle Group, Inc. (a) | 5 | 7 |
| Concentrix Corporation | 1 | 45 |
| Concrete Pumping Holdings, Inc. | 1 | 8 |
| Conduent Incorporated (a) | 15 | 28 |
| Construction Partners, Inc. - Class A (a) | 2 | 223 |
| Copa Holdings, S.A. - Class A | 3 | 306 |
| Copart, Inc. (a) | 14 | 566 |
| Core & Main, Inc. - Class A (a) | 8 | 428 |
| Costamare Bulkers Holdings Limited (a) | 2 | 25 |
| Costamare Inc. | 8 | 126 |
| Covenant Logistics Group, Inc. - Class A | 2 | 42 |
| CRA International, Inc. |  | 77 |
| Crane Company | 3 | 515 |
| CSG Systems International, Inc. | 2 | 166 |
| CSW Industrials, Inc. | 1 | 188 |
| CSX Corporation | 54 | 1944 |
| Cummins Inc. | 4 | 2130 |
| Curtiss-Wright Corporation | 1 | 819 |
| Deere & Company | 5 | 2540 |
| Delta Air Lines, Inc. | 31 | 2138 |
| Deluxe Corporation | 5 | 104 |
| Distribution Solutions Group, Inc. (a) | 1 | 27 |
| DNOW Inc. (a) | 15 | 194 |
| Donaldson Company, Inc. | 6 | 544 |
| Douglas Dynamics, Inc. | 2 | 70 |
| Dover Corporation | 4 | 725 |
| Ducommun Incorporated (a) | 1 | 108 |
| DXP Enterprises, Inc. (a) | 1 | 113 |
| Dycom Industries, Inc. (a) | 2 | 627 |
| Eaton Corporation Public Limited Company | 4 | 1368 |
| Elance, Inc. (a) | 2 | 49 |
| EMCOR Group, Inc. | 2 | 1005 |
| Emerson Electric Co. | 7 | 952 |
| Energy Recovery, Inc. (a) | 3 | 36 |
| Enerpac Tool Group Corp. - Class A | 3 | 99 |
| EnerSys | 2 | 367 |
| Ennis, Inc. | 2 | 45 |
| Enpro Inc. | 1 | 231 |
| Enviri Corporation (a) | 5 | 85 |
| Equifax, Inc. | 3 | 615 |
| ESAB Corporation | 3 | 361 |
| ESCO Technologies Inc. | 1 | 240 |
| Everus Construction Group, Inc. (a) | 3 | 237 |
| ExlService Holdings, Inc. (a) | 7 | 318 |
| Expeditors International of Washington, Inc. - Class A | 6 | 867 |
| Exponent, Inc. | 1 | 54 |
| Fastenal Company | 23 | 907 |
| Federal Signal Corporation | 3 | 326 |
| FedEx Corporation | 8 | 2262 |
| Ferguson Enterprises Inc. | 6 | 1382 |
| First Advantage Corporation (a) | 5 | 66 |
| Flowserve Corporation | 6 | 421 |
| Fluor Corporation (a) | 6 | 257 |
| Forrester Research, Inc. (a) | 2 | 14 |
| Fortive Corporation | 10 | 548 |
| Fortune Brands Innovations, Inc. | 4 | 214 |
| Franklin Covey Co. (a) | 1 | 18 |
| Franklin Electric Co., Inc. | 2 | 198 |
| Frontier Group Holdings, Inc. (a) | 2 | 11 |
| FTAI Aviation Ltd. |  | 41 |
| FTAI Infrastructure Inc. | 4 | 20 |
| FTI Consulting, Inc. (a) | 1 | 202 |
| FuelCell Energy, Inc. (a) |  | 3 |
| Gates Industrial Corporation PLC (a) | 5 | 112 |
| GATX Corporation | 2 | 379 |
| GE Vernova Inc. | 3 | 1840 |
| Genco Shipping & Trading Limited | 1 | 14 |
| Gencor Industries, Inc. (a) | 1 | 7 |
| Generac Holdings Inc. (a) | 2 | 239 |
| General Dynamics Corporation | 4 | 1277 |
| General Electric Company | 12 | 3593 |
| Genpact Limited | 10 | 449 |
| Gibraltar Industries, Inc. (a) | 2 | 74 |
| Global Industrial Company | 2 | 69 |
| Gorman- Rupp Company, The | 2 | 96 |
| Graco Inc. | 7 | 608 |
| Graham Corporation (a) |  | 26 |
| Granite Construction Incorporated | 2 | 276 |
| Great Lakes Dredge & Dock Corporation (a) | 5 | 65 |
| Greenbrier Companies, Inc., The | 1 | 55 |
| Griffon Corporation | 2 | 139 |
| GXO Logistics Inc. (a) | 5 | 257 |
| Hayward Holdings, Inc. (a) | 3 | 49 |
| Healthcare Services Group, Inc. (a) | 5 | 96 |
| Heartland Express, Inc. | 5 | 43 |
| HEICO Corporation | 1 | 359 |
| HEICO Corporation - Class A | 2 | 429 |
| Helios Technologies, Inc. | 2 | 116 |
| Herc Holdings Inc. | 3 | 442 |
| Hertz Global Holdings, Inc. (a) (b) | 17 | 87 |
| Hexcel Corporation | 2 | 165 |
| Hillenbrand, Inc. | 1 | 39 |
| Hillman Solutions Corp. - Class A (a) | 7 | 64 |
| HNI Corporation | 4 | 187 |
| Honeywell International Inc. | 11 | 2174 |
| Howmet Aerospace Inc. | 7 | 1364 |
| Hub Group, Inc. - Class A | 3 | 129 |
| Hubbell Incorporated | 2 | 748 |
| Hudson Global, Inc. (a) |  | 1 |
| Hudson Technologies, Inc. (a) | 3 | 18 |
| Huntington Ingalls Industries, Inc. | 2 | 535 |
| Hurco Companies, Inc. (a) |  | 5 |
| Huron Consulting Group Inc. (a) | 1 | 193 |
| Hyster-Yale, Inc. - Class A | 1 | 21 |
| IBEX Limited (a) | 1 | 32 |
| ICF International, Inc. | 1 | 64 |
| IDEX Corporation | 2 | 387 |
| IES Holdings, Inc. (a) | 1 | 393 |
| Illinois Tool Works Inc. | 7 | 1765 |
| Ingersoll Rand Inc. | 8 | 646 |
| Insperity, Inc. | 1 | 42 |
| Insteel Industries, Inc. | 1 | 33 |
| Interface, Inc. - Class A | 4 | 120 |
| ITT Inc. | 4 | 669 |
| J.B. Hunt Transport Services, Inc. | 5 | 993 |
| Jacobs Solutions Inc. | 4 | 575 |
| Janus International Group, Inc. (a) | 2 | 13 |
| JELD-WEN Holding, Inc. (a) | 6 | 15 |
| JetBlue Airways Corporation (a) | 14 | 63 |
| Johnson Controls International Public Limited Company | 8 | 956 |
| Kadant Inc. |  | 105 |
| KBR, Inc. | 8 | 313 |
| Kennametal Inc. | 5 | 139 |
| Kforce Inc. | 1 | 32 |
| Kirby Corporation (a) | 3 | 278 |
| Knight-Swift Transportation Holdings Inc. - Class A | 7 | 386 |
| Korn Ferry | 4 | 243 |
| Kratos Defense & Security Solutions, Inc. (a) | 8 | 571 |
| L. B. Foster Company (a) | 1 | 27 |
| L3Harris Technologies, Inc. | 5 | 1478 |
| Landstar System, Inc. | 1 | 143 |
| Leidos Holdings, Inc. | 5 | 846 |
| Lennox International Inc. | 1 | 483 |
| Leonardo DRS, Inc. | 4 | 143 |
| Limbach Holdings, Inc. (a) |  | 31 |
| Lincoln Electric Holdings, Inc. | 3 | 614 |
| Lindsay Corporation |  | 55 |
| Liquidity Services, Inc. (a) | 2 | 51 |
| Loar Holdings Inc. (a) | 1 | 99 |
| Lockheed Martin Corporation | 4 | 1939 |
| LSI Industries Inc. | 1 | 21 |
| Luxfer Holdings PLC | 2 | 21 |
| Lyft, Inc. - Class A (a) | 6 | 109 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Manitowoc Company, Inc., The (a) | 1 | 15 |
| ManpowerGroup Inc. | 2 | 66 |
| Marten Transport, Ltd. | 2 | 24 |
| Masco Corporation | 7 | 473 |
| MasTec, Inc. (a) | 4 | 831 |
| Masterbrand, Inc. (a) | 4 | 47 |
| Matrix Service Company (a) | 3 | 38 |
| Matson Intermodal - Paragon, Inc. | 2 | 186 |
| Maximus, Inc. | 3 | 228 |
| Mayville Engineering Company, Inc. (a) | 1 | 18 |
| McGrath RentCorp | 1 | 157 |
| Mercury Systems, Inc. (a) | 3 | 222 |
| Middleby Corporation, The (a) | 3 | 490 |
| Miller Industries, Inc. | 1 | 36 |
| Millerknoll, Inc. | 4 | 68 |
| Mine Safety Appliances Company, LLC | 2 | 318 |
| Mistras Group, Inc. (a) | 3 | 32 |
| Modine Manufacturing Company (a) | 2 | 294 |
| Monocle Acquisition Corporation (a) | 2 | 17 |
| Montrose Environmental Group, Inc. (a) | 2 | 38 |
| MOOG Inc. - Class A | 1 | 361 |
| MSC Industrial Direct Co., Inc. - Class A | 3 | 244 |
| Mueller Industries, Inc. | 6 | 632 |
| Mueller Water Products, Inc. - Class A | 9 | 203 |
| MYR Group Inc. (a) | 1 | 146 |
| N L Industries, Inc. | 1 | 5 |
| National Presto Industries, Inc. | 1 | 66 |
| Newpark Resources, Inc. (a) | 4 | 53 |
| NextPower LLC - Class A (a) | 2 | 166 |
| NN, Inc. (a) | 3 | 4 |
| Nordson Corporation | 1 | 355 |
| Norfolk Southern Corporation | 5 | 1505 |
| Northrop Grumman Corporation | 2 | 1261 |
| Nvent Electric Public Limited Company | 6 | 607 |
| NWPX Infrastructure, Inc. (a) | 1 | 63 |
| Old Dominion Freight Line, Inc. | 5 | 750 |
| Omega Flex, Inc. |  | 3 |
| Openlane, Inc. (a) | 8 | 232 |
| Orion Group Holdings, Inc. (a) | 2 | 16 |
| Oshkosh Corporation | 4 | 462 |
| Otis Worldwide Corporation | 7 | 645 |
| Owens Corning | 6 | 658 |
| P.A.M. Transportation Services, Inc. (a) | 1 | 14 |
| PACCAR Inc. | 13 | 1432 |
| Pangaea Logistics Solutions Ltd. | 3 | 23 |
| Park Aerospace Technologies Corp. | 2 | 46 |
| Parker-Hannifin Corporation | 1 | 1231 |
| Park-Ohio Holdings Corp. | 1 | 27 |
| Parsons Corporation (a) | 3 | 182 |
| Paychex, Inc. | 8 | 846 |
| Paycom Software, Inc. | 2 | 273 |
| Paylocity Holding Corporation (a) | 1 | 226 |
| Pentair Public Limited Company | 8 | 825 |
| Planet Labs Inc. - Class A (a) | 5 | 92 |
| Plug Power Inc. (a) (b) | 24 | 46 |
| Powell Industries, Inc. | 1 | 181 |
| Preformed Line Products Company |  | 39 |
| Primoris Services Corporation | 3 | 343 |
| Proto Labs, Inc. (a) | 2 | 89 |
| Quad/Graphics, Inc. - Class A | 4 | 28 |
| Quanex Building Products Corporation | 4 | 55 |
| Quanta Services, Inc. | 3 | 1224 |
| Radiant Logistics, Inc. (a) | 3 | 21 |
| RBC Bearings Incorporated (a) | 1 | 643 |
| Regal Rexnord Corporation | 3 | 401 |
| Republic Services, Inc. | 5 | 1065 |
| Resideo Technologies, Inc. (a) | 9 | 302 |
| Resources Connection, Inc. | 4 | 22 |
| REV Group, Inc. | 3 | 170 |
| Robert Half Inc. | 3 | 73 |
| Rocket Lab Usa, Inc. (a) | 5 | 344 |
| Rockwell Automation, Inc. | 2 | 875 |
| Rollins, Inc. | 11 | 654 |
| RTX Corporation | 22 | 4004 |
| Rush Enterprises, Inc. - Class A | 3 | 187 |
| Rush Enterprises, Inc. - Class B | 1 | 38 |
| RXO Inc. (a) | 5 | 64 |
| Ryder System, Inc. | 3 | 642 |
| Saia, Inc. (a) | 1 | 260 |
| Schneider National, Inc. - Class B | 3 | 91 |
| Science Applications International Corporation | 3 | 279 |
| Sensata Technologies Holding PLC | 6 | 189 |
| Shoals Technologies Group, Inc. - Class A (a) | 2 | 20 |
| SIFCO Industries, Inc. (a) |  | 1 |
| Simpson Manufacturing Co., Inc. | 2 | 325 |
| SiteOne Landscape Supply, Inc. (a) | 2 | 209 |
| SkyWest, Inc. (a) | 3 | 263 |
| Snap-on Incorporated | 2 | 736 |
| Southwest Airlines Co. | 17 | 701 |
| SPX Technologies, Inc. (a) | 3 | 505 |
| SS&C Technologies Holdings, Inc. | 8 | 659 |
| Standex International Corporation | 1 | 122 |
| Stanley Black & Decker, Inc. | 6 | 469 |
| Sterling Infrastructure, Inc. (a) | 2 | 496 |
| Sunrun Inc. (a) | 11 | 203 |
| Symbotic Inc. - Class A (a) | 1 | 56 |
| Taskus, Inc. - Class A (a) |  | 6 |
| Tecnoglass Inc. | 2 | 104 |
| Tennant Company | 1 | 55 |
| Terex Corporation | 2 | 133 |
| Tetra Tech, Inc. | 8 | 283 |
| Textron Inc. | 8 | 674 |
| Thermon Group Holdings, Inc. (a) | 2 | 73 |
| TIC Solutions, Inc. (a) | 4 | 44 |
| Timken Company, The | 3 | 276 |
| Titan Machinery Inc. (a) | 1 | 19 |
| Toro Company, The | 5 | 390 |
| Trane Technologies Public Limited Company | 4 | 1507 |
| Transcat, Inc. (a) |  | 26 |
| TransDigm Group Incorporated | 1 | 1144 |
| TransUnion | 5 | 437 |
| Trex Company, Inc. (a) | 3 | 99 |
| Trinet Group, Inc. | 1 | 75 |
| Trinity Industries, Inc. | 4 | 116 |
| TrueBlue, Inc. (a) | 6 | 26 |
| TTEC Holdings, Inc. (a) (b) | 5 | 16 |
| Tutor Perini Corporation | 5 | 303 |
| Twin Disc, Incorporated | 1 | 20 |
| Uber Technologies, Inc. (a) | 18 | 1448 |
| UFP Industries, Inc. | 3 | 231 |
| U-Haul Holding Company (a) (b) | 1 | 56 |
| U-Haul Holding Company - Series N | 7 | 331 |
| UL Solutions Inc. - Class A | 1 | 61 |
| Ultralife Corporation (a) |  | 1 |
| Unifirst Corporation | 1 | 190 |
| Union Pacific Corporation | 11 | 2566 |
| United Airlines Holdings, Inc. (a) | 20 | 2241 |
| United Parcel Service, Inc. - Class B | 17 | 1645 |
| United Rentals, Inc. | 3 | 2079 |
| Universal Logistics Holdings, Inc. (b) | 2 | 35 |
| V2X, Inc. (a) | 1 | 69 |
| Valmont Industries, Inc. | 1 | 395 |
| Veralto Corporation | 4 | 391 |
| Verisk Analytics, Inc. | 3 | 690 |
| Verra Mobility Corporation - Class A (a) | 8 | 168 |
| Vertiv Holdings Co - Class A | 6 | 1042 |
| Vicor Corporation (a) | 1 | 153 |
| VSE Corporation | 1 | 190 |
| W.W. Grainger, Inc. | 1 | 1117 |
| Wabash National Corporation | 1 | 13 |
| Waste Management, Inc. | 8 | 1660 |
| Watsco, Inc. | 1 | 261 |
| Watts Water Technologies, Inc. - Class A | 1 | 406 |
| Werner Enterprises, Inc. | 3 | 81 |
| WESCO International, Inc. | 3 | 673 |
| Westinghouse Air Brake Technologies Corporation | 5 | 966 |
| Willdan Group, Inc. (a) | 1 | 101 |
| Willis Lease Finance Corporation |  | 32 |
| Willscot Holdings Corporation - Class A | 8 | 154 |
| Woodward, Inc. | 2 | 752 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Worthington Industries, Inc. | 2 | 102 |
| XPO, Inc. (a) | 5 | 740 |
| Xylem Inc. | 6 | 755 |
| Zurn Elkay Water Solutions Corporation | 3 | 129 |
| | | 155189 |
| **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** |
| 1-800-Flowers.com, Inc. - Class A (a) | 4 | 14 |
| Abercrombie & Fitch Co. - Class A (a) | 3 | 343 |
| Academy Sports & Outdoors, Inc. | 4 | 197 |
| Acushnet Holdings Corp. | 4 | 328 |
| Adient Public Limited Company (a) | 3 | 60 |
| ADT, Inc. | 36 | 292 |
| Adtalem Global Education Inc. (a) | 2 | 230 |
| Advance Auto Parts, Inc. | 3 | 104 |
| Airbnb, Inc. - Class A (a) | 5 | 634 |
| Amazon.com, Inc. (a) | 156 | 35915 |
| American Axle & Manufacturing Holdings, Inc. (a) | 9 | 57 |
| American Eagle Outfitters, Inc. | 6 | 149 |
| American Outdoor Brands, Inc. (a) | 2 | 12 |
| American Public Education, Inc. (a) | 2 | 72 |
| America's Car Mart, Inc. (a) |  | 11 |
| Aptiv PLC (a) | 8 | 594 |
| Aramark | 13 | 497 |
| Arhaus, Inc. - Class A (a) | 3 | 35 |
| ARKO Corp. - Class A | 3 | 13 |
| Asbury Automotive Group, Inc. (a) | 1 | 309 |
| Autoliv, Inc. | 5 | 637 |
| AutoNation, Inc. (a) | 3 | 566 |
| AutoZone, Inc. (a) |  | 970 |
| Bassett Furniture Industries, Incorporated | 1 | 8 |
| Bath & Body Works, Inc. | 6 | 114 |
| Beazer Homes USA, Inc. (a) | 3 | 58 |
| Bed Bath & Beyond, Inc. (a) (b) | 2 | 9 |
| Best Buy Co., Inc. | 12 | 808 |
| Biglari Holdings Inc. - Class A (a) |  | 19 |
| Biglari Holdings Inc. - Class B (a) |  | 37 |
| Birkenstock Holding PLC (a) | 2 | 74 |
| BJ's Restaurants, Inc. (a) | 2 | 75 |
| Bloomin' Brands, Inc. | 5 | 31 |
| Booking Holdings Inc. |  | 2544 |
| Boot Barn Holdings, Inc. (a) | 2 | 285 |
| BorgWarner Inc. | 13 | 602 |
| Boyd Gaming Corporation | 2 | 187 |
| Bright Horizons Family Solutions, Inc. (a) | 3 | 265 |
| Brinker International, Inc. (a) | 2 | 268 |
| Brunswick Corporation | 3 | 215 |
| Build-A-Bear Workshop, Inc. | 1 | 62 |
| Burlington Stores, Inc. (a) | 2 | 696 |
| Caesars Entertainment, Inc. (a) | 7 | 164 |
| Caleres, Inc. | 2 | 22 |
| Camping World Holdings, Inc. - Class A | 3 | 27 |
| Capri Holdings Limited (a) | 7 | 170 |
| CarMax, Inc. (a) | 6 | 222 |
| Carnival Corporation | 39 | 1179 |
| Carriage Services, Inc. | 2 | 67 |
| Carter's, Inc. | 1 | 38 |
| Carvana Co. - Class A (a) | 2 | 1003 |
| Cato Corporation, The - Class A (a) | 2 | 7 |
| CAVA Group, Inc. (a) | 1 | 82 |
| Cavco Industries, Inc. (a) |  | 246 |
| Century Communities, Inc. | 1 | 75 |
| Cheesecake Factory Incorporated, The | 3 | 154 |
| Chegg, Inc. (a) | 4 | 4 |
| Chewy, Inc. - Class A (a) | 3 | 83 |
| Chipotle Mexican Grill, Inc. (a) | 23 | 856 |
| Choice Hotels International, Inc. (b) | 2 | 178 |
| Churchill Downs Incorporated | 3 | 287 |
| Citi Trends, Inc. (a) | 2 | 77 |
| Columbia Sportswear Company | 2 | 122 |
| Cooper-Standard Holdings Inc. (a) | 3 | 99 |
| Coupang, Inc. - Class A (a) | 23 | 535 |
| Coursera, Inc. (a) | 4 | 29 |
| Cracker Barrel Old Country Store, Inc. | 1 | 26 |
| Crocs, Inc. (a) | 3 | 235 |
| Culp, Inc. (a) | 2 | 5 |
| D.R. Horton, Inc. | 8 | 1137 |
| Dana Incorporated | 6 | 143 |
| Darden Restaurants, Inc. | 3 | 597 |
| Dave & Buster's Entertainment, Inc. (a) | 1 | 12 |
| Deckers Outdoor Corporation (a) | 4 | 445 |
| Denny's Corporation (a) | 4 | 25 |
| Destination XL Group, Inc. (a) | 4 | 4 |
| Dick's Sporting Goods, Inc. | 4 | 748 |
| Dillard's, Inc. - Class A (b) | 1 | 562 |
| DK Crown Holdings Inc. - Class A (a) | 6 | 221 |
| Domino's Pizza, Inc. | 1 | 352 |
| DoorDash, Inc. - Class A (a) | 3 | 737 |
| Dorman Products, Inc. (a) | 2 | 203 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 2 | 42 |
| Driven Brands Holdings Inc. (a) | 2 | 35 |
| Duluth Holdings Inc. - Class B (a) | 3 | 6 |
| Duolingo, Inc. - Class A (a) | 1 | 119 |
| Dutch Bros Inc. - Class A (a) | 3 | 162 |
| eBay Inc. | 15 | 1304 |
| El Pollo Loco Holdings, Inc. (a) | 2 | 18 |
| Escalade, Incorporated | 1 | 12 |
| Ethan Allen Interiors Inc. | 3 | 58 |
| ETSY, Inc. (a) | 2 | 120 |
| Expedia Group, Inc. | 3 | 835 |
| FIGS, Inc. - Class A (a) | 9 | 99 |
| First Watch Restaurant Group, Inc. (a) | 3 | 47 |
| Five Below, Inc. (a) | 2 | 306 |
| Flexsteel Industries, Inc. | 1 | 29 |
| Floor & Decor Holdings, Inc. - Class A (a) | 3 | 174 |
| Flutter Entertainment Public Limited Company (a) | 2 | 345 |
| Ford Motor Company | 129 | 1691 |
| Fossil Group, Inc. (a) (b) | 5 | 18 |
| Fox Factory Holding Corp. (a) | 2 | 42 |
| Frontdoor, Inc. (a) | 3 | 189 |
| Gap, Inc., The | 26 | 663 |
| Garmin Ltd. | 5 | 1050 |
| Garrett Motion Inc. | 3 | 52 |
| General Motors Company | 41 | 3294 |
| Gentex Corporation | 7 | 167 |
| Gentherm Incorporated (a) | 1 | 50 |
| Genuine Parts Company | 6 | 760 |
| G-III Apparel Group, Ltd. | 2 | 52 |
| Global Business Travel Group, Inc. - Class A (a) (b) | 3 | 21 |
| Gold.Com, Inc. | 1 | 26 |
| Gopro Inc. - Class A (a) (b) | 8 | 11 |
| Graham Holdings Co., Ltd. - Class B |  | 248 |
| Grand Canyon Education, Inc. (a) | 1 | 242 |
| Green Brick Partners, Inc. (a) | 3 | 165 |
| Group 1 Automotive, Inc. | 1 | 321 |
| Guess?, Inc. | 4 | 64 |
| H & R Block, Inc. | 5 | 200 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 16 |
| Harley-Davidson, Inc. | 4 | 84 |
| Hasbro, Inc. | 4 | 358 |
| Haverty Furniture Companies, Inc. | 2 | 36 |
| Helen of Troy Limited (a) | 1 | 26 |
| Hilton Grand Vacations Inc. (a) | 3 | 150 |
| Hilton Worldwide Holdings Inc. | 4 | 1196 |
| Home Depot, Inc., The | 19 | 6571 |
| Hooker Furnishings Corporation (b) | 1 | 15 |
| Hovnanian Enterprises, Inc. - Class A (a) |  | 29 |
| Hyatt Hotels Corporation - Class A | 2 | 300 |
| Installed Building Products, Inc. | 1 | 378 |
| Johnson Outdoors Inc. - Class A | 1 | 41 |
| KB Home | 3 | 178 |
| Kohl's Corporation | 4 | 88 |
| Kontoor Brands, Inc. | 3 | 174 |
| Lakeland Industries, Inc. (b) |  | 1 |
| Lands' End, Inc. (a) | 2 | 22 |
| Las Vegas Sands Corp. | 10 | 629 |
| Latham Group, Inc. (a) | 3 | 20 |
| Laureate Education, Inc. - Class A (a) | 10 | 324 |
| La-Z-Boy Incorporated | 2 | 85 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LCI Industries | 1 | 132 |
| Lear Corporation | 2 | 245 |
| Leggett & Platt, Incorporated | 4 | 48 |
| Lennar Corporation - Class A | 5 | 489 |
| Lennar Corporation - Class B | 1 | 50 |
| Les Vetements de Sport Gildan Inc. - Class A | 1 | 68 |
| Levi Strauss & Co. - Class A | 4 | 81 |
| LGI Homes, Inc. (a) | 1 | 34 |
| Life Time Group Holdings, Inc. (a) | 6 | 157 |
| Lifetime Brands, Inc. | 1 | 4 |
| Lithia Motors, Inc. - Class A | 1 | 467 |
| LKQ Corporation | 10 | 290 |
| Lovesac Company, The (a) | 1 | 19 |
| Lowe`s Companies, Inc. | 8 | 2008 |
| Lucid Group, Inc. (a) (b) | 1 | 13 |
| Lululemon Athletica Canada Inc. (a) | 2 | 502 |
| M/I Homes, Inc. (a) | 1 | 167 |
| Macy's, Inc. | 17 | 384 |
| Malibu Boats, Inc. - Class A (a) | 1 | 32 |
| Marine Products Corporation | 2 | 15 |
| MarineMax, Inc. (a) | 2 | 37 |
| Marriott International, Inc. - Class A | 3 | 1063 |
| Marriott Vacations Worldwide Corporation | 2 | 90 |
| MasterCraft Boat Holdings, Inc. (a) | 1 | 15 |
| Mattel, Inc. (a) | 20 | 402 |
| Matthews International Corporation - Class A | 2 | 46 |
| McDonald's Corporation | 11 | 3216 |
| Meritage Homes Corporation | 3 | 182 |
| MGM Resorts International (a) | 9 | 328 |
| Mister Car Wash, Inc. (a) | 14 | 78 |
| Mobileye Global Inc. - Class A (a) | 3 | 28 |
| Mohawk Industries, Inc. (a) | 3 | 291 |
| Monarch Casino & Resort, Inc. | 1 | 67 |
| Motorcar Parts of America, Inc. (a) | 2 | 24 |
| Movado Group, Inc. | 1 | 23 |
| Murphy USA Inc. | 1 | 308 |
| Nathan's Famous, Inc. | 1 | 56 |
| National Vision Holdings, Inc. (a) | 5 | 125 |
| Newell Brands Inc. | 19 | 72 |
| Nike, Inc. - Class B | 12 | 757 |
| Nishka, Inc. - Class A (a) | 3 | 11 |
| Norwegian Cruise Line Holdings Ltd. (a) | 13 | 301 |
| NVR, Inc. (a) |  | 977 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 3 | 314 |
| OneSpaWorld Holdings Limited | 6 | 122 |
| O'Reilly Automotive, Inc. (a) | 12 | 1124 |
| Oxford Industries, Inc. | 1 | 32 |
| Papa John's International, Inc. | 1 | 45 |
| Patrick Industries, Inc. | 2 | 218 |
| PENN Entertainment, Inc. (a) | 6 | 95 |
| Penske Automotive Group, Inc. | 3 | 401 |
| Perdoceo Education Corporation | 5 | 148 |
| PetMed Express, Inc. (a) (b) | 2 | 7 |
| Phinia Inc. | 3 | 191 |
| Planet Fitness, Inc. - Class A (a) | 4 | 390 |
| Polaris Inc. | 2 | 127 |
| Pool Corporation | 1 | 317 |
| PulteGroup, Inc. | 6 | 732 |
| Pursuit Attractions And Hospitality, Inc. (a) | 2 | 55 |
| PVH Corp. | 2 | 130 |
| Quantumscape Battery, Inc. - Class A (a) | 3 | 31 |
| Ralph Lauren Corporation - Class A | 2 | 725 |
| Red Rock Resorts, Inc. - Class A | 1 | 93 |
| Revolve Group Inc. - Class A (a) | 1 | 35 |
| RH (a) |  | 69 |
| Rivian Automotive, Inc. - Class A (a) | 26 | 520 |
| Rocky Brands, Inc. | 1 | 18 |
| Ross Stores, Inc. | 8 | 1485 |
| Royal Caribbean Cruises Ltd. | 5 | 1358 |
| Sally Beauty Holdings, Inc. (a) | 6 | 82 |
| Service Corporation International | 8 | 596 |
| Shake Shack, Inc. - Class A (a) | 1 | 68 |
| SharkNinja, Inc. (a) | 5 | 614 |
| Shoe Carnival, Inc. | 2 | 26 |
| Signet Jewelers Limited | 2 | 141 |
| Skyline Champion Corporation (a) | 2 | 209 |
| Sleep Number Corporation (a) (b) | 1 | 12 |
| Smith & Wesson Brands, Inc. | 2 | 15 |
| Somnigroup International Inc. | 7 | 630 |
| Sonic Automotive, Inc. - Class A | 2 | 109 |
| Sonos, Inc. (a) | 3 | 51 |
| Sportsman's Warehouse Holdings, Inc. (a) | 3 | 5 |
| Standard Motor Products, Inc. | 2 | 72 |
| Starbucks Corporation | 16 | 1335 |
| Steven Madden, Ltd. | 2 | 91 |
| Stitch Fix, Inc. - Class A (a) | 1 | 5 |
| Stoneridge, Inc. (a) | 3 | 18 |
| Strategic Education, Inc. | 1 | 65 |
| Strattec Security Corporation (a) |  | 17 |
| Stride, Inc. (a) | 3 | 180 |
| Superior Group of Companies, Inc. | 1 | 10 |
| Sweetgreen, Inc. - Class A (a) | 3 | 23 |
| Tapestry, Inc. | 10 | 1255 |
| Taylor Morrison Home II Corporation - Class A (a) | 6 | 335 |
| Tesla, Inc. (a) | 23 | 10369 |
| Texas Roadhouse, Inc. - Class A | 3 | 574 |
| The Buckle, Inc. | 5 | 241 |
| The Goodyear Tire & Rubber Company (a) | 10 | 87 |
| The Wendy's Company | 6 | 49 |
| Thor Industries, Inc. | 2 | 236 |
| Tilly's, Inc. - Class A (a) (b) | 1 | 2 |
| TJX Companies, Inc., The | 19 | 2968 |
| Toll Brothers, Inc. | 5 | 688 |
| TopBuild Corp. (a) | 2 | 652 |
| Topgolf Callaway Brands Corp. (a) | 9 | 99 |
| Tractor Supply Company | 14 | 701 |
| Travel + Leisure Co. | 3 | 219 |
| TRI Pointe Homes Holdings, Inc. (a) | 4 | 131 |
| Ulta Beauty, Inc. (a) | 1 | 751 |
| Under Armour, Inc. - Class A (a) (b) | 11 | 56 |
| Under Armour, Inc. - Class C (a) | 14 | 67 |
| Unifi, Inc. (a) | 2 | 7 |
| United Parks And Resorts Inc. (a) | 2 | 77 |
| Universal Electronics Inc. (a) | 1 | 3 |
| Universal Technical Institute, Inc. (a) | 2 | 43 |
| Upbound Group, Inc. | 4 | 75 |
| Urban Outfitters, Inc. (a) | 6 | 464 |
| V.F. Corporation | 14 | 256 |
| Vail Resorts, Inc. (b) | 2 | 201 |
| Valvoline, Inc. (a) | 5 | 151 |
| Vera Bradley, Inc. (a) | 3 | 8 |
| Victoria's Secret & Co. (a) | 5 | 266 |
| Visteon Corporation | 1 | 114 |
| Vitamin Oldco Holdings, Inc. (a) (d) | 7 |  |
| Warby Parker Inc. - Class A (a) | 2 | 50 |
| Wayfair Inc. - Class A (a) | 1 | 129 |
| Weyco Group, Inc. | 1 | 29 |
| Whirlpool Corporation | 3 | 186 |
| Williams-Sonoma, Inc. | 4 | 627 |
| Wingstop Inc. | 1 | 135 |
| Winmark Corporation |  | 69 |
| Winnebago Industries, Inc. | 1 | 52 |
| Wyndham Hotels & Resorts, Inc. | 3 | 246 |
| Wynn Resorts, Limited | 3 | 375 |
| XPEL, Inc. (a) | 1 | 30 |
| YETI Holdings, Inc. (a) | 5 | 209 |
| Yum! Brands, Inc. | 5 | 823 |
| Zumiez Inc. (a) | 2 | 41 |
| | | 134336 |
| **Communication Services 9.4%** | **Communication Services 9.4%** | **Communication Services 9.4%** |
| Advantage Solutions, Inc. - Class A (a) (b) | 11 | 10 |
| Alphabet Inc. - Class A | 91 | 28435 |
| Alphabet Inc. - Class C | 75 | 23530 |
| Angi Inc. - Class A (a) | 1 | 10 |
| Array Digital Infrastructure, Inc. | 2 | 127 |
| AST Spacemobile, Inc. - Class A (a) (b) | 2 | 181 |
| AT&T Inc. | 164 | 4085 |
| Atlanta Braves Holdings, Inc. - Series A (a) |  | 15 |
| Atlanta Braves Holdings, Inc. - Series C (a) | 3 | 121 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ATN International, Inc. | 3 | 59 |
| Bandwidth Inc. - Class A (a) | 1 | 12 |
| Boston Omaha Corporation - Class A (a) | 1 | 17 |
| Bumble Inc. - Class A (a) | 2 | 7 |
| Cable One, Inc. |  | 44 |
| CarGurus, Inc. - Class A (a) | 3 | 117 |
| Cars.com Inc. (a) | 2 | 30 |
| Cinemark Holdings, Inc. | 7 | 171 |
| Comcast Corporation - Class A | 125 | 3734 |
| DHI Group, Inc. (a) |  |  |
| DoubleVerify Holdings, Inc. (a) | 2 | 21 |
| E.W. Scripps Company, The - Class A (a) | 8 | 31 |
| Electronic Arts Inc. | 7 | 1347 |
| Entravision Communications Corporation - Class A | 6 | 16 |
| Former Charter Communications Parent, Inc. - Class A (a) | 5 | 1054 |
| Fox Corporation - Class A | 6 | 456 |
| Fox Corporation - Class B | 7 | 476 |
| Frontier Communications Parent, Inc. (a) | 11 | 423 |
| Gogo, Inc. (a) | 3 | 15 |
| Gray Media, Inc. | 5 | 26 |
| Grizzly Merger Sub 1, LLC - Series A (a) |  | 9 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 1 | 54 |
| IDT Corporation - Class B | 2 | 86 |
| IMAX Corporation (a) | 3 | 94 |
| Iridium Communications Inc. | 4 | 72 |
| John Wiley & Sons, Inc. - Class A | 4 | 108 |
| Liberty Broadband Corporation - Series A (a) | 1 | 58 |
| Liberty Broadband Corporation - Series C (a) | 5 | 239 |
| Liberty Global Ltd. - Class A (a) | 6 | 67 |
| Liberty Global Ltd. - Class C (a) | 12 | 130 |
| Liberty Latin America Ltd. - Class A (a) | 2 | 16 |
| Liberty Latin America Ltd. - Class C (a) | 8 | 61 |
| Liberty Live Holdings, Inc. - Series A (a) | 1 | 113 |
| Liberty Live Holdings, Inc. - Series C (a) | 3 | 229 |
| Liberty Media Corporation - Series A (a) | 1 | 59 |
| Liberty Media Corporation - Series C (a) | 5 | 522 |
| Lionsgate Studios Corp. (a) | 12 | 110 |
| Live Nation Entertainment, Inc. (a) | 5 | 756 |
| Lumen Technologies, Inc. (a) | 34 | 267 |
| Magnite, Inc. (a) | 7 | 117 |
| Marchex, Inc. - Class B (a) (b) |  |  |
| Marcus Corporation, The | 2 | 26 |
| Match Group, Inc. | 7 | 234 |
| Meta Platforms, Inc. - Class A | 38 | 25034 |
| Netflix, Inc. (a) | 63 | 5910 |
| News Corporation - Class A | 17 | 443 |
| News Corporation - Class B | 8 | 223 |
| Nexstar Media Group, Inc. - Class A | 2 | 503 |
| Omnicom Group Inc. | 17 | 1384 |
| Optimum Communications, Inc. - Class A (a) | 13 | 22 |
| Paramount Skydance Corporation - Class B | 10 | 130 |
| Pinterest, Inc. - Class A (a) | 10 | 269 |
| PubMatic, Inc. - Class A (a) | 2 | 15 |
| QuinStreet, Inc. (a) | 2 | 34 |
| Reddit, Inc. - Class A (a) | 1 | 195 |
| Roblox Corporation - Class A (a) | 4 | 330 |
| Roku, Inc. - Class A (a) | 5 | 514 |
| Scholastic Corporation | 2 | 45 |
| Shenandoah Telecommunications Company | 3 | 32 |
| Shutterstock, Inc. | 2 | 30 |
| Sinclair, Inc. - Class A | 2 | 24 |
| Snap Inc. - Class A (a) | 27 | 219 |
| Sphere Entertainment Co. - Class A (a) | 2 | 210 |
| Sphere Entertainment Co. - Class A (a) | 2 | 119 |
| Spok Holdings, Inc. | 2 | 27 |
| Spotify Technology S.A. (a) | 1 | 694 |
| Stagwell, Inc. - Class A (a) | 3 | 14 |
| Starz Entertainment (a) | 1 | 16 |
| Take-Two Interactive Software, Inc. (a) | 2 | 584 |
| TechTarget, Inc. (a) | 1 | 8 |
| TEGNA Inc. | 10 | 202 |
| Telephone and Data Systems, Inc. | 7 | 275 |
| The New York Times Company - Class A | 8 | 569 |
| Thryv Holdings, Inc. (a) | 1 | 8 |
| TKO Group Holdings Inc. - Class A | 1 | 216 |
| T-Mobile US, Inc. | 11 | 2322 |
| Townsquare Media, Inc. - Class A |  | 2 |
| Trade Desk, Inc., The - Class A (a) | 4 | 156 |
| Travelzoo (a) | 1 | 7 |
| TripAdvisor, Inc. (a) | 6 | 81 |
| Truecar, Inc. (a) | 12 | 28 |
| USA TODAY Co., Inc. (a) | 13 | 66 |
| Verizon Communications Inc. | 155 | 6311 |
| Walt Disney Company, The | 29 | 3291 |
| Warner Bros. Discovery, Inc. - Series A (a) | 69 | 1977 |
| Warner Music Group Corp. - Class A | 3 | 96 |
| Yelp Inc. (a) | 2 | 71 |
| Zedge, Inc. - Class B | 1 | 2 |
| Ziff Davis, Inc. (a) | 2 | 68 |
| ZoomInfo Technologies Inc. - Class A (a) | 5 | 46 |
| | | 120819 |
| **Health Care 9.2%** | **Health Care 9.2%** | **Health Care 9.2%** |
| 10X Genomics, Inc. - Class A (a) | 1 | 23 |
| Abbott Laboratories | 28 | 3519 |
| AbbVie Inc. | 26 | 5961 |
| Acadia Healthcare Company, Inc. (a) | 3 | 44 |
| Acadia Pharmaceuticals Inc. (a) | 3 | 67 |
| Accuray Incorporated (a) | 6 | 5 |
| AdaptHealth LLC - Class A (a) | 9 | 91 |
| Adaptive Biotechnologies Corporation (a) | 4 | 57 |
| Addus HomeCare Corporation (a) | 1 | 119 |
| ADMA Biologics, Inc. (a) | 7 | 133 |
| Agilent Technologies, Inc. | 7 | 923 |
| Agilon Health, Inc. (a) | 8 | 5 |
| Agios Pharmaceuticals, Inc. (a) | 1 | 25 |
| Aldeyra Therapeutics, Inc. (a) | 4 | 21 |
| Alector, Inc. (a) | 5 | 8 |
| Align Technology, Inc. (a) | 2 | 318 |
| Alkermes Public Limited Company (a) | 8 | 236 |
| Allogene Therapeutics, Inc. (a) | 13 | 18 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 434 |
| American Well Corporation - Class A (a) |  | 2 |
| Amgen Inc. | 11 | 3734 |
| AMN Healthcare Services, Inc. (a) | 3 | 44 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 5 | 62 |
| AngioDynamics, Inc. (a) | 4 | 57 |
| ANI Pharmaceuticals, Inc. (a) | 1 | 62 |
| Anika Therapeutics, Inc. (a) | 1 | 14 |
| Arcturus Therapeutics Holdings Inc. (a) | 1 | 7 |
| Arcus Biosciences, Inc. (a) | 3 | 77 |
| Artivion, Inc. (a) | 3 | 127 |
| Assertio Holdings, Inc. (a) |  |  |
| Astrana Health, Inc. (a) | 2 | 49 |
| AtriCure, Inc. (a) | 2 | 68 |
| Avanos Medical, Inc. (a) | 1 | 16 |
| Avantor, Inc. (a) | 20 | 233 |
| AxoGen, Inc. (a) | 3 | 89 |
| Azenta, Inc. (a) | 2 | 52 |
| Baxter International Inc. | 12 | 225 |
| Beam Therapeutics Inc. (a) | 2 | 65 |
| Becton, Dickinson and Company | 5 | 947 |
| Biogen Inc. (a) | 4 | 624 |
| BioLife Solutions, Inc. (a) | 2 | 49 |
| BioMarin Pharmaceutical Inc. (a) | 6 | 334 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 233 |
| Bio-Techne Corporation | 4 | 226 |
| Boston Scientific Corporation (a) | 18 | 1682 |
| Brightspring Health Services, Inc. (a) | 3 | 120 |
| Bristol-Myers Squibb Company | 65 | 3496 |
| Brookdale Senior Living Inc. (a) | 16 | 176 |
| Bruker Corporation | 4 | 204 |
| C4 Therapeutics, Inc. (a) | 7 | 13 |
| Cardinal Health, Inc. | 5 | 981 |
| Castle Biosciences, Inc. (a) | 1 | 28 |
| Catalyst Pharmaceuticals, Inc. (a) | 7 | 175 |
| Cencora, Inc. | 4 | 1445 |
| Centene Corporation (a) | 13 | 524 |
| Certara, Inc. (a) | 4 | 38 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Charles River Laboratories International, Inc. (a) | 2 | 316 |
| Chemed Corporation | 1 | 249 |
| Cigna Group, The | 6 | 1659 |
| Collegium Pharmaceutical, Inc. (a) | 2 | 79 |
| Concentra Group Holdings Parent, Inc. | 7 | 140 |
| CONMED Corporation | 2 | 63 |
| Cooper Companies, Inc., The (a) | 5 | 424 |
| Corcept Therapeutics Incorporated (a) | 2 | 77 |
| CorVel Corporation (a) | 2 | 163 |
| Cross Country Healthcare, Inc. (a) | 2 | 19 |
| Cryoport, Inc. (a) | 2 | 20 |
| Cumberland Pharmaceuticals, Inc. (a) | 1 | 4 |
| CVS Health Corporation | 21 | 1648 |
| Cytek Biosciences, Inc. (a) | 6 | 30 |
| Danaher Corporation | 7 | 1691 |
| DaVita, Inc. (a) | 3 | 306 |
| Day One Biopharmaceuticals, Inc. (a) | 1 | 12 |
| Denali Therapeutics Inc. (a) | 5 | 89 |
| Dentsply Sirona Inc. | 8 | 95 |
| DexCom, Inc. (a) | 5 | 358 |
| Doximity, Inc. - Class A (a) | 3 | 133 |
| Dynavax Technologies Corporation (a) | 4 | 68 |
| Edgewise Therapeutics, Inc. (a) | 1 | 29 |
| Edwards Lifesciences Corporation (a) | 12 | 994 |
| Elanco Animal Health Incorporated (a) | 19 | 434 |
| Elevance Health, Inc. | 4 | 1504 |
| Eli Lilly and Company | 12 | 13035 |
| Embecta Corp. | 1 | 11 |
| Emergent BioSolutions Inc. (a) | 4 | 50 |
| Enanta Pharmaceuticals, Inc. (a) | 2 | 25 |
| Encompass Health Corporation | 7 | 696 |
| Enhabit Inc. (a) | 4 | 36 |
| Enovis Corporation (a) | 2 | 63 |
| Ensign Group, Inc., The | 3 | 540 |
| Envista Holdings Corporation (a) | 8 | 167 |
| Evolent Health, Inc. - Class A (a) | 6 | 24 |
| Exact Sciences Corporation (a) | 7 | 675 |
| Exelixis, Inc. (a) | 14 | 624 |
| Fate Therapeutics, Inc. (a) | 2 | 2 |
| Fortrea Holdings Inc. (a) | 4 | 71 |
| Fulcrum Therapeutics, Inc. (a) | 2 | 26 |
| Fulgent Genetics, Inc. (a) | 1 | 37 |
| GE HealthCare Technologies Inc. | 11 | 887 |
| Gilead Sciences, Inc. | 23 | 2838 |
| Glaukos Corporation (a) | 1 | 101 |
| Globus Medical, Inc. - Class A (a) | 2 | 157 |
| GoodRx Holdings, Inc. - Class A (a) | 3 | 9 |
| Grail, Inc. (a) | 1 | 57 |
| Haemonetics Corporation (a) | 1 | 113 |
| Halozyme Therapeutics, Inc. (a) | 5 | 367 |
| Harmony Biosciences Holdings, Inc. (a) | 2 | 65 |
| HCA Healthcare, Inc. | 2 | 1094 |
| Health Catalyst, Inc. (a) | 1 | 3 |
| HealthEquity, Inc. (a) | 4 | 352 |
| Healthstream, Inc. | 2 | 49 |
| Henry Schein, Inc. (a) | 6 | 422 |
| Hologic, Inc. (a) | 7 | 523 |
| Humana Inc. | 3 | 719 |
| Icon Public Limited Company (a) | 2 | 286 |
| ICU Medical, Inc. (a) |  | 43 |
| IDEXX Laboratories, Inc. (a) | 2 | 1101 |
| Illumina, Inc. (a) | 2 | 324 |
| Incyte Corporation (a) | 6 | 614 |
| Innoviva, Inc. (a) | 5 | 98 |
| Inogen, Inc. (a) | 1 | 8 |
| Insmed Incorporated (a) | 2 | 422 |
| Inspire Medical Systems, Inc. (a) |  | 41 |
| Insulet Corporation (a) | 2 | 635 |
| Integer Holdings Corporation (a) | 1 | 91 |
| Integra LifeSciences Holdings Corporation (a) | 3 | 39 |
| Intellia Therapeutics, Inc. (a) (b) | 3 | 26 |
| Intuitive Surgical, Inc. (a) | 3 | 1755 |
| Iovance Biotherapeutics, Inc. (a) (b) | 10 | 27 |
| IQVIA Holdings Inc. (a) | 7 | 1506 |
| Iradimed Corporation |  | 42 |
| Jazz Pharmaceuticals Public Limited Company (a) | 3 | 566 |
| Johnson & Johnson | 38 | 7780 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 1 | 42 |
| Kodiak Sciences Inc. (a) | 3 | 74 |
| Krystal Biotech, Inc. (a) | 1 | 149 |
| Kymera Therapeutics, Inc. (a) | 1 | 71 |
| Labcorp Holdings Inc. | 2 | 578 |
| Lantheus Holdings, Inc. (a) | 3 | 196 |
| LeMaitre Vascular, Inc. | 1 | 105 |
| Lensar, Inc. (a) (b) |  | 5 |
| Lifestance Health Group, Inc. (a) | 7 | 52 |
| Ligand Pharmaceuticals Incorporated (a) | 1 | 200 |
| LivaNova PLC (a) | 2 | 149 |
| MacroGenics, Inc. (a) | 3 | 5 |
| MannKind Corporation (a) | 14 | 77 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 5 | 16 |
| Masimo Corporation (a) | 1 | 68 |
| McKesson Corporation | 2 | 1478 |
| Medpace Holdings, Inc. (a) | 1 | 404 |
| Medtronic, Inc. | 21 | 2015 |
| Merck & Co., Inc. | 55 | 5781 |
| Merit Medical Systems, Inc. (a) | 2 | 202 |
| Mesa Laboratories, Inc. |  | 21 |
| Mettler-Toledo International Inc. (a) |  | 541 |
| MiMedx Group, Inc. (a) | 2 | 16 |
| Moderna, Inc. (a) | 6 | 173 |
| Molina Healthcare, Inc. (a) | 2 | 424 |
| Myriad Genetics, Inc. (a) | 6 | 35 |
| Natera, Inc. (a) | 2 | 380 |
| National HealthCare Corporation | 1 | 116 |
| National Research Corporation | 1 | 13 |
| Neogenomics, Inc. (a) | 7 | 79 |
| Neurocrine Biosciences, Inc. (a) | 4 | 497 |
| Nurix Therapeutics, Inc. (a) | 1 | 25 |
| Nuvation Bio Operating Company LLC - Class A (a) | 18 | 157 |
| OmniAb, Inc. (a) (d) |  |  |
| OmniAb, Inc. (a) (d) |  |  |
| OmniAb, Inc. (a) | 6 | 11 |
| Omnicell, Inc. (a) | 2 | 110 |
| OptimizeRX Corporation (a) | 2 | 31 |
| Option Care Health, Inc. (a) | 5 | 145 |
| Orasure Technologies, Inc. (a) | 4 | 10 |
| Organogenesis Holdings Inc. - Class A (a) | 8 | 43 |
| Organon & Co. | 13 | 92 |
| Orthofix Medical Inc. (a) | 3 | 52 |
| Orthopediatrics Corp. (a) | 1 | 24 |
| Owens & Minor, Inc. (a) | 7 | 19 |
| Pacific Biosciences of California, Inc. (a) | 5 | 10 |
| Pacira Pharmaceuticals, Inc. (a) | 3 | 78 |
| PDL BioPharma, Inc. (a) (b) (d) | 6 | 2 |
| Pediatrix Medical Group, Inc. (a) | 7 | 146 |
| Pennant Group, Inc., The (a) | 3 | 76 |
| Penumbra, Inc. (a) | 1 | 354 |
| Perrigo Company Public Limited Company | 7 | 102 |
| Pfizer Inc. | 101 | 2515 |
| Phibro Animal Health Corporation - Class A | 2 | 59 |
| Phreesia, Inc. (a) | 2 | 27 |
| Prestige Consumer Healthcare Inc. (a) | 3 | 156 |
| Progyny, Inc. (a) | 2 | 51 |
| Protagonist Therapeutics, Inc. (a) | 1 | 60 |
| Prothena Corporation Public Limited Company (a) | 3 | 27 |
| PTC Therapeutics, Inc. (a) | 1 | 103 |
| Quest Diagnostics Incorporated | 3 | 592 |
| QuidelOrtho Corporation (a) | 1 | 21 |
| RadNet, Inc. (a) | 3 | 211 |
| Rafael Holdings, Inc. - Class B (a) | 1 | 2 |
| RAPT Therapeutics, Inc. (a) |  | 7 |
| Regeneron Pharmaceuticals, Inc. | 1 | 909 |
| Regenxbio Inc. (a) | 3 | 49 |
| Relay Therapeutics, Inc. (a) | 2 | 19 |
| Repligen Corporation (a) | 2 | 350 |
| Replimune Group, Inc. (a) | 3 | 33 |
| ResMed Inc. | 3 | 770 |
| Revolution Medicines, Inc. (a) | 3 | 248 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Revvity, Inc. | 4 | 377 |
| Roivant Sciences Ltd. (a) | 7 | 144 |
| Sarepta Therapeutics, Inc. (a) | 1 | 31 |
| Schrodinger, Inc. (a) | 1 | 17 |
| Seer, Inc. - Class A (a) | 8 | 15 |
| Select Medical Holdings Corporation | 9 | 131 |
| SI-BONE, Inc. (a) | 2 | 48 |
| SIGA Technologies, Inc. | 6 | 34 |
| Sight Sciences, Inc. (a) | 3 | 21 |
| Solventum Corporation (a) | 3 | 212 |
| Sotera Health LLC (a) | 13 | 224 |
| STAAR Surgical Company (a) | 3 | 76 |
| Steris Public Limited Company | 3 | 641 |
| Stoke Therapeutics, Inc. (a) | 2 | 71 |
| Stryker Corporation | 4 | 1434 |
| Supernus Pharmaceuticals, Inc. (a) | 3 | 169 |
| Surgery Partners, Inc. (a) | 3 | 52 |
| Teladoc Health, Inc. (a) | 5 | 38 |
| Teleflex Incorporated | 2 | 197 |
| Tempus AI, Inc. - Class A (a) | 1 | 58 |
| Tenet Healthcare Corporation (a) | 6 | 1129 |
| Thermo Fisher Scientific Inc. | 4 | 2422 |
| TransMedics Group, Inc. (a) |  | 39 |
| TruBridge, Inc. (a) | 1 | 16 |
| U.S. Physical Therapy, Inc. | 1 | 68 |
| UFP Technologies, Inc. (a) |  | 67 |
| United Therapeutics Corporation (a) | 2 | 1016 |
| UnitedHealth Group Incorporated | 12 | 3852 |
| Universal Health Services, Inc. - Class B | 3 | 655 |
| Utah Medical Products, Inc. |  | 11 |
| Vanda Pharmaceuticals Inc. (a) | 5 | 42 |
| Varex Imaging Corporation (a) | 3 | 36 |
| Veeva Systems Inc. - Class A (a) | 2 | 477 |
| Veracyte, Inc. (a) | 3 | 145 |
| Vericel Corporation (a) | 2 | 63 |
| Vertex Pharmaceuticals Incorporated (a) | 2 | 1079 |
| Viatris Inc. | 44 | 551 |
| Waters Corporation (a) | 2 | 754 |
| Waystar Holding Corp. (a) | 2 | 74 |
| West Pharmaceutical Services, Inc. | 1 | 398 |
| Xencor, Inc. (a) | 4 | 66 |
| Zentalis Pharmaceuticals, Inc. (a) (b) | 3 | 5 |
| Zimmer Biomet Holdings, Inc. | 5 | 482 |
| Zoetis Inc. - Class A | 8 | 1052 |
| Zymeworks Inc. (a) | 4 | 99 |
| | | 118377 |
| **Consumer Staples 4.9%** | **Consumer Staples 4.9%** | **Consumer Staples 4.9%** |
| Albertsons Companies, Inc. - Class A | 25 | 431 |
| Alico, Inc. | 1 | 30 |
| Altria Group, Inc. | 25 | 1421 |
| Andersons, Inc., The | 1 | 51 |
| Archer-Daniels-Midland Company | 6 | 367 |
| B&G Foods, Inc. (b) | 3 | 11 |
| Bellring Intermediate Holdings, Inc. (a) | 5 | 130 |
| BJ's Wholesale Club Holdings, Inc. (a) | 7 | 671 |
| Boston Beer Company, Inc., The - Class A (a) |  | 75 |
| Brown-Forman Corporation - Class A | 3 | 83 |
| Brown-Forman Corporation - Class B | 6 | 164 |
| Bunge Global S.A. | 5 | 448 |
| Calavo Growers, Inc. | 2 | 36 |
| Cal-Maine Foods, Inc. | 2 | 189 |
| Campbell's Company, The | 13 | 358 |
| Casey's General Stores, Inc. | 2 | 1010 |
| Celsius Holdings, Inc. (a) | 1 | 38 |
| Central Garden & Pet Company (a) | 1 | 37 |
| Central Garden & Pet Company - Class A (a) | 4 | 113 |
| Church & Dwight Co., Inc. | 6 | 516 |
| Clorox Company, The | 2 | 202 |
| Coca-Cola Company, The | 67 | 4676 |
| Coca-Cola Consolidated, Inc. | 4 | 608 |
| Colgate-Palmolive Company | 16 | 1256 |
| Conagra Brands, Inc. | 18 | 306 |
| Constellation Brands, Inc. - Class A | 5 | 680 |
| Costco Wholesale Corporation | 7 | 5714 |
| Coty Inc. - Class A (a) | 28 | 88 |
| Darling Ingredients Inc. (a) | 6 | 212 |
| Del Monte Fresh Produce Company | 4 | 139 |
| Dole Public Limited Company | 2 | 27 |
| Dollar General Corporation | 7 | 964 |
| Dollar Tree, Inc. (a) | 6 | 800 |
| e.l.f. Beauty, Inc. (a) | 1 | 63 |
| Edgewell Personal Care Colombia S A S | 2 | 42 |
| Energizer Holdings, Inc. | 4 | 74 |
| Estee Lauder Companies Inc., The - Class A | 3 | 335 |
| Farmer Bros. Co. (a) | 2 | 2 |
| Flowers Foods, Inc. | 9 | 99 |
| Freshpet, Inc. (a) | 1 | 57 |
| General Mills, Inc. | 17 | 801 |
| Grocery Outlet Holding Corp. (a) | 4 | 42 |
| Hain Celestial Group, Inc., The (a) | 6 | 7 |
| Herbalife Nutrition Ltd. (a) | 4 | 49 |
| Hershey Company, The | 4 | 766 |
| Hormel Foods Corporation | 16 | 373 |
| Ingles Markets, Incorporated - Class A | 1 | 56 |
| Ingredion Incorporated | 4 | 388 |
| Interparfums, Inc. | 1 | 107 |
| J&J Snack Foods Corp. | 1 | 60 |
| J. M. Smucker Company, The | 4 | 400 |
| John B. Sanfilippo & Son, Inc. | 1 | 61 |
| Kenvue Inc. | 46 | 785 |
| Keurig Dr Pepper Inc. | 25 | 696 |
| Kimberly-Clark Corporation | 9 | 879 |
| Kraft Heinz Company, The | 23 | 560 |
| Kroger Co., The | 36 | 2260 |
| Lamb Weston Holdings, Inc. | 5 | 229 |
| Limoneira Company | 1 | 14 |
| Maplebear Inc. (a) | 5 | 238 |
| McCormick & Company, Incorporated | 8 | 518 |
| McCormick & Company, Incorporated | 1 | 41 |
| Medifast, Inc. (a) | 1 | 5 |
| MGPI Processing, Inc. | 1 | 20 |
| Mission Produce, Inc. (a) | 3 | 39 |
| Molson Coors Beverage Company - Class B | 8 | 365 |
| Mondelez International, Inc. - Class A | 19 | 1033 |
| Monster Beverage 1990 Corporation (a) | 8 | 624 |
| National Beverage Corp. (a) | 4 | 116 |
| Natural Grocers By Vitamin Cottage, Inc. | 2 | 53 |
| Natural Health Trends Corp. |  |  |
| Nature's Sunshine Products, Inc. (a) | 1 | 16 |
| Nu Skin Enterprises, Inc. - Class A | 5 | 45 |
| Oil-Dri Corporation of America | 1 | 39 |
| PepsiCo, Inc. | 23 | 3371 |
| Performance Food Group Company (a) | 7 | 668 |
| Philip Morris International Inc. | 23 | 3678 |
| Pilgrim's Pride Corporation | 7 | 254 |
| Post Holdings, Inc. (a) | 4 | 356 |
| PriceSmart, Inc. | 2 | 231 |
| Procter & Gamble Company, The | 43 | 6209 |
| Reynolds Consumer Products Inc. | 10 | 218 |
| Seaboard Corporation |  | 160 |
| Seneca Foods Corporation - Class A (a) | 1 | 76 |
| Simply Good Foods Company, The (a) | 5 | 108 |
| Spectrum Brands Holdings, Inc. | 1 | 75 |
| Sprouts Farmers Market, Inc. (a) | 5 | 380 |
| Sysco Corporation | 15 | 1071 |
| Target Corporation | 14 | 1345 |
| The Chefs' Warehouse, Inc. (a) | 3 | 158 |
| The Honest Company, Inc. (a) (b) | 5 | 12 |
| The Marzetti Company | 1 | 225 |
| Tootsie Roll Industries, Inc. | 2 | 90 |
| Treehouse Foods, Inc. (a) | 3 | 59 |
| Turning Point Brands, Inc. | 2 | 172 |
| Tyson Foods, Inc. - Class A | 9 | 521 |
| United Natural Foods, Inc. (a) | 4 | 133 |
| Universal Corporation | 2 | 106 |
| US Foods Holding Corp. (a) | 13 | 1003 |
| USANA Health Sciences, Inc. (a) | 1 | 26 |
| UTZ Brands, Inc. - Class A | 2 | 24 |
| Village Super Market, Inc. - Class A | 1 | 35 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vita Coco Company, Inc., The (a) | 1 | 53 |
| Vital Farms, Inc. (a) | 2 | 48 |
| Walmart Inc. | 67 | 7518 |
| WD-40 Company | 1 | 105 |
| Weis Markets, Inc. | 2 | 129 |
| | | 62825 |
| **Energy 4.2%** | **Energy 4.2%** | **Energy 4.2%** |
| Antero Midstream Corporation | 26 | 458 |
| Antero Resources Corporation (a) | 15 | 518 |
| APA Corporation | 16 | 398 |
| Archrock, Inc. | 9 | 232 |
| Atlas Energy Solutions Inc. (b) | 1 | 8 |
| Baker Hughes Company - Class A | 29 | 1316 |
| Bristow Holdings U.S. Inc. (a) | 1 | 54 |
| Cactus, Inc. - Class A | 2 | 93 |
| California Resources Corporation | 4 | 195 |
| Centrus Energy Corp. - Class A (a) | 1 | 267 |
| Cheniere Energy, Inc. | 7 | 1321 |
| Chevron Corporation | 31 | 4762 |
| Chord Energy Corporation |  | 43 |
| Clean Energy Fuels Corp. (a) | 5 | 11 |
| CNX Resources Corporation (a) | 8 | 288 |
| Comstock Resources, Inc. (a) (b) | 13 | 299 |
| ConocoPhillips | 45 | 4202 |
| Core Laboratories LP | 3 | 47 |
| Core Natural Resources, Inc. | 1 | 86 |
| Coterra Energy Inc. | 36 | 942 |
| Crescent Energy Company - Class A | 12 | 102 |
| CVR Energy, Inc. (a) | 3 | 68 |
| Delek US Holdings, Inc. | 4 | 121 |
| Devon Energy Corporation | 42 | 1529 |
| DHT Holdings, Inc. | 12 | 152 |
| Diamondback Energy, Inc. | 8 | 1188 |
| DMC Global Inc. (a) | 2 | 15 |
| Dorian LPG Ltd. | 3 | 71 |
| DT Midstream, Inc. | 5 | 562 |
| EOG Resources, Inc. | 19 | 1944 |
| EQT Corporation | 17 | 895 |
| Evolution Petroleum Corporation | 3 | 10 |
| Expand Energy Corporation | 7 | 748 |
| Expro Group Holdings N.V. (a) | 4 | 49 |
| Exxon Mobil Corporation | 93 | 11149 |
| Forum Energy Technologies, Inc. (a) | 1 | 20 |
| FutureFuel Corp. | 4 | 12 |
| Geospace Technologies Corporation (a) (b) | 1 | 12 |
| Green Plains Inc. (a) | 4 | 39 |
| Gulf Island Fabrication, Inc. (a) | 1 | 11 |
| Gulfport Energy Operating Corporation (a) | 1 | 187 |
| Halliburton Company | 36 | 1022 |
| Helix Energy Solutions Group, Inc. (a) | 9 | 59 |
| Helmerich & Payne, Inc. | 4 | 102 |
| HF Sinclair Corporation | 6 | 292 |
| Innovex International, Inc. (a) | 4 | 89 |
| International Seaways, Inc. | 2 | 97 |
| Kinder Morgan, Inc. | 37 | 1016 |
| Kinetik Holdings Inc. - Class A | 2 | 68 |
| Kodiak Gas Services, LLC | 2 | 71 |
| Kosmos Energy Ltd. (a) | 15 | 14 |
| Liberty Energy Inc. - Class A | 10 | 184 |
| Magnolia Oil & Gas Corporation - Class A | 15 | 338 |
| Mammoth Energy Services, Inc. (a) | 2 | 4 |
| Marathon Petroleum Corporation | 8 | 1303 |
| Matador Resources Company | 6 | 238 |
| Murphy Oil Corporation | 6 | 179 |
| Nabors Industries Ltd. (a) |  | 24 |
| NACCO Industries, Inc. - Class A |  | 25 |
| Natural Gas Services Group, Inc. | 2 | 56 |
| Noble Corporation 2022 Limited | 4 | 103 |
| Nordic American Tankers Limited | 13 | 44 |
| Northern Oil and Gas Incorporated | 3 | 65 |
| NOV Inc. | 12 | 195 |
| Occidental Petroleum Corporation | 27 | 1113 |
| Oceaneering International, Inc. (a) | 8 | 182 |
| Oil States International, Inc. (a) | 6 | 40 |
| ONEOK, Inc. | 16 | 1148 |
| Ovintiv Canada ULC | 15 | 574 |
| Par Pacific Holdings, Inc. (a) | 3 | 116 |
| PBF Energy Inc. - Class A | 4 | 121 |
| Peabody Energy Corporation | 5 | 142 |
| Permian Resources Corporation - Class A | 31 | 435 |
| Phillips 66 | 11 | 1413 |
| Propetro Holding Corp. (a) | 6 | 57 |
| Range Resources Corporation | 12 | 433 |
| REX American Resources Corporation (a) | 1 | 33 |
| RPC, Inc. | 13 | 68 |
| Schlumberger Limited | 41 | 1569 |
| Scorpio Tankers Inc. | 2 | 103 |
| SEACOR Marine Holdings Inc. (a) | 2 | 11 |
| Seadrill Limited (a) |  | 16 |
| Select Water Solutions, Inc. - Class A | 8 | 86 |
| SFL Corporation Ltd. | 9 | 74 |
| SM Energy Company | 6 | 117 |
| Solaris Energy Infrastructure, Inc. - Class A | 2 | 90 |
| Talos Energy Inc. (a) | 7 | 81 |
| Targa Resources Corp. | 6 | 1158 |
| TechnipFMC PLC | 26 | 1161 |
| Teekay Corporation | 7 | 67 |
| Teekay Tankers Ltd. - Class A | 1 | 56 |
| TETRA Technologies, Inc. (a) | 8 | 74 |
| Texas Pacific Land Corporation | 2 | 533 |
| Tidewater Inc. (a) | 2 | 101 |
| Transocean Ltd. (a) (c) | 35 | 146 |
| Uranium Energy Corp. (a) | 12 | 137 |
| Valaris Limited (a) | 2 | 90 |
| Valero Energy Corporation | 8 | 1312 |
| Viper Energy, Inc. - Class A | 1 | 49 |
| Vitesse Energy, Inc. (b) | 2 | 41 |
| W&T Offshore, Inc. (b) | 16 | 26 |
| Weatherford International Public Limited Company | 4 | 278 |
| Williams Companies, Inc., The | 19 | 1158 |
| World Kinect Corporation | 4 | 94 |
|  |  | 54515 |
| **Materials 2.9%** | **Materials 2.9%** | **Materials 2.9%** |
| AdvanSix Inc. | 2 | 38 |
| Air Products and Chemicals, Inc. | 4 | 979 |
| Albemarle Corporation | 4 | 528 |
| Alcoa Corporation | 9 | 496 |
| Alpha Metallurgical Resources, Inc. (a) | 1 | 104 |
| Alto Ingredients, Inc. (a) | 10 | 28 |
| Amcor Pty Ltd | 89 | 745 |
| American Vanguard Corporation (a) | 4 | 14 |
| Ampco-Pittsburgh Corporation (a) | 1 | 5 |
| AptarGroup, Inc. | 3 | 324 |
| Ardagh Metal Packaging S.A. | 7 | 29 |
| Ashland Inc. | 2 | 126 |
| Aspen Aerogels, Inc. (a) | 2 | 6 |
| Avery Dennison Corporation | 4 | 661 |
| Avient Corporation | 3 | 83 |
| Axalta Coating Systems Ltd. (a) | 16 | 530 |
| Balchem Corporation | 1 | 218 |
| Ball Corporation | 8 | 422 |
| Cabot Corporation | 3 | 172 |
| Celanese Corporation - Class A | 4 | 161 |
| Century Aluminum Company (a) | 4 | 167 |
| CF Industries Holdings, Inc. | 10 | 758 |
| Chemours Company, The | 3 | 39 |
| Clearwater Paper Corporation (a) |  | 3 |
| Cleveland-Cliffs Inc. (a) | 18 | 239 |
| Coeur Mining, Inc. (a) | 17 | 309 |
| Commercial Metals Company | 7 | 467 |
| Compass Minerals International, Inc. (a) | 3 | 65 |
| Core Molding Technologies, Inc. (a) | 1 | 16 |
| Corteva, Inc. | 17 | 1134 |
| CRH Public Limited Company | 6 | 728 |
| Crown Holdings, Inc. | 7 | 769 |
| Dow Inc. | 17 | 397 |
| DuPont de Nemours, Inc. | 11 | 432 |
| Eagle Materials Inc. | 2 | 456 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Eastman Chemical Company | 6 | 374 |
| Ecolab Inc. | 4 | 1040 |
| Ecovyst Inc. (a) | 4 | 40 |
| Element Solutions Inc. | 13 | 314 |
| Ferroglobe PLC | 13 | 61 |
| FMC Corporation | 4 | 55 |
| Fortitude Gold Corporation | 1 | 5 |
| Freeport-McMoRan Inc. | 36 | 1838 |
| Graphic Packaging Holding Company | 19 | 289 |
| Greif, Inc. - Class A | 2 | 137 |
| Greif, Inc. - Class B | 1 | 78 |
| H.B. Fuller Company | 2 | 130 |
| Hawkins, Inc. | 1 | 169 |
| Hecla Mining Company | 33 | 628 |
| Huntsman Corporation | 8 | 78 |
| Ingevity Corporation (a) | 2 | 104 |
| Innospec Inc. | 1 | 94 |
| International Flavors & Fragrances Inc. | 6 | 419 |
| International Paper Company | 12 | 466 |
| Intrepid Potash, Inc. (a) | 2 | 57 |
| Kaiser Aluminum Corporation | 1 | 126 |
| KRC Materials, Inc. (a) | 3 | 191 |
| Kronos Worldwide, Inc. | 8 | 34 |
| Linde Public Limited Company | 8 | 3337 |
| Louisiana-Pacific Corporation (W VA) | 3 | 236 |
| LSB Industries, Inc. (a) | 4 | 30 |
| LyondellBasell Industries N.V. - Class A | 9 | 404 |
| Martin Marietta Materials, Inc. | 2 | 950 |
| Materion Corporation | 1 | 119 |
| MATIV Holdings, Inc. | 5 | 61 |
| Mercer International Inc. | 8 | 16 |
| Metallus Inc. (a) | 3 | 53 |
| Minerals Technologies Inc. | 2 | 93 |
| Mosaic Company, The | 15 | 370 |
| MP Materials Corp. - Class A (a) (b) | 6 | 297 |
| Myers Industries, Inc. | 2 | 39 |
| NewMarket Corporation | 1 | 400 |
| Newmont Corporation | 21 | 2070 |
| Nucor Corporation | 6 | 1011 |
| O-I Glass, Inc. (a) | 7 | 106 |
| Olin Corporation | 4 | 73 |
| Olympic Steel, Inc. | 1 | 45 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 4 | 24 |
| Packaging Corporation of America | 4 | 907 |
| Perimeter Solutions, Inc. (a) | 1 | 37 |
| PPG Industries, Inc. | 7 | 747 |
| Quaker Chemical Corporation | 1 | 103 |
| Ramaco Resources, Inc. - Class A | 4 | 71 |
| Ramaco Resources, Inc. - Class B | 1 | 14 |
| Ranpak Holdings Corp - Class A (a) | 3 | 15 |
| Reliance, Inc. | 3 | 728 |
| Royal Gold, Inc. | 2 | 534 |
| RPM International Inc. | 5 | 519 |
| Ryerson Holding Corporation | 2 | 39 |
| Scotts Miracle-Gro Company, The |  | 19 |
| Sealed Air Corporation | 7 | 295 |
| Sensient Technologies Corporation | 2 | 204 |
| Sherwin-Williams Company, The | 4 | 1297 |
| Silgan Holdings Inc. | 4 | 172 |
| Smurfit Westrock Public Limited Company | 11 | 430 |
| Solstice Advanced Materials US, Inc. (a) | 3 | 135 |
| Sonoco Products Company | 6 | 275 |
| Southern Copper Corporation | 1 | 186 |
| Steel Dynamics, Inc. | 5 | 808 |
| Stepan Company | 1 | 60 |
| SunCoke Energy, Inc. | 4 | 29 |
| Sylvamo Corporation | 2 | 102 |
| Tredegar Corporation (a) | 3 | 20 |
| TriMas Corporation | 3 | 119 |
| Tronox Holdings PLC | 10 | 42 |
| United States Lime & Minerals, Inc. | 2 | 189 |
| Vulcan Materials Company | 4 | 1031 |
| Warrior Met Coal, Inc. | 2 | 175 |
| Westlake Corporation | 2 | 182 |
| Worthington Steel, Inc. | 2 | 79 |
| | | 37672 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corporation, The | 16 | 225 |
| Alliant Energy Corporation | 7 | 478 |
| Ameren Corporation | 6 | 580 |
| American Electric Power Company, Inc. | 9 | 1093 |
| American States Water Company | 2 | 109 |
| American Water Works Company, Inc. | 3 | 437 |
| Artesian Resources Corporation - Class A | 1 | 30 |
| Atmos Energy Corporation | 3 | 574 |
| Avista Corporation | 3 | 126 |
| Black Hills Corporation | 3 | 232 |
| California Water Service Group | 3 | 115 |
| CenterPoint Energy, Inc. | 14 | 534 |
| Chesapeake Utilities Corporation | 1 | 109 |
| Clearway Energy, Inc. - Class A | 2 | 63 |
| Clearway Energy, Inc. - Class C | 4 | 133 |
| CMS Energy Corporation | 6 | 441 |
| Consolidated Edison, Inc. | 7 | 725 |
| Constellation Energy Group, Inc. | 5 | 1660 |
| Dominion Energy, Inc. | 15 | 883 |
| DTE Energy Company | 4 | 548 |
| Duke Energy Corporation | 12 | 1375 |
| Edison International | 8 | 452 |
| Entergy Corporation | 9 | 858 |
| Essential Utilities, Inc. | 10 | 387 |
| Evergy, Inc. | 7 | 504 |
| Eversource Energy | 8 | 533 |
| Exelon Corporation | 20 | 870 |
| FirstEnergy Corp. | 12 | 524 |
| Genie Energy Ltd. - Class B | 2 | 27 |
| H2O America | 1 | 43 |
| Hallador Energy Company (a) | 3 | 59 |
| Hawaiian Electric Industries, Inc. (a) | 6 | 74 |
| IDACORP, Inc. | 2 | 296 |
| MDU Resources Group, Inc. | 14 | 278 |
| MGE Energy, Inc. | 2 | 128 |
| Middlesex Water Company | 1 | 36 |
| National Fuel Gas Company | 4 | 302 |
| New Jersey Resources Corporation | 6 | 294 |
| NextEra Energy, Inc. | 27 | 2138 |
| NiSource Inc. | 13 | 553 |
| Northwest Natural Holding Company | 2 | 98 |
| NorthWestern Corporation | 3 | 182 |
| NRG Energy, Inc. | 7 | 1037 |
| OGE Energy Corp. | 9 | 390 |
| Oklo Inc. - Class A (a) |  | 21 |
| One Gas, Inc. | 3 | 210 |
| Ormat Technologies, Inc. | 3 | 336 |
| Otter Tail Corporation | 2 | 130 |
| PG&E Corporation | 35 | 557 |
| Pinnacle West Capital Corporation | 5 | 426 |
| Portland General Electric Company | 5 | 224 |
| PPL Corporation | 16 | 544 |
| Public Service Enterprise Group Incorporated | 10 | 787 |
| Sempra | 12 | 1079 |
| Southwest Gas Holdings, Inc. | 3 | 253 |
| Spire Inc. | 3 | 228 |
| Talen Energy Corporation (a) |  | 62 |
| The Southern Company | 16 | 1430 |
| The York Water Company | 1 | 24 |
| TXNM Energy, Inc. | 4 | 254 |
| UGI Corporation | 9 | 351 |
| Unitil Corporation | 1 | 48 |
| Vistra Corp. | 10 | 1680 |
| WEC Energy Group Inc. | 6 | 683 |
| XCEL Energy Inc. | 12 | 871 |
|  |  | 30731 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Anywhere Real Estate Inc. (a) | 4 | 50 |
| CBRE Group, Inc. - Class A (a) | 8 | 1277 |
| Compass, Inc. - Class A (a) | 9 | 91 |
| CoStar Group, Inc. (a) | 8 | 541 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cushman & Wakefield Ltd. (a) | 13 | 214 |
| Douglas Elliman Inc. (a) | 6 | 14 |
| Dwight A. Walker Real Estate, Inc. - Class A (a) | 3 | 23 |
| eXp World Holdings, Inc. (b) | 2 | 20 |
| Florida Rock Properties, Inc. (a) | 1 | 24 |
| Forestar Group Inc. (a) | 2 | 50 |
| Howard Hughes Holdings Inc. (a) | 3 | 256 |
| Jones Lang LaSalle Incorporated (a) | 2 | 750 |
| Kennedy-Wilson Holdings, Inc. | 11 | 108 |
| Marcus & Millichap Company | 2 | 65 |
| Newmark Group, Inc. - Class A | 9 | 159 |
| Seaport Entertainment Group Inc. (a) (b) | 1 | 16 |
| St. Joe Company, The | 2 | 113 |
| Stratus Properties Inc. (a) |  | 11 |
| Tejon Ranch Co. (a) | 3 | 49 |
| The Rmr Group Inc. - Class A (b) | 2 | 28 |
| Vestis Corporation | 5 | 31 |
| Zillow Group, Inc. - Class A (a) | 2 | 155 |
| Zillow Group, Inc. - Class C (a) | 7 | 459 |
| | | 4504 |
| Total Common Stocks (cost $662,499) | Total Common Stocks (cost $662,499) | 1287198 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (d) | 1 | 1 |
| Akero Therapeutics Inc. (a) (d) | 1 |  |
| Albireo Pharma, Inc. (a) (d) | 2 | 15 |
| Bristol-Myers Squibb Company (a) | 2 |  |
| Chinook Therapeutics, Inc. (a) (d) | 5 |  |
| Poseida Therapeutics, Inc. (a) (d) | 5 | 2 |
| Resolute Forest Products Inc. (a) (d) | 8 | 2 |
| Sage Therapeutics Inc. (a) (d) | 1 |  |
| Spectrum Pharmaceuticals, Inc. (a) (d) | 3 |  |
| Total Rights (cost $0) | Total Rights (cost $0) | 20 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (e) (f) | 2487 | 2487 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (e) (f) | 1642 | 1642 |
| Total Short Term Investments (cost $4,129) | Total Short Term Investments (cost $4,129) | 4129 |
| **Total Investments 100.0% (cost $666,628)** | **Total Investments 100.0% (cost $666,628)** | **1291347** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (551) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1290796** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

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

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 2670 | 104070 | 104253 | 106 |  |  | 2487 | 0.2 |
| JNL Government Money Market Fund, 3.74% - Class SL | 577 | 20628 | 19563 | 37 |  |  | 1642 | 0.1 |
|  | 3247 | 124698 | 123816 | 143 |  |  | 4129 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Bridgewater Bancshares, Inc. | 08/23/22 | 19 | 18 |  |
| Transocean Ltd. | 07/07/15 | 415 | 146 |  |
|  |  | 434 | 164 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1287196 |  | 2 | 1287198 |
| &nbsp;&nbsp;Rights |  |  | 20 | 20 |
| &nbsp;&nbsp;Short Term Investments | 4129 |  |  | 4129 |
|  | 1291325 |  | 22 | 1291347 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Industrials 20.6%** | **Industrials 20.6%** | **Industrials 20.6%** |
| 3D Systems Corporation (a) | 16 | 29 |
| A. O. Smith Corporation | 13 | 891 |
| AAON, Inc. (b) | 12 | 895 |
| AAR Corp. (a) | 7 | 543 |
| ABM Industries Incorporated | 12 | 494 |
| ACCO Brands Corporation | 22 | 82 |
| Acuity Brands, Inc. | 5 | 1745 |
| ACV Auctions Inc. - Class A (a) | 21 | 170 |
| Advanced Drainage Systems, Inc. | 9 | 1285 |
| Aebi Schmidt Holding AG | 8 | 101 |
| AGCO Corporation | 9 | 960 |
| Air Lease Corporation - Class A | 18 | 1184 |
| Alamo Group Inc. | 2 | 372 |
| Alaska Air Group, Inc. (a) | 20 | 1004 |
| Albany International Corp. - Class A | 5 | 267 |
| Alight, Inc. - Class A | 79 | 155 |
| Allegiant Travel Company (a) | 3 | 286 |
| Allient Inc. | 3 | 177 |
| Allison Systems, Inc. | 13 | 1292 |
| Alta Equipment Group Inc. - Class A | 8 | 35 |
| Amentum Holdings, Inc. (a) | 4 | 107 |
| Ameresco, Inc. - Class A (a) | 6 | 162 |
| American Airlines Group Inc. (a) | 74 | 1137 |
| American Superconductor Corporation (a) | 6 | 187 |
| American Woodmark Corporation (a) | 3 | 150 |
| API Group Corporation (a) | 22 | 830 |
| Apogee Enterprises, Inc. | 4 | 154 |
| Applied Industrial Technologies, Inc. | 6 | 1598 |
| Arcbest Corporation | 4 | 309 |
| Arcosa, Inc. | 8 | 868 |
| Argan, Inc. | 3 | 856 |
| Armstrong World Industries, Inc. | 7 | 1367 |
| Astec Industries, Inc. | 4 | 174 |
| Astronics Corporation (a) | 6 | 309 |
| Astronics Corporation - Class B (a) |  | 8 |
| Asure Software, Inc. (a) | 6 | 60 |
| ATI Inc. (a) | 13 | 1531 |
| Atkore Inc. | 6 | 355 |
| ATMUS Filtration Technologies Inc. | 10 | 540 |
| Avis Budget Group, Inc. (a) (b) | 4 | 562 |
| AZZ Inc. | 5 | 538 |
| Barrett Business Services, Inc. | 5 | 168 |
| BGSF, Inc. (b) | 2 | 7 |
| Blue Bird Global Corporation (a) | 5 | 249 |
| BlueLinx Holdings Inc. (a) | 1 | 87 |
| Boise Cascade Company | 7 | 493 |
| Booz Allen Hamilton Holding Corporation - Class A | 11 | 920 |
| Bowman Consulting Group Ltd. (a) | 3 | 92 |
| Brady Corporation - Class A | 7 | 581 |
| BrightView Holdings, Inc. (a) | 16 | 208 |
| Brink's Company, The | 7 | 802 |
| Broadwind Inc. (a) | 2 | 5 |
| Builders FirstSource, Inc. (a) | 7 | 711 |
| Byrna Technologies Inc. (a) | 4 | 62 |
| Caci International Inc. - Class A (a) | 2 | 1147 |
| Cadeler A/S - ADR (a) | 1 | 13 |
| Cadre Holdings, Inc. | 7 | 294 |
| Carpenter Technology Corporation | 5 | 1640 |
| Casella Waste Systems, Inc. - Class A (a) | 10 | 999 |
| CBIZ, Inc. (a) | 4 | 193 |
| CECO Environmental Corp. (a) | 6 | 374 |
| Centuri Holdings, Inc. (a) | 10 | 251 |
| Chart Industries, Inc. (a) | 6 | 1317 |
| Cimpress Public Limited Company (a) | 4 | 297 |
| Civeo Corporation | 3 | 65 |
| Clarivate PLC (a) | 96 | 320 |
| Clean Harbors, Inc. (a) |  | 22 |
| CNH Industrial N.V. | 105 | 966 |
| Columbus McKinnon Corporation | 5 | 94 |
| Commercial Vehicle Group, Inc. (a) | 1 | 1 |
| Concentrix Corporation | 7 | 277 |
| Concrete Pumping Holdings, Inc. | 9 | 60 |
| Conduent Incorporated (a) | 35 | 68 |
| Construction Partners, Inc. - Class A (a) | 3 | 345 |
| Copa Holdings, S.A. - Class A | 5 | 607 |
| Core & Main, Inc. - Class A (a) | 14 | 733 |
| Costamare Bulkers Holdings Limited (a) | 4 | 61 |
| Costamare Inc. | 20 | 314 |
| Covenant Logistics Group, Inc. - Class A | 4 | 87 |
| CRA International, Inc. | 1 | 250 |
| Crane Company | 7 | 1310 |
| CSG Systems International, Inc. | 5 | 372 |
| CSW Industrials, Inc. | 3 | 805 |
| Custom Truck One Source, Inc. (a) | 19 | 110 |
| Deluxe Corporation | 9 | 199 |
| Distribution Solutions Group, Inc. (a) | 6 | 158 |
| DLH Holdings Corp. (a) (b) | 1 | 4 |
| DNOW Inc. (a) | 33 | 442 |
| Donaldson Company, Inc. | 13 | 1185 |
| Douglas Dynamics, Inc. | 5 | 161 |
| Ducommun Incorporated (a) | 3 | 260 |
| DXP Enterprises, Inc. (a) | 3 | 375 |
| Dycom Industries, Inc. (a) | 5 | 1601 |
| Eastern Company The | 1 | 24 |
| Elance, Inc. (a) | 23 | 446 |
| Energy Recovery, Inc. (a) | 9 | 128 |
| Enerpac Tool Group Corp. - Class A | 9 | 361 |
| EnerSys | 7 | 973 |
| Ennis, Inc. | 5 | 98 |
| Enpro Inc. | 4 | 756 |
| Enviri Corporation (a) | 16 | 282 |
| ESAB Corporation | 9 | 1018 |
| ESCO Technologies Inc. | 4 | 822 |
| Everus Construction Group, Inc. (a) | 8 | 689 |
| EVI Industries, Inc. | 3 | 73 |
| ExlService Holdings, Inc. (a) | 27 | 1133 |
| Exponent, Inc. | 8 | 582 |
| Federal Signal Corporation | 10 | 1071 |
| First Advantage Corporation (a) | 12 | 178 |
| Flowserve Corporation | 21 | 1450 |
| Fluence Energy, Inc. - Class A (a) (b) | 3 | 54 |
| Fluor Corporation (a) | 26 | 1028 |
| Format, Inc. (a) | 3 | 164 |
| Forrester Research, Inc. (a) | 5 | 39 |
| Fortune Brands Innovations, Inc. | 15 | 766 |
| Forward Air Corporation (a) | 4 | 91 |
| Franklin Covey Co. (a) | 3 | 47 |
| Franklin Electric Co., Inc. | 8 | 758 |
| FreightCar America, Inc. (a) | 2 | 27 |
| Frontier Group Holdings, Inc. (a) (b) | 30 | 142 |
| FTAI Infrastructure Inc. | 15 | 71 |
| FTI Consulting, Inc. (a) | 6 | 970 |
| FuelCell Energy, Inc. (a) | 2 | 15 |
| Gates Industrial Corporation PLC (a) | 43 | 913 |
| GATX Corporation | 6 | 1039 |
| Genco Shipping & Trading Limited | 8 | 155 |
| Gencor Industries, Inc. (a) | 2 | 25 |
| Generac Holdings Inc. (a) | 7 | 932 |
| Genpact Limited | 21 | 997 |
| Gibraltar Industries, Inc. (a) | 5 | 259 |
| Global Industrial Company | 6 | 178 |
| Gorman- Rupp Company, The | 5 | 254 |
| Graham Corporation (a) | 2 | 148 |
| Granite Construction Incorporated | 7 | 846 |
| Great Lakes Dredge & Dock Corporation (a) | 12 | 160 |
| Greenbrier Companies, Inc., The | 6 | 265 |
| Griffon Corporation | 8 | 586 |
| GXO Logistics Inc. (a) | 18 | 951 |
| Hayward Holdings, Inc. (a) | 34 | 523 |
| Healthcare Services Group, Inc. (a) | 13 | 242 |
| Heartland Express, Inc. | 12 | 111 |
| Helios Technologies, Inc. | 5 | 290 |
| Herc Holdings Inc. | 6 | 825 |
| Hertz Global Holdings, Inc. (a) (b) | 52 | 268 |
| Hexcel Corporation | 12 | 860 |
| Hillenbrand, Inc. | 6 | 189 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hillman Solutions Corp. - Class A (a) | 32 | 281 |
| HireQuest, Inc. (b) | 1 | 6 |
| HNI Corporation | 12 | 491 |
| Hub Group, Inc. - Class A | 11 | 461 |
| Hudson Global, Inc. (a) |  | 5 |
| Hudson Technologies, Inc. (a) | 10 | 70 |
| Huntington Ingalls Industries, Inc. | 4 | 1515 |
| Hurco Companies, Inc. (a) | 2 | 24 |
| Huron Consulting Group Inc. (a) | 3 | 519 |
| Hyliion Holdings Corp. - Class A (a) | 12 | 23 |
| Hyster-Yale, Inc. - Class A | 3 | 87 |
| IBEX Limited (a) | 3 | 118 |
| ICF International, Inc. | 3 | 267 |
| IES Holdings, Inc. (a) | 4 | 1423 |
| Innodata Inc. (a) (b) | 6 | 296 |
| Innovative Solutions and Support, Inc. (a) | 4 | 76 |
| Insperity, Inc. | 6 | 238 |
| Insteel Industries, Inc. | 4 | 121 |
| Interface, Inc. - Class A | 12 | 322 |
| ITT Inc. |  | 79 |
| Janus International Group, Inc. (a) | 24 | 157 |
| JELD-WEN Holding, Inc. (a) | 15 | 37 |
| JetBlue Airways Corporation (a) | 61 | 279 |
| Kadant Inc. (b) | 2 | 551 |
| Karat Packaging Inc. | 4 | 84 |
| KBR, Inc. | 16 | 647 |
| Kelly Services, Inc. - Class A | 7 | 60 |
| Kennametal Inc. | 13 | 368 |
| Kforce Inc. | 3 | 103 |
| Kirby Corporation (a) | 9 | 1002 |
| Knight-Swift Transportation Holdings Inc. - Class A | 22 | 1151 |
| Korn Ferry | 9 | 575 |
| Kratos Defense & Security Solutions, Inc. (a) | 23 | 1728 |
| L. B. Foster Company (a) | 2 | 63 |
| Landstar System, Inc. | 4 | 636 |
| LegalZoom.com, Inc. (a) | 29 | 291 |
| Leonardo DRS, Inc. | 17 | 584 |
| Limbach Holdings, Inc. (a) | 2 | 190 |
| Lincoln Electric Holdings, Inc. |  | 81 |
| Lindsay Corporation | 2 | 220 |
| Liquidity Services, Inc. (a) | 6 | 177 |
| Loar Holdings Inc. (a) | 7 | 450 |
| LSI Industries Inc. | 6 | 115 |
| Luxfer Holdings PLC | 5 | 64 |
| Lyft, Inc. - Class A (a) | 47 | 919 |
| Manitowoc Company, Inc., The (a) | 8 | 94 |
| ManpowerGroup Inc. | 8 | 227 |
| Marten Transport, Ltd. | 15 | 165 |
| Mastech Digital, Inc. (a) | 3 | 19 |
| Masterbrand, Inc. (a) | 21 | 231 |
| Matrix Service Company (a) | 4 | 53 |
| Matson Intermodal - Paragon, Inc. | 5 | 679 |
| Maximus, Inc. | 9 | 815 |
| Mayville Engineering Company, Inc. (a) | 4 | 72 |
| McGrath RentCorp | 4 | 434 |
| Mercury Systems, Inc. (a) | 10 | 737 |
| Microvast Holdings, Inc. (a) (b) | 8 | 21 |
| Middleby Corporation, The (a) | 7 | 1087 |
| Miller Industries, Inc. | 2 | 91 |
| Millerknoll, Inc. | 12 | 214 |
| Mine Safety Appliances Company, LLC | 6 | 1022 |
| Mistras Group, Inc. (a) | 7 | 92 |
| Modine Manufacturing Company (a) | 9 | 1211 |
| Monocle Acquisition Corporation (a) | 11 | 76 |
| Montrose Environmental Group, Inc. (a) | 6 | 148 |
| MOOG Inc. - Class A | 5 | 1153 |
| MSC Industrial Direct Co., Inc. - Class A | 8 | 648 |
| Mueller Industries, Inc. | 18 | 2082 |
| Mueller Water Products, Inc. - Class A | 25 | 606 |
| MYR Group Inc. (a) | 3 | 579 |
| National Presto Industries, Inc. | 1 | 151 |
| NET Power Inc. - Class A (a) (b) | 6 | 15 |
| Newpark Resources, Inc. (a) | 17 | 206 |
| NextPower LLC - Class A (a) | 19 | 1674 |
| NN, Inc. (a) | 11 | 14 |
| NWPX Infrastructure, Inc. (a) | 2 | 125 |
| Omega Flex, Inc. | 2 | 55 |
| Openlane, Inc. (a) | 18 | 549 |
| Orion Group Holdings, Inc. (a) | 8 | 77 |
| Oshkosh Corporation | 11 | 1322 |
| Owens Corning | 7 | 829 |
| P.A.M. Transportation Services, Inc. (a) | 4 | 52 |
| Pangaea Logistics Solutions Ltd. | 8 | 56 |
| Park Aerospace Technologies Corp. | 5 | 103 |
| Park-Ohio Holdings Corp. | 3 | 67 |
| Parsons Corporation (a) | 14 | 865 |
| Paycom Software, Inc. |  | 80 |
| Paylocity Holding Corporation (a) | 5 | 824 |
| Perma-Fix Environmental Services, Inc. (a) (b) | 3 | 42 |
| Perma-Pipe International Holdings, Inc. (a) | 1 | 25 |
| Pitney Bowes Inc. | 21 | 226 |
| Planet Labs Inc. - Class A (a) | 30 | 596 |
| Plug Power Inc. (a) (b) | 3 | 6 |
| Powell Industries, Inc. | 2 | 670 |
| Preformed Line Products Company | 1 | 198 |
| Primoris Services Corporation | 9 | 1125 |
| Proto Labs, Inc. (a) | 5 | 235 |
| Quad/Graphics, Inc. - Class A | 8 | 53 |
| Quanex Building Products Corporation | 5 | 69 |
| Quest Resource Holding Corporation (a) | 1 | 3 |
| Radiant Logistics, Inc. (a) | 8 | 51 |
| RBC Bearings Incorporated (a) | 2 | 889 |
| RCM Technologies, Inc. (a) | 2 | 44 |
| Regal Rexnord Corporation | 8 | 1121 |
| Resideo Technologies, Inc. (a) | 25 | 866 |
| Resources Connection, Inc. | 7 | 33 |
| REV Group, Inc. | 9 | 550 |
| Robert Half Inc. | 12 | 329 |
| Rush Enterprises, Inc. - Class A | 10 | 541 |
| Rush Enterprises, Inc. - Class B | 3 | 174 |
| RXO Inc. (a) | 16 | 203 |
| Ryder System, Inc. | 7 | 1311 |
| Saia, Inc. (a) | 3 | 968 |
| Schneider National, Inc. - Class B | 15 | 395 |
| Science Applications International Corporation | 8 | 787 |
| Sensata Technologies Holding PLC | 19 | 620 |
| Shoals Technologies Group, Inc. - Class A (a) | 20 | 170 |
| Simpson Manufacturing Co., Inc. | 7 | 1108 |
| SiteOne Landscape Supply, Inc. (a) | 6 | 696 |
| Skillsoft (US) LLC - Class A (a) (b) | 1 | 7 |
| SkyWest, Inc. (a) | 7 | 726 |
| SPX Technologies, Inc. (a) | 8 | 1525 |
| Standex International Corporation | 2 | 423 |
| Stanley Black & Decker, Inc. | 18 | 1355 |
| Sterling Infrastructure, Inc. (a) | 5 | 1620 |
| Sun Country Airlines Holdings, Inc. (a) | 10 | 138 |
| Sunrun Inc. (a) | 36 | 655 |
| Taskus, Inc. - Class A (a) | 3 | 39 |
| Taylor Devices, Inc. (a) (b) |  | 14 |
| Tecnoglass Inc. | 8 | 390 |
| Tennant Company | 3 | 241 |
| Terex Corporation | 11 | 572 |
| Tetra Tech, Inc. | 28 | 939 |
| Thermon Group Holdings, Inc. (a) | 6 | 240 |
| TIC Solutions, Inc. (a) | 13 | 131 |
| Timken Company, The | 12 | 971 |
| Titan International, Inc. (a) | 12 | 94 |
| Titan Machinery Inc. (a) | 5 | 71 |
| Toro Company, The | 11 | 880 |
| Transcat, Inc. (a) | 2 | 93 |
| Trex Company, Inc. (a) | 13 | 470 |
| Trinet Group, Inc. | 8 | 474 |
| Trinity Industries, Inc. | 14 | 374 |
| TrueBlue, Inc. (a) | 6 | 29 |
| TTEC Holdings, Inc. (a) (b) | 8 | 29 |
| Tutor Perini Corporation | 10 | 673 |
| Twin Disc, Incorporated | 3 | 50 |
| UFP Industries, Inc. | 10 | 919 |
| U-Haul Holding Company (a) (b) | 3 | 131 |
| U-Haul Holding Company - Series N | 17 | 773 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ultralife Corporation (a) | 3 | 15 |
| Unifirst Corporation | 2 | 480 |
| Universal Logistics Holdings, Inc. (b) | 5 | 74 |
| V2X, Inc. (a) | 5 | 287 |
| Valmont Industries, Inc. | 3 | 1332 |
| Verra Mobility Corporation - Class A (a) | 23 | 514 |
| Vicor Corporation (a) | 5 | 596 |
| Virco Mfg. Corporation | 4 | 24 |
| VirTra, Inc. (a) | 1 | 6 |
| VSE Corporation | 3 | 599 |
| Wabash National Corporation | 9 | 75 |
| Watts Water Technologies, Inc. - Class A | 5 | 1248 |
| Werner Enterprises, Inc. | 11 | 326 |
| WESCO International, Inc. | 5 | 1198 |
| Willdan Group, Inc. (a) | 3 | 270 |
| Willis Lease Finance Corporation | 1 | 138 |
| Willscot Holdings Corporation - Class A | 22 | 416 |
| Worthington Industries, Inc. | 8 | 438 |
| Zurn Elkay Water Solutions Corporation | 22 | 1017 |
| | | 145980 |
| **Financials 20.4%** | **Financials 20.4%** | **Financials 20.4%** |
| 1st Security Bank of Washington | 2 | 77 |
| 1st Source Corporation | 4 | 267 |
| Acacia Research Corporation (a) | 12 | 45 |
| ACNB Corporation | 2 | 92 |
| Affiliated Managers Group, Inc. | 5 | 1409 |
| Alerus Financial Corporation | 5 | 115 |
| Ally Financial Inc. | 4 | 185 |
| Amalgamated Financial Corp. | 6 | 178 |
| Amerant Bancorp Inc. - Class A | 8 | 149 |
| American Coastal Insurance Corporation | 4 | 45 |
| American Financial Group, Inc. | 3 | 454 |
| Ameris Bancorp | 12 | 912 |
| Amerisafe, Inc. | 4 | 141 |
| Ames National Corporation | 2 | 55 |
| Arrow Financial Corporation | 4 | 111 |
| Artisan Partners Asset Management Inc. - Class A | 12 | 485 |
| Associated Banc-Corp | 27 | 700 |
| Associated Capital Group Inc. - Class A | 1 | 23 |
| Assurant, Inc. | 5 | 1190 |
| Assured Guaranty Ltd. | 9 | 854 |
| Atlantic Union Bank | 24 | 841 |
| Atlanticus Holdings Corporation (a) | 4 | 237 |
| AXIS Capital Holdings Limited | 13 | 1382 |
| Axos Financial, Inc. (a) | 10 | 891 |
| B. Riley & Co., LLC (a) (b) | 4 | 19 |
| Baldwin Insurance Group, Inc., The - Class A (a) | 11 | 270 |
| Banc of California, Inc. | 21 | 414 |
| BancFirst Corporation | 6 | 597 |
| Bancorp, Inc., The (a) | 9 | 601 |
| Bank First Corporation | 1 | 120 |
| Bank of Hawaii Corporation | 7 | 462 |
| Bank of Marin Bancorp | 3 | 89 |
| Bank of N.T. Butterfield & Son Limited, The | 8 | 379 |
| Bank OZK | 20 | 900 |
| Bank7 Corp. | 1 | 37 |
| BankFinancial Corporation (b) | 3 | 32 |
| BankUnited, Inc. | 13 | 570 |
| Bankwell Financial Group, Inc. | 2 | 88 |
| Banner Corporation | 6 | 383 |
| Bar Harbor Bankshares | 3 | 92 |
| Baycom Corp | 3 | 78 |
| BCB Bancorp, Inc. | 5 | 40 |
| Beacon Financial Corporation | 15 | 403 |
| BGC Group, Inc. - Class A | 64 | 568 |
| Blue Foundry Bancorp (a) | 4 | 52 |
| Blue Ridge Bankshares, Inc. | 7 | 30 |
| BOK Financial Corporation | 10 | 1206 |
| Bowhead Specialty Holdings Inc. (a) | 3 | 92 |
| Bread Financial Payments, Inc. | 8 | 617 |
| Bridgewater Bancshares, Inc. (a) (c) | 5 | 83 |
| Brighthouse Financial, Inc. (a) | 10 | 666 |
| Brightsphere Investment Group Inc. | 6 | 304 |
| Burke & Herbert Financial Services Corp. | 2 | 108 |
| Business First Bancshares, Inc. | 6 | 149 |
| BV Financial, Inc. (a) | 1 | 16 |
| Byline Bancorp, Inc. | 8 | 244 |
| C&F Financial Corporation | 1 | 51 |
| Cadence Bank | 30 | 1302 |
| California BanCorp | 3 | 55 |
| Camden National Corporation | 3 | 146 |
| Cantaloupe, Inc. (a) | 8 | 90 |
| Capital Bancorp, Inc. | 3 | 94 |
| Capital City Bank Group, Inc. | 3 | 146 |
| Capitol Federal Financial | 23 | 158 |
| Carter Bankshares, Inc. (a) | 5 | 105 |
| Cass Information Systems, Inc. | 3 | 114 |
| Cathay General Bancorp | 13 | 605 |
| Central Pacific Financial Corp. | 5 | 162 |
| Chemung Financial Corporation | 1 | 63 |
| ChoiceOne Financial Services, Inc. (b) | 2 | 47 |
| Citizens & Northern Corporation | 4 | 78 |
| City Holding Company | 2 | 291 |
| Civista Bancshares, Inc. | 4 | 80 |
| CNB Financial Corporation | 4 | 112 |
| CNO Financial Group, Inc. | 16 | 669 |
| Coastal Financial Corporation (a) | 3 | 340 |
| Cohen & Steers, Inc. | 8 | 516 |
| Colony Bankcorp, Inc. | 4 | 69 |
| Columbia Banking System, Inc. | 34 | 945 |
| Columbia Financial, Inc. (a) | 16 | 251 |
| Comerica Incorporated | 17 | 1451 |
| Commerce Bancshares, Inc. | 22 | 1168 |
| Community Financial System, Inc. | 9 | 541 |
| Community Trust Bancorp, Inc. | 4 | 205 |
| Community West Bancshares | 4 | 87 |
| ConnectOne Bancorp, Inc. | 9 | 232 |
| Consumer Portfolio Services, Inc. (a) | 6 | 54 |
| Crawford & Company - Class A | 6 | 72 |
| Crawford & Company - Class B | 5 | 49 |
| Credit Acceptance Corporation (a) (b) | 2 | 852 |
| Cullen/Frost Bankers, Inc. | 10 | 1240 |
| Customers Bancorp, Inc. (a) | 6 | 425 |
| CVB Financial Corp. | 24 | 439 |
| Dave Inc. - Class A (a) | 2 | 449 |
| Diamond Hill Investment Group, Inc. - Class A | 1 | 95 |
| DigitalBridge Group, Inc. - Class A | 30 | 468 |
| Dime Community Bancshares, Inc. | 8 | 233 |
| Donegal Group Inc. - Class A | 6 | 126 |
| Donnelley Financial Solutions, Inc. (a) | 5 | 228 |
| Eagle Bancorp Montana, Inc. | 1 | 29 |
| Eagle Bancorp, Inc. | 6 | 123 |
| Eagle Financial Services, Inc. |  | 11 |
| Eastern Bankshares, Inc. | 41 | 759 |
| eHealth, Inc. (a) | 7 | 30 |
| Employers Holdings, Inc. | 5 | 203 |
| Enact Holdings, Inc. | 10 | 382 |
| Encore Capital Group, Inc. (a) | 4 | 233 |
| Enova International, Inc. (a) | 5 | 748 |
| Enterprise Financial Services Corp. | 7 | 355 |
| Equity Bancshares, Inc. - Class A | 3 | 156 |
| Esquire Financial Holdings, Inc. | 2 | 180 |
| Essent Group Ltd. | 17 | 1090 |
| Euronet Worldwide, Inc. (a) | 8 | 582 |
| Evercore Inc. - Class A | 4 | 1293 |
| EVERTEC, Inc. | 10 | 305 |
| EZCORP, Inc. - Class A (a) | 10 | 196 |
| F&G Annuities & Life, Inc. | 2 | 72 |
| F.N.B. Corporation | 61 | 1035 |
| FactSet Research Systems Inc. | 4 | 1167 |
| Farmers & Merchants Bancorp, Inc. | 2 | 52 |
| Farmers National Banc Corp. | 7 | 98 |
| FB Financial Corporation | 9 | 510 |
| Federal Agricultural Mortgage Corporation - Class C | 2 | 305 |
| Federated Hermes, Inc. - Class B | 14 | 722 |
| Fidelis Insurance Holdings Limited | 14 | 283 |
| Fidelity D&D Bancorp, Inc. |  | 9 |
| Finance of America Companies Inc. - Class A (a) | 1 | 14 |
| Financial Institutions, Inc. | 4 | 120 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| First American Financial Corporation | 16 | 971 |
| First Bancorp | 7 | 359 |
| First Bancorp | 30 | 631 |
| First Bancorp, Inc., The | 3 | 70 |
| First Bank of New Jersey | 4 | 59 |
| First Busey Corporation | 16 | 372 |
| First Business Financial Services, Inc. | 2 | 94 |
| First Commonwealth Financial Corporation | 17 | 294 |
| First Community Bancshares, Inc. | 4 | 126 |
| First Community Corporation | 1 | 31 |
| First Financial Bancorp. | 16 | 412 |
| First Financial Bankshares, Inc. | 23 | 697 |
| First Financial Corporation | 2 | 146 |
| First Foundation Inc. (a) | 15 | 94 |
| First Hawaiian, Inc. | 21 | 538 |
| First Horizon Corporation | 58 | 1376 |
| First Internet Bancorp | 2 | 47 |
| First Interstate BancSystem, Inc. - Class A | 18 | 617 |
| First Merchants Corporation | 10 | 379 |
| First Mid Bancshares, Inc. | 4 | 162 |
| First Savings Financial Group, Inc. | 1 | 24 |
| First United Corporation |  | 18 |
| First Western Financial, Inc. (a) | 2 | 67 |
| FirstCash, Inc. | 8 | 1215 |
| Firstsun Capital Bancorp (a) | 2 | 58 |
| Five Star Bancorp | 3 | 104 |
| Flagstar Bank, National Association | 50 | 632 |
| Flushing Financial Corporation | 7 | 113 |
| Flywire Corporation (a) | 19 | 267 |
| Franklin Resources, Inc. | 12 | 286 |
| Fulton Financial Corporation | 29 | 565 |
| FVCBankcorp, Inc. | 1 | 9 |
| GCM Grosvenor Inc. - Class A | 7 | 75 |
| Genworth Financial, Inc. - Class A (a) | 71 | 637 |
| German American Bancorp, Inc. | 7 | 260 |
| Glacier Bancorp, Inc. | 21 | 937 |
| Globe Life Inc. | 9 | 1285 |
| GoHealth, Inc. - Class A (a) | 1 | 2 |
| Goosehead Insurance, Inc. - Class A | 4 | 292 |
| Great Southern Bancorp, Inc. | 2 | 141 |
| Green Dot Corporation - Class A (a) | 11 | 142 |
| Greene County Bancorp, MHC | 2 | 53 |
| Greenlight Capital Re, Ltd. - Class A (a) | 7 | 109 |
| Hagerty, Inc. - Class A (a) | 8 | 104 |
| Hamilton Insurance Group, Ltd. - Class B (a) | 8 | 210 |
| Hamilton Lane Incorporated - Class A | 6 | 825 |
| Hancock Whitney Corporation | 14 | 908 |
| Hanmi Financial Corporation | 6 | 162 |
| Hanover Insurance Group Inc., The | 6 | 1079 |
| HBT Financial, Inc. | 6 | 146 |
| HCI Group, Inc. | 2 | 390 |
| Hennessy Advisors, Inc. | 1 | 7 |
| Heritage Commerce Corp | 13 | 151 |
| Heritage Financial Corporation | 7 | 156 |
| Heritage Global Solutions, Inc. (a) | 6 | 7 |
| Heritage Insurance Holdings, Inc. (a) | 6 | 190 |
| Hingham Institution For Savings, The |  | 135 |
| Hippo Holdings Inc. (a) | 3 | 76 |
| Home Bancorp, Inc. | 2 | 97 |
| Home BancShares, Inc. | 33 | 909 |
| Hometrust Bancshares, Inc. | 2 | 96 |
| Hope Bancorp, Inc. | 23 | 253 |
| Horace Mann Educators Corporation | 7 | 332 |
| Horizon Bancorp, Inc. | 9 | 152 |
| Houlihan Lokey, Inc. - Class A | 2 | 359 |
| Independence Holdings, LLC | 19 | 1309 |
| Independent Bank Corp. | 9 | 636 |
| Independent Bank Corporation | 4 | 135 |
| International Bancshares Corporation | 10 | 693 |
| International Money Express Inc. (a) | 7 | 100 |
| Invesco Ltd. | 53 | 1397 |
| Investar Holding Corporation | 2 | 59 |
| Investors Title Company |  | 98 |
| Isabella Bank Corporation |  | 10 |
| Jack Henry & Associates, Inc. | 5 | 837 |
| James River Group Holdings, Ltd. | 9 | 54 |
| Janus Henderson Group PLC | 25 | 1206 |
| Jefferies Financial Group Inc. | 16 | 1015 |
| Kearny Financial Corp | 14 | 103 |
| Kestrel Group Ltd (a) | 1 | 11 |
| Kingstone Companies, Inc. | 1 | 24 |
| Kinsale Capital Group, Inc. | 3 | 1111 |
| Lakeland Financial Corporation | 4 | 256 |
| Lazard, Inc. | 15 | 738 |
| LCNB Corp. | 3 | 44 |
| LendingClub Corporation (a) | 18 | 338 |
| LendingTree, Inc. (a) | 3 | 155 |
| Lincoln National Corporation | 22 | 987 |
| Linkbancorp, Inc. | 2 | 17 |
| Live Oak Bancshares, Inc. | 8 | 263 |
| Loandepot, Inc. - Class A (a) | 15 | 30 |
| Mainstreet Bancshares, Inc. | 1 | 29 |
| MarketAxess Holdings Inc. | 5 | 864 |
| Marqeta, Inc. - Class A (a) | 75 | 355 |
| Mechanics Bancorp - Class A | 16 | 228 |
| Mercantile Bank Corporation | 3 | 156 |
| Merchants Bancorp, Inc. | 7 | 255 |
| Mercury General Corporation | 9 | 878 |
| Meridian Bank | 3 | 49 |
| Metrocity Bankshares, Inc. | 5 | 122 |
| Metropolitan Bank Holding Corp. | 2 | 153 |
| MGIC Investment Corporation | 39 | 1145 |
| Mid Penn Bancorp, Inc. | 3 | 99 |
| Middlefield Banc Corp. |  | 17 |
| Midland States Bancorp, Inc. | 5 | 102 |
| MidWestOne Financial Group, Inc. | 4 | 164 |
| Moelis & Company - Class A | 10 | 657 |
| Morningstar, Inc. | 5 | 1034 |
| MVB Financial Corp. | 3 | 76 |
| National Bank Holdings Corporation - Class A | 6 | 241 |
| National Bankshares, Inc. | 1 | 32 |
| Navient Corporation | 18 | 240 |
| NB Bancorp, Inc. | 3 | 67 |
| NBT Bancorp Inc. | 9 | 381 |
| NCR Atleos Corporation (a) | 12 | 442 |
| Nelnet, Inc. - Class A | 5 | 600 |
| Nerdwallet, Inc. - Class A (a) | 7 | 98 |
| NI Holdings Inc. (a) | 3 | 42 |
| Nicholas Financial, Inc. (a) | 2 | 9 |
| Nicolet Bankshares, Inc. | 3 | 332 |
| NMI Holdings, Inc. - Class A (a) | 14 | 569 |
| Northeast Bank | 2 | 172 |
| Northeast Community Bancorp, Inc. | 3 | 59 |
| Northfield Bancorp Inc. | 8 | 92 |
| Northrim Bancorp, Inc. | 5 | 120 |
| Northwest Bancshares, Inc. | 27 | 319 |
| Norwood Financial Corp. (b) | 2 | 45 |
| Oak Valley Bancorp. | 1 | 17 |
| OceanFirst Financial Corp. | 11 | 203 |
| Octave Specialty Group, Inc. (a) | 10 | 81 |
| OFG Bancorp | 8 | 338 |
| Old National Bancorp | 53 | 1187 |
| Old Republic International Corporation | 31 | 1416 |
| Old Second Bancorp, Inc. | 9 | 169 |
| Onity Group Inc. (a) | 2 | 80 |
| OP Bancorp | 2 | 35 |
| Open Lending Corporation - Class A (a) | 19 | 29 |
| Oportun Financial Corporation (a) | 8 | 44 |
| Oppenheimer Holdings Inc. - Class A | 2 | 147 |
| OppFi Inc. - Class A | 5 | 50 |
| Orange County Bancorp, Inc. | 1 | 23 |
| Origin Bancorp, Inc. | 5 | 182 |
| Orrstown Financial Services, Inc. | 4 | 131 |
| Oscar Health, Inc. - Class A (a) | 32 | 457 |
| P.C.B. Bancorp, Inc. | 3 | 76 |
| Palomar Holdings, Inc. (a) | 4 | 593 |
| Park National Corporation | 3 | 465 |
| Parke Bancorp, Inc. | 3 | 73 |
| Pathward Financial, Inc. | 5 | 322 |
| Paymentus Holdings, Inc. - Class A (a) | 8 | 241 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Payoneer Global Inc. (a) | 59 | 329 |
| Paysafe Limited (a) | 10 | 84 |
| Paysign, Inc. (a) | 8 | 42 |
| Peapack-Gladstone Financial Corporation | 3 | 96 |
| PennyMac Financial Services, Inc. | 9 | 1132 |
| Peoples Bancorp Inc. | 7 | 199 |
| Peoples Bancorp of North Carolina, Inc. |  | 16 |
| Peoples Financial Services Corp. | 2 | 76 |
| Perella Weinberg Partners - Class A | 8 | 139 |
| Pinnacle Financial Partners, Inc. | 12 | 1184 |
| Piper Sandler Companies | 3 | 1007 |
| PJT Partners Inc. - Class A | 4 | 634 |
| Plumas Bancorp | 1 | 24 |
| Ponce Financial Group, Inc. (a) | 5 | 83 |
| Popular, Inc. | 11 | 1404 |
| PRA Group, Inc. (a) | 7 | 124 |
| Preferred Bank | 2 | 231 |
| Primerica, Inc. | 4 | 1086 |
| Primis Financial Corp. | 6 | 77 |
| Princeton Bancorp, Inc. | 1 | 50 |
| Priority Technology Holdings, Inc. (a) | 6 | 34 |
| ProAssurance Corporation (a) | 12 | 283 |
| PROG Holdings, Inc. | 8 | 232 |
| Prosperity Bancshares, Inc. | 13 | 924 |
| Provident Financial Services, Inc. | 24 | 468 |
| QCR Holdings, Inc. | 3 | 272 |
| Radian Group Inc. | 22 | 806 |
| RBB Bancorp | 5 | 93 |
| Red River Bancshares, Inc. | 1 | 107 |
| Regional Management Corp. | 2 | 84 |
| Reinsurance Group of America, Incorporated |  | 51 |
| Remitly Global, Inc. (a) | 28 | 391 |
| RenaissanceRe Holdings Ltd | 1 | 307 |
| Renasant Corporation | 16 | 565 |
| Repay Holdings Corporation - Class A (a) | 17 | 63 |
| Republic Bancorp, Inc. - Class A | 3 | 229 |
| Richmond Mutual Bancorporation, Inc. | 3 | 41 |
| Riverview Bancorp, Inc. | 3 | 14 |
| RLI Corp. | 15 | 960 |
| Root LLC - Class A (a) | 2 | 134 |
| S & T Bancorp, Inc. | 7 | 259 |
| Safety Insurance Group, Inc. | 3 | 196 |
| Seacoast Banking Corporation of Florida | 15 | 456 |
| Security National Financial Corporation - Class A (a) (b) | 4 | 34 |
| SEI Investments Company | 15 | 1208 |
| Selective Insurance Group, Inc. | 10 | 831 |
| SelectQuote, Inc. (a) | 19 | 27 |
| ServisFirst Bancshares, Inc. | 9 | 657 |
| Sezzle Inc. (a) (b) | 5 | 314 |
| Shore Bancshares, Inc. | 7 | 115 |
| Sierra BanCorp | 3 | 98 |
| Silvercrest Asset Management Group Inc. - Class A | 2 | 35 |
| Simmons First National Corporation - Class A | 22 | 420 |
| SiriusPoint Ltd. (a) | 22 | 481 |
| Skyward Specialty Insurance Group, Inc. (a) | 6 | 302 |
| SLM Corporation | 35 | 935 |
| Smartfinancial, Inc. | 3 | 127 |
| South Plains Financial, Inc. | 2 | 93 |
| Southern First Bancshares, Inc. (a) | 2 | 95 |
| Southern Missouri Bancorp, Inc. | 2 | 124 |
| Southside Bancshares, Inc. | 6 | 173 |
| Southstate Bank Corporation | 17 | 1560 |
| Stellar Bancorp, Inc. | 8 | 260 |
| Stewart Information Services Corporation | 5 | 332 |
| Stifel Financial Corp. | 9 | 1181 |
| Stock Yards Bancorp, Inc. | 5 | 336 |
| StoneX Group Inc. (a) | 8 | 771 |
| Synovus Financial Corp. | 23 | 1146 |
| Texas Capital Bancshares, Inc. (a) | 8 | 714 |
| TFS Financial Corporation | 28 | 373 |
| The Western Union Company (b) | 55 | 514 |
| Third Coast Bancshares, Inc. (a) | 2 | 66 |
| Timberland Bancorp, Inc. | 2 | 81 |
| Tiptree Inc. | 8 | 140 |
| Tompkins Financial Corporation | 3 | 201 |
| TowneBank | 13 | 429 |
| TriCo Bancshares | 6 | 274 |
| Triumph Financial, Inc. (a) | 4 | 263 |
| Trupanion, Inc. (a) | 6 | 225 |
| Trustco Bank Corp N Y | 4 | 154 |
| Trustmark Corporation | 11 | 421 |
| TWFG, Inc. (a) |  | 13 |
| UMB Financial Corporation | 12 | 1434 |
| United Bankshares, Inc. | 24 | 906 |
| United Community Banks, Inc. | 20 | 619 |
| United Fire Group, Inc. | 5 | 189 |
| Unity Bancorp, Inc. | 2 | 100 |
| Universal Insurance Holdings, Inc. | 6 | 187 |
| Univest Financial Corporation | 6 | 183 |
| Unum Group | 1 | 43 |
| Upstart Holdings, Inc. (a) | 2 | 66 |
| USCB Financial Holdings, Inc. - Class A | 2 | 31 |
| Usio, Inc. (a) | 5 | 7 |
| Valley National Bancorp | 92 | 1070 |
| Value Line, Inc. (b) |  | 19 |
| Velocity Financial Inc. (a) | 3 | 65 |
| Victory Capital Holdings, Inc. - Class A | 9 | 592 |
| Virginia National Bankshares Corporation |  | 13 |
| Virtu Financial, Inc. - Class A | 15 | 510 |
| Virtus Investment Partners, Inc. | 1 | 188 |
| Voya Financial, Inc. | 12 | 872 |
| WAFD, Inc. | 14 | 457 |
| Walker & Dunlop, Inc. | 6 | 358 |
| Washington Trust Bancorp, Inc. | 4 | 104 |
| Waterstone Financial, Inc. | 4 | 73 |
| Webster Financial Corporation | 18 | 1132 |
| WesBanco, Inc. | 16 | 541 |
| West Bancorporation, Inc. | 4 | 96 |
| Westamerica Bancorporation | 5 | 216 |
| Western Alliance Bancorporation | 13 | 1133 |
| Western New England Bancorp, Inc. | 6 | 77 |
| Westwood Holdings Group, Inc. | 2 | 35 |
| Wex, Inc. (a) | 5 | 686 |
| White Mountains Insurance Group Ltd |  | 891 |
| Wintrust Financial Corporation | 11 | 1523 |
| WisdomTree, Inc. (b) | 27 | 324 |
| World Acceptance Corporation (a) | 1 | 156 |
| WSFS Financial Corporation | 11 | 588 |
| Zions Bancorporation, National Association | 23 | 1368 |
| Zurich American Corporation | 10 | 422 |
| | | 144033 |
| **Consumer Discretionary 14.1%** | **Consumer Discretionary 14.1%** | **Consumer Discretionary 14.1%** |
| 1-800-Flowers.com, Inc. - Class A (a) | 5 | 21 |
| 1stdibs.com, Inc. (a) | 7 | 39 |
| Abercrombie & Fitch Co. - Class A (a) | 7 | 837 |
| Academy Sports & Outdoors, Inc. | 13 | 630 |
| Accel Entertainment, Inc. - Class A (a) | 14 | 163 |
| Acushnet Holdings Corp. | 11 | 896 |
| Adient Public Limited Company (a) | 15 | 284 |
| ADT, Inc. | 104 | 840 |
| Adtalem Global Education Inc. (a) | 7 | 712 |
| Advance Auto Parts, Inc. | 9 | 354 |
| Allbirds, Inc. - Class A (a) |  | 1 |
| American Axle & Manufacturing Holdings, Inc. (a) | 22 | 141 |
| American Eagle Outfitters, Inc. | 31 | 805 |
| American Outdoor Brands, Inc. (a) | 3 | 26 |
| American Public Education, Inc. (a) | 4 | 144 |
| America's Car Mart, Inc. (a) | 2 | 43 |
| Ammo, Inc. (a) (b) | 16 | 27 |
| Aramark | 29 | 1079 |
| Arhaus, Inc. - Class A (a) | 9 | 99 |
| Ark Restaurants Corp. (a) | 1 | 4 |
| ARKO Corp. - Class A | 23 | 104 |
| Asbury Automotive Group, Inc. (a) | 3 | 792 |
| Autoliv, Inc. | 9 | 1113 |
| AutoNation, Inc. (a) | 6 | 1282 |
| Bassett Furniture Industries, Incorporated | 2 | 38 |
| Bath & Body Works, Inc. | 26 | 522 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Beazer Homes USA, Inc. (a) | 5 | 107 |
| Bed Bath & Beyond, Inc. (a) (b) | 8 | 43 |
| Biglari Holdings Inc. - Class A (a) |  | 16 |
| Biglari Holdings Inc. - Class B (a) |  | 146 |
| Birkenstock Holding PLC (a) | 18 | 719 |
| BJ's Restaurants, Inc. (a) | 4 | 165 |
| Bloomin' Brands, Inc. | 15 | 91 |
| Boot Barn Holdings, Inc. (a) | 5 | 892 |
| BorgWarner Inc. | 31 | 1402 |
| Bowlero Corp. - Class A (b) | 5 | 44 |
| Boyd Gaming Corporation | 1 | 113 |
| Bright Horizons Family Solutions, Inc. (a) | 9 | 949 |
| Brightstar Lottery PLC | 28 | 429 |
| Brinker International, Inc. (a) | 9 | 1239 |
| Brunswick Corporation | 11 | 808 |
| Build-A-Bear Workshop, Inc. | 3 | 189 |
| Caesars Entertainment, Inc. (a) | 26 | 619 |
| Caleres, Inc. | 7 | 85 |
| Camping World Holdings, Inc. - Class A | 10 | 102 |
| Capri Holdings Limited (a) | 17 | 411 |
| CarMax, Inc. (a) | 16 | 604 |
| Carriage Services, Inc. | 3 | 129 |
| Carter's, Inc. | 6 | 209 |
| Cato Corporation, The - Class A (a) | 5 | 14 |
| CAVA Group, Inc. (a) | 11 | 674 |
| Cavco Industries, Inc. (a) | 1 | 871 |
| Century Communities, Inc. | 5 | 313 |
| Cheesecake Factory Incorporated, The | 8 | 423 |
| Chegg, Inc. (a) | 22 | 20 |
| Choice Hotels International, Inc. | 7 | 640 |
| Churchill Downs Incorporated | 8 | 915 |
| Citi Trends, Inc. (a) | 2 | 80 |
| CLARUS Corporation | 9 | 31 |
| Columbia Sportswear Company | 9 | 508 |
| Cooper-Standard Holdings Inc. (a) | 4 | 122 |
| Coursera, Inc. (a) | 27 | 198 |
| Cracker Barrel Old Country Store, Inc. | 4 | 93 |
| Cricut, Inc. - Class A | 2 | 11 |
| Crocs, Inc. (a) | 8 | 727 |
| Culp, Inc. (a) | 2 | 7 |
| Dana Incorporated | 25 | 593 |
| Dave & Buster's Entertainment, Inc. (a) | 7 | 111 |
| Deckers Outdoor Corporation (a) | 5 | 513 |
| Denny's Corporation (a) | 3 | 20 |
| Designer Brands Inc. - Class A (b) | 10 | 73 |
| Destination XL Group, Inc. (a) | 16 | 14 |
| Dillard's, Inc. - Class A (b) | 2 | 1061 |
| Dine Brands Global, Inc. (b) | 3 | 96 |
| Dorman Products, Inc. (a) | 5 | 652 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 5 | 77 |
| Driven Brands Holdings Inc. (a) | 23 | 334 |
| Duluth Holdings Inc. - Class B (a) | 6 | 13 |
| Duolingo, Inc. - Class A (a) | 3 | 478 |
| Dutch Bros Inc. - Class A (a) | 14 | 884 |
| Educational Development Corporation (a) | 1 | 1 |
| El Pollo Loco Holdings, Inc. (a) | 7 | 72 |
| Escalade, Incorporated | 3 | 41 |
| Ethan Allen Interiors Inc. | 5 | 118 |
| ETSY, Inc. (a) | 13 | 697 |
| European Wax Center, Inc. - Class A (a) | 8 | 29 |
| FIGS, Inc. - Class A (a) | 29 | 329 |
| First Watch Restaurant Group, Inc. (a) | 10 | 148 |
| Five Below, Inc. (a) | 7 | 1230 |
| Flexsteel Industries, Inc. | 1 | 46 |
| Floor & Decor Holdings, Inc. - Class A (a) | 14 | 836 |
| Fossil Group, Inc. (a) | 1 | 3 |
| Fox Factory Holding Corp. (a) | 7 | 124 |
| Frontdoor, Inc. (a) | 7 | 400 |
| Full House Resorts, Inc. (a) | 8 | 21 |
| Gap, Inc., The | 62 | 1580 |
| Garrett Motion Inc. | 36 | 620 |
| Genesco Inc. (a) | 3 | 63 |
| Gentex Corporation | 29 | 680 |
| Gentherm Incorporated (a) | 5 | 197 |
| Gigacloud Technology Inc. - Class A (a) | 2 | 97 |
| G-III Apparel Group, Ltd. | 8 | 231 |
| Global Business Travel Group, Inc. - Class A (a) (b) | 19 | 146 |
| Gold.Com, Inc. | 5 | 163 |
| Golden Entertainment, Inc. | 4 | 96 |
| Gopro Inc. - Class A (a) (b) | 13 | 19 |
| Graham Holdings Co., Ltd. - Class B | 1 | 700 |
| Grand Canyon Education, Inc. (a) | 5 | 817 |
| Green Brick Partners, Inc. (a) | 7 | 463 |
| Group 1 Automotive, Inc. | 2 | 971 |
| Groupon, Inc. (a) (b) | 6 | 106 |
| GrowGeneration Corp. (a) | 4 | 6 |
| Guess?, Inc. | 10 | 165 |
| H & R Block, Inc. | 22 | 954 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 13 |
| Harley-Davidson, Inc. | 20 | 403 |
| Hasbro, Inc. | 19 | 1575 |
| Haverty Furniture Companies, Inc. | 3 | 82 |
| Helen of Troy Limited (a) | 4 | 88 |
| Hilton Grand Vacations Inc. (a) | 15 | 692 |
| Holley Inc. (a) | 17 | 71 |
| Hooker Furnishings Corporation | 3 | 34 |
| Hovnanian Enterprises, Inc. - Class A (a) | 1 | 97 |
| Inspired Entertainment, Inc. (a) | 4 | 37 |
| Installed Building Products, Inc. | 5 | 1196 |
| J.jill, Inc. | 2 | 33 |
| JAKKS Pacific, Inc. | 2 | 37 |
| Johnson Outdoors Inc. - Class A | 2 | 93 |
| KB Home | 12 | 680 |
| Kohl's Corporation | 17 | 343 |
| Kontoor Brands, Inc. | 10 | 584 |
| Krispy Kreme, Inc. | 29 | 117 |
| Kura Sushi USA, Inc. - Class A (a) (b) | 2 | 111 |
| Lakeland Industries, Inc. (b) | 2 | 14 |
| Lands' End, Inc. (a) | 7 | 96 |
| Latham Group, Inc. (a) | 19 | 123 |
| Laureate Education, Inc. - Class A (a) | 26 | 863 |
| La-Z-Boy Incorporated | 8 | 280 |
| LCI Industries | 4 | 530 |
| Lear Corporation | 7 | 809 |
| Legacy Housing Corporation (a) | 4 | 87 |
| Leggett & Platt, Incorporated | 22 | 242 |
| Les Vetements de Sport Gildan Inc. - Class A |  | 18 |
| Levi Strauss & Co. - Class A | 15 | 312 |
| LGI Homes, Inc. (a) | 4 | 175 |
| Life Time Group Holdings, Inc. (a) | 29 | 781 |
| Lifetime Brands, Inc. | 5 | 21 |
| Lincoln Educational Services Corporation (a) | 7 | 158 |
| Lindblad Expeditions, LLC (a) | 11 | 153 |
| Lithia Motors, Inc. - Class A | 3 | 1118 |
| LKQ Corporation | 28 | 858 |
| Lovesac Company, The (a) (b) | 4 | 54 |
| Lucid Group, Inc. (a) (b) | 7 | 79 |
| M/I Homes, Inc. (a) | 2 | 265 |
| Macy's, Inc. | 45 | 986 |
| Malibu Boats, Inc. - Class A (a) | 4 | 99 |
| Marine Products Corporation | 6 | 49 |
| MarineMax, Inc. (a) | 4 | 104 |
| Marriott Vacations Worldwide Corporation | 6 | 358 |
| MasterCraft Boat Holdings, Inc. (a) | 4 | 69 |
| Mattel, Inc. (a) | 46 | 917 |
| Matthews International Corporation - Class A | 6 | 152 |
| Meritage Homes Corporation | 5 | 308 |
| MGM Resorts International (a) | 3 | 96 |
| Mister Car Wash, Inc. (a) | 46 | 256 |
| Mobileye Global Inc. - Class A (a) | 24 | 246 |
| Mohawk Industries, Inc. (a) | 8 | 920 |
| Monarch Casino & Resort, Inc. | 2 | 198 |
| Monro, Inc. | 5 | 102 |
| Motorcar Parts of America, Inc. (a) | 5 | 59 |
| Movado Group, Inc. | 4 | 78 |
| Murphy USA Inc. | 2 | 910 |
| Nathan's Famous, Inc. | 1 | 81 |
| National Vision Holdings, Inc. (a) | 14 | 362 |
| Newell Brands Inc. | 57 | 213 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nishka, Inc. - Class A (a) | 8 | 26 |
| Norwegian Cruise Line Holdings Ltd. (a) | 50 | 1120 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 10 | 1109 |
| OneSpaWorld Holdings Limited | 17 | 362 |
| Onewater Marine Inc. - Class A (a) (b) | 2 | 25 |
| Oxford Industries, Inc. | 3 | 94 |
| Papa John's International, Inc. | 6 | 223 |
| Patrick Industries, Inc. | 6 | 645 |
| PENN Entertainment, Inc. (a) | 24 | 355 |
| Penske Automotive Group, Inc. | 4 | 592 |
| Perdoceo Education Corporation | 11 | 334 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 36 | 102 |
| PetMed Express, Inc. (a) (b) | 5 | 16 |
| Phinia Inc. | 7 | 412 |
| Planet Fitness, Inc. - Class A (a) | 12 | 1310 |
| Polaris Inc. | 7 | 440 |
| Pool Corporation | 4 | 866 |
| Portillo's Inc. - Class A (a) (b) | 10 | 46 |
| Pursuit Attractions And Hospitality, Inc. (a) | 4 | 149 |
| PVH Corp. | 8 | 539 |
| Quantumscape Battery, Inc. - Class A (a) | 13 | 133 |
| RCI Hospitality Holdings, Inc. (b) | 2 | 44 |
| Red Rock Resorts, Inc. - Class A | 8 | 514 |
| Revolve Group Inc. - Class A (a) | 7 | 217 |
| RH (a) | 3 | 528 |
| Rocky Brands, Inc. | 1 | 28 |
| Rush Street Interactive, Inc. - Class A (a) | 11 | 214 |
| Sabre Corporation (a) | 63 | 86 |
| Sally Beauty Holdings, Inc. (a) | 18 | 259 |
| Savers Value Village, Inc. (a) | 14 | 129 |
| Service Corporation International | 16 | 1257 |
| Shake Shack, Inc. - Class A (a) | 7 | 542 |
| SharkNinja, Inc. (a) | 1 | 111 |
| Shoe Carnival, Inc. | 5 | 87 |
| Signet Jewelers Limited | 7 | 586 |
| Skyline Champion Corporation (a) | 9 | 800 |
| Sleep Number Corporation (a) (b) | 3 | 27 |
| Smith & Wesson Brands, Inc. | 9 | 88 |
| Smith Douglas Homes Corp. - Class A (a) | 1 | 20 |
| Solid Power Operating, Inc. - Class A (a) | 21 | 89 |
| Solo Brands, Inc. - Class A (a) (b) |  |  |
| Sonic Automotive, Inc. - Class A | 4 | 243 |
| Sonos, Inc. (a) | 21 | 374 |
| Sportsman's Warehouse Holdings, Inc. (a) | 11 | 16 |
| Standard Motor Products, Inc. | 4 | 140 |
| Steven Madden, Ltd. | 13 | 524 |
| Stitch Fix, Inc. - Class A (a) | 19 | 102 |
| Stoneridge, Inc. (a) | 6 | 38 |
| Strategic Education, Inc. | 4 | 319 |
| Strattec Security Corporation (a) | 1 | 65 |
| Stride, Inc. (a) | 8 | 510 |
| Sturm, Ruger & Company, Inc. | 2 | 69 |
| Superior Group of Companies, Inc. | 3 | 33 |
| Sweetgreen, Inc. - Class A (a) | 17 | 115 |
| Sypris Solutions, Inc. (a) | 3 | 6 |
| Target Hospitality Corp. (a) | 10 | 81 |
| Taylor Morrison Home II Corporation - Class A (a) | 17 | 978 |
| Texas Roadhouse, Inc. - Class A | 8 | 1262 |
| The Buckle, Inc. | 9 | 459 |
| The Goodyear Tire & Rubber Company (a) | 48 | 419 |
| The Wendy's Company | 32 | 265 |
| Thor Industries, Inc. | 8 | 872 |
| Tilly's, Inc. - Class A (a) (b) | 4 | 8 |
| Toll Brothers, Inc. | 3 | 426 |
| TopBuild Corp. (a) | 3 | 1181 |
| Topgolf Callaway Brands Corp. (a) | 32 | 375 |
| Travel + Leisure Co. | 11 | 793 |
| TRI Pointe Homes Holdings, Inc. (a) | 17 | 530 |
| Udemy, Inc. (a) | 16 | 93 |
| Under Armour, Inc. - Class A (a) (b) | 32 | 161 |
| Under Armour, Inc. - Class C (a) (b) | 35 | 169 |
| Unifi, Inc. (a) | 4 | 15 |
| United Parks And Resorts Inc. (a) | 10 | 354 |
| Universal Electronics Inc. (a) | 3 | 12 |
| Universal Technical Institute, Inc. (a) | 10 | 270 |
| Upbound Group, Inc. | 10 | 174 |
| Urban Outfitters, Inc. (a) | 15 | 1149 |
| V.F. Corporation | 49 | 881 |
| Vail Resorts, Inc. (b) | 6 | 742 |
| Valvoline, Inc. (a) | 22 | 653 |
| Vera Bradley, Inc. (a) | 8 | 19 |
| Victoria's Secret & Co. (a) | 13 | 704 |
| Vince Holding Corp. (a) | 1 | 4 |
| Visteon Corporation | 5 | 457 |
| Warby Parker Inc. - Class A (a) | 17 | 374 |
| Wayfair Inc. - Class A (a) | 8 | 848 |
| Weyco Group, Inc. | 3 | 78 |
| Whirlpool Corporation (b) | 7 | 503 |
| Wingstop Inc. | 3 | 714 |
| Winmark Corporation | 1 | 250 |
| Winnebago Industries, Inc. | 5 | 210 |
| Wolverine World Wide, Inc. | 11 | 203 |
| Wyndham Hotels & Resorts, Inc. | 12 | 917 |
| Wynn Resorts, Limited | 9 | 1110 |
| XPEL, Inc. (a) | 4 | 208 |
| YETI Holdings, Inc. (a) | 14 | 602 |
| Zumiez Inc. (a) | 4 | 104 |
| | | 99832 |
| **Health Care 12.0%** | **Health Care 12.0%** | **Health Care 12.0%** |
| 10X Genomics, Inc. - Class A (a) | 15 | 238 |
| 4D Molecular Therapeutics, Inc. (a) | 3 | 24 |
| Aadi Bioscience, Inc. (a) | 6 | 14 |
| AbSci, LLC (a) | 18 | 64 |
| AC Immune S.A. (a) | 8 | 25 |
| Acadia Healthcare Company, Inc. (a) | 15 | 218 |
| Acadia Pharmaceuticals Inc. (a) | 20 | 528 |
| Accuray Incorporated (a) | 25 | 20 |
| Aclaris Therapeutics, Inc. (a) | 9 | 27 |
| Acme United Corporation | 1 | 28 |
| Actinium Pharmaceuticals, Inc. (a) | 5 | 6 |
| Acumen Pharmaceuticals, Inc. (a) | 2 | 4 |
| AdaptHealth LLC - Class A (a) | 18 | 176 |
| Adaptive Biotechnologies Corporation (a) | 24 | 397 |
| Addus HomeCare Corporation (a) | 3 | 329 |
| ADMA Biologics, Inc. (a) | 45 | 822 |
| Agilon Health, Inc. (a) | 10 | 7 |
| Agios Pharmaceuticals, Inc. (a) | 8 | 207 |
| Akebia Therapeutics, Inc. (a) | 29 | 47 |
| Aldeyra Therapeutics, Inc. (a) | 17 | 88 |
| Alector, Inc. (a) | 17 | 27 |
| Align Technology, Inc. (a) | 8 | 1189 |
| Alkermes Public Limited Company (a) | 27 | 767 |
| Allogene Therapeutics, Inc. (a) | 40 | 55 |
| Altimmune, Inc. (a) | 6 | 23 |
| Alumis Inc. (a) (b) | 4 | 34 |
| American Well Corporation - Class A (a) | 2 | 8 |
| AMN Healthcare Services, Inc. (a) | 7 | 114 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 53 | 669 |
| Amphastar Pharmaceuticals, Inc. (a) | 8 | 214 |
| Amylyx Pharmaceuticals, Inc. (a) | 11 | 134 |
| AngioDynamics, Inc. (a) | 8 | 106 |
| ANI Pharmaceuticals, Inc. (a) | 4 | 296 |
| Anika Therapeutics, Inc. (a) | 4 | 36 |
| Annexon, Inc. (a) | 13 | 67 |
| Apellis Pharmaceuticals, Inc. (a) | 6 | 153 |
| Arcturus Therapeutics Holdings Inc. (a) | 6 | 38 |
| Arcus Biosciences, Inc. (a) | 15 | 365 |
| ARS Pharmaceuticals, Inc. (a) (b) | 3 | 31 |
| Artivion, Inc. (a) | 8 | 356 |
| Arvinas Operations, Inc. (a) | 8 | 98 |
| Assertio Holdings, Inc. (a) |  | 3 |
| Astrana Health, Inc. (a) | 9 | 216 |
| Atea Pharmaceuticals, Inc. (a) | 12 | 43 |
| AtriCure, Inc. (a) | 8 | 313 |
| Atyr Pharma, Inc. (a) | 4 | 3 |
| Aura Biosciences, Inc. (a) | 8 | 44 |
| Avanos Medical, Inc. (a) | 9 | 99 |
| Avantor, Inc. (a) | 50 | 569 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Aveanna Healthcare Holdings Inc. (a) | 23 | 189 |
| AxoGen, Inc. (a) | 9 | 296 |
| Azenta, Inc. (a) | 8 | 252 |
| Baxter International Inc. | 45 | 863 |
| Beam Therapeutics Inc. (a) | 16 | 430 |
| BFLY Operations, Inc. - Class A (a) (b) | 28 | 105 |
| Bicara Therapeutics Inc. (a) | 1 | 20 |
| BioCryst Pharmaceuticals, Inc. (a) | 28 | 221 |
| BioLife Solutions, Inc. (a) | 8 | 203 |
| BioMarin Pharmaceutical Inc. (a) | 18 | 1089 |
| Biomea Fusion, Inc. (a) | 3 | 4 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 3 | 822 |
| Biote Corp. - Class A (a) | 6 | 16 |
| Bio-Techne Corporation | 15 | 892 |
| Bioventus Inc. - Class A (a) | 10 | 74 |
| Black Diamond Therapeutics, Inc. (a) | 11 | 27 |
| Blade Urban Air Mobility, Inc. - Class A (a) | 17 | 84 |
| Brightspring Health Services, Inc. (a) | 23 | 868 |
| Brookdale Senior Living Inc. (a) | 39 | 424 |
| Bruker Corporation | 17 | 818 |
| C4 Therapeutics, Inc. (a) | 13 | 25 |
| Cabaletta Bio, Inc. (a) | 10 | 22 |
| Caredx, Inc. (a) | 10 | 193 |
| Caribou Biosciences, Inc. (a) | 18 | 29 |
| Castle Biosciences, Inc. (a) | 6 | 229 |
| Catalyst Pharmaceuticals, Inc. (a) | 18 | 422 |
| Celldex Therapeutics, Inc. (a) | 7 | 183 |
| Certara, Inc. (a) | 26 | 228 |
| CG Oncology, Inc. (a) | 6 | 244 |
| Champions Oncology, Inc. (a) | 1 | 6 |
| Charles River Laboratories International, Inc. (a) | 7 | 1346 |
| Chemed Corporation | 2 | 813 |
| Chinook Therapeutics, Inc. (a) (d) | 3 | 1 |
| Claritev Corporation - Class A (a) | 1 | 37 |
| Clover Health Investments, Corp. - Class A (a) | 50 | 117 |
| Codexis, Inc. (a) | 10 | 16 |
| Collegium Pharmaceutical, Inc. (a) | 6 | 295 |
| Community Health Systems, Inc. (a) | 30 | 93 |
| Compass Therapeutics, Inc. (a) | 8 | 43 |
| Concentra Group Holdings Parent, Inc. | 18 | 363 |
| CONMED Corporation | 5 | 213 |
| Contineum Therapeutics, Inc. - Class A (a) | 1 | 17 |
| Corcept Therapeutics Incorporated (a) | 17 | 596 |
| CorVel Corporation (a) | 9 | 624 |
| Crinetics Pharmaceuticals, Inc. (a) | 6 | 290 |
| CRISPR Therapeutics AG (a) | 13 | 706 |
| Cross Country Healthcare, Inc. (a) | 8 | 64 |
| Cryoport, Inc. (a) | 9 | 87 |
| Cullinan Oncology, LLC (a) | 9 | 90 |
| Cumberland Pharmaceuticals, Inc. (a) | 3 | 11 |
| CVRx, Inc. (a) (b) | 1 | 9 |
| Cytek Biosciences, Inc. (a) | 22 | 112 |
| Cytomx Therapeutics, Inc. (a) (b) | 16 | 67 |
| DaVita, Inc. (a) | 9 | 1004 |
| Day One Biopharmaceuticals, Inc. (a) | 13 | 124 |
| Definitive Healthcare Corp. - Class A (a) | 15 | 43 |
| Denali Therapeutics Inc. (a) | 23 | 372 |
| Dentsply Sirona Inc. | 31 | 359 |
| Design Therapeutics, Inc. (a) | 5 | 46 |
| Dianthus Therapeutics, Inc. (a) | 4 | 152 |
| Disc Medicine, Inc. (a) | 3 | 227 |
| Doximity, Inc. - Class A (a) | 13 | 577 |
| Dynavax Technologies Corporation (a) | 22 | 338 |
| Dyne Therapeutics Inc. (a) | 1 | 22 |
| Edgewise Therapeutics, Inc. (a) | 13 | 315 |
| Elanco Animal Health Incorporated (a) | 74 | 1673 |
| Electromed, Inc. (a) | 2 | 45 |
| Embecta Corp. | 10 | 125 |
| Emergent BioSolutions Inc. (a) | 8 | 103 |
| Enanta Pharmaceuticals, Inc. (a) | 5 | 77 |
| Encompass Health Corporation | 9 | 1003 |
| Enhabit Inc. (a) | 10 | 90 |
| Enliven Therapeutics, Inc. (a) | 5 | 76 |
| Enovis Corporation (a) | 10 | 262 |
| Ensign Group, Inc., The | 9 | 1642 |
| Entrada Therapeutics, Inc. (a) | 2 | 18 |
| Envista Holdings Corporation (a) | 22 | 482 |
| Erasca, Inc. (a) | 24 | 91 |
| Evolent Health, Inc. - Class A (a) | 20 | 80 |
| Exact Sciences Corporation (a) | 19 | 1896 |
| Exagen Inc. (a) | 1 | 5 |
| Exelixis, Inc. (a) | 33 | 1447 |
| Eyepoint, Inc. (a) | 5 | 95 |
| Fate Therapeutics, Inc. (a) | 14 | 14 |
| Fonar Corporation (a) | 1 | 22 |
| Fulcrum Therapeutics, Inc. (a) | 12 | 140 |
| Fulgent Genetics, Inc. (a) | 6 | 159 |
| GeneDx Holdings Corp. - Class A (a) | 1 | 148 |
| Glaukos Corporation (a) | 5 | 577 |
| Globus Medical, Inc. - Class A (a) | 10 | 874 |
| GoodRx Holdings, Inc. - Class A (a) | 18 | 49 |
| Grail, Inc. (a) | 3 | 236 |
| Guardian Pharmacy Services, Inc. - Class A (a) | 3 | 86 |
| Haemonetics Corporation (a) | 8 | 647 |
| Halozyme Therapeutics, Inc. (a) | 20 | 1356 |
| Harmony Biosciences Holdings, Inc. (a) | 10 | 357 |
| Harrow, Inc. (a) (b) | 5 | 231 |
| Health Catalyst, Inc. (a) | 13 | 32 |
| HealthEquity, Inc. (a) | 14 | 1274 |
| Healthstream, Inc. | 6 | 129 |
| Henry Schein, Inc. (a) | 19 | 1441 |
| Icon Public Limited Company (a) |  | 14 |
| ICU Medical, Inc. (a) | 3 | 443 |
| IDEAYA Biosciences, Inc. (a) | 12 | 398 |
| Indivior PLC (a) | 13 | 451 |
| InfuSystem Holdings, Inc. (a) | 5 | 47 |
| InnovAge Holding Corp (a) | 3 | 15 |
| Innoviva, Inc. (a) | 12 | 230 |
| Inogen, Inc. (a) | 6 | 38 |
| Inspire Medical Systems, Inc. (a) | 4 | 364 |
| Integer Holdings Corporation (a) | 6 | 458 |
| Integra LifeSciences Holdings Corporation (a) | 13 | 158 |
| Intellia Therapeutics, Inc. (a) (b) | 16 | 145 |
| Iovance Biotherapeutics, Inc. (a) | 27 | 73 |
| Iradimed Corporation | 2 | 237 |
| Ironwood Pharmaceuticals, Inc. - Class A (a) | 11 | 38 |
| Janux Therapeutics, Inc. (a) | 2 | 31 |
| Jasper Therapeutics, Inc. (a) | 3 | 5 |
| Jazz Pharmaceuticals Public Limited Company (a) | 9 | 1466 |
| Joint Corp, The (a) (b) |  | 4 |
| Kalaris Therapeutics, Inc. (a) |  | 1 |
| Keros Therapeutics, Inc. (a) | 1 | 21 |
| Kewaunee Scientific Corporation (a) (b) |  | 16 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 8 | 311 |
| Kodiak Sciences Inc. (a) | 9 | 241 |
| Krystal Biotech, Inc. (a) | 5 | 1161 |
| Kura Oncology, Inc. (a) | 17 | 179 |
| Kymera Therapeutics, Inc. (a) | 5 | 377 |
| Lantheus Holdings, Inc. (a) | 11 | 706 |
| Larimar Therapeutics, Inc. (a) | 6 | 24 |
| LeMaitre Vascular, Inc. | 4 | 310 |
| Lensar, Inc. (a) (b) | 1 | 13 |
| LENZ Therapeutics, Inc. (a) (b) | 2 | 35 |
| Lifestance Health Group, Inc. (a) | 50 | 353 |
| Ligand Pharmaceuticals Incorporated (a) | 3 | 611 |
| LivaNova PLC (a) | 9 | 560 |
| Lyell Immunopharma Inc. (a) | 1 | 17 |
| MacroGenics, Inc. (a) | 15 | 25 |
| MannKind Corporation (a) | 49 | 276 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 25 | 82 |
| Masimo Corporation (a) | 1 | 117 |
| MaxCyte, Inc. (a) | 19 | 29 |
| MediciNova, Inc. (a) | 3 | 4 |
| Merit Medical Systems, Inc. (a) | 10 | 863 |
| Merrimack Pharmaceuticals, Inc. (a) (d) | 4 |  |
| Mesa Laboratories, Inc. | 1 | 88 |
| MiMedx Group, Inc. (a) | 25 | 169 |
| Moderna, Inc. (a) | 36 | 1062 |
| Molina Healthcare, Inc. (a) | 2 | 411 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Monte Rosa Therapeutics, Inc. (a) (b) | 5 | 80 |
| MoonLake Immunotherapeutics AG - Class A (a) | 2 | 30 |
| Myriad Genetics, Inc. (a) | 17 | 103 |
| National HealthCare Corporation | 3 | 398 |
| National Research Corporation | 5 | 95 |
| Nautilus Subsidiary, Inc. (a) | 6 | 11 |
| Neogen Corporation (a) | 20 | 139 |
| Neogenomics, Inc. (a) | 23 | 272 |
| Neurocrine Biosciences, Inc. (a) |  | 63 |
| Niagen Bioscience, Inc. (a) | 10 | 66 |
| Nkarta, Inc. (a) | 7 | 14 |
| Novocure Limited (a) | 10 | 130 |
| Nurix Therapeutics, Inc. (a) | 7 | 128 |
| Nutex Health Inc. (a) |  | 36 |
| Olema Pharmaceuticals Inc. (a) | 8 | 196 |
| Omeros Corporation (a) (b) | 7 | 116 |
| OmniAb, Inc. (a) (d) | 1 |  |
| OmniAb, Inc. (a) (d) | 1 |  |
| OmniAb, Inc. (a) | 23 | 42 |
| Omnicell, Inc. (a) | 8 | 368 |
| OPKO Health, Inc. (a) | 22 | 27 |
| OptimizeRX Corporation (a) | 4 | 48 |
| Option Care Health, Inc. (a) | 27 | 866 |
| Orasure Technologies, Inc. (a) | 14 | 35 |
| Organogenesis Holdings Inc. - Class A (a) | 22 | 116 |
| Organon & Co. | 35 | 254 |
| Oric Pharmaceuticals, Inc. (a) | 12 | 100 |
| Orthofix Medical Inc. (a) | 7 | 107 |
| Orthopediatrics Corp. (a) | 5 | 91 |
| Owens & Minor, Inc. (a) | 10 | 29 |
| Pacific Biosciences of California, Inc. (a) | 12 | 23 |
| Pacira Pharmaceuticals, Inc. (a) | 8 | 211 |
| PACS Group, Inc. (a) | 4 | 143 |
| PDL BioPharma, Inc. (a) (b) (d) | 14 | 6 |
| Pediatrix Medical Group, Inc. (a) | 17 | 354 |
| Pennant Group, Inc., The (a) | 7 | 189 |
| Penumbra, Inc. (a) | 4 | 1148 |
| Perrigo Company Public Limited Company | 23 | 314 |
| Personalis, Inc. (a) (b) | 8 | 64 |
| Phibro Animal Health Corporation - Class A | 4 | 159 |
| Phreesia, Inc. (a) | 7 | 113 |
| Pliant Therapeutics, Inc. (a) (b) | 10 | 12 |
| Prestige Consumer Healthcare Inc. (a) | 9 | 531 |
| Prime Medicine, Inc. (a) | 6 | 20 |
| Privia Health Group Inc. (a) | 18 | 436 |
| Progyny, Inc. (a) | 15 | 381 |
| Protagonist Therapeutics, Inc. (a) | 7 | 626 |
| Protara Therapeutics, Inc. (a) | 3 | 14 |
| Prothena Corporation Public Limited Company (a) | 9 | 81 |
| PTC Therapeutics, Inc. (a) | 3 | 244 |
| Pulmonx Corporation (a) | 9 | 19 |
| Puma Biotechnology, Inc. (a) | 10 | 61 |
| Pyxis Oncology, Inc. (a) (b) | 4 | 5 |
| Quanterix Corporation (a) | 9 | 56 |
| QuidelOrtho Corporation (a) | 11 | 308 |
| Quipt Home Medical Corp. (a) (b) | 6 | 20 |
| RadNet, Inc. (a) | 14 | 972 |
| Rafael Holdings, Inc. - Class B (a) | 4 | 5 |
| Rapport Therapeutics, Inc. (a) | 4 | 124 |
| RAPT Therapeutics, Inc. (a) | 1 | 29 |
| Regenxbio Inc. (a) | 10 | 147 |
| Relay Therapeutics, Inc. (a) | 23 | 190 |
| Repligen Corporation (a) | 6 | 1025 |
| Replimune Group, Inc. (a) | 13 | 124 |
| Revvity, Inc. | 12 | 1156 |
| Rigel Pharmaceuticals, Inc. (a) | 2 | 96 |
| Rocket Pharmaceuticals, Inc. (a) | 12 | 41 |
| Roivant Sciences Ltd. (a) | 78 | 1699 |
| RxSight, Inc. (a) | 7 | 73 |
| Sagimet Biosciences Inc. - Series A (a) | 4 | 22 |
| Sanara Medtech Inc. (a) | 1 | 17 |
| Sarepta Therapeutics, Inc. (a) | 6 | 129 |
| Schrodinger, Inc. (a) | 9 | 162 |
| Seer, Inc. - Class A (a) | 6 | 12 |
| Select Medical Holdings Corporation | 22 | 330 |
| Sensus Healthcare, Inc. (a) (b) | 2 | 10 |
| Sera Prognostics, Inc. - Class A (a) (b) | 3 | 10 |
| SI-BONE, Inc. (a) | 8 | 152 |
| SIGA Technologies, Inc. | 14 | 85 |
| Sight Sciences, Inc. (a) | 8 | 63 |
| Simulations Plus, Inc. (a) | 4 | 69 |
| Solid Biosciences Inc. (a) | 6 | 32 |
| Sotera Health LLC (a) | 44 | 769 |
| Spyre Therapeutics, Inc. (a) | 2 | 80 |
| STAAR Surgical Company (a) | 7 | 164 |
| Stoke Therapeutics, Inc. (a) | 9 | 284 |
| Supernus Pharmaceuticals, Inc. (a) | 10 | 480 |
| Surgery Partners, Inc. (a) | 22 | 334 |
| Tactile Systems Technology, Inc. (a) | 5 | 143 |
| Talkspace, Inc. (a) | 25 | 91 |
| Tango Therapeutics, Inc. (a) (b) | 7 | 60 |
| Taysha Gene Therapies, Inc. (a) | 12 | 64 |
| Teladoc Health, Inc. (a) | 28 | 194 |
| Teleflex Incorporated | 6 | 686 |
| Terns Pharmaceuticals, Inc. (a) | 12 | 490 |
| TG Therapeutics, Inc. (a) | 18 | 531 |
| Theravance Biopharma, Inc. (a) | 8 | 157 |
| TransMedics Group, Inc. (a) | 5 | 620 |
| Treace Medical Concepts, Inc. (a) | 5 | 12 |
| TruBridge, Inc. (a) | 4 | 79 |
| TScan Therapeutics, Inc. (a) | 3 | 3 |
| Twist Bioscience Corporation (a) | 9 | 284 |
| Tyra Biosciences, Inc. (a) | 3 | 67 |
| U.S. Physical Therapy, Inc. | 3 | 199 |
| UFP Technologies, Inc. (a) | 1 | 327 |
| Universal Health Services, Inc. - Class B | 1 | 172 |
| Utah Medical Products, Inc. | 1 | 54 |
| Vanda Pharmaceuticals Inc. (a) | 14 | 122 |
| Varex Imaging Corporation (a) | 9 | 106 |
| Vaxcyte, Inc. (a) | 9 | 437 |
| Ventyx Biosciences, Inc. (a) | 6 | 54 |
| Veracyte, Inc. (a) | 13 | 546 |
| Vericel Corporation (a) | 8 | 288 |
| Viatris Inc. | 70 | 865 |
| Viking Therapeutics, Inc. (a) (b) | 10 | 346 |
| VIR Biotechnology, Inc. (a) | 21 | 125 |
| Viridian Therapeutics, Inc. (a) | 1 | 33 |
| Voyager Therapeutics, Inc. (a) | 8 | 30 |
| Waystar Holding Corp. (a) | 22 | 719 |
| Xbiotech Inc. (a) (b) | 6 | 14 |
| Xencor, Inc. (a) | 12 | 191 |
| Xenon Pharmaceuticals Inc. (a) | 4 | 161 |
| Xoma Royalty Corporation (a) | 1 | 22 |
| Zentalis Pharmaceuticals, Inc. (a) (b) | 2 | 3 |
| Zevra Therapeutics, Inc. (a) (b) | 4 | 33 |
| Zura Bio Limited - Class A (a) (b) | 7 | 38 |
| Zymeworks Inc. (a) | 11 | 287 |
| | | 84901 |
| **Information Technology 11.1%** | **Information Technology 11.1%** | **Information Technology 11.1%** |
| 8X8, Inc. (a) | 16 | 32 |
| 908 Devices Inc. (a) | 5 | 29 |
| A10 Networks, Inc. | 13 | 234 |
| Access Newswire Inc. (a) | 1 | 8 |
| ACI Worldwide, Inc. (a) | 19 | 886 |
| ACM Research, Inc. - Class A (a) |  | 13 |
| Adeia Inc. | 19 | 325 |
| Adtran Holdings, Inc. (a) | 9 | 74 |
| Advanced Energy Industries, Inc. | 6 | 1317 |
| Aehr Test Systems (a) (b) | 6 | 115 |
| Agilysys, Inc. (a) | 4 | 479 |
| Airgain, Inc. (a) | 2 | 9 |
| Akamai Technologies, Inc. (a) | 12 | 1033 |
| Alarm.Com Holdings, Inc. (a) | 9 | 438 |
| Alkami Technology, Inc. (a) | 2 | 37 |
| Allegro Microsystems Inc. (a) | 22 | 587 |
| Alpha and Omega Semiconductor Limited (a) | 6 | 114 |
| Ambarella Inc. (a) | 6 | 423 |
| Amdocs Limited | 13 | 1079 |
| Amkor Technology, Inc. | 40 | 1593 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Amplitude Inc. - Class A (a) | 2 | 25 |
| Amtech Systems, Inc. (a) | 3 | 39 |
| AppFolio, Inc. - Class A (a) | 3 | 658 |
| Applied Optoelectronics, Inc. (a) | 6 | 217 |
| Arrow Electronics, Inc. (a) | 9 | 955 |
| ASGN Incorporated (a) | 8 | 375 |
| AstroNova, Inc. (a) |  | 4 |
| Aurora Innovations Inc. - Class A (a) | 127 | 487 |
| AvePoint, Inc. - Class A (a) | 30 | 411 |
| Aviat Networks, Inc. (a) | 3 | 61 |
| Avnet, Inc. | 14 | 674 |
| Aware Inc. (a) | 5 | 9 |
| Axcelis Technologies, Inc. (a) | 5 | 436 |
| Backblaze Inc. - Class A (a) | 3 | 13 |
| Badger Meter, Inc. | 5 | 849 |
| Bel Fuse Inc. - Class B | 2 | 414 |
| Belden Inc. | 7 | 786 |
| Benchmark Electronics, Inc. | 7 | 296 |
| Bill Holdings, Inc. (a) | 14 | 783 |
| Bk Technologies, Inc. (a) |  | 15 |
| Blackbaud, Inc. (a) | 9 | 539 |
| Blackline, Inc. (a) | 8 | 459 |
| Box, Inc. - Class A (a) | 24 | 703 |
| C3.ai, Inc. - Class A (a) | 17 | 231 |
| Calix, Inc. (a) | 11 | 557 |
| CCC Intelligent Solutions Holdings Inc. (a) | 87 | 693 |
| Cerence Inc. (a) | 7 | 70 |
| CEVA Inc. (a) | 5 | 100 |
| Cipher Mining Inc. (a) (b) | 28 | 417 |
| Cirrus Logic, Inc. (a) | 9 | 1092 |
| Cleanspark Inc. (a) (b) | 36 | 369 |
| Clear Secure, Inc. - Class A | 13 | 453 |
| Clearfield, Inc. (a) | 2 | 57 |
| Climb Global Solutions, Inc. | 1 | 110 |
| Coda Octopus Group, Inc. (a) (b) | 1 | 10 |
| Cognex Corporation | 21 | 748 |
| Cohu, Inc. (a) | 8 | 186 |
| CommScope Holding Company, Inc. (a) | 26 | 470 |
| CommVault Systems, Inc. (a) | 7 | 894 |
| Comtech Telecommunications Corp. (a) | 8 | 41 |
| Consensus Cloud Solutions, Inc. (a) | 4 | 89 |
| Corsair Gaming, Inc. (a) | 15 | 92 |
| CPI Card Group Inc. (a) | 2 | 32 |
| Crane Nxt, Co. | 8 | 397 |
| Crexendo, Inc. (a) | 2 | 14 |
| CS Disco, Inc. (a) | 13 | 101 |
| CSP, Inc. (b) | 1 | 8 |
| CTS Corporation | 5 | 229 |
| Daily Journal Corporation (a) (b) |  | 124 |
| Daktronics, Inc. (a) | 10 | 194 |
| Diebold Nixdorf, Incorporated (a) | 5 | 325 |
| Digi International Inc. (a) | 7 | 284 |
| Digital Turbine USA, Inc. (a) | 14 | 72 |
| DigitalOcean Holdings, Inc. (a) | 13 | 609 |
| Diodes Incorporated (a) | 8 | 385 |
| Dolby Laboratories, Inc. - Class A | 8 | 488 |
| Dropbox, Inc. - Class A (a) | 29 | 812 |
| DXC Technology Company (a) | 29 | 432 |
| Eastman Kodak Company (a) | 14 | 117 |
| Egain Corporation (a) | 9 | 93 |
| Enphase Energy, Inc. (a) | 15 | 487 |
| Entegris, Inc. | 4 | 302 |
| EPAM Systems, Inc. (a) | 6 | 1232 |
| ePlus Inc. | 5 | 403 |
| Everspin Technologies, Inc. (a) | 5 | 48 |
| Fastly, Inc. - Class A (a) | 24 | 244 |
| Five9, Inc. (a) | 7 | 136 |
| Formfactor, Inc. (a) | 13 | 707 |
| Frequency Electronics, Inc. (a) | 1 | 64 |
| Freshworks, Inc. - Class A (a) | 30 | 372 |
| Globant S.A. (a) | 5 | 348 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 15 | 134 |
| Hackett Group, Inc., The | 6 | 110 |
| Harmonic, Inc. (a) | 20 | 197 |
| I3 Verticals, Inc. - Class A (a) (b) | 5 | 119 |
| Ichor Holdings, Ltd. (a) | 6 | 117 |
| Identiv, Inc. (a) | 6 | 22 |
| Indie Semiconductor, Inc. - Class A (a) (b) | 27 | 96 |
| Information Services Group, Inc. | 11 | 65 |
| Inseego Corp. (a) (b) | 1 | 13 |
| Insight Enterprises, Inc. (a) | 6 | 479 |
| Intapp US, Inc. (a) | 9 | 434 |
| InterDigital, Inc. | 5 | 1592 |
| inTEST Corporation (a) | 3 | 19 |
| IPG Photonics Corporation (a) | 7 | 510 |
| Itron, Inc. (a) | 8 | 703 |
| JAMF Holding Corp. (a) | 3 | 41 |
| Kimball Electronics Group, LLC (a) | 5 | 150 |
| Klaviyo, Inc. - Series A (a) | 1 | 28 |
| Knowles Corporation (a) | 16 | 336 |
| Kulicke and Soffa Industries, Inc. | 9 | 397 |
| KVH Industries, Inc. (a) | 5 | 32 |
| Kyndryl Holdings, Inc. (a) | 38 | 1009 |
| Lantronix, Inc. (a) | 11 | 62 |
| Lattice Semiconductor Corporation (a) | 17 | 1223 |
| Life360, Inc. (a) (b) | 1 | 46 |
| Littelfuse, Inc. | 4 | 907 |
| LiveRamp Holdings, Inc. (a) | 12 | 349 |
| MACOM Technology Solutions Holdings, Inc. (a) | 11 | 1877 |
| Magnachip Semiconductor Corporation (a) | 12 | 30 |
| Manhattan Associates, Inc. (a) | 5 | 867 |
| MaxLinear, Inc. (a) | 16 | 273 |
| Methode Electronics, Inc. | 6 | 41 |
| Mirion Technologies (US), Inc. - Class A (a) | 34 | 792 |
| Mitek Systems, Inc. (a) | 10 | 103 |
| MKS Inc. | 8 | 1303 |
| M-Tron Industries, Inc. (a) |  | 21 |
| N-Able, Inc. (a) | 30 | 223 |
| Napco Security Technologies, Inc. | 6 | 253 |
| Navitas Semiconductor USA, Inc. (a) (b) | 16 | 111 |
| nCino OpCo, Inc. (a) | 16 | 418 |
| NCR Voyix Corporation (a) | 23 | 238 |
| NETGEAR, Inc. (a) | 7 | 160 |
| NetScout Systems, Inc. (a) | 12 | 335 |
| Network-1 Technologies, Inc. | 3 | 4 |
| Nlight, Inc. (a) | 9 | 353 |
| Novanta Inc. (a) | 6 | 714 |
| NVE Corporation | 1 | 52 |
| ON24, Inc. (a) | 10 | 83 |
| One Stop Systems, Inc. (a) | 1 | 10 |
| OneSpan Inc. | 8 | 101 |
| Onto Innovation Inc. (a) | 6 | 1012 |
| Ooma, Inc. (a) | 6 | 71 |
| OSI Systems, Inc. (a) | 3 | 772 |
| Ouster, Inc. - Class A (a) | 1 | 18 |
| Pagerduty, Inc. (a) | 9 | 112 |
| PAR Technology Corporation (a) (b) | 6 | 219 |
| PC Connection, Inc. | 5 | 276 |
| PDF Solutions, Inc. (a) | 8 | 227 |
| Pegasystems Inc. | 22 | 1292 |
| Penguin Solutions, Inc. (a) | 9 | 176 |
| Photronics, Inc. (a) | 12 | 372 |
| Plexus Corp. (a) | 5 | 707 |
| Porch Group Inc. - Class A (a) | 16 | 142 |
| Power Integrations, Inc. | 10 | 339 |
| Powerfleet Inc. (a) | 18 | 94 |
| Progress Software Corporation (a) | 7 | 317 |
| Q2 Holdings, Inc. (a) | 8 | 556 |
| Qorvo, Inc. (a) | 15 | 1258 |
| Qualys, Inc. (a) | 6 | 801 |
| Rambus Inc. (a) | 18 | 1629 |
| Rapid7, Inc. (a) | 6 | 90 |
| Red Violet, Inc. | 3 | 152 |
| Research Solutions, Inc. (a) | 3 | 9 |
| Ribbon Communications Inc. (a) | 35 | 101 |
| Richardson Electronics, Ltd. | 2 | 24 |
| Rimini Street, Inc. (a) | 13 | 49 |
| RingCentral, Inc. - Class A (a) | 12 | 346 |
| Riot Platforms, Inc. (a) | 47 | 592 |
| Rogers Corporation (a) | 3 | 277 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sanmina Corporation (a) | 9 | 1339 |
| ScanSource, Inc. (a) | 4 | 171 |
| Semrush Holdings, Inc. - Class A (a) | 10 | 121 |
| Semtech Corporation (a) | 4 | 303 |
| SentinelOne, Inc. - Class A (a) | 40 | 598 |
| Silicon Laboratories Inc. (a) | 5 | 640 |
| Sitime Corporation (a) | 2 | 665 |
| Skywater Technology, Inc. (a) | 6 | 102 |
| Skyworks Solutions, Inc. | 19 | 1190 |
| SmartRent, Inc. - Class A (a) (b) | 12 | 24 |
| Soundthinking, Inc. (a) | 3 | 26 |
| Sprinklr, Inc. - Class A (a) | 23 | 177 |
| SPS Commerce, Inc. (a) | 6 | 556 |
| Synaptics Incorporated (a) | 7 | 491 |
| Synchronoss Technologies, Inc. (a) | 1 | 5 |
| TD SYNNEX Corporation | 3 | 437 |
| Telos Corporation (a) | 17 | 86 |
| Tenable Holdings, Inc. (a) | 11 | 268 |
| Teradata Corporation (a) | 15 | 465 |
| TransAct Technologies Incorporated (a) |  | 1 |
| TTM Technologies, Inc. (a) | 17 | 1191 |
| Turtle Beach Corporation (a) | 2 | 25 |
| Uipath, Inc. - Class A (a) | 50 | 826 |
| Ultra Clean Holdings, Inc. (a) | 8 | 211 |
| Unisys Corporation (a) | 15 | 40 |
| Universal Display Corporation | 6 | 662 |
| Veeco Instruments Inc. (a) | 10 | 282 |
| Vertex, Inc. - Class A (a) | 10 | 201 |
| Viant Technology Inc. - Class A (a) | 3 | 32 |
| ViaSat, Inc. (a) | 15 | 508 |
| Viavi Solutions Inc. (a) | 39 | 692 |
| Vishay Intertechnology, Inc. | 21 | 310 |
| Vishay Precision Group, Inc. (a) | 3 | 103 |
| Vontier Corporation | 24 | 894 |
| Xerox Holdings Corporation (b) | 22 | 52 |
| Xperi Inc. (a) | 9 | 50 |
| Yext, Inc. (a) | 21 | 165 |
| Zebra Technologies Corporation - Class A (a) | 3 | 666 |
| Zeta Global Holdings Corp. - Class A (a) | 13 | 262 |
| | | 78190 |
| **Materials 5.6%** | **Materials 5.6%** | **Materials 5.6%** |
| AdvanSix Inc. | 5 | 87 |
| Albemarle Corporation | 3 | 444 |
| Alcoa Corporation | 34 | 1781 |
| Alpha Metallurgical Resources, Inc. (a) | 2 | 368 |
| Alto Ingredients, Inc. (a) | 20 | 56 |
| American Vanguard Corporation (a) | 6 | 23 |
| Ampco-Pittsburgh Corporation (a) | 3 | 14 |
| AptarGroup, Inc. | 7 | 817 |
| Ardagh Metal Packaging S.A. | 54 | 223 |
| ARQ, Inc. (a) | 6 | 19 |
| Ascent Industries Co. (a) | 2 | 29 |
| Ashland Inc. | 7 | 440 |
| Aspen Aerogels, Inc. (a) | 13 | 38 |
| Avient Corporation | 15 | 480 |
| Axalta Coating Systems Ltd. (a) | 31 | 998 |
| Balchem Corporation | 6 | 845 |
| Ball Corporation | 2 | 130 |
| Bioceres Crop Solutions Corp. (a) (b) | 4 | 5 |
| Cabot Corporation | 9 | 626 |
| Caledonia Mining Corporation PLC | 3 | 71 |
| Celanese Corporation - Class A | 12 | 501 |
| Century Aluminum Company (a) | 17 | 656 |
| CF Industries Holdings, Inc. | 14 | 1083 |
| Chemours Company, The | 24 | 288 |
| Clearwater Paper Corporation (a) | 3 | 59 |
| Cleveland-Cliffs Inc. (a) | 65 | 863 |
| Coeur Mining, Inc. (a) | 76 | 1348 |
| Commercial Metals Company | 20 | 1397 |
| Compass Minerals International, Inc. (a) | 7 | 136 |
| Core Molding Technologies, Inc. (a) |  | 4 |
| Crown Holdings, Inc. | 12 | 1277 |
| Dakota Gold Corp. (a) | 13 | 72 |
| Eagle Materials Inc. | 4 | 829 |
| Eastman Chemical Company | 15 | 946 |
| Ecovyst Inc. (a) | 20 | 196 |
| Element Solutions Inc. | 44 | 1096 |
| Ferroglobe PLC | 29 | 133 |
| Flotek Industries, Inc. (a) | 3 | 55 |
| FMC Corporation | 15 | 207 |
| Fortitude Gold Corporation | 2 | 9 |
| Friedman Industries, Incorporated | 2 | 31 |
| Graphic Packaging Holding Company | 39 | 585 |
| Greif, Inc. - Class A | 4 | 303 |
| Greif, Inc. - Class B | 3 | 194 |
| H.B. Fuller Company | 9 | 547 |
| Hawkins, Inc. | 4 | 543 |
| Hecla Mining Company | 107 | 2054 |
| Huntsman Corporation | 28 | 282 |
| Idaho Strategic Resources, Inc. (a) | 1 | 38 |
| Ingevity Corporation (a) | 6 | 383 |
| Innospec Inc. | 4 | 316 |
| Intrepid Potash, Inc. (a) | 3 | 79 |
| Ivanhoe Electric Inc. (a) | 9 | 141 |
| Kaiser Aluminum Corporation | 3 | 332 |
| Koppers Holdings Inc. | 4 | 113 |
| KRC Materials, Inc. (a) | 9 | 639 |
| Kronos Worldwide, Inc. | 12 | 54 |
| Louisiana-Pacific Corporation (W VA) | 11 | 928 |
| LSB Industries, Inc. (a) | 13 | 106 |
| Materion Corporation | 3 | 428 |
| MATIV Holdings, Inc. | 12 | 146 |
| Mercer International Inc. | 13 | 26 |
| Metallus Inc. (a) | 8 | 144 |
| Minera Andes Inc. (a) (b) | 8 | 143 |
| Minerals Technologies Inc. | 6 | 346 |
| Mosaic Company, The | 39 | 934 |
| MP Materials Corp. - Class A (a) (b) | 21 | 1042 |
| Myers Industries, Inc. | 5 | 96 |
| NewMarket Corporation | 2 | 1063 |
| Nexa Resources S.A. | 9 | 76 |
| O-I Glass, Inc. (a) | 26 | 384 |
| Olin Corporation | 16 | 336 |
| Olympic Steel, Inc. | 2 | 93 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 11 | 57 |
| Perimeter Solutions, Inc. (a) | 17 | 467 |
| Quaker Chemical Corporation | 3 | 401 |
| Ramaco Resources, Inc. - Class A | 9 | 167 |
| Ramaco Resources, Inc. - Class B | 2 | 25 |
| Ranpak Holdings Corp - Class A (a) | 14 | 74 |
| Rayonier Advanced Materials Inc. (a) | 13 | 77 |
| Royal Gold, Inc. | 1 | 268 |
| Ryerson Holding Corporation | 6 | 146 |
| Scotts Miracle-Gro Company, The | 9 | 515 |
| Sealed Air Corporation | 22 | 900 |
| Sensient Technologies Corporation | 7 | 669 |
| Silgan Holdings Inc. | 18 | 714 |
| Smith-Midland Corporation (a) | 1 | 44 |
| Sonoco Products Company | 14 | 597 |
| Stepan Company | 4 | 182 |
| SunCoke Energy, Inc. | 15 | 107 |
| Sylvamo Corporation | 7 | 315 |
| Tredegar Corporation (a) | 8 | 59 |
| TriMas Corporation | 8 | 267 |
| Trinseo Public Limited Company (b) | 5 | 3 |
| Tronox Holdings PLC | 28 | 118 |
| United States Lime & Minerals, Inc. | 5 | 574 |
| Warrior Met Coal, Inc. | 8 | 740 |
| Westlake Corporation | 8 | 580 |
| Worthington Steel, Inc. | 9 | 312 |
|  |  | 39952 |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| Amplify Energy Corp. (a) | 9 | 43 |
| Antero Midstream Corporation | 78 | 1387 |
| Antero Resources Corporation (a) | 37 | 1268 |
| APA Corporation | 46 | 1122 |
| Archrock, Inc. | 29 | 752 |
| Ardmore Shipping Services (Ireland) Limited | 8 | 90 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Atlas Energy Solutions Inc. (b) | 1 | 14 |
| BKV Corporation (a) | 5 | 145 |
| Borr Drilling Limited (a) | 32 | 128 |
| Bristow Holdings U.S. Inc. (a) | 5 | 194 |
| Cactus, Inc. - Class A | 11 | 495 |
| California Resources Corporation | 11 | 503 |
| Centrus Energy Corp. - Class A (a) (b) | 3 | 623 |
| Chord Energy Corporation | 5 | 507 |
| Civitas Resources, Inc. | 12 | 339 |
| Clean Energy Fuels Corp. (a) | 46 | 96 |
| CNX Resources Corporation (a) | 24 | 888 |
| Comstock Resources, Inc. (a) (b) | 46 | 1057 |
| Core Laboratories LP | 9 | 140 |
| Core Natural Resources, Inc. | 3 | 265 |
| Crescent Energy Company - Class A | 50 | 416 |
| CVR Energy, Inc. (a) | 17 | 435 |
| DHT Holdings, Inc. | 28 | 345 |
| DMC Global Inc. (a) | 5 | 36 |
| Dorian LPG Ltd. | 8 | 196 |
| DT Midstream, Inc. | 12 | 1448 |
| enCore Energy Corp. (a) | 6 | 16 |
| Energy Services of America Corporation | 1 | 10 |
| Epsilon Energy Ltd. | 5 | 23 |
| Evolution Petroleum Corporation | 9 | 30 |
| Excelerate Energy, Inc. - Class A | 5 | 132 |
| Expro Group Holdings N.V. (a) | 19 | 255 |
| Forum Energy Technologies, Inc. (a) | 2 | 82 |
| FutureFuel Corp. (b) | 10 | 33 |
| Geospace Technologies Corporation (a) | 3 | 59 |
| Gevo, Inc. (a) (b) | 5 | 10 |
| Granite Ridge Resources, Inc. | 15 | 72 |
| Green Plains Inc. (a) | 11 | 106 |
| Gulf Island Fabrication, Inc. (a) | 2 | 19 |
| Gulfport Energy Operating Corporation (a) | 3 | 603 |
| Helix Energy Solutions Group, Inc. (a) | 27 | 167 |
| Helmerich & Payne, Inc. | 16 | 473 |
| HF Sinclair Corporation | 28 | 1270 |
| Innovex International, Inc. (a) | 9 | 203 |
| International Seaways, Inc. | 8 | 411 |
| Kinetik Holdings Inc. - Class A | 9 | 308 |
| KLX Energy Services Holdings, Inc. (a) | 1 | 2 |
| Kodiak Gas Services, LLC | 13 | 501 |
| Kosmos Energy Ltd. (a) | 47 | 43 |
| Liberty Energy Inc. - Class A | 27 | 505 |
| Magnolia Oil & Gas Corporation - Class A | 30 | 668 |
| Mammoth Energy Services, Inc. (a) | 11 | 21 |
| Matador Resources Company | 17 | 720 |
| Murphy Oil Corporation | 23 | 715 |
| Nabors Industries Ltd. (a) | 2 | 118 |
| NACCO Industries, Inc. - Class A | 2 | 86 |
| National Energy Services Reunited Corporation (a) | 10 | 152 |
| Natural Gas Services Group, Inc. | 2 | 70 |
| Noble Corporation 2022 Limited | 21 | 594 |
| Nordic American Tankers Limited | 40 | 139 |
| Northern Oil and Gas Incorporated | 15 | 318 |
| NOV Inc. | 50 | 785 |
| Oceaneering International, Inc. (a) | 17 | 415 |
| Oil States International, Inc. (a) | 13 | 89 |
| Opal Fuels Inc. - Class A (a) (b) | 2 | 4 |
| Ovintiv Canada ULC | 30 | 1185 |
| Par Pacific Holdings, Inc. (a) | 8 | 296 |
| Patterson-UTI Energy, Inc. | 57 | 349 |
| PBF Energy Inc. - Class A | 19 | 522 |
| Peabody Energy Corporation | 21 | 614 |
| Permian Resources Corporation - Class A | 89 | 1253 |
| Primeenergy Resources Corporation (a) (b) |  | 45 |
| Propetro Holding Corp. (a) | 19 | 184 |
| Range Resources Corporation | 39 | 1379 |
| Ranger Energy Services, Inc. - Class A | 4 | 59 |
| REX American Resources Corporation (a) | 7 | 221 |
| Riley Exploration - Permian, LLC | 2 | 54 |
| Ring Energy Inc. (a) | 2 | 2 |
| RPC, Inc. | 38 | 205 |
| SandRidge Energy, Inc. | 6 | 90 |
| Scorpio Tankers Inc. | 9 | 443 |
| SEACOR Marine Holdings Inc. (a) | 7 | 44 |
| Seadrill Limited (a) | 11 | 374 |
| Select Water Solutions, Inc. - Class A | 19 | 200 |
| SFL Corporation Ltd. | 24 | 189 |
| SM Energy Company | 15 | 285 |
| Smart Sand, Inc. | 10 | 38 |
| Solaris Energy Infrastructure, Inc. - Class A | 8 | 379 |
| Talos Energy Inc. (a) | 30 | 330 |
| Teekay Corporation | 17 | 155 |
| Teekay Tankers Ltd. - Class A | 5 | 286 |
| TETRA Technologies, Inc. (a) | 28 | 264 |
| Tidewater Inc. (a) | 8 | 422 |
| Transocean Ltd. (a) (c) | 133 | 549 |
| Uranium Energy Corp. (a) | 56 | 649 |
| VAALCO Energy, Inc. | 16 | 58 |
| Valaris Limited (a) | 11 | 578 |
| Viper Energy, Inc. - Class A | 5 | 177 |
| Vitesse Energy, Inc. (b) | 5 | 100 |
| W&T Offshore, Inc. (b) | 13 | 21 |
| Weatherford International Public Limited Company | 10 | 784 |
| World Kinect Corporation | 11 | 247 |
| | | 36189 |
| **Consumer Staples 4.3%** | **Consumer Staples 4.3%** | **Consumer Staples 4.3%** |
| Albertsons Companies, Inc. - Class A | 65 | 1122 |
| Alico, Inc. | 2 | 55 |
| Andersons, Inc., The | 6 | 322 |
| B&G Foods, Inc. (b) | 10 | 42 |
| Beauty Health Company, The - Class A (a) (b) | 14 | 20 |
| Bellring Intermediate Holdings, Inc. (a) | 20 | 543 |
| BJ's Wholesale Club Holdings, Inc. (a) | 15 | 1347 |
| Boston Beer Company, Inc., The - Class A (a) | 2 | 296 |
| Calavo Growers, Inc. | 3 | 71 |
| Cal-Maine Foods, Inc. | 8 | 601 |
| Campbell's Company, The | 37 | 1034 |
| Central Garden & Pet Company (a) | 1 | 48 |
| Central Garden & Pet Company - Class A (a) | 9 | 256 |
| Clorox Company, The | 10 | 971 |
| Coca-Cola Consolidated, Inc. | 8 | 1260 |
| Conagra Brands, Inc. | 55 | 948 |
| Coty Inc. - Class A (a) | 73 | 225 |
| Darling Ingredients Inc. (a) | 21 | 771 |
| Del Monte Fresh Produce Company | 8 | 295 |
| Dole Public Limited Company | 12 | 174 |
| e.l.f. Beauty, Inc. (a) | 7 | 524 |
| Edgewell Personal Care Colombia S A S | 8 | 144 |
| Energizer Holdings, Inc. | 12 | 246 |
| Farmer Bros. Co. (a) | 4 | 6 |
| Flowers Foods, Inc. | 34 | 367 |
| Freshpet, Inc. (a) | 8 | 477 |
| Grocery Outlet Holding Corp. (a) | 16 | 162 |
| Hain Celestial Group, Inc., The (a) | 17 | 18 |
| Herbalife Nutrition Ltd. (a) | 16 | 206 |
| Hormel Foods Corporation | 12 | 282 |
| Ingles Markets, Incorporated - Class A | 3 | 187 |
| Ingredion Incorporated | 11 | 1178 |
| Interparfums, Inc. | 5 | 446 |
| J&J Snack Foods Corp. | 3 | 288 |
| J. M. Smucker Company, The | 12 | 1152 |
| John B. Sanfilippo & Son, Inc. | 2 | 131 |
| Lamb Weston Holdings, Inc. | 18 | 766 |
| LifeVantage Corporation (b) | 2 | 11 |
| Lifeway Foods, Inc. (a) | 3 | 63 |
| Limoneira Company | 4 | 56 |
| Mama's Creations, Inc. (a) | 8 | 108 |
| Maplebear Inc. (a) | 31 | 1406 |
| Medifast, Inc. (a) | 2 | 23 |
| MGPI Processing, Inc. | 3 | 67 |
| Mission Produce, Inc. (a) | 13 | 151 |
| Molson Coors Beverage Company - Class B | 22 | 1043 |
| National Beverage Corp. (a) | 12 | 381 |
| Natural Alternatives International, Inc. (a) | 1 | 3 |
| Natural Grocers By Vitamin Cottage, Inc. | 5 | 135 |
| Natural Health Trends Corp. | 1 | 3 |
| Nature's Sunshine Products, Inc. (a) | 5 | 103 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nu Skin Enterprises, Inc. - Class A | 9 | 87 |
| Oil-Dri Corporation of America | 2 | 107 |
| Olaplex Holdings, Inc. (a) | 6 | 8 |
| Pilgrim's Pride Corporation | 18 | 700 |
| Post Holdings, Inc. (a) | 10 | 967 |
| PriceSmart, Inc. | 5 | 638 |
| Reynolds Consumer Products Inc. | 25 | 567 |
| Rocky Mountain Chocolate Factory, Inc. (a) | 1 | 3 |
| Seaboard Corporation |  | 640 |
| Seneca Foods Corporation - Class A (a) | 1 | 122 |
| Simply Good Foods Company, The (a) | 16 | 331 |
| Spectrum Brands Holdings, Inc. | 5 | 277 |
| Sprouts Farmers Market, Inc. (a) | 11 | 867 |
| The Chefs' Warehouse, Inc. (a) | 7 | 435 |
| The Honest Company, Inc. (a) (b) | 16 | 42 |
| The Marzetti Company | 5 | 757 |
| Tootsie Roll Industries, Inc. (b) | 7 | 266 |
| Treehouse Foods, Inc. (a) | 9 | 224 |
| Turning Point Brands, Inc. | 4 | 409 |
| United Natural Foods, Inc. (a) | 12 | 390 |
| United-Guardian, Inc. |  | 1 |
| Universal Corporation | 4 | 229 |
| USANA Health Sciences, Inc. (a) | 3 | 67 |
| UTZ Brands, Inc. - Class A | 14 | 140 |
| Village Super Market, Inc. - Class A | 2 | 85 |
| Vita Coco Company, Inc., The (a) | 10 | 520 |
| Vital Farms, Inc. (a) | 8 | 257 |
| WD-40 Company | 2 | 441 |
| Weis Markets, Inc. | 5 | 300 |
| ZEVIA PBC - Class A (a) | 6 | 13 |
| | | 30424 |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| AES Corporation, The | 87 | 1251 |
| American States Water Company | 6 | 448 |
| Artesian Resources Corporation - Class A | 2 | 55 |
| Avista Corporation | 13 | 499 |
| Black Hills Corporation | 12 | 813 |
| California Water Service Group | 9 | 408 |
| Chesapeake Utilities Corporation | 4 | 478 |
| Clearway Energy, Inc. - Class A | 6 | 189 |
| Clearway Energy, Inc. - Class C | 13 | 447 |
| Consolidated Water Co. Ltd. | 3 | 105 |
| Essential Utilities, Inc. | 24 | 935 |
| Genie Energy Ltd. - Class B | 5 | 68 |
| Global Water Resources, Inc. | 1 | 7 |
| H2O America | 6 | 284 |
| Hallador Energy Company (a) | 8 | 149 |
| Hawaiian Electric Industries, Inc. (a) | 26 | 325 |
| IDACORP, Inc. | 8 | 1018 |
| MDU Resources Group, Inc. | 32 | 629 |
| MGE Energy, Inc. | 6 | 470 |
| Middlesex Water Company | 3 | 149 |
| Montauk Renewables, Inc. (a) | 25 | 42 |
| National Fuel Gas Company | 15 | 1164 |
| New Jersey Resources Corporation | 17 | 772 |
| Northwest Natural Holding Company | 7 | 304 |
| NorthWestern Corporation | 10 | 646 |
| OGE Energy Corp. | 30 | 1298 |
| One Gas, Inc. | 9 | 703 |
| Ormat Technologies, Inc. | 10 | 1070 |
| Otter Tail Corporation | 7 | 553 |
| Pinnacle West Capital Corporation | 13 | 1138 |
| Portland General Electric Company | 16 | 786 |
| Pure Cycle Corporation (a) | 6 | 64 |
| RGC Resources, Inc. | 2 | 40 |
| Southwest Gas Holdings, Inc. | 11 | 900 |
| Spire Inc. | 10 | 789 |
| The York Water Company | 3 | 96 |
| TXNM Energy, Inc. | 15 | 899 |
| UGI Corporation | 32 | 1193 |
| Unitil Corporation | 3 | 152 |
|  |  | 21336 |
| **Communication Services 2.7%** | **Communication Services 2.7%** | **Communication Services 2.7%** |
| Advantage Solutions, Inc. - Class A (a) (b) | 31 | 27 |
| AMC Networks, Inc. - Class A (a) | 8 | 74 |
| Angi Inc. - Class A (a) | 4 | 50 |
| Anterix Inc. (a) | 4 | 88 |
| Array Digital Infrastructure, Inc. | 9 | 473 |
| Atlanta Braves Holdings, Inc. - Series A (a) | 2 | 77 |
| Atlanta Braves Holdings, Inc. - Series C (a) | 8 | 317 |
| ATN International, Inc. | 4 | 81 |
| Bandwidth Inc. - Class A (a) | 6 | 86 |
| Boston Omaha Corporation - Class A (a) | 6 | 72 |
| Bumble Inc. - Class A (a) | 20 | 73 |
| Cable One, Inc. | 1 | 86 |
| Cardlytics, Inc. (a) (b) | 10 | 12 |
| CarGurus, Inc. - Class A (a) | 14 | 553 |
| Cars.com Inc. (a) | 11 | 139 |
| Cinemark Holdings, Inc. | 20 | 468 |
| Clear Channel Outdoor Holdings, Inc. (a) | 19 | 42 |
| DHI Group, Inc. (a) | 12 | 19 |
| DoubleVerify Holdings, Inc. (a) | 25 | 281 |
| E.W. Scripps Company, The - Class A (a) | 20 | 78 |
| Entravision Communications Corporation - Class A | 19 | 56 |
| Eventbrite, Inc. - Class A (a) | 15 | 66 |
| EverQuote, Inc. - Class A (a) | 5 | 124 |
| Frontier Communications Parent, Inc. (a) | 35 | 1331 |
| fuboTV Inc. - Class A (a) (b) | 49 | 124 |
| Gaia, Inc. - Class A (a) | 3 | 13 |
| Gambling.Com Group Limited (a) | 7 | 37 |
| Globalstar, Inc. (a) | 3 | 166 |
| Gogo, Inc. (a) | 19 | 90 |
| Gray Media, Inc. | 17 | 81 |
| Grindr Inc. (a) | 12 | 166 |
| Grizzly Merger Sub 1, LLC - Series A (a) |  | 8 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 3 | 110 |
| Harte Hanks, Inc. (a) | 1 | 4 |
| Ibotta, Inc. - Class A (a) (b) | 1 | 18 |
| IDT Corporation - Class B | 4 | 230 |
| IMAX Corporation (a) | 10 | 356 |
| Iridium Communications Inc. | 17 | 303 |
| John Wiley & Sons, Inc. - Class A | 8 | 250 |
| Liberty Broadband Corporation - Series A (a) | 2 | 109 |
| Liberty Broadband Corporation - Series C (a) | 16 | 771 |
| Liberty Global Ltd. - Class A (a) | 25 | 278 |
| Liberty Global Ltd. - Class C (a) | 20 | 225 |
| Liberty Latin America Ltd. - Class A (a) | 5 | 35 |
| Liberty Latin America Ltd. - Class C (a) | 30 | 226 |
| Lionsgate Studios Corp. (a) | 11 | 105 |
| Lumen Technologies, Inc. (a) | 155 | 1207 |
| Magnite, Inc. (a) | 24 | 385 |
| Marchex, Inc. - Class B (a) (b) |  |  |
| Marcus Corporation, The | 4 | 69 |
| Match Group, Inc. | 33 | 1051 |
| Mediaalpha, Inc. - Class A (a) | 7 | 89 |
| National CineMedia, Inc. | 11 | 42 |
| Nexstar Media Group, Inc. - Class A | 5 | 1050 |
| Nextdoor Holdings, Inc. - Class A (a) | 34 | 72 |
| Optimum Communications, Inc. - Class A (a) | 26 | 43 |
| Paramount Skydance Corporation - Class B | 3 | 47 |
| Playstudios, Inc. - Class A (a) | 5 | 3 |
| Podcastone, Inc. (a) |  |  |
| PubMatic, Inc. - Class A (a) | 8 | 70 |
| QuinStreet, Inc. (a) | 10 | 146 |
| Reservoir Media Management, Inc. (a) | 4 | 34 |
| Saga Communications, Inc. - Class A | 1 | 10 |
| Scholastic Corporation | 5 | 154 |
| Shenandoah Telecommunications Company | 10 | 113 |
| Shutterstock, Inc. | 6 | 121 |
| Sinclair, Inc. - Class A | 8 | 120 |
| Skillz Inc. - Class A (a) (b) | 4 | 18 |
| Sphere Entertainment Co. - Class A (a) (b) | 5 | 508 |
| Sphere Entertainment Co. - Class A (a) | 7 | 378 |
| Spok Holdings, Inc. | 3 | 46 |
| Stagwell, Inc. - Class A (a) | 31 | 150 |
| Starz Entertainment (a) | 1 | 9 |
| TechTarget, Inc. (a) | 6 | 33 |
| TEGNA Inc. | 27 | 533 |
| Telephone and Data Systems, Inc. | 21 | 845 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The New York Times Company - Class A | 24 | 1636 |
| Thryv Holdings, Inc. (a) | 8 | 48 |
| Travelzoo (a) | 2 | 15 |
| TripAdvisor, Inc. (a) | 21 | 304 |
| Truecar, Inc. (a) | 24 | 54 |
| Uniti Group Inc. (a) | 29 | 203 |
| Urban One, Inc. - Class A (a) | 2 | 2 |
| Urban One, Inc. - Class D (a) | 7 | 6 |
| USA TODAY Co., Inc. (a) | 30 | 156 |
| Vivid Seats Inc. - Class A (a) | 1 | 8 |
| Yelp Inc. (a) | 11 | 331 |
| Zedge, Inc. - Class B | 1 | 4 |
| Ziff Davis, Inc. (a) | 8 | 268 |
| ZoomInfo Technologies Inc. - Class A (a) | 47 | 478 |
| | | 19237 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| Anywhere Real Estate Inc. (a) | 21 | 292 |
| Compass, Inc. - Class A (a) | 64 | 680 |
| Cushman & Wakefield Ltd. (a) | 37 | 599 |
| Douglas Elliman Inc. (a) | 22 | 52 |
| Dwight A. Walker Real Estate, Inc. - Class A (a) | 4 | 30 |
| eXp World Holdings, Inc. (b) | 13 | 114 |
| Five Point Holdings, LLC - Class A (a) | 16 | 91 |
| Florida Rock Properties, Inc. (a) | 3 | 80 |
| Forestar Group Inc. (a) | 9 | 217 |
| Howard Hughes Holdings Inc. (a) | 8 | 650 |
| Jones Lang LaSalle Incorporated (a) |  | 16 |
| Kennedy-Wilson Holdings, Inc. | 24 | 229 |
| Marcus & Millichap Company | 7 | 180 |
| Maui Land & Pineapple Company, Inc. (a) | 3 | 49 |
| Newmark Group, Inc. - Class A | 26 | 443 |
| Open Doors Technology Inc. - Class A (a) | 126 | 736 |
| Seaport Entertainment Group Inc. (a) (b) | 2 | 41 |
| St. Joe Company, The | 10 | 593 |
| Stratus Properties Inc. (a) (b) | 2 | 48 |
| Tejon Ranch Co. (a) | 5 | 84 |
| The Rmr Group Inc. - Class A (b) | 4 | 60 |
| Vestis Corporation | 22 | 144 |
|  |  | 5428 |
| Total Common Stocks (cost $640,057) | Total Common Stocks (cost $640,057) | 705502 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| 89Bio, Inc. (a) (b) (d) | 11 | 4 |
| Akero Therapeutics Inc. (a) (d) | 1 |  |
| Albireo Pharma, Inc. (a) (d) | 5 | 33 |
| Bristol-Myers Squibb Company (a) | 8 | 1 |
| Chinook Therapeutics, Inc. (a) (d) | 11 |  |
| HilleVax, Inc. (a) (d) | 8 | 1 |
| Iteos Therapeutics, LLC (a) (d) | 7 |  |
| Kinnate Biopharma Inc. (a) (d) | 1 |  |
| Opiant Pharmaceuticals, Inc. (a) (b) (d) | 1 |  |
| Poseida Therapeutics, Inc. (a) (d) | 21 | 11 |
| Resolute Forest Products Inc. (a) (d) | 16 | 4 |
| Sage Therapeutics Inc. (a) (d) | 8 | 1 |
| Spectrum Pharmaceuticals, Inc. (a) (d) | 30 |  |
| Verve Therapeutics, Inc. (a) (d) | 1 | 3 |
| Total Rights (cost $0) | Total Rights (cost $0) | 58 |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** |
| JNL Government Money Market Fund - Class SL, 3.74% (e) (f) | 8852 | 8852 |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (e) (f) | 2374 | 2374 |
| Total Short Term Investments (cost $11,226) | Total Short Term Investments (cost $11,226) | 11226 |
| **Total Investments 101.3% (cost $651,283)** | **Total Investments 101.3% (cost $651,283)** | **716786** |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(8880)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **707906** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

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

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 2030 | 100238 | 99894 | 73 |  |  | 2374 | 0.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 2224 | 59775 | 53147 | 143 |  |  | 8852 | 1.3 |
|  | 4254 | 160013 | 153041 | 216 |  |  | 11226 | 1.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Bridgewater Bancshares, Inc. | 03/10/21 | 76 | 83 |  |
| Transocean Ltd. | 03/02/21 | 567 | 549 | 0.1 |
|  |  | 643 | 632 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 705495 |  | 7 | 705502 |
| &nbsp;&nbsp;Rights | 1 |  | 57 | 58 |
| &nbsp;&nbsp;Short Term Investments | 11226 |  |  | 11226 |
|  | 716722 |  | 64 | 716786 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 50.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 50.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 50.3%** |
| **Mortgage-Backed Securities 21.9%** | **Mortgage-Backed Securities 21.9%** | **Mortgage-Backed Securities 21.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.36%, (1 Year Treasury + 2.36%), 07/01/27 (a) |  |  |
| 3.00%, 08/01/46 - 07/01/52 | 64242 | 57920 |
| 3.50%, 10/01/47 | 7956 | 7462 |
| 4.00%, 10/01/48 | 1588 | 1530 |
| 2.00%, 11/01/50 - 05/01/51 | 23840 | 19669 |
| 5.50%, 04/01/53 - 04/01/55 | 47368 | 48792 |
| 5.00%, 06/01/53 - 11/01/53 | 22801 | 23008 |
| 6.00%, 11/01/53 - 12/01/54 | 47116 | 49016 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 01/01/26 - 01/01/46 | 51 | 50 |
| 4.50%, 04/01/26 - 07/01/42 | 1498 | 1500 |
| 5.10%, 03/01/30 | 3682 | 3791 |
| 5.09%, 05/01/30 | 4289 | 4454 |
| 4.48%, 06/01/30 | 12431 | 12554 |
| 4.97%, 07/01/31 | 7014 | 7179 |
| 2.46%, 04/01/32 | 11428 | 10275 |
| 5.98%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.45%), 01/01/35 (a) | 90 | 92 |
| 6.31%, (1 Year Treasury + 2.24%), 01/01/36 (a) | 897 | 916 |
| 5.00%, 12/01/38 - 08/01/53 | 24530 | 24755 |
| 5.53%, 06/01/40 | 8431 | 8681 |
| 5.48%, 04/01/41 | 5444 | 5511 |
| 5.07%, 10/01/41 | 1989 | 1937 |
| 5.28%, (12 Month Treasury Average + 1.20%), 06/01/43 (a) | 23 | 23 |
| 3.00%, 04/01/47 - 07/01/52 | 12754 | 11467 |
| 2.50%, 10/01/50 - 05/01/52 | 82016 | 70474 |
| 2.00%, 11/01/50 - 02/01/51 | 25886 | 21318 |
| 3.50%, 04/01/52 | 4264 | 3986 |
| 6.00%, 10/01/53 - 10/01/54 | 21800 | 22669 |
| 5.50%, 06/01/54 - 08/01/55 | 44783 | 46113 |
| REMIC, 0.00%, 04/25/48 | 4623 | 3387 |
| Government National Mortgage Association |  |  |
| 5.63%, (1 Year Treasury + 1.50%), 05/20/26 - 02/20/32 (a) | 8 | 8 |
| 5.00%, 02/15/38 - 07/15/39 | 2509 | 2558 |
| 3.50%, 09/15/42 - 07/20/51 | 31938 | 29627 |
| 3.00%, 11/15/44 - 04/20/52 | 24757 | 22176 |
| 2.50%, 12/20/50 - 02/20/52 | 41118 | 35405 |
|  |  | 558303 |
| **U.S. Treasury Note 13.4%** | **U.S. Treasury Note 13.4%** | **U.S. Treasury Note 13.4%** |
| Treasury, United States Department of |  |  |
| 0.75%, 03/31/26 - 01/31/28 | 70200 | 66913 |
| 0.63%, 03/31/27 - 08/15/30 | 157540 | 138063 |
| 0.50%, 10/31/27 | 1120 | 1061 |
| 0.88%, 11/15/30 | 154650 | 135222 |
|  |  | 341259 |
| **U.S. Treasury Bond 8.9%** | **U.S. Treasury Bond 8.9%** | **U.S. Treasury Bond 8.9%** |
| Treasury, United States Department of |  |  |
| 1.13%, 05/15/40 - 08/15/40 | 189050 | 119033 |
| 1.38%, 11/15/40 - 08/15/50 | 3510 | 2205 |
| 1.88%, 02/15/41 - 02/15/51 | 106830 | 74675 |
| 1.75%, 08/15/41 | 44880 | 30345 |
| 1.25%, 05/15/50 | 500 | 240 |
|  |  | 226498 |
| **Sovereign 3.5%** | **Sovereign 3.5%** | **Sovereign 3.5%** |
| Assembleia da Republica |  |  |
| 0.48%, 10/18/30, EUR (b) | 1210 | 1295 |
| Bundesrepublik Deutschland |  |  |
| 0.00%, 08/15/30, EUR (c) | 1350 | 1423 |
| 0.00%, 02/15/31, EUR (b) (c) | 1750 | 1817 |
| 1.70%, 08/15/32, EUR | 1790 | 1990 |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 12/20/26 - 12/20/27, JPY | 279800 | 1755 |
| 1.90%, 03/20/31, JPY | 133000 | 863 |
| 0.50%, 03/20/38, JPY | 284500 | 1467 |
| 0.30%, 09/20/39, JPY | 130000 | 621 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.15%, 08/12/32, PEN | 3900 | 1255 |
| 5.40%, 08/12/34, PEN | 7200 | 2133 |
| 7.60%, 08/12/39, PEN (d) | 5400 | 1768 |
| Commonwealth of Australia |  |  |
| 1.50%, 06/21/31, AUD (b) | 900 | 518 |
| 2.75%, 06/21/35, AUD (b) | 1270 | 721 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 7.50%, 08/26/26, COP | 2398000 | 626 |
| 4.13%, 05/15/51 | 1750 | 1087 |
| Estado Espanol |  |  |
| 0.60%, 10/31/29, EUR | 1000 | 1095 |
| 0.50%, 04/30/30, EUR (b) | 1700 | 1832 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (b) | 600 | 599 |
| 4.38%, 06/05/27 (b) | 200 | 199 |
| 4.88%, 02/13/28 (b) | 300 | 301 |
| 5.25%, 08/10/29 (b) | 700 | 709 |
| Gobierno de La Republica del Paraguay |  |  |
| 4.70%, 03/27/27 (b) | 686 | 690 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.75%, 03/05/26, MXN | 7000 | 388 |
| 8.50%, 02/28/30, MXN | 16000 | 886 |
| 7.75%, 05/29/31, MXN | 37700 | 2017 |
| 7.50%, 05/26/33, MXN | 34400 | 1772 |
| 8.00%, 02/21/36, MXN | 38200 | 1962 |
| 4.40%, 02/12/52 | 500 | 363 |
| 6.34%, 05/04/53 | 2800 | 2664 |
| Government of Canada |  |  |
| 1.50%, 06/01/31, CAD | 850 | 571 |
| 3.25%, 12/01/34 - 06/01/35, CAD | 780 | 562 |
| Government of Ireland |  |  |
| 1.10%, 05/15/29, EUR (b) | 1030 | 1162 |
| HM Treasury |  |  |
| 4.38%, 03/07/30, GBP | 1150 | 1577 |
| 4.25%, 03/07/36, GBP (b) | 1400 | 1838 |
| Malaysia, Government of |  |  |
| 3.58%, 07/15/32, MYR | 5000 | 1247 |
| 3.83%, 07/05/34, MYR | 4400 | 1108 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 7.25%, 10/18/34, COP | 7217000 | 1360 |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (b) | 200 | 192 |
| 5.95%, 03/08/28 (b) | 300 | 308 |
| 3.00%, 12/15/32 (b) | 300 | 264 |
| 4.00%, 12/15/50 (b) | 600 | 436 |
| New Zealand Parliament |  |  |
| 1.50%, 05/15/31, NZD | 700 | 356 |
| 4.50%, 05/15/35, NZD | 690 | 400 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/27 - 01/01/31, BRL | 29000 | 4930 |
| 4.75%, 01/14/50 | 800 | 582 |
| Presidencia de la Republica de Chile |  |  |
| 5.80%, 10/01/29, CLP | 1275000 | 1448 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (b) | 500 | 506 |
| 5.50%, 02/22/29 (b) | 550 | 558 |
| Prime Minister's Office Singapore |  |  |
| 2.75%, 03/01/35, SGD | 1400 | 1146 |
| 2.38%, 07/01/39, SGD | 1800 | 1413 |
| Republic of Indonesia, The Government of, The |  |  |
| 8.25%, 05/15/29, IDR | 16850000 | 1096 |
| 7.00%, 02/15/33, IDR | 22300000 | 1412 |
| 8.38%, 03/15/34, IDR | 16840000 | 1151 |
| 7.50%, 06/15/35, IDR | 12000000 | 787 |
| 6.75%, 07/15/35, IDR | 12650000 | 796 |
| Republique Francaise Presidence |  |  |
| 0.50%, 05/25/29, EUR (b) | 830 | 911 |
| 1.50%, 05/25/31, EUR (b) | 1570 | 1718 |
| Romania, Government of |  |  |
| 6.30%, 04/26/28, RON | 5000 | 1147 |
| 8.00%, 04/29/30, RON | 1300 | 314 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sandor-Palota |  |  |
| 4.75%, 11/24/32, HUF | 552000 | 1518 |
| 7.00%, 10/24/35, HUF | 598100 | 1851 |
| Service Public Federal Chancellerie Du Premier Ministre |  |  |
| 0.90%, 06/22/29, EUR (b) | 290 | 323 |
| 2.85%, 10/22/34, EUR (e) | 1170 | 1333 |
| South Africa, Parliament of |  |  |
| 8.88%, 02/28/35, ZAR | 48600 | 3062 |
| 8.50%, 01/31/37, ZAR | 34700 | 2084 |
| 10.88%, 03/31/38, ZAR | 32100 | 2252 |
| Thailand, Kingdom of |  |  |
| 2.40%, 11/17/27, THB | 8300 | 270 |
| 3.35%, 06/17/33, THB | 22100 | 797 |
| 1.59%, 12/17/35, THB (b) | 37500 | 1182 |
| Urad Vlady Ceske Republiky |  |  |
| 2.75%, 07/23/29, CZK | 32900 | 1539 |
| 6.20%, 06/16/31, CZK | 29500 | 1577 |
| 3.00%, 03/03/33, CZK | 26700 | 1192 |
| Urzad Rady Ministrow |  |  |
| 4.50%, 07/25/30, PLN | 3800 | 1060 |
| 1.75%, 04/25/32, PLN | 3000 | 704 |
| 5.00%, 10/25/34 - 10/25/35, PLN | 7700 | 2130 |
| | | 88986 |
| **Collateralized Mortgage Obligations 1.6%** | **Collateralized Mortgage Obligations 1.6%** | **Collateralized Mortgage Obligations 1.6%** |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 6.97%, (SOFR 30-Day Average + 3.10%), 03/25/42 (a) | 6000 | 6144 |
| Connecticut Avenue Securities Trust 2024-R03 |  |  |
| Series 2024-2M1-R03, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 03/25/27 (a) | 4793 | 4797 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series LZ-2764, REMIC, 4.50%, 03/15/34 | 834 | 836 |
| Series 2022-M1B-DNA3, REMIC, 6.77%, (SOFR 30-Day Average + 2.90%), 04/25/42 (a) | 10000 | 10246 |
| Series 2024-M2-HQA2, REMIC, 5.67%, (SOFR 30-Day Average + 1.80%), 08/25/44 (a) | 4000 | 4025 |
| Series 2025-A1-DNA1, REMIC, 4.82%, (SOFR 30-Day Average + 0.95%), 01/25/45 (a) | 1348 | 1349 |
| Series FK-5092, REMIC, 4.00%, (SOFR 30-Day Average + 0.70%), 03/25/51 (a) | 3909 | 3154 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2006-3A2-5, REMIC, 6.31%, 05/25/35 (a) | 4 | 4 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2020-IO-188, REMIC, 2.00%, 12/20/50 | 7986 | 939 |
| Interest Only, Series 2021-IU-159, REMIC, 3.00%, 09/20/51 | 9810 | 1678 |
| Government National Mortgage Association Remic Trust 2019-052 |  |  |
| Series 2019-FA-56, REMIC, 4.20%, (1 Month Term SOFR + 0.46%), 05/20/49 (a) | 6234 | 6119 |
|  |  | 39291 |
| **U.S. Treasury Inflation Indexed Securities 1.0%** | **U.S. Treasury Inflation Indexed Securities 1.0%** | **U.S. Treasury Inflation Indexed Securities 1.0%** |
| Treasury, United States Department of |  |  |
| 0.38%, 07/15/27 (f) | 8080 | 7986 |
| 1.63%, 10/15/27 (f) | 10475 | 10554 |
| 0.50%, 01/15/28 (f) | 8131 | 7989 |
|  |  | 26529 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Republique Francaise Presidence |  |  |
| 0.70%, 07/25/30, EUR (b) (f) | 698 | 811 |
| Total Government And Agency Obligations (cost $1,287,170) | Total Government And Agency Obligations (cost $1,287,170) | 1281677 |
| **CORPORATE BONDS AND NOTES 24.9%** | **CORPORATE BONDS AND NOTES 24.9%** | **CORPORATE BONDS AND NOTES 24.9%** |
| **Financials 5.2%** | **Financials 5.2%** | **Financials 5.2%** |
| 200 Park Funding Trust |  |  |
| 5.74%, 02/15/55 (e) | 2249 | 2240 |
| Acrisure, LLC |  |  |
| 6.00%, 08/01/29 (e) | 170 | 168 |
| 6.75%, 07/01/32 (e) | 415 | 427 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 5.10%, 01/19/29 | 1327 | 1356 |
| 6.95%, 03/10/55 | 1897 | 1991 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.50%, 10/01/31 (e) | 300 | 309 |
| American Express Company |  |  |
| 5.02%, 04/25/31 | 3914 | 4034 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (e) | 465 | 470 |
| Ardonagh Finco Limited |  |  |
| 7.75%, 02/15/31 (e) | 520 | 545 |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 1077 | 1102 |
| Asian Development Bank |  |  |
| 6.20%, 10/06/26 (b) | 100000 | 1105 |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (e) | 135 | 140 |
| Athene Global Funding |  |  |
| 5.35%, 07/09/27 (e) | 1491 | 1516 |
| 4.72%, 10/08/29 (e) | 948 | 948 |
| 5.03%, 07/17/30 (e) | 1042 | 1050 |
| Aviation Capital Group LLC |  |  |
| 5.38%, 07/15/29 (e) | 1353 | 1386 |
| Avilease Capital Limited |  |  |
| 4.75%, 11/12/30 (e) | 1952 | 1943 |
| Avolon Holdings Funding Limited |  |  |
| 5.75%, 03/01/29 - 11/15/29 (e) | 3626 | 3757 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (e) | 275 | 290 |
| 7.25%, 01/15/31 (e) | 385 | 403 |
| Banco Davivienda S A |  |  |
| 6.65%, (100, 04/22/31) (e) (g) | 400 | 376 |
| 8.13%, 07/02/35 (e) | 900 | 936 |
| Banco de Bogota |  |  |
| 6.25%, 05/12/26 (b) | 1000 | 1004 |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (b) | 2250 | 2224 |
| Banco Espirito Santo S.A. |  |  |
| 0.00%, 01/21/29, EUR (b) (h) (i) | 6400 | 1293 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (b) | 150 | 148 |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (b) | 1800 | 1788 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 6.40%, 04/30/35 (b) | 500 | 520 |
| 6.40%, 04/30/35 (e) | 450 | 468 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.50%, (100, 06/27/29) (b) (g) | 200 | 206 |
| 7.63%, (100, 01/10/28) (b) (g) | 400 | 409 |
| 8.38%, (100, 05/20/31) (e) (g) | 1100 | 1152 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 8.13%, 01/08/39 (b) (d) | 1300 | 1407 |
| Bancolombia S.A. |  |  |
| 8.63%, 12/24/34 | 300 | 320 |
| Bank of America Corporation |  |  |
| 6.63%, (100, 05/01/30) (g) | 951 | 989 |
| 2.57%, 10/20/32 | 1507 | 1360 |
| 5.47%, 01/23/35 | 1450 | 1512 |
| 5.74%, 02/12/36 | 1588 | 1654 |
| Bank of New York Mellon Corporation, The |  |  |
| 5.06%, 07/22/32 | 1622 | 1682 |
| Barclays PLC |  |  |
| 5.86%, 08/11/46 | 1962 | 2013 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (b) | 300 | 299 |
| Brown & Brown, Inc. |  |  |
| 6.25%, 06/23/55 | 768 | 799 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (g) | 948 | 968 |
| 3.07%, 02/24/28 | 753 | 744 |
| 4.95%, 05/07/31 | 1571 | 1605 |
| 4.50%, 09/11/31 | 1109 | 1112 |
| 6.17%, 05/25/34 | 898 | 955 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Credit Agricole S.A. |  |  |
| 4.82%, 09/25/33 (e) | 1994 | 1993 |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (b) | 2100 | 2090 |
| European Investment Bank |  |  |
| 6.95%, 03/01/29 (e) | 67000 | 750 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/15/34 | 1726 | 1751 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32 (e) | 200 | 211 |
| GGAM Finance Ltd. |  |  |
| 6.88%, 04/15/29 (e) | 525 | 544 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (e) | 860 | 888 |
| Global Payments Inc. |  |  |
| 4.95%, 08/15/27 | 1850 | 1872 |
| 5.55%, 11/15/35 | 932 | 927 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.85%, (100, 02/10/30) (g) | 873 | 906 |
| 4.37%, 10/21/31 | 1920 | 1915 |
| 5.33%, 07/23/35 | 1753 | 1804 |
| Guardian Life Insurance Co. |  |  |
| 4.80%, 04/28/30 (e) | 1575 | 1607 |
| HighTower Holdings LLC |  |  |
| 6.75%, 04/15/29 (e) | 315 | 314 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (e) | 260 | 272 |
| Inter-American Development Bank |  |  |
| 7.00%, 01/25/29 (b) | 120000 | 1340 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (b) | 1000 | 993 |
| International Bank for Reconstruction and Development |  |  |
| 6.85%, 04/24/28 | 100000 | 1114 |
| International Finance Corporation |  |  |
| 7.50%, 01/18/28, MXN | 24200 | 1332 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (b) | 200 | 200 |
| JPMorgan Chase & Co. |  |  |
| 5.14%, 01/24/31 | 1581 | 1632 |
| 5.10%, 04/22/31 | 1770 | 1829 |
| 4.26%, 10/22/31 | 960 | 958 |
| 5.29%, 07/22/35 | 3506 | 3622 |
| 5.58%, 07/23/36 | 1190 | 1232 |
| LFS Topco LLC |  |  |
| 8.75%, 07/15/30 (e) | 245 | 247 |
| Lloyds Banking Group PLC |  |  |
| 6.07%, 06/13/36 | 2392 | 2516 |
| Macquarie AirFinance Holdings Limited |  |  |
| 5.20%, 03/27/28 (e) | 953 | 967 |
| 5.15%, 03/17/30 (e) | 943 | 956 |
| MetLife, Inc. |  |  |
| 6.35%, 03/15/55 | 1581 | 1666 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (b) | 935 | 929 |
| Morgan Stanley |  |  |
| 4.36%, 10/22/31 | 952 | 949 |
| 5.95%, 01/19/38 | 918 | 967 |
| 5.94%, 02/07/39 | 1771 | 1862 |
| Nationwide Building Society |  |  |
| 5.54%, 07/14/36 (e) | 2309 | 2386 |
| NatWest Group PLC |  |  |
| 5.12%, 05/23/31 | 2194 | 2253 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 150 | 150 |
| 7.88%, 06/15/32 (d) | 150 | 157 |
| New York Life Insurance Company |  |  |
| 6.75%, 11/15/39 (e) | 824 | 942 |
| OneMain Finance Corporation |  |  |
| 7.50%, 05/15/31 | 235 | 247 |
| 6.50%, 03/15/33 | 355 | 358 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (e) | 540 | 552 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (b) | 1100 | 1104 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (e) | 425 | 441 |
| PennyMac Financial Services, Inc. |  |  |
| 4.25%, 02/15/29 (e) | 280 | 273 |
| 7.88%, 12/15/29 (e) | 310 | 330 |
| 6.88%, 05/15/32 (e) | 185 | 193 |
| PT. Bank Negara Indonesia (persero) |  |  |
| 3.75%, 03/30/26 (b) | 900 | 892 |
| Rocket Companies, Inc. |  |  |
| 6.38%, 08/01/33 (e) | 250 | 261 |
| Royal Bank of Canada |  |  |
| 4.31%, 11/03/31 | 2889 | 2876 |
| Scotiabank Peru S.A.A. |  |  |
| 6.10%, 10/01/35 (e) | 200 | 207 |
| Societe Generale |  |  |
| 5.44%, 10/03/36 (e) | 1994 | 1999 |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/28 (e) | 420 | 423 |
| 7.25%, 04/01/29 (e) | 350 | 369 |
| 6.00%, 04/15/30 (e) | 165 | 169 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (e) (h) (i) | 700 | 3 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.37%, 07/21/36 | 619 | 637 |
| Toronto-Dominion Bank, The |  |  |
| 4.93%, 10/15/35 | 953 | 954 |
| Travelers Companies, Inc., The |  |  |
| 5.70%, 07/24/55 | 754 | 771 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 787 | 849 |
| 5.15%, 08/05/32 | 1783 | 1841 |
| UBS Group AG |  |  |
| 5.01%, 03/23/37 (e) | 1998 | 1981 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (b) (h) (i) (j) | 263 | 3 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (b) | 1200 | 1194 |
| 2.00%, 10/14/31 (b) (k) | 1100 | 1078 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (e) | 325 | 333 |
| Wells Fargo & Company |  |  |
| 5.15%, 04/23/31 | 3676 | 3794 |
| 6.49%, 10/23/34 | 2673 | 2963 |
| 4.89%, 09/15/36 | 796 | 794 |
| Willis North America Inc. |  |  |
| 4.55%, 03/15/31 | 1069 | 1070 |
| | | 131125 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (b) | 400 | 373 |
| 3.87%, 07/22/31 (b) | 400 | 360 |
| Adani Energy Solutions Limited |  |  |
| 4.00%, 08/03/26 (b) | 800 | 793 |
| 4.25%, 05/21/36 (b) | 732 | 658 |
| AEP Texas Inc. |  |  |
| 5.45%, 05/15/29 | 1070 | 1108 |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (e) | 800 | 788 |
| Alliant Energy Corporation |  |  |
| 5.75%, 04/01/56 | 959 | 956 |
| Ameren Corporation |  |  |
| 3.65%, 02/15/26 | 5000 | 4998 |
| Ameren Illinois Company |  |  |
| 4.95%, 06/01/33 | 1500 | 1533 |
| Arizona Public Service Company |  |  |
| 5.90%, 08/15/55 | 3794 | 3860 |
| Black Hills Corporation |  |  |
| 6.00%, 01/15/35 | 1717 | 1831 |
| Boston Gas Company |  |  |
| 3.15%, 08/01/27 (e) | 5000 | 4934 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (e) | 199 | 218 |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.67%, 10/20/35 (e) | 583 | 604 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (b) | 694 | 728 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (c) (e) | 1582 | 1423 |
| CMS Energy Corporation |  |  |
| 6.50%, 06/01/55 | 915 | 940 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (b) | 515 | 540 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 3.35%, 02/09/31 (b) | 200 | 182 |
| 6.45%, 01/24/35 (e) | 400 | 411 |
| Commonwealth Edison Company |  |  |
| 5.95%, 06/01/55 | 1788 | 1858 |
| Consumers Energy Company |  |  |
| 4.50%, 01/15/31 | 1075 | 1087 |
| Dominion Energy, Inc. |  |  |
| 3.38%, 04/01/30 | 4500 | 4340 |
| DTE Energy Company |  |  |
| 5.85%, 06/01/34 | 2786 | 2972 |
| Duke Energy Corporation |  |  |
| 3.15%, 08/15/27 | 5000 | 4943 |
| 3.95%, 08/15/47 | 2360 | 1820 |
| 5.00%, 08/15/52 | 628 | 554 |
| 5.80%, 06/15/54 | 1332 | 1318 |
| Emirates Sembcorp Water & Power Company PJSC |  |  |
| 4.45%, 08/01/35 (e) | 1000 | 970 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (b) | 395 | 353 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.38%, 02/15/31 (b) (d) | 400 | 365 |
| Enel Finance International N.V. |  |  |
| 4.13%, 09/30/28 (e) | 920 | 919 |
| 5.13%, 06/26/29 (e) | 782 | 802 |
| Entergy Arkansas, LLC |  |  |
| 5.75%, 06/01/54 | 925 | 933 |
| Entergy Corporation |  |  |
| 7.13%, 12/01/54 | 1776 | 1866 |
| Evergy Kansas Central, Inc. |  |  |
| 5.70%, 03/15/53 | 1874 | 1857 |
| Exelon Corporation |  |  |
| 5.45%, 03/15/34 | 3925 | 4083 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (b) | 506 | 498 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (b) | 3521 | 3573 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (b) | 1412 | 1415 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (e) | 1250 | 1180 |
| 5.40%, 06/01/33 (e) | 750 | 773 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (b) | 1460 | 1360 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (e) | 348 | 324 |
| Kentucky Utilities Company |  |  |
| 5.85%, 08/15/55 | 767 | 774 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (b) | 520 | 528 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (b) | 724 | 718 |
| National Fuel Gas Company |  |  |
| 5.95%, 03/15/35 | 766 | 802 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.90%, 03/15/55 | 914 | 925 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (e) | 926 | 932 |
| NiSource Inc. |  |  |
| 5.35%, 04/01/34 | 1821 | 1878 |
| 6.95%, 11/30/54 | 904 | 942 |
| 5.85%, 04/01/55 | 1574 | 1571 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/33 (e) | 300 | 306 |
| 5.75%, 01/15/34 (e) | 110 | 111 |
| NSTAR Electric Company |  |  |
| 3.20%, 05/15/27 | 5000 | 4954 |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 (e) | 617 | 632 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (b) | 1700 | 1695 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (e) | 300 | 324 |
| Sempra |  |  |
| 5.50%, 08/01/33 | 4000 | 4182 |
| Southern Power Company |  |  |
| 4.90%, 10/01/35 | 1049 | 1039 |
| Suburban Propane Partners, L.P. |  |  |
| 5.00%, 06/01/31 (e) | 290 | 278 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (e) | 210 | 214 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (e) | 1500 | 1476 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (k) | 2500 | 2439 |
| 6.38%, 03/15/55 | 1263 | 1317 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (e) | 3495 | 3588 |
| Transelec S.A. |  |  |
| 3.88%, 01/12/29 (e) | 750 | 733 |
| Virginia Electric and Power Company |  |  |
| 5.55%, 08/15/54 | 656 | 637 |
| 5.60%, 09/15/55 | 941 | 915 |
| Vistra Operations Company LLC |  |  |
| 4.38%, 05/01/29 (e) | 974 | 961 |
| 7.75%, 10/15/31 (e) | 305 | 323 |
| 6.88%, 04/15/32 (e) | 315 | 332 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/30 (e) | 270 | 267 |
| WEC Energy Group Inc. |  |  |
| 5.63%, 05/15/56 | 1340 | 1348 |
| | | 104542 |
| **Industrials 3.1%** | **Industrials 3.1%** | **Industrials 3.1%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (e) | 310 | 321 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.00%, 07/30/27 (b) | 400 | 393 |
| 4.38%, 07/03/29 (b) | 800 | 777 |
| 3.10%, 02/02/31 (b) | 300 | 266 |
| Advanced Drainage Systems, Inc. |  |  |
| 6.38%, 06/15/30 (e) | 508 | 518 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (e) | 1753 | 1790 |
| American Airlines, Inc. |  |  |
| 8.50%, 05/15/29 (e) | 285 | 297 |
| Amrize Finance US LLC |  |  |
| 4.95%, 04/07/30 | 809 | 827 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (d) (e) | 60 | 50 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (b) (c) | 1309 | 1069 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (e) | 315 | 326 |
| 6.75%, 05/15/35 (e) | 270 | 282 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.20%, 04/15/54 | 1298 | 1223 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (e) | 175 | 181 |
| Carlisle Companies Incorporated |  |  |
| 5.55%, 09/15/40 | 760 | 771 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (e) | 490 | 503 |
| Cornerstone Building Brands, Inc. |  |  |
| 9.50%, 08/15/29 (e) | 170 | 125 |
| Corporation De Securite Garda World |  |  |
| 6.50%, 01/15/31 (e) | 420 | 429 |
| 8.25%, 08/01/32 (e) | 480 | 487 |
| CRH SMW Finance Designated Activity Company |  |  |
| 5.13%, 01/09/30 | 2330 | 2402 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CSX Corporation |  |  |
| 3.80%, 11/01/46 | 4587 | 3599 |
| Danaos Corporation |  |  |
| 6.88%, 10/15/32 (e) | 345 | 354 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/28 (e) | 1746 | 1842 |
| 5.04%, 03/25/30 (e) | 1790 | 1828 |
| Empresa de Transporte de Pasajeros Metro S.A. |  |  |
| 5.00%, 01/25/47 (e) | 1095 | 1025 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (e) | 525 | 547 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (b) | 402 | 419 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.88%, 04/15/33 (e) | 255 | 259 |
| GATX Corporation |  |  |
| 5.50%, 06/15/35 | 1077 | 1105 |
| 5.20%, 03/15/44 | 797 | 753 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (e) | 1055 | 1089 |
| Goat Holdco, LLC |  |  |
| 6.75%, 02/01/32 (e) | 290 | 297 |
| GrafTech Finance Inc. |  |  |
| 4.63%, 12/23/29 (d) (e) | 150 | 111 |
| Griffon Corporation |  |  |
| 5.75%, 03/01/28 | 490 | 490 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (e) | 270 | 284 |
| 5.75%, 03/15/31 (e) | 165 | 167 |
| 6.00%, 03/15/34 (e) | 165 | 167 |
| Hubbell Incorporated |  |  |
| 4.80%, 11/15/35 | 1076 | 1070 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (e) | 750 | 785 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 260 | 256 |
| Jacobs Engineering Group Inc. |  |  |
| 5.90%, 03/01/33 | 1277 | 1346 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (e) | 160 | 161 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (b) | 700 | 699 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (b) | 2516 | 2606 |
| 4.35%, 04/05/36 (b) | 803 | 782 |
| Lockheed Martin Corporation |  |  |
| 5.00%, 08/15/35 | 1835 | 1870 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/29 (e) | 785 | 778 |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/29 (l) | 1822 | 1903 |
| MISC Capital Two (Labuan) Limited |  |  |
| 3.75%, 04/06/27 (b) | 700 | 696 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (e) | 525 | 537 |
| Molex Electronic Technologies, LLC |  |  |
| 5.25%, 04/30/32 (e) | 1993 | 2045 |
| Neptune BidCo US Inc. |  |  |
| 10.38%, 05/15/31 (e) | 335 | 343 |
| Northrop Grumman Corporation |  |  |
| 4.03%, 10/15/47 | 1136 | 914 |
| 5.20%, 06/01/54 (d) | 1887 | 1763 |
| Owens Corning |  |  |
| 5.70%, 06/15/34 | 863 | 908 |
| Paychex, Inc. |  |  |
| 5.35%, 04/15/32 | 3505 | 3628 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.25%, 02/01/30 (e) | 1857 | 1912 |
| Quanta Services, Inc. |  |  |
| 5.25%, 08/09/34 | 1572 | 1615 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (e) | 190 | 199 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (e) | 475 | 496 |
| Republic Services, Inc. |  |  |
| 5.15%, 03/15/35 | 1788 | 1847 |
| Rollins, Inc. |  |  |
| 5.25%, 02/24/35 | 1867 | 1905 |
| Seaspan Corporation |  |  |
| 5.50%, 08/01/29 (e) | 510 | 486 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (b) | 400 | 321 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.20%, 01/15/30 | 1960 | 2019 |
| Standard Building Solutions Inc. |  |  |
| 6.50%, 08/15/32 (e) | 260 | 268 |
| 5.88%, 03/15/34 (e) | 335 | 336 |
| Star Leasing Company, LLC |  |  |
| 7.63%, 02/15/30 (e) | 150 | 140 |
| Textron Inc. |  |  |
| 5.50%, 05/15/35 | 1789 | 1854 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (e) | 325 | 325 |
| TransDigm Inc. |  |  |
| 6.88%, 12/15/30 (e) | 515 | 539 |
| 6.38%, 05/31/33 (e) | 490 | 503 |
| 6.25%, 01/31/34 (e) | 35 | 36 |
| 6.75%, 01/31/34 (e) | 55 | 57 |
| Triton Container International Limited |  |  |
| 3.25%, 03/15/32 | 701 | 636 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (e) | 306 | 327 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (e) | 2054 | 2057 |
| 4.80%, 09/15/34 | 1843 | 1839 |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 638 | 658 |
| 5.45%, 09/18/33 | 920 | 960 |
| Verisk Analytics, Inc. |  |  |
| 5.25%, 06/05/34 | 1786 | 1828 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (e) | 941 | 929 |
| VT Topco, Inc. |  |  |
| 8.50%, 08/15/30 (e) | 210 | 219 |
| Waste Connections, Inc. |  |  |
| 5.25%, 09/01/35 | 1502 | 1556 |
| Watco Companies, L.L.C. |  |  |
| 7.13%, 08/01/32 (e) | 520 | 543 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/33 (e) | 170 | 177 |
| Westinghouse Air Brake Technologies Corporation |  |  |
| 4.90%, 05/29/30 | 1777 | 1817 |
| XPO, Inc. |  |  |
| 7.13%, 06/01/31 (e) | 650 | 678 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (e) | 300 | 315 |
| | | 79860 |
| **Energy 2.1%** | **Energy 2.1%** | **Energy 2.1%** |
| Acu Petroleo Luxembourg S.a r.l. |  |  |
| 7.50%, 07/13/35 (b) | 928 | 946 |
| Adani Renewable Energy (RJ) Limited |  |  |
| 4.63%, 10/15/39 (b) | 575 | 487 |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (e) | 490 | 513 |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (b) | 444 | 446 |
| 5.75%, 06/15/33 (e) | 1000 | 889 |
| 5.75%, 06/15/33 (b) | 1500 | 1334 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 07/01/34 (e) | 686 | 691 |
| Archrock Partners, L.P. |  |  |
| 6.63%, 09/01/32 (e) | 510 | 525 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (e) | 540 | 533 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (b) | 1400 | 1401 |
| Buckeye Partners, L.P. |  |  |
| 6.88%, 07/01/29 (e) | 730 | 758 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cheniere Energy Partners, L.P. |  |  |
| 4.00%, 03/01/31 | 983 | 957 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 1841 | 1838 |
| 5.65%, 04/15/34 | 1948 | 2023 |
| Chord Energy Corporation |  |  |
| 6.00%, 10/01/30 (e) | 185 | 187 |
| 6.75%, 03/15/33 (e) | 290 | 299 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (e) | 470 | 455 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (e) | 330 | 332 |
| Colonial Enterprises, Inc. |  |  |
| 5.63%, 11/15/35 (e) | 1104 | 1113 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (e) | 973 | 960 |
| Eastern Energy Gas Holdings, LLC |  |  |
| 5.65%, 10/15/54 | 1926 | 1863 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 - 11/02/51 | 2320 | 1674 |
| Empresa Electrica Cochrane S.p.A. |  |  |
| 5.50%, 05/14/27 (b) | 209 | 206 |
| Enterprise Products Operating LLC |  |  |
| 5.55%, 02/16/55 | 1829 | 1774 |
| Florida Gas Transmission Company, LLC |  |  |
| 5.75%, 07/15/35 (e) | 782 | 812 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.94%, 09/30/40 (b) | 606 | 520 |
| Gulfport Energy Operating Corporation |  |  |
| 6.75%, 09/01/29 (e) | 505 | 522 |
| Gulfstream Natural Gas System, L.L.C. |  |  |
| 5.60%, 07/23/35 (e) | 1117 | 1145 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 05/15/32 (e) | 495 | 515 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (e) | 210 | 200 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 6.95%, 01/15/38 | 823 | 928 |
| Kodiak Gas Services, LLC |  |  |
| 7.25%, 02/15/29 (e) | 520 | 540 |
| 6.50%, 10/01/33 (e) | 145 | 148 |
| 6.75%, 10/01/35 (e) | 145 | 149 |
| Matador Resources Company |  |  |
| 6.50%, 04/15/32 (e) | 420 | 425 |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (b) | 400 | 401 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (b) | 1249 | 1239 |
| Nabors Industries, Inc. |  |  |
| 9.13%, 01/31/30 (e) | 250 | 263 |
| 7.63%, 11/15/32 (e) | 350 | 344 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (e) | 150 | 156 |
| NGPL PipeCo LLC |  |  |
| 3.25%, 07/15/31 (e) | 2126 | 1955 |
| ONEOK, Inc. |  |  |
| 6.63%, 09/01/53 | 5000 | 5249 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (b) | 1400 | 1396 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 110 | 109 |
| Permian Resources Operating, LLC |  |  |
| 6.25%, 02/01/33 (e) | 1173 | 1203 |
| PERU LNG |  |  |
| 5.38%, 03/22/30 (b) | 825 | 796 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 300 | 294 |
| Petroleos Mexicanos |  |  |
| 6.75%, 09/21/47 | 300 | 246 |
| PT. Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (b) (d) | 1000 | 996 |
| Raizen Fuels Finance S.A. |  |  |
| 5.70%, 01/17/35 (b) | 1200 | 931 |
| Reliance Industries Limited |  |  |
| 3.67%, 11/30/27 (b) | 500 | 495 |
| SM Energy Company |  |  |
| 7.00%, 08/01/32 (e) | 315 | 309 |
| Southern Natural Gas Company, L.L.C. |  |  |
| 5.45%, 08/01/35 (e) | 479 | 491 |
| Southwestern Energy Company |  |  |
| 4.75%, 02/01/32 | 937 | 924 |
| Sunoco LP |  |  |
| 6.00%, 04/15/27 | 225 | 225 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (e) | 265 | 274 |
| 6.75%, 03/15/34 (e) | 140 | 140 |
| TransCanada PipeLines Limited |  |  |
| 4.63%, 03/01/34 | 3000 | 2925 |
| Transocean International Limited |  |  |
| 7.88%, 10/15/32 (e) | 105 | 108 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (e) | 365 | 369 |
| 8.38%, 06/01/31 (e) | 340 | 338 |
| 9.88%, 02/01/32 (e) | 140 | 145 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (e) | 255 | 260 |
| 7.50%, 05/01/33 (e) | 90 | 97 |
| 6.50%, 01/15/34 (e) | 285 | 292 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (e) | 546 | 549 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 660 | 668 |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/33 (e) | 150 | 153 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/32 (e) | 100 | 98 |
| WBI Operations LLC |  |  |
| 6.50%, 10/15/33 (e) | 405 | 403 |
| Weatherford International Ltd |  |  |
| 6.75%, 10/15/33 (e) | 485 | 496 |
| | | 53445 |
| **Information Technology 2.0%** | **Information Technology 2.0%** | **Information Technology 2.0%** |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (e) | 205 | 216 |
| Amphenol Corporation |  |  |
| 5.30%, 11/15/55 | 1356 | 1297 |
| AppLovin Corporation |  |  |
| 5.38%, 12/01/31 | 911 | 944 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 1808 | 1850 |
| Athenahealth Group Inc. |  |  |
| 6.50%, 02/15/30 (e) | 490 | 490 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 1491 | 1533 |
| Broadcom Inc. |  |  |
| 3.50%, 02/15/41 | 4616 | 3759 |
| Castle US Holding Corporation |  |  |
| 10.00%, 06/30/31 (e) | 82 | 11 |
| Clarivate Science Holdings Corporation |  |  |
| 4.88%, 07/01/29 (e) | 230 | 217 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (e) | 325 | 329 |
| 9.00%, 09/30/29 (e) | 280 | 292 |
| 6.63%, 08/15/33 (e) | 180 | 178 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (e) | 290 | 270 |
| Dell Inc. |  |  |
| 6.50%, 04/15/38 | 843 | 906 |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/29 (e) | 500 | 509 |
| Flash Compute LLC |  |  |
| 7.25%, 12/31/30 (e) | 260 | 258 |
| Flex Ltd. |  |  |
| 5.38%, 11/13/35 | 956 | 954 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (e) | 1500 | 1593 |
| 5.88%, 01/25/34 (e) | 1000 | 1029 |
| Hewlett Packard Enterprise Company |  |  |
| 5.00%, 10/15/34 | 3733 | 3705 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Intuit Inc. |  |  |
| 5.50%, 09/15/53 | 1567 | 1542 |
| Kyndryl Holdings, Inc. |  |  |
| 4.10%, 10/15/41 | 3437 | 2723 |
| Marvell Technology, Inc. |  |  |
| 5.95%, 09/15/33 | 3437 | 3676 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (e) | 115 | 100 |
| Motorola Solutions, Inc. |  |  |
| 5.20%, 08/15/32 | 1497 | 1544 |
| NetApp, Inc. |  |  |
| 5.50%, 03/17/32 | 885 | 921 |
| NXP B.V. |  |  |
| 4.85%, 08/19/32 | 1491 | 1498 |
| Oracle Corporation |  |  |
| 5.20%, 09/26/35 | 974 | 935 |
| 5.88%, 09/26/45 | 1506 | 1362 |
| Qnity Electronics, Inc. |  |  |
| 6.25%, 08/15/33 (e) | 195 | 202 |
| Qorvo, Inc. |  |  |
| 3.38%, 04/01/31 (e) | 1077 | 997 |
| Renesas Electronics Corporation |  |  |
| 2.17%, 11/25/26 (e) (l) | 3570 | 3506 |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/28 | 559 | 561 |
| SK Hynix Inc. |  |  |
| 4.25%, 09/11/28 (e) | 5060 | 5077 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (e) | 255 | 262 |
| VeriSign, Inc. |  |  |
| 5.25%, 06/01/32 | 2305 | 2363 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (b) | 200 | 197 |
| Workday, Inc. |  |  |
| 3.70%, 04/01/29 | 1726 | 1701 |
| 3.80%, 04/01/32 | 1001 | 958 |
| | | 50465 |
| **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** |
| Acushnet Company |  |  |
| 5.63%, 12/01/33 (e) | 505 | 510 |
| Advance Auto Parts, Inc. |  |  |
| 7.38%, 08/01/33 (e) | 145 | 145 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | 210 | 202 |
| 6.38%, 10/15/32 (e) | 210 | 214 |
| 7.75%, 10/15/33 (e) | 185 | 188 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (e) | 285 | 271 |
| AutoZone, Inc. |  |  |
| 5.13%, 06/15/30 | 1749 | 1804 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (e) (j) | 200 | 220 |
| Caesars Entertainment, Inc. |  |  |
| 6.00%, 10/15/32 (d) (e) | 420 | 408 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (e) | 636 | 643 |
| 5.75%, 08/01/32 (e) | 245 | 251 |
| 6.13%, 02/15/33 (e) | 628 | 648 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 09/15/32 (e) | 1565 | 1618 |
| Cosan Limited |  |  |
| 5.50%, 09/20/29 (b) | 200 | 196 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (e) | 260 | 278 |
| Dana Incorporated |  |  |
| 5.38%, 11/15/27 | 120 | 120 |
| 5.63%, 06/15/28 | 310 | 310 |
| DCLI Bidco LLC |  |  |
| 7.75%, 11/15/29 (e) | 335 | 344 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (e) | 485 | 482 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (d) (e) | 210 | 182 |
| Expedia Group, Inc. |  |  |
| 3.80%, 02/15/28 | 1875 | 1865 |
| Fertitta Entertainment LLC |  |  |
| 6.75%, 01/15/30 (e) | 205 | 194 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (d) (e) | 205 | 178 |
| Gates Corporation |  |  |
| 6.88%, 07/01/29 (e) | 345 | 357 |
| Genting New York LLC |  |  |
| 7.25%, 10/01/29 (e) | 365 | 374 |
| Graham Holdings Co., Ltd. |  |  |
| 5.63%, 12/01/33 (e) | 755 | 762 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (e) | 275 | 269 |
| 6.38%, 01/15/30 (e) | 340 | 349 |
| Hyundai Capital America |  |  |
| 5.30%, 01/08/29 (e) | 3572 | 3663 |
| Installed Building Products, Inc. |  |  |
| 5.75%, 02/01/28 (e) | 425 | 425 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.00%, 04/01/31 (e) | 220 | 223 |
| LBM Acquisition, LLC |  |  |
| 6.25%, 01/15/29 (d) (e) | 105 | 95 |
| 9.50%, 06/15/31 (e) | 150 | 156 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (e) | 525 | 538 |
| Light and Wonder International, Inc. |  |  |
| 7.25%, 11/15/29 (e) | 245 | 251 |
| 6.25%, 10/01/33 (e) | 320 | 323 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (e) | 330 | 344 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (e) | 65 | 52 |
| Lowe`s Companies, Inc. |  |  |
| 5.63%, 04/15/53 | 1077 | 1047 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (e) | 205 | 197 |
| Marriott International, Inc. |  |  |
| 4.50%, 10/15/31 | 1875 | 1881 |
| 5.30%, 05/15/34 | 1810 | 1867 |
| Mattamy Homes Limited |  |  |
| 4.63%, 03/01/30 (e) | 415 | 403 |
| Mattel, Inc. |  |  |
| 5.00%, 11/17/30 | 752 | 757 |
| McDonald's Corporation |  |  |
| 4.45%, 03/01/47 | 2077 | 1779 |
| Merlin Entertainments Group U.S. Holdings Inc. |  |  |
| 7.38%, 02/15/31 (e) | 570 | 500 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (e) | 405 | 398 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 01/15/31 (e) | 140 | 139 |
| 6.25%, 09/15/33 (e) | 140 | 140 |
| Newell Brands Inc. |  |  |
| 6.38%, 05/15/30 (d) | 300 | 293 |
| Nissan Motor Acceptance Company LLC |  |  |
| 5.63%, 09/29/28 (e) | 245 | 245 |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (e) | 210 | 206 |
| 4.81%, 09/17/30 (e) | 215 | 202 |
| 7.75%, 07/17/32 (e) | 200 | 213 |
| Ontario Gaming GTA Limited Partnership |  |  |
| 8.00%, 08/01/30 (e) | 300 | 284 |
| O'Reilly Automotive, Inc. |  |  |
| 5.00%, 08/19/34 | 939 | 946 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (b) | 2050 | 2001 |
| PENN Entertainment, Inc. |  |  |
| 4.13%, 07/01/29 (e) | 200 | 185 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (e) | 250 | 254 |
| 10.00%, 09/15/33 (e) | 250 | 256 |
| Rivers Enterprise Borrower, LLC |  |  |
| 6.25%, 10/15/30 (e) | 255 | 260 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.63%, 02/01/33 (e) | 755 | 772 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (e) | 934 | 941 |
| 5.38%, 01/15/36 | 804 | 808 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 - 03/15/30 (e) | 220 | 184 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (d) (e) | 95 | 91 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (e) | 315 | 313 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (e) | 260 | 266 |
| Swf Holdings I Corp. |  |  |
| 6.50%, 10/01/29 (e) | 95 | 19 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 11/15/32 (e) | 500 | 514 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.25%, 07/15/31 | 235 | 222 |
| Univision Communications Inc. |  |  |
| 8.50%, 07/31/31 (e) | 490 | 511 |
| Upbound Group, Inc. |  |  |
| 6.38%, 02/15/29 (e) | 170 | 167 |
| Vamos Europe S.A. |  |  |
| 9.20%, 01/26/31 (e) | 600 | 575 |
| Verde Purchaser, LLC |  |  |
| 10.50%, 11/30/30 (e) | 275 | 296 |
| Victra Holdings LLC |  |  |
| 8.75%, 09/15/29 (d) (e) | 670 | 706 |
| Viking Cruises Limited |  |  |
| 5.88%, 10/15/33 (e) | 930 | 943 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (e) | 260 | 276 |
| Warnermedia Holdings, Inc. |  |  |
| 4.05%, 03/15/29 | 410 | 397 |
| 4.28%, 03/15/32 | 175 | 154 |
| 5.05%, 03/15/42 | 300 | 212 |
| Whirlpool Corporation |  |  |
| 6.50%, 06/15/33 | 250 | 242 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 4.38%, 08/15/28 (e) | 585 | 577 |
| | | 43091 |
| **Health Care 1.6%** | **Health Care 1.6%** | **Health Care 1.6%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (e) | 400 | 417 |
| 180 Medical, Inc. |  |  |
| 5.30%, 10/08/35 (e) | 1963 | 1957 |
| AbbVie Inc. |  |  |
| 4.70%, 05/14/45 | 1934 | 1750 |
| 5.50%, 03/15/64 | 1070 | 1042 |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (e) | 165 | 161 |
| Amgen Inc. |  |  |
| 5.75%, 03/02/63 | 2604 | 2546 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (e) | 650 | 678 |
| Bausch Health Companies Inc. |  |  |
| 8.50%, 01/31/27 (e) | 105 | 103 |
| 4.88%, 06/01/28 (e) | 290 | 259 |
| 5.25%, 01/30/30 (e) | 185 | 130 |
| 14.00%, 10/15/30 (d) (e) | 30 | 30 |
| Biogen Inc. |  |  |
| 5.05%, 01/15/31 | 1762 | 1817 |
| Cardinal Health, Inc. |  |  |
| 4.60%, 03/15/43 | 1817 | 1598 |
| 4.50%, 11/15/44 | 256 | 220 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (e) | 360 | 360 |
| 6.88%, 04/15/29 (e) | 180 | 160 |
| 4.75%, 02/15/31 (e) | 225 | 200 |
| Elevance Health, Inc. |  |  |
| 4.55%, 05/15/52 | 518 | 429 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 01/15/31 | 1840 | 1874 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32 (e) | 280 | 287 |
| Gilead Sciences, Inc. |  |  |
| 5.55%, 10/15/53 | 969 | 964 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (e) | 635 | 627 |
| Illumina, Inc. |  |  |
| 4.75%, 12/12/30 | 1549 | 1567 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 1249 | 1316 |
| 6.25%, 06/01/32 (e) | 340 | 355 |
| Labcorp Holdings Inc. |  |  |
| 4.80%, 10/01/34 | 3847 | 3813 |
| Lifepoint Health, Inc. |  |  |
| 10.00%, 06/01/32 (e) | 230 | 244 |
| Mars, Incorporated |  |  |
| 5.70%, 05/01/55 (e) | 1912 | 1908 |
| Merck & Co., Inc. |  |  |
| 5.70%, 09/15/55 | 2320 | 2345 |
| Mozart Debt Merger Sub Inc. |  |  |
| 5.25%, 10/01/29 (e) | 540 | 543 |
| Quest Diagnostics Incorporated |  |  |
| 5.00%, 12/15/34 | 1810 | 1832 |
| Radiology Partners, Inc. |  |  |
| 9.78%, 02/15/30 (a) (e) (j) (m) | 150 | 144 |
| 8.50%, 07/15/32 (e) | 375 | 390 |
| Royalty Pharma PLC |  |  |
| 5.95%, 09/25/55 | 1141 | 1133 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (d) (e) | 195 | 190 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.90%, 07/07/55 | 2005 | 2036 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 06/15/30 | 530 | 542 |
| 5.50%, 11/15/32 (e) | 85 | 86 |
| 6.00%, 11/15/33 (e) | 85 | 87 |
| VSP Optical Group, Inc. |  |  |
| 5.45%, 12/01/35 (e) | 687 | 693 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.20%, 09/15/34 | 1798 | 1835 |
| Zoetis Inc. |  |  |
| 4.15%, 08/17/28 | 1844 | 1855 |
| 4.70%, 02/01/43 | 746 | 685 |
|  |  | 41208 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| Academy, Ltd. |  |  |
| 6.00%, 11/15/27 (e) | 420 | 419 |
| Altice France |  |  |
| 6.88%, 07/15/32 (e) | 362 | 345 |
| AMC Entertainment Holdings, Inc. |  |  |
| 7.50%, 02/15/29 (d) (e) | 135 | 118 |
| AT&T Inc. |  |  |
| 2.75%, 06/01/31 | 4000 | 3674 |
| 3.50%, 09/15/53 | 5276 | 3537 |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 1098 | 1135 |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (e) | 485 | 484 |
| 4.75%, 03/01/30 (e) | 755 | 721 |
| 4.75%, 02/01/32 (e) | 525 | 480 |
| 4.25%, 01/15/34 (d) (e) | 280 | 238 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (e) | 400 | 408 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/29 (e) | 205 | 203 |
| 7.13%, 02/15/31 (e) | 345 | 361 |
| Commscope Technologies LLC |  |  |
| 5.00%, 03/15/27 (e) | 185 | 184 |
| CommScope, LLC. |  |  |
| 4.75%, 09/01/29 (e) | 122 | 122 |
| 9.50%, 12/15/31 (d) (e) | 70 | 71 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (e) | 185 | 186 |
| 8.88%, 02/01/30 (e) | 480 | 486 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DISH DBS Corporation |  |  |
| 5.75%, 12/01/28 (e) | 520 | 506 |
| 5.13%, 06/01/29 | 350 | 309 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 435 | 481 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (e) | 130 | 130 |
| Getty Images, Inc. |  |  |
| 10.50%, 11/15/30 (e) | 130 | 131 |
| Gray Media, Inc. |  |  |
| 9.63%, 07/15/32 (e) | 240 | 249 |
| 7.25%, 08/15/33 (e) | 240 | 245 |
| iHeartCommunications, Inc. |  |  |
| 9.13%, 05/01/29 (d) (e) (l) | 100 | 96 |
| Lamar Media Corp. |  |  |
| 5.38%, 11/01/33 (e) | 485 | 482 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (e) | 180 | 172 |
| 6.88%, 06/30/33 (e) | 485 | 496 |
| Lumen Technologies, Inc. |  |  |
| 8.00%, 06/01/36 | 95 | 39 |
| Match Group Holdings II, LLC |  |  |
| 5.00%, 12/15/27 (e) | 570 | 569 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (e) | 100 | 105 |
| Meta Platforms, Inc. |  |  |
| 5.50%, 11/15/45 | 968 | 941 |
| 4.45%, 08/15/52 | 2046 | 1666 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (b) | 540 | 538 |
| 6.25%, 03/25/29 (b) | 630 | 632 |
| 4.50%, 04/27/31 (b) | 200 | 186 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (e) | 280 | 281 |
| Netflix, Inc. |  |  |
| 5.40%, 08/15/54 | 1346 | 1307 |
| Outfront Media Capital Corporation |  |  |
| 7.38%, 02/15/31 (e) | 200 | 211 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (d) (e) | 85 | 81 |
| Sirius XM Radio Inc. |  |  |
| 5.50%, 07/01/29 (e) | 885 | 892 |
| Telefonica Celular del Paraguay S.A.E. |  |  |
| 5.88%, 04/15/27 (b) | 200 | 199 |
| TELUS Corporation |  |  |
| 7.00%, 10/15/55 | 1839 | 1908 |
| T-Mobile USA, Inc. |  |  |
| 3.40%, 10/15/52 | 2050 | 1382 |
| 5.50%, 01/15/55 | 5000 | 4741 |
| 5.25%, 06/15/55 | 1180 | 1076 |
| 5.88%, 11/15/55 | 1139 | 1139 |
| Uniti Group Inc. |  |  |
| 8.63%, 06/15/32 (e) | 200 | 197 |
| Verizon Communications Inc. |  |  |
| 5.75%, 11/30/45 | 2332 | 2318 |
| Videotron Ltee |  |  |
| 5.70%, 01/15/35 (e) | 1810 | 1851 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (e) | 250 | 260 |
| 6.75%, 11/15/32 (e) | 340 | 349 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (e) | 315 | 330 |
| 7.50%, 10/15/33 (e) | 220 | 226 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (e) | 215 | 222 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (e) | 200 | 189 |
| | | 40304 |
| **Consumer Staples 1.4%** | **Consumer Staples 1.4%** | **Consumer Staples 1.4%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (b) | 689 | 636 |
| 3.00%, 02/16/31 (e) | 459 | 424 |
| Allied Universal Holdco LLC |  |  |
| 6.00%, 06/01/29 (e) | 235 | 232 |
| 7.88%, 02/15/31 (e) | 670 | 706 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/33 (e) | 1869 | 1930 |
| B.A.T Capital Corporation |  |  |
| 5.63%, 08/15/35 | 1813 | 1890 |
| 4.54%, 08/15/47 | 1643 | 1365 |
| Belron UK Finance PLC |  |  |
| 5.75%, 10/15/29 (e) | 680 | 693 |
| Block Financial LLC |  |  |
| 5.38%, 09/15/32 | 1998 | 2011 |
| Bunge Limited Finance Corp. |  |  |
| 4.65%, 09/17/34 | 2228 | 2187 |
| Campbell's Company, The |  |  |
| 5.40%, 03/21/34 | 918 | 935 |
| Cencosud S.A. |  |  |
| 4.38%, 07/17/27 (b) | 400 | 400 |
| Cosan Overseas Limited |  |  |
| 8.25% (b) (g) | 1400 | 1404 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 1597 | 1655 |
| Energizer Holdings, Inc. |  |  |
| 6.00%, 09/15/33 (e) | 305 | 292 |
| Flowers Foods, Inc. |  |  |
| 5.75%, 03/15/35 (d) | 1850 | 1855 |
| Froneri Lux Topco S.a r.l. |  |  |
| 6.00%, 08/01/32 (e) | 485 | 491 |
| ION Platform Finance S.a r.l. |  |  |
| 5.00%, 05/01/28 (e) | 475 | 441 |
| 7.88%, 09/30/32 (e) | 200 | 190 |
| JBS USA Food Company |  |  |
| 3.75%, 12/01/31 | 1450 | 1375 |
| Kroger Co., The |  |  |
| 5.65%, 09/15/64 | 1925 | 1836 |
| Marfrig Holdings (Europe) B.V. |  |  |
| 3.95%, 01/29/31 (b) | 400 | 362 |
| Mavis Tire Express Services TopCo, Corp. |  |  |
| 6.50%, 05/15/29 (d) (e) | 160 | 158 |
| Minerva Luxembourg S.A. |  |  |
| 5.88%, 01/19/28 (b) | 200 | 200 |
| 8.88%, 09/13/33 (e) | 200 | 218 |
| Movida Europe S.A. |  |  |
| 7.85%, 04/11/29 (e) | 300 | 284 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (b) | 600 | 606 |
| Philip Morris International Inc. |  |  |
| 5.38%, 02/15/33 | 1761 | 1842 |
| 5.25%, 02/13/34 | 1629 | 1685 |
| Post Holdings, Inc. |  |  |
| 6.38%, 03/01/33 (e) | 405 | 409 |
| Primo Water Holdings Inc. |  |  |
| 6.25%, 04/01/29 (e) | 315 | 316 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (b) | 1824 | 1866 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (e) | 1991 | 2026 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (b) (c) | 1540 | 1155 |
| U.S. Foods Inc. |  |  |
| 5.75%, 04/15/33 (e) | 700 | 713 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (e) | 830 | 829 |
| United Rentals (North America), Inc. |  |  |
| 5.38%, 11/15/33 (e) | 330 | 330 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (e) | 315 | 333 |
|  |  | 36280 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| American Homes 4 Rent, L.P. |  |  |
| 5.50%, 02/01/34 | 2627 | 2717 |
| American Tower Corporation |  |  |
| 5.55%, 07/15/33 | 898 | 941 |
| 3.70%, 10/15/49 | 659 | 490 |
| Anywhere Real Estate Group LLC |  |  |
| 5.25%, 04/15/30 (e) | 210 | 194 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.00%, 04/15/30 (e) | 235 | 234 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (b) | 693 | 728 |
| 7.25%, 01/31/41 (e) | 495 | 520 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 5000 | 4961 |
| Equinix Europe 2 Financing Corporation LLC |  |  |
| 4.60%, 11/15/30 | 957 | 960 |
| Essential Properties, L.P. |  |  |
| 5.40%, 12/01/35 | 1028 | 1030 |
| Extra Space Storage LP |  |  |
| 5.40%, 02/01/34 | 1814 | 1862 |
| First Industrial, L.P. |  |  |
| 5.25%, 01/15/31 | 2300 | 2349 |
| Iron Mountain Incorporated |  |  |
| 7.00%, 02/15/29 (e) | 405 | 415 |
| Lineage OP, LP |  |  |
| 5.25%, 07/15/30 (e) | 1816 | 1834 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.38%, 02/01/31 | 1021 | 955 |
| 3.25%, 04/15/33 (d) | 1091 | 970 |
| Park Intermediate Holdings LLC |  |  |
| 7.00%, 02/01/30 (e) | 380 | 389 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 5.75%, 07/15/34 | 1401 | 1467 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (e) | 420 | 436 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 898 | 822 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (c) (e) | 325 | 291 |
| 5.50%, 12/15/27 | 115 | 113 |
| 8.88%, 06/15/32 | 220 | 217 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.70%, 07/15/31 | 2162 | 1963 |
| VICI Properties Inc. |  |  |
| 4.63%, 12/01/29 (e) | 1887 | 1863 |
| XHR LP |  |  |
| 6.63%, 05/15/30 (e) | 2075 | 2138 |
| | | 30859 |
| **Materials 0.9%** | **Materials 0.9%** | **Materials 0.9%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 700 | 680 |
| ArcelorMittal |  |  |
| 6.00%, 06/17/34 (d) | 980 | 1056 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (e) | 600 | 626 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30 (e) | 150 | 159 |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (b) | 1400 | 1148 |
| 3.90%, 04/27/31 (e) | 600 | 492 |
| CCL Industries Inc. |  |  |
| 3.05%, 06/01/30 (e) | 1954 | 1843 |
| Celanese US Holdings LLC |  |  |
| 6.50%, 04/15/30 (d) | 195 | 195 |
| 6.75%, 04/15/33 (d) | 200 | 199 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (b) (g) | 2100 | 2096 |
| 7.20%, (100, 06/10/30) (e) (g) | 200 | 208 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (e) | 325 | 336 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (b) | 1000 | 950 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (b) | 1400 | 1100 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (b) | 200 | 200 |
| Freeport-McMoRan Inc. |  |  |
| 4.38%, 08/01/28 | 200 | 200 |
| 5.25%, 09/01/29 | 300 | 305 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (b) | 1000 | 1051 |
| Inversiones CMPC S.A. |  |  |
| 6.70%, 12/09/57 (e) | 200 | 201 |
| MATIV Holdings, Inc. |  |  |
| 8.00%, 10/01/29 (e) | 120 | 121 |
| Minsur S.A. |  |  |
| 4.50%, 10/28/31 (b) | 1100 | 1051 |
| Nexa Resources S.A. |  |  |
| 6.50%, 01/18/28 (b) | 200 | 204 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (e) | 190 | 197 |
| OCP S.A. |  |  |
| 6.75%, 05/02/34 (b) | 1500 | 1625 |
| Olin Corporation |  |  |
| 6.63%, 04/01/33 (e) | 290 | 287 |
| Olympus Water US Holding Corporation |  |  |
| 7.25%, 02/15/33 (e) | 290 | 291 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 6.75%, 09/19/42 (b) | 400 | 347 |
| 5.88%, 09/17/44 (b) | 200 | 156 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (b) | 500 | 501 |
| PT. Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (b) | 200 | 201 |
| Rio Tinto Finance (USA) PLC |  |  |
| 5.75%, 03/14/55 | 1091 | 1113 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | 200 | 199 |
| Solstice Advanced Materials US, Inc. |  |  |
| 5.63%, 09/30/33 (e) | 485 | 489 |
| Sonoco Products Company |  |  |
| 4.60%, 09/01/29 | 953 | 960 |
| SunCoke Energy, Inc. |  |  |
| 4.88%, 06/30/29 (e) | 270 | 250 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 1080 | 1071 |
| Trident TPI Holdings, Inc. |  |  |
| 12.75%, 12/31/28 (e) | 185 | 189 |
| Tronox Incorporated |  |  |
| 9.13%, 09/30/30 (d) (e) | 85 | 84 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (e) (h) (i) (j) | 44 | 31 |
| 13.50%, 12/31/27 (b) (h) (i) (j) | 62 | 43 |
| 11.00%, 12/31/28 (e) (h) (i) (j) | 52 | 6 |
| 11.00%, 12/31/28 (b) (h) (i) (j) | 222 | 28 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 711 | 726 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.50%, 10/28/32 (e) | 450 | 462 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (e) | 310 | 293 |
|  |  | 23970 |
| Total Corporate Bonds And Notes (cost $638,643) | Total Corporate Bonds And Notes (cost $638,643) | 635149 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 20.7%** |
| AASET 2021-2 Trust |  |  |
| Series 2021-B-2A, 3.54%, 12/15/28 (m) | 977 | 927 |
| AASET 2024-1 |  |  |
| Series 2024-A2-1A, 6.26%, 05/16/31 (m) | 2063 | 2112 |
| Series 2024-B-1A, 6.90%, 05/16/31 (m) | 4071 | 4125 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-A-2A, 5.93%, 09/16/31 (m) | 1281 | 1296 |
| ABFC 2006-HE1 Trust |  |  |
| Series 2006-A2B-HE1, REMIC, 2.05%, (1 Month Term SOFR + 0.33%), 01/25/37 (a) (m) (n) | 2412 | 1302 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 2.82%, (1 Month Term SOFR + 1.36%), 06/25/37 (a) (m) (n) | 2234 | 1610 |
| Affirm Asset Securitization Trust 2025-X1 |  |  |
| Series 2025-B-X1, 5.19%, 07/15/26 | 2600 | 2608 |
| AIMCO CLO 10 Ltd |  |  |
| Series 2019-D1RR-10A, 6.86%, (3 Month Term SOFR + 3.00%), 07/22/37 (a) | 2000 | 2005 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2005-1A7-6CB, REMIC, 5.50%, 04/25/35 | 2728 | 2338 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-1A2-27, REMIC, 4.61%, (12 Month Treasury Average + 1.40%), 08/25/35 (a) (n) | 140 | 134 |
| Series 2005-A3-32T1, REMIC, 4.85%, (1 Month Term SOFR + 1.11%), 08/25/35 (a) | 4422 | 2247 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-1A1-59, REMIC, 3.84%, (1 Month Term SOFR + 0.77%), 11/20/35 (a) (m) (n) | 2422 | 2303 |
| Series 2005-2A1-J12, REMIC, 2.27%, (1 Month Term SOFR + 0.65%), 11/25/35 (a) (m) (n) | 5389 | 2654 |
| Series 2005-1A10-64CB, REMIC, 5.75%, 12/25/35 | 2173 | 1970 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A5-19CB, REMIC, 6.00%, 08/25/36 | 3121 | 1654 |
| Alternative Loan Trust 2006-25CB |  |  |
| Series 2006-A4-25CB, REMIC, 6.00%, 10/25/36 | 3265 | 1629 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2006-2A4-6CB, REMIC, 5.75%, 05/25/36 | 5109 | 1767 |
| Alternative Loan Trust 2006-OA12 |  |  |
| Series 2006-A1B-OA12, REMIC, 3.95%, (1 Month Term SOFR + 0.30%), 09/20/46 (a) (m) (n) | 434 | 481 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 3.93%, (1 Month Term SOFR + 0.31%), 12/20/46 (a) (m) | 2755 | 2519 |
| Alternative Loan Trust 2006-OA21 |  |  |
| Series 2006-A1-OA21, REMIC, 3.97%, (1 Month Term SOFR + 0.30%), 03/20/47 (a) (m) (n) | 1829 | 1662 |
| Alternative Loan Trust 2006-OC3 |  |  |
| Series 2006-2A3-OC3, REMIC, 3.67%, (1 Month Term SOFR + 0.69%), 03/25/36 (a) (m) (n) | 4587 | 3988 |
| Alternative Loan Trust 2007-16CB |  |  |
| Series 2007-1A4-16CB, REMIC, 6.00%, 08/25/37 | 2847 | 2093 |
| Alternative Loan Trust 2007-9T1 |  |  |
| Series 2007-2A3-9T1, REMIC, 6.00%, 05/25/37 | 5946 | 2442 |
| Alternative Loan Trust 2007-Oa7 |  |  |
| Series 2007-A1A-OA7, REMIC, 4.05%, (1 Month Term SOFR + 0.47%), 05/25/47 (a) (m) (n) | 119 | 110 |
| AMSR Trust |  |  |
| Series 2021-E1-SFR2, REMIC, 2.48%, 08/19/26 | 3000 | 2953 |
| Series 2021-E2-SFR2, REMIC, 2.58%, 08/19/26 | 2500 | 2459 |
| Series 2021-F1-SFR2, REMIC, 3.28%, 08/19/26 | 3000 | 2961 |
| Series 2021-F2-SFR2, REMIC, 3.67%, 08/19/26 | 2000 | 1977 |
| Anthelion CLO 2025-1 Ltd |  |  |
| Series 2025-A1-1A, REMIC, 5.81%, (3 Month Term SOFR + 1.50%), 07/21/36 (a) | 1000 | 1001 |
| Apidos CLO XLIII Ltd |  |  |
| Series 2022-A1R-39A, 5.12%, (3 Month Term SOFR + 1.23%), 10/21/38 (a) | 500 | 500 |
| AREIT 2024-CRE9 Ltd |  |  |
| Series 2024-B-CRE9, 6.29%, (1 Month Term SOFR + 2.54%), 02/20/29 (a) (m) | 1820 | 1815 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.12%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 2290 | 2288 |
| Argent Securities Inc. |  |  |
| Series 2006-A2C-W2, REMIC, 1.26%, (1 Month Term SOFR + 0.69%), 03/25/36 (a) (m) (n) | 10282 | 5562 |
| Argent Securities Trust 2006-M1 |  |  |
| Series 2006-A2C-M1, REMIC, 0.90%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (m) (n) | 12876 | 3372 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-C-1A, 5.28%, 04/15/31 | 1700 | 1701 |
| Bain Capital Credit CLO 2023-2, Limited |  |  |
| Series 2023-A1R-2A, 5.20%, (3 Month Term SOFR + 1.32%), 07/18/38 (a) | 2000 | 2005 |
| Bain Capital Credit CLO 2024-4 Ltd |  |  |
| Series 2024-D1-4A, 6.96%, (3 Month Term SOFR + 3.10%), 10/23/37 (a) | 500 | 503 |
| Balboa Bay Loan Funding 2025-2 Ltd |  |  |
| Series 2025-A1-2A, 4.91%, (3 Month Term SOFR + 1.25%), 01/20/39 (a) | 1000 | 1000 |
| BAMLL Commercial Mortgage Securities Trust 2016-ISQR |  |  |
| Series 2016-C-ISQ, REMIC, 3.61%, 08/14/26 (a) | 3125 | 1629 |
| Banc of America Funding Corp |  |  |
| Series 2005-4A1-A, REMIC, 4.98%, 02/20/35 (a) | 174 | 165 |
| Bank 2019-BNK23 |  |  |
| Series 2019-A3-BN23, REMIC, 2.92%, 11/16/29 | 2331 | 2206 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A3-BN26, REMIC, 2.16%, 01/17/30 | 2000 | 1848 |
| Bank 2021-BNK37 |  |  |
| Series 2021-C-BN37, REMIC, 3.11%, 11/18/31 (a) | 2121 | 1685 |
| Bank 2021-BNK38 |  |  |
| Series 2021-A5-BN38, REMIC, 2.52%, 12/15/31 | 3800 | 3371 |
| Bank 2022-BNK39 |  |  |
| Series 2022-E-BNK39, REMIC, 2.50%, 01/16/32 | 900 | 605 |
| Series 2022-AS-BNK39, REMIC, 3.18%, 01/16/32 | 2280 | 2072 |
| Bank of America Corporation |  |  |
| Series 2005-A1-D, REMIC, 5.28%, 05/25/35 (a) | 1493 | 1428 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-AS-5YR10, REMIC, 5.64%, 10/17/29 | 2368 | 2433 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-A3-5YR9, REMIC, 5.61%, 08/15/29 | 2363 | 2459 |
| Bank5 2025-5YR16 |  |  |
| Series 2025-AS-5YR19, REMIC, 5.61%, 12/17/30 | 1891 | 1953 |
| Bayswater Park CLO, Ltd. |  |  |
| Series 2023-A1R-1A, 4.88%, (3 Month Term SOFR + 1.21%), 01/20/39 (a) | 2000 | 2000 |
| BBCMS Mortgage Trust 2019-C3 |  |  |
| Series 2019-C-C3, REMIC, 4.18%, 05/17/29 | 2600 | 2323 |
| BBCMS Mortgage Trust 2020-C8 |  |  |
| Series 2020-A5-C8, REMIC, 2.04%, 10/18/30 | 1275 | 1135 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Series 2021-A5-C12, REMIC, 2.69%, 11/18/31 | 3157 | 2830 |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Series 2021-A5-C9, REMIC, 2.30%, 02/18/31 | 2916 | 2625 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Series 2022-A5-C17, REMIC, 4.44%, 08/17/32 | 3037 | 2999 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A3-5C29, REMIC, 5.21%, 09/17/29 | 2369 | 2434 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2025-A3-5C34, REMIC, 5.66%, 04/15/30 | 1593 | 1667 |
| BCAP LLC 2010-RR11-II Trust |  |  |
| Series 2010-5A3-RR11, REMIC, 4.98%, 03/27/47 (a) | 3559 | 3006 |
| BCAP LLC 2011-RR4-II Trust |  |  |
| Series 2011-8A1-RR4, REMIC, 5.25%, 02/26/36 (a) | 458 | 175 |
| BCAP LLC Trust 2007-AA2 |  |  |
| Series 2007-11A-AA2, REMIC, 4.45%, (1 Month Term SOFR + 0.49%), 05/25/47 (a) (m) (n) | 1072 | 1173 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.46%, 03/26/37 (a) (n) | 28 | 27 |
| Series 2011-9A1-RR5, REMIC, 5.25%, 05/25/37 | 2978 | 1309 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BDS 2022-FL11 LLC |  |  |
| Series 2022-B-FL11, 6.08%, (1 Month Term SOFR + 2.35%), 03/19/39 (a) | 2230 | 2235 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-23A1-4, REMIC, 5.41%, 05/25/35 (a) | 48 | 46 |
| Series 2005-22A1-7, REMIC, 4.79%, 09/25/35 (a) | 57 | 31 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2000-A1-2, REMIC, 4.81%, 11/25/30 (a) |  |  |
| Series 2002-1A1-11, REMIC, 6.13%, 02/25/33 (a) |  |  |
| Series 2003-6A1-1, REMIC, 6.37%, 04/25/33 (a) | 2 | 2 |
| Series 2003-4A1-8, REMIC, 6.21%, 01/25/34 (a) | 26 | 26 |
| Series 2004-2A1-8, REMIC, 5.51%, 11/25/34 (a) | 84 | 75 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-1A1-R6, REMIC, 4.99%, 01/26/36 (a) | 125 | 87 |
| Series 2007-2A1-R6, REMIC, 4.51%, 12/26/46 (a) | 106 | 84 |
| Benchmark 2019-B13 Mortgage Trust |  |  |
| Series 2019-A3-B13, REMIC, 2.70%, 08/17/29 | 1000 | 949 |
| Benchmark 2021-B30 Mortgage Trust |  |  |
| Series 2021-A5-B30, REMIC, 2.58%, 11/18/31 | 1654 | 1483 |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-A5-B31, REMIC, 2.67%, 12/17/31 | 1450 | 1298 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-AS-B32, REMIC, 3.41%, 01/16/32 (a) | 2300 | 2003 |
| Benchmark 2023-B38 Mortgage Trust |  |  |
| Series 2023-A4-B38, REMIC, 5.52%, 02/17/33 | 1650 | 1720 |
| Benchmark 2024-V10 Mortgage Trust |  |  |
| Series 2024-A3-V10, REMIC, 5.28%, 09/17/29 | 2400 | 2468 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-A3-V11, REMIC, 5.91%, 10/17/29 (a) | 1964 | 2062 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A2-V8, REMIC, 5.71%, 05/17/29 (a) | 2386 | 2476 |
| Series 2024-A3-V8, REMIC, 6.19%, 06/15/29 (a) | 1963 | 2073 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 2361 | 2451 |
| Benchmark 2025-V15 Mortgage Trust |  |  |
| Series 2025-AS-V15, REMIC, 6.17%, 05/15/30 | 1306 | 1370 |
| Benchmark 2025-V18 Mortgage Trust |  |  |
| Series 2025-AS-V18, REMIC, 5.59%, 10/18/30 (a) | 1922 | 1979 |
| Benchmark 2025-V19 Mortgage Trust |  |  |
| Series 2025-B-V19, REMIC, 5.90%, 12/16/30 (a) | 707 | 730 |
| Benefit Street Partners CLO 42 Ltd |  |  |
| Series 2025-D1-42A, 6.77%, (3 Month Term SOFR + 2.70%), 10/25/38 (a) | 500 | 501 |
| Benefit Street Partners CLO 46 Ltd |  |  |
| Series 2025-A-46A, 0.00%, (3 Month Term SOFR + 1.21%), 01/25/39 (a) | 1000 | 1000 |
| Bluemountain CLO XXIII LLC |  |  |
| Series 2018-D1R-23A, 7.73%, (3 Month Term SOFR + 3.85%), 07/20/37 (a) | 2000 | 2003 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-A3-5C6, REMIC, 5.32%, 09/17/29 | 2367 | 2437 |
| BMO 2024-5C7 Mortgage Trust |  |  |
| Series 2024-AS-5C7, REMIC, 5.89%, 11/19/57 (a) | 1563 | 1606 |
| BRAVO Residential Funding Trust 2023-NQM5 |  |  |
| Series 2023-A1-NQM5, REMIC, 6.51%, 06/25/63 (m) | 5987 | 6017 |
| BSPRT 2023-FL10 Issuer LLC |  |  |
| Series 2023-B-FL10, 7.02%, (1 Month Term SOFR + 3.27%), 08/15/28 (a) (m) | 2500 | 2505 |
| BX Trust |  |  |
| Series 2025-C-ARIA, REMIC, 5.52%, 12/13/30 (a) | 851 | 858 |
| Campbellsville Independent School District |  |  |
| Series 2018-DR-27A, 7.95%, (3 Month Term SOFR + 4.09%), 01/25/35 (a) | 2500 | 2494 |
| Canyon Capital CLO 2019-2 Ltd |  |  |
| Series 2019-DR2-2A, 7.17%, (3 Month Term SOFR + 2.85%), 10/15/34 (a) | 1000 | 993 |
| Canyon CLO 2021-3, Ltd. |  |  |
| Series 2021-DR-3A, 6.92%, (3 Month Term SOFR + 0.00%), 07/15/34 (a) | 1000 | 995 |
| Carlyle US CLO 2018-4 LTD |  |  |
| Series 2018-D1R-4A, 6.98%, (3 Month Term SOFR + 3.10%), 10/19/37 (a) | 500 | 502 |
| Carlyle US CLO 2019-4 LTD |  |  |
| Series 2019-A2R-4A, 5.65%, (3 Month Term SOFR + 1.75%), 04/15/35 (a) | 1000 | 1002 |
| Carlyle US CLO 2021-8 LTD |  |  |
| Series 2021-A1R-8A, REMIC, 5.25%, (3 Month Term SOFR + 0.00%), 10/15/38 (a) | 3000 | 3005 |
| Carlyle US CLO 2025-5 LTD |  |  |
| Series 2025-D1-5A, 6.33%, (3 Month Term SOFR + 2.60%), 01/18/39 (a) | 1000 | 1001 |
| Carvana Auto Receivables Trust 2024-P3 |  |  |
| Series 2024-A4-P3, 4.31%, 05/10/29 | 1500 | 1503 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (m) | 464 | 458 |
| Cathedral Lake VIII, Ltd. |  |  |
| Series 2021-D1-8A, 7.57%, (3 Month Term SOFR + 3.68%), 01/22/35 (a) | 1000 | 1000 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF2-CB1, REMIC, 0.81%, 01/25/37 (a) (m) (n) | 2458 | 674 |
| CF 2019-CF1 Mortgage Trust |  |  |
| Series 2019-65C-CF1, REMIC, 4.12%, 05/17/52 | 2737 | 274 |
| Chase Mortgage Finance Trust |  |  |
| Series 2005-1A1-A1, REMIC, 4.33%, 12/25/35 (a) | 23 | 22 |
| ChaseFlex Trust Series 2007-3 |  |  |
| Series 2007-1A1-3, REMIC, 5.00%, 07/25/37 | 342 | 112 |
| CIFC Funding 2019-III Ltd |  |  |
| Series 2019-D1R2-3A, 6.64%, (3 Month Term SOFR + 2.75%), 01/16/38 (a) | 500 | 501 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-D1R-5A, 7.07%, (3 Month Term SOFR + 2.75%), 01/15/38 (a) | 500 | 501 |
| CIFC Funding 2025-VII Ltd |  |  |
| Series 2025-D1-7A, 6.34%, (3 Month Term SOFR + 2.60%), 01/24/39 (a) | 1500 | 1501 |
| Citicorp Mortgage Securities Trust, Series 2007-2 |  |  |
| Series 2007-1A3-2, REMIC, 6.00%, 02/25/37 | 555 | 512 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Series 2018-A3-B2, REMIC, 3.74%, 01/12/28 | 2766 | 2739 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Series 2019-B-GC41, REMIC, 3.20%, 08/10/29 | 1762 | 1561 |
| Citigroup Mortgage Loan Trust 2007-FS1 |  |  |
| Series 2007-1A1-FS1, REMIC, 4.36%, 10/25/37 (a) (m) | 1415 | 1380 |
| Citigroup Mortgage Loan Trust 2018-RP1 |  |  |
| Series 2018-M3-RP1, REMIC, 3.00%, 09/25/64 (a) | 1500 | 1284 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.75%, 02/25/62 (a) | 357 | 345 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2005-1A3A-8, REMIC, 4.57%, 10/25/35 (a) | 349 | 423 |
| Series 2005-A2A-11, REMIC, 6.61%, (1 Year Treasury + 2.40%), 10/25/35 (a) (n) | 6 | 6 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 2.62%, (1 Month Term SOFR + 0.17%), 07/25/45 (a) (m) (n) | 201 | 140 |
| CLI Funding IX LLC |  |  |
| Series 2025-A-1A, 5.35%, 06/22/37 | 1424 | 1436 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| COLT 2020-RPL1 Trust |  |  |
| Series 2020-1-RPL, REMIC, 2.88%, 01/25/65 | 4257 | 3222 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Series 2015-C-DC1, REMIC, 4.29%, 02/12/48 (a) | 200 | 180 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2002-A-P1A, REMIC, 4.89%, 03/25/32 (a) | 9 | 9 |
| Crown City CLO I |  |  |
| Series 2020-A1RR-1A, 5.43%, (3 Month Term SOFR + 1.37%), 07/20/38 (a) | 1000 | 1002 |
| CSMC 2021-B33 |  |  |
| Series 2021-B-B33, REMIC, 3.64%, 10/10/31 (a) | 2810 | 2515 |
| CSMC 2022-RPL4 Trust |  |  |
| Series 2022-A1-RPL4, REMIC, 3.90%, 04/25/62 (a) | 6426 | 6213 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A4-6, REMIC, 6.00%, 07/25/36 | 1250 | 548 |
| CSMC Series 2010-18R |  |  |
| Series 2010-4A4-18R, REMIC, 3.50%, 04/27/38 (a) | 134 | 132 |
| CSMC Trust 2017-CALI |  |  |
| Series 2017-F-CALI, REMIC, 3.90%, 11/12/32 (a) | 5200 | 130 |
| CWABS, Inc. |  |  |
| Series 2004-M1-3, REMIC, 4.82%, (1 Month Term SOFR + 0.86%), 06/25/34 (a) (m) (n) | 2 | 2 |
| Series 2005-3A2A-HYB9, REMIC, 4.61%, (12 Month Term SOFR + 2.47%), 02/20/36 (a) | 7 | 6 |
| CWMBS, Inc. |  |  |
| Series 2004-A14-19, REMIC, 5.50%, 10/25/34 | 963 | 960 |
| Series 2004-A2-HYB6, REMIC, 5.38%, 11/21/34 (a) | 171 | 166 |
| Series 2004-A3-22, REMIC, 4.79%, 11/25/34 (a) | 65 | 61 |
| Series 2004-1A1-HYB9, REMIC, 5.08%, 02/20/35 (a) | 9 | 9 |
| Series 2005-1A13-26, REMIC, 5.50%, 11/25/35 | 2656 | 1521 |
| Series 2005-A1-29, REMIC, 5.75%, 12/25/35 | 860 | 392 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2023-B-1A, 5.45%, 04/20/28 | 1744 | 1733 |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 3000 | 2927 |
| DataBank Issuer II LLC |  |  |
| Series 2025-A2-1A, 5.18%, 10/25/28 | 1500 | 1484 |
| Databank Issuer, LLC |  |  |
| Series 2021-A2-1A, 2.06%, 02/25/26 | 2000 | 1991 |
| Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-RAMP1 |  |  |
| Series 2006-A6-AR6, REMIC, 3.36%, (1 Month Term SOFR + 0.49%), 02/25/37 (a) (m) (n) | 4221 | 3690 |
| Domino's Pizza, Inc. |  |  |
| Series 2025-A2II-1A, 5.22%, 07/25/32 | 1500 | 1518 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-DR3-43A, REMIC, 7.40%, (3 Month Term SOFR + 3.51%), 04/20/34 (a) | 1000 | 996 |
| Dryden 60 CLO, Ltd. |  |  |
| Series 2018-D-60A, 7.17%, (3 Month Term SOFR + 3.26%), 07/15/31 (a) | 2000 | 2003 |
| Extenet Issuer, LLC |  |  |
| Series 2025-B-1A, 5.70%, 07/25/29 | 1500 | 1518 |
| First Horizon Alternative Mortgage Securities Trust 2007-FA4 |  |  |
| Series 2007-1A10-FA4, REMIC, 6.25%, 08/25/37 | 7813 | 2488 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2005-2A1-AR4, REMIC, 4.65%, 10/25/35 (a) | 166 | 148 |
| Series 2005-4A1-AR6, REMIC, 5.19%, 02/25/36 (a) | 37 | 35 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 3420 | 3310 |
| Generate CLO 12 Ltd |  |  |
| Series 2023-AR-12A, 4.23%, (3 Month Term SOFR + 1.33%), 07/20/38 (a) | 2000 | 2004 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 420 | 403 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 440 | 364 |
| GreenSky Home Improvement Issuer Trust 2025-3 |  |  |
| Series 2025-D-3A, 5.15%, 12/27/60 | 1500 | 1499 |
| GS Mortgage Securities Corp II |  |  |
| Series 2023-A-SHIP, REMIC, 4.32%, 09/11/26 (a) | 2300 | 2297 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-C-RIVR, REMIC, 5.30%, (1 Month Term SOFR + 1.55%), 07/16/35 (a) (m) | 1898 | 19 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-2A1-AR6, REMIC, 4.95%, 09/25/35 (a) | 59 | 56 |
| Series 2005-6A1-AR7, REMIC, 4.12%, 11/25/35 (a) | 20 | 18 |
| GS Mortgage Securities Trust 2015-GC32 |  |  |
| Series 2015-D-GC32, REMIC, 3.35%, 07/10/48 | 37 | 37 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Series 2016-WMB-GS3, REMIC, 3.60%, 09/14/26 (a) | 4000 | 3653 |
| GSAMP Trust 2006-HE4 |  |  |
| Series 2006-A1-HE4, REMIC, 3.52%, (1 Month Term SOFR + 0.39%), 06/25/36 (a) (m) (n) | 302 | 297 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-1A1-OA1, REMIC, 2.96%, (1 Month Term SOFR + 0.55%), 08/25/46 (a) (m) (n) | 15461 | 3114 |
| HarborView Mortgage Loan Trust |  |  |
| Series 2005-2A1A-2, REMIC, 2.36%, (1 Month Term SOFR + 0.55%), 05/19/35 (a) (m) (n) | 24 | 23 |
| Series 2005-3A1-4, REMIC, 4.74%, 07/19/35 (a) | 191 | 141 |
| Hardee's Funding LLC |  |  |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 4638 | 4623 |
| HOMES Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 6.46%, 02/25/68 (m) | 3840 | 3849 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (e) (m) | 1032 | 991 |
| Series 2024-A-I, 5.38%, 09/15/31 (m) | 1875 | 1881 |
| HSI Asset Securitization Corporation |  |  |
| Series 2006-1A1-HE1, REMIC, 1.10%, (1 Month Term SOFR + 0.39%), 10/25/36 (a) (m) (n) | 5144 | 1449 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A3-NC1, REMIC, 2.77%, (1 Month Term SOFR + 0.29%), 04/25/37 (a) (m) (n) | 326 | 212 |
| Hyundai Auto Receivables Trust 2024-C |  |  |
| Series 2024-C-C, 4.86%, 10/15/28 | 1150 | 1162 |
| ICG US CLO 2023-1 I Ltd |  |  |
| Series 2023-AR-1A, 5.26%, (3 Month Term SOFR + 1.38%), 07/18/38 (a) | 1000 | 1003 |
| Imperial Fund Mortgage Trust 2021-NQM4 |  |  |
| Series 2021-M1-NQM4, REMIC, 3.45%, 01/25/57 (a) | 3000 | 2384 |
| IndyMac Bancorp, Inc. |  |  |
| Series 2001-A2-H2, REMIC, 5.65%, 01/25/32 (a) |  |  |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A3-AR11, REMIC, 3.66%, 08/25/35 (a) | 682 | 517 |
| Series 2005-1A1-AR31, REMIC, 3.53%, 01/25/36 (a) | 134 | 121 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-1A2-S3, REMIC, 5.75%, 01/25/36 | 52 | 23 |
| Series 2006-3A1-S1, REMIC, 5.50%, 04/25/36 | 4 | 4 |
| J.P. Morgan Mortgage Trust 2025-VIS2 |  |  |
| Series 2025-M1-VIS2, REMIC, 6.20%, 06/25/29 (a) | 4943 | 4983 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Interest Only, Series 2017-XA-C7, REMIC, 0.82%, 10/17/50 (a) | 76321 | 869 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LCM 28 Ltd |  |  |
| Series D-28A, 7.10%, (3 Month Term SOFR + 3.21%), 10/21/30 (a) | 1000 | 986 |
| LCM XIV Limited Partnership |  |  |
| Series DR-14A, 6.90%, (3 Month Term SOFR + 3.01%), 07/21/31 (a) (e) | 2000 | 2003 |
| LCM XV LP |  |  |
| Series DR-15A, 7.85%, (3 Month Term SOFR + 3.96%), 07/22/30 (a) | 2065 | 2072 |
| Lehman Mortgage Trust 2006-3 |  |  |
| Series 2006-1A1-6, REMIC, 4.35%, (1 Month Term SOFR + 0.61%), 09/25/36 (a) | 11387 | 2848 |
| Lehman XS Trust Series 2006-12N |  |  |
| Series 2006-2A1A-12N, REMIC, 4.30%, (1 Month Term SOFR + 0.46%), 08/25/46 (a) (m) (n) | 2038 | 2057 |
| Lehman XS Trust, Series 2007-2N |  |  |
| Series 2007-3A3-2N, REMIC, 1.46%, (1 Month Term SOFR + 0.28%), 02/25/37 (a) (m) (n) | 3106 | 2637 |
| LMRK Issuer Co. 2 LLC |  |  |
| Series 2025-A-1A, 5.52%, 09/16/30 | 2500 | 2523 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-C-CRE5, REMIC, 6.21%, (1 Month Term SOFR + 2.46%), 07/15/36 (a) | 2000 | 2001 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.14%, (1 Month Term SOFR + 1.39%), 11/01/29 (a) (m) | 2290 | 2290 |
| Luminace Abs-2024 Issuer LLC |  |  |
| Series 2024-A-1, 5.87%, 10/30/31 | 945 | 958 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (e) (m) | 1254 | 1235 |
| Marble Point CLO XXI LTD |  |  |
| Series 2021-D1-3A, 7.64%, (3 Month Term SOFR + 3.76%), 10/17/34 (a) | 2000 | 1981 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2003-M3-OPT1, 1.60%, (1 Month Term SOFR + 4.24%), 12/25/32 (a) (m) (n) | 400 | 388 |
| MASTR Asset Backed Securities Trust 2007-HE2 |  |  |
| Series 2007-A1-HE2, REMIC, 2.76%, (1 Month Term SOFR + 1.26%), 08/25/37 (a) (m) (n) | 3306 | 2890 |
| MASTR Asset Backed Securities Trust 2007-WMC1 |  |  |
| Series 2007-A2-WMC1, REMIC, 0.88%, (1 Month Term SOFR + 0.16%), 01/25/37 (a) (m) (n) | 263 | 64 |
| MASTR Asset Securitization Trust 2006-2 |  |  |
| Series 2006-1A13-2, REMIC, 6.00%, 06/25/36 | 1211 | 694 |
| Series 2006-1A10-2, REMIC, 6.00%, (1 Month Term SOFR + 6.00%), 06/25/36 (a) | 1030 | 590 |
| Mellon Residential Funding Corporation |  |  |
| Series 1999-A2-TBC3, REMIC, 4.76%, (1 Month Term SOFR + 0.60%), 10/20/29 (a) | 6 | 6 |
| Menlo CLO I Ltd |  |  |
| Series 2024-A1-1A, 5.30%, (3 Month Term SOFR + 1.42%), 01/20/38 (a) | 2000 | 2004 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-5A-3, REMIC, 4.57%, (1 Month Term SOFR + 0.61%), 11/25/35 (a) (m) | 11 | 11 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A-A3, REMIC, 5.84%, 05/25/33 (a) (n) | 43 | 41 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-B-FL7, 5.60%, (1 Month Term SOFR + 1.86%), 10/16/36 (a) | 1900 | 1887 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-AS-FL14, REMIC, 5.99%, (1 Month Term SOFR + 2.24%), 03/19/39 (a) | 2500 | 2505 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.05%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 2290 | 2286 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (m) | 3294 | 3317 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B2-1, REMIC, 3.67%, 09/25/30 (a) | 8210 | 7473 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 6.71%, (1 Month Term SOFR + 2.96%), 12/15/36 (a) | 3663 | 18 |
| Morgan Stanley Capital I Trust 2020-HR8 |  |  |
| Series 2020-A3-HR8, REMIC, 1.79%, 03/15/30 | 1337 | 1189 |
| Morgan Stanley Mortgage Loan Trust 2007-2AX |  |  |
| Series 2007-2A1-2AX, REMIC, 0.92%, (1 Month Term SOFR + 0.29%), 12/25/36 (a) (m) (n) | 9519 | 3258 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2005-A1-5, REMIC, 4.59%, (1 Month Term SOFR + 0.63%), 12/25/35 (a) (m) (n) | 455 | 448 |
| Mosaic Solar Loan Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 4.01%, 08/20/30 | 555 | 532 |
| Mosaic Solar Loan Trust 2019-2 |  |  |
| Series 2019-B-2A, REMIC, 3.28%, 05/20/32 | 422 | 383 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 639 | 576 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 799 | 709 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 725 | 609 |
| Mosaic Solar Loans 2017-2 LLC |  |  |
| Series 2017-A-2A, 3.82%, 01/22/30 | 2175 | 2058 |
| MP 2023 LLC |  |  |
| Series 2025-A-1A, 5.55%, 11/15/65 | 1995 | 1994 |
| Navigator Aviation Designated Activity Company |  |  |
| Series 2021-A-1, 2.77%, 11/15/28 (m) | 1945 | 1848 |
| Neuberger Berman CLO XVII Ltd |  |  |
| Series 2014-AR3-17A, 5.26%, (3 Month Term SOFR + 1.40%), 07/22/38 (a) | 1000 | 1002 |
| New Residential Mortgage Loan Trust 2020-NQM1 |  |  |
| Series 2020-M1-NQM1, REMIC, 3.21%, 01/25/60 (a) | 3600 | 3143 |
| NJ 2025-WBRK Mortgage Trust |  |  |
| Series 2025-A-WBRK, REMIC, 5.87%, 03/07/30 | 950 | 985 |
| NJ Trust 2023-GSP |  |  |
| Series 2023-A-GSP, REMIC, 6.48%, 01/12/29 (a) | 2350 | 2460 |
| NP SPE II LLC |  |  |
| Series 2017-A1-1A, 3.37%, 10/20/47 | 1525 | 1463 |
| OBX 2025-NQM11 Trust |  |  |
| Series 2025-M1-NQM11, REMIC, 6.15%, 05/25/65 (a) | 5000 | 5050 |
| Octagon Investment Partners 34 17 1A 144A |  |  |
| Series 2017-D-34, 6.65%, (3 Month Term SOFR + 2.76%), 01/22/30 (a) | 1000 | 1001 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-DR-1A, 7.50%, (3 Month Term SOFR + 3.61%), 01/20/35 (a) | 1000 | 960 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-DR-1A, 7.14%, (3 Month Term SOFR + 3.26%), 07/17/30 (a) | 500 | 501 |
| Option One Mortgage Loan Trust 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 3.30%, (1 Month Term SOFR + 0.88%), 08/25/35 (a) (m) (n) | 1773 | 1737 |
| Option One Mortgage Loan Trust 2007-6 |  |  |
| Series 2007-2A2-6, REMIC, 0.61%, (1 Month Term SOFR + 0.24%), 07/25/37 (a) (m) (n) | 551 | 342 |
| Option One Mortgage Loan Trust 2007-CP1 |  |  |
| Series 2007-2A2-CP1, REMIC, 2.44%, (1 Month Term SOFR + 0.23%), 03/25/37 (a) (m) (n) | 1003 | 979 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M4-WCW2, REMIC, 3.48%, (1 Month Term SOFR + 1.09%), 07/25/35 (a) (m) (n) | 5000 | 4336 |
| PRET 2024-NPL6, LLC |  |  |
| Series 2024-A1-NPL6, REMIC, 5.93%, 09/25/54 (m) | 10629 | 10635 |
| Pret 2025-NPL7 LLC |  |  |
| Series 2025-A1-NPL7, 5.66%, 07/25/55 (m) | 958 | 960 |
| Prime Mortgage Trust 2005-4 |  |  |
| Series 2004-1A2-CL1, REMIC, 4.25%, (1 Month Term SOFR + 0.51%), 02/25/34 (a) | 2 | 2 |
| Primrose Funding LLC |  |  |
| Series 2025-A2-1A, 6.46%, 07/30/32 (e) | 1496 | 1524 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E1-SFR3, REMIC, 2.54%, 05/19/26 | 12000 | 11884 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Progress Residential 2021-SFR6 Trust |  |  |
| Series 2021-E2-SFR6, REMIC, 2.53%, 07/17/26 | 1150 | 1133 |
| Series 2021-F-SFR6, REMIC, 3.42%, 07/17/26 | 2000 | 1978 |
| Progress Residential 2024-SFR2 Trust |  |  |
| Series 2024-A-SFR2, REMIC, 3.30%, 04/17/29 | 5836 | 5651 |
| PRPM 2025-5, LLC |  |  |
| Series 2025-A1-5, 5.73%, 07/25/30 (m) | 960 | 960 |
| RALI Series 2007-QS7 Trust |  |  |
| Series 2007-1A2-QS7, REMIC, 6.00%, 05/25/37 | 2118 | 1724 |
| RASC Series 2006-EMX9 Trust |  |  |
| Series 2006-1A3-EMX9, REMIC, 4.36%, (1 Month Term SOFR + 0.45%), 09/25/36 (a) (m) (n) | 704 | 659 |
| Renaissance Home Equity Loan Trust 2006-1 |  |  |
| Series 2006-AF5-1, REMIC, 6.17%, 05/25/36 (m) | 3374 | 1565 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-2, REMIC, 5.80%, 08/25/36 (a) (m) | 1983 | 699 |
| Renew 20172 |  |  |
| Series 2017-A-2A, 3.22%, 09/22/53 | 2341 | 2129 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A5-QS1, REMIC, 4.76%, (1 Month Term SOFR + 1.02%), 01/25/36 (a) | 3004 | 2393 |
| Series 2006-A21-QA1, REMIC, 5.07%, 01/25/36 (a) | 2811 | 2014 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (e) | 4000 | 3988 |
| Series 2023-B-1A, 5.75%, 09/15/28 (e) | 3000 | 2997 |
| Rockland Park Limited |  |  |
| Series 2021-A1R-1A, 5.18%, (3 Month Term SOFR + 1.30%), 07/20/38 (a) | 2000 | 2004 |
| Santander Mortgage Asset Receivable Trust 2025-NQM |  |  |
| Series 2025-M1-NQM6, 5.92%, 11/25/65 (a) | 6000 | 6017 |
| Scalelogix Abs Us Issuer LLC |  |  |
| Series 2025-B-1A, 6.16%, 07/25/30 | 2500 | 2511 |
| Securitized Asset Backed Receivables LLC Trust 2007-BR2 |  |  |
| Series 2007-A2-BR2, REMIC, 1.01%, (1 Month Term SOFR + 0.34%), 02/25/37 (a) (m) (n) | 12039 | 5031 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2A-HE1, REMIC, 0.33%, (1 Month Term SOFR + 0.23%), 12/25/36 (a) (m) (n) | 206 | 41 |
| SG Commercial Mortgage Securities Trust 2016-C5 |  |  |
| Series 2016-B-C5, REMIC, 3.93%, 06/12/26 | 2391 | 2307 |
| Interest Only, Series 2016-XA-C5, REMIC, 1.81%, 10/13/48 (a) | 24667 | 97 |
| SG Mortgage Securities Trust 2006-FRE2 |  |  |
| Series 2006-A2D-FRE2, REMIC, 0.50%, (1 Month Term SOFR + 0.57%), 07/25/36 (a) (m) (n) | 15752 | 2938 |
| SG Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-M1-1, REMIC, 2.50%, 07/25/61 (a) | 3258 | 2193 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 1348 | 1310 |
| Signal Rail I LLC |  |  |
| Series 2021-A-1, 2.23%, 08/18/51 | 826 | 768 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 4.58%, (1 Month Term SOFR + 0.83%), 03/15/28 (a) (e) | 359 | 357 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 10.20%, 05/25/30 (a) | 150 | 145 |
| Sofi Consumer Loan Program 2025-3 Trust |  |  |
| Series 2025-A-3, 4.47%, 08/25/34 | 892 | 895 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-DRRR-2A, 8.65%, (3 Month Term SOFR + 4.76%), 07/20/32 (a) | 1000 | 984 |
| Sound Point CLO XVIII Ltd |  |  |
| Series 2017-C-4A, 6.65%, (3 Month Term SOFR + 2.76%), 01/21/31 (a) | 1000 | 1001 |
| Sound Point CLO XX Ltd |  |  |
| Series 2018-C-2A, 6.07%, (3 Month Term SOFR + 2.21%), 07/26/31 (a) | 500 | 501 |
| Sound Point CLO XXIII |  |  |
| Series 2019-DR-2A, 7.47%, (3 Month Term SOFR + 3.56%), 07/17/34 (a) | 2000 | 1955 |
| Sound Point CLO XXXI Ltd |  |  |
| Series 2021-D-3A, 7.37%, (3 Month Term SOFR + 3.51%), 10/25/34 (a) | 1000 | 977 |
| Specialty Underwriting & Residential Finance Trust, Series 2007-AB1 |  |  |
| Series 2007-A2B-AB1, REMIC, 2.01%, (1 Month Term SOFR + 0.30%), 03/25/37 (a) (m) (n) | 5309 | 2714 |
| Sprite 2021-1 Limited |  |  |
| Series 2021-A-1, 3.75%, 10/15/28 (e) (m) | 918 | 895 |
| Start Ltd |  |  |
| Series 2018-A-1, 4.09%, 05/15/43 | 449 | 447 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-M1-INV1, REMIC, 3.06%, 09/25/49 (a) | 6721 | 6543 |
| Storm King Park CLO, Ltd |  |  |
| Series 2022-AR-1A, 5.26%, (3 Month Term SOFR + 1.36%), 10/15/37 (a) | 2200 | 2206 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2006-A4-1, REMIC, 4.58%, (1 Month Term SOFR + 0.73%), 01/25/36 (a) (m) (n) | 856 | 817 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2005-A3-AR5, REMIC, 4.57%, (1 Month Term SOFR + 0.61%), 07/19/35 (a) (m) (n) | 40 | 38 |
| Structured Asset Mortgage Investments II Trust 2007-AR2 |  |  |
| Series 2007-2A1-AR2, REMIC, 2.41%, (1 Month Term SOFR + 0.37%), 03/25/37 (a) (m) (n) | 227 | 79 |
| Structured Asset Mortgage Investments LLC |  |  |
| Series 2002-A1-AR3, REMIC, 4.70%, (1 Month Term SOFR + 0.77%), 09/19/32 (a) (m) (n) | 1 | 1 |
| Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC3 |  |  |
| Series 2006-A1-BC3, REMIC, 3.09%, (1 Month Term SOFR + 0.43%), 10/25/36 (a) (m) (n) | 2947 | 1972 |
| Subway Funding LLC |  |  |
| Series 2024-A23-1A, 6.51%, 07/30/34 | 1980 | 2046 |
| Sunnova Helios VII Issuer, LLC |  |  |
| Series 2021-C-C, 2.63%, 10/20/28 | 2940 | 1416 |
| Sunrun Atlas Issuer 2019-2, LLC |  |  |
| Series 2019-A-2, 3.61%, 11/01/27 | 2421 | 2328 |
| Switch ABS Issuer, LLC |  |  |
| Series 2024-B-1A, 6.50%, 03/25/29 | 2000 | 2031 |
| Series 2024-A2-2A, 5.44%, 06/25/54 | 2640 | 2643 |
| Symphony CLO XVI, Ltd |  |  |
| Series 2015-DR-16A, 7.22%, (3 Month Term SOFR + 3.31%), 10/15/31 (a) | 1000 | 1001 |
| Tailwind 2019-1 Limited |  |  |
| Series 2019-A-1, 3.97%, 12/15/26 (m) | 2059 | 2011 |
| Thayer Park CLO, Ltd. |  |  |
| Series 2017-CR-1A, 6.95%, (3 Month Term SOFR + 3.06%), 04/20/34 (a) | 1000 | 991 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 3010 | 2748 |
| Trestles CLO 2017-1, Ltd. |  |  |
| Series 2021-AR1-4A, 5.07%, (3 Month Term SOFR + 1.28%), 11/01/38 (a) | 3000 | 3002 |
| Trestles CLO VI Ltd |  |  |
| Series 2023-A1R-6A, 5.04%, (3 Month Term SOFR + 1.18%), 04/26/38 (a) | 1000 | 998 |
| Trestles CLO VIII Ltd |  |  |
| Series 2025-A1-8A, 5.64%, (3 Month Term SOFR + 1.33%), 06/11/35 (a) | 1000 | 1002 |
| Tricon Residential 2025-SFR2 Trust |  |  |
| Series 2025-A-SFR2, 5.20%, 07/31/44 | 5394 | 5474 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-D-3A, 7.93%, (3 Month Term SOFR + 4.04%), 01/18/35 (a) | 2250 | 2253 |
| Trinity Rail Leasing 2018 LLC |  |  |
| Series 2020-A-1A, 1.96%, 10/17/50 | 1493 | 1421 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| U.S. Auto Funding Trust 2021-1 |  |  |
| Series 2021-C-1A, 2.20%, 05/15/26 | 1316 | 1093 |
| UBS Commercial Mortgage Trust 2017-C4 |  |  |
| Series 2017-A3-C4, REMIC, 3.30%, 08/17/27 | 478 | 471 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-B-C7, REMIC, 4.29%, 01/18/28 (a) | 2000 | 1916 |
| UBS Commercial Mortgage Trust 2018-C8 |  |  |
| Series 2018-A3-C8, REMIC, 3.72%, 01/18/28 | 1419 | 1407 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-C-C5, REMIC, 3.76%, 03/12/46 (a) | 2351 | 2156 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 769 | 767 |
| Upstart Securitization Trust 2025-4 |  |  |
| Series 2025-A2-4, 4.83%, 11/20/26 | 2300 | 2304 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2020-A2-2A, 1.99%, 09/15/27 | 250 | 238 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-M1-R2, REMIC, 2.24%, 02/25/64 | 3017 | 2838 |
| Voya CLO 2018-2 Ltd |  |  |
| Series 2018-D-2A, 6.92%, (3 Month Term SOFR + 3.01%), 07/15/31 (a) | 1000 | 1000 |
| Voya CLO 2023-1 Ltd |  |  |
| Series 2023-A1R-1A, 4.92%, (3 Month Term SOFR + 1.21%), 01/20/39 (a) | 500 | 500 |
| Warwick Capital CLO 6 Ltd |  |  |
| Series 2025-A1-6A, 5.73%, (3 Month Term SOFR + 1.43%), 07/20/38 (a) | 2000 | 2006 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2004-A5-5, REMIC, 4.14%, (1 Month Term SOFR + 1.23%), 09/25/34 (a) (m) (n) | 9 | 9 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR17 Trust |  |  |
| Series 2002-1A-AR17, REMIC, 4.52%, (12 Month Treasury Average + 1.20%), 11/25/42 (a) (n) | 8 | 7 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2005-1A3A-AR18, REMIC, 4.63%, 01/25/36 (a) | 104 | 95 |
| Series 2005-A1A1-AR13, REMIC, 4.28%, (1 Month Term SOFR + 0.69%), 10/25/45 (a) (m) (n) | 13 | 12 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1 Trust |  |  |
| Series 2007-3A3-HY1, REMIC, 4.02%, 02/25/37 (a) | 698 | 625 |
| Series 2007-4A1-HY1, REMIC, 4.13%, 02/25/37 (a) | 71 | 65 |
| Washington Mutual Mortgage Pass-Through Certificates Wmalt Series 2006-Ar9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 3.47%, (12 Month Treasury Average + 0.83%), 11/25/46 (a) (m) | 1088 | 975 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8 Trust |  |  |
| Series 2006-3A3-AR8, REMIC, 4.25%, 08/25/36 (a) | 705 | 659 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY7 Trust |  |  |
| Series 2007-2A3-HY7, REMIC, 3.88%, 07/25/37 (a) | 121 | 114 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2002-2A2-AR1, REMIC, 5.90%, 02/25/31 (a) |  |  |
| Series 2002-1A-AR9, REMIC, 5.40%, (12 Month Treasury Average + 1.40%), 08/25/42 (a) (n) | 10 | 10 |
| WAVE 2019-1 LLC |  |  |
| Series 2019-A-1, 3.60%, 09/15/27 | 1332 | 1299 |
| Wells Fargo Alternative Loan 2007-PA6 Trust |  |  |
| Series 2007-A1-PA6, REMIC, 5.90%, 12/25/37 (a) | 319 | 289 |
| Wells Fargo Commercial Mortgage Trust 2017-C41 |  |  |
| Series 2017-B-C41, REMIC, 4.19%, 11/17/27 (a) | 1643 | 1580 |
| Wells Fargo Commercial Mortgage Trust 2018-C43 |  |  |
| Interest Only, Series 2018-XA-C43, REMIC, 0.57%, 03/17/51 (a) | 58208 | 608 |
| Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
| Series 2019-C-C50, REMIC, 4.35%, 04/17/29 | 2200 | 1949 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-B-C55, REMIC, 3.14%, 02/15/30 | 1034 | 940 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Series 2020-A3-C58, REMIC, 1.81%, 09/17/30 | 2728 | 2455 |
| Wells Fargo Commercial Mortgage Trust 2021-C60 |  |  |
| Series 2021-A3-C60, REMIC, 2.06%, 04/15/31 | 1611 | 1458 |
| Wells Fargo Commercial Mortgage Trust 2021-C61 |  |  |
| Series 2021-A3-C61, REMIC, 2.41%, 10/17/31 | 1000 | 885 |
| Wells Fargo Commercial Mortgage Trust 2025-5C4 |  |  |
| Series 2025-A3-5C4, REMIC, 5.67%, 05/15/30 | 1950 | 2039 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 |  |  |
| Series 2025-B-5C7, REMIC, 5.86%, 11/18/30 | 1904 | 1961 |
| Wells Fargo Mortgage Backed Securities 2007-15 Trust |  |  |
| Series 2007-A1-15, REMIC, 6.00%, 11/25/37 | 1236 | 1162 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (m) | 3480 | 3349 |
| Wind River 2014-2 CLO Ltd. |  |  |
| Series 2014-DR-2A, 7.07%, (3 Month Term SOFR + 3.16%), 01/15/31 (a) | 1000 | 1001 |
| Series 2014-ER-2A, 9.92%, (3 Month Term SOFR + 6.01%), 01/15/31 (a) | 1000 | 870 |
| Wind River 2021-1 CLO Ltd |  |  |
| Series 2021-D1R-1A, 7.83%, (3 Month Term SOFR + 3.95%), 07/20/37 (a) | 500 | 504 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $590,583) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $590,583) | 528422 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.4%** | **SENIOR FLOATING RATE INSTRUMENTS 2.4%** | **SENIOR FLOATING RATE INSTRUMENTS 2.4%** |
| **Industrials 0.8%** | **Industrials 0.8%** | **Industrials 0.8%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.85%, (1 Month Term SOFR + 3.00%), 07/31/28 (a) | 363 | 364 |
| 2024 1st Lien Term Loan B, 6.87%, (1 Month Term SOFR + 3.00%), 07/31/28 (a) | 242 | 242 |
| Air Comm Corporation, LLC |  |  |
| 2025 Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 7 | 7 |
| 2025 Term Loan, 6.57%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 277 | 278 |
| 2025 Term Loan, 6.67%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 219 | 220 |
| AllSpring Buyer LLC |  |  |
| 2024 Term Loan B, 6.81%, (3 Month Term SOFR + 2.75%), 11/01/30 (a) | 709 | 712 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.13%, (3 Month Term SOFR + 2.25%), 04/20/28 (a) | 275 | 275 |
| 2025 Term Loan B, 7.13%, (3 Month Term SOFR + 3.25%), 05/09/32 (a) | 264 | 265 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 120 | 120 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 12/26/30 (a) | 677 | 669 |
| BradyPlus Holdings LLC |  |  |
| 2025 Term Loan B, 7.19%, (3 Month Term SOFR + 3.50%), 12/11/32 (a) | 40 | 40 |
| Brown Group Holding, LLC |  |  |
| 2022 Incremental Term Loan B2, 6.57%, (3 Month Term SOFR + 2.75%), 06/09/29 (a) | 38 | 38 |
| 2022 Incremental Term Loan B2, 6.59%, (3 Month Term SOFR + 2.75%), 06/09/29 (a) | 59 | 59 |
| 2022 Incremental Term Loan B2, 6.67%, (1 Month Term SOFR + 2.75%), 06/09/29 (a) | 28 | 28 |
| Term Loan, 0.00%, (SOFR + 2.50%), 07/01/31 (a) (o) | 40 | 40 |
| Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 07/01/31 (a) | 284 | 286 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| Term Loan B, 7.09%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) | 305 | 305 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 5.87%, (SOFR + 1.75%), 06/12/32 (a) | 698 | 697 |
| Construction Partners Inc. |  |  |
| Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 10/30/31 (a) | 351 | 354 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 7.10%, (1 Month Term SOFR + 3.25%), 04/12/28 (a) | 190 | 148 |
| 2024 Term Loan B, 8.25%, (1 Month Term SOFR + 4.50%), 05/05/31 (a) | 54 | 38 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 5.67%, (1 Month Term SOFR + 1.75%), 04/28/28 (a) | 79 | 79 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 457 | 458 |
| CPPIB OVM Member US LLC |  |  |
| Term Loan B, 6.50%, (3 Month Term SOFR + 2.50%), 08/07/31 (a) | 212 | 214 |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 6.59%, (1 Month Term SOFR + 2.75%), 09/17/32 (a) | 105 | 105 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2025 Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 07/01/32 (a) | 650 | 650 |
| 2025 2nd Lien Term Loan, 9.42%, (1 Month Term SOFR + 5.50%), 07/24/33 (a) | 55 | 55 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 5.92%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 208 | 209 |
| 2024 1st Lien Term Loan B2, 5.92%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 79 | 79 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 08/16/28 (a) | 128 | 113 |
| Edelman Financial Center, LLC |  |  |
| 2024 2nd Lien Term Loan, 9.17%, (1 Month Term SOFR + 5.25%), 10/23/28 (a) | 130 | 130 |
| Eisner Advisory Group LLC |  |  |
| 2024 Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 02/24/31 (a) | 383 | 385 |
| Element Materials Technology Group US Holdings Inc |  |  |
| 2022 USD Term Loan, 7.68%, (3 Month Term SOFR + 3.67%), 04/12/29 (a) | 405 | 408 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.12%, (6 Month Term SOFR + 2.25%), 06/18/31 (a) | 223 | 224 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 6.97%, (1 Month Term SOFR + 3.25%), 01/13/29 (a) (j) | 410 | 409 |
| Fortrea Holdings Inc. |  |  |
| Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 06/12/30 (a) | 23 | 22 |
| Garda World Security Corporation |  |  |
| 2025 Term Loan B, 6.75%, (1 Month Term SOFR + 3.00%), 02/01/29 (a) | 413 | 414 |
| GBT US III LLC |  |  |
| 2025 Term Loan B1, 6.36%, (3 Month Term SOFR + 2.50%), 07/28/31 (a) | 238 | 238 |
| GC Ferry Acquisition I Inc. |  |  |
| Term Loan, 7.46%, (1 Month Term SOFR + 3.50%), 06/06/32 (a) | 115 | 115 |
| Genmab AS |  |  |
| Term Loan B, 8.75%, (Prime + 2.00%), 11/19/32 (a) | 170 | 171 |
| GFL Environmental Inc. |  |  |
| 2025 Term Loan B, 6.27%, (3 Month Term SOFR + 2.50%), 02/04/32 (a) | 524 | 525 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 05/30/31 (a) | 520 | 520 |
| 2025 Incremental Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 05/30/31 (a) | 125 | 125 |
| Green Infrastructure Partners Inc. |  |  |
| USD Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/18/32 (a) | 555 | 555 |
| Homeserve USA Holding Corp |  |  |
| 2024 Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 10/21/30 (a) | 202 | 202 |
| Kaman Corporation |  |  |
| 2025 Term Loan B, 6.23%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 16 | 16 |
| 2025 Term Loan B, 6.32%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 223 | 224 |
| 2025 Delayed Draw Term Loan, 6.43%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 3 | 3 |
| 2025 Term Loan B, 6.54%, (6 Month Term SOFR + 2.50%), 01/30/32 (a) | 58 | 58 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.17%, (1 Month Term SOFR + 3.25%), 01/25/29 (a) | 334 | 330 |
| Lavender Dutch BorrowerCo BV |  |  |
| Term Loan, 0.00%, (SOFR + 3.25%), 09/27/32 (a) (o) | 170 | 171 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 7.58%, (1 Month Term SOFR + 3.75%), 06/06/31 (a) | 201 | 188 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 04/14/31 (a) | 392 | 393 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.70%, (6 Month Term SOFR + 2.50%), 06/15/28 (a) | 596 | 598 |
| 2025 Repriced Term Loan, 6.64%, (3 Month Term SOFR + 2.75%), 03/26/32 (a) | 172 | 173 |
| Madison Safety & Flow LLC |  |  |
| 2025 1st Lien Term Loan B, 6.23%, (1 Month Term SOFR + 2.50%), 09/26/31 (a) | 170 | 171 |
| MedAssets Software Intermediate Holdings, Inc. |  |  |
| 2024 First Out Term Loan, 7.69%, (3 Month Term SOFR + 4.00%), 12/17/28 (a) | 27 | 24 |
| 2024 Second Out Term Loan, 7.84%, (1 Month Term SOFR + 4.00%), 12/17/28 (a) | 46 | 31 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 5.72%, (1 Month Term SOFR + 2.00%), 02/19/32 (a) | 104 | 105 |
| OVG Business Services, LLC |  |  |
| 2024 Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 06/13/31 (a) | 497 | 497 |
| Pinnacle Buyer LLC |  |  |
| Term Loan, 6.49%, (3 Month Term SOFR + 2.50%), 09/11/32 (a) | 80 | 80 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) (o) | 50 | 49 |
| 2024 Extended Term Loan B, 8.67%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) | 214 | 211 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, 6.17%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) | 274 | 275 |
| 2025 Term Loan B1, 6.17%, (1 Month Term SOFR + 2.25%), 04/14/31 (a) | 74 | 74 |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 01/30/32 (a) | 293 | 293 |
| Resideo Funding Inc. |  |  |
| 2025 Incremental Term Loan, 5.72%, (3 Month Term SOFR + 2.00%), 08/08/32 (a) | 340 | 340 |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 8.51%, (3 Month Term SOFR + 4.50%), 07/16/32 (a) | 204 | 205 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.37%, (3 Month Term SOFR + 2.50%), 12/04/31 (a) | 90 | 90 |
| Spectris Plc |  |  |
| USD Term Loan, 6.49%, (3 Month Term SOFR + 2.75%), 09/26/32 (a) | 120 | 120 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.74%, (3 Month Term SOFR + 2.75%), 09/24/32 (a) | 140 | 125 |
| Tecta America Corp. |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 02/12/32 (a) | 339 | 340 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.23%, (1 Month Term SOFR + 2.50%), 08/14/32 (a) | 347 | 348 |
| Titan Acquisition Limited |  |  |
| 2024 Term Loan B, 7.59%, (3 Month Term SOFR + 3.75%), 02/01/29 (a) | 162 | 163 |
| 2024 Term Loan B, 7.59%, (3 Month Term SOFR + 3.75%), 02/01/29 (a) | 162 | 163 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.50%, (3 Month Term SOFR + 2.50%), 02/28/31 (a) | 910 | 913 |
| 2025 Term Loan M, 6.50%, (3 Month Term SOFR + 2.50%), 08/13/32 (a) | 404 | 406 |
| Veritiv Corporation |  |  |
| Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 11/30/30 (a) | 134 | 134 |
| VT Topco, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.87%, (1 Month Term SOFR + 3.00%), 08/12/30 (a) | 132 | 130 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 5.87%, (1 Month Term SOFR + 2.00%), 01/20/31 (a) | 523 | 524 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.12%, (1 Month Term SOFR + 3.25%), 10/19/29 (a) | 391 | 393 |
| | | 19948 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Applied Systems, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 02/07/32 (a) | 140 | 142 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 12/11/28 (a) | 654 | 655 |
| Astra Acquisition Corp. |  |  |
| 2021 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 8.88%), 10/22/29 (a) (h) (i) | 220 |  |
| Boxer Parent Company Inc. |  |  |
| 2025 USD Term Loan B, 6.82%, (3 Month Term SOFR + 3.00%), 07/30/31 (a) | 664 | 662 |
| 2024 2nd Lien Term Loan, 9.57%, (3 Month Term SOFR + 5.75%), 07/06/32 (a) | 128 | 123 |
| Camelot U.S. Acquisition LLC |  |  |
| 2024 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 01/31/31 (a) | 323 | 318 |
| Castle US Holding Corporation |  |  |
| 2025 USD FLSO Term Loan B1, 8.28%, (1 Month Term SOFR + 4.25%), 01/23/27 (a) | 129 | 68 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 7.25%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) | 84 | 71 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 2.75%), 07/22/32 (a) | 406 | 406 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.53%, (1 Month Term SOFR + 3.50%), 04/14/28 (a) | 207 | 207 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (a) (h) (i) (p) | 113 |  |
| Dawn Bidco LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 10/07/32 (a) (o) | 640 | 638 |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 11/14/32 (a) | 25 | 25 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.10%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) | 521 | 511 |
| Gen Digital Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 02/13/32 (a) | 418 | 418 |
| ION Platform Finance US Inc. |  |  |
| USD Term Loan, 7.69%, (3 Month Term SOFR + 3.75%), 09/30/32 (a) | 400 | 375 |
| Iron Mountain, Inc. |  |  |
| 2023 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 527 | 527 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Term Loan B, 7.75%, (3 Month Term SOFR + 3.75%), 03/29/29 (a) | 443 | 443 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 03/01/29 (a) | 278 | 256 |
| MH Sub I, LLC |  |  |
| 2024 Term Loan B4, 8.17%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) | 455 | 388 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 06/05/31 (a) | 394 | 395 |
| 2024 2nd Lien Term Loan, 9.17%, (1 Month Term SOFR + 5.25%), 06/07/32 (a) | 70 | 69 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.10%, (3 Month Term SOFR + 4.00%), 06/03/28 (a) | 279 | 269 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) | 30 | 30 |
| Qnity Electronics Inc. |  |  |
| Term Loan B, 5.80%, (6 Month Term SOFR + 2.00%), 08/11/32 (a) | 315 | 316 |
| RealPage, Inc. |  |  |
| 1st Lien Term Loan, 7.26%, (3 Month Term SOFR + 3.00%), 02/18/28 (a) | 373 | 372 |
| 2024 Incremental Term Loan, 7.75%, (3 Month Term SOFR + 3.75%), 04/24/28 (a) | 144 | 144 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.34%, (3 Month Term SOFR + 2.50%), 01/30/31 (a) | 678 | 679 |
| X Corp. |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 6.50%), 10/27/29 (a) (o) | 310 | 304 |
| Term Loan, 10.45%, (3 Month Term SOFR + 6.50%), 10/27/29 (a) | 662 | 650 |
| 2025 Fixed Term Loan, 9.50%, 12/31/99 | 325 | 324 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) | 351 | 348 |
|  |  | 10133 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Alterra Mountain Company |  |  |
| 2025 Term Loan B8, 6.42%, (1 Month Term SOFR + 2.50%), 05/31/30 (a) | 30 | 30 |
| Altice France S.A. |  |  |
| 2025 USD Term Loan B14, 10.86%, (3 Month Term SOFR + 6.88%), 05/31/31 (a) | 341 | 340 |
| Bally's Corporation |  |  |
| 2021 Term Loan B, 7.37%, (3 Month Term SOFR + 3.25%), 08/05/28 (a) | 237 | 234 |
| Cengage Learning, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.23%, (1 Month Term SOFR + 3.50%), 03/22/31 (a) | 152 | 153 |
| 2024 1st Lien Term Loan B, 7.32%, (3 Month Term SOFR + 3.50%), 03/22/31 (a) | 260 | 260 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 8.03%, (1 Month Term SOFR + 4.00%), 08/20/28 (a) | 165 | 165 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 12/15/29 (a) | 1260 | 1260 |
| Creative Artists Agency, LLC |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 05/19/31 (a) | 45 | 45 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 8.34%, (1 Month Term SOFR + 4.50%), 12/02/31 (a) | 416 | 410 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 8.25%, (Prime + 1.50%), 04/15/27 (a) | 147 | 128 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.10%, (3 Month Term SOFR + 5.00%), 07/22/27 (a) | 23 | 23 |
| 2024 Term Loan, 9.35%, (3 Month Term SOFR + 5.25%), 08/02/29 (a) | 128 | 129 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flutter Financing B.V. |  |  |
| 2025 Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 05/22/32 (a) | 194 | 194 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.24%, (1 Month Term SOFR + 2.50%), 07/01/31 (a) | 125 | 125 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 7.78%, (1 Month Term SOFR + 3.75%), 04/21/28 (a) | 205 | 186 |
| iHeartCommunications, Inc. |  |  |
| 2024 Term Loan, 9.81%, (1 Month Term SOFR + 5.78%), 05/01/29 (a) | 104 | 95 |
| Life Time Fitness Inc. |  |  |
| 2025 Term Loan, 5.78%, (1 Month Term SOFR + 2.00%), 11/05/31 (a) | 248 | 249 |
| Live Nation Entertainment, Inc. |  |  |
| 2025 Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 10/19/32 (a) | 245 | 245 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/29 (a) | 647 | 643 |
| NEP Group, Inc. |  |  |
| 2025 Term Loan B, 8.42%, (1 Month Term SOFR + 4.50%), 10/09/31 (a) | 143 | 131 |
| Nexstar Broadcasting, Inc. |  |  |
| 2025 Term Loan B5, 6.42%, (1 Month Term SOFR + 2.50%), 06/23/32 (a) | 269 | 270 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.24%, (3 Month Term SOFR + 4.25%), 07/11/30 (a) | 274 | 253 |
| Pretzel Parent, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 4.50%), 08/14/31 (a) (o) | 120 | 118 |
| 2024 Term Loan B, 8.42%, (1 Month Term SOFR + 4.50%), 08/14/31 (a) | 129 | 128 |
| Sunrise Financing Partnership |  |  |
| Term Loan AAA1, 0.00%, (Prime + 1.50%), 02/15/32 (a) (o) | 170 | 171 |
| Term Loan AAA1, 8.75%, (Prime + 1.50%), 02/15/32 (a) | 85 | 85 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 5.87%, (3 Month Term SOFR + 2.00%), 11/21/31 (a) | 95 | 95 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 8.88%, (3 Month Term SOFR + 5.00%), 01/17/31 (a) | 93 | 65 |
| United Talent Agency, LLC |  |  |
| 2025 Term Loan B, 6.77%, (1 Month Term SOFR + 3.00%), 06/02/32 (a) | 149 | 149 |
| Univision Communications Inc. |  |  |
| 2024 Term Loan B, 7.53%, (1 Month Term SOFR + 3.50%), 01/31/29 (a) | 85 | 85 |
| 2022 First Lien Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 306 | 306 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.05%, (SOFR + 3.17%), 03/06/31 (a) | 329 | 325 |
| Zayo Group Holdings, Inc. |  |  |
| 2025 USD Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 03/11/30 (a) (o) | 45 | 42 |
| 2025 USD Term Loan, 7.53%, (1 Month Term SOFR + 3.50%), 03/11/30 (a) | 228 | 216 |
| | | 7353 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 6.92%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) | 469 | 468 |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 06/07/32 (a) | 174 | 174 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 05/21/32 (a) | 264 | 265 |
| 2025 2nd Lien Term Loan, 9.42%, (1 Month Term SOFR + 5.50%), 05/15/33 (a) | 100 | 102 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 01/23/32 (a) | 347 | 347 |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.75%, (6 Month Term SOFR + 2.75%), 02/28/31 (a) | 17 | 16 |
| 2024 USD Term Loan B, 6.95%, (6 Month Term SOFR + 2.75%), 02/28/31 (a) | 322 | 321 |
| Asurion LLC |  |  |
| 2021 Second Lien Term Loan B4, 9.28%, (1 Month Term SOFR + 5.25%), 01/15/29 (a) | 135 | 132 |
| 2025 Term Loan B13, 8.17%, (1 Month Term SOFR + 4.25%), 09/19/30 (a) | 264 | 264 |
| Boots Group Bidco Ltd |  |  |
| USD Term Loan, 7.21%, (3 Month Term SOFR + 3.50%), 07/22/32 (a) | 200 | 201 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 6.62%, (1 Month Term SOFR + 2.75%), 02/21/31 (a) | 437 | 419 |
| 2025 2nd Amendment Term Loan, 6.62%, (1 Month Term SOFR + 2.75%), 02/16/32 (a) | 95 | 91 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 09/15/31 (a) | 513 | 514 |
| Herc Holdings Inc. |  |  |
| Repriced Term Loan B, 5.52%, (1 Month Term SOFR + 1.75%), 06/02/32 (a) | 95 | 95 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 6.65%, (3 Month Term SOFR + 2.75%), 02/03/32 (a) | 738 | 739 |
| OneDigital Borrower LLC |  |  |
| 2025 Repriced Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 07/02/31 (a) | 407 | 407 |
| 2024 2nd Lien Term Loan, 9.17%, (1 Month Term SOFR + 5.25%), 06/12/32 (a) | 70 | 70 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 02/16/28 (a) | 494 | 495 |
| Starwood Property Trust, Inc. |  |  |
| 2025 1st Lien Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 01/02/30 (a) | 151 | 151 |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 08/16/32 (a) | 145 | 145 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 5.67%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 187 | 187 |
| Trucordia Insurance Holdings LLC |  |  |
| Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 06/12/32 (a) | 314 | 312 |
| Victory Capital Holdings, Inc. |  |  |
| 2025 Term Loan, 6.10%, (3 Month Term SOFR + 2.00%), 09/10/32 (a) | 75 | 75 |
| Virtus Investment Partners, Inc. |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 09/16/32 (a) | 115 | 116 |
|  |  | 6106 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) | 40 | 40 |
| Allison Transmission Inc |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 11/06/32 (a) (o) | 315 | 316 |
| American Axle & Manufacturing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 02/24/32 (a) (o) | 190 | 190 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.68%, (3 Month Term SOFR + 3.75%), 06/26/31 (a) | 410 | 412 |
| Burlington Coat Factory Warehouse Corporation |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 09/19/31 (a) | 74 | 75 |
| Caesars Entertainment Inc. |  |  |
| 2024 Term Loan B1, 6.17%, (1 Month Term SOFR + 2.25%), 01/24/31 (a) | 648 | 642 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 05/06/30 (a) | 642 | 642 |
| 2025 USD Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 01/14/32 (a) | 5 | 5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DexKo Global Inc. |  |  |
| 2021 USD Term Loan B, 7.78%, (1 Month Term SOFR + 3.75%), 09/24/28 (a) (j) | 129 | 128 |
| EG America LLC |  |  |
| 2025 USD Repriced Term Loan, 7.32%, (3 Month Term SOFR + 3.50%), 02/07/28 (a) | 263 | 263 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.25%, (3 Month Term SOFR + 3.00%), 01/14/32 (a) | 248 | 249 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 8.51%, (3 Month Term SOFR + 4.25%), 04/08/28 (a) | 98 | 95 |
| Motion Finco S.a r.l. |  |  |
| 2024 USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 11/30/29 (a) (o) | 145 | 128 |
| 2024 USD Term Loan B, 7.50%, (3 Month Term SOFR + 3.50%), 11/30/29 (a) | 108 | 96 |
| Openlane Inc. |  |  |
| Term Loan B, 6.36%, (3 Month Term SOFR + 2.50%), 10/01/32 (a) | 240 | 240 |
| PetSmart, Inc. |  |  |
| 2025 USD Term Loan B, 7.73%, (1 Month Term SOFR + 4.00%), 08/09/32 (a) | 265 | 264 |
| Pye-Barker Fire & Safety, LLC |  |  |
| 2025 Term Loan, 6.20%, (3 Month Term SOFR + 2.50%), 12/10/32 (a) | 165 | 166 |
| Sabre GLBL Inc. |  |  |
| 2024 Term Loan B1, 10.02%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 93 | 82 |
| 2024 Term Loan B2, 10.02%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) (p) | 70 | 63 |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 04/18/31 (a) | 268 | 265 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 9.60%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) | 183 | 173 |
| Voyager Parent, LLC |  |  |
| Term Loan B, 8.75%, (3 Month Term SOFR + 4.75%), 05/08/32 (a) | 304 | 304 |
| Term Loan, 0.00%, (SOFR + 4.25%), 07/01/32 (a) (o) | 75 | 75 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 01/30/31 (a) | 388 | 388 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 08/03/28 (a) | 582 | 584 |
| | | 5885 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 7.78%, (1 Month Term SOFR + 3.75%), 12/23/27 (a) | 75 | 71 |
| 2023 Term Loan B5, 9.67%, (1 Month Term SOFR + 5.75%), 12/23/27 (a) | 194 | 186 |
| Aveanna Healthcare, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 09/11/32 (a) | 254 | 256 |
| Bausch & Lomb Corporation |  |  |
| 2023 Incremental Term Loan, 7.92%, (1 Month Term SOFR + 4.00%), 09/14/28 (a) | 235 | 235 |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.25%), 12/17/30 (a) | 582 | 587 |
| Bausch + Lomb Corp |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 01/15/31 (a) (o) | 165 | 166 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 10.17%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) | 164 | 160 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.09%, (3 Month Term SOFR + 2.25%), 11/08/32 (a) | 384 | 385 |
| Curium BidCo S.a r.l. |  |  |
| 2025 USD Term Loan B, 7.00%, (3 Month Term SOFR + 3.00%), 07/31/31 (a) | 166 | 168 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.65%, (3 Month Term SOFR + 3.75%), 05/16/31 (a) | 433 | 435 |
| Pacific Dental Services, LLC |  |  |
| 2024 Term Loan B, 6.24%, (1 Month Term SOFR + 2.50%), 03/07/31 (a) | 150 | 150 |
| Radiology Partners Inc. |  |  |
| 2025 Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 06/26/32 (a) | 399 | 398 |
| Team Health Holdings, Inc. |  |  |
| 2025 Term Loan B, 8.34%, (3 Month Term SOFR + 4.50%), 06/30/28 (a) | 219 | 219 |
|  |  | 3416 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 08/19/30 (a) | 55 | 55 |
| ECO Services Operations Corp |  |  |
| 2024 Term Loan B, 5.84%, (3 Month Term SOFR + 2.00%), 06/09/31 (a) | 701 | 702 |
| Graham Packaging Company Inc. |  |  |
| 2024 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 08/04/27 (a) | 321 | 322 |
| Harsco Corporation |  |  |
| 2021 Term Loan, 6.28%, (1 Month Term SOFR + 2.25%), 03/10/28 (a) | 343 | 342 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 7.73%, (1 Month Term SOFR + 4.00%), 03/15/29 (a) | 164 | 157 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2024 USD Term Loan B, 8.17%, (1 Month Term SOFR + 4.25%), 10/01/31 (a) | 123 | 82 |
| INEOS US Finance LLC |  |  |
| 2023 USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 02/09/30 (a) | 113 | 91 |
| MI Windows and Doors, LLC |  |  |
| 2024 Term Loan B2, 6.67%, (1 Month Term SOFR + 2.75%), 03/21/31 (a) | 272 | 272 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.50%, (3 Month Term SOFR + 5.50%), 03/25/30 (a) | 128 | 128 |
| Pregis TopCo Corporation |  |  |
| 2025 Refinancing Term Loan, 7.92%, (1 Month Term SOFR + 4.00%), 02/28/29 (a) | 195 | 197 |
| Trident TPI Holdings, Inc. |  |  |
| 2024 Term Loan B7, 0.00%, (3 Month Term SOFR + 3.75%), 09/15/28 (a) (o) | 125 | 120 |
| 2024 Term Loan B7, 7.75%, (3 Month Term SOFR + 3.75%), 09/15/28 (a) | 136 | 130 |
|  |  | 2598 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 08/06/32 (a) | 389 | 391 |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Term Loan B, 7.22%, (1 Month Term SOFR + 3.50%), 12/23/30 (a) | 293 | 294 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) | 384 | 385 |
| Froneri Lux Finco S.a r.l. |  |  |
| 2025 USD Term Loan B6, 6.37%, (6 Month Term SOFR + 2.50%), 07/17/32 (a) | 685 | 685 |
| Golden State Food LLC |  |  |
| Term Loan B, 8.16%, (1 Month Term SOFR + 4.00%), 10/07/31 (a) | 307 | 308 |
| Savor Acquisition, Inc. |  |  |
| Term Loan B, 6.84%, (3 Month Term SOFR + 3.00%), 02/04/32 (a) | 308 | 310 |
| United Natural Foods, Inc. |  |  |
| 2024 Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 04/25/31 (a) | 153 | 154 |
|  |  | 2527 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 09/19/31 (a) | 213 | 214 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Compass Power Generation LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 04/14/29 (a) | 457 | 460 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 05/30/31 (a) | 72 | 73 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 08/08/31 (a) | 326 | 327 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 5.59%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 398 | 399 |
| Talen Energy Supply, LLC |  |  |
| 2025 Term Loan B, 5.88%, (SOFR + 2.00%), 10/09/32 (a) | 240 | 240 |
| | | 1713 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 6.50%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 329 | 330 |
| Blackfin Pipeline LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 09/29/32 (a) | 220 | 220 |
| Freeport LNG Investments, LLLP |  |  |
| 2025 Term Loan B, 7.12%, (3 Month Term SOFR + 3.25%), 12/21/28 (a) | 330 | 331 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 5.94%, (3 Month Term SOFR + 2.00%), 10/04/30 (a) | 195 | 195 |
| Meade Pipeline CO LLC |  |  |
| Term Loan B, 5.69%, (3 Month Term SOFR + 2.00%), 09/18/32 (a) | 210 | 211 |
| Par Petroleum, LLC |  |  |
| 2025 Term Loan B, 6.95%, (3 Month Term SOFR + 3.25%), 02/28/30 (a) | 102 | 103 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.31%, (3 Month Term SOFR + 2.25%), 05/12/32 (a) | 80 | 80 |
|  |  | 1470 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Vestis Corporation |  |  |
| Term Loan, 6.07%, (3 Month Term SOFR + 2.25%), 02/18/31 (a) | 273 | 249 |
| Total Senior Floating Rate Instruments (cost $62,515) | Total Senior Floating Rate Instruments (cost $62,515) | 61398 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| LuxCo 3 (h) (p) | 4 | 73 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Stichting Administratiekantoor Unigel Creditors (h) (p) | 1 |  |
| Stichting Administratiekantoor Unigel Creditors (h) (p) |  |  |
| Total Common Stocks (cost $66) | Total Common Stocks (cost $66) | 73 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. (h) (q) | 1100 | 7 |
| Total Other Equity Interests (cost $1,064) | Total Other Equity Interests (cost $1,064) | 7 |
| **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (r) (s) | 18391 | 18391 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 3.74% (r) (s) | 11231 | 11231 |
| Total Short Term Investments (cost $29,622) | Total Short Term Investments (cost $29,622) | 29622 |
| **Total Investments 99.5% (cost $2,609,663)** | **Total Investments 99.5% (cost $2,609,663)** | **2536348** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (227) |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **13523** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2549644** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

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

(d) All or a portion of the security was on loan as of December 31, 2025.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $216,428 and 8.5% of the Fund.

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

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

(h) Non-income producing security.

(i) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(k) Convertible security.

(l) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(m) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(o) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

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

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

(r) Investment in affiliate.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 75947 | 615676 | 673232 | 1820 |  |  | 18391 | 0.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.74% - Class SL | 10105 | 90073 | 88947 | 391 |  |  | 11231 | 0.5 |
|  | 86052 | 705749 | 762179 | 2211 |  |  | 29622 | 1.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Acu Petroleo Luxembourg S.a r.l., 7.50%, 07/13/35 | 04/04/24 | 909 | 946 |  |
| Adani Electricity Mumbai Limited, 3.95%, 02/12/30 | 01/10/23 | 342 | 373 |  |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 03/21/25 | 335 | 360 |  |
| Adani Energy Solutions Limited, 4.00%, 08/03/26 | 06/09/23 | 785 | 793 |  |
| Adani Energy Solutions Limited, 4.25%, 05/21/36 | 08/04/23 | 593 | 658 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 12/17/21 | 677 | 636 |  |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 12/14/21 | 400 | 393 |  |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 05/19/21 | 787 | 777 |  |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 06/02/21 | 293 | 266 |  |
| Adani Renewable Energy (RJ) Limited, 4.63%, 10/15/39 | 05/27/25 | 458 | 487 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 07/10/23 | 423 | 446 |  |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/11/22 | 1217 | 1334 | 0.1 |
| Asian Development Bank, 6.20%, 10/06/26 | 08/13/25 | 1134 | 1105 | 0.1 |
| Assembleia da Republica, 0.48%, 10/18/30 | 02/09/23 | 1246 | 1295 | 0.1 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41 | 11/07/24 | 687 | 728 |  |
| Banco de Bogota, 6.25%, 05/12/26 | 01/22/24 | 1000 | 1004 |  |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 07/27/23 | 2169 | 2224 | 0.1 |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 12/09/15 | 1852 | 212 |  |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 07/10/15 | 5090 | 1081 | 0.1 |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 06/04/25 | 147 | 148 |  |
| Banco Industrial S.A., 4.88%, 01/29/31 | 01/18/23 | 1740 | 1788 | 0.1 |
| Banco Internacional Del Peru S.A.A. – Interbank, 6.40%, 04/30/35 | 12/17/25 | 520 | 520 |  |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.50% (callable at 100, 06/27/29) | 09/25/19 | 200 | 206 |  |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63% (callable at 100, 01/10/28) | 01/10/19 | 392 | 409 |  |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 8.13%, 01/08/39 | 01/15/25 | 1319 | 1407 | 0.1 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 07/27/23 | 273 | 299 |  |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 1018 | 1069 | 0.1 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 05/22/25 | 1393 | 1401 | 0.1 |
| Bundesrepublik Deutschland, 0.00%, 02/15/31 | 04/13/22 | 1838 | 1817 | 0.1 |
| Cap S.A., 3.90%, 04/27/31 | 12/13/21 | 1289 | 1148 | 0.1 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 09/27/23 | 2058 | 2096 | 0.1 |
| Cencosud S.A., 4.38%, 07/17/27 | 05/19/25 | 397 | 400 |  |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 02/06/25 | 719 | 728 |  |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 06/14/24 | 507 | 540 |  |
| Comision Federal De Electricidad, E.P.E., 3.35%, 02/09/31 | 03/22/24 | 175 | 182 |  |
| Commonwealth of Australia, 1.50%, 06/21/31 | 07/03/25 | 529 | 518 |  |
| Commonwealth of Australia, 2.75%, 06/21/35 | 04/30/25 | 712 | 721 |  |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 10/03/25 | 953 | 950 |  |
| Cosan Limited, 5.50%, 09/20/29 | 09/19/25 | 197 | 196 |  |
| Cosan Overseas Limited, 8.25% | 01/26/23 | 1397 | 1404 | 0.1 |
| CSN Resources S.A., 5.88%, 04/08/32 | 08/14/23 | 1196 | 1100 | 0.1 |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 05/20/21 | 2057 | 2090 | 0.1 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 05/24/18 | 395 | 353 |  |
| Empresa Electrica Cochrane S.p.A., 5.50%, 05/14/27 | 12/09/20 | 211 | 206 |  |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 07/09/25 | 357 | 365 |  |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 07/11/25 | 199 | 200 |  |
| Estado Espanol, 0.50%, 04/30/30 | 04/14/21 | 1757 | 1832 | 0.1 |
| FEL Energy VI S.a r.l., 5.75%, 12/01/40 | 11/13/24 | 471 | 498 |  |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 09/27/17 | 3748 | 3573 | 0.1 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 401 | 419 |  |
| Galaxy Pipeline Assets Bidco Limited, 2.94%, 09/30/40 | 01/29/25 | 492 | 520 |  |
| GNL Quintero S.A., 4.63%, 07/31/29 | 11/08/17 | 1429 | 1415 | 0.1 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 05/05/25 | 598 | 599 |  |
| Gobierno de la Republica de Guatemala, 4.38%, 06/05/27 | 05/21/24 | 195 | 199 |  |
| Gobierno de la Republica de Guatemala, 4.88%, 02/13/28 | 07/24/24 | 294 | 301 |  |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 11/22/24 | 682 | 709 |  |
| Gobierno de La Republica del Paraguay, 4.70%, 03/27/27 | 07/24/24 | 682 | 690 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 12/09/24 | 1012 | 1051 | 0.1 |
| Government of Ireland, 1.10%, 05/15/29 | 02/09/23 | 1107 | 1162 | 0.1 |
| HM Treasury, 4.25%, 03/07/36 | 09/12/24 | 1877 | 1838 | 0.1 |
| Inter-American Development Bank, 7.00%, 01/25/29 | 08/13/25 | 1378 | 1340 | 0.1 |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 06/28/24 | 976 | 993 |  |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 04/17/25 | 196 | 200 |  |
| JSW Energy Limited, 4.13%, 05/18/31 | 11/08/23 | 1326 | 1360 | 0.1 |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 08/12/24 | 678 | 699 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 10/24/17 | 2587 | 2606 | 0.1 |
| Lima Metro Line 2 Finance Limited, 4.35%, 04/05/36 | 05/06/24 | 737 | 782 |  |
| Marfrig Holdings (Europe) B.V., 3.95%, 01/29/31 | 12/19/25 | 363 | 362 |  |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 10/30/24 | 400 | 401 |  |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 05/25/22 | 502 | 528 |  |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 06/14/23 | 518 | 538 |  |
| Millicom International Cellular S.A., 6.25%, 03/25/29 | 04/10/23 | 595 | 632 |  |
| Millicom International Cellular S.A., 4.50%, 04/27/31 | 07/07/25 | 184 | 186 |  |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 10/24/25 | 932 | 929 |  |
| Minerva Luxembourg S.A., 5.88%, 01/19/28 | 05/20/25 | 200 | 200 |  |
| Minsur S.A., 4.50%, 10/28/31 | 03/12/24 | 1008 | 1051 | 0.1 |
| MISC Capital Two (Labuan) Limited, 3.75%, 04/06/27 | 10/29/25 | 695 | 696 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 681 | 718 |  |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 05/12/25 | 190 | 192 |  |
| Morocco, Kingdom of, 5.95%, 03/08/28 | 04/03/25 | 304 | 308 |  |
| Morocco, Kingdom of, 3.00%, 12/15/32 | 01/29/25 | 251 | 264 |  |
| Morocco, Kingdom of, 4.00%, 12/15/50 | 10/27/25 | 453 | 436 |  |
| MV24 Capital B.V., 6.75%, 06/01/34 | 01/18/23 | 1180 | 1239 | 0.1 |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 03/28/25 | 601 | 606 |  |
| Nexa Resources S.A., 6.50%, 01/18/28 | 08/12/25 | 204 | 204 |  |
| OCP S.A., 6.75%, 05/02/34 | 01/17/25 | 1523 | 1625 | 0.1 |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 06/23/25 | 1394 | 1396 | 0.1 |
| Orbia Advance Corporation, S.A.B. de C.V., 6.75%, 09/19/42 | 11/03/25 | 352 | 347 |  |
| Orbia Advance Corporation, S.A.B. de C.V., 5.88%, 09/17/44 | 11/03/25 | 158 | 156 |  |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 09/17/25 | 1105 | 1104 | 0.1 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 03/07/24 | 1938 | 2001 | 0.1 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/18/24 | 500 | 501 |  |
| PERU LNG, 5.38%, 03/22/30 | 06/04/25 | 790 | 796 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 04/03/25 | 502 | 506 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 11/21/24 | 540 | 558 |  |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/02/24 | 1812 | 1866 | 0.1 |
| PT. Bank Negara Indonesia (persero), 3.75%, 03/30/26 | 03/20/24 | 894 | 892 |  |
| PT. Freeport Indonesia, 4.76%, 04/14/27 | 09/04/25 | 201 | 201 |  |
| PT. Pertamina (Persero), 1.40%, 02/09/26 | 05/29/24 | 996 | 996 |  |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 05/12/25 | 1692 | 1695 | 0.1 |
| Raizen Fuels Finance S.A., 5.70%, 01/17/35 | 01/31/25 | 1124 | 931 |  |
| Reliance Industries Limited, 3.67%, 11/30/27 | 05/15/25 | 489 | 495 |  |
| Republique Francaise Presidence, 0.50%, 05/25/29 | 06/02/20 | 875 | 911 |  |
| Republique Francaise Presidence, 0.70%, 07/25/30 | 03/12/25 | 757 | 811 |  |
| Republique Francaise Presidence, 1.50%, 05/25/31 | 04/12/21 | 1811 | 1718 | 0.1 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 11/30/22 | 1095 | 1155 | 0.1 |
| Service Public Federal Chancellerie Du Premier Ministre, 0.90%, 06/22/29 | 08/03/23 | 297 | 323 |  |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 360 | 321 |  |
| Telefonica Celular del Paraguay S.A.E., 5.88%, 04/15/27 | 05/20/25 | 200 | 199 |  |
| Thailand, Kingdom of, 1.59%, 12/17/35 | 08/13/25 | 1181 | 1182 | 0.1 |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 62 | 43 |  |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 120 | 28 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 26 | 3 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 03/01/23 | 1123 | 1194 | 0.1 |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 02/22/23 | 1022 | 1078 | 0.1 |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 197 | 197 |  |
|  |  | 99605 | 94884 | 3.7 |

---

---

| | | |
|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments** | **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments** | **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Air Comm Corporation, LLC, 2025 Delayed Draw Term Loan, 3 Month Term SOFR + 2.75% | 24 |  |
| GC Ferry Acquisition I Inc., Delayed Draw Term Loan, 3 Month Term SOFR + 3.50% | 20 |  |
| Kaman Corporation, 2025 Delayed Draw Term Loan, 3 Month Term SOFR + 2.50% | 25 |  |
| Pinnacle Buyer LLC, Delayed Draw Term Loan, SOFR + 2.50% | 15 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments (continued)** | **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments (continued)** | **JNL/DoubleLine Core Fixed Income Fund —Unfunded Commitments (continued)** |
|  | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Pye-Barker Fire & Safety, LLC, 2025 Delayed Draw Term Loan, SOFR + 2.50% | 25 | 1 |
| Savor Acquisition, Inc., Delayed Draw Term Loan, SOFR + 3.25% | 25 |  |
| Titan Acquisition Limited, 2025 Add on Delayed Draw Term Loan, SOFR + 3.75% | 40 |  |
|  | 174 | 1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 7550 | April 2026 | 1576099 | (531) | 259 |
| United States 5 Year Note | 1650 | April 2026 | 180448 | (193) | (95) |
| United States Long Bond | 580 | March 2026 | 67390 | (127) | (346) |
|  |  |  |  | (851) | (182) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (1310) | March 2026 | (150865) | 246 | 194 |
| United States Ultra Bond | (1000) | March 2026 | (119409) | 375 | 1409 |
|  |  |  |  | 621 | 1603 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRL/USD | GSC | 01/30/26 | BRL | 6900 | 1251 | 7 |
| EUR/USD | SSB | 01/09/26 | EUR | 1620 | 1904 | 24 |
| USD/EUR | SSB | 01/09/26 | EUR | (1620) | (1904) | (28) |
|  |  |  |  |  | 1251 | 3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1281677 |  | 1281677 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 635149 |  | 635149 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 528422 |  | 528422 |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  | 61336 | 63 | 61399 |
| &nbsp;&nbsp;Common Stocks |  |  | 73 | 73 |
| &nbsp;&nbsp;Other Equity Interests |  | 7 |  | 7 |
| &nbsp;&nbsp;Short Term Investments | 29622 |  |  | 29622 |
|  | 29622 | 2506591 | 136 | 2536349 |
| **Assets - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1862 |  |  | 1862 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 31 |  | 31 |
|  | 1862 | 31 |  | 1893 |
| **Liabilities - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (441) |  |  | (441) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (28) |  | (28) |
|  | (441) | (28) |  | (469) |

---

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

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

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |
| **CORPORATE BONDS AND NOTES 84.7%** | **CORPORATE BONDS AND NOTES 84.7%** | **CORPORATE BONDS AND NOTES 84.7%** |
| **India 12.8%** | **India 12.8%** | **India 12.8%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (a) | 2000 | 1866 |
| 3.87%, 07/22/31 (a) | 2400 | 2163 |
| Adani Energy Solutions Limited |  |  |
| 4.25%, 05/21/36 (a) | 6251 | 5620 |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (a) | 5313 | 4905 |
| 3.00%, 02/16/31 (b) | 612 | 565 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.38%, 07/03/29 (a) | 1000 | 972 |
| 3.10%, 02/02/31 (a) | 2600 | 2308 |
| Adani Renewable Energy (RJ) Limited |  |  |
| 4.63%, 10/15/39 (a) | 903 | 766 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (a) | 4300 | 4302 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (a) | 4795 | 4469 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (b) | 1112 | 1036 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (a) | 3900 | 3895 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (a) | 4500 | 4486 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (a) | 5000 | 5011 |
| Reliance Industries Limited |  |  |
| 3.67%, 11/30/27 (a) | 1250 | 1238 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (a) | 600 | 592 |
|  |  | 44194 |
| **Brazil 12.6%** | **Brazil 12.6%** | **Brazil 12.6%** |
| Acu Petroleo Luxembourg S.a r.l. |  |  |
| 7.50%, 07/13/35 (a) | 3360 | 3424 |
| Cosan Overseas Limited |  |  |
| 8.25% (a) (c) | 7300 | 7321 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (a) | 5000 | 3927 |
| Marfrig Holdings (Europe) B.V. |  |  |
| 3.95%, 01/29/31 (a) | 2800 | 2533 |
| Movida Europe S.A. |  |  |
| 7.85%, 04/11/29 (a) | 2000 | 1893 |
| 7.85%, 04/11/29 (b) | 1200 | 1136 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (a) | 4442 | 4406 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (a) | 200 | 200 |
| 6.63%, 08/06/29 (a) | 850 | 859 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 1200 | 1177 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (a) | 5066 | 5184 |
| Raizen Fuels Finance S.A. |  |  |
| 6.45%, 03/05/34 (a) | 1000 | 824 |
| 5.70%, 01/17/35 (a) | 2300 | 1785 |
| 6.70%, 02/25/37 (a) | 200 | 162 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (a) | 6725 | 5390 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (b) (d) (e) (f) | 100 | 69 |
| 13.50%, 12/31/27 (a) (d) (e) (f) | 140 | 96 |
| 11.00%, 12/31/28 (b) (d) (e) (f) | 116 | 15 |
| 11.00%, 12/31/28 (a) (d) (e) (f) | 500 | 63 |
| Vamos Europe S.A. |  |  |
| 9.20%, 01/26/31 (b) | 2200 | 2110 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (b) | 1100 | 1156 |
|  |  | 43730 |
| **Mexico 10.4%** | **Mexico 10.4%** | **Mexico 10.4%** |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 12/31/27 (b) (d) (e) | 292 | 9 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (a) | 1387 | 1456 |
| 7.25%, 01/31/41 (b) | 2972 | 3121 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.63%, (100, 01/10/28) (a) (c) | 2200 | 2248 |
| 8.38%, (100, 05/20/31) (b) (c) | 2100 | 2199 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 8.13%, 01/08/39 (a) | 2000 | 2164 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (a) | 3700 | 3692 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (b) | 298 | 327 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (a) (c) | 6650 | 6638 |
| 7.20%, (100, 06/10/30) (b) (c) | 800 | 834 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (a) | 661 | 694 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 3.35%, 02/09/31 (a) | 200 | 182 |
| 6.45%, 01/24/35 (b) | 2900 | 2981 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (a) | 1434 | 1411 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (a) | 503 | 510 |
| Fideicomiso F/80460 |  |  |
| 3.88%, 04/30/28 (a) | 600 | 587 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 6.75%, 09/19/42 (a) | 1255 | 1090 |
| 5.88%, 09/17/44 (a) | 800 | 623 |
| Petroleos Mexicanos |  |  |
| 6.75%, 09/21/47 | 5000 | 4097 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (b) | 1000 | 1081 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (b) (d) (e) | 2400 | 11 |
|  |  | 35955 |
| **Peru 10.4%** | **Peru 10.4%** | **Peru 10.4%** |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (a) | 7800 | 7711 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 6.40%, 04/30/35 (a) | 3550 | 3691 |
| 6.40%, 04/30/35 (b) | 1350 | 1404 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (a) | 3300 | 3276 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (a) | 2668 | 2764 |
| 4.35%, 04/05/36 (a) | 6118 | 5960 |
| Minsur S.A. |  |  |
| 4.50%, 10/28/31 (a) | 3200 | 3058 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (a) | 3700 | 3612 |
| PERU LNG |  |  |
| 5.38%, 03/22/30 (a) | 2325 | 2243 |
| Scotiabank Peru S.A.A. |  |  |
| 6.10%, 10/01/35 (b) | 300 | 311 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.50%, 10/28/32 (b) | 1800 | 1847 |
|  |  | 35877 |
| **Colombia 7.6%** | **Colombia 7.6%** | **Colombia 7.6%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 5.75%, 06/15/33 (a) | 6000 | 5336 |
| 5.75%, 06/15/33 (b) | 4000 | 3557 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (b) | 1200 | 1252 |
| Banco Davivienda S A |  |  |
| 6.65%, (100, 04/22/31) (b) (c) | 2000 | 1882 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 8.13%, 07/02/35 (b) | 2200 | 2289 |
| Banco de Bogota |  |  |
| 6.25%, 05/12/26 (a) | 2700 | 2710 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (a) | 800 | 788 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 - 11/02/51 | 7900 | 5700 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.38%, 02/15/31 (a) | 1700 | 1553 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (a) | 1126 | 1175 |
| | | 26242 |
| **Indonesia 6.5%** | **Indonesia 6.5%** | **Indonesia 6.5%** |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (a) | 2300 | 2307 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (a) | 3884 | 3860 |
| PT. Bank Negara Indonesia (persero) |  |  |
| 3.75%, 03/30/26 (a) | 5200 | 5154 |
| PT. Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (a) | 4000 | 3982 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (a) | 5700 | 5682 |
| 3.88%, 07/17/29 (a) | 1700 | 1656 |
|  |  | 22641 |
| **Chile 6.5%** | **Chile 6.5%** | **Chile 6.5%** |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (a) | 4950 | 4061 |
| 3.90%, 04/27/31 (b) | 2250 | 1846 |
| Cencosud S.A. |  |  |
| 4.38%, 07/17/27 (a) | 1459 | 1460 |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.67%, 10/20/35 (a) | 2816 | 2918 |
| 5.67%, 10/20/35 (b) | 1191 | 1235 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (a) (g) | 633 | 569 |
| 0.00%, 01/25/28 (b) (g) | 4250 | 3822 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (a) | 3050 | 2898 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (a) | 821 | 734 |
| Empresa Electrica Cochrane S.p.A. |  |  |
| 5.50%, 05/14/27 (a) | 1375 | 1359 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (a) | 843 | 845 |
| Inversiones CMPC S.A. |  |  |
| 6.70%, 12/09/57 (b) | 700 | 703 |
|  |  | 22450 |
| **Singapore 6.2%** | **Singapore 6.2%** | **Singapore 6.2%** |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (a) | 6700 | 6669 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (a) | 6200 | 6223 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (a) | 6400 | 6367 |
| 2.00%, 10/14/31 (a) (h) | 2100 | 2057 |
|  |  | 21316 |
| **Paraguay 2.8%** | **Paraguay 2.8%** | **Paraguay 2.8%** |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (a) (g) | 4410 | 3601 |
| Frigorifico Concepcion S.A. |  |  |
| 7.70%, 07/21/28 (a) (i) | 696 | 327 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (a) (g) | 7760 | 5820 |
|  |  | 9748 |
| **South Africa 1.7%** | **South Africa 1.7%** | **South Africa 1.7%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 3500 | 3401 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (a) | 2300 | 2417 |
|  |  | 5818 |
| **United States of America 1.6%** | **United States of America 1.6%** | **United States of America 1.6%** |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (a) | 1790 | 1877 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (a) | 180 | 179 |
| 6.25%, 03/25/29 (a) | 3420 | 3432 |
| 4.50%, 04/27/31 (a) | 200 | 186 |
|  |  | 5674 |
| **Dominican Republic 1.5%** | **Dominican Republic 1.5%** | **Dominican Republic 1.5%** |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (b) | 5200 | 5124 |
| **Morocco 1.2%** | **Morocco 1.2%** | **Morocco 1.2%** |
| OCP S.A. |  |  |
| 6.75%, 05/02/34 (a) | 4000 | 4334 |
| **Guatemala 1.2%** | **Guatemala 1.2%** | **Guatemala 1.2%** |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (a) | 4100 | 4073 |
| **Vietnam 1.0%** | **Vietnam 1.0%** | **Vietnam 1.0%** |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (a) | 3447 | 3416 |
| **United Arab Emirates 0.2%** | **United Arab Emirates 0.2%** | **United Arab Emirates 0.2%** |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.94%, 09/30/40 (a) | 1040 | 891 |
| **Kuwait 0.2%** | **Kuwait 0.2%** | **Kuwait 0.2%** |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (a) | 600 | 599 |
| **Malaysia 0.2%** | **Malaysia 0.2%** | **Malaysia 0.2%** |
| MISC Capital Two (Labuan) Limited |  |  |
| 3.75%, 04/06/27 (a) | 550 | 546 |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/33 (b) | 500 | 511 |
| **Jamaica 0.0%** | **Jamaica 0.0%** | **Jamaica 0.0%** |
| Digicel Group Holdings Limited |  |  |
| 0.00%, 12/31/30 (b) (g) (j) | 1124 | 19 |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (a) (d) (e) (f) | 591 | 6 |
| Total Corporate Bonds And Notes (cost $294,994) | Total Corporate Bonds And Notes (cost $294,994) | 293164 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 9.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.2%** |
| **Mexico 3.3%** | **Mexico 3.3%** | **Mexico 3.3%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.40%, 02/12/52 | 6600 | 4796 |
| 6.34%, 05/04/53 | 7000 | 6660 |
|  |  | 11456 |
| **Guatemala 2.0%** | **Guatemala 2.0%** | **Guatemala 2.0%** |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (a) | 2300 | 2297 |
| 4.38%, 06/05/27 (a) | 2400 | 2388 |
| 5.25%, 08/10/29 (a) | 1700 | 1721 |
| 5.38%, 04/24/32 (a) | 400 | 405 |
|  |  | 6811 |
| **Morocco 1.1%** | **Morocco 1.1%** | **Morocco 1.1%** |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (a) | 800 | 767 |
| 5.95%, 03/08/28 (a) | 400 | 411 |
| 3.00%, 12/15/32 (a) | 700 | 615 |
| 4.00%, 12/15/50 (a) | 3000 | 2179 |
|  |  | 3972 |
| **Brazil 1.0%** | **Brazil 1.0%** | **Brazil 1.0%** |
| Presidencia da Republica |  |  |
| 4.75%, 01/14/50 | 4700 | 3419 |
| **Dominican Republic 0.7%** | **Dominican Republic 0.7%** | **Dominican Republic 0.7%** |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (a) | 1200 | 1215 |
| 4.50%, 01/30/30 (a) | 1100 | 1075 |
|  |  | 2290 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Colombia 0.6%** | **Colombia 0.6%** | **Colombia 0.6%** |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.00%, 06/15/45 | 1000 | 733 |
| 4.13%, 05/15/51 | 2050 | 1274 |
|  |  | 2007 |
| **Paraguay 0.5%** | **Paraguay 0.5%** | **Paraguay 0.5%** |
| Gobierno de La Republica del Paraguay |  |  |
| 4.70%, 03/27/27 (a) | 1886 | 1898 |
| Total Government And Agency Obligations (cost $34,960) | Total Government And Agency Obligations (cost $34,960) | 31853 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. (d) (k) | 3200 | 22 |
| Total Other Equity Interests (cost $3,123) | Total Other Equity Interests (cost $3,123) | 22 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| New Cotai LLC (d) (j) |  |  |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| Stichting Administratiekantoor Unigel Creditors (d) (j) | 2 |  |
| Stichting Administratiekantoor Unigel Creditors (d) (j) | 1 |  |
| Total Common Stocks (cost $0) | Total Common Stocks (cost $0) |  |
| **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** |
| **Investment Companies 4.9%** | **Investment Companies 4.9%** | **Investment Companies 4.9%** |
| JNL Government Money Market Fund - Class I, 3.64% (l) (m) | 16891 | 16891 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (l) (m) | 371 | 371 |
| Total Short Term Investments (cost $17,262) | Total Short Term Investments (cost $17,262) | 17262 |
| **Total Investments 98.9% (cost $350,339)** | **Total Investments 98.9% (cost $350,339)** | **342301** |
| **Other Assets and Liabilities, Net 1.1%** | **Other Assets and Liabilities, Net 1.1%** | **3815** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **346116** |

---

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

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $42,452 and 12.3% of the Fund.

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

(d) Non-income producing security.

(e) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

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

(h) Convertible security.

(i) All or a portion of the security was on loan as of December 31, 2025.

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

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

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 5335 | 150109 | 138553 | 147 |  |  | 16891 | 4.9 |
| JNL Government Money Market Fund, 3.74% - Class SL | 4114 | 21463 | 25206 | 110 |  |  | 371 | 0.1 |
|  | 9449 | 171572 | 163759 | 257 |  |  | 17262 | 5.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Acu Petroleo Luxembourg S.a r.l., 7.50%, 07/13/35 | 07/10/24 | 3253 | 3424 | 1.0 |
| Adani Electricity Mumbai Limited, 3.95%, 02/12/30 | 02/07/25 | 1762 | 1866 | 0.5 |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 09/22/23 | 1948 | 2163 | 0.6 |
| Adani Energy Solutions Limited, 4.25%, 05/21/36 | 08/08/23 | 5264 | 5620 | 1.6 |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 06/09/21 | 5146 | 4905 | 1.4 |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 03/28/25 | 918 | 972 | 0.3 |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 02/07/25 | 2192 | 2308 | 0.7 |
| Adani Renewable Energy (RJ) Limited, 4.63%, 10/15/39 | 05/27/25 | 720 | 766 | 0.2 |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/12/22 | 4800 | 5336 | 1.5 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41 | 01/21/25 | 1362 | 1456 | 0.4 |
| Banco de Bogota, 6.25%, 05/12/26 | 04/30/25 | 2703 | 2710 | 0.8 |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 04/05/24 | 7569 | 7711 | 2.2 |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 09/16/22 | 664 | 788 | 0.2 |
| Banco Industrial S.A., 4.88%, 01/29/31 | 06/15/23 | 3987 | 4073 | 1.2 |
| Banco Internacional Del Peru S.A.A. – Interbank, 6.40%, 04/30/35 | 12/17/25 | 3698 | 3691 | 1.1 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63% (callable at 100, 01/10/28) | 02/20/19 | 2170 | 2248 | 0.7 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 8.13%, 01/08/39 | 01/22/25 | 2033 | 2164 | 0.6 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 11/17/23 | 3508 | 3692 | 1.1 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 3378 | 3601 | 1.0 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 05/22/25 | 4281 | 4302 | 1.2 |
| Cap S.A., 3.90%, 04/27/31 | 12/14/21 | 4244 | 4061 | 1.2 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 03/28/25 | 6612 | 6638 | 1.9 |
| Cencosud S.A., 4.38%, 07/17/27 | 05/19/25 | 1449 | 1460 | 0.4 |
| Chile Electricity Lux MPC II S.a r.l., 5.67%, 10/20/35 | 12/19/25 | 2924 | 2918 | 0.8 |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 02/05/25 | 1869 | 1877 | 0.5 |
| Chile Electricity PEC SpA, 0.00%, 01/25/28 | 05/23/23 | 562 | 569 | 0.2 |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 06/12/24 | 647 | 694 | 0.2 |
| Comision Federal De Electricidad, E.P.E., 3.35%, 02/09/31 | 03/22/24 | 175 | 182 | 0.1 |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 10/29/25 | 2910 | 2898 | 0.8 |
| Cosan Overseas Limited, 8.25% | 01/24/23 | 7296 | 7321 | 2.1 |
| CSN Resources S.A., 5.88%, 04/08/32 | 08/14/23 | 4285 | 3927 | 1.1 |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 11/19/21 | 6481 | 6669 | 1.9 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 05/24/18 | 825 | 734 | 0.2 |
| Empresa Electrica Cochrane S.p.A., 5.50%, 05/14/27 | 12/09/20 | 1388 | 1359 | 0.4 |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 07/09/25 | 1519 | 1553 | 0.5 |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 07/11/25 | 597 | 599 | 0.2 |
| FEL Energy VI S.a r.l., 5.75%, 12/01/40 | 03/18/24 | 1335 | 1411 | 0.4 |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 01/23/24 | 487 | 510 | 0.1 |
| Fideicomiso F/80460, 3.88%, 04/30/28 | 10/02/25 | 590 | 587 | 0.2 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 1120 | 1175 | 0.3 |
| Frigorifico Concepcion S.A., 7.70%, 07/21/28 | 06/08/23 | 607 | 327 | 0.1 |
| Galaxy Pipeline Assets Bidco Limited, 2.94%, 09/30/40 | 01/29/25 | 844 | 891 | 0.3 |
| GNL Quintero S.A., 4.63%, 07/31/29 | 03/13/25 | 834 | 845 | 0.2 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 05/05/25 | 2294 | 2297 | 0.7 |
| Gobierno de la Republica de Guatemala, 4.38%, 06/05/27 | 07/25/25 | 2378 | 2388 | 0.7 |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 08/14/24 | 1655 | 1721 | 0.5 |
| Gobierno de la Republica de Guatemala, 5.38%, 04/24/32 | 02/13/25 | 383 | 405 | 0.1 |
| Gobierno de La Republica del Paraguay, 4.70%, 03/27/27 | 07/24/24 | 1879 | 1898 | 0.6 |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 12/09/24 | 2323 | 2417 | 0.7 |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 06/28/24 | 3188 | 3276 | 0.9 |
| JSW Energy Limited, 4.13%, 05/18/31 | 05/20/24 | 4373 | 4469 | 1.3 |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 08/12/24 | 3777 | 3895 | 1.1 |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 06/15/23 | 2634 | 2764 | 0.8 |
| Lima Metro Line 2 Finance Limited, 4.35%, 04/05/36 | 05/08/24 | 5593 | 5960 | 1.7 |
| Marfrig Holdings (Europe) B.V., 3.95%, 01/29/31 | 12/19/25 | 2544 | 2533 | 0.7 |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 07/01/24 | 2279 | 2307 | 0.7 |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 09/17/25 | 180 | 179 | 0.1 |
| Millicom International Cellular S.A., 6.25%, 03/25/29 | 04/10/23 | 3238 | 3432 | 1.0 |
| Millicom International Cellular S.A., 4.50%, 04/27/31 | 07/07/25 | 184 | 186 | 0.1 |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 10/24/25 | 3870 | 3860 | 1.1 |
| Minsur S.A., 4.50%, 10/28/31 | 01/15/25 | 2928 | 3058 | 0.9 |
| MISC Capital Two (Labuan) Limited, 3.75%, 04/06/27 | 10/07/25 | 546 | 546 | 0.2 |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 3259 | 3416 | 1.0 |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 05/12/25 | 759 | 767 | 0.2 |
| Morocco, Kingdom of, 5.95%, 03/08/28 | 04/03/25 | 405 | 411 | 0.1 |
| Morocco, Kingdom of, 3.00%, 12/15/32 | 01/29/25 | 585 | 615 | 0.2 |
| Morocco, Kingdom of, 4.00%, 12/15/50 | 01/21/25 | 2190 | 2179 | 0.6 |
| Movida Europe S.A., 7.85%, 04/11/29 | 07/10/24 | 1917 | 1893 | 0.5 |
| MV24 Capital B.V., 6.75%, 06/01/34 | 01/18/23 | 4097 | 4406 | 1.3 |
| NBM US Holdings, Inc., 7.00%, 05/14/26 | 05/24/23 | 199 | 200 | 0.1 |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 10/29/25 | 861 | 859 | 0.3 |
| OCP S.A., 6.75%, 05/02/34 | 01/17/25 | 4064 | 4334 | 1.3 |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 06/23/25 | 4481 | 4486 | 1.3 |
| Orbia Advance Corporation, S.A.B. de C.V., 6.75%, 09/19/42 | 11/03/25 | 1105 | 1090 | 0.3 |
| Orbia Advance Corporation, S.A.B. de C.V., 5.88%, 09/17/44 | 11/03/25 | 634 | 623 | 0.2 |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 05/22/25 | 6210 | 6223 | 1.8 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 12/05/24 | 3590 | 3612 | 1.0 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/16/24 | 4995 | 5011 | 1.4 |
| PERU LNG, 5.38%, 03/22/30 | 06/04/25 | 2228 | 2243 | 0.7 |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 07/25/25 | 1209 | 1215 | 0.4 |
| Presidencia de la Republica Dominicana, 4.50%, 01/30/30 | 07/10/25 | 1054 | 1075 | 0.3 |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/02/24 | 5037 | 5184 | 1.5 |
| PT. Bank Negara Indonesia (persero), 3.75%, 03/30/26 | 03/20/24 | 5168 | 5154 | 1.5 |
| PT. Pertamina (Persero), 1.40%, 02/09/26 | 05/21/25 | 3986 | 3982 | 1.2 |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 05/12/25 | 5675 | 5682 | 1.6 |
| PT. Perusahaan Listrik Negara, 3.88%, 07/17/29 | 12/19/25 | 1661 | 1656 | 0.5 |
| Raizen Fuels Finance S.A., 6.45%, 03/05/34 | 11/03/25 | 845 | 824 | 0.2 |
| Raizen Fuels Finance S.A., 5.70%, 01/17/35 | 01/31/25 | 1962 | 1785 | 0.5 |
| Raizen Fuels Finance S.A., 6.70%, 02/25/37 | 11/03/25 | 165 | 162 |  |
| Reliance Industries Limited, 3.67%, 11/30/27 | 05/15/25 | 1223 | 1238 | 0.4 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 08/09/22 | 5560 | 5820 | 1.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 5859 | 5390 | 1.6 |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 140 | 96 |  |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 269 | 63 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 58 | 6 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 08/19/21 | 6011 | 6367 | 1.8 |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 05/21/25 | 2055 | 2057 | 0.6 |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 591 | 592 | 0.2 |
|  |  | 247309 | 251308 | 72.6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 293145 | 19 | 293164 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 31853 |  | 31853 |
| &nbsp;&nbsp;Other Equity Interests |  | 22 |  | 22 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 17262 |  |  | 17262 |
|  | 17262 | 325020 | 19 | 342301 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 43.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 43.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 43.4%** |
| 280 Park Avenue 2017-280P Mortgage Trust |  |  |
| Series 2017-A-280P, REMIC, 4.96%, (1 Month Term SOFR + 1.18%), 09/15/34 (a) (b) | 2320 | 2312 |
| ACREC 2025-Fl3 LLC |  |  |
| Series 2025-A-FL3, 5.04%, (1 Month Term SOFR + 1.31%), 08/18/42 (a) | 2300 | 2295 |
| ACRES 2025-FL3, LLC |  |  |
| Series 2025-A-FL3, REMIC, 5.35%, (1 Month Term SOFR + 1.62%), 08/18/40 (a) | 2790 | 2793 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-A-A, 5.61%, 09/15/26 | 5500 | 5509 |
| Affirm Asset Securitization Trust 2024-B |  |  |
| Series 2024-B-B, 4.88%, 04/15/27 | 3000 | 3011 |
| Affirm Master Trust |  |  |
| Series 2025-B-1A, 5.13%, 02/15/33 | 1500 | 1507 |
| Series 2025-C-1A, 5.28%, 02/15/33 | 1100 | 1107 |
| AJAX Mortgage Loan Trust 2021-C |  |  |
| Series 2021-A-C, 6.12%, 01/25/61 (b) | 718 | 724 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 2000 | 1963 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 743 | 394 |
| Alternative Loan Trust 2006-29T1 |  |  |
| Series 2006-2A6-29T1, REMIC, 6.50%, 10/25/36 | 644 | 357 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.21%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) (c) | 708 | 684 |
| Alternative Loan Trust 2007-12T1 |  |  |
| Series 2007-A6-12T1, REMIC, 6.00%, 06/25/37 | 4211 | 1792 |
| Alternative Loan Trust 2007-23CB |  |  |
| Series 2007-A5-23CB, REMIC, 6.50%, 09/25/37 | 5465 | 2632 |
| American Home Mortgage Investment Trust 2004-3 |  |  |
| Series 2004-M1-2, REMIC, 4.17%, (1 Month Term SOFR + 1.01%), 02/25/44 (a) (b) (c) | 1712 | 1669 |
| Angel Oak Mortgage Trust 2020-6 |  |  |
| Series 2020-A3-6, REMIC, 1.78%, 05/25/65 | 451 | 421 |
| Angel Oak Mortgage Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.98%, 10/25/66 | 2801 | 2438 |
| Apidos CLO XLIII Ltd |  |  |
| Series 2022-A1R-39A, 5.12%, (3 Month Term SOFR + 1.23%), 10/21/38 (a) | 3500 | 3502 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Interest Only, Series 2020-XA-MF1, REMIC, 0.92%, 05/15/53 (a) | 23588 | 775 |
| Arbor Multifamily Mortgage Securities Trust 2021-Mf2 |  |  |
| Interest Only, Series 2021-XA-MF2, REMIC, 1.09%, 06/15/54 (a) | 50455 | 2187 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.09%, (1 Month Term SOFR + 1.40%), 02/20/29 (a) | 1850 | 1848 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.12%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 3450 | 3447 |
| AREIT 2025-CRE11 Ltd |  |  |
| Series 2025-A-CRE11, 5.55%, (1 Month Term SOFR + 1.45%), 02/20/30 (a) (b) | 2110 | 2113 |
| Argentina, Republic of |  |  |
| Series 2022-A-CRE6, 5.19%, (SOFR 30-Day Average + 1.25%), 01/21/37 (a) | 607 | 606 |
| Arroyo Mortgage Trust 2019-3 |  |  |
| Series 2019-A3-3, REMIC, 3.42%, 10/25/48 (a) | 572 | 552 |
| Atlas Senior Loan Fund XVI, Ltd. |  |  |
| Series 2018-B-11A, 5.77%, (3 Month Term SOFR + 1.91%), 07/28/31 (a) (d) | 2000 | 2003 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-A-1A, 4.89%, 04/15/31 | 3750 | 3753 |
| Avant Loans Funding Trust 2024-REV1 |  |  |
| Series 2024-A-REV1, 5.92%, 10/15/33 | 3500 | 3532 |
| Avant Loans Funding Trust 2025-REV1 |  |  |
| Series 2025-B-REV1, 5.42%, 05/15/34 | 1600 | 1610 |
| Bain Capital Credit CLO 2024-6 Ltd |  |  |
| Series 2024-A1-6A, 5.20%, (3 Month Term SOFR + 1.33%), 01/21/38 (a) | 2500 | 2506 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-2CB1-10, REMIC, 6.00%, 11/25/35 | 230 | 206 |
| Banc of America Funding 2006-D Trust |  |  |
| Series 2006-A1-D, REMIC, 4.05%, 05/20/36 (a) | 1601 | 1375 |
| Bank 2017-BNK4 |  |  |
| Interest Only, Series 2017-XA-BNK4, REMIC, 1.32%, 05/17/50 (a) | 12404 | 122 |
| Bank 2021-BNK36 |  |  |
| Interest Only, Series 2021-XA-BN36, REMIC, 0.87%, 09/17/64 (a) | 78043 | 2222 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-AS-5YR10, REMIC, 5.64%, 10/17/29 | 2407 | 2473 |
| Bank5 2025-5YR13 |  |  |
| Interest Only, Series 2025-XA-5YR13, REMIC, 1.06%, 01/15/58 (a) | 21122 | 816 |
| Battalion CLO XX Ltd. |  |  |
| Series 2021-AR-20A, 5.12%, (3 Month Term SOFR + 1.22%), 04/15/38 (a) | 1500 | 1498 |
| Battalion CLO XXIII Ltd. |  |  |
| Series 2022-A1R-23A, 5.32%, (3 Month Term SOFR + 1.42%), 10/15/37 (a) | 5000 | 5020 |
| BBCMS 2019-BWAY Mortgage Trust |  |  |
| Series 2019-E-BWAY, REMIC, 6.72%, (1 Month Term SOFR + 2.96%), 11/15/34 (a) | 2715 | 14 |
| BBCMS Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.44%, 02/17/50 (a) | 16717 | 153 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XB-C10, REMIC, 1.01%, 07/17/54 (a) | 26096 | 1197 |
| Interest Only, Series 2021-XD-C10, REMIC, 1.68%, 07/17/54 (a) | 16250 | 1208 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-AS-5C29, REMIC, 5.63%, 09/17/29 | 2638 | 2716 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Interest Only, Series 2025-XA-5C34, REMIC, 1.17%, 05/15/58 (a) | 23084 | 1041 |
| BBCMS Mortgage Trust 2025-C32 |  |  |
| Interest Only, Series 2025-XA-C32, REMIC, 1.13%, 02/17/62 (a) | 26521 | 2183 |
| BDS 2021-FL10 Ltd |  |  |
| Series 2021-A-FL10, 5.20%, (1 Month Term SOFR + 1.46%), 12/18/36 (a) | 1291 | 1291 |
| BDS 2024-FL13 LLC |  |  |
| Series 2024-A-FL13, 5.31%, (1 Month Term SOFR + 1.58%), 06/19/29 (a) (b) | 3600 | 3609 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-A-FL15, 5.13%, (1 Month Term SOFR + 1.40%), 08/19/30 (a) (b) | 2550 | 2552 |
| BDS 2025-FL16 LLC |  |  |
| Series 2025-A-FL16, 5.13%, (1 Month Term SOFR + 1.40%), 06/22/43 (a) (b) | 1930 | 1931 |
| Bear Stearns ARM Trust 2007-1 |  |  |
| Series 2007-4A1-1, REMIC, 6.50%, 02/25/47 (a) | 5712 | 4926 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Series 2019-A2-B14, REMIC, 2.91%, 12/15/62 | 1679 | 1616 |
| Benchmark 2020-B22 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B22, REMIC, 1.49%, 01/16/54 (a) | 30071 | 1821 |
| Benchmark 2025-V17 Mortgage Trust |  |  |
| Interest Only, Series 2025-XA-V17, REMIC, 1.51%, 09/17/58 (a) | 28260 | 1750 |
| Benefit Street Partners CLO 46 Ltd |  |  |
| Series 2025-A-46A, 0.00%, (3 Month Term SOFR + 1.21%), 01/25/39 (a) | 5000 | 5000 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Benefit Street Partners CLO XXXII, Ltd. |  |  |
| Series 2023-AR-32A, 5.07%, (3 Month Term SOFR + 1.21%), 10/25/38 (a) | 2500 | 2500 |
| Benefit Street Partners CLO XXXVII Ltd |  |  |
| Series 2024-A-37A, 5.21%, (3 Month Term SOFR + 1.35%), 01/25/38 (a) | 2000 | 2003 |
| BFLD 2024-VICT Mortgage Trust |  |  |
| Series 2024-A-VICT, REMIC, 5.64%, (1 Month Term SOFR + 1.89%), 07/15/26 (a) | 1750 | 1758 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Interest Only, Series 2025-XA-5C12, REMIC, 1.44%, 10/15/58 (a) | 43854 | 2641 |
| BPR Trust 2021-TY |  |  |
| Series 2021-A-TY, REMIC, 4.92%, (1 Month Term SOFR + 1.16%), 09/15/38 (a) | 450 | 450 |
| Bridge Street CLO I Ltd |  |  |
| Series 2020-A1R-1A, 5.43%, (3 Month Term SOFR + 1.55%), 07/20/37 (a) | 2000 | 2005 |
| BRSP 2021-FL1, Ltd. |  |  |
| Series 2021-A-FL1, 5.00%, (1 Month Term SOFR + 1.26%), 08/19/38 (a) (b) | 2073 | 2071 |
| Series 2021-AS-FL1, 5.45%, (1 Month Term SOFR + 1.71%), 08/19/38 (a) (b) | 4812 | 4795 |
| BRSP Ltd |  |  |
| Series 2024-A-FL2, 5.68%, (1 Month Term SOFR + 1.95%), 08/19/27 (a) | 3078 | 3078 |
| BSPRT 2022-FL8 Issuer, Ltd. |  |  |
| Series 2022-A-FL8, 5.48%, (SOFR 30-Day Average + 1.50%), 02/17/37 (a) (b) | 647 | 646 |
| BSPRT 2023-FL10 Issuer LLC |  |  |
| Series 2023-AS-FL10, 6.61%, (1 Month Term SOFR + 2.86%), 09/17/35 (a) (b) | 3710 | 3718 |
| BX Commercial Mortgage Trust 2021-ACNT |  |  |
| Series 2021-B-ACNT, REMIC, 5.11%, (1 Month Term SOFR + 1.36%), 11/15/38 (a) | 195 | 195 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-D-XL2, REMIC, 5.26%, (1 Month Term SOFR + 1.51%), 10/15/26 (a) | 1309 | 1302 |
| Series 2021-A-XL2, REMIC, 4.55%, (1 Month Term SOFR + 0.80%), 10/15/38 (a) | 1220 | 1214 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 4.76%, (1 Month Term SOFR + 1.01%), 02/15/39 (a) | 444 | 442 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.13%, (1 Month Term SOFR + 1.38%), 08/16/27 (a) | 1332 | 1330 |
| BX Trust 2021-RISE |  |  |
| Series 2021-C-RISE, REMIC, 5.31%, (1 Month Term SOFR + 1.56%), 11/17/36 (a) | 1167 | 1165 |
| BXMT 2020-FL2, Ltd. |  |  |
| Series 2020-A-FL2, REMIC, 4.75%, (1 Month Term SOFR + 1.01%), 02/18/38 (a) (b) | 444 | 441 |
| CAL Funding IV Ltd. |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 1652 | 1583 |
| Carlyle US CLO 2023-3 Ltd |  |  |
| Series 2023-A1R-3A, 5.12%, (3 Month Term SOFR + 1.23%), 10/15/38 (a) | 2000 | 1998 |
| Carrington Mortgage Loan Trust, Series 2006-NC4 |  |  |
| Series 2006-A3-NC4, REMIC, 3.57%, (1 Month Term SOFR + 0.27%), 07/25/36 (a) (b) (c) | 875 | 862 |
| Carval CLO X-C Ltd. |  |  |
| Series 2024-A-2A, 5.34%, (3 Month Term SOFR + 1.46%), 07/20/37 (a) | 2000 | 2004 |
| Carvana Auto Receivables Trust 2024-P3 |  |  |
| Series 2024-A4-P3, 4.31%, 05/10/29 | 4100 | 4107 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (b) | 1004 | 973 |
| CBAM 2017-1 Ltd |  |  |
| Series 2017-AR2-1A, 5.72%, (3 Month Term SOFR + 1.39%), 01/20/38 (a) | 5000 | 5018 |
| CBAM 2017-2 Ltd |  |  |
| Series 2017-AR-2A, 5.33%, (3 Month Term SOFR + 1.45%), 07/17/34 (a) | 5000 | 5011 |
| CD 2017-CD4 Mortgage Trust |  |  |
| Interest Only, Series 2017-XA-CD4, REMIC, 1.22%, 05/12/50 (a) | 13550 | 116 |
| Cedar Funding IX CLO Ltd |  |  |
| Series 2018-AR-9A, 5.30%, (3 Month Term SOFR + 1.42%), 07/20/37 (a) | 10000 | 10026 |
| CEDR Commercial Mortgage Trust 2022-SNAI |  |  |
| Series 2022-A-SNAI, REMIC, 4.74%, (1 Month Term SOFR + 0.99%), 02/15/39 (a) | 1820 | 1798 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.34%, 05/10/58 (a) | 5156 | 8 |
| CFCRE 2016-C7 Mortgage Trust |  |  |
| Series 2016-A3-C7, REMIC, 3.84%, 12/11/26 | 1090 | 1083 |
| Chase Auto Owner Trust 2024-5 |  |  |
| Series 2024-A4-5A, 4.15%, 03/25/30 | 3200 | 3218 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A19-10, REMIC, 6.00%, 07/25/37 | 2833 | 1297 |
| CIFC Funding 2020-III Ltd |  |  |
| Series 2020-A1R2-3A, 5.07%, (3 Month Term SOFR + 1.21%), 10/20/38 (a) | 10000 | 10000 |
| CIFC Funding 2021-V Ltd |  |  |
| Series 2021-A1R-5A, 5.58%, (3 Month Term SOFR + 1.26%), 01/15/38 (a) | 1500 | 1502 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 0.99%, 02/12/49 (a) | 1104 | 3 |
| Citigroup Commercial Mortgage Trust 2016-GC37 |  |  |
| Interest Only, Series 2016-XA-GC37, REMIC, 1.42%, 04/12/49 (a) | 1378 |  |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Series 2016-A4-P3, REMIC, 3.33%, 02/18/26 | 3745 | 3731 |
| Interest Only, Series 2016-XA-P3, REMIC, 1.64%, 04/16/49 (a) | 3904 | 12 |
| Citigroup Commercial Mortgage Trust 2016-P5 |  |  |
| Interest Only, Series 2016-XA-P5, REMIC, 1.32%, 10/13/49 (a) | 7980 | 26 |
| Citigroup Commercial Mortgage Trust 2017-P7 |  |  |
| Interest Only, Series 2017-XA-P7, REMIC, 1.09%, 04/15/50 (a) | 10561 | 88 |
| Citigroup Mortgage Loan Trust 2014-6 |  |  |
| Series 2014-2A2-6, REMIC, 4.04%, (1 Month Term SOFR + 0.31%), 04/26/38 (a) (b) | 9842 | 9309 |
| Citimortgage Alternative Loan Trust, Series 2006-A3 |  |  |
| Series 2006-1A13-A3, REMIC, 6.00%, 07/25/36 | 464 | 432 |
| CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A6 |  |  |
| Series 2007-1A16-A6, REMIC, 6.00%, 06/25/37 | 725 | 663 |
| Cologix Data Centers US Issuer LLC |  |  |
| Series 2021-A2-1A, 3.30%, 12/28/26 | 3000 | 2951 |
| COLT 2021-RPL1 Trust |  |  |
| Series 2021-A1-RPL1, REMIC, 1.67%, 09/25/61 | 2629 | 2431 |
| COLT 2022-2 Mortgage Loan Trust |  |  |
| Series 2022-A1-2, REMIC, 2.99%, 02/25/67 (b) | 3155 | 3043 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 0.62%, 10/15/46 (a) | 2284 | 12 |
| COMM 2014-CCRE16 Mortgage Trust |  |  |
| Series 2014-C-CR16, REMIC, 4.94%, 04/12/47 (a) | 1000 | 961 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 6.22%, (1 Month Term SOFR + 2.47%), 09/15/33 (a) | 197 | 60 |
| Commonbond Student Loan Trust 2016-A |  |  |
| Series 2016-A1-A, REMIC, 3.32%, 05/25/40 | 154 | 149 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2024-A1-1A, 5.25%, 02/26/29 | 5500 | 5525 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2005-2A1-11, REMIC, 6.00%, 12/25/35 | 387 | 245 |
| Crown City CLO |  |  |
| Series 2021-A1A-1A, 5.32%, (3 Month Term SOFR + 1.43%), 07/20/34 (a) | 3000 | 3000 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-A3-SPT1, REMIC, 3.73%, 04/25/65 (a) (b) | 352 | 349 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CWMBS, Inc. |  |  |
| Series 2006-A1-OA2, REMIC, 3.85%, (1 Month Term SOFR + 0.53%), 05/20/46 (a) (b) (c) | 1260 | 1111 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 1200 | 1171 |
| Databank Issuer, LLC |  |  |
| Series 2021-A2-1A, 2.06%, 02/25/26 | 2750 | 2738 |
| DBGS 2021-W52 Mortgage Trust |  |  |
| Series 2021-A-W52, REMIC, 5.26%, (1 Month Term SOFR + 1.51%), 10/17/39 (a) | 910 | 909 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.20%, 05/12/49 (a) | 7404 | 4 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 2.77%, (1 Month Term SOFR + 0.41%), 09/25/47 (a) (b) (c) | 739 | 646 |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 1880 | 1870 |
| Eldridge CLO 2025-1 Ltd |  |  |
| Series 2025-A1-1A, 5.20%, (3 Month Term SOFR + 1.33%), 10/20/38 (a) | 3500 | 3500 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-A1RR-2A, 5.23%, (3 Month Term SOFR + 1.35%), 10/20/37 (a) | 5000 | 5015 |
| Exeter Automobile Receivables Trust 2021-4 |  |  |
| Series 2021-D-4A, 1.96%, 01/17/28 | 813 | 810 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2005-A6M-FF10, REMIC, 3.73%, (1 Month Term SOFR + 0.81%), 11/25/35 (a) (b) (c) | 785 | 745 |
| Foundation Finance Trust 2025-3 |  |  |
| Series 2025-B-3A, REMIC, 4.87%, 08/15/52 | 2000 | 2001 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.07%, (1 Month Term SOFR + 1.33%), 05/18/38 (a) (b) | 1514 | 1514 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-A-FL3, 5.10%, (1 Month Term SOFR + 1.36%), 11/18/36 (a) | 1982 | 1980 |
| GCAT 2021-NQM4 TRUST |  |  |
| Series 2021-A3-NQM4, REMIC, 1.56%, 08/25/66 (a) | 2629 | 2266 |
| GCAT 2025-NQM1 Trust |  |  |
| Series 2025-A1-NQM1, REMIC, 5.37%, 11/25/69 (b) | 8032 | 8102 |
| Generate CLO 9 LTD |  |  |
| Series AR-9A, 5.23%, (3 Month Term SOFR + 1.35%), 01/20/38 (a) | 7500 | 7521 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 840 | 807 |
| GLS Auto Select Receivables Trust 2024-4 |  |  |
| Series 2024-B-4A, 4.50%, 11/15/30 | 3000 | 3024 |
| GPMT 2021-FL3 Ltd |  |  |
| Series 2021-A-FL3, 5.10%, (1 Month Term SOFR + 1.36%), 07/18/35 (a) | 398 | 398 |
| GPMT 2021-FL4 Ltd |  |  |
| Series 2021-A-FL4, 5.20%, (1 Month Term SOFR + 1.46%), 12/22/36 (a) | 1913 | 1912 |
| Great Wolf Trust 2024-WOLF |  |  |
| Series 2024-A-WOLF, REMIC, 5.29%, (1 Month Term SOFR + 1.54%), 03/16/26 (a) | 1860 | 1863 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |
| Series 2025-A4-1A, 5.22%, 03/25/60 | 912 | 924 |
| GreenSky Home Improvement Issuer Trust 2025-2 |  |  |
| Series 2025-A4-2A, 4.89%, 06/25/60 | 723 | 727 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 4.88%, (1 Month Term SOFR + 1.13%), 07/15/39 (a) | 217 | 217 |
| Series 2021-C-FL3, 5.86%, (1 Month Term SOFR + 2.11%), 07/15/39 (a) | 1300 | 1297 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-G-RIVR, REMIC, 6.65%, (1 Month Term SOFR + 2.90%), 07/16/35 (a) (b) | 2000 | 2 |
| GS Mortgage Securities Trust 2014-GC24 |  |  |
| Interest Only, Series 2014-XA-GC24, REMIC, 0.36%, 09/12/47 (a) | 526 |  |
| GS Mortgage Securities Trust 2017-GS6 |  |  |
| Interest Only, Series 2017-XA-GS6, REMIC, 0.99%, 05/12/50 (a) | 21336 | 225 |
| GS Mortgage Securities Trust 2017-GS8 |  |  |
| Interest Only, Series 2017-XA-GS8, REMIC, 0.93%, 11/11/50 (a) | 27914 | 315 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.65%, 12/12/53 (a) | 26947 | 1652 |
| GS Mortgage-Backed Securities Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.42%, 11/25/55 (b) | 1882 | 1882 |
| HarborView Mortgage Loan Trust, 2006-11 |  |  |
| Series 2006-A1A-11, REMIC, 3.70%, (1 Month Term SOFR + 0.45%), 12/19/36 (a) (b) (c) | 3403 | 3136 |
| Highbridge Loan Management 3-2014 |  |  |
| Series 3A-CR-2014, 7.75%, (3 Month Term SOFR + 3.86%), 07/18/29 (a) | 1900 | 1908 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (b) (d) | 4182 | 4013 |
| IndyMac MBS, Inc. |  |  |
| Series 2006-A10-A2, REMIC, 6.00%, 05/25/36 | 1096 | 402 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-G-UES, REMIC, 4.45%, 05/06/32 (a) | 1612 | 1560 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2025-A3-NQM4, REMIC, 5.26%, 10/25/29 (b) | 1856 | 1856 |
| J.P. Morgan Mortgage Trust 2025-NQM2 |  |  |
| Series 2025-A2-NQM2, REMIC, 5.77%, 05/25/29 (b) | 1829 | 1850 |
| Jimmy Johns Funding LLC |  |  |
| Series 2017-A2II-1A, 4.85%, 07/30/27 | 1732 | 1734 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 0.99%, 11/18/48 (a) | 2802 | 7 |
| JPMCC Commercial Mortgage Securities Trust 2015-JP1 |  |  |
| Interest Only, Series 2015-XA-JP1, REMIC, 0.74%, 01/15/49 (a) | 524 |  |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Interest Only, Series 2016-XA-JP4, REMIC, 0.57%, 12/17/49 (a) | 13898 | 49 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.39%, 06/17/49 (a) | 16574 | 53 |
| Kestrel Aircraft Funding Limited |  |  |
| Series 2018-A-1A, 4.25%, 12/15/38 (d) | 261 | 260 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 4.92%, (1 Month Term SOFR + 1.18%), 02/17/39 (a) (b) | 1529 | 1525 |
| KREF 2022-FL3 Ltd. |  |  |
| Series 2022-A-FL3, 5.18%, (1 Month Term SOFR + 1.45%), 02/22/39 (a) (b) | 1627 | 1626 |
| Legacy Mortgage Asset Trust 2021-GS3 |  |  |
| Series 2021-A1-GS3, REMIC, 4.75%, 07/25/61 (a) (b) | 2993 | 2995 |
| Legacy Mortgage Asset Trust 2021-GS4 |  |  |
| Series 2021-A1-GS4, REMIC, 5.65%, 11/25/60 (a) (b) | 3425 | 3426 |
| LoanCore 2021-CRE6 Issuer Ltd |  |  |
| Series 2021-A-CRE6, 5.16%, (1 Month Term SOFR + 1.41%), 11/15/38 (a) (b) | 508 | 508 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.49%, (SOFR 30-Day Average + 1.55%), 01/21/37 (a) | 997 | 996 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.14%, (1 Month Term SOFR + 1.39%), 11/01/29 (a) (b) | 3450 | 3450 |
| LoanCore 2025-CRE9 Issuer LLC |  |  |
| Series 2025-A-CRE9, 5.18%, (1 Month Term SOFR + 1.45%), 05/18/43 (a) | 2700 | 2701 |
| Loanpal Solar Loan 2020-3 LLC |  |  |
| Series 2020-A-3GS, 2.47%, 08/20/35 | 1472 | 1242 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Loanpal Solar Loan 2021-1 Ltd. |  |  |
| Series 2021-A-1GS, 2.29%, 10/20/34 | 1513 | 1257 |
| Long Beach Mortgage Loan Trust 2006-6 |  |  |
| Series 2006-2A3-6, REMIC, 1.27%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (b) (c) | 9228 | 3529 |
| Lunar Aircraft 2020-1 Limited |  |  |
| Series 2020-A-1A, 3.38%, 02/15/27 (b) | 1211 | 1187 |
| Magnetite Xlii Ltd |  |  |
| Series 2024-A1-42A, 5.17%, (3 Month Term SOFR + 1.31%), 01/25/38 (a) | 4000 | 4007 |
| Mariner Finance Issuance Trust 2025-A |  |  |
| Series 2025-B-AA, 5.33%, 05/20/38 | 1950 | 1976 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2006-2 |  |  |
| Series 2006-A2C-AHL1, REMIC, 2.13%, (1 Month Term SOFR + 0.43%), 05/25/37 (a) (b) (c) | 5490 | 3301 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 4.93%, (1 Month Term SOFR + 1.19%), 10/21/36 (a) | 391 | 390 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.28%, (1 Month Term SOFR + 1.35%), 02/20/37 (a) | 2143 | 2142 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 5.88%, (1 Month Term SOFR + 2.15%), 06/22/37 (a) | 2730 | 2731 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-A-FL14, REMIC, 5.49%, (1 Month Term SOFR + 1.74%), 03/19/39 (a) | 3500 | 3509 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-A-FL15, 5.44%, (1 Month Term SOFR + 1.69%), 08/18/41 (a) | 3500 | 3507 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.05%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 3450 | 3444 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (b) | 7165 | 7215 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE3 |  |  |
| Series 2007-A1-HE3, REMIC, 6.19%, (1 Month Term SOFR + 0.24%), 12/25/36 (a) (b) (c) | 2674 | 1611 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2005-M2-HE2, REMIC, 3.56%, (1 Month Term SOFR + 0.77%), 01/25/35 (a) (b) (c) | 1345 | 1313 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.04%, 01/15/49 (a) | 1111 |  |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2012-A2-CKSV, REMIC, 3.28%, 10/15/30 | 1833 | 1744 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Interest Only, Series 2017-XA-H1, REMIC, 1.30%, 06/17/50 (a) | 20383 | 253 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 6.71%, (1 Month Term SOFR + 2.96%), 12/15/36 (a) | 4283 | 21 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (a) | 1694 | 1687 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 224 | 202 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 2109 | 1870 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 815 | 685 |
| MTN Commercial Mortgage Trust 2022-LPFL |  |  |
| Series 2022-A-LPFL, REMIC, 5.15%, (1 Month Term SOFR + 1.40%), 03/15/39 (a) | 1980 | 1979 |
| Nassau 2018-I Ltd. |  |  |
| Series 2018-A-IA, 5.32%, (3 Month Term SOFR + 1.41%), 07/15/31 (a) | 108 | 108 |
| Navient Private Education Refi Loan Trust 2018-A |  |  |
| Series 2018-B-A, 3.68%, 02/18/42 | 1167 | 1156 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 2529 | 2316 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-3BP, REMIC, 4.96%, (1 Month Term SOFR + 1.27%), 02/16/27 (a) | 2380 | 2361 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 07/25/36 (a) | 286 | 244 |
| OBX 2024-NQM10 Trust |  |  |
| Series 2024-A1-NQM10, REMIC, 6.18%, 05/25/64 (b) | 3091 | 3137 |
| OBX 2025-NQM8 Trust |  |  |
| Series 2025-A1-NQM8, REMIC, 5.47%, 03/25/65 (b) | 8195 | 8264 |
| OCP CLO 2017-14 Ltd |  |  |
| Series 2017-A1R-14A, 5.25%, (3 Month Term SOFR + 1.37%), 07/20/37 (a) | 3000 | 3005 |
| OCP CLO 2020-18 Ltd |  |  |
| Series 2020-A1R2-18A, 5.25%, (3 Month Term SOFR + 1.37%), 07/20/37 (a) | 4000 | 4009 |
| Octagon 56, Ltd. |  |  |
| Series 2021-B-1A, REMIC, 5.82%, (3 Month Term SOFR + 1.91%), 10/16/34 (a) | 2500 | 2501 |
| Octagon Investment Partners 20-R LTD |  |  |
| Series 2019-A1RR-4A, 5.24%, (3 Month Term SOFR + 1.40%), 08/12/37 (a) | 10000 | 10021 |
| OHA Credit Funding 16-R Ltd |  |  |
| Series 2023-A1-16RA, 5.08%, (3 Month Term SOFR + 1.20%), 10/20/38 (a) | 10000 | 10005 |
| Pagaya AI Debt Grantor Trust 2025-7 |  |  |
| Series 2025-A1-7, REMIC, 4.27%, 11/16/26 | 2250 | 2251 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-B-HG1, 1.82%, 01/16/29 | 86 | 86 |
| Pagaya AI Debt Selection Trust 2021-5 |  |  |
| Series 2021-C-5, 3.93%, 08/15/29 | 2436 | 2403 |
| Park Blue CLO 2022-1 Ltd |  |  |
| Series 2022-A1R-1A, 5.75%, (3 Month Term SOFR + 1.42%), 10/20/37 (a) | 9700 | 9735 |
| PFP 2024-11 Ltd |  |  |
| Series 2024-A-11, 5.57%, (1 Month Term SOFR + 1.83%), 09/19/39 (a) | 372 | 373 |
| PRPM 2024-NQM4 Trust |  |  |
| Series 2024-A1-NQM4, REMIC, 5.67%, 12/25/69 (b) | 2325 | 2352 |
| PRPM 2025-NQM2 Trust |  |  |
| Series 2025-A1-NQM2, REMIC, 5.69%, 05/25/29 (b) | 15130 | 15303 |
| RALI Series 2006-QS12 Trust |  |  |
| Series 2006-2A3-QS12, REMIC, 6.00%, 09/25/36 | 528 | 429 |
| RALI Series 2007-QS4 Trust |  |  |
| Series 2007-3A4-QS4, REMIC, 6.00%, 03/25/37 | 981 | 818 |
| RALI Series 2007-QS8 Trust |  |  |
| Series 2007-A3-QS8, REMIC, 4.67%, (1 Month Term SOFR + 0.71%), 06/25/37 (a) (c) | 915 | 677 |
| RBSSP Resecuritization Trust 2009-2 |  |  |
| Series 2009-3A2-2, REMIC, 4.36%, (1 Month Term SOFR + 0.61%), 04/26/35 (a) | 391 | 363 |
| Ready Capital Mortgage Financing 2021-FL7, LLC |  |  |
| Series 2021-A-FL7, 5.05%, (1 Month Term SOFR + 1.31%), 11/25/36 (a) | 557 | 557 |
| Residential Mortgage Loan Trust 2019-2 |  |  |
| Series 2019-M1-2, REMIC, 3.86%, 05/27/59 (a) | 5827 | 5792 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (d) | 5000 | 4985 |
| RFMSI Series 2006-S4 Trust |  |  |
| Series 2006-A5-S4, REMIC, 6.00%, 04/25/36 | 351 | 285 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-A-CNTR, REMIC, 5.39%, 11/15/41 | 1772 | 1817 |
| Santander Mortgage Asset Receivable Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.47%, 08/25/65 (b) | 3859 | 3865 |
| SCCU Auto Receivables Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.45%, 12/15/27 | 141 | 141 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Securitized Asset Backed Receivables LLC Trust 2006-WM4 |  |  |
| Series 2006-A2C-WM4, REMIC, 0.65%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) (c) | 15672 | 4060 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2B-HE1, REMIC, 0.33%, (1 Month Term SOFR + 0.33%), 12/25/36 (a) (b) (c) | 4914 | 993 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-A-555, REMIC, 5.02%, (1 Month Term SOFR + 1.26%), 05/15/28 (a) | 1980 | 1974 |
| Sierra Timeshare 2021-2 Receivables Funding LLC |  |  |
| Series 2021-C-2A, 1.95%, 09/20/38 | 247 | 245 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 10.20%, 05/25/30 (a) | 226 | 218 |
| SoFi Consumer Loan Program 2025-1 Trust |  |  |
| Series 2025-A-1, 4.80%, 02/27/34 | 1132 | 1136 |
| Sofi Consumer Loan Program 2025-3 Trust |  |  |
| Series 2025-B-3, 4.67%, 07/25/28 | 2500 | 2513 |
| SoFi Consumer Loan Program 2025-4 Trust |  |  |
| Series 2025-B-4, 4.60%, 08/25/35 | 1850 | 1852 |
| Sound Point CLO 40 Ltd |  |  |
| Series 2024-A1-40A, 5.27%, (3 Month Term SOFR + 1.39%), 10/20/37 (a) | 4000 | 4012 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.34%, (3 Month Term SOFR + 1.43%), 07/17/34 (a) | 10000 | 10013 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-A-MFP2, REMIC, 4.69%, (1 Month Term SOFR + 0.94%), 11/16/26 (a) | 2020 | 2019 |
| Start Ltd |  |  |
| Series 2018-A-1, 4.09%, 05/15/43 | 225 | 223 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (a) | 6280 | 5565 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-4A1-22, REMIC, 5.22%, 12/25/35 (a) | 412 | 356 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2006-11 |  |  |
| Series 2006-1A1-11, REMIC, 4.07%, (1 Month Term SOFR + 0.43%), 12/25/36 (a) (b) (c) | 2493 | 2484 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 1696 | 782 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.05%, (1 Month Term SOFR + 1.31%), 04/16/38 (a) (b) | 1370 | 1370 |
| STWD 2022-FL3, Ltd. |  |  |
| Series 2022-AS-FL3, 5.74%, (SOFR 30-Day Average + 1.80%), 11/18/38 (a) (b) | 1470 | 1464 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.08%, 09/20/29 | 5547 | 5576 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 2408 | 2198 |
| Trestles CLO VI Ltd |  |  |
| Series 2023-A1R-6A, 5.04%, (3 Month Term SOFR + 1.18%), 04/26/38 (a) | 2500 | 2494 |
| Tricolor Auto Securitization Trust 2025-2 |  |  |
| Series 2025-A-2A, 5.12%, 01/16/29 | 1093 | 687 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-A-3A, 5.36%, (3 Month Term SOFR + 1.47%), 01/18/35 (a) | 6500 | 6504 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.59%, (1 Month Term SOFR + 1.65%), 02/17/39 (a) (b) | 3056 | 3055 |
| TRTX 2025-FL7 Issuer, Ltd. |  |  |
| Series 2025-A-FL7, REMIC, 5.18%, (1 Month Term SOFR + 1.45%), 06/18/43 (a) (b) | 2500 | 2501 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-ASB-C7, REMIC, 3.59%, 06/15/27 | 1500 | 1493 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-B-C5, REMIC, 3.65%, 03/12/46 (a) | 1750 | 1651 |
| Upgrade Master Pass-Thru Trust Series 2025-ST2 |  |  |
| Series 2025-A-ST2, 6.11%, 06/15/32 | 2645 | 2683 |
| Upgrade Master Pass-Thru Trust Series 2025-ST4 |  |  |
| Series 2025-A-ST4, REMIC, 5.50%, 08/16/32 | 831 | 838 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 231 | 230 |
| Upstart Securitization Trust 2025-3 |  |  |
| Series 2025-A2-3, 4.60%, 09/20/35 | 4000 | 4008 |
| Upstart Securitization Trust 2025-4 |  |  |
| Series 2025-A1-4, 4.41%, 11/20/26 | 791 | 791 |
| VEGAS Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 1204 | 1223 |
| Velocity Commercial Capital Loan Trust 2019-2 |  |  |
| Series 2019-A-2, REMIC, 3.13%, 07/25/49 (a) | 1492 | 1432 |
| Velocity Commercial Capital Loan Trust 2025-4 |  |  |
| Series 2025-A-4, REMIC, 5.19%, 02/25/33 (a) | 965 | 961 |
| Verus Securitization Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.83%, 10/25/66 (a) (b) | 1187 | 1094 |
| Verus Securitization Trust 2023-5 |  |  |
| Series 2023-A1-5, REMIC, 6.48%, 06/25/68 (b) | 567 | 569 |
| Verus Securitization Trust 2024-1 |  |  |
| Series 2024-A1-1, REMIC, 5.71%, 01/25/28 (b) | 8702 | 8757 |
| Verus Securitization Trust 2024-3 |  |  |
| Series 2024-A1-3, REMIC, 6.34%, 04/25/69 (a) (b) | 3122 | 3166 |
| Verus Securitization Trust 2024-9 |  |  |
| Series 2024-A1-9, REMIC, 5.44%, 11/25/69 (a) (b) | 6696 | 6749 |
| Verus Securitization Trust 2025-10 |  |  |
| Series 2025-A2-10, REMIC, 5.21%, 07/25/70 (b) | 1455 | 1457 |
| Vibrant CLO XR, Ltd. |  |  |
| Series 2018-A1-10RA, 5.58%, (3 Month Term SOFR + 1.70%), 04/21/36 (a) | 3000 | 3009 |
| Warwick Capital CLO 1 Ltd |  |  |
| Series 2023-AR-1A, 5.27%, (3 Month Term SOFR + 1.28%), 10/20/38 (a) | 2000 | 2003 |
| Warwick Capital CLO 4 Ltd. |  |  |
| Series 2024-A1-4A, 5.28%, (3 Month Term SOFR + 1.40%), 07/20/37 (a) | 10000 | 10030 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 1.25%, (1 Month Term SOFR + 0.29%), 10/25/36 (a) (b) (c) | 7124 | 2470 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2006-2A4-2, REMIC, 0.87%, (1 Month Term SOFR + 0.69%), 04/25/36 (a) (b) (c) | 6342 | 1940 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR2 Trust |  |  |
| Series 2006-M1-HE1, REMIC, 3.95%, (1 Month Term SOFR + 0.62%), 02/25/36 (a) (b) (c) | 12604 | 12038 |
| Wellington Management CLO 4 Ltd |  |  |
| Series 2025-A-4A, 5.03%, (3 Month Term SOFR + 1.15%), 04/19/38 (a) | 5000 | 4985 |
| Wells Fargo & Company |  |  |
| Series 2016-B-C34, REMIC, 4.09%, 04/17/26 | 2000 | 1938 |
| Interest Only, Series 2016-XA-C33, REMIC, 1.48%, 03/17/59 (a) | 816 |  |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 244 | 210 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 4.11%, 12/17/48 (a) | 69 | 69 |
| Wells Fargo Commercial Mortgage Trust 2017-C38 |  |  |
| Interest Only, Series 2017-XA-C38, REMIC, 0.90%, 07/15/50 (a) | 21410 | 178 |
| Wells Fargo Commercial Mortgage Trust 2018-C48 |  |  |
| Interest Only, Series 2018-XA-C48, REMIC, 0.93%, 01/18/52 (a) | 12355 | 270 |
| Wells Fargo Commercial Mortgage Trust 2019-C53 |  |  |
| Series 2019-ASB-C53, REMIC, 2.96%, 12/15/28 | 219 | 215 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2022-A-ONL, REMIC, 3.86%, 02/18/27 | 5250 | 5038 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 |  |  |
| Interest Only, Series 2025-XA-5C7, REMIC, 1.44%, 12/17/58 (a) | 42545 | 2616 |
| Wells Fargo Commercial Mortgage Trust 2025-C64 |  |  |
| Series 2025-A1-C64, REMIC, 5.02%, 02/15/30 | 661 | 668 |
| Interest Only, Series 2025-XA-C64, REMIC, 1.02%, 02/15/58 (a) | 23095 | 1676 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A1-7, REMIC, 6.00%, 06/25/37 | 137 | 127 |
| Wells Fargo Mortgage Backed Securities 2007-AR4 Trust |  |  |
| Series 2007-A1-AR4, REMIC, 6.36%, 08/25/37 (a) | 84 | 76 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (b) | 2088 | 2009 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $648,089) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $648,089) | 616455 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 30.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 30.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 30.0%** |
| **U.S. Treasury Note 23.6%** | **U.S. Treasury Note 23.6%** | **U.S. Treasury Note 23.6%** |
| Treasury, United States Department of |  |  |
| 0.63%, 03/31/27 | 26450 | 25534 |
| 0.50%, 06/30/27 | 1950 | 1866 |
| 3.50%, 10/31/27 | 140000 | 140038 |
| 0.75%, 01/31/28 | 80900 | 76492 |
| 0.88%, 11/15/30 (e) | 104200 | 91110 |
|  |  | 335040 |
| **Collateralized Mortgage Obligations 2.9%** | **Collateralized Mortgage Obligations 2.9%** | **Collateralized Mortgage Obligations 2.9%** |
| Connecticut Avenue Securities Trust 2024-R06 |  |  |
| Series 2024-1M1-R06, REMIC, 4.92%, (SOFR 30-Day Average + 1.05%), 09/25/28 (a) | 142 | 142 |
| Connecticut Avenue Securities Trust 2025-R04 |  |  |
| Series 2025-1A1-R04, REMIC, 4.87%, (SOFR 30-Day Average + 1.00%), 05/25/45 (a) | 3148 | 3152 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series AN-4030, REMIC, 1.75%, 04/15/27 | 4 | 4 |
| Series 2024-M1-DNA2, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 05/25/44 (a) | 3345 | 3349 |
| Series 2024-M1-DNA3, REMIC, 4.87%, (SOFR 30-Day Average + 1.00%), 10/25/44 (a) | 32 | 32 |
| Series FE-4940, REMIC, 4.54%, (SOFR 30-Day Average + 0.66%), 01/25/50 (a) | 1718 | 1687 |
| Series FD-5480, REMIC, 5.22%, (SOFR 30-Day Average + 1.35%), 03/25/54 (a) | 1413 | 1421 |
| Series FD-5536, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 05/25/54 (a) | 2070 | 2076 |
| Series FG-5475, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 11/25/54 (a) | 1597 | 1601 |
| Series AF-5524, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1699 | 1701 |
| Series FA-5525, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1604 | 1604 |
| Series FH-5596, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 11/25/55 (a) | 2295 | 2300 |
| Series DF-5598, REMIC, 5.12%, (SOFR 30-Day Average + 1.25%), 11/25/55 (a) | 1956 | 1962 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-FC-44, REMIC, 4.32%, (SOFR 30-Day Average + 0.44%), 05/25/37 (a) | 1115 | 1103 |
| Series 2014-KF-10, REMIC, 4.44%, (SOFR 30-Day Average + 0.56%), 03/25/44 (a) | 1120 | 1105 |
| Series 2017-FC-112, REMIC, 4.34%, (SOFR 30-Day Average + 0.46%), 01/25/48 (a) | 1681 | 1636 |
| Series 2018-FE-85, REMIC, 4.29%, (SOFR 30-Day Average + 0.41%), 12/25/48 (a) | 818 | 806 |
| Series 2019-FB-49, REMIC, 4.47%, (SOFR 30-Day Average + 0.59%), 09/25/49 (a) | 1228 | 1209 |
| Series 2025-FK-26, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 06/25/54 (a) | 1722 | 1724 |
| Series 2025-FA-31, REMIC, 5.17%, (SOFR 30-Day Average + 1.30%), 06/25/54 (a) | 1747 | 1756 |
| Series 2024-FH-82, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 11/25/54 (a) | 1230 | 1234 |
| Series 2025-FQ-15, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1851 | 1858 |
| Series 2025-FM-28, REMIC, 5.12%, (SOFR 30-Day Average + 1.25%), 04/25/55 (a) | 1894 | 1903 |
| Government National Mortgage Association |  |  |
| Series 2017-QF-141, REMIC, 4.15%, (1 Month Term SOFR + 0.41%), 09/20/47 (a) | 1090 | 1070 |
| Series 2018-BF-125, REMIC, 4.74%, (1 Month Term SOFR + 0.86%), 06/20/48 (a) | 1187 | 1174 |
| Series 2025-QF-196, REMIC, 5.07%, (SOFR 30-Day Average + 1.15%), 11/20/55 (a) | 1996 | 2000 |
| Government National Mortgage Association REMIC Trust 2024-025 |  |  |
| Series 2024-AF-25, REMIC, 4.47%, (SOFR 30-Day Average + 0.51%), 02/20/49 (a) (c) | 1122 | 1104 |
|  |  | 40713 |
| **Mortgage-Backed Securities 1.8%** | **Mortgage-Backed Securities 1.8%** | **Mortgage-Backed Securities 1.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 01/01/53 - 12/01/54 | 4960 | 5151 |
| 5.50%, 07/01/53 - 02/01/55 | 5041 | 5159 |
| Federal National Mortgage Association, Inc. |  |  |
| 6.31%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 11/01/42 (a) | 283 | 294 |
| 5.00%, 01/01/43 - 08/01/43 | 3982 | 4033 |
| 5.50%, 08/01/45 - 04/01/55 | 8285 | 8481 |
| 6.00%, 10/01/53 | 1796 | 1855 |
|  |  | 24973 |
| **U.S. Treasury Inflation Indexed Securities 1.0%** | **U.S. Treasury Inflation Indexed Securities 1.0%** | **U.S. Treasury Inflation Indexed Securities 1.0%** |
| Treasury, United States Department of |  |  |
| 2.38%, 01/15/27 (f) | 4521 | 4557 |
| 0.13%, 04/15/27 (f) | 6654 | 6533 |
| 1.63%, 10/15/27 (f) | 3363 | 3389 |
|  |  | 14479 |
| **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-B-KF69, REMIC, 6.40%, (SOFR 30-Day Average + 2.41%), 08/27/29 (a) (c) | 920 | 887 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2020-1A1-M49, REMIC, 1.25%, 11/25/30 (a) | 5775 | 5492 |
| Freddie Mac Multifamily Securities 2016-KF18 Mortgage Trust |  |  |
| Series 2016-B-KF18, REMIC, 5.90%, (SOFR 30-Day Average + 5.61%), 05/25/26 (a) (c) | 457 | 453 |
| Freddie Mac Multifamily Securities 2017-KF30 Mortgage Trust |  |  |
| Series 2017-B-KF30, REMIC, 7.32%, (SOFR 30-Day Average + 3.36%), 03/25/27 (a) (c) | 500 | 497 |
|  |  | 7329 |
| **Sovereign 0.2%** | **Sovereign 0.2%** | **Sovereign 0.2%** |
| Gobierno de la Republica de Guatemala |  |  |
| 5.25%, 08/10/29 (g) | 800 | 810 |
| Gobierno de La Republica del Paraguay |  |  |
| 5.00%, 04/15/26 (g) | 400 | 400 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.00%, 05/07/29 | 300 | 304 |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (g) | 300 | 288 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (g) | 350 | 354 |
| 5.50%, 02/22/29 (g) | 400 | 406 |
|  |  | 2562 |
| Total Government And Agency Obligations (cost $424,041) | Total Government And Agency Obligations (cost $424,041) | 425096 |
| **CORPORATE BONDS AND NOTES 15.8%** | **CORPORATE BONDS AND NOTES 15.8%** | **CORPORATE BONDS AND NOTES 15.8%** |
| **Financials 4.8%** | **Financials 4.8%** | **Financials 4.8%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 1308 | 1344 |
| 5.75%, 06/06/28 | 707 | 732 |
| AIG Global Funding |  |  |
| 5.75%, 07/02/26 (d) | 1567 | 1581 |
| American Express Company |  |  |
| 4.73%, 04/25/29 | 1672 | 1698 |
| Athene Global Funding |  |  |
| 4.73%, (SOFR + 0.85%), 05/08/26 (a) (d) | 1772 | 1775 |
| 4.72%, 10/08/29 (d) | 746 | 746 |
| 5.03%, 07/17/30 (d) | 1183 | 1192 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Aviation Capital Group LLC |  |  |
| 6.25%, 04/15/28 (d) | 291 | 302 |
| 4.80%, 10/24/30 (d) | 2461 | 2462 |
| Avilease Capital Limited |  |  |
| 4.75%, 11/12/30 (d) | 1040 | 1035 |
| Avolon Holdings Funding Limited |  |  |
| 6.38%, 05/04/28 (d) | 985 | 1026 |
| 5.38%, 05/30/30 (d) | 1117 | 1147 |
| Banco de Bogota |  |  |
| 6.25%, 05/12/26 (g) | 800 | 803 |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (g) | 190 | 188 |
| 3.25%, 09/30/31 (d) | 550 | 544 |
| Banco Industrial S.A. |  |  |
| 4.88%, 01/29/31 (g) | 650 | 646 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 6.40%, 04/30/35 (g) | 350 | 364 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 2.72%, 08/11/31 (g) | 500 | 490 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 7.53%, 10/01/28 (g) | 550 | 588 |
| Bank of America Corporation |  |  |
| 3.56%, 04/23/27 | 802 | 801 |
| 4.98%, 01/24/29 | 2245 | 2287 |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.60%, 03/20/30 (d) | 500 | 519 |
| Bank of Montreal |  |  |
| 4.64%, 09/10/30 (h) | 1398 | 1416 |
| Banque Federative du Credit Mutuel |  |  |
| 4.59%, 10/16/28 (d) | 1795 | 1814 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (g) | 700 | 699 |
| BPCE |  |  |
| 5.88%, 01/14/31 (d) | 1475 | 1540 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 325 | 329 |
| 4.50%, 03/15/29 | 379 | 380 |
| CaixaBank, S.A. |  |  |
| 6.21%, 01/18/29 (d) | 1204 | 1251 |
| Charles Schwab Corporation, The |  |  |
| 4.84%, (SOFR + 1.05%), 03/03/27 (a) | 606 | 610 |
| Citigroup Inc. |  |  |
| 4.58%, 05/29/27 | 2143 | 2165 |
| 4.79%, 03/04/29 | 1199 | 1216 |
| 4.54%, 09/19/30 | 2565 | 2585 |
| CNA Financial Corporation |  |  |
| 3.90%, 05/01/29 | 371 | 367 |
| Credit Agricole S.A. |  |  |
| 5.23%, 01/09/29 (d) | 1477 | 1508 |
| Daimler Trucks Finance North America LLC |  |  |
| 4.30%, 08/12/27 (d) | 953 | 957 |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (g) | 800 | 796 |
| Fiserv, Inc. |  |  |
| 4.75%, 03/15/30 | 1741 | 1750 |
| Global Payments Inc. |  |  |
| 5.30%, 08/15/29 | 594 | 608 |
| 4.88%, 11/15/30 | 1036 | 1037 |
| Goldman Sachs Bank USA |  |  |
| 4.47%, (SOFR + 0.77%), 03/18/27 (a) (d) | 987 | 988 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.15%, 10/21/29 | 1049 | 1049 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (g) | 600 | 596 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (g) | 500 | 499 |
| JPMorgan Chase & Co. |  |  |
| 4.88%, (SOFR + 0.92%), 04/22/28 (a) | 1214 | 1220 |
| 4.92%, 01/24/29 | 2252 | 2294 |
| LPL Holdings, Inc. |  |  |
| 4.63%, 11/15/27 (d) | 718 | 718 |
| M&T Bank Corporation |  |  |
| 4.83%, 01/16/29 | 588 | 597 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (g) | 180 | 179 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 4.75%, 02/07/28 | 784 | 796 |
| 4.15%, 08/25/28 | 1079 | 1085 |
| National Securities Clearing Corporation |  |  |
| 4.70%, 05/20/30 (d) | 1391 | 1420 |
| Nationwide Building Society |  |  |
| 6.56%, 10/18/27 (d) | 200 | 204 |
| NatWest Group PLC |  |  |
| 4.96%, 08/15/30 | 1569 | 1601 |
| New York Life Global Funding |  |  |
| 4.23%, (SOFR + 0.48%), 06/09/26 (a) (d) | 144 | 144 |
| 4.70%, 01/29/29 (d) | 183 | 186 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (g) | 700 | 703 |
| Pacific Life Global Funding II |  |  |
| 4.39%, (SOFR + 0.62%), 06/04/26 (a) (d) | 131 | 131 |
| PayPal Holdings, Inc. |  |  |
| 4.45%, 03/06/28 | 724 | 733 |
| PT. Bank Negara Indonesia (persero) |  |  |
| 3.75%, 03/30/26 (g) | 700 | 694 |
| Royal Bank of Canada |  |  |
| 4.83%, (SOFR + 0.86%), 10/18/28 (a) | 2238 | 2246 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 1860 | 2007 |
| UBS Group AG |  |  |
| 6.33%, 12/22/27 (d) | 430 | 439 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (g) | 500 | 497 |
| 2.00%, 10/14/31 (g) (h) | 200 | 196 |
| Wells Fargo & Company |  |  |
| 5.03%, (SOFR + 1.07%), 04/22/28 (a) | 2173 | 2185 |
| 6.30%, 10/23/29 | 1058 | 1118 |
| | | 67823 |
| **Industrials 2.3%** | **Industrials 2.3%** | **Industrials 2.3%** |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.00%, 07/30/27 (g) | 200 | 197 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (d) | 1043 | 1065 |
| Amrize Finance US LLC |  |  |
| 4.70%, 04/07/28 | 1175 | 1189 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (d) | 2065 | 1996 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (g) (i) | 827 | 675 |
| Canadian Pacific Kansas City Limited |  |  |
| 4.80%, 03/30/30 | 2420 | 2476 |
| CRH SMW Finance Designated Activity Company |  |  |
| 5.13%, 01/09/30 | 1395 | 1438 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 2098 | 2135 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/28 (d) | 1384 | 1460 |
| 5.04%, 03/25/30 (d) | 1146 | 1171 |
| Equifax, Inc. |  |  |
| 4.80%, 09/15/29 | 1363 | 1386 |
| GATX Corporation |  |  |
| 4.70%, 04/01/29 | 1127 | 1139 |
| 4.00%, 06/30/30 | 72 | 71 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (g) | 400 | 400 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (g) | 648 | 671 |
| MasTec, Inc. |  |  |
| 4.50%, 08/15/28 (d) | 2126 | 2113 |
| MISC Capital Two (Labuan) Limited |  |  |
| 3.75%, 04/06/27 (g) | 200 | 199 |
| Molex Electronic Technologies, LLC |  |  |
| 4.75%, 04/30/28 (d) | 1551 | 1568 |
| Northrop Grumman Corporation |  |  |
| 4.65%, 07/15/30 | 1135 | 1156 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 604 | 621 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.25%, 02/01/30 (d) | 2175 | 2239 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 1386 | 1404 |
| 4.50%, 01/15/31 | 1017 | 1018 |
| Republic Services, Inc. |  |  |
| 4.75%, 07/15/30 | 2059 | 2107 |
| Ryder System, Inc. |  |  |
| 5.25%, 06/01/28 | 80 | 82 |
| 4.30%, 12/01/30 | 833 | 830 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 | 560 | 557 |
| Veralto Corporation |  |  |
| 5.50%, 09/18/26 | 709 | 715 |
| 5.35%, 09/18/28 | 618 | 637 |
| Verisk Analytics, Inc. |  |  |
| 4.50%, 08/15/30 | 566 | 571 |
| | | 33286 |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| Adani Energy Solutions Limited |  |  |
| 4.00%, 08/03/26 (g) | 400 | 397 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 2232 | 2301 |
| Black Hills Corporation |  |  |
| 4.55%, 01/31/31 | 853 | 853 |
| CenterPoint Energy, Inc. |  |  |
| 5.40%, 06/01/29 | 691 | 716 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (g) | 358 | 375 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (d) (i) | 1085 | 976 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (g) | 147 | 154 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.75%, 02/23/27 (g) | 200 | 201 |
| 5.70%, 01/24/30 (d) | 500 | 508 |
| Dominion Energy, Inc. |  |  |
| 5.00%, 06/15/30 | 1210 | 1243 |
| DTE Energy Company |  |  |
| 5.20%, 04/01/30 | 1296 | 1336 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (g) | 182 | 163 |
| Enel Finance International N.V. |  |  |
| 5.13%, 06/26/29 (d) | 1175 | 1205 |
| 4.38%, 09/30/30 (d) | 1077 | 1073 |
| Essential Utilities, Inc. |  |  |
| 4.80%, 08/15/27 | 528 | 534 |
| 3.57%, 05/01/29 | 61 | 60 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 2059 | 2089 |
| Exelon Corporation |  |  |
| 5.15%, 03/15/29 | 724 | 745 |
| FirstEnergy Transmission, LLC |  |  |
| 4.55%, 01/15/30 | 435 | 438 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (g) | 659 | 660 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (g) | 452 | 421 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (g) | 727 | 739 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (g) | 290 | 287 |
| National Fuel Gas Company |  |  |
| 5.50%, 03/15/30 (j) | 1018 | 1049 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/27 (b) | 2349 | 2379 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (d) | 2116 | 2129 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 598 | 613 |
| 5.20%, 07/01/29 | 477 | 491 |
| Pinnacle West Capital Corporation |  |  |
| 4.90%, 05/15/28 | 283 | 288 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (g) | 700 | 698 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 1041 | 1074 |
| 5.88%, 10/15/28 | 1179 | 1231 |
| Southern Company Gas Capital Corporation |  |  |
| 4.05%, 09/15/28 | 349 | 349 |
| Southern Power Company |  |  |
| 4.25%, 10/01/30 | 846 | 845 |
| TNB Global Ventures Capital Berhad |  |  |
| 3.24%, 10/19/26 (g) | 300 | 298 |
|  |  | 28918 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (g) | 592 | 595 |
| Boardwalk Pipelines, LP |  |  |
| 4.45%, 07/15/27 | 678 | 681 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (g) | 400 | 400 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.50%, 10/01/29 | 1041 | 1044 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 1431 | 1429 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | 151 | 151 |
| 4.38%, 03/15/29 | 97 | 97 |
| DCP Midstream Operating, LP |  |  |
| 5.13%, 05/15/29 | 355 | 363 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 350 | 349 |
| Empresa Electrica Cochrane S.p.A. |  |  |
| 5.50%, 05/14/27 (g) | 325 | 321 |
| Enbridge Inc. |  |  |
| 6.00%, 11/15/28 | 543 | 571 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 1422 | 1445 |
| 6.10%, 12/01/28 | 1076 | 1131 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.00%, 02/01/29 | 1103 | 1129 |
| MPLX LP |  |  |
| 4.80%, 02/15/29 | 1107 | 1124 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (g) | 347 | 344 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (d) | 1369 | 1376 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (g) | 200 | 197 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 979 | 1009 |
| 4.40%, 10/15/29 | 1113 | 1116 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (g) | 200 | 199 |
| Petrobras Global Finance B.V. |  |  |
| 6.00%, 01/27/28 | 600 | 611 |
| 5.13%, 09/10/30 | 100 | 98 |
| PT. Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (g) | 700 | 697 |
| Targa Resources Partners LP |  |  |
| 6.88%, 01/15/29 | 1773 | 1775 |
| 5.50%, 03/01/30 | 1803 | 1831 |
| Ultrapar International S.A. |  |  |
| 5.25%, 06/06/29 (g) | 200 | 200 |
| Western Midstream Operating, LP |  |  |
| 6.35%, 01/15/29 | 185 | 195 |
| 4.05%, 02/01/30 (b) (j) | 1303 | 1275 |
| Williams Companies, Inc., The |  |  |
| 4.80%, 11/15/29 | 1367 | 1392 |
|  |  | 23145 |
| **Information Technology 1.4%** | **Information Technology 1.4%** | **Information Technology 1.4%** |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 1308 | 1343 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 1484 | 1519 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 1102 | 1133 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 612 | 631 |
| 4.35%, 02/15/30 | 641 | 645 |
| 4.20%, 10/15/30 | 663 | 663 |
| Dell International L.L.C. |  |  |
| 4.35%, 02/01/30 | 1531 | 1531 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (d) | 828 | 867 |
| Hewlett Packard Enterprise Company |  |  |
| 4.05%, 09/15/27 | 1812 | 1812 |
| 4.55%, 10/15/29 | 1480 | 1489 |
| Kyndryl Holdings, Inc. |  |  |
| 2.05%, 10/15/26 | 919 | 904 |
| Marvell Technology, Inc. |  |  |
| 5.75%, 02/15/29 | 1068 | 1115 |
| 4.75%, 07/15/30 | 835 | 845 |
| Microchip Technology Incorporated |  |  |
| 5.05%, 03/15/29 | 242 | 247 |
| NXP B.V. |  |  |
| 4.30%, 08/19/28 | 776 | 779 |
| Oracle Corporation |  |  |
| 4.45%, 09/26/30 | 609 | 595 |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/28 | 319 | 320 |
| SK Hynix Inc. |  |  |
| 4.25%, 09/11/28 (d) | 2820 | 2830 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (g) | 300 | 296 |
| | | 19564 |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| AbbVie Inc. |  |  |
| 4.88%, 03/15/30 | 830 | 854 |
| Biogen Inc. |  |  |
| 5.05%, 01/15/31 | 1023 | 1055 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/29 | 1093 | 1125 |
| Edwards Lifesciences Corporation |  |  |
| 4.30%, 06/15/28 | 1374 | 1383 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | 1388 | 1419 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 815 | 831 |
| Illumina, Inc. |  |  |
| 4.65%, 09/09/26 | 919 | 922 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (d) | 2418 | 2473 |
| Merck & Co., Inc. |  |  |
| 5.95%, 12/01/28 | 1543 | 1635 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 420 | 426 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 887 | 894 |
| 5.05%, 02/19/30 | 1302 | 1342 |
|  |  | 14359 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| Agree Limited Partnership |  |  |
| 2.90%, 10/01/30 | 549 | 514 |
| American Homes 4 Rent, L.P. |  |  |
| 4.25%, 02/15/28 | 724 | 726 |
| American Tower Corporation |  |  |
| 4.90%, 03/15/30 | 3624 | 3698 |
| Cubesmart, L.P. |  |  |
| 4.38%, 02/15/29 | 989 | 991 |
| Equinix Europe 2 Financing Corporation LLC |  |  |
| 4.60%, 11/15/30 | 519 | 521 |
| Extra Space Storage LP |  |  |
| 5.50%, 07/01/30 | 2151 | 2240 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.75%, 01/15/28 | 619 | 624 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 2.63%, 11/15/31 | 1093 | 980 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 561 | 534 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (d) | 1436 | 1436 |
|  |  | 12264 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (g) | 153 | 141 |
| Altria Group, Inc. |  |  |
| 6.20%, 11/01/28 | 373 | 394 |
| 4.50%, 08/06/30 | 615 | 620 |
| Ashtead Capital, Inc. |  |  |
| 4.25%, 11/01/29 (d) | 1112 | 1098 |
| B.A.T Capital Corporation |  |  |
| 4.91%, 04/02/30 | 61 | 62 |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 840 | 835 |
| 5.93%, 02/02/29 | 987 | 1036 |
| BRF GmbH |  |  |
| 4.35%, 09/29/26 (g) | 200 | 198 |
| Campbell's Company, The |  |  |
| 5.20%, 03/19/27 | 578 | 586 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 436 | 452 |
| Imperial Brands Finance PLC |  |  |
| 4.50%, 06/30/28 (d) | 1356 | 1367 |
| Minerva Luxembourg S.A. |  |  |
| 5.88%, 01/19/28 (g) | 400 | 399 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (g) | 413 | 412 |
| 6.63%, 08/06/29 (g) | 250 | 253 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (g) | 405 | 415 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (d) | 1094 | 1113 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (g) (i) | 147 | 110 |
| Sysco Corporation |  |  |
| 5.10%, 09/23/30 | 1122 | 1158 |
|  |  | 10649 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 200 | 194 |
| Avery Dennison Corporation |  |  |
| 4.88%, 12/06/28 | 247 | 252 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (g) (k) | 300 | 299 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.63%, 08/01/27 (g) | 200 | 198 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | 300 | 299 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 1142 | 1163 |
| OCP S.A. |  |  |
| 6.10%, 04/30/30 (g) | 300 | 314 |
| PT. Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (d) | 600 | 602 |
| Rio Tinto Finance (USA) PLC |  |  |
| 4.88%, 03/14/30 | 1453 | 1493 |
| Sherwin-Williams Company, The |  |  |
| 4.55%, 03/01/28 | 592 | 599 |
| 4.30%, 08/15/28 | 1048 | 1055 |
| Sonoco Products Company |  |  |
| 4.45%, 09/01/26 | 730 | 732 |
|  |  | 7200 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| Cosan Limited |  |  |
| 5.50%, 09/20/29 (g) | 600 | 587 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 668 | 672 |
| Hyundai Capital America |  |  |
| 4.55%, 09/26/29 (d) | 1336 | 1342 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Marriott International, Inc. |  |  |
| 4.80%, 03/15/30 | 1364 | 1391 |
| Meritage Homes Corporation |  |  |
| 5.13%, 06/06/27 | 1117 | 1124 |
| 3.88%, 04/15/29 (d) | 158 | 155 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 675 | 684 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (g) | 400 | 391 |
| | | 6346 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Digicel Group Holdings Limited |  |  |
| 0.00%, 12/31/30 (d) (i) (l) | 136 | 4 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/30 | 483 | 484 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (g) | 720 | 718 |
| Telefonica Celular del Paraguay S.A.E. |  |  |
| 5.88%, 04/15/27 (g) | 200 | 199 |
|  |  | 1405 |
| Total Corporate Bonds And Notes (cost $221,502) | Total Corporate Bonds And Notes (cost $221,502) | 224959 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.0%** | **SENIOR FLOATING RATE INSTRUMENTS 2.0%** | **SENIOR FLOATING RATE INSTRUMENTS 2.0%** |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 1334 | 1339 |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 5.87%, (SOFR + 1.75%), 06/12/32 (a) | 933 | 932 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 5.67%, (1 Month Term SOFR + 1.75%), 04/28/28 (a) | 1232 | 1233 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 05/10/31 (a) | 203 | 204 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 5.92%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 330 | 331 |
| 2024 1st Lien Term Loan B2, 5.92%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 125 | 126 |
| Prime Security Services Borrower, LLC |  |  |
| 2025 Incremental Term Loan B, 5.58%, (1 Month Term SOFR + 1.75%), 03/08/32 (a) | 1090 | 1088 |
| Resideo Funding Inc. |  |  |
| 2025 Incremental Term Loan, 5.72%, (3 Month Term SOFR + 2.00%), 08/08/32 (a) | 440 | 441 |
| Standard Industries Inc. |  |  |
| 2021 Term Loan B, 5.48%, (1 Month Term SOFR + 1.75%), 08/05/28 (a) | 711 | 714 |
| Vertiv Group Corporation |  |  |
| 2025 Term Loan, 5.61%, (1 Month Term SOFR + 1.75%), 08/07/32 (a) | 766 | 769 |
|  |  | 7177 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 5.67%, (1 Month Term SOFR + 1.75%), 09/23/30 (a) | 1596 | 1597 |
| Allison Transmission Inc |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 11/06/32 (a) (m) | 425 | 427 |
| Burlington Coat Factory Warehouse Corporation |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 09/19/31 (a) | 1129 | 1130 |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 04/18/31 (a) | 773 | 763 |
| Somnigroup International Inc. |  |  |
| Term Loan B, 6.16%, (SOFR + 2.25%), 10/24/31 (a) | 755 | 759 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 5.67%, (1 Month Term SOFR + 1.75%), 05/28/30 (a) | 964 | 965 |
|  |  | 5641 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (a) (l) (n) (o) | 86 |  |
| Energizer Holdings, Inc. |  |  |
| 2025 Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 03/13/32 (a) | 1090 | 1089 |
| Gen Digital Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 02/13/32 (a) | 552 | 553 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B8, 5.67%, (1 Month Term SOFR + 1.75%), 11/09/29 (a) | 1657 | 1659 |
| Iron Mountain, Inc. |  |  |
| 2023 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 967 | 966 |
|  |  | 4267 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 12/15/29 (a) | 1425 | 1426 |
| Delta 2 (LUX) S.a r.l. |  |  |
| 2024 Term Loan B1, 6.00%, (3 Month Term SOFR + 1.75%), 09/10/31 (a) | 585 | 586 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 5.75%, (3 Month Term SOFR + 1.75%), 11/30/30 (a) | 963 | 961 |
| WMG Acquisition Corp. |  |  |
| 2024 Term Loan J, 5.57%, (3 Month Term SOFR + 1.75%), 01/24/31 (a) | 980 | 982 |
|  |  | 3955 |
| **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** |
| Calpine Corporation |  |  |
| 2024 Term Loan B10, 5.67%, (1 Month Term SOFR + 1.75%), 01/31/31 (a) | 1138 | 1138 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 5.59%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 1661 | 1665 |
|  |  | 2803 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 5.67%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 326 | 327 |
| 2024 Term Loan B9, 5.67%, (1 Month Term SOFR + 1.75%), 06/24/31 (a) | 1285 | 1286 |
| Walker & Dunlop, Inc. |  |  |
| 2025 Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 03/08/32 (a) | 144 | 144 |
|  |  | 1757 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Reynolds Consumer Products LLC |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 02/19/32 (a) | 1090 | 1095 |
| Solstice Advanced Materials Inc. |  |  |
| Term Loan B, 5.59%, (3 Month Term SOFR + 1.75%), 09/16/32 (a) | 395 | 397 |
|  |  | 1492 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Froneri Lux Finco S.a r.l. |  |  |
| 2024 USD Term Loan B4, 6.20%, (6 Month Term SOFR + 2.25%), 09/16/31 (a) | 971 | 969 |
| Total Senior Floating Rate Instruments (cost $28,102) | Total Senior Floating Rate Instruments (cost $28,102) | 28061 |
| **SHORT TERM INVESTMENTS 8.9%** | **SHORT TERM INVESTMENTS 8.9%** | **SHORT TERM INVESTMENTS 8.9%** |
| **Investment Companies 8.9%** | **Investment Companies 8.9%** | **Investment Companies 8.9%** |
| JNL Government Money Market Fund - Class I, 3.64% (p) (q) | 126466 | 126466 |
| Total Short Term Investments (cost $126,466) | Total Short Term Investments (cost $126,466) | 126466 |
| **Total Investments 100.1% (cost $1,448,200)** | **Total Investments 100.1% (cost $1,448,200)** | **1421037** |
| **Other Derivative Instruments (0.4)%** | **Other Derivative Instruments (0.4)%** | **(5992)** |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **4139** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1419184** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

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

(b) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $67,056 and 4.7% of the Fund.

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

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

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

(h) Convertible security.

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

(j) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

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

(m) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(n) Non-income producing security.

(o) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(p) Investment in affiliate.

(q) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 82336 | 595891 | 551761 | 2092 |  |  | 126466 | 8.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adani Energy Solutions Limited, 4.00%, 08/03/26 | 08/16/23 | 389 | 397 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 08/31/22 | 134 | 141 |  |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 10/20/23 | 184 | 197 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 06/06/22 | 570 | 595 | 0.1 |
| Banco de Bogota, 6.25%, 05/12/26 | 09/29/23 | 797 | 803 | 0.1 |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 09/22/25 | 187 | 188 |  |
| Banco Industrial S.A., 4.88%, 01/29/31 | 11/01/23 | 620 | 646 | 0.1 |
| Banco Internacional Del Peru S.A.A. – Interbank, 6.40%, 04/30/35 | 12/10/25 | 363 | 364 |  |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 10/19/23 | 424 | 490 |  |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 7.53%, 10/01/28 | 09/25/23 | 561 | 588 | 0.1 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 11/15/24 | 670 | 699 | 0.1 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 01/19/24 | 658 | 675 | 0.1 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 06/23/25 | 398 | 400 |  |
| BRF GmbH, 4.35%, 09/29/26 | 04/15/25 | 198 | 198 |  |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 11/04/24 | 293 | 299 |  |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 03/18/25 | 365 | 375 |  |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 03/11/25 | 146 | 154 |  |
| Comision Federal De Electricidad, E.P.E., 4.75%, 02/23/27 | 06/11/24 | 197 | 201 |  |
| Corporacion Nacional del Cobre de Chile, 3.63%, 08/01/27 | 10/01/25 | 198 | 198 |  |
| Cosan Limited, 5.50%, 09/20/29 | 03/19/25 | 589 | 587 |  |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 09/15/21 | 787 | 796 | 0.1 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 01/14/20 | 183 | 163 |  |
| Empresa Electrica Cochrane S.p.A., 5.50%, 05/14/27 | 05/11/21 | 323 | 321 |  |
| GNL Quintero S.A., 4.63%, 07/31/29 | 08/04/21 | 674 | 660 | 0.1 |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 11/25/24 | 780 | 810 | 0.1 |
| Gobierno de La Republica del Paraguay, 5.00%, 04/15/26 | 08/19/25 | 401 | 400 |  |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 05/03/24 | 577 | 596 | 0.1 |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 07/22/25 | 497 | 499 |  |
| JSW Energy Limited, 4.13%, 05/18/31 | 11/13/23 | 396 | 421 |  |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 01/15/25 | 389 | 400 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 01/19/24 | 641 | 671 | 0.1 |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 12/08/23 | 714 | 739 | 0.1 |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 06/21/21 | 693 | 718 | 0.1 |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 10/21/25 | 179 | 179 |  |
| Minerva Luxembourg S.A., 5.88%, 01/19/28 | 09/23/24 | 399 | 399 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| MISC Capital Two (Labuan) Limited, 3.75%, 04/06/27 | 10/09/25 | 198 | 199 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 01/11/23 | 273 | 287 |  |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 04/03/25 | 284 | 288 |  |
| MV24 Capital B.V., 6.75%, 06/01/34 | 11/21/23 | 327 | 344 |  |
| NBM US Holdings, Inc., 7.00%, 05/14/26 | 08/31/23 | 413 | 412 |  |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 03/27/25 | 250 | 253 |  |
| OCP S.A., 6.10%, 04/30/30 | 07/10/25 | 304 | 314 |  |
| Oleoducto Central S.A., 4.00%, 07/14/27 | 01/10/23 | 191 | 197 |  |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 05/19/25 | 199 | 199 |  |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 09/15/25 | 703 | 703 | 0.1 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 05/06/25 | 380 | 391 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 08/15/25 | 354 | 354 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 12/03/24 | 395 | 406 |  |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/07/24 | 400 | 415 |  |
| PT. Bank Negara Indonesia (persero), 3.75%, 03/30/26 | 04/02/24 | 696 | 694 | 0.1 |
| PT. Pertamina (Persero), 1.40%, 02/09/26 | 05/29/25 | 698 | 697 | 0.1 |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 03/22/23 | 691 | 698 | 0.1 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 06/12/25 | 108 | 110 |  |
| Telefonica Celular del Paraguay S.A.E., 5.88%, 04/15/27 | 11/07/23 | 193 | 199 |  |
| TNB Global Ventures Capital Berhad, 3.24%, 10/19/26 | 09/23/25 | 298 | 298 |  |
| Ultrapar International S.A., 5.25%, 06/06/29 | 03/19/25 | 197 | 200 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 09/27/21 | 499 | 497 |  |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 10/01/25 | 195 | 196 |  |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 295 | 296 |  |
|  |  | 24115 | 24614 | 1.7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | BCL | 01/09/26 | 48000 |  | 173 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 03/20/26 | 74000 |  | 102 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 02/05/26 | 105000 |  | (2350) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 05/15/26 | 69000 |  | (106) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 04/09/26 | 72000 |  | (683) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 01/22/26 | 98000 |  | (1303) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 04/30/26 | 78000 |  | 636 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 04/17/26 | 53000 |  | 1096 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | BOA | 05/29/26 | 87000 |  | 593 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 03/06/26 | 62000 |  | (953) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 05/08/26 | 48000 |  | 1278 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 01/16/26 | 96000 |  | (825) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 02/13/26 | 68000 |  | (527) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 02/27/26 | 79000 |  | (2109) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 01/30/26 | 99000 |  | (1255) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 06/03/26 | 57000 |  | (394) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 03/18/26 | 59000 |  | (270) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 04/01/26 | 64000 |  | 1886 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 02/18/26 | 29000 |  | (485) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 05/22/26 | 86000 |  | (496) |
|  |  |  |  |  |  | (5992) |

---

‡Shiller Barclays CAPE US Sector Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE Ratio (the "Relative CAPE Indicator") and that possess relatively strong price momentum over the period of six months. Each U.S. sector is represented by an ETF that invests primarily in equity securities of companies in the relevant sector. The components of the index are publicly available at

https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E#documents.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 616455 |  | 616455 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 425096 |  | 425096 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 224955 | 4 | 224959 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 28061 |  | 28061 |
| &nbsp;&nbsp;Short Term Investments | 126466 |  |  | 126466 |
|  | 126466 | 1294567 | 4 | 1421037 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 5764 |  | 5764 |
|  |  | 5764 |  | 5764 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (11756) |  | (11756) |
|  |  | (11756) |  | (11756) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 56.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 56.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 56.4%** |
| **Mortgage-Backed Securities 33.8%** | **Mortgage-Backed Securities 33.8%** | **Mortgage-Backed Securities 33.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 06/01/43 - 03/01/52 | 76735 | 69721 |
| 4.00%, 09/01/43 - 08/01/52 | 14052 | 13483 |
| 3.50%, 01/01/48 | 2004 | 1879 |
| 2.50%, 02/01/52 | 11676 | 9999 |
| 4.50%, 08/01/52 | 6842 | 6712 |
| 5.50%, 02/01/53 - 09/01/53 | 11712 | 12051 |
| 5.00%, 06/01/53 | 11832 | 11855 |
| 6.00%, 08/01/53 - 02/01/55 | 56865 | 59281 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.50%, 04/01/26 - 06/01/52 | 11039 | 10840 |
| 6.18%, 12/01/28 | 8268 | 8654 |
| 2.48%, 11/01/29 | 16159 | 15247 |
| 1.90%, 05/01/30 | 9882 | 9078 |
| 4.65%, 05/01/30 | 13450 | 13658 |
| 5.45%, 01/01/31 | 6907 | 7097 |
| 2.63%, 04/01/32 | 62149 | 56237 |
| 1.83%, 11/01/33 | 6300 | 5290 |
| 3.00%, 03/01/35 - 04/01/51 | 41234 | 37273 |
| 3.50%, 09/01/43 - 04/01/52 | 37017 | 34595 |
| 4.00%, 01/01/48 | 1772 | 1710 |
| 2.50%, 09/01/50 - 03/01/51 | 56306 | 48294 |
| 2.00%, 10/01/50 - 02/01/51 | 24131 | 19784 |
| 5.00%, 08/01/52 - 11/01/53 | 40746 | 41044 |
| 5.50%, 05/01/53 - 02/01/55 | 55033 | 56498 |
| 6.00%, 02/01/54 | 14391 | 14997 |
| Government National Mortgage Association |  |  |
| 3.50%, 10/20/45 | 1075 | 979 |
| 2.50%, 08/20/51 | 27968 | 24143 |
| 5.00%, 12/20/55 (a) | 15000 | 14998 |
|  |  | 605397 |
| **Collateralized Mortgage Obligations 17.8%** | **Collateralized Mortgage Obligations 17.8%** | **Collateralized Mortgage Obligations 17.8%** |
| Connecticut Avenue Securities Trust 2024-R04 |  |  |
| Series 2024-1A1-R04, REMIC, 4.87%, (SOFR 30-Day Average + 1.00%), 05/25/44 (a) | 12976 | 12989 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series UB-4247, REMIC, 3.00%, 09/15/33 | 5608 | 5462 |
| Series EB-4247, REMIC, 3.50%, 09/15/33 | 3033 | 2999 |
| Interest Only, Series SM-3780, REMIC, 2.40%, (6.39% - (SOFR 30-Day Average \* 1)), 12/15/40 (a) | 3709 | 355 |
| Series SL-4061, REMIC, 0.00%, (6.86% - (SOFR 30-Day Average \* 1.75)), 06/15/42 (a) | 36 | 20 |
| Series KM-4141, REMIC, 1.75%, 12/15/42 | 6697 | 5828 |
| Series CS-4156, REMIC, 0.43%, (5.26% - (SOFR 30-Day Average \* 1.2)), 01/15/43 (a) | 3198 | 2355 |
| Series 2023-M1B-HQA2, REMIC, 7.22%, (SOFR 30-Day Average + 3.35%), 06/25/43 (a) | 3000 | 3092 |
| Series UZ-4508, REMIC, 3.00%, 07/15/43 | 563 | 464 |
| Series 2024-M2-DNA3, REMIC, 5.32%, (SOFR 30-Day Average + 1.45%), 10/25/44 (a) | 8450 | 8458 |
| Series LZ-4410, REMIC, 4.00%, 11/15/44 | 2317 | 2224 |
| Series GZ-4612, REMIC, 3.00%, 09/15/46 | 21348 | 19120 |
| Series MY-4677, REMIC, 3.50%, 04/15/47 | 8228 | 7198 |
| Series DZ-4894, REMIC, 3.50%, 06/15/49 | 4323 | 3998 |
| Interest Only, Series ID-5159, REMIC, 3.00%, 10/25/49 | 16570 | 2572 |
| Series ZP-5028, REMIC, 1.50%, 10/25/50 | 7007 | 3185 |
| Series NH-5250, REMIC, 3.00%, 08/25/52 | 24493 | 21453 |
| Interest Only, Series MS-4291, REMIC, 1.80%, (5.79% - (SOFR 30-Day Average \* 1)), 01/15/54 (a) | 1741 | 181 |
| Series FH-5470, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 11/25/54 (a) | 15210 | 15239 |
| Series FP-5473, REMIC, 5.17%, (SOFR 30-Day Average + 1.30%), 11/25/54 (a) | 16243 | 16325 |
| Series FD-5599, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 10/25/55 (a) | 18033 | 18094 |
| Series CF-5596, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 11/25/55 (a) | 17971 | 18029 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C55-426, 2.50%, 11/25/50 | 38395 | 5557 |
| Interest Only, Series C26-437, 4.50%, 01/25/52 | 18200 | 4648 |
| Interest Only, Series C60-426, 3.50%, 02/25/52 | 15709 | 2904 |
| Interest Only, Series C8-437, 2.50%, 06/25/52 | 28707 | 4456 |
| Series 2013-QZ-54, REMIC, 3.00%, 06/25/33 | 207 | 196 |
| Interest Only, Series 2005-S-2, REMIC, 2.61%, (6.49% - (SOFR 30-Day Average \* 1)), 02/25/35 (a) | 1527 | 97 |
| Series 2010-KD-120, REMIC, 4.00%, 10/25/40 | 223 | 215 |
| Series 2013-PB-59, REMIC, 2.00%, 09/25/41 | 803 | 777 |
| Interest Only, Series 2011-ES-93, REMIC, 2.51%, (6.39% - (SOFR 30-Day Average \* 1)), 09/25/41 (a) | 639 | 58 |
| Interest Only, Series 2018-ST-25, REMIC, 2.06%, (5.94% - (SOFR 30-Day Average \* 1)), 03/25/42 (a) | 4514 | 340 |
| Series 2012-BZ-14, REMIC, 4.00%, 03/25/42 | 509 | 496 |
| Series 2012-CZ-87, REMIC, 3.00%, 08/25/42 | 8334 | 7682 |
| Series 2014-GZ-85, REMIC, 3.00%, 12/25/44 | 13789 | 12695 |
| Series 2018-LZ-38, REMIC, 3.50%, 06/25/48 | 18645 | 15747 |
| Interest Only, Series 2024-IE-96, REMIC, 3.00%, 02/25/51 | 36109 | 5793 |
| Interest Only, Series 2021-MI-3, REMIC, 3.50%, 02/25/51 | 11996 | 2259 |
| Government National Mortgage Association |  |  |
| Series 2012-Z-32, REMIC, 3.50%, 03/20/42 | 920 | 867 |
| Interest Only, Series 2020-KI-16, REMIC, 3.50%, 02/20/50 | 8229 | 1689 |
| Interest Only, Series 2021-IL-77, REMIC, 3.00%, 07/20/50 | 8060 | 1354 |
| Interest Only, Series 2022-SA-22, REMIC, 0.00%, (3.60% - (SOFR 30-Day Average \* 1)), 08/20/50 (a) | 10266 | 233 |
| Interest Only, Series 2020-IE-160, REMIC, 2.50%, 10/20/50 | 32469 | 4616 |
| Interest Only, Series 2020-MI-151, REMIC, 2.50%, 10/20/50 | 31266 | 4473 |
| Interest Only, Series 2020-AI-173, REMIC, 2.50%, 11/20/50 | 12906 | 1980 |
| Interest Only, Series 2020-SB-185, REMIC, 2.45%, (6.19% - (1 Month Term SOFR \* 1)), 12/20/50 (a) | 32421 | 4507 |
| Interest Only, Series 2021-IM-15J, REMIC, 2.50%, 01/20/51 | 42742 | 6168 |
| Interest Only, Series 2022-IA-218, REMIC, 2.50%, 01/20/51 | 24317 | 3178 |
| Interest Only, Series 2021-IB-30, REMIC, 2.50%, 02/20/51 | 22393 | 3245 |
| Interest Only, Series 2023-IO-19, REMIC, 2.50%, 02/20/51 | 35144 | 4963 |
| Interest Only, Series 2021-IM-24, REMIC, 3.00%, 02/20/51 | 13603 | 2254 |
| Interest Only, Series 2021-S-59, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 04/20/51 (a) | 14723 | 101 |
| Interest Only, Series 2021-SL-58, REMIC, 0.00%, (3.64% - (1 Month Term SOFR \* 1)), 04/20/51 (a) | 46133 | 1128 |
| Interest Only, Series 2021-IA-116, REMIC, 2.50%, 06/20/51 | 16436 | 2314 |
| Interest Only, Series 2021-IK-114, REMIC, 3.00%, 06/20/51 | 31267 | 5234 |
| Series 2021-LZ-177, REMIC, 3.00%, 10/20/51 | 17554 | 11256 |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 35058 | 4969 |
| Interest Only, Series 2021-IQ-209, REMIC, 3.50%, 11/20/51 | 17261 | 3277 |
| Interest Only, Series 2021-AI-221, REMIC, 3.50%, 12/20/51 | 24465 | 4388 |
| Series 2022-Z-25, REMIC, 3.00%, 02/20/52 | 8688 | 6842 |
| Government National Mortgage Association REMIC Trust 2020-095 |  |  |
| Interest Only, Series 2020-IH-86, REMIC, 3.00%, 06/20/50 | 11315 | 1892 |
| Interest Only, Series 2020-WI-86, REMIC, 3.00%, 06/20/50 | 23138 | 3855 |
|  |  | 318343 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Commercial Mortgage-Backed Securities 3.7%** | **Commercial Mortgage-Backed Securities 3.7%** | **Commercial Mortgage-Backed Securities 3.7%** |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2022-A1X-M4, REMIC, 2.46%, 05/25/30 (a) | 11728 | 11292 |
| Interest Only, Series 2020-X1-M15, REMIC, 1.45%, 09/25/31 (a) | 32885 | 1790 |
| Interest Only, Series 2020-AX-M21, REMIC, 1.79%, 01/25/58 (a) | 26404 | 2779 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-84, REMIC, 0.79%, 04/16/61 (a) | 72457 | 3535 |
| Interest Only, Series 2022-IO-14, REMIC, 0.65%, 12/16/61 (a) | 36327 | 1597 |
| Interest Only, Series 2021-IO-20, REMIC, 1.14%, 08/16/62 (a) | 53420 | 3876 |
| Interest Only, REMIC, 0.82%, 02/16/63 (a) | 52094 | 3052 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (a) | 63815 | 3160 |
| Interest Only, Series 2021-IO-45, REMIC, 0.81%, 04/16/63 (a) | 10381 | 566 |
| Interest Only, Series 2021-IO-22, REMIC, 0.97%, 05/16/63 (a) | 17138 | 1088 |
| Interest Only, Series 2021-IO-129, REMIC, 0.98%, 06/16/63 (a) | 76495 | 5068 |
| Interest Only, Series 2021-IO-79, REMIC, 0.87%, 08/16/63 (a) | 38098 | 2223 |
| Interest Only, Series 2022-IO-130, REMIC, 0.38%, 11/16/63 (a) | 74944 | 2674 |
| Interest Only, Series 2021-IO-200, REMIC, 0.89%, 11/16/63 (a) | 82847 | 5593 |
| Interest Only, Series 2022-IO-118, REMIC, 0.64%, 06/16/64 (a) | 28265 | 1415 |
| Interest Only, Series 2025-IO-21, REMIC, 0.95%, 04/16/65 (a) | 39513 | 2748 |
| Interest Only, Series 2024-AI-170, REMIC, 0.76%, 10/16/65 (a) | 49137 | 3125 |
| Interest Only, Series 2024-IO-158, REMIC, 1.08%, 12/16/65 (a) | 47919 | 3706 |
| Interest Only, Series 2025-IO-202, REMIC, 0.72%, 09/16/67 (a) | 100340 | 7309 |
|  |  | 66596 |
| **U.S. Treasury Inflation Indexed Securities 1.1%** | **U.S. Treasury Inflation Indexed Securities 1.1%** | **U.S. Treasury Inflation Indexed Securities 1.1%** |
| Treasury, United States Department of |  |  |
| 0.38%, 07/15/27 (b) | 5697 | 5631 |
| 1.63%, 10/15/27 (b) | 7375 | 7431 |
| 0.50%, 01/15/28 (b) | 5729 | 5629 |
|  |  | 18691 |
| Total Government And Agency Obligations (cost $1,050,188) | Total Government And Agency Obligations (cost $1,050,188) | 1009027 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 40.7%** |
| 1345 Trust 2025-AOA |  |  |
| Series 2025-A-AOA, REMIC, 5.35%, (1 Month Term SOFR + 1.60%), 06/15/27 (a) | 1260 | 1264 |
| AASET 2024-1 |  |  |
| Series 2024-A2-1A, 6.26%, 05/16/31 (c) | 2292 | 2347 |
| Series 2024-B-1A, 6.90%, 05/16/31 (c) | 817 | 828 |
| AASET 2024-2 Ltd |  |  |
| Series 2024-A-2A, 5.93%, 09/16/31 (c) | 3633 | 3675 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 2.82%, (1 Month Term SOFR + 1.36%), 06/25/37 (a) (c) (d) | 3042 | 2193 |
| ACRES 2025-FL3, LLC |  |  |
| Series 2025-A-FL3, REMIC, 5.35%, (1 Month Term SOFR + 1.62%), 08/18/40 (a) | 2550 | 2553 |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-A-FL1, 5.00%, (1 Month Term SOFR + 1.26%), 10/20/36 (a) | 178 | 178 |
| Aircraft Lease Securitisation Limited |  |  |
| Series 2007-2F5-M1, REMIC, 6.45%, 12/25/28 (a) (c) (d) | 2027 | 1724 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 5000 | 4908 |
| Series 2021-B-1A, 2.48%, 08/17/26 | 4000 | 3930 |
| Series 2023-A2-1A, 6.00%, 08/15/28 | 1500 | 1513 |
| Allegro CLO V-S Ltd |  |  |
| Series 2024-A1-2A, 5.37%, (3 Month Term SOFR + 1.50%), 07/24/37 (a) | 3000 | 3009 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35 | 1399 | 1130 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A1-53T2, REMIC, 4.72%, 11/25/35 (a) (d) | 12080 | 7327 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36 | 871 | 867 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 4836 | 2565 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.21%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (c) (d) | 2418 | 2337 |
| Alternative Loan Trust 2007-3T1 |  |  |
| Series 2007-1A6-3T1, REMIC, 6.25%, 04/25/37 | 10894 | 4862 |
| Alternative Loan Trust 2007-5CB |  |  |
| Interest Only, Series 2007-1A5-5CB, REMIC, 1.55%, (5.29% - (1 Month Term SOFR \* 1)), 04/25/37 (a) | 2989 | 294 |
| Series 2007-1A6-5CB, REMIC, 4.45%, (1 Month Term SOFR + 0.71%), 04/25/37 (a) | 2989 | 1120 |
| Angel Oak Mortgage Trust 2025-7 |  |  |
| Series 2025-A3-7, REMIC, 5.92%, 06/25/29 (a) (c) | 2072 | 2091 |
| Series 2025-M1-7, REMIC, 6.35%, 06/25/29 | 3800 | 3859 |
| Apidos CLO XLIII Ltd |  |  |
| Series 2022-A1R-39A, 5.12%, (3 Month Term SOFR + 1.23%), 10/21/38 (a) | 1000 | 1001 |
| Apidos CLO XLVIII Ltd |  |  |
| Series 2024-A1-48A, 5.30%, (3 Month Term SOFR + 1.44%), 07/27/37 (a) | 2000 | 2006 |
| Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. |  |  |
| Series 2021-A-FL4, 5.21%, (1 Month Term SOFR + 1.46%), 11/17/36 (a) | 1201 | 1201 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl1, Ltd. |  |  |
| Series 2022-A-FL1, 5.43%, (SOFR 30-Day Average + 1.45%), 01/15/37 (a) | 1083 | 1083 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.09%, (1 Month Term SOFR + 1.40%), 02/20/29 (a) | 2500 | 2497 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.47%, (1 Month Term SOFR + 1.75%), 06/15/27 (a) | 1270 | 1270 |
| AREIT 2024-CRE9 Ltd |  |  |
| Series 2024-A-CRE9, 5.44%, (1 Month Term SOFR + 1.69%), 01/17/29 (a) (c) | 394 | 394 |
| AREIT 2025-CRE10 LTD |  |  |
| Series 2025-A-CRE10, 5.12%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 2710 | 2707 |
| Bain Capital Credit CLO 2022-6, Limited |  |  |
| Series 2022-A1R-6A, 5.23%, (3 Month Term SOFR + 1.37%), 01/22/38 (a) | 1500 | 1502 |
| Bain Capital Credit CLO 2024-6 Ltd |  |  |
| Series 2024-A1-6A, 5.20%, (3 Month Term SOFR + 1.33%), 01/21/38 (a) | 5000 | 5012 |
| Banc of America Alternative Loan Trust 2006-4 |  |  |
| Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36 | 2067 | 1896 |
| Bank 2020-BNK25 |  |  |
| Series 2020-AS-BN25, REMIC, 2.84%, 01/17/30 | 306 | 281 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-B-5YR10, REMIC, 6.14%, 10/17/29 | 2747 | 2827 |
| Bank5 2025-5YR13 |  |  |
| Series 2025-A3-5YR18, REMIC, 5.15%, 11/18/30 | 1514 | 1555 |
| Battalion CLO XXIII Ltd. |  |  |
| Series 2022-A1R-23A, 5.32%, (3 Month Term SOFR + 1.42%), 10/15/37 (a) | 1000 | 1004 |
| Bayswater Park CLO, Ltd. |  |  |
| Series 2023-A1R-1A, 4.88%, (3 Month Term SOFR + 1.21%), 01/20/39 (a) | 1000 | 1000 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XA-C10, REMIC, 1.21%, 07/17/54 (a) | 20898 | 1014 |
| BBCMS Mortgage Trust 2021-C11 |  |  |
| Interest Only, Series 2021-XA-C11, REMIC, 1.33%, 09/17/54 (a) | 41347 | 2080 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Interest Only, Series 2021-XA-C12, REMIC, 0.92%, 11/18/54 (a) | 12078 | 443 |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Interest Only, Series 2021-XA-C9, REMIC, 1.54%, 02/18/54 (a) | 33938 | 2016 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A3-5C29, REMIC, 5.21%, 09/17/29 | 2629 | 2701 |
| BBCMS Mortgage Trust 2025-5C37 |  |  |
| Series 2025-A3-5C37, REMIC, 5.02%, 09/15/58 | 2512 | 2568 |
| BBCMS Mortgage Trust 2025-5C38 |  |  |
| Series 2025-A3-5C38, REMIC, 5.15%, 10/18/30 | 2469 | 2538 |
| BBCMS Trust 2018-CBM |  |  |
| Series 2018-A-CBM, REMIC, 4.80%, (1 Month Term SOFR + 1.05%), 07/15/37 (a) (c) | 1599 | 1566 |
| BDS 2024-FL13 LLC |  |  |
| Series 2024-A-FL13, 5.31%, (1 Month Term SOFR + 1.58%), 06/19/29 (a) (c) | 2600 | 2607 |
| Bear Stearns Asset Backed Securities I LLC |  |  |
| Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36 | 119 | 118 |
| Benchmark 2018-B7 Mortgage Trust |  |  |
| Interest Only, Series 2018-XA-B7, REMIC, 0.40%, 05/16/53 (a) | 83505 | 737 |
| Benchmark 2020-B19 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B19, REMIC, 1.66%, 09/17/53 (a) | 30997 | 1391 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.23%, 07/17/54 (a) | 19627 | 921 |
| Benchmark 2021-B29 Mortgage Trust |  |  |
| Interest Only, Series 2021-XB-B29, REMIC, 0.70%, 09/17/54 (a) | 38734 | 1304 |
| Benchmark 2024-V10 Mortgage Trust |  |  |
| Series 2024-A3-V10, REMIC, 5.28%, 09/17/29 | 2650 | 2726 |
| Benchmark 2024-V6 Mortgage Trust |  |  |
| Series 2024-A3-V6, REMIC, 5.93%, 03/16/29 | 2477 | 2586 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 2636 | 2736 |
| Benchmark 2025-V17 Mortgage Trust |  |  |
| Series 2025-A3-V17, REMIC, 5.07%, 08/16/30 | 2505 | 2566 |
| Benchmark 2025-V18 Mortgage Trust |  |  |
| Series 2025-AS-V18, REMIC, 5.59%, 10/18/30 (a) | 1650 | 1699 |
| Benchmark 2025-V19 Mortgage Trust |  |  |
| Series 2025-A3-V19, REMIC, 5.25%, 12/16/30 | 2450 | 2528 |
| Benefit Street Partners CLO 46 Ltd |  |  |
| Series 2025-A-46A, 0.00%, (3 Month Term SOFR + 1.21%), 01/25/39 (a) | 5000 | 5000 |
| Benefit Street Partners CLO XXXVII Ltd |  |  |
| Series 2024-A-37A, 5.21%, (3 Month Term SOFR + 1.35%), 01/25/38 (a) | 500 | 501 |
| BFLD Trust 2025-EWEST |  |  |
| Series 2025-C-EWEST, REMIC, 5.85%, (1 Month Term SOFR + 2.10%), 06/15/27 (a) | 1270 | 1270 |
| BlueMountain CLO 2014-2 Ltd |  |  |
| Series 2014-BR2-2A, 5.90%, (3 Month Term SOFR + 2.01%), 10/21/30 (a) | 3000 | 3007 |
| BMO 2024-5C7 Mortgage Trust |  |  |
| Series 2024-AS-5C7, REMIC, 5.89%, 11/19/57 (a) | 1834 | 1884 |
| Bojangles Issuer LLC |  |  |
| Series 2024-A2-1A, 6.58%, 11/20/29 | 1995 | 2016 |
| BPR Trust 2021-TY |  |  |
| Series 2021-A-TY, REMIC, 4.92%, (1 Month Term SOFR + 1.16%), 09/15/38 (a) | 1700 | 1699 |
| Bravo Residential Funding Trust 2020-RPL1 |  |  |
| Series 2020-M1-RPL1, REMIC, 3.25%, 05/25/59 (a) | 4500 | 4326 |
| BRAVO Residential Funding Trust 2023-NQM5 |  |  |
| Series 2023-A1-NQM5, REMIC, 6.51%, 06/25/63 (c) | 10362 | 10414 |
| Bridge Street CLO I Ltd |  |  |
| Series 2020-A1R-1A, 5.43%, (3 Month Term SOFR + 1.55%), 07/20/37 (a) | 10000 | 10026 |
| Bridge Street CLO IV Ltd |  |  |
| Series 2024-A-1A, 5.48%, (3 Month Term SOFR + 1.60%), 04/20/37 (a) | 1000 | 1002 |
| Bridgecrest Lending Auto Securitization Trust 2025-2 |  |  |
| Series 2025-C-2, 5.17%, 01/18/28 | 2000 | 2021 |
| BSTN Commercial Mortgage Trust 2025-HUB |  |  |
| Series 2025-A-HUB, REMIC, 5.06%, 04/15/31 (a) | 1080 | 1085 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-A-XL2, REMIC, 4.55%, (1 Month Term SOFR + 0.80%), 10/15/38 (a) | 683 | 679 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 4.76%, (1 Month Term SOFR + 1.01%), 02/15/39 (a) | 340 | 339 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.13%, (1 Month Term SOFR + 1.38%), 08/16/27 (a) | 1207 | 1206 |
| BX Trust |  |  |
| Series 2025-C-ARIA, REMIC, 5.52%, 12/13/30 (a) | 1093 | 1102 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (a) | 1860 | 1716 |
| CAL Funding IV Ltd. |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 1652 | 1583 |
| Carlyle US CLO 2017-2, Ltd. |  |  |
| Series 2017-AR2-2A, 5.37%, (3 Month Term SOFR + 1.49%), 07/20/37 (a) | 2500 | 2506 |
| Carlyle US CLO 2023-3 Ltd |  |  |
| Series 2023-A1R-3A, 5.12%, (3 Month Term SOFR + 1.23%), 10/15/38 (a) | 1000 | 999 |
| Carrington Mortgage Loan Trust, Series 2007-RFC1 |  |  |
| Series 2007-A3-RFC1, REMIC, 3.94%, (1 Month Term SOFR + 0.25%), 09/25/36 (a) (c) (d) | 1666 | 1642 |
| Carval CLO IX-C Ltd. |  |  |
| Series 2024-A-1A, 5.56%, (3 Month Term SOFR + 1.68%), 04/20/37 (a) | 1000 | 1002 |
| Carval CLO X-C Ltd. |  |  |
| Series 2024-A-2A, 5.34%, (3 Month Term SOFR + 1.46%), 07/20/37 (a) | 4000 | 4008 |
| CBAM 2017-1 Ltd |  |  |
| Series 2017-AR2-1A, 5.72%, (3 Month Term SOFR + 1.39%), 01/20/38 (a) | 3000 | 3011 |
| CBAM 2017-2 Ltd |  |  |
| Series 2017-BR-2A, 5.99%, (3 Month Term SOFR + 2.11%), 07/17/34 (a) | 1500 | 1501 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-C-CD6, REMIC, 4.27%, 11/15/27 (a) | 243 | 228 |
| Cedar Funding IX CLO Ltd |  |  |
| Series 2018-AR-9A, 5.30%, (3 Month Term SOFR + 1.42%), 07/20/37 (a) | 1000 | 1003 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 4.92%, (1 Month Term SOFR + 5.09%), 07/12/30 (a) | 1703 | 1721 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.34%, 05/10/58 (a) | 25977 | 41 |
| Chase Mortgage Finance Trust Series 2006-S2 |  |  |
| Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36 | 6298 | 2195 |
| CHL Mortgage Pass-Through Trust 2006-18 |  |  |
| Series 2006-1A35-20, REMIC, 6.00%, 02/25/37 | 1882 | 829 |
| CHL Mortgage Pass-Through Trust 2007-8 |  |  |
| Series 2007-1A5-8, REMIC, 5.44%, 01/25/38 | 2122 | 785 |
| CIM Trust 2023-R4 |  |  |
| Series 2023-A1-R4, REMIC, 5.00%, 05/25/62 | 6002 | 6058 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 0.99%, 02/12/49 (a) | 5603 | 14 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Interest Only, Series 2016-XA-P3, REMIC, 1.64%, 04/16/49 (a) | 9330 | 29 |
| Citigroup Mortgage Loan Trust 2007-AR8 |  |  |
| Series 2007-1A1A-AR8, REMIC, 3.67%, 07/25/47 (a) | 1145 | 982 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.75%, 02/25/62 (a) | 535 | 518 |
| CLI Funding IX LLC |  |  |
| Series 2025-A-1A, 5.35%, 06/22/37 | 1899 | 1915 |
| Cmalt (Citimortgage Alternative Loan Trust), Series 2006-A4 |  |  |
| Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36 | 908 | 810 |
| CMALT (Citimortgage Alternative Loan Trust), Series 2007-A5 |  |  |
| Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37 | 666 | 625 |
| COLT 2023-1 Mortgage Loan Trust |  |  |
| Series 2023-A1-1, REMIC, 6.05%, 04/25/68 (c) | 3850 | 3868 |
| COLT 2023-2 Mortgage Loan Trust |  |  |
| Series 2023-A1-2, REMIC, 6.60%, 07/25/68 (c) | 2645 | 2661 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 0.62%, 10/15/46 (a) | 2173 | 11 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-DC1, REMIC, 0.57%, 02/12/48 (a) | 1875 | 2 |
| COMM 2016-DC2 Mortgage Trust |  |  |
| Series 2016-C-DC2, REMIC, 4.64%, 02/12/26 (a) | 1340 | 1333 |
| Interest Only, Series 2016-XA-DC2, REMIC, 0.63%, 02/12/49 (a) | 3219 |  |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-A-HCLV, REMIC, 5.05%, (1 Month Term SOFR + 1.30%), 09/15/33 (a) | 2125 | 1954 |
| CommonBond Student Loan Trust 2018-B-GS |  |  |
| Series 2018-C-BGS, REMIC, 4.12%, 08/25/28 | 85 | 70 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2005-7A1-11, REMIC, 6.00%, 12/25/35 | 4889 | 2419 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2005-3A2-9, REMIC, 6.00%, 10/25/35 | 4023 | 1152 |
| Series 2006-2A3-2, REMIC, 6.00%, 03/25/36 | 2235 | 869 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-C16, REMIC, 1.53%, 06/17/52 (a) | 8521 | 359 |
| CSMC 2019-RPL1 Trust |  |  |
| Series 2018-PT-SP3, REMIC, 4.35%, 09/25/58 (a) | 13034 | 11232 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-M1-SPT1, REMIC, 3.39%, 04/25/65 (a) | 7000 | 6868 |
| CSMC 2021-B33 |  |  |
| Series 2021-A1-B33, REMIC, 3.05%, 10/10/31 | 831 | 782 |
| Series 2021-A2-B33, REMIC, 3.17%, 10/10/31 | 2130 | 1903 |
| CSMC 2021-RPL3 Trust |  |  |
| Series 2021-A1-RPL3, REMIC, 2.00%, 01/25/60 (a) | 6793 | 6046 |
| Databank Issuer, LLC |  |  |
| Series 2021-A2-1A, 2.06%, 02/25/26 | 2000 | 1991 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.20%, 05/12/49 (a) | 13282 | 8 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 2.77%, (1 Month Term SOFR + 0.41%), 09/25/47 (a) (c) (d) | 8756 | 7655 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2006-1A3-AR1, REMIC, 2.41%, (1 Month Term SOFR + 0.77%), 02/25/36 (a) (c) (d) | 6585 | 6364 |
| Series 2006-A2B-AB1, REMIC, 4.31%, 02/25/36 (a) (d) | 2562 | 2376 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-D-NYC, REMIC, 3.70%, 05/12/31 | 550 | 472 |
| ELP Commercial Mortgage Trust 2025-ELP |  |  |
| Series 2025-C-ELP, REMIC, 5.14%, 11/15/30 (a) | 1200 | 1198 |
| Empower CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.46%, (3 Month Term SOFR + 1.60%), 04/27/37 (a) | 5000 | 5012 |
| First Franklin Mortgage Loan Trust, Series 2007-FF2 |  |  |
| Series 2007-A1-FF2, REMIC, 1.48%, (1 Month Term SOFR + 0.25%), 03/25/37 (a) (c) (d) | 4723 | 2531 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36 | 2459 | 895 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT1, 3.62%, 07/25/26 (c) | 10500 | 10138 |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 11300 | 10936 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.07%, (1 Month Term SOFR + 1.33%), 05/18/38 (a) (c) | 1107 | 1108 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 840 | 807 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 2001 | 1658 |
| GoodLeap Home Improvement Solutions Trust 2024-1 |  |  |
| Series 2024-A-1A, REMIC, 5.35%, 04/20/33 | 992 | 998 |
| Grace Trust |  |  |
| Series 2020-D-GRCE, REMIC, 2.68%, 12/12/30 (a) | 1845 | 1615 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 4.88%, (1 Month Term SOFR + 1.13%), 07/15/39 (a) | 213 | 213 |
| GS Mortgage Securities Corp Trust 2018-TWR |  |  |
| Series 2018-A-TWR, REMIC, 4.95%, (1 Month Term SOFR + 1.20%), 07/15/31 (a) (c) | 436 | 344 |
| Series 2018-D-TWR, REMIC, 5.65%, (1 Month Term SOFR + 1.90%), 07/15/31 (a) (c) | 1000 | 140 |
| Series 2018-E-TWR, REMIC, 6.15%, (1 Month Term SOFR + 2.40%), 07/15/31 (a) (c) | 1000 | 100 |
| Series 2018-F-TWR, REMIC, 6.85%, (1 Month Term SOFR + 3.10%), 07/15/31 (a) (c) | 1000 | 83 |
| Series 2018-G-TWR, REMIC, 7.97%, (1 Month Term SOFR + 4.22%), 07/15/31 (a) (c) | 1000 | 83 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF5B-7, REMIC, 1.72%, 03/25/46 (a) (c) (d) | 3538 | 1248 |
| GS Mortgage Securities Trust 2014-GC24 |  |  |
| Interest Only, Series 2014-XA-GC24, REMIC, 0.36%, 09/12/47 (a) | 2433 | 1 |
| GS Mortgage Securities Trust 2015-GC34 |  |  |
| Series 2015-B-GC34, REMIC, 0.00%, 10/13/48 (a) (d) | 782 | 599 |
| Interest Only, Series 2015-XA-GC34, REMIC, 0.84%, 10/13/48 (a) | 1817 | 9 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Interest Only, Series 2016-XA-GS3, REMIC, 1.16%, 10/13/49 (a) | 21136 | 53 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Interest Only, Series 2017-C-2, REMIC, 1.02%, 08/12/50 (a) | 30481 | 317 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-C-GS9, REMIC, 4.34%, 03/10/28 (a) | 2000 | 1831 |
| GS Mortgage Securities Trust 2019-GC38 |  |  |
| Interest Only, Series 2019-XA-GC38, REMIC, 1.01%, 02/12/52 (a) | 36901 | 1011 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Interest Only, Series 2020-XA-GC45, REMIC, 0.61%, 02/14/53 (a) | 45298 | 905 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-3A2-OA1, REMIC, 1.20%, (COFI 11D (11th District Cost of Funds) + 1.50%), 08/25/46 (a) (d) | 12564 | 1907 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GWT Commercial Mortgage Trust 2024-WLF2 |  |  |
| Series 2024-A-WLF2, REMIC, 5.44%, (1 Month Term SOFR + 1.69%), 05/15/26 (a) | 2500 | 2507 |
| Halcyon Loan Advisors Funding 2013-2 Ltd. |  |  |
| Series 2013-D-2A, 7.92%, (3 Month Term SOFR + 4.06%), 08/01/26 (a) | 54 | 54 |
| HalseyPoint CLO II, Ltd. |  |  |
| Series 2020-AR-2A, 5.40%, (3 Month Term SOFR + 1.52%), 07/20/37 (a) | 6000 | 6010 |
| HERO Funding Trust 2016-4A |  |  |
| Series 2016-A2-4A, REMIC, 4.29%, 09/20/37 | 1280 | 1251 |
| Home Partners of America 2018-1 Trust |  |  |
| Series 2021-D-1, REMIC, 2.48%, 09/19/29 | 2129 | 1954 |
| Series 2021-E-1, REMIC, 2.58%, 09/19/29 | 973 | 889 |
| Series 2021-F-1, REMIC, 3.33%, 09/19/29 | 1121 | 1035 |
| HOMES Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 6.46%, 02/25/68 (c) | 3200 | 3207 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2024-A-I, 5.38%, 09/15/31 (c) | 2344 | 2351 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A2-NC1, REMIC, 2.77%, (1 Month Term SOFR + 0.25%), 04/25/37 (a) (c) (d) | 1722 | 1119 |
| Series 2007-A4-NC1, REMIC, 2.77%, (1 Month Term SOFR + 0.39%), 04/25/37 (a) (c) (d) | 8102 | 5294 |
| INCREF 2025-FL1 LLC |  |  |
| Series 2025-A-FL1, 5.46%, (1 Month Term SOFR + 1.73%), 10/22/42 (a) | 2530 | 2535 |
| IndyMac INDA Mortgage Loan Trust 2006-AR2 |  |  |
| Series 2006-4A1-AR2, REMIC, 4.29%, 09/25/36 (a) | 492 | 468 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A6-A8CB, REMIC, 5.00%, 07/25/35 | 6216 | 3088 |
| Ixis Real Estate Capital Trust 2006-HE1 |  |  |
| Series 2006-A4-HE1, REMIC, 2.63%, (1 Month Term SOFR + 0.71%), 03/25/36 (a) (c) (d) | 3805 | 1870 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP |  |  |
| Series 2022-A-NLP, REMIC, 4.60%, (1 Month Term SOFR + 0.85%), 04/15/37 (a) | 2536 | 2505 |
| J.P. Morgan Mortgage Acquisition Trust 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 3.78%, (1 Month Term SOFR + 0.33%), 01/25/34 (a) (c) (d) | 3835 | 3615 |
| Series 2006-A4-HE3, REMIC, 3.78%, (1 Month Term SOFR + 0.43%), 07/25/36 (a) (c) (d) | 1433 | 1355 |
| Series 2006-A5-HE3, REMIC, 3.78%, (1 Month Term SOFR + 0.59%), 11/25/36 (a) (c) (d) | 3707 | 3500 |
| Series 2006-A5-WMC4, REMIC, 1.69%, (1 Month Term SOFR + 0.32%), 12/25/36 (a) (c) (d) | 19161 | 9441 |
| J.P. Morgan Resecuritization Trust, Series 2009-10 Trust |  |  |
| Series 2009-4A2-10, REMIC, 1.21%, 03/26/37 (a) | 758 | 849 |
| JPMBB Commercial Mortgage Securities Trust 2015-C33 |  |  |
| Series 2015-C-C33, REMIC, 4.79%, 12/17/48 (a) | 2224 | 2147 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-B-JP2, REMIC, 3.46%, 07/17/26 | 5081 | 4742 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.39%, 06/17/49 (a) | 12118 | 39 |
| JPMDB Commercial Mortgage Securities Trust 2019-COR6 |  |  |
| Series 2019-AS-COR6, REMIC, 3.41%, 11/15/29 | 4415 | 3903 |
| JPMDB Commercial Mortgage Securities Trust 2020-COR7 |  |  |
| Interest Only, Series 2020-XA-COR7, REMIC, 1.64%, 05/15/53 (a) | 34223 | 1546 |
| Katayma CLO II, Ltd. |  |  |
| Series 2024-A1-2A, 5.53%, (3 Month Term SOFR + 1.65%), 04/20/37 (a) | 1000 | 1002 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 4.92%, (1 Month Term SOFR + 1.18%), 02/17/39 (a) (c) | 1100 | 1097 |
| Labrador Aviation Finance Limited |  |  |
| Series 2016-A1-1A, 4.30%, 01/15/42 (c) | 6304 | 6284 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.14%, (1 Month Term SOFR + 1.39%), 11/01/29 (a) (c) | 2710 | 2710 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Interest Only, Series 2017-X-5, REMIC, 0.88%, 03/11/50 (a) | 29323 | 129 |
| Luminace Abs-2024 Issuer LLC |  |  |
| Series 2024-A-1, 5.87%, 10/30/31 | 1157 | 1173 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-C-11MD, REMIC, 5.63%, 10/18/30 (a) (d) | 1250 | 1261 |
| Magnetite XL, Limited |  |  |
| Series 2024-A1-40A, 5.35%, (3 Month Term SOFR + 1.45%), 07/15/37 (a) | 2000 | 2005 |
| Marble Point CLO XXV Ltd |  |  |
| Series 2022-A1RR-2A, 5.07%, (3 Month Term SOFR + 1.19%), 10/20/36 (a) | 2000 | 2003 |
| Master Asset Securitization Trust |  |  |
| Series 2006-1A13-1, REMIC, 5.75%, 05/25/36 | 1698 | 986 |
| MASTR Adjustable Rate Mortgages Trust 2007-R5 |  |  |
| Series 2007-A1-R5, REMIC, 5.53%, 11/25/35 (a) | 8114 | 3624 |
| MASTR Alternative Loan Trust 2007-1 |  |  |
| Series 2007-2A1-1, REMIC, 6.50%, 10/25/36 | 2578 | 766 |
| Merrill Lynch Alternative Note Asset Trust, Series 2007-AF1 |  |  |
| Series 2007-1A1-OAR5, REMIC, 3.34%, 10/25/47 (a) | 9553 | 2530 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2006-A1-AR1, REMIC, 1.36%, (1 Month Term SOFR + 0.44%), 03/25/37 (a) (c) (d) | 27055 | 9143 |
| Merrill Lynch Mortgage Investors Trust, Series 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 1.04%, (1 Month Term SOFR + 0.41%), 06/25/37 (a) (c) (d) | 16016 | 4031 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 4.93%, (1 Month Term SOFR + 1.19%), 10/21/36 (a) | 646 | 646 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.28%, (1 Month Term SOFR + 1.35%), 02/20/37 (a) | 610 | 610 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-A-FL15, 5.44%, (1 Month Term SOFR + 1.69%), 08/18/41 (a) | 2500 | 2505 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.05%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 2710 | 2705 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (c) | 8899 | 8961 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.04%, 01/15/49 (a) | 5869 |  |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 |  |  |
| Interest Only, Series 2016-XA-C30, REMIC, 1.20%, 09/17/49 (a) | 13425 | 67 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2016-C-C31, REMIC, 4.24%, 10/19/26 (a) | 2360 | 2162 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C2 |  |  |
| Series 2025-A3-5C2, REMIC, 5.11%, 11/18/30 | 2479 | 2540 |
| Morgan Stanley Capital I Trust 2019-L3 |  |  |
| Series 2019-AS-L3, REMIC, 3.49%, 11/16/29 (a) | 3847 | 3649 |
| Interest Only, Series 2019-XA-L3, REMIC, 0.60%, 11/18/52 (a) | 65319 | 1345 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (a) | 2452 | 2442 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Morgan Stanley Mortgage Loan Trust 2006-16AX |  |  |
| Series 2006-A2C-WMC2, REMIC, 0.75%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (c) (d) | 16791 | 5967 |
| Morgan Stanley Mortgage Loan Trust 2007-12 |  |  |
| Series 2007-3A22-12, REMIC, 6.00%, 08/25/37 | 1082 | 358 |
| Morgan Stanley Mortgage Loan Trust 2007-8XS |  |  |
| Series 2007-A1-8XS, REMIC, 1.28%, 04/25/37 (a) (d) | 897 | 468 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-B-1A, 3.10%, 11/22/32 | 1191 | 1056 |
| MP CLO VIII Ltd |  |  |
| Series 2015-ARR-2A, 5.32%, (3 Month Term SOFR + 1.46%), 04/28/34 (a) | 1500 | 1501 |
| MRCD 2019-PARK Mortgage Trust |  |  |
| Series 2019-F-PARK, REMIC, 2.72%, 12/15/36 | 1018 | 629 |
| Nassau 2018-I Ltd. |  |  |
| Series 2018-A-IA, 5.32%, (3 Month Term SOFR + 1.41%), 07/15/31 (a) | 43 | 43 |
| Natixis Commercial Mortgage Securities Trust 2020-2PAC |  |  |
| Series 2020-D-2PAC, REMIC, 3.75%, 12/16/38 | 4415 | 3939 |
| Navient Refinance Loan Trust 2025-C |  |  |
| Series 2025-A-C, 4.80%, 10/15/55 | 2909 | 2908 |
| NBC Funding LLC |  |  |
| Series 2024-A2-1A, 6.75%, 07/30/31 | 1489 | 1523 |
| New Residential Mortgage Loan Trust 2020-RPL1 |  |  |
| Series 2020-M2-RPL1, REMIC, 3.50%, 11/25/59 (a) | 5300 | 4724 |
| New Residential Mortgage Loan Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.46%, 08/25/65 (a) (c) | 806 | 808 |
| Series 2025-M1-NQM5, REMIC, 6.09%, 08/25/65 (a) | 1150 | 1151 |
| NJ 2025-WBRK Mortgage Trust |  |  |
| Series 2025-A-WBRK, REMIC, 5.87%, 03/07/30 | 1814 | 1881 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-3A-AR1, REMIC, 4.49%, 02/25/36 (a) | 332 | 212 |
| Nomura Resecuritization Trust 2011-4R |  |  |
| Series 2011-2A10-4RA, REMIC, 4.03%, 07/26/41 (a) | 5124 | 4461 |
| NP SPE II LLC |  |  |
| Series 2019-A2-1A, 3.24%, 09/20/26 | 7474 | 6308 |
| OBX 2022-NQM7 Trust |  |  |
| Series 2022-A1-NQM7, REMIC, 5.11%, 08/25/62 (c) | 3140 | 3136 |
| OBX 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 5.95%, 02/25/63 (a) (c) | 3020 | 3020 |
| OBX 2023-NQM4 Trust |  |  |
| Series 2023-A1-NQM4, REMIC, 6.11%, 03/25/63 (c) | 2662 | 2666 |
| OCP CLO 2017-13 Ltd |  |  |
| Series 2017-AR2-13A, 5.21%, (3 Month Term SOFR + 1.34%), 11/26/37 (a) | 1000 | 1002 |
| PR Mortgage Loan Trust |  |  |
| Series 2014-APT-1, REMIC, 5.86%, 09/25/47 (a) | 3962 | 3725 |
| PRET 2024-NPL6, LLC |  |  |
| Series 2024-A1-NPL6, REMIC, 5.93%, 09/25/54 (c) | 12265 | 12272 |
| PRET 2024-NPL9, LLC |  |  |
| Series 2024-A1-NPL9, 5.85%, 12/25/27 (c) | 6852 | 6856 |
| Pret 2025-NPL7 LLC |  |  |
| Series 2025-A1-NPL7, 5.66%, 07/25/55 (c) | 4789 | 4800 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E2-SFR3, REMIC, 2.69%, 05/19/26 | 8500 | 8415 |
| Progress Residential 2021-SFR5 Trust |  |  |
| Series 2021-E1-SFR5, REMIC, 2.21%, 07/17/26 | 15840 | 15604 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-E2-SFR8, REMIC, 2.53%, 10/19/26 | 5100 | 4998 |
| PRPM 2024-6, LLC. |  |  |
| Series 2024-A1-6, REMIC, 5.70%, 11/25/27 (c) | 8764 | 8768 |
| PRPM 2024-7 LLC |  |  |
| Series 2024-A1-7, 5.87%, 11/25/27 (c) | 1937 | 1939 |
| PRPM 2025-5, LLC |  |  |
| Series 2025-A1-5, 5.73%, 07/25/30 (c) | 6915 | 6910 |
| QTS Issuer ABS II LLC |  |  |
| Series 2025-B-1A, 5.78%, 10/05/55 | 3500 | 3462 |
| RALI Series 2006-QS4 Trust |  |  |
| Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36 | 1217 | 995 |
| RALI Series 2006-QS5 Trust |  |  |
| Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36 | 1207 | 1057 |
| Rate Adjustable Mortgage Trust |  |  |
| Series 2005-6A21-4, REMIC, 4.95%, 08/25/35 (a) | 2588 | 2226 |
| RBSGC Mortgage Loan Trust 2007-B |  |  |
| Series 2007-1A4-B, REMIC, 4.30%, (1 Month Term SOFR + 0.56%), 12/25/36 (a) | 2206 | 1170 |
| Interest Only, Series 2007-1A6-B, REMIC, 2.20%, (5.94% - (1 Month Term SOFR \* 1)), 01/25/37 (a) | 2206 | 248 |
| RBSGC Mortgage Loan Trust, 2007-A |  |  |
| Series 2007-2A1-A, REMIC, 6.75%, 01/25/37 | 2143 | 2018 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A21-QA1, REMIC, 5.07%, 01/25/36 (a) | 3580 | 2565 |
| Residential Asset Securitization Trust 2006-A12 |  |  |
| Series 2006-A1-A12, REMIC, 6.25%, 11/25/36 | 9075 | 3234 |
| Residential Asset Securitization Trust 2006-A6 |  |  |
| Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36 | 2383 | 1144 |
| Residential Asset Securitization Trust 2007-A3 |  |  |
| Series 2007-1A1-A3, REMIC, 4.30%, (1 Month Term SOFR + 0.56%), 04/25/37 (a) | 4994 | 1885 |
| Series 2007-1A2-A3, REMIC, 16.90%, (45.51% - (1 Month Term SOFR \* 7.67)), 04/25/37 (a) | 651 | 709 |
| Residential Asset Securitization Trust 2007-A6 |  |  |
| Series 2007-2A1-A6, REMIC, 6.50%, 06/25/37 | 2916 | 543 |
| Residential Asset Securitization Trust 2007-A8 |  |  |
| Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37 | 15333 | 7157 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A14-S6, REMIC, 6.00%, 07/25/36 | 141 | 125 |
| RFMSI Series 2007 S7 Trust |  |  |
| Series 2007-A20-S7, REMIC, 6.00%, 07/25/37 | 904 | 751 |
| RFMSI Series 2007-S2 Trust |  |  |
| Series 2007-A4-S2, REMIC, 6.00%, 02/25/37 | 452 | 342 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A2-S4, REMIC, 6.00%, 04/25/37 | 542 | 446 |
| RFMSI Series 2007-S5 Trust |  |  |
| Series 2007-A2-S5, REMIC, 6.00%, 05/25/37 | 3686 | 3065 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-A-CNTR, REMIC, 5.39%, 11/15/41 | 1376 | 1411 |
| Rockford Tower CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.49%, (3 Month Term SOFR + 1.61%), 04/20/37 (a) | 2000 | 2004 |
| Securitized Asset Backed Receivables LLC Trust 2006-Nc3 |  |  |
| Series 2006-A2B-NC3, REMIC, 0.94%, (1 Month Term SOFR + 0.41%), 09/25/36 (a) (c) (d) | 15228 | 4871 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-B-555, REMIC, 5.37%, (1 Month Term SOFR + 1.61%), 05/15/28 (a) | 1330 | 1323 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 4646 | 4515 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-E-OVA, REMIC, 2.85%, 07/17/31 | 2180 | 1858 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 10.20%, 05/25/30 (a) | 150 | 145 |
| SoFi Consumer Loan Program 2025-2 Trust |  |  |
| Series 2025-C-2, 5.22%, 06/25/34 | 5000 | 5055 |
| SoFi Consumer Loan Program 2025-4 Trust |  |  |
| Series 2025-D-4, 5.27%, 08/25/35 | 3300 | 3311 |
| Sound Point CLO 38, Ltd. |  |  |
| Series 2024-A1-38A, 5.49%, (3 Month Term SOFR + 1.60%), 02/20/37 (a) | 1500 | 1501 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.30%, (3 Month Term SOFR + 1.41%), 04/18/31 (a) (e) | 929 | 930 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-BRRR-2A, 5.95%, (3 Month Term SOFR + 2.06%), 07/20/32 (a) | 850 | 851 |
| Sound Point CLO XXI Ltd |  |  |
| Series 2018-A1AR-3A, 5.16%, (3 Month Term SOFR + 1.30%), 10/27/31 (a) | 1232 | 1232 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.34%, (3 Month Term SOFR + 1.43%), 07/17/34 (a) | 2000 | 2003 |
| Starm Mortgage Loan Trust 2007-2 |  |  |
| Series 2007-4A1-2, REMIC, 6.82%, 04/25/37 (a) | 365 | 157 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-B1-2, REMIC, 2.75%, 05/25/65 (a) | 5537 | 5000 |
| Steele Creek CLO 2016-1, Ltd. |  |  |
| Series 2016-AR-1A, 5.10%, (3 Month Term SOFR + 1.38%), 06/16/31 (a) (e) | 78 | 78 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-2A-21, REMIC, 5.62%, 11/25/35 (a) | 2399 | 1962 |
| Structured Asset Investment Loan Trust 2006-3 |  |  |
| Series 2006-A1-3, REMIC, 2.20%, (1 Month Term SOFR + 0.27%), 06/25/36 (a) (c) (d) | 4351 | 2671 |
| Structured Asset Investment Loan Trust 2006-4 |  |  |
| Series 2006-A5-4, REMIC, 1.48%, (1 Month Term SOFR + 0.42%), 07/25/36 (a) (c) (d) | 20500 | 7230 |
| Structured Asset Investment Loan Trust 2006-BNC3 |  |  |
| Series 2006-A1-BNC3, REMIC, 2.42%, (1 Month Term SOFR + 0.29%), 09/25/36 (a) (c) (d) | 4479 | 2602 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 4834 | 2230 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.05%, (1 Month Term SOFR + 1.31%), 04/16/38 (a) (c) | 2128 | 2129 |
| Sunnova Helios III Issuer, LLC |  |  |
| Series 2019-A-AA, 3.75%, 06/20/29 | 1405 | 1313 |
| Sunnova Sol II Issuer, LLC |  |  |
| Series 2020-A-2A, 2.73%, 10/30/30 | 3222 | 2760 |
| Switch ABS Issuer, LLC |  |  |
| Series 2025-B-2A, 6.24%, 10/25/30 | 750 | 748 |
| Series 2024-A2-2A, 5.44%, 06/25/54 | 2200 | 2203 |
| Taco Bell Funding, LLC |  |  |
| Series 2021-A23-1A, 2.54%, 08/25/31 | 3930 | 3452 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.29%, 12/22/31 | 2450 | 2466 |
| Trestles CLO 2017-1, Ltd. |  |  |
| Series 2021-AR1-4A, 5.07%, (3 Month Term SOFR + 1.28%), 11/01/38 (a) | 2000 | 2001 |
| Tricon Residential 2025-SFR2 Trust |  |  |
| Series 2025-A-SFR2, 5.20%, 07/31/44 | 3344 | 3393 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.59%, (1 Month Term SOFR + 1.65%), 02/17/39 (a) (c) | 1688 | 1687 |
| UBS Commercial Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.46%, 06/17/50 (a) | 12526 | 176 |
| Upgrade Master Pass-Thru Trust |  |  |
| Series 2025-A-ST1, 5.44%, 02/15/29 | 703 | 708 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 808 | 806 |
| Upstart Securitization Trust 2024-1 |  |  |
| Series 2024-A-1, 5.33%, 11/20/34 | 1101 | 1101 |
| Upstart Securitization Trust 2025-3 |  |  |
| Series 2025-B-3, 5.02%, 09/20/35 | 3000 | 2992 |
| Upstart Securitization Trust 2025-4 |  |  |
| Series 2025-A2-4, 4.83%, 11/20/26 | 3250 | 3255 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2025-A2-2A, 5.24%, 11/15/55 | 2440 | 2418 |
| VEGAS Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 937 | 952 |
| Velocity Commercial Capital Loan Trust 2017-2 |  |  |
| Series 2017-AFX-2, REMIC, 3.07%, 07/25/26 (a) | 113 | 112 |
| Verus Securitization Trust 2023-4 |  |  |
| Series 2023-A1-4, REMIC, 5.81%, 05/25/68 (c) | 2275 | 2276 |
| Verus Securitization Trust 2024-9 |  |  |
| Series 2024-M1-9, REMIC, 6.20%, 11/25/69 (a) | 4000 | 4044 |
| Vibrant CLO III Ltd |  |  |
| Series 2015-A1RR-3A, REMIC, 5.40%, (3 Month Term SOFR + 1.51%), 10/20/31 (a) | 35 | 35 |
| Visio 2021-1R Trust |  |  |
| Series 2021-M1-1R, REMIC, 2.73%, 05/25/56 | 6161 | 5477 |
| Warwick Capital CLO 3 Ltd |  |  |
| Series 2024-A1-3A, 5.53%, (3 Month Term SOFR + 1.65%), 04/20/37 (a) | 1000 | 1003 |
| Warwick Capital CLO 4 Ltd. |  |  |
| Series 2024-A1-4A, 5.28%, (3 Month Term SOFR + 1.40%), 07/20/37 (a) | 3000 | 3009 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 1.25%, (1 Month Term SOFR + 0.29%), 10/25/36 (a) (c) (d) | 50 | 17 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2006-2A3-2, REMIC, 0.87%, (1 Month Term SOFR + 0.49%), 04/25/36 (a) (c) (d) | 13213 | 4129 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 Trust |  |  |
| Series 2006-1A5-5, REMIC, 6.00%, 07/25/36 | 857 | 690 |
| Series 2006-1A7-5, REMIC, 6.00%, 07/25/36 | 1530 | 1232 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust |  |  |
| Series 2006-A4-7, REMIC, 1.14%, 09/25/36 (a) (c) (d) | 16453 | 4394 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-2 Trust |  |  |
| Series 2007-2A2-2, REMIC, 5.50%, 04/25/37 | 791 | 788 |
| Waterfall Commercial Mortgage Trust 2015-SBC5 |  |  |
| Series 2015-A-SBC5, REMIC, 4.10%, 01/14/26 (a) | 165 | 165 |
| Wells Fargo & Company |  |  |
| Series 2016-C-C32, REMIC, 4.87%, 01/16/26 (a) | 1577 | 1515 |
| Series 2016-C-LC24, REMIC, 4.42%, 09/17/26 (a) | 2000 | 1888 |
| Interest Only, Series 2016-XA-C33, REMIC, 1.48%, 03/17/59 (a) | 4419 | 3 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37 | 875 | 778 |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 850 | 733 |
| Wells Fargo Alternative Loan 2007-PA5 Trust |  |  |
| Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37 | 312 | 261 |
| Wells Fargo Commercial Mortgage Trust 2015-C31 |  |  |
| Series 2015-C-C31, REMIC, 4.78%, 11/18/48 (a) | 640 | 628 |
| Wells Fargo Commercial Mortgage Trust 2015-LC20 |  |  |
| Series 2015-C-LC20, REMIC, 4.06%, 04/15/50 (a) | 561 | 547 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 4.11%, 12/17/48 (a) | 376 | 371 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Interest Only, Series 2017-XA-C39, REMIC, 1.07%, 09/16/50 (a) | 63390 | 873 |
| Wells Fargo Commercial Mortgage Trust 2017-RC1 |  |  |
| Interest Only, Series 2017-XA-RC1, REMIC, 1.37%, 01/16/60 (a) | 14471 | 159 |
| Wells Fargo Commercial Mortgage Trust 2019-C54 |  |  |
| Interest Only, Series 2019-XA-C54, REMIC, 0.83%, 12/17/52 (a) | 33681 | 932 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Interest Only, Series 2020-XA-C55, REMIC, 1.27%, 02/18/53 (a) | 55763 | 2440 |
| Wells Fargo Commercial Mortgage Trust 2020-C56 |  |  |
| Interest Only, Series 2020-XA-C56, REMIC, 1.26%, 06/17/53 (a) | 47602 | 1956 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 |  |  |
| Series 2025-A3-5C7, REMIC, 5.20%, 12/15/58 | 2463 | 2533 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A38-7, REMIC, 6.00%, 06/25/37 | 456 | 422 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $831,729) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $831,729) | 727838 |
| **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (f) (g) | 39269 | 39269 |
| Total Short Term Investments (cost $39,269) | Total Short Term Investments (cost $39,269) | 39269 |
| **Total Investments 99.3% (cost $1,921,186)** | **Total Investments 99.3% (cost $1,921,186)** | **1776134** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (705) |
| **Other Assets and Liabilities, Net 0.7%** | **Other Assets and Liabilities, Net 0.7%** | **13394** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1788823** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

(c) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $1,008 and 0.1% of the Fund.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** | **JNL/DoubleLine Total Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 9530 | 583204 | 553465 | 1040 |  |  | 39269 | 2.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** | **JNL/DoubleLine Total Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 3950 | April 2026 | 824008 | (278) | 709 |
| United States 5 Year Note | 2275 | April 2026 | 248550 | (266) | 118 |
| United States Long Bond | 1550 | March 2026 | 179884 | (339) | (714) |
|  |  |  |  | (883) | 113 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (410) | March 2026 | (47229) | 77 | 73 |
| United States Ultra Bond | (270) | March 2026 | (32159) | 101 | 298 |
|  |  |  |  | 178 | 371 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1009027 |  | 1009027 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 727838 |  | 727838 |
| &nbsp;&nbsp;Short Term Investments | 39269 |  |  | 39269 |
|  | 39269 | 1736865 |  | 1776134 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1198 |  |  | 1198 |
|  | 1198 |  |  | 1198 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (714) |  |  | (714) |
|  | (714) |  |  | (714) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 55.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 55.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 55.9%** |
| **U.S. Treasury Bill 29.7%** | **U.S. Treasury Bill 29.7%** | **U.S. Treasury Bill 29.7%** |
| Treasury, United States Department of |  |  |
| 3.90%, 01/02/26 - 01/08/26 (a) | 68700 | 68677 |
| 3.90%, 01/13/26 (a) | 8300 | 8289 |
| 3.90%, 01/15/26 (a) | 17000 | 16975 |
| 3.74%, 01/20/26 (a) | 30100 | 30039 |
| 4.01%, 01/22/26 (a) | 64000 | 63852 |
| 3.60%, 01/29/26 (a) | 26100 | 26021 |
| 3.83%, 02/10/26 (a) | 19200 | 19119 |
| 4.03%, 02/12/26 (a) | 24900 | 24785 |
| 3.76%, 02/17/26 (a) | 47600 | 47368 |
| 4.11%, 02/19/26 (a) | 37400 | 37197 |
| 3.79%, 02/24/26 (a) | 8100 | 8055 |
| 3.82%, 03/10/26 (a) | 4900 | 4865 |
| 3.78%, 03/12/26 (a) | 12000 | 11913 |
| 3.80%, 03/17/26 (a) | 12000 | 11906 |
| 4.00%, 03/19/26 (a) | 23700 | 23504 |
| 3.80%, 03/24/26 (a) | 24300 | 24092 |
| 3.75%, 04/09/26 (a) | 11600 | 11483 |
| 3.66%, 04/14/26 (a) | 24500 | 24247 |
| 3.74%, 04/16/26 (a) | 19000 | 18796 |
| 3.71%, 04/23/26 (a) | 18000 | 17795 |
| 3.60%, 04/28/26 (a) | 12600 | 12454 |
| 3.69%, 04/30/26 (a) | 12500 | 12350 |
| 3.59%, 05/05/26 (a) | 13200 | 13046 |
| 3.75%, 05/07/26 (a) | 12400 | 12239 |
| 3.98%, 05/14/26 (a) | 19800 | 19513 |
| 3.76%, 05/21/26 (a) | 12300 | 12123 |
| 3.72%, 05/28/26 (a) | 18100 | 17829 |
| 3.69%, 06/04/26 (a) | 36300 | 35736 |
| 3.63%, 06/11/26 (a) | 8200 | 8069 |
| 3.53%, 06/25/26 (a) | 13000 | 12780 |
| 3.55%, 07/02/26 (a) | 11300 | 11101 |
| 3.98%, 07/09/26 (a) | 15000 | 14691 |
| 3.51%, 11/27/26 (a) | 24500 | 23723 |
| 3.43%, 12/24/26 (a) | 10000 | 9665 |
|  |  | 714297 |
| **U.S. Government Agency Obligations 14.0%** | **U.S. Government Agency Obligations 14.0%** | **U.S. Government Agency Obligations 14.0%** |
| Council of Federal Home Loan Banks |  |  |
| 3.71%, (SOFR + 0.00%), 01/05/26 - 01/14/26 (b) (c) | 33100 | 33100 |
| 3.74%, (SOFR + 0.03%), 02/17/26 - 02/19/26 (b) (c) | 11300 | 11300 |
| 3.74%, (SOFR + 0.03%), 02/26/26 (b) (c) | 7000 | 7000 |
| 3.73%, (SOFR + 0.02%), 04/16/26 (b) (c) | 6400 | 6400 |
| 4.13%, 05/13/26 (c) | 12300 | 12300 |
| 4.03%, 06/03/26 (c) | 11800 | 11800 |
| 4.16%, 06/09/26 (c) | 14100 | 14100 |
| 3.86%, 06/10/26 (c) | 11600 | 11600 |
| 3.81%, (SOFR + 0.10%), 03/16/27 - 03/18/27 (b) (c) | 7400 | 7400 |
| 3.82%, (SOFR + 0.11%), 07/16/27 (b) (c) | 1300 | 1300 |
| 3.83%, (SOFR + 0.12%), 08/11/27 - 08/12/27 (b) (c) | 6500 | 6500 |
| 3.85%, (SOFR + 0.14%), 09/23/27 (b) (c) | 2800 | 2800 |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 3.71%, (SOFR + 0.01%), 05/20/26 (b) (c) | 5400 | 5400 |
| 3.85%, (SOFR + 0.14%), 11/04/26 - 12/02/26 (b) (c) | 10800 | 10800 |
| 3.85%, (SOFR + 0.14%), 11/23/26 - 09/15/27 (b) (c) | 18000 | 18000 |
| 3.80%, (SOFR + 0.09%), 05/12/27 (b) (c) | 4300 | 4300 |
| 3.83%, (SOFR + 0.12%), 08/04/27 (b) (c) | 2300 | 2300 |
| 3.84%, (SOFR + 0.13%), 09/10/27 (b) (c) | 2000 | 2000 |
| Federal Home Loan Bank of New York |  |  |
| 3.85%, (SOFR + 0.14%), 12/17/26 (b) (c) | 10000 | 10000 |
| Federal Home Loan Bank of Topeka |  |  |
| 3.76%, (SOFR + 0.05%), 12/23/26 (b) (c) | 6100 | 6099 |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.71%, (SOFR + 0.00%), 03/20/26 (b) (c) | 7900 | 7900 |
| 3.71%, (SOFR - 0.01%), 03/27/26 (b) (c) | 10900 | 10900 |
| 3.71%, (SOFR + 0.01%), 04/20/26 (b) (c) | 5600 | 5600 |
| 3.72%, (SOFR + 0.01%), 05/07/26 - 06/18/26 (b) (c) | 13800 | 13800 |
| 3.82%, (SOFR + 0.11%), 05/07/26 (b) (c) | 2400 | 2400 |
| 3.72%, (SOFR + 0.01%), 05/20/26 - 06/02/26 (b) (c) | 8500 | 8500 |
| 3.74%, (SOFR + 0.03%), 06/29/26 (b) (c) | 5600 | 5600 |
| 3.85%, (SOFR + 0.14%), 10/29/26 (b) (c) | 3300 | 3300 |
| 3.80%, 11/06/26 (c) | 21800 | 21800 |
| 3.84%, 11/06/26 (c) | 11000 | 11000 |
| 3.81%, 12/04/26 (c) | 10700 | 10700 |
| 3.83%, 12/04/26 (c) | 10300 | 10300 |
| 3.85%, (SOFR + 0.14%), 08/26/27 (b) (c) | 4000 | 4000 |
| 3.89%, (SOFR + 0.18%), 10/08/27 (b) (c) | 9900 | 9900 |
| 3.86%, (SOFR + 0.15%), 11/19/27 (b) (c) | 6900 | 6900 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.85%, (SOFR + 0.14%), 10/23/26 - 12/11/26 (b) (c) | 19000 | 19000 |
|  |  | 336099 |
| **U.S. Treasury Note 11.1%** | **U.S. Treasury Note 11.1%** | **U.S. Treasury Note 11.1%** |
| Treasury, United States Department of |  |  |
| 1.63%, 02/15/26 | 3500 | 3489 |
| 0.50%, 02/28/26 | 5300 | 5268 |
| 4.63%, 02/28/26 - 10/15/26 | 24200 | 24228 |
| 4.50%, 03/31/26 | 4000 | 4003 |
| 4.88%, 05/31/26 | 4000 | 4011 |
| 4.38%, 07/31/26 | 1100 | 1104 |
| 3.75%, 08/31/26 | 3900 | 3901 |
| 3.50%, 09/30/26 | 11700 | 11682 |
| 1.13%, 10/31/26 | 6700 | 6564 |
| 3.81%, (3 Month Treasury + 0.20%), 10/31/26 (b) | 40300 | 40316 |
| 4.13%, 10/31/26 | 3400 | 3411 |
| 4.25%, 11/30/26 - 12/31/26 | 29700 | 29875 |
| 1.25%, 12/31/26 | 8000 | 7816 |
| 3.70%, (3 Month Treasury + 0.10%), 01/31/27 (b) | 48300 | 48299 |
| 3.76%, (3 Month Treasury + 0.16%), 04/30/27 (b) | 15400 | 15400 |
| 3.76%, (3 Month Treasury + 0.16%), 07/31/27 (b) | 32200 | 32185 |
| 3.79%, (3 Month Treasury + 0.19%), 10/31/27 (b) | 24300 | 24315 |
|  |  | 265867 |
| **Discount Notes 1.1%** | **Discount Notes 1.1%** | **Discount Notes 1.1%** |
| FHLBanks Office of Finance |  |  |
| 4.00%, 02/05/26 (a) (c) | 6000 | 5977 |
| 3.60%, 04/17/26 (a) (c) | 6000 | 5937 |
| 3.63%, 04/22/26 (a) (c) | 8000 | 7912 |
| 3.54%, 06/30/26 (a) (c) | 7900 | 7762 |
|  |  | 27588 |
| Total Government And Agency Obligations (cost $1,343,851) | Total Government And Agency Obligations (cost $1,343,851) | 1343851 |
| **REPURCHASE AGREEMENTS 45.0%** | **REPURCHASE AGREEMENTS 45.0%** | **REPURCHASE AGREEMENTS 45.0%** |
| Repurchase Agreements (d) |  | 1081000 |
| Total Repurchase Agreements (cost $1,081,000) | Total Repurchase Agreements (cost $1,081,000) | 1081000 |
| **Total Investments 100.9% (cost $2,424,851)** | **Total Investments 100.9% (cost $2,424,851)** | **2424851** |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(21933)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2402918** |

---

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

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented.

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

(d) For repurchase agreements held at December 31, 2025, see Repurchase Agreements in the Schedules of Investments.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
| BNS | Treasury, United States Department of, 0.00%-5.25%, due 01/08/26-11/15/55 | 95716 | 102022 | 3.80 | 12/31/25 | 01/02/26 | 100021 | 100000 | 100000 |
| CIB | Federal National Mortgage Association, Inc., 2.00%-7.00%, due 12/01/30-06/01/55 | 51228 | 44983 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 2.50%-6.50%, due 04/01/39-09/01/55 | 11 | 8 |  |  |  |  |  |  |
|  | Treasury, United States Department of, 0.13%-4.25%, due 04/30/26-02/15/53 | 51072 | 52663 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 2.50%-7.50%, due 11/20/44-08/20/74 | 4072 | 4346 |  |  |  |  |  |  |
|  |  | 106383 | 102000 | 3.83 | 12/31/25 | 01/02/26 | 100021 | 100000 | 100000 |
| CTC | Treasury, United States Department of, 1.63%-4.88%, due 05/15/32-04/30/27 | 204864 | 204000 | 3.82 | 12/31/25 | 01/02/26 | 200042 | 200000 | 200000 |
| CTC | Treasury, United States Department of, 0.00%-4.38%, due 01/15/28-08/15/42 | 8498 | 6120 | 3.82 | 12/31/25 | 01/02/26 | 6001 | 6000 | 6000 |
| DWA | Treasury, United States Department of, 1.25%-4.75%, due 10/31/27-08/15/55 | 11985 | 10539 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 4.50%-5.50%, due 08/20/40-11/20/55 | 23856 | 20976 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 2.00%-6.00%, due 02/25/40-10/25/55 | 17424 | 4028 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 4.00%-6.00%, due 09/01/52-12/01/55 | 46204 | 42821 |  |  |  |  |  |  |
|  |  | 99469 | 78364 | 3.83 | 12/31/25 | 01/02/26 | 75016 | 75000 | 75000 |
| FICC | Treasury, United States Department of, 0.00%-4.63%, due 06/18/26-11/02/26 | 358311 | 357000 | 3.82 | 12/31/25 | 01/02/26 | 350082 | 350000 | 350000 |
| RBC | Treasury, United States Department of, 0.00%-6.38%, due 10/01/26-08/15/52 | 279726 | 255000 | 3.85 | 12/31/25 | 01/02/26 | 250053 | 250000 | 250000 |
|  |  |  |  |  |  |  |  |  | 1081000 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1343851 |  | 1343851 |
| &nbsp;&nbsp;Repurchase Agreements |  | 1081000 |  | 1081000 |
|  |  | 2424851 |  | 2424851 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 58.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 58.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 58.1%** |
| **U.S. Treasury Note 25.5%** | **U.S. Treasury Note 25.5%** | **U.S. Treasury Note 25.5%** |
| Treasury, United States Department of |  |  |
| 3.63%, 03/31/30 - 09/30/31 | 43364 | 43162 |
| 3.75%, 05/31/30 - 11/30/32 | 69883 | 69405 |
| 4.63%, 09/30/30 - 02/15/35 | 399 | 415 |
| 3.50%, 11/30/30 | 13000 | 12875 |
| 4.25%, 02/28/31 - 08/15/35 | 72200 | 73146 |
| 4.13%, 11/30/31 - 11/15/32 | 60415 | 61297 |
| 4.00%, 04/30/32 - 11/15/35 | 15081 | 14968 |
| 2.75%, 08/15/32 | 11078 | 10334 |
| 3.50%, 02/15/33 (a) | 95540 | 92916 |
| 3.88%, 08/15/34 | 6500 | 6407 |
|  |  | 384925 |
| **Mortgage-Backed Securities 16.3%** | **Mortgage-Backed Securities 16.3%** | **Mortgage-Backed Securities 16.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 12/01/30 - 06/01/52 | 9222 | 8357 |
| 3.50%, 11/01/33 - 03/01/52 | 4307 | 4043 |
| 1.50%, 07/01/35 - 02/01/51 | 3122 | 2637 |
| 2.00%, 12/01/36 - 06/01/52 | 16263 | 13426 |
| 4.00%, 05/01/38 - 02/01/53 | 3376 | 3276 |
| 6.00%, 07/01/39 - 08/01/55 | 5558 | 5795 |
| 2.50%, 06/01/40 - 02/01/52 | 9003 | 7758 |
| 5.00%, 05/01/52 - 08/01/53 | 2625 | 2655 |
| 5.50%, 09/01/52 - 08/01/53 | 3174 | 3264 |
| 5.00%, 12/01/52 (a) | 919 | 928 |
| 6.50%, 09/01/53 - 03/01/55 | 3957 | 4180 |
| 4.50%, 08/01/55 | 210 | 206 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.00%, 02/01/28 - 03/01/52 | 15235 | 12897 |
| 3.00%, 02/01/31 - 04/01/52 | 13678 | 12356 |
| 3.50%, 08/01/34 - 07/01/52 | 7045 | 6725 |
| 2.50%, 05/01/35 - 01/01/52 | 17067 | 15106 |
| 1.50%, 11/01/35 - 02/01/51 | 2392 | 2007 |
| 4.00%, 06/01/38 - 09/01/52 | 6698 | 6467 |
| 4.50%, 03/01/39 - 08/01/39 | 597 | 602 |
| 5.00%, 07/01/40 - 06/01/53 | 2352 | 2384 |
| TBA, 5.00%, 01/15/41 - 02/15/41 (b) | 10000 | 10127 |
| 4.50%, 08/01/49 (a) | 1426 | 1414 |
| 5.50%, 09/01/52 - 08/01/54 | 6139 | 6312 |
| 6.00%, 09/01/52 - 07/01/55 | 12311 | 12744 |
| 6.50%, 05/01/53 - 08/01/55 | 3221 | 3383 |
| TBA, 2.00%, 01/15/56 - 02/15/56 (b) | 5800 | 4685 |
| TBA, 2.50%, 01/15/56 (b) | 100 | 85 |
| TBA, 5.50%, 01/15/56 - 02/15/56 (b) | 7600 | 7700 |
| TBA, 6.00%, 01/15/56 - 02/15/56 (b) | 11225 | 11519 |
| TBA, 3.50%, 02/15/56 (b) | 500 | 460 |
| Government National Mortgage Association |  |  |
| 4.00%, 02/20/41 - 03/20/47 | 1769 | 1711 |
| 3.50%, 09/20/45 - 02/20/46 | 2568 | 2402 |
| 3.00%, 12/20/46 - 03/20/50 | 758 | 686 |
| 5.00%, 04/20/48 - 12/20/54 | 709 | 715 |
| 2.50%, 08/20/51 - 01/20/52 | 6333 | 5428 |
| TBA, 5.50%, 03/15/55 - 02/15/56 (b) | 10575 | 10668 |
| TBA, 6.00%, 03/15/55 - 02/15/56 (b) | 20325 | 20689 |
| TBA, 6.50%, 03/15/55 (b) | 1150 | 1186 |
| TBA, 2.00%, 01/15/56 (b) | 10525 | 8711 |
| TBA, 2.50%, 01/15/56 (b) | 2000 | 1725 |
| TBA, 4.50%, 01/15/56 (b) | 1500 | 1461 |
| TBA, 5.00%, 02/15/56 (b) | 1700 | 1694 |
| Government National Mortgage Association II |  |  |
| 2.50%, 07/20/51 - 04/20/52 | 6475 | 5588 |
| 2.00%, 01/20/52 - 05/20/52 | 11774 | 9755 |
|  |  | 245917 |
| **U.S. Treasury Bond 11.9%** | **U.S. Treasury Bond 11.9%** | **U.S. Treasury Bond 11.9%** |
| Treasury, United States Department of |  |  |
| 0.00%, 11/15/35 - 08/15/41 (c) | 51970 | 28121 |
| 3.25%, 05/15/42 | 6600 | 5515 |
| 4.38%, 08/15/43 | 9550 | 9139 |
| 4.63%, 11/15/44 - 11/15/55 | 17971 | 17503 |
| 4.75%, 02/15/45 - 08/15/55 | 27124 | 26760 |
| 4.88%, 08/15/45 | 5735 | 5802 |
| 1.88%, 11/15/51 | 15598 | 8645 |
| 2.25%, 02/15/52 | 36390 | 22135 |
| 2.88%, 05/15/52 | 10630 | 7448 |
| 3.63%, 02/15/53 (a) | 13522 | 10974 |
| 4.13%, 08/15/53 | 15441 | 13703 |
| 4.25%, 02/15/54 | 23407 | 21216 |
| 4.50%, 11/15/54 | 2800 | 2648 |
|  |  | 179609 |
| **Sovereign 2.0%** | **Sovereign 2.0%** | **Sovereign 2.0%** |
| Abu Dhabi, Government of |  |  |
| 3.13%, 09/30/49 (d) | 480 | 340 |
| 3.88%, 04/16/50 (d) | 145 | 117 |
| 3.00%, 09/15/51 (d) | 105 | 71 |
| 5.50%, 04/30/54 (d) | 200 | 203 |
| Arab Republic of Egypt |  |  |
| 7.50%, 01/31/27 (d) | 235 | 241 |
| 7.63%, 05/29/32 (d) | 90 | 96 |
| 7.90%, 02/21/48 (d) | 15 | 14 |
| 8.70%, 03/01/49 (d) (e) | 310 | 309 |
| 7.50%, 02/16/61 (d) | 185 | 161 |
| Bank Gospodarstwa Krajowego |  |  |
| 5.38%, 05/22/33 (d) | 200 | 206 |
| 6.25%, 07/09/54 (d) | 200 | 206 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (d) | 215 | 213 |
| 3.38%, 08/20/50 (d) | 60 | 42 |
| Cabinet of Ministers of Ukraine |  |  |
| 4.50%, 02/01/29 - 02/01/36 (d) (f) | 511 | 329 |
| 0.00%, 02/01/30 - 02/01/36 (d) (f) | 353 | 190 |
| 4.00%, 02/01/32 (d) (f) | 100 | 75 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.78%, 01/23/31 | 135 | 125 |
| 3.00%, 01/15/34 | 90 | 78 |
| 3.30%, 03/11/41 | 85 | 66 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 3.00%, 01/30/30 | 285 | 257 |
| 7.38%, 04/25/30 - 09/18/37 | 230 | 242 |
| 3.13%, 04/15/31 | 115 | 100 |
| 8.00%, 04/20/33 - 11/14/35 | 334 | 356 |
| 7.50%, 02/02/34 | 50 | 52 |
| 6.13%, 01/18/41 | 10 | 9 |
| 5.00%, 06/15/45 | 225 | 165 |
| 5.20%, 05/15/49 | 150 | 110 |
| 4.13%, 05/15/51 | 50 | 31 |
| 8.75%, 11/14/53 | 200 | 220 |
| Dubai, Government of |  |  |
| 5.25%, 01/30/43 (g) | 200 | 202 |
| Egyptian Financial Company for Sovereign Taskeek, The |  |  |
| 7.95%, 10/07/32 (d) | 200 | 212 |
| Federal Government of Nigeria |  |  |
| 6.50%, 11/28/27 (d) | 10 | 10 |
| 6.13%, 09/28/28 (d) | 305 | 306 |
| 7.14%, 02/23/30 (d) | 90 | 93 |
| 7.88%, 02/16/32 (d) | 155 | 162 |
| 7.70%, 02/23/38 (d) | 60 | 60 |
| Gabon, Government of |  |  |
| 7.00%, 11/24/31 (d) | 40 | 30 |
| Ghana, Government of |  |  |
| 0.00%, 07/03/26 - 01/03/30 (c) (d) | 12 | 11 |
| 5.00%, 07/03/29 - 07/03/35 (d) (f) | 142 | 134 |
| Gobierno de la Republica de Costa Rica |  |  |
| 5.63%, 04/30/43 (d) | 5 | 5 |
| 7.30%, 11/13/54 (d) | 200 | 225 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.90%, 06/01/30 (d) | 10 | 10 |
| 5.38%, 04/24/32 (d) | 125 | 127 |
| 6.60%, 06/13/36 (d) | 20 | 22 |
| 6.25%, 08/15/36 (d) | 200 | 209 |
| 6.13%, 06/01/50 (d) | 75 | 73 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (d) (f) | 309 | 305 |
| 6.90%, 07/31/35 (d) (f) | 195 | 172 |
| Gobierno de La Republica del Paraguay |  |  |
| 2.74%, 01/29/33 (d) | 200 | 179 |
| 6.00%, 02/09/36 (d) | 200 | 215 |
| 5.40%, 03/30/50 (d) | 30 | 28 |
| 6.65%, 03/04/55 (d) | 200 | 218 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.75%, 10/28/34 | 70 | 75 |
| 5.10%, 06/18/50 | 150 | 141 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.50%, 04/22/29 | 70 | 70 |
| 3.25%, 04/16/30 | 135 | 127 |
| 2.66%, 05/24/31 | 100 | 89 |
| 3.50%, 02/12/34 | 125 | 108 |
| 6.35%, 02/09/35 | 200 | 209 |
| 6.00%, 05/07/36 | 200 | 202 |
| 6.88%, 05/13/37 | 200 | 213 |
| 6.05%, 01/11/40 | 145 | 144 |
| 6.40%, 05/07/54 | 50 | 48 |
| 7.38%, 05/13/55 | 200 | 215 |
| 3.77%, 05/24/61 | 180 | 110 |
| Government of Commonwealth of the Bahamas |  |  |
| 8.25%, 06/24/36 (d) | 200 | 223 |
| Government of Saudi Arabia |  |  |
| 3.25%, 10/22/30 (d) | 385 | 367 |
| 2.25%, 02/02/33 (d) | 200 | 171 |
| 4.50%, 10/26/46 (d) | 125 | 106 |
| 4.63%, 10/04/47 (d) | 110 | 95 |
| 3.75%, 01/21/55 (d) | 100 | 70 |
| 4.50%, 04/22/60 (d) | 300 | 238 |
| 3.45%, 02/02/61 (d) | 250 | 158 |
| Government of the People's Republic of Benin |  |  |
| 7.96%, 02/13/38 (d) | 200 | 207 |
| Government of the Republic of Panama |  |  |
| 7.88%, 03/01/57 | 200 | 233 |
| 3.87%, 07/23/60 | 225 | 149 |
| Government of the Republic of Serbia |  |  |
| 6.50%, 09/26/33 (d) | 75 | 80 |
| 6.00%, 06/12/34 (d) | 125 | 129 |
| Government of the Republic of Zambia |  |  |
| 5.75%, 06/30/33 (d) (f) | 12 | 12 |
| 0.50%, 12/31/53 (d) (f) | 134 | 94 |
| Government of the Sultanate of Oman |  |  |
| 6.00%, 08/01/29 (d) | 50 | 52 |
| 6.25%, 01/25/31 (d) | 200 | 214 |
| 6.50%, 03/08/47 (d) | 25 | 27 |
| 6.75%, 01/17/48 (d) | 125 | 137 |
| 7.00%, 01/25/51 (d) | 25 | 28 |
| Israel, State of |  |  |
| 5.75%, 03/12/54 | 200 | 191 |
| Jamaica, The Government of |  |  |
| 7.88%, 07/28/45 | 35 | 42 |
| Kenya, Government of |  |  |
| 9.75%, 02/16/31 (d) | 200 | 218 |
| 9.50%, 03/05/36 (d) | 55 | 58 |
| Kingdom of Bahrain |  |  |
| 5.63%, 05/18/34 (d) | 45 | 43 |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag |  |  |
| 6.13%, 12/04/27 (d) | 200 | 205 |
| Ministerul Finantelor Publice |  |  |
| 5.75%, 09/16/30 (d) | 90 | 93 |
| 3.63%, 03/27/32 (d) | 98 | 89 |
| 7.13%, 01/17/33 (d) | 110 | 119 |
| 6.00%, 05/25/34 (d) | 65 | 66 |
| 7.50%, 02/10/37 (d) | 136 | 150 |
| 4.00%, 02/14/51 (d) | 85 | 58 |
| Ministry of Defence State of Israel |  |  |
| 3.38%, 01/15/50 | 135 | 90 |
| Ministry of Diwan Amiri Affairs |  |  |
| 4.63%, 06/02/46 (d) | 220 | 202 |
| 4.82%, 03/14/49 (d) | 275 | 258 |
| 4.40%, 04/16/50 (d) | 285 | 251 |
| Minstry of Finance, Lebenon Republic of |  |  |
| 0.00%, 03/09/20 - 04/03/20 (g) (h) (i) | 205 | 48 |
| Morocco, Kingdom of |  |  |
| 6.50%, 09/08/33 (d) | 200 | 217 |
| Pakistan, Government of |  |  |
| 6.00%, 04/08/26 (d) | 145 | 144 |
| 6.88%, 12/05/27 (d) | 95 | 96 |
| 7.38%, 04/08/31 (d) | 160 | 159 |
| People's Government of Inner Mongolia Autonomous Region |  |  |
| 7.88%, 06/05/29 (d) | 200 | 213 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.13%, 06/15/33 (d) | 200 | 200 |
| 8.08%, 04/01/36 (d) | 200 | 215 |
| Presidencia da Republica |  |  |
| 3.88%, 06/12/30 | 170 | 162 |
| 8.25%, 01/20/34 | 225 | 262 |
| 6.63%, 03/15/35 | 200 | 206 |
| 7.13%, 01/20/37 | 115 | 126 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 162 | 145 |
| 0.75%, 07/09/30 (f) | 1099 | 934 |
| 4.13%, 07/09/35 (f) | 996 | 740 |
| 5.00%, 01/09/38 (f) | 484 | 377 |
| 3.50%, 07/09/41 (f) | 245 | 169 |
| Presidencia de la Republica de Chile |  |  |
| 2.75%, 01/31/27 | 75 | 74 |
| 2.45%, 01/31/31 | 285 | 260 |
| 4.00%, 01/31/52 | 200 | 158 |
| 5.33%, 01/05/54 | 200 | 193 |
| 3.10%, 01/22/61 | 160 | 99 |
| Presidencia de la Republica de El Salvador |  |  |
| 0.25%, 04/17/30 (d) | 150 | 4 |
| 9.25%, 04/17/30 (d) | 150 | 163 |
| 7.65%, 06/15/35 (d) | 55 | 57 |
| 7.63%, 02/01/41 (d) | 20 | 20 |
| 7.12%, 01/20/50 (d) | 40 | 37 |
| 9.65%, 11/21/54 (d) | 150 | 172 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (d) | 240 | 243 |
| 6.00%, 07/19/28 (d) | 75 | 77 |
| 7.05%, 02/03/31 (d) | 300 | 323 |
| 6.60%, 06/01/36 (d) | 150 | 158 |
| 5.30%, 01/21/41 (d) | 95 | 86 |
| 6.85%, 01/27/45 (d) | 80 | 83 |
| 7.15%, 02/24/55 (d) | 150 | 161 |
| Republic of Indonesia, The Government of, The |  |  |
| 4.10%, 04/24/28 | 105 | 105 |
| 8.50%, 10/12/35 (d) | 165 | 211 |
| 6.63%, 02/17/37 (d) | 30 | 34 |
| 7.75%, 01/17/38 (d) | 160 | 200 |
| 5.25%, 01/17/42 (d) | 45 | 45 |
| 6.75%, 01/15/44 (d) | 70 | 81 |
| 5.13%, 01/15/45 (d) | 85 | 84 |
| 5.95%, 01/08/46 (d) | 220 | 233 |
| 4.35%, 01/11/48 | 90 | 78 |
| 3.50%, 02/14/50 | 60 | 44 |
| 4.20%, 10/15/50 | 1515 | 1241 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 09/15/27 (h) (i) | 580 | 184 |
| Republica de Angola |  |  |
| 8.25%, 05/09/28 (d) | 125 | 125 |
| 9.24%, 01/15/31 (d) | 200 | 201 |
| 8.75%, 04/14/32 (d) | 135 | 132 |
| 9.38%, 05/08/48 (d) | 50 | 44 |
| Sandor-Palota |  |  |
| 2.13%, 09/22/31 (d) | 200 | 172 |
| 5.50%, 06/16/34 (d) | 155 | 157 |
| 3.13%, 09/21/51 (d) | 75 | 46 |
| 6.75%, 09/25/52 (d) | 35 | 37 |
| Senegal, Government of |  |  |
| 6.25%, 05/23/33 (d) | 80 | 46 |
| South Africa, Parliament of |  |  |
| 4.85%, 09/27/27 - 09/30/29 | 110 | 111 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.88%, 04/20/32 | 60 | 62 |
| 7.10%, 11/19/36 (d) | 200 | 214 |
| 6.13%, 12/11/37 (d) (e) | 200 | 197 |
| 5.00%, 10/12/46 | 85 | 67 |
| 5.65%, 09/27/47 | 75 | 63 |
| 5.75%, 09/30/49 | 140 | 118 |
| The Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 04/15/28 (d) | 39 | 38 |
| 3.10%, 01/15/30 (d) (f) | 55 | 53 |
| 3.35%, 03/15/33 (d) (f) | 189 | 163 |
| 3.60%, 06/15/35 - 02/15/38 (d) (f) | 98 | 86 |
| 3.60%, 05/15/36 (d) (e) (f) | 37 | 34 |
| The Government of the Republic of Armenia |  |  |
| 3.60%, 02/02/31 (d) | 65 | 59 |
| 6.75%, 03/12/35 (d) | 200 | 208 |
| The Hashemite Kingdom of Jordan, The Government of |  |  |
| 7.38%, 10/10/47 (d) | 60 | 60 |
| The Ministry of Finance of Georgia |  |  |
| 2.75%, 04/22/26 (d) | 200 | 198 |
| The Philippines, Government of |  |  |
| 2.95%, 05/05/45 | 35 | 24 |
| 2.65%, 12/10/45 | 70 | 46 |
| 5.95%, 10/13/47 | 200 | 210 |
| 5.50%, 01/17/48 | 200 | 199 |
| The Republic of Rwanda, Government of |  |  |
| 5.50%, 08/09/31 (d) | 120 | 111 |
| The Republic of Uzbekistan |  |  |
| 3.70%, 11/25/30 (d) | 85 | 79 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 4.88%, 10/09/26 - 04/16/43 | 380 | 341 |
| 6.00%, 03/25/27 - 01/14/41 | 215 | 198 |
| 9.88%, 01/15/28 | 145 | 159 |
| 9.38%, 03/14/29 - 01/19/33 | 580 | 670 |
| 9.13%, 07/13/30 | 90 | 103 |
| 5.88%, 06/26/31 | 85 | 85 |
| 7.63%, 05/15/34 | 200 | 217 |
| 6.80%, 11/04/36 | 200 | 202 |
| 6.63%, 02/17/45 | 30 | 28 |
| 5.75%, 05/11/47 | 75 | 61 |
| Turkiye Ihracat Kredi Bankasi Anonim Sirketi |  |  |
| 6.88%, 07/03/28 (d) | 200 | 206 |
| 6.38%, 10/03/30 (d) | 75 | 75 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 11/16/32 | 90 | 96 |
| 5.50%, 04/04/53 | 45 | 43 |
| Vlada Crne Gore |  |  |
| 7.25%, 03/12/31 (d) | 240 | 256 |
| | | 29727 |
| **Collateralized Mortgage Obligations 1.9%** | **Collateralized Mortgage Obligations 1.9%** | **Collateralized Mortgage Obligations 1.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series AH-5213, REMIC, 2.25%, 04/25/37 | 306 | 292 |
| Series CL-5092, REMIC, 3.00%, 04/25/41 | 798 | 721 |
| Series CD-5266, REMIC, 4.50%, 10/25/44 | 347 | 347 |
| Series BA-5000, REMIC, 2.00%, 04/25/45 | 373 | 347 |
| Series LA-4646, REMIC, 4.00%, 09/15/45 | 22 | 22 |
| Series KB-4692, REMIC, 4.00%, 10/15/46 | 109 | 107 |
| Series TA-5210, REMIC, 3.50%, 11/25/46 | 177 | 170 |
| Series PA-4746, REMIC, 4.00%, 02/15/47 | 53 | 52 |
| Series KA-5180, REMIC, 2.50%, 10/25/47 | 158 | 144 |
| Series LB-5202, REMIC, 2.50%, 10/25/47 | 157 | 143 |
| Series GC-5159, REMIC, 2.00%, 11/25/47 | 126 | 113 |
| Series BA-5190, REMIC, 2.50%, 11/25/47 | 193 | 176 |
| Series BA-5198, REMIC, 2.50%, 11/25/47 | 291 | 266 |
| Series DA-5197, REMIC, 2.50%, 11/25/47 | 146 | 133 |
| Series A-5248, REMIC, 4.00%, 04/15/48 | 358 | 355 |
| Series P-5236, REMIC, 5.00%, 04/25/48 | 130 | 132 |
| Series M-5164, REMIC, 2.50%, 07/25/48 | 129 | 115 |
| Series EA-5159, REMIC, 2.50%, 08/25/48 | 126 | 113 |
| Series A-5182, REMIC, 2.50%, 10/25/48 | 1077 | 966 |
| Series AG-5202, REMIC, 3.00%, 01/25/49 | 116 | 108 |
| Series TP-5178, REMIC, 2.50%, 04/25/49 | 278 | 248 |
| Series BA-5169, REMIC, 2.50%, 05/25/49 | 555 | 494 |
| Series CA-5190, REMIC, 2.50%, 05/25/49 | 162 | 144 |
| Series TP-5189, REMIC, 2.50%, 05/25/49 | 193 | 172 |
| Series A-5197, REMIC, 2.50%, 06/25/49 | 162 | 144 |
| Series TP-5169, REMIC, 2.50%, 06/25/49 | 128 | 114 |
| Series CA-5191, REMIC, 2.50%, 04/25/50 | 186 | 164 |
| Series CB-5175, REMIC, 2.50%, 04/25/50 | 801 | 706 |
| Series UA-5202, REMIC, 3.00%, 04/25/50 | 174 | 160 |
| Series BE-5058, REMIC, 3.00%, 11/25/50 | 292 | 255 |
| Series PK-5220, REMIC, 3.50%, 01/25/51 | 220 | 210 |
| Series CG-5214, REMIC, 3.50%, 04/25/52 | 149 | 143 |
| Series FP-5237, REMIC, 4.42%, (SOFR 30-Day Average + 0.55%), 07/25/52 (j) | 67 | 67 |
| Series FA-5250, REMIC, 4.54%, (SOFR 30-Day Average + 0.67%), 08/25/52 (j) | 148 | 146 |
| Series FA-5256, REMIC, 4.52%, (SOFR 30-Day Average + 0.65%), 09/25/52 (j) | 66 | 66 |
| Series FA-5255, REMIC, 4.57%, (SOFR 30-Day Average + 0.70%), 09/25/52 (j) | 146 | 143 |
| Series FA-5330, REMIC, 4.92%, (SOFR 30-Day Average + 1.05%), 08/25/53 (j) | 345 | 346 |
| Series FK-5425, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 06/25/54 (j) | 245 | 246 |
| Series FD-5459, REMIC, 4.87%, (SOFR 30-Day Average + 1.00%), 10/25/54 (j) | 484 | 485 |
| Series FV-5500, REMIC, 5.12%, (SOFR 30-Day Average + 1.25%), 10/25/54 (j) | 288 | 289 |
| Series FB-5509, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 02/25/55 (j) | 270 | 271 |
| Series WF-5499, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 02/25/55 (j) | 158 | 158 |
| Series CF-5529, REMIC, 4.92%, (SOFR 30-Day Average + 1.05%), 04/25/55 (j) | 307 | 307 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2013-DJ-44, REMIC, 1.85%, 05/25/33 | 360 | 340 |
| Series 2020-JC-45, REMIC, 1.50%, 07/25/40 | 713 | 616 |
| Series 2022-AB-69, REMIC, 4.50%, 01/25/44 | 333 | 331 |
| Series 2022-MA-13, REMIC, 3.00%, 05/25/44 | 2081 | 2011 |
| Series 2020-BA-51, REMIC, 2.00%, 06/25/46 | 390 | 357 |
| Series 2022-HA-13, REMIC, 3.00%, 08/25/46 | 117 | 112 |
| Series 2022-GC-15, REMIC, 3.00%, 01/25/47 | 260 | 248 |
| Series 2022-CK-35, REMIC, 4.00%, 03/25/47 | 1697 | 1659 |
| Series 2022-BH-17, REMIC, 3.00%, 05/25/47 | 283 | 272 |
| Series 2022-AB-25, REMIC, 4.00%, 09/25/47 | 225 | 222 |
| Series 2022-N-3, REMIC, 2.00%, 10/25/47 | 1376 | 1241 |
| Series 2022-DA-5, REMIC, 2.25%, 11/25/47 | 487 | 441 |
| Series 2022-E-7, REMIC, 2.50%, 11/25/47 | 591 | 541 |
| Series 2021-DA-66, REMIC, 2.00%, 01/25/48 | 159 | 135 |
| Series 2021-DM-66, REMIC, 2.00%, 01/25/48 | 169 | 143 |
| Series 2022-D-3, REMIC, 2.00%, 02/25/48 | 599 | 540 |
| Series 2022-A-7, REMIC, 3.00%, 05/25/48 | 362 | 340 |
| Series 2022-BA-9, REMIC, 3.00%, 05/25/48 | 186 | 174 |
| Series 2022-JA-13, REMIC, 3.00%, 05/25/48 | 222 | 208 |
| Series 2022-KA-1, REMIC, 3.00%, 05/25/48 | 256 | 241 |
| Series 2022-E-30, REMIC, 4.50%, 07/25/48 | 276 | 273 |
| Series 2021-L-85, REMIC, 2.50%, 08/25/48 | 140 | 125 |
| Series 2021-NA-95, REMIC, 2.50%, 09/25/48 | 413 | 370 |
| Series 2022-TC-49, REMIC, 4.00%, 12/25/48 | 85 | 84 |
| Series 2021-AH-96, REMIC, 2.50%, 03/25/49 | 621 | 555 |
| Series 2022-B-4, REMIC, 2.50%, 05/25/49 | 161 | 143 |
| Series 2021-BA-95, REMIC, 2.50%, 06/25/49 | 623 | 555 |
| Series 2022-B-11, REMIC, 3.00%, 06/25/49 | 192 | 180 |
| Series 2021-A-68, REMIC, 2.00%, 07/25/49 | 274 | 221 |
| Series 2022-BA-5, REMIC, 2.50%, 12/25/49 | 209 | 182 |
| Series 2021-HA-96, REMIC, 2.50%, 02/25/50 | 221 | 197 |
| Series 2022-A-28, REMIC, 2.50%, 02/25/52 | 490 | 470 |
| Series 2022-TH-2, REMIC, 2.50%, 02/25/52 | 62 | 57 |
| Series 2023-FD-54, REMIC, 5.32%, (SOFR 30-Day Average + 1.45%), 11/25/53 (j) | 472 | 478 |
| Series 2024-FB-41, REMIC, 5.40%, (SOFR 30-Day Average + 1.53%), 07/25/54 (j) | 137 | 138 |
| Series 2025-FC-33, REMIC, 5.47%, (SOFR 30-Day Average + 1.60%), 08/25/54 (j) | 890 | 899 |
| Series 2025-FH-4, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 09/25/54 (j) | 188 | 188 |
| Series 2025-DF-7, REMIC, 5.27%, (SOFR 30-Day Average + 1.40%), 09/25/54 (j) | 286 | 288 |
| Series 2024-FG-93, REMIC, 4.97%, (SOFR 30-Day Average + 1.10%), 12/25/54 (j) | 647 | 649 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2024-FD-90, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 12/25/54 (j) | 801 | 804 |
| Series 2025-FE-7, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 02/25/55 (j) | 183 | 183 |
| Series 2025-FB-7, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 02/25/55 (j) | 419 | 421 |
| Series 2025-AF-7, REMIC, 5.27%, (SOFR 30-Day Average + 1.40%), 02/25/55 (j) | 263 | 265 |
| Government National Mortgage Association |  |  |
| Series 2017-BA-139, REMIC, 3.00%, 09/20/47 | 202 | 183 |
| Series 2019-F-11, REMIC, 4.25%, (1 Month Term SOFR + 0.51%), 01/20/49 (j) | 122 | 121 |
| Series 2019-NF-23, REMIC, 4.30%, (1 Month Term SOFR + 0.56%), 02/20/49 (j) | 72 | 72 |
| Series 2019-FB-153, REMIC, 4.30%, (1 Month Term SOFR + 0.56%), 12/20/49 (j) | 350 | 344 |
| | | 28917 |
| **Commercial Mortgage-Backed Securities 0.4%** | **Commercial Mortgage-Backed Securities 0.4%** | **Commercial Mortgage-Backed Securities 0.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K072, REMIC, 3.44%, 12/25/27 | 300 | 298 |
| Series A2-K074, REMIC, 3.60%, 01/25/28 | 400 | 397 |
| Series AS-K521, REMIC, 4.39%, (SOFR 30-Day Average + 0.52%), 03/26/29 (j) | 499 | 499 |
| Series A2-K546, REMIC, 4.36%, 05/25/30 | 200 | 202 |
| Series A2-K547, REMIC, 4.42%, 05/25/30 (j) | 300 | 304 |
| Series A2-K543, REMIC, 4.33%, 06/25/30 (j) | 300 | 303 |
| Series A2-K544, REMIC, 4.27%, 07/25/30 (j) | 200 | 201 |
| Series A2-K548, REMIC, 4.32%, 09/25/30 (j) | 400 | 404 |
| Series AS-K552, REMIC, 4.55%, (SOFR 30-Day Average + 0.54%), 10/25/30 (j) | 800 | 800 |
| Series AS-K551, REMIC, 4.56%, (SOFR 30-Day Average + 0.55%), 10/25/30 (j) | 1500 | 1500 |
| Series A2-K551, REMIC, 4.16%, 11/25/30 (j) | 200 | 201 |
| Series A2-K135, REMIC, 2.15%, 10/25/31 (j) | 100 | 90 |
| Series A2-K763, REMIC, 4.17%, 10/25/32 (j) | 400 | 398 |
|  |  | 5597 |
| **U.S. Treasury Inflation Indexed Securities 0.1%** | **U.S. Treasury Inflation Indexed Securities 0.1%** | **U.S. Treasury Inflation Indexed Securities 0.1%** |
| Treasury, United States Department of |  |  |
| 2.38%, 02/15/55 (k) | 1083 | 1028 |
| Total Government And Agency Obligations (cost $915,749) | Total Government And Agency Obligations (cost $915,749) | 875720 |
| **CORPORATE BONDS AND NOTES 25.3%** | **CORPORATE BONDS AND NOTES 25.3%** | **CORPORATE BONDS AND NOTES 25.3%** |
| **Financials 11.1%** | **Financials 11.1%** | **Financials 11.1%** |
| Abu Dhabi Developmental Holding Company PJSC |  |  |
| 5.50%, 05/08/34 (d) | 200 | 211 |
| 5.25%, 10/02/54 (d) | 200 | 194 |
| Acrisure, LLC |  |  |
| 8.50%, 06/15/29 (d) | 20 | 21 |
| 6.00%, 08/01/29 (d) | 50 | 49 |
| 7.50%, 11/06/30 (d) | 25 | 26 |
| 6.75%, 07/01/32 (d) | 30 | 31 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 2.45%, 10/29/26 | 561 | 553 |
| 6.45%, 04/15/27 | 867 | 891 |
| 3.00%, 10/29/28 | 588 | 570 |
| 5.10%, 01/19/29 | 1651 | 1687 |
| 3.30%, 01/30/32 | 629 | 581 |
| 6.50%, 01/31/56 | 67 | 69 |
| AIA Group Limited |  |  |
| 3.20%, 09/16/40 (d) | 538 | 427 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (d) | 94 | 96 |
| 6.50%, 10/01/31 (d) | 20 | 21 |
| 7.38%, 10/01/32 (d) | 45 | 47 |
| Alliant Holdings LP |  |  |
| 10.00%, 12/31/99 (l) | 47 | 48 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (m) | 293 | 287 |
| 7.10%, 11/15/27 | 1430 | 1503 |
| 8.00%, 11/01/31 | 295 | 335 |
| 6.70%, 02/14/33 | 30 | 31 |
| 6.65%, 01/17/40 | 63 | 63 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (d) | 135 | 137 |
| Ares Strategic Income Fund |  |  |
| 5.70%, 03/15/28 | 1335 | 1352 |
| 5.45%, 09/09/28 (d) | 732 | 738 |
| 5.80%, 09/09/30 (d) | 592 | 598 |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (d) | 240 | 249 |
| Athene Global Funding |  |  |
| 5.34%, 01/15/27 (d) | 2128 | 2155 |
| 5.58%, 01/09/29 (d) | 952 | 984 |
| Avolon Holdings Funding Limited |  |  |
| 4.38%, 05/01/26 (d) | 2900 | 2901 |
| 6.38%, 05/04/28 (d) | 134 | 140 |
| 5.15%, 01/15/30 (d) | 93 | 95 |
| 5.38%, 05/30/30 (d) | 503 | 516 |
| Banco de Credito del Peru |  |  |
| 5.80%, 03/10/35 (d) | 115 | 117 |
| Banco Del Estado De Chile |  |  |
| 7.95%, (100, 05/02/29) (d) (m) | 200 | 212 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.63%, (100, 01/10/28) (d) (m) | 200 | 204 |
| Bank of America Corporation |  |  |
| 6.25%, (100, 07/26/30) (m) | 70 | 71 |
| 4.18%, 11/25/27 | 3725 | 3732 |
| 4.38%, 04/27/28 | 3800 | 3815 |
| 2.30%, 07/21/32 | 1360 | 1216 |
| 2.97%, 02/04/33 | 3100 | 2837 |
| 5.02%, 07/22/33 | 5250 | 5358 |
| Barclays PLC |  |  |
| 5.83%, 05/09/27 | 1980 | 1991 |
| 6.49%, 09/13/29 | 1408 | 1488 |
| 5.69%, 03/12/30 | 1000 | 1041 |
| 5.09%, 06/20/30 | 2500 | 2542 |
| 6.22%, 05/09/34 | 1083 | 1166 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.13%, 01/18/33 (d) | 200 | 196 |
| BCI Miami |  |  |
| 8.75%, (100, 02/08/29) (d) (m) | 200 | 215 |
| Blackstone Private Credit Fund |  |  |
| 7.30%, 11/27/28 | 1600 | 1697 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (d) | 65 | 66 |
| 3.50%, 06/01/31 | 45 | 42 |
| 6.50%, 05/15/32 | 246 | 256 |
| 6.00%, 08/15/33 (d) | 165 | 169 |
| BNP Paribas |  |  |
| 7.45%, (100, 06/27/35) (d) (m) (n) | 115 | 120 |
| 5.79%, 01/13/33 (d) | 1294 | 1358 |
| Breakwater Energy Holdings S.a r.l. |  |  |
| 9.25%, 11/15/30 (d) | 105 | 109 |
| Burford Capital Global Finance LLC |  |  |
| 7.50%, 07/15/33 (d) | 65 | 62 |
| BW Real Estate Inc. |  |  |
| 9.50%, (100, 03/30/30) (d) (m) | 60 | 61 |
| Capital One Financial Corporation |  |  |
| 4.93%, 05/10/28 | 2117 | 2142 |
| 3.27%, 03/01/30 | 2123 | 2061 |
| 5.25%, 07/26/30 | 1600 | 1650 |
| 7.62%, 10/30/31 | 1228 | 1388 |
| Citigroup Inc. |  |  |
| 6.63%, (100, 02/15/31) (m) | 110 | 112 |
| 4.60%, 03/09/26 | 309 | 309 |
| 4.30%, 11/20/26 | 200 | 201 |
| 3.07%, 02/24/28 | 4000 | 3955 |
| 2.67%, 01/29/31 | 2300 | 2152 |
| 4.41%, 03/31/31 | 1522 | 1522 |
| 4.91%, 05/24/33 | 491 | 497 |
| Commonwealth Bank of Australia |  |  |
| 3.61%, 09/12/34 (d) (n) | 384 | 370 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 420 | 418 |
| 3.90%, 04/05/32 | 1490 | 1416 |
| 4.35%, 04/05/42 | 111 | 95 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CrossCountry Intermediate HoldCo, LLC |  |  |
| 6.50%, 10/01/30 (d) | 75 | 76 |
| 6.75%, 12/01/32 (d) | 35 | 36 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 5.00%, 09/11/30 | 5000 | 5076 |
| 3.73%, 01/14/32 | 2500 | 2359 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (d) | 235 | 239 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 (d) | 103 | 110 |
| Equitable Holdings, Inc. |  |  |
| 4.57%, 02/15/29 (d) | 257 | 258 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (d) | 1710 | 1610 |
| Ford Motor Credit Company LLC |  |  |
| 4.95%, 05/28/27 | 1700 | 1707 |
| 5.73%, 09/05/30 | 69 | 70 |
| GGAM Finance Ltd. |  |  |
| 8.00%, 06/15/28 (d) | 30 | 32 |
| 6.88%, 04/15/29 (d) | 45 | 47 |
| 5.88%, 03/15/30 (d) | 290 | 294 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (d) | 185 | 191 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.62%, 03/15/28 | 3900 | 3878 |
| 4.22%, 05/01/29 | 5000 | 5010 |
| 3.80%, 03/15/30 | 2570 | 2529 |
| 2.38%, 07/21/32 | 1355 | 1214 |
| 3.10%, 02/24/33 | 2900 | 2671 |
| GTCR W-2 Merger Sub LLC |  |  |
| 7.50%, 01/15/31 (d) | 150 | 159 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 8.00%, 06/01/56 | 110 | 114 |
| HighTower Holdings LLC |  |  |
| 6.75%, 04/15/29 (d) | 35 | 35 |
| 9.13%, 01/31/30 (d) | 100 | 106 |
| HPS Corporate Lending Fund |  |  |
| 5.45%, 01/14/28 | 2431 | 2459 |
| Intesa Sanpaolo SpA |  |  |
| 5.71%, 01/15/26 (d) | 3028 | 3029 |
| 4.20%, 06/01/32 (d) | 200 | 191 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (d) | 95 | 100 |
| 6.13%, 11/01/32 (d) | 80 | 81 |
| 6.75%, 05/01/33 (d) | 125 | 130 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (d) | 95 | 91 |
| 6.63%, 10/15/31 (d) | 115 | 113 |
| Jefferson Capital Holdings LLC |  |  |
| 8.25%, 05/15/30 (d) | 35 | 37 |
| JPMorgan Chase & Co. |  |  |
| 3.51%, 01/23/29 | 1850 | 1833 |
| 5.30%, 07/24/29 | 1500 | 1546 |
| 4.49%, 03/24/31 | 4900 | 4944 |
| 5.10%, 04/22/31 | 921 | 951 |
| 2.96%, 05/13/31 | 677 | 639 |
| 4.59%, 04/26/33 | 3532 | 3550 |
| 4.91%, 07/25/33 | 1287 | 1312 |
| 5.72%, 09/14/33 | 1700 | 1800 |
| 5.57%, 04/22/36 | 1094 | 1148 |
| LFS Topco LLC |  |  |
| 8.75%, 07/15/30 (d) | 155 | 156 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.88%, 01/15/31 (d) | 200 | 210 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (d) | 145 | 152 |
| 6.50%, 03/26/31 (d) | 85 | 91 |
| MDGH - GMTN B.V. |  |  |
| 2.88%, 11/07/29 (d) | 200 | 191 |
| MDGH GMTN (RSC) Ltd. |  |  |
| 5.08%, 05/22/53 (d) | 200 | 190 |
| Morgan Stanley |  |  |
| 4.21%, 04/20/28 | 5800 | 5812 |
| 5.45%, 07/20/29 | 788 | 813 |
| 4.43%, 01/23/30 | 1000 | 1005 |
| 3.62%, 04/01/31 | 4344 | 4216 |
| 5.19%, 04/17/31 | 835 | 860 |
| 4.89%, 07/20/33 | 1207 | 1224 |
| 5.66%, 04/17/36 | 662 | 696 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.20%, 11/17/28 | 1420 | 1424 |
| 4.47%, 11/19/31 | 1424 | 1426 |
| MSCI Inc. |  |  |
| 5.25%, 09/01/35 | 732 | 739 |
| 5.15%, 03/15/36 | 247 | 245 |
| NatWest Group PLC |  |  |
| 3.07%, 05/22/28 | 712 | 703 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 45 | 45 |
| 4.88%, 03/15/28 | 25 | 25 |
| 5.50%, 03/15/29 (e) | 45 | 45 |
| 7.88%, 06/15/32 (e) | 45 | 47 |
| 5.63%, 08/01/33 | 35 | 32 |
| NBK Tier 1 Financing Limited |  |  |
| 3.63%, (100, 08/24/26) (d) (e) (m) | 200 | 196 |
| OneMain Finance Corporation |  |  |
| 7.13%, 03/15/26 - 09/15/32 | 158 | 163 |
| 6.63%, 05/15/29 | 105 | 109 |
| 6.13%, 05/15/30 | 65 | 66 |
| 7.50%, 05/15/31 | 130 | 137 |
| 6.75%, 03/15/32 - 09/15/33 | 75 | 76 |
| 6.50%, 03/15/33 | 45 | 45 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 05/15/32 - 02/15/33 (d) | 126 | 132 |
| 6.75%, 02/15/34 (d) | 70 | 72 |
| Pine Street Trust II |  |  |
| 5.57%, 02/15/49 (d) | 1000 | 935 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (d) | 34 | 35 |
| PTT Treasury Center Company Limited |  |  |
| 3.70%, 07/16/70 (d) | 50 | 34 |
| Regions Bank |  |  |
| 6.45%, 06/26/37 | 500 | 541 |
| RITHM Capital Corp. |  |  |
| 8.00%, 04/01/29 - 07/15/30 (d) | 125 | 128 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (d) | 90 | 93 |
| 6.38%, 08/01/33 (d) | 125 | 130 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (d) | 65 | 67 |
| Sixth Street Lending Partners |  |  |
| 6.13%, 07/15/30 | 841 | 863 |
| Sixth Street Specialty Lending, Inc. |  |  |
| 6.13%, 03/01/29 (e) | 514 | 531 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 85 | 88 |
| Societe Generale |  |  |
| 5.50%, 04/13/29 (d) | 884 | 905 |
| Starwood Property Trust, Inc. |  |  |
| 3.63%, 07/15/26 (d) | 20 | 20 |
| 5.25%, 10/15/28 (d) | 35 | 35 |
| 7.25%, 04/01/29 (d) | 45 | 47 |
| 6.00%, 04/15/30 (d) | 50 | 51 |
| 6.50%, 07/01/30 - 10/15/30 (d) | 80 | 84 |
| 5.75%, 01/15/31 (d) | 35 | 35 |
| StoneX Escrow Issuer LLC |  |  |
| 6.88%, 07/15/32 (d) | 34 | 35 |
| TCS Finance Designated Activity Company |  |  |
| 0.00%, (100, 12/20/26) (d) (g) (h) (i) (l) (m) (n) | 200 |  |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.90%, 09/15/44 (d) | 640 | 582 |
| Tiaa Asset Management, LLC |  |  |
| 4.00%, 11/01/28 (d) | 425 | 425 |
| Turkiye Garanti Bankasi Anonim Sirketi |  |  |
| 8.13%, 01/08/36 (d) (n) | 90 | 93 |
| UBS Group AG |  |  |
| 4.55%, 04/17/26 | 699 | 700 |
| 1.49%, 08/10/27 (d) | 836 | 823 |
| 4.28%, 01/09/28 (d) | 2059 | 2063 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.87%, 01/12/29 (d) | 303 | 301 |
| 4.19%, 04/01/31 (d) | 1376 | 1360 |
| Unum Group |  |  |
| 5.75%, 08/15/42 | 1423 | 1413 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (d) | 125 | 126 |
| 6.25%, 03/15/31 (d) | 90 | 90 |
| VFH Parent LLC |  |  |
| 7.50%, 06/15/31 (d) | 32 | 33 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (d) (e) | 45 | 47 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (d) (e) | 79 | 80 |
| 6.38%, 02/01/30 (d) (e) | 185 | 176 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (d) | 70 | 72 |
| Wells Fargo & Company |  |  |
| 3.53%, 03/24/28 | 5123 | 5090 |
| 5.57%, 07/25/29 | 1500 | 1552 |
| 4.48%, 04/04/31 | 4110 | 4135 |
| 5.15%, 04/23/31 | 1247 | 1287 |
| 5.50%, 01/23/35 | 722 | 754 |
| 5.61%, 04/23/36 | 1101 | 1146 |
| Western Alliance Bancorporation |  |  |
| 3.00%, 06/15/31 (e) | 160 | 154 |
| Western Southern Global Funding |  |  |
| 4.90%, 05/01/30 (d) | 200 | 205 |
| Westpac Banking Corporation |  |  |
| 4.11%, 07/24/34 (n) | 558 | 547 |
| Wex, Inc. |  |  |
| 6.50%, 03/15/33 (d) | 70 | 72 |
| | | 167136 |
| **Energy 3.3%** | **Energy 3.3%** | **Energy 3.3%** |
| ADNOC Murban RSC Ltd |  |  |
| 5.13%, 09/11/54 (d) | 200 | 188 |
| Antero Midstream Partners LP |  |  |
| 5.38%, 06/15/29 (d) | 70 | 70 |
| 5.75%, 10/15/33 - 07/01/34 (d) | 155 | 156 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (d) | 50 | 52 |
| Bapco Energies B.S.C. Closed |  |  |
| 7.50%, 10/25/27 (d) | 110 | 114 |
| 8.38%, 11/07/28 (d) | 40 | 43 |
| Boland Holdings, LLC |  |  |
| 6.25%, 12/01/30 (d) | 70 | 71 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (d) | 180 | 188 |
| 7.00%, 01/15/34 (d) | 5 | 5 |
| Calumet Specialty Products Partners, L.P. |  |  |
| 8.13%, 01/15/27 (d) | 95 | 95 |
| 9.75%, 07/15/28 (d) | 140 | 142 |
| Canacol Energy Ltd. |  |  |
| 0.00%, 11/24/28 (d) (h) (i) | 456 | 128 |
| Cenovus Energy Inc. |  |  |
| 4.65%, 03/20/31 | 240 | 239 |
| 2.65%, 01/15/32 | 1400 | 1243 |
| 5.40%, 03/20/36 - 06/15/47 | 273 | 265 |
| 6.75%, 11/15/39 | 36 | 40 |
| 3.75%, 02/15/52 | 140 | 98 |
| Cenub Qaz Dehlizi, Qapali Sehmdar Cemiyyeti |  |  |
| 6.88%, 03/24/26 (d) | 160 | 161 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (d) | 33 | 34 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (d) | 115 | 111 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (d) | 35 | 35 |
| 7.25%, 03/01/32 (d) | 65 | 68 |
| Columbia Pipelines Operating Company LLC |  |  |
| 6.04%, 11/15/33 (d) | 492 | 527 |
| 6.50%, 08/15/43 (d) | 147 | 155 |
| 6.54%, 11/15/53 (d) | 265 | 283 |
| 6.71%, 08/15/63 (d) | 158 | 171 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (d) | 55 | 55 |
| 5.88%, 01/15/30 (d) | 135 | 131 |
| CQP Holdco LP |  |  |
| 7.50%, 12/15/33 (d) | 165 | 176 |
| CVR Energy, Inc. |  |  |
| 8.50%, 01/15/29 (d) | 70 | 72 |
| Delek Logistics Partners, LP |  |  |
| 7.13%, 06/01/28 (d) | 215 | 216 |
| 8.63%, 03/15/29 (d) | 38 | 40 |
| 7.38%, 06/30/33 (d) | 35 | 36 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 75 | 67 |
| 8.88%, 01/13/33 | 310 | 330 |
| 8.38%, 01/19/36 | 70 | 72 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (d) | 270 | 251 |
| Empresa Nacional del Petroleo |  |  |
| 5.95%, 07/30/34 (d) | 200 | 209 |
| Energean Israel Finance Ltd |  |  |
| 5.38%, 03/30/28 | 50 | 49 |
| 5.88%, 03/30/31 | 100 | 97 |
| Energy Transfer LP |  |  |
| 6.63%, (100, 02/15/28) (m) | 210 | 209 |
| 7.13%, (100, 05/15/30) (m) | 45 | 46 |
| 5.25%, 04/15/29 | 925 | 950 |
| 3.75%, 05/15/30 | 327 | 318 |
| 5.30%, 04/15/47 | 700 | 622 |
| 5.00%, 05/15/50 | 191 | 160 |
| 6.50%, 02/15/56 | 8 | 8 |
| 6.75%, 02/15/56 | 8 | 8 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.16%, 03/31/34 (d) | 91 | 82 |
| 2.63%, 03/31/36 (d) | 300 | 265 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 05/15/33 | 140 | 145 |
| Geopark Limited |  |  |
| 5.50%, 01/17/27 (d) | 110 | 104 |
| 8.75%, 01/31/30 (d) | 200 | 186 |
| Global Partners LP |  |  |
| 6.88%, 01/15/29 | 200 | 202 |
| 7.13%, 07/01/33 (d) | 35 | 36 |
| Golar LNG Limited |  |  |
| 7.75%, 09/19/29 | 200 | 198 |
| 7.50%, 10/02/30 (d) | 155 | 149 |
| 2.75%, 12/15/30 (d) (n) | 73 | 70 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (d) | 160 | 111 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 6.13%, 02/23/38 (d) | 200 | 213 |
| 6.51%, 02/23/42 (d) | 200 | 219 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (d) | 147 | 144 |
| Harbour Energy PLC |  |  |
| 5.50%, 10/15/26 (d) | 30 | 30 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 - 05/15/32 (d) | 160 | 163 |
| Hess Corporation |  |  |
| 7.13%, 03/15/33 | 1351 | 1565 |
| 5.80%, 04/01/47 | 601 | 616 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (d) | 85 | 87 |
| 6.50%, 06/01/29 (d) | 90 | 93 |
| 4.25%, 02/15/30 (d) | 23 | 22 |
| 5.50%, 10/15/30 (d) | 20 | 20 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/28 (d) | 10 | 10 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (d) | 35 | 37 |
| 6.63%, 01/15/34 (d) | 45 | 46 |
| Investment Energy Resources Limited |  |  |
| 6.25%, 04/26/29 (d) | 200 | 200 |
| Joint Stock Company National Company Kazmunaygas |  |  |
| 5.38%, 04/24/30 (d) | 60 | 61 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.75%, 04/19/47 (d) | 35 | 33 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (d) | 125 | 128 |
| 5.88%, 06/15/30 (d) | 60 | 60 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (d) | 80 | 82 |
| 6.75%, 10/01/35 (d) | 55 | 57 |
| Kosmos Energy Ltd. |  |  |
| 7.13%, 04/04/26 (d) | 110 | 109 |
| 7.75%, 05/01/27 (d) | 30 | 27 |
| 7.50%, 03/01/28 (d) | 125 | 84 |
| 8.75%, 10/01/31 (d) (e) | 355 | 201 |
| Leviathan Bond Ltd |  |  |
| 6.50%, 06/30/27 (g) | 160 | 161 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (d) | 190 | 167 |
| Medco Maple Tree Pte. Ltd. |  |  |
| 8.96%, 04/27/29 (d) | 250 | 261 |
| Mesquite Energy, Inc. |  |  |
| 0.00% (d) (h) (i) (m) | 269 |  |
| Moss Creek Resources Holdings, Inc. |  |  |
| 8.25%, 09/01/31 (d) | 116 | 111 |
| MPLX LP |  |  |
| 4.95%, 09/01/32 | 993 | 999 |
| 4.50%, 04/15/38 | 675 | 616 |
| 4.70%, 04/15/48 | 325 | 270 |
| Nabors Industries, Inc. |  |  |
| 9.13%, 01/31/30 (d) | 25 | 26 |
| 8.88%, 08/15/31 (d) | 45 | 44 |
| NFE Financing LLC |  |  |
| 0.00%, 11/15/29 (d) (h) (i) | 571 | 157 |
| Occidental Petroleum Corporation |  |  |
| 7.50%, 05/01/31 | 1400 | 1574 |
| 6.45%, 09/15/36 | 1135 | 1207 |
| 6.60%, 03/15/46 | 1375 | 1419 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (d) | 99 | 97 |
| ONEOK, Inc. |  |  |
| 4.25%, 09/24/27 | 338 | 339 |
| 4.40%, 10/15/29 | 353 | 354 |
| 4.75%, 10/15/31 | 688 | 690 |
| Orlen S A |  |  |
| 6.00%, 01/30/35 (d) | 200 | 211 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 45 | 44 |
| 9.88%, 03/15/30 (d) | 100 | 102 |
| 7.88%, 09/15/30 (d) | 112 | 108 |
| Pemex Project Funding Master Trust |  |  |
| 6.63%, 06/15/35 | 410 | 389 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 04/12/27 (g) (h) (i) | 8990 | 1808 |
| 0.00%, 04/12/27 (g) (h) (i) | 1390 | 321 |
| 0.00%, 05/17/35 (d) (h) (i) | 330 | 85 |
| Petroleos Mexicanos |  |  |
| 5.95%, 01/28/31 | 2235 | 2161 |
| 6.70%, 02/16/32 | 500 | 499 |
| 6.50%, 06/02/41 | 40 | 35 |
| 6.38%, 01/23/45 | 60 | 48 |
| 6.75%, 09/21/47 | 2560 | 2098 |
| 6.35%, 02/12/48 | 4400 | 3458 |
| 7.69%, 01/23/50 | 671 | 602 |
| 6.95%, 01/28/60 | 115 | 93 |
| PETRONAS Capital Limited |  |  |
| 3.50%, 04/21/30 (d) | 50 | 49 |
| 3.40%, 04/28/61 (d) | 105 | 72 |
| Plains All American Pipeline, L.P. |  |  |
| 8.22%(3 Month Term SOFR + 4.37%), (j) (m) | 340 | 340 |
| 3.55%, 12/15/29 | 188 | 183 |
| Prairie Acquiror LP |  |  |
| 9.00%, 08/01/29 (d) | 80 | 83 |
| PRIO Luxembourg Holding S.a r.l. |  |  |
| 6.75%, 10/15/30 (d) | 200 | 195 |
| PT. Pertamina (Persero) |  |  |
| 4.18%, 01/21/50 (d) | 90 | 70 |
| Qatarenergy |  |  |
| 1.38%, 09/12/26 (d) | 325 | 319 |
| 2.25%, 07/12/31 (d) | 200 | 180 |
| 3.13%, 07/12/41 (d) | 110 | 85 |
| 3.30%, 07/12/51 (d) | 350 | 246 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 (d) | 105 | 111 |
| Saudi Arabian Oil Company |  |  |
| 3.50%, 04/16/29 (d) | 315 | 307 |
| 2.25%, 11/24/30 (d) | 380 | 344 |
| 4.25%, 04/16/39 (d) | 285 | 259 |
| 4.38%, 04/16/49 (d) | 35 | 29 |
| 3.25%, 11/24/50 (d) | 130 | 87 |
| 6.38%, 06/02/55 (d) | 245 | 256 |
| 5.88%, 07/17/64 (d) | 200 | 194 |
| 3.50%, 11/24/70 (d) | 65 | 41 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 81 | 86 |
| 7.63%, 03/01/55 | 15 | 16 |
| Sunnova Energy Corporation |  |  |
| 0.00%, 09/01/26 (d) (h) (i) | 245 | 1 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (d) (m) | 130 | 133 |
| 5.88%, 03/15/28 | 50 | 50 |
| 7.00%, 05/01/29 (d) | 30 | 31 |
| 4.50%, 05/15/29 | 65 | 64 |
| 4.50%, 10/01/29 (d) | 65 | 63 |
| 4.63%, 05/01/30 (d) | 215 | 208 |
| 5.63%, 03/15/31 (d) | 40 | 40 |
| 7.25%, 05/01/32 (d) | 45 | 48 |
| 6.63%, 08/15/32 (d) | 60 | 62 |
| 6.25%, 07/01/33 (d) | 60 | 61 |
| 5.88%, 03/15/34 (d) | 40 | 40 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 - 09/01/31 (d) | 500 | 499 |
| 6.75%, 03/15/34 (d) | 150 | 150 |
| Talos Production Inc. |  |  |
| 9.00%, 02/01/29 (d) | 30 | 31 |
| 9.38%, 02/01/31 (d) | 60 | 62 |
| Targa Resources Corp. |  |  |
| 4.35%, 01/15/29 | 307 | 308 |
| 4.90%, 09/15/30 | 447 | 456 |
| 5.65%, 02/15/36 | 1076 | 1107 |
| Tecpetrol |  |  |
| 7.63%, 11/03/30 - 01/22/33 (d) | 125 | 126 |
| Tengizchevroil Finance Company S.a r.l. |  |  |
| 3.25%, 08/15/30 (d) | 95 | 88 |
| TGS ASA |  |  |
| 8.50%, 01/15/30 (d) | 125 | 130 |
| TMS ISSUER S.a r.l. |  |  |
| 5.78%, 08/23/32 (d) | 110 | 115 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 158 | 151 |
| 3.95%, 05/15/50 | 509 | 393 |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (d) | 30 | 30 |
| 8.75%, 02/15/30 (d) | 56 | 58 |
| 8.50%, 05/15/31 (d) | 70 | 69 |
| Transocean International Limited |  |  |
| 7.88%, 10/15/32 (d) | 20 | 21 |
| Tullow Oil PLC |  |  |
| 10.25%, 05/15/26 (d) | 197 | 144 |
| USA Compression Finance Corp. |  |  |
| 6.25%, 10/01/33 (d) | 70 | 71 |
| Vallourec |  |  |
| 7.50%, 04/15/32 (d) | 224 | 238 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (d) | 90 | 92 |
| 7.50%, 05/01/33 (d) | 60 | 65 |
| 6.50%, 01/15/34 - 06/15/34 (d) | 180 | 184 |
| 7.75%, 05/01/35 (d) | 60 | 66 |
| 6.75%, 01/15/36 (d) | 210 | 215 |
| Viridien |  |  |
| 10.00%, 10/15/30 (d) | 65 | 68 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| WBI Operations LLC |  |  |
| 6.25%, 10/15/30 (d) | 60 | 60 |
| 6.50%, 10/15/33 (d) | 60 | 60 |
| Western Midstream Operating, LP |  |  |
| 4.05%, 02/01/30 (f) (o) | 4300 | 4209 |
| Williams Companies, Inc., The |  |  |
| 4.65%, 08/15/32 | 1037 | 1038 |
| Yinson Boronia Production B.V. |  |  |
| 8.95%, 07/31/42 (d) | 235 | 257 |
| YPF S.A. |  |  |
| 8.25%, 01/17/34 (d) | 60 | 61 |
| | | 50188 |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| Alpha Star Holding IX Limited |  |  |
| 7.00%, 08/26/28 (g) | 200 | 204 |
| American Homes 4 Rent, L.P. |  |  |
| 3.63%, 04/15/32 | 451 | 427 |
| Anywhere Real Estate Group LLC |  |  |
| 5.75%, 01/15/29 (d) | 50 | 48 |
| 5.25%, 04/15/30 (d) | 19 | 18 |
| 7.00%, 04/15/30 (d) | 16 | 16 |
| 9.75%, 04/15/30 (d) | 35 | 38 |
| Boston Properties Limited Partnership |  |  |
| 6.75%, 12/01/27 | 740 | 774 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.30%, 03/15/28 (f) (o) | 1062 | 1118 |
| 4.55%, 10/01/29 (e) | 189 | 179 |
| COPT Defense Properties |  |  |
| 2.25%, 03/15/26 | 257 | 256 |
| 4.50%, 10/15/30 | 119 | 118 |
| 2.75%, 04/15/31 (e) | 187 | 171 |
| Corporacion Inmobiliaria Vesta, S.A.B. DE C.V. |  |  |
| 5.50%, 01/30/33 (d) | 200 | 202 |
| CTR Partnership, L.P. |  |  |
| 3.88%, 06/30/28 (d) | 60 | 59 |
| Dar Al Arkan Sukuk Co Ltd |  |  |
| 7.25%, 07/02/30 (g) | 200 | 203 |
| Ellington Financial Operating Partnership LLC |  |  |
| 7.38%, 09/30/30 (d) | 70 | 71 |
| Forestar Group Inc. |  |  |
| 6.50%, 03/15/33 (d) | 110 | 111 |
| GLP Financing, LLC |  |  |
| 5.63%, 09/15/34 | 167 | 169 |
| Healthcare Realty Holdings, L.P. |  |  |
| 3.50%, 08/01/26 | 201 | 200 |
| 3.10%, 02/15/30 | 193 | 183 |
| Howard Hughes Corporation, The |  |  |
| 4.13%, 02/01/29 (d) | 35 | 34 |
| Hudson Pacific Properties, L.P. |  |  |
| 4.65%, 04/01/29 (e) | 2500 | 2310 |
| Invitation Homes Operating Partnership LP |  |  |
| 4.15%, 04/15/32 | 1513 | 1471 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 02/01/30 | 75 | 71 |
| Kilroy Realty, L.P. |  |  |
| 4.75%, 12/15/28 | 925 | 929 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 4.75%, 06/15/29 (d) | 55 | 54 |
| 7.00%, 07/15/31 (d) | 55 | 58 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (d) | 50 | 51 |
| 6.25%, 09/15/32 (d) | 90 | 91 |
| MPT Operating Partnership, L.P. |  |  |
| 0.99%, 10/15/26, EUR | 100 | 112 |
| 5.00%, 10/15/27 (e) | 422 | 406 |
| 4.63%, 08/01/29 | 45 | 38 |
| 3.50%, 03/15/31 | 115 | 84 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.50%, 04/01/27 | 5000 | 5017 |
| 3.63%, 10/01/29 | 852 | 825 |
| 3.38%, 02/01/31 | 1283 | 1200 |
| 3.25%, 04/15/33 (e) | 1005 | 894 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls |  |  |
| 5.65%, 10/16/32 (d) | 90 | 90 |
| Piedmont Operating Partnership, LP |  |  |
| 2.75%, 04/01/32 | 207 | 178 |
| Realty Income Corporation |  |  |
| 3.40%, 01/15/28 | 238 | 236 |
| 2.20%, 06/15/28 | 133 | 128 |
| Redfin Corporation |  |  |
| 0.50%, 04/01/27 (n) | 320 | 300 |
| Retail Properties of America, Inc. |  |  |
| 4.75%, 09/15/30 | 58 | 59 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (d) | 80 | 83 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 1350 | 1236 |
| Star Holdings |  |  |
| 8.75%, 08/01/31 (d) | 65 | 62 |
| Store Capital LLC |  |  |
| 2.75%, 11/18/30 | 329 | 299 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 233 | 222 |
| 2.70%, 07/15/31 | 617 | 560 |
| Tanger Properties Limited Partnership |  |  |
| 3.13%, 09/01/26 (e) | 3000 | 2979 |
| 2.75%, 09/01/31 | 1630 | 1475 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (d) | 8 | 8 |
| VICI Properties L.P. |  |  |
| 4.75%, 02/15/28 - 04/01/28 | 1180 | 1192 |
| 4.95%, 02/15/30 | 1407 | 1424 |
| 5.13%, 05/15/32 | 345 | 348 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 271 | 268 |
|  |  | 29357 |
| **Communication Services 1.7%** | **Communication Services 1.7%** | **Communication Services 1.7%** |
| Advantage Sales & Marketing Inc. |  |  |
| 6.50%, 11/15/28 (d) | 135 | 110 |
| Altice Financing S.A. |  |  |
| 9.63%, 07/15/27 (d) | 60 | 46 |
| 5.75%, 08/15/29 (d) | 363 | 253 |
| Altice France |  |  |
| 6.88%, 10/15/30 - 07/15/32 (d) | 156 | 151 |
| 6.50%, 10/15/31 - 03/15/32 (d) | 475 | 454 |
| 10.00%, 01/15/33 (d) | 46 | 42 |
| APLD ComputeCo LLC |  |  |
| 9.25%, 12/15/30 (d) | 342 | 335 |
| AT&T Inc. |  |  |
| 4.90%, 08/15/37 | 400 | 390 |
| 3.80%, 12/01/57 | 2900 | 1995 |
| Axian Telecom Holding and Management PLC |  |  |
| 7.25%, 07/11/30 (d) | 270 | 272 |
| C T Trust |  |  |
| 5.13%, 02/03/32 (d) | 200 | 191 |
| C&W Senior Finance Ltd. |  |  |
| 9.00%, 01/15/33 (d) | 390 | 403 |
| Cablevision Lightpath LLC |  |  |
| 3.88%, 09/15/27 (d) | 35 | 34 |
| 5.63%, 09/15/28 (d) | 30 | 29 |
| CCO Holdings, LLC |  |  |
| 4.25%, 02/01/31 (d) | 150 | 138 |
| 4.75%, 02/01/32 (d) | 65 | 59 |
| 4.50%, 05/01/32 | 145 | 130 |
| 4.50%, 06/01/33 (d) | 85 | 74 |
| 4.25%, 01/15/34 (d) (e) | 100 | 85 |
| Charter Communications Operating, LLC |  |  |
| 6.10%, 06/01/29 | 694 | 724 |
| 2.30%, 02/01/32 | 166 | 143 |
| 4.40%, 04/01/33 | 487 | 460 |
| 6.55%, 06/01/34 | 479 | 504 |
| 5.38%, 05/01/47 | 2440 | 2011 |
| 4.80%, 03/01/50 | 4552 | 3426 |
| 5.50%, 04/01/63 | 487 | 383 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (d) | 90 | 92 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/29 (d) (e) | 80 | 79 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.88%, 04/01/30 (d) | 90 | 95 |
| 7.13%, 02/15/31 (d) | 100 | 105 |
| 7.50%, 03/15/33 (d) | 100 | 106 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (d) (e) | 15 | 13 |
| Cogent Communications Group, LLC |  |  |
| 7.00%, 06/15/27 (d) | 265 | 265 |
| Colombia Telecomunicaciones S.A. E.S.P. |  |  |
| 4.95%, 07/17/30 (d) | 205 | 187 |
| Connect Holding II LLC |  |  |
| 10.50%, 04/03/31 (d) | 25 | 24 |
| CSC Holdings, LLC |  |  |
| 4.13%, 12/01/30 (d) | 245 | 149 |
| 4.63%, 12/01/30 (d) | 106 | 37 |
| 3.38%, 02/15/31 (d) | 145 | 88 |
| 4.50%, 11/15/31 (d) | 318 | 191 |
| DISH DBS Corporation |  |  |
| 7.75%, 07/01/26 | 225 | 221 |
| 5.25%, 12/01/26 (d) | 30 | 29 |
| 7.38%, 07/01/28 | 70 | 67 |
| 5.13%, 06/01/29 | 95 | 84 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (d) | 119 | 124 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (d) | 65 | 59 |
| E.W. Scripps Company, The |  |  |
| 9.88%, 08/15/30 (d) | 80 | 80 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 156 | 173 |
| 3.88%, 11/30/30 (n) (p) | 219 | 741 |
| 6.75%, 11/30/30 (p) | 133 | 136 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (d) | 8 | 8 |
| Frontier Communications Parent, Inc. |  |  |
| 5.00%, 05/01/28 (d) | 35 | 35 |
| IHS Holding Limited |  |  |
| 5.63%, 11/29/26 (d) | 163 | 162 |
| 6.25%, 11/29/28 (d) | 20 | 20 |
| 7.88%, 05/29/30 (d) (e) | 320 | 329 |
| 8.25%, 11/29/31 (d) (e) | 60 | 63 |
| Lamar Media Corp. |  |  |
| 5.38%, 11/01/33 (d) | 110 | 109 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (d) | 20 | 19 |
| 3.63%, 01/15/29 (d) | 45 | 42 |
| 4.88%, 06/15/29 (d) | 45 | 44 |
| 3.75%, 07/15/29 (d) | 75 | 68 |
| 6.88%, 06/30/33 (d) | 90 | 92 |
| 7.00%, 03/31/34 (d) | 95 | 98 |
| 8.50%, 01/15/36 (d) | 185 | 190 |
| Liquid Telecommunications Financing PLC |  |  |
| 5.50%, 09/04/26 (d) | 455 | 410 |
| Lumen Technologies, Inc. |  |  |
| 4.50%, 01/15/29 (d) | 25 | 23 |
| 4.13%, 04/15/30 (d) | 30 | 30 |
| Maya |  |  |
| 8.50%, 04/15/31 (d) | 95 | 102 |
| 7.00%, 04/15/32 (d) | 65 | 67 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (d) | 135 | 135 |
| 4.50%, 04/27/31 (d) | 200 | 186 |
| 7.38%, 04/02/32 (d) | 55 | 57 |
| MTN (Mauritius) Investments Limited |  |  |
| 6.50%, 10/13/26 (d) | 70 | 71 |
| Network I2I Limited |  |  |
| 3.98%, (100, 03/03/26) (d) (m) | 50 | 50 |
| NTT Finance Corporation |  |  |
| 4.57%, 07/16/27 (d) | 200 | 202 |
| 4.62%, 07/16/28 (d) | 200 | 203 |
| 4.88%, 07/16/30 (d) | 449 | 457 |
| Outfront Media Capital Corporation |  |  |
| 7.38%, 02/15/31 (d) | 35 | 37 |
| Rogers Communications Inc. |  |  |
| 7.00%, 04/15/55 | 52 | 54 |
| 7.13%, 04/15/55 | 27 | 28 |
| Sable International Finance Limited |  |  |
| 7.13%, 10/15/32 (d) | 315 | 319 |
| Silk Road Group Holding LLC |  |  |
| 7.50%, 09/15/30 (d) | 200 | 201 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33 - 03/15/34 (d) | 110 | 113 |
| Telecomunicaciones Digitales, S.A. |  |  |
| 4.50%, 01/30/30 (d) | 260 | 247 |
| TELUS Corporation |  |  |
| 6.63%, 10/15/55 | 77 | 79 |
| 7.00%, 10/15/55 | 38 | 39 |
| Tencent Holdings Limited |  |  |
| 1.81%, 01/26/26 (d) | 50 | 50 |
| 3.98%, 04/11/29 (d) | 40 | 40 |
| 2.39%, 06/03/30 (d) | 65 | 61 |
| T-Mobile USA, Inc. |  |  |
| 3.75%, 04/15/27 | 870 | 867 |
| 3.88%, 04/15/30 | 40 | 39 |
| 4.50%, 04/15/50 | 40 | 33 |
| Turk Telekomunikasyon Anonim Sirketi |  |  |
| 6.95%, 10/07/32 (d) | 60 | 61 |
| TV Azteca S.A.B. de C.V. |  |  |
| 0.00%, 08/09/26 (g) (h) (i) | 300 | 102 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (d) | 205 | 197 |
| 6.00%, 01/15/30 (d) | 190 | 176 |
| 8.63%, 06/15/32 (d) | 125 | 123 |
| Verizon Communications Inc. |  |  |
| 2.55%, 03/21/31 | 846 | 772 |
| 4.75%, 01/15/33 | 660 | 661 |
| 4.78%, 02/15/35 | 179 | 176 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/30 (d) | 125 | 110 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30 (d) | 80 | 74 |
| VMED O2 UK Financing I PLC |  |  |
| 6.75%, 01/15/33 (d) | 215 | 212 |
| VTR Comunicaciones SpA |  |  |
| 4.38%, 04/15/29 (d) | 100 | 97 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (d) | 185 | 193 |
| 7.75%, 09/15/30 (d) | 220 | 234 |
| 6.75%, 11/15/32 (d) | 170 | 175 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (d) | 150 | 157 |
| 7.50%, 10/15/33 (d) | 135 | 139 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (d) | 220 | 227 |
| | | 25352 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (d) | 70 | 71 |
| AECOM |  |  |
| 6.00%, 08/01/33 (d) | 135 | 138 |
| Aeropuerto Internacional de Tocumen, S.A. |  |  |
| 5.13%, 08/11/61 (d) | 200 | 162 |
| Aeropuertos Dominicanos Siglo XXI, S.A. |  |  |
| 7.00%, 06/30/34 (d) | 200 | 210 |
| Air Lease Corporation |  |  |
| 4.13%, (100, 12/15/26) (m) | 228 | 222 |
| 3.75%, 06/01/26 | 3475 | 3469 |
| Aircastle Limited |  |  |
| 5.25%, (100, 06/17/26) (d) (m) | 167 | 166 |
| Ambipar Lux S.a r.l. |  |  |
| 0.00%, 02/06/31 (d) (h) (i) | 268 | 60 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (d) | 3 | 4 |
| Ameritex Holdco Intermediate LLC |  |  |
| 7.63%, 08/15/33 (d) | 90 | 94 |
| Amsted Industries Incorporated |  |  |
| 6.38%, 03/15/33 (d) | 70 | 72 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 4.00%, 09/01/29 (d) | 79 | 74 |
| 6.25%, 01/30/31 (d) | 160 | 163 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (d) (e) | 477 | 396 |
| ATP Tower Holdings, LLC |  |  |
| 7.88%, 02/03/30 (d) | 69 | 71 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (d) | 85 | 88 |
| 6.25%, 03/15/33 (d) | 80 | 83 |
| Beacon Mobility Corp. |  |  |
| 7.25%, 08/01/30 (d) | 35 | 37 |
| Boeing Company, The |  |  |
| 6.26%, 05/01/27 (o) | 291 | 299 |
| 6.30%, 05/01/29 (o) | 373 | 396 |
| 5.15%, 05/01/30 (o) | 778 | 800 |
| 6.39%, 05/01/31 (o) | 283 | 307 |
| 6.53%, 05/01/34 (o) | 303 | 335 |
| 5.71%, 05/01/40 (o) | 560 | 572 |
| 5.81%, 05/01/50 (o) | 166 | 164 |
| 6.86%, 05/01/54 (o) | 456 | 513 |
| 5.93%, 05/01/60 (o) | 560 | 550 |
| 7.01%, 05/01/64 (o) | 430 | 488 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (d) | 50 | 53 |
| 7.00%, 06/01/32 (d) | 75 | 79 |
| 6.75%, 06/15/33 (d) | 50 | 53 |
| Brand Industrial Services, Inc. |  |  |
| 10.38%, 08/01/30 (d) | 65 | 64 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (d) | 55 | 52 |
| 6.38%, 03/01/34 (d) | 45 | 47 |
| 6.75%, 05/15/35 (d) | 150 | 157 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (d) | 115 | 119 |
| Carpenter Technology Corporation |  |  |
| 5.63%, 03/01/34 (d) | 100 | 102 |
| Carrier Global Corporation |  |  |
| 5.90%, 03/15/34 | 121 | 130 |
| Clean Harbors, Inc. |  |  |
| 6.38%, 02/01/31 (d) | 60 | 62 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.88%, 01/15/30 (d) | 65 | 67 |
| 8.75%, 04/15/30 (d) | 57 | 58 |
| 6.75%, 04/15/32 (d) | 90 | 92 |
| CoreCivic, Inc. |  |  |
| 4.75%, 10/15/27 | 150 | 149 |
| 8.25%, 04/15/29 | 35 | 37 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (d) | 65 | 50 |
| 6.13%, 01/15/29 (d) (e) | 60 | 30 |
| 9.50%, 08/15/29 (d) | 30 | 22 |
| Crown Americas LLC |  |  |
| 5.88%, 06/01/33 (d) | 110 | 112 |
| Czechoslovak Group a.s. |  |  |
| 6.50%, 01/10/31 (d) | 200 | 205 |
| Danaos Corporation |  |  |
| 6.88%, 10/15/32 (d) | 105 | 108 |
| DP World Limited |  |  |
| 5.63%, 09/25/48 (d) | 100 | 98 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (d) | 180 | 187 |
| 6.75%, 07/15/31 (d) | 65 | 68 |
| Enpro Inc. |  |  |
| 6.13%, 06/01/33 (d) | 65 | 67 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.88%, 12/01/30 (d) | 70 | 74 |
| 7.00%, 06/15/32 (d) | 45 | 47 |
| Forward Air Corporation |  |  |
| 9.50%, 10/15/31 (d) | 37 | 39 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (d) | 150 | 155 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 80 | 84 |
| 10.25%, 04/15/31 | 110 | 120 |
| GFL Environmental Inc. |  |  |
| 3.50%, 09/01/28 (d) | 80 | 79 |
| 6.75%, 01/15/31 (d) | 55 | 58 |
| Graham Packaging Company Europe LLC |  |  |
| 7.13%, 08/15/28 (d) | 5 | 5 |
| Graphic Packaging International, LLC |  |  |
| 3.75%, 02/01/30 (d) (e) | 50 | 47 |
| 6.38%, 07/15/32 (d) (e) | 70 | 71 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (d) | 110 | 116 |
| 5.75%, 03/15/31 (d) | 50 | 51 |
| 7.25%, 06/15/33 (d) | 90 | 95 |
| 6.00%, 03/15/34 (d) | 50 | 51 |
| HTA Group Limited |  |  |
| 7.50%, 06/04/29 (d) | 95 | 98 |
| Icahn Enterprises L.P. |  |  |
| 6.25%, 05/15/26 | 37 | 37 |
| 5.25%, 05/15/27 | 170 | 167 |
| 9.75%, 01/15/29 | 60 | 60 |
| 4.38%, 02/01/29 | 100 | 86 |
| 10.00%, 11/15/29 (d) | 205 | 205 |
| 9.00%, 06/15/30 | 115 | 109 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (d) | 105 | 106 |
| JH North America Holdings Inc. |  |  |
| 10.00%, 01/15/31 (d) | 70 | 69 |
| 6.13%, 07/31/32 (d) | 25 | 26 |
| Kingston Airport Revenue Finance Ltd. |  |  |
| 6.75%, 12/15/36 (d) | 200 | 205 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (d) | 90 | 96 |
| Masterbrand, Inc. |  |  |
| 7.00%, 07/15/32 (d) | 45 | 47 |
| MISC Capital Two (Labuan) Limited |  |  |
| 3.75%, 04/06/27 (d) | 200 | 199 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (d) | 55 | 56 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (d) | 25 | 24 |
| Montego Bay Airport Revenue Finance Ltd. |  |  |
| 6.60%, 06/15/35 (d) | 200 | 200 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (d) | 145 | 145 |
| 10.38%, 05/15/31 (d) | 175 | 179 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (d) | 80 | 85 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 112 | 115 |
| 5.35%, 04/15/32 | 157 | 162 |
| 5.60%, 04/15/35 | 124 | 130 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (d) | 220 | 230 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (d) | 270 | 281 |
| 6.75%, 03/01/33 (d) | 80 | 83 |
| RailWorks Holdings, LP |  |  |
| 8.25%, 11/15/28 (d) | 145 | 146 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (d) | 222 | 231 |
| Reworld Holding Corporation |  |  |
| 4.88%, 12/01/29 (d) | 35 | 34 |
| Science Applications International Corporation |  |  |
| 5.88%, 11/01/33 (d) | 110 | 112 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (d) | 37 | 36 |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/32 (d) | 125 | 131 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (d) | 115 | 123 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (d) | 95 | 95 |
| Standard Building Solutions Inc. |  |  |
| 6.50%, 08/15/32 (d) | 75 | 77 |
| 6.25%, 08/01/33 (d) | 145 | 148 |
| 5.88%, 03/15/34 (d) | 75 | 75 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/32 (d) | 65 | 69 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TAV Havalimanlari Holding Anonim Sirketi |  |  |
| 8.50%, 12/07/28 (d) | 45 | 47 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (d) | 210 | 210 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 - 05/31/33 (d) | 345 | 355 |
| 7.13%, 12/01/31 (d) | 65 | 68 |
| 6.63%, 03/01/32 (d) | 60 | 62 |
| 6.00%, 01/15/33 (d) | 45 | 46 |
| 6.25%, 01/31/34 (d) | 30 | 31 |
| 6.75%, 01/31/34 (d) | 120 | 125 |
| Transnet |  |  |
| 8.25%, 02/06/28 (d) | 55 | 58 |
| Trinet Group, Inc. |  |  |
| 7.13%, 08/15/31 (d) | 75 | 77 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 | 582 | 578 |
| 4.80%, 09/15/35 | 459 | 456 |
| Verisk Analytics, Inc. |  |  |
| 4.50%, 08/15/30 | 296 | 299 |
| 5.13%, 02/15/36 | 665 | 672 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/33 (d) | 65 | 68 |
| Wrangler Holdco Corp. |  |  |
| 6.63%, 04/01/32 (d) | 85 | 89 |
| XPO, Inc. |  |  |
| 7.13%, 02/01/32 (d) | 80 | 84 |
| | | 21166 |
| **Utilities 1.2%** | **Utilities 1.2%** | **Utilities 1.2%** |
| Abu Dhabi National Energy Company PJSC |  |  |
| 4.88%, 04/23/30 (d) | 40 | 41 |
| 4.75%, 03/09/37 (d) | 200 | 196 |
| 4.00%, 10/03/49 (d) | 95 | 77 |
| AES Corporation, The |  |  |
| 3.95%, 07/15/30 (d) | 1148 | 1119 |
| 2.45%, 01/15/31 | 4200 | 3806 |
| 6.95%, 07/15/55 | 95 | 93 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (d) | 50 | 52 |
| 6.25%, 01/15/34 (d) | 150 | 151 |
| Atlantica Sustainable Infrastructure Group PLC |  |  |
| 6.38%, 02/15/32 (d) | 240 | 240 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (d) | 119 | 131 |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (d) | 45 | 45 |
| 4.63%, 02/01/29 (d) | 45 | 45 |
| Cerro Del Aguila S.A. |  |  |
| 5.50%, 09/11/35 (d) | 200 | 201 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (d) | 179 | 188 |
| Clearway Energy Operating LLC |  |  |
| 4.75%, 03/15/28 (d) | 25 | 25 |
| 3.75%, 01/15/32 (d) | 105 | 95 |
| Cleco Corporate Holdings LLC |  |  |
| 3.38%, 09/15/29 | 1499 | 1413 |
| Contourglobal Power Holdings S.A. |  |  |
| 6.75%, 02/28/30 (d) | 80 | 82 |
| Duquesne Light Holdings, Inc. |  |  |
| 2.53%, 10/01/30 (d) | 209 | 190 |
| 2.78%, 01/07/32 (d) | 659 | 586 |
| Edison International |  |  |
| 6.25%, 03/15/30 | 52 | 54 |
| 8.13%, 06/15/53 | 85 | 88 |
| 7.88%, 06/15/54 | 45 | 47 |
| Energuate Trust |  |  |
| 6.35%, 09/15/35 (d) | 200 | 199 |
| Enfragen Energia Sur S.A. |  |  |
| 5.38%, 12/30/30 (d) | 315 | 293 |
| 8.50%, 06/30/32 (d) | 85 | 88 |
| ESKOM Holdings |  |  |
| 6.35%, 08/10/28 (d) | 150 | 155 |
| 8.45%, 08/10/28 (d) | 25 | 27 |
| Exelon Corporation |  |  |
| 3.35%, 03/15/32 | 2834 | 2651 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (d) | 169 | 166 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (d) | 50 | 50 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (d) | 75 | 75 |
| Niagara Energy S.A.C. |  |  |
| 5.75%, 10/03/34 (d) | 200 | 205 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/29 (d) | 45 | 43 |
| 5.75%, 07/15/29 - 01/15/34 (d) | 255 | 256 |
| 3.63%, 02/15/31 (d) | 50 | 47 |
| 6.00%, 02/01/33 - 01/15/36 (d) | 295 | 300 |
| 6.25%, 11/01/34 (d) | 85 | 87 |
| PacifiCorp |  |  |
| 7.38%, 09/15/55 | 132 | 134 |
| PG&E Corporation |  |  |
| 4.25%, 12/01/27 (n) | 110 | 114 |
| 5.00%, 07/01/28 | 65 | 65 |
| 5.25%, 07/01/30 | 165 | 163 |
| 7.38%, 03/15/55 | 164 | 171 |
| Puget Energy, Inc. |  |  |
| 4.10%, 06/15/30 | 516 | 505 |
| 4.22%, 03/15/32 | 2096 | 2010 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (d) | 200 | 216 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (d) | 110 | 112 |
| 6.50%, 02/01/36 (d) | 110 | 114 |
| TermoCandelaria Power S.A. |  |  |
| 7.75%, 09/17/31 (d) | 200 | 206 |
| TransAlta Corporation |  |  |
| 5.88%, 02/01/34 | 70 | 70 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (d) | 65 | 69 |
| 6.88%, 04/15/32 (d) | 75 | 79 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.25%, 01/15/29 (d) (e) | 50 | 51 |
| 8.38%, 01/15/31 (d) (e) | 61 | 64 |
| 8.63%, 03/15/33 (d) | 96 | 101 |
| 7.75%, 04/15/34 (d) | 160 | 162 |
|  |  | 18013 |
| **Information Technology 1.1%** | **Information Technology 1.1%** | **Information Technology 1.1%** |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (d) | 95 | 100 |
| Amkor Technology, Inc. |  |  |
| 5.88%, 10/01/33 (d) | 35 | 36 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28 | 271 | 260 |
| 2.45%, 02/15/31 | 2643 | 2414 |
| 2.60%, 02/15/33 | 2342 | 2065 |
| 3.42%, 04/15/33 | 208 | 193 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (d) | 306 | 319 |
| 8.25%, 06/30/32 (d) | 105 | 110 |
| Coherent Corp. |  |  |
| 5.00%, 12/15/29 (d) | 85 | 85 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (d) | 115 | 107 |
| 9.00%, 02/01/31 (d) | 225 | 205 |
| Dell International L.L.C. |  |  |
| 4.15%, 02/15/29 | 590 | 590 |
| 4.50%, 02/15/31 | 1171 | 1169 |
| 4.75%, 10/06/32 | 781 | 780 |
| 5.10%, 02/15/36 | 1440 | 1423 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (d) | 20 | 20 |
| 5.95%, 06/15/30 (d) | 65 | 66 |
| Entegris, Inc. |  |  |
| 3.63%, 05/01/29 (d) | 140 | 134 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (d) | 148 | 152 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flash Compute LLC |  |  |
| 7.25%, 12/31/30 (d) | 155 | 154 |
| Insight Enterprises, Inc. |  |  |
| 6.63%, 05/15/32 (d) | 85 | 87 |
| MKS Inc. |  |  |
| 1.25%, 06/01/30 (n) | 58 | 74 |
| NXP B.V. |  |  |
| 4.85%, 08/19/32 | 364 | 366 |
| 5.25%, 08/19/35 | 1050 | 1066 |
| ON Semiconductor Corporation |  |  |
| 0.00%, 05/01/27 (c) (n) | 102 | 121 |
| 3.88%, 09/01/28 (d) | 25 | 24 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 - 12/01/29 (d) | 270 | 258 |
| Oracle Corporation |  |  |
| 4.45%, 09/26/30 | 444 | 434 |
| 4.80%, 09/26/32 | 741 | 715 |
| 5.20%, 09/26/35 | 675 | 648 |
| 3.60%, 04/01/40 | 253 | 187 |
| 5.88%, 09/26/45 | 416 | 376 |
| 5.95%, 09/26/55 | 522 | 464 |
| 6.10%, 09/26/65 | 537 | 474 |
| Riot Platforms, Inc. |  |  |
| 0.75%, 01/15/30 (n) | 134 | 151 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.25%, 12/15/29 (d) | 55 | 58 |
| 5.88%, 07/15/30 (d) | 10 | 10 |
| 5.75%, 12/01/34 (d) | 140 | 142 |
| TeraWulf Inc. |  |  |
| 0.00%, 05/01/32 (c) (d) (n) | 85 | 74 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/29 (d) | 35 | 34 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (d) | 95 | 98 |
| Wolfspeed, Inc. |  |  |
| 9.88%, 06/23/30 (d) (f) (p) | 50 | 54 |
| 2.50%, 06/15/31 (n) | 37 | 54 |
| 2.50%, 06/15/31 (d) (n) | 6 | 9 |
| 7.00%, 06/15/31 (p) | 53 | 43 |
| X.Ai Corp. |  |  |
| 12.50%, 06/30/30 (g) | 235 | 250 |
| | | 16653 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Ahlstrom Holding 3 Oy |  |  |
| 4.88%, 02/04/28 (d) | 35 | 35 |
| Alcoa Nederland Holding B.V. |  |  |
| 7.13%, 03/15/31 (d) | 220 | 234 |
| Alumina Pty Ltd |  |  |
| 6.38%, 09/15/32 (d) | 155 | 161 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (d) | 200 | 181 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (d) | 200 | 209 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 7.25%, 02/15/31 (d) | 125 | 132 |
| Braskem Idesa, S.A.P.I. |  |  |
| 0.00%, 11/15/29 (d) (h) (i) | 75 | 44 |
| Braskem Netherlands Finance B.V. |  |  |
| 7.25%, 02/13/33 (d) | 280 | 108 |
| 8.00%, 10/15/34 (d) | 200 | 78 |
| 5.88%, 01/31/50 (d) | 75 | 26 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/33 (d) | 90 | 93 |
| Celanese US Holdings LLC |  |  |
| 6.85%, 11/15/28 (f) (j) (o) | 399 | 417 |
| 6.50%, 04/15/30 (e) | 65 | 65 |
| 7.05%, 11/15/30 (f) (j) (o) | 724 | 760 |
| 7.00%, 02/15/31 | 110 | 112 |
| 6.88%, 07/15/32 (f) (o) | 75 | 78 |
| 6.75%, 04/15/33 (e) | 150 | 149 |
| 7.20%, 11/15/33 (f) (j) (o) | 434 | 458 |
| 7.38%, 02/15/34 | 110 | 112 |
| Celtic Resources Holdings Designated Activity Company |  |  |
| 0.00%, 10/09/24 (d) (g) (h) (i) (l) | 100 |  |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 6.18%, 05/05/32 (d) | 200 | 206 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (d) (m) | 310 | 309 |
| 7.20%, (100, 06/10/30) (d) (m) | 200 | 208 |
| Century Aluminum Company |  |  |
| 6.88%, 08/01/32 (d) | 70 | 72 |
| Champion Iron Canada Inc. |  |  |
| 7.88%, 07/15/32 (d) | 35 | 37 |
| Chemours Company, The |  |  |
| 5.75%, 11/15/28 (d) | 280 | 272 |
| 4.63%, 11/15/29 (d) | 20 | 18 |
| 8.00%, 01/15/33 (d) | 105 | 102 |
| Cleveland-Cliffs Inc. |  |  |
| 7.50%, 09/15/31 (d) | 30 | 32 |
| 7.00%, 03/15/32 (d) | 45 | 46 |
| 7.38%, 05/01/33 (d) | 35 | 36 |
| 7.63%, 01/15/34 (d) | 70 | 73 |
| Commercial Metals Company |  |  |
| 4.13%, 01/15/30 | 35 | 34 |
| 4.38%, 03/15/32 (e) | 50 | 48 |
| 5.75%, 11/15/33 (d) | 100 | 102 |
| 6.00%, 12/15/35 (d) | 100 | 102 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 6.80%, 02/04/32 (d) | 200 | 208 |
| Consolidated Energy Finance S.A. |  |  |
| 6.50%, 05/15/26 (d) | 280 | 270 |
| 5.63%, 10/15/28 (d) (e) | 35 | 23 |
| 12.00%, 02/15/31 (d) (e) | 110 | 77 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (d) | 25 | 24 |
| 3.15%, 01/14/30 (d) | 60 | 57 |
| 5.95%, 01/08/34 (d) | 200 | 209 |
| 3.70%, 01/30/50 (d) | 140 | 99 |
| 6.30%, 09/08/53 (d) | 200 | 205 |
| CSN Islands XII Corp |  |  |
| 6.75%, 01/28/28 (d) (e) | 200 | 185 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (d) | 85 | 67 |
| Endeavour Mining PLC |  |  |
| 7.00%, 05/28/30 (d) | 200 | 207 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (d) | 150 | 150 |
| First Quantum Minerals Ltd |  |  |
| 9.38%, 03/01/29 (d) | 148 | 156 |
| 8.00%, 03/01/33 (d) | 125 | 133 |
| 7.25%, 02/15/34 (d) | 365 | 384 |
| Fresnillo PLC |  |  |
| 4.25%, 10/02/50 (d) | 200 | 160 |
| GPD Companies, Inc. |  |  |
| 12.50%, 12/31/29 (d) (p) | 81 | 41 |
| Herens Holdco S.a r.l. |  |  |
| 4.75%, 05/15/28 (d) | 220 | 191 |
| Hudbay Minerals Inc. |  |  |
| 4.50%, 04/01/26 (d) | 70 | 70 |
| Inversion Escrow Issuer, LLC |  |  |
| 6.75%, 08/01/32 (d) | 90 | 89 |
| Inversiones CMPC S.A. |  |  |
| 3.00%, 04/06/31 (d) | 60 | 54 |
| 6.70%, 12/09/57 (d) | 200 | 201 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (d) | 130 | 134 |
| Kaiser Aluminum Corporation |  |  |
| 5.88%, 03/01/34 (d) | 70 | 70 |
| Kobe Us Midco 2 Incorporated |  |  |
| 9.25%, 11/01/26 (d) (f) (p) | 189 | 165 |
| LD Celulose International GmbH |  |  |
| 7.95%, 01/26/32 (d) | 200 | 210 |
| MATIV Holdings, Inc. |  |  |
| 8.00%, 10/01/29 (d) | 100 | 101 |
| Methanex Corporation |  |  |
| 5.13%, 10/15/27 | 135 | 135 |
| 5.25%, 12/15/29 | 60 | 60 |
| 6.25%, 03/15/32 (d) | 150 | 155 |
| 5.65%, 12/01/44 | 95 | 85 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mineral Resources Limited |  |  |
| 8.00%, 11/01/27 (d) | 110 | 112 |
| 9.25%, 10/01/28 (d) | 45 | 47 |
| 8.50%, 05/01/30 (d) | 70 | 73 |
| 7.00%, 04/01/31 (d) | 45 | 47 |
| Navoiy Kon-Metallurgiya Kombinati, Aksiyadorlik Jamiyati |  |  |
| 6.95%, 10/17/31 (d) | 200 | 213 |
| Navoiyuran, Davlat Korxonasi |  |  |
| 6.70%, 07/02/30 (d) | 200 | 201 |
| Nexa Resources S.A. |  |  |
| 6.75%, 04/09/34 (d) (e) | 200 | 213 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (d) | 100 | 104 |
| 3.88%, 08/15/31 (d) | 50 | 45 |
| 6.38%, 08/15/33 (d) | 45 | 46 |
| OCP S.A. |  |  |
| 6.10%, 04/30/30 (d) | 200 | 209 |
| 3.75%, 06/23/31 (d) | 230 | 215 |
| 6.88%, 04/25/44 (d) | 120 | 125 |
| 5.13%, 06/23/51 (d) | 110 | 91 |
| Olin Corporation |  |  |
| 5.00%, 02/01/30 (e) | 211 | 207 |
| 6.63%, 04/01/33 (d) | 180 | 178 |
| Olympus Water US Holding Corporation |  |  |
| 7.25%, 06/15/31 - 02/15/33 (d) | 350 | 354 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 6.80%, 05/13/30 (d) | 200 | 197 |
| 2.88%, 05/11/31 (d) (e) | 70 | 57 |
| Perimeter Holdings LLC |  |  |
| 6.25%, 01/15/34 (d) | 110 | 109 |
| POSCO Holdings Inc. |  |  |
| 5.88%, 01/17/33 (d) | 200 | 212 |
| PT. Freeport Indonesia |  |  |
| 6.20%, 04/14/52 (d) | 200 | 204 |
| PT. Indonesia Asahan Aluminium |  |  |
| 5.45%, 05/15/30 (d) | 130 | 134 |
| Samarco Mineracao S.A. |  |  |
| 9.00%, 06/30/31 (d) (f) (p) | 498 | 507 |
| Sasol Financing USA LLC |  |  |
| 6.50%, 09/27/28 | 175 | 172 |
| 8.75%, 05/03/29 (d) | 200 | 202 |
| 5.50%, 03/18/31 | 35 | 30 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (d) | 200 | 205 |
| Solstice Advanced Materials US, Inc. |  |  |
| 5.63%, 09/30/33 (d) | 110 | 111 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 200 | 200 |
| 3.75%, 01/15/31 (f) | 60 | 57 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 110 | 109 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (d) (e) | 212 | 148 |
| Usiminas International S.a r.l. |  |  |
| 7.50%, 01/27/32 (d) | 200 | 207 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 125 | 128 |
| 6.00%, 02/25/56 (d) | 200 | 200 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.50%, 10/28/32 (d) | 225 | 231 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (d) | 155 | 147 |
| 7.38%, 03/01/31 (d) | 35 | 36 |
| 6.63%, 08/15/32 (d) | 95 | 96 |
| | | 15703 |
| **Health Care 0.9%** | **Health Care 0.9%** | **Health Care 0.9%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (d) | 185 | 193 |
| Acadia Healthcare Company, Inc. |  |  |
| 7.38%, 03/15/33 (d) (e) | 72 | 72 |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (d) | 82 | 80 |
| Bausch Health Companies Inc. |  |  |
| 8.50%, 01/31/27 (d) | 60 | 59 |
| 4.88%, 06/01/28 (d) | 155 | 138 |
| 11.00%, 09/30/28 (d) | 85 | 88 |
| 5.25%, 01/30/30 (d) | 45 | 32 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 540 | 537 |
| 2.45%, 07/15/28 | 1120 | 1049 |
| 4.63%, 12/15/29 | 840 | 813 |
| 3.38%, 02/15/30 | 495 | 456 |
| 2.63%, 08/01/31 | 520 | 447 |
| Community Health Systems, Inc. |  |  |
| 6.13%, 04/01/30 (d) | 190 | 152 |
| 5.25%, 05/15/30 (d) | 10 | 9 |
| 4.75%, 02/15/31 (d) | 605 | 538 |
| 9.75%, 01/15/34 (d) | 70 | 73 |
| CVS Health Corporation |  |  |
| 3.00%, 08/15/26 | 92 | 91 |
| 3.63%, 04/01/27 | 259 | 258 |
| 5.00%, 01/30/29 | 529 | 540 |
| 5.25%, 01/30/31 | 217 | 224 |
| 6.75%, 12/10/54 | 68 | 71 |
| 7.00%, 03/10/55 | 194 | 204 |
| DaVita, Inc. |  |  |
| 4.63%, 06/01/30 (d) | 185 | 180 |
| 6.88%, 09/01/32 (d) | 125 | 130 |
| 6.75%, 07/15/33 (d) | 75 | 78 |
| Emergent BioSolutions Inc. |  |  |
| 3.88%, 08/15/28 (d) | 128 | 115 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32 (d) | 75 | 77 |
| 7.25%, 12/15/33 (d) | 75 | 79 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (d) | 33 | 34 |
| HCA Inc. |  |  |
| 5.63%, 09/01/28 | 783 | 807 |
| 5.88%, 02/01/29 | 698 | 727 |
| 3.50%, 09/01/30 | 513 | 493 |
| 3.63%, 03/15/32 | 137 | 130 |
| IQVIA Inc. |  |  |
| 6.50%, 05/15/30 (d) | 225 | 233 |
| 6.25%, 06/01/32 (d) | 25 | 26 |
| Lifepoint Health, Inc. |  |  |
| 10.00%, 06/01/32 (d) | 60 | 64 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (d) | 899 | 919 |
| 5.00%, 03/01/32 (d) | 675 | 696 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (d) | 301 | 311 |
| ModivCare Inc. |  |  |
| 0.00%, 10/01/29 (d) (h) (i) | 35 |  |
| Molina Healthcare, Inc. |  |  |
| 6.50%, 02/15/31 (d) | 105 | 108 |
| 6.25%, 01/15/33 (d) | 290 | 296 |
| National Mentor Holdings, Inc. |  |  |
| 10.50%, 12/15/30 (d) | 185 | 186 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (d) | 195 | 162 |
| 6.75%, 05/15/34 (d) | 98 | 88 |
| 7.88%, 05/15/34 (d) (e) | 185 | 149 |
| Owens & Minor, Inc. |  |  |
| 4.50%, 03/31/29 (d) (e) | 45 | 30 |
| 6.63%, 04/01/30 (d) (e) | 85 | 53 |
| Pediatrix Medical Group, Inc. |  |  |
| 5.38%, 02/15/30 (d) | 70 | 70 |
| Prime Healthcare Services, Inc. |  |  |
| 9.38%, 09/01/29 (d) | 85 | 89 |
| Radiology Partners, Inc. |  |  |
| 9.78%, 02/15/30 (d) (f) (j) (p) | 11 | 11 |
| 8.50%, 07/15/32 (d) | 45 | 47 |
| Sotera Health Holdings, LLC |  |  |
| 7.38%, 06/01/31 (d) | 35 | 37 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (d) | 68 | 69 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 10/01/28 - 06/15/30 | 149 | 152 |
| 4.25%, 06/01/29 | 35 | 34 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.38%, 01/15/30 | 55 | 54 |
| 5.50%, 11/15/32 (d) | 190 | 192 |
| 6.00%, 11/15/33 (d) | 60 | 62 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 7.88%, 09/15/29 | 200 | 220 |
| 6.00%, 12/01/32 | 260 | 272 |
| Teva Pharmaceutical Finance Netherlands IV B.V. |  |  |
| 5.75%, 12/01/30 | 235 | 243 |
| U.S. Acute Care Solutions, LLC |  |  |
| 9.75%, 05/15/29 (d) | 185 | 186 |
| | | 14033 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Acushnet Company |  |  |
| 5.63%, 12/01/33 (d) | 35 | 35 |
| Allison Transmission, Inc. |  |  |
| 5.88%, 12/01/33 (d) | 80 | 81 |
| Amer Sports Company |  |  |
| 6.75%, 02/16/31 (d) | 130 | 136 |
| American Axle & Manufacturing, Inc. |  |  |
| 6.38%, 10/15/32 (d) | 60 | 61 |
| 7.75%, 10/15/33 (d) | 105 | 107 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (d) | 55 | 52 |
| 6.88%, 08/01/33 (d) | 45 | 45 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (d) | 118 | 109 |
| Azul Secured Finance LLP |  |  |
| 0.00%, 08/28/28 (h) (i) | 75 | 38 |
| 0.00%, 08/28/29 (d) (h) (i) | 92 | 2 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (d) (p) | 150 | 165 |
| Beazer Homes USA, Inc. |  |  |
| 7.50%, 03/15/31 (d) (e) | 80 | 81 |
| BRE RC Pitney Road PA LP |  |  |
| 6.63%, 01/15/32 (d) | 70 | 72 |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/30 (d) | 51 | 53 |
| Carnival Corporation |  |  |
| 5.75%, 03/15/30 - 08/01/32 (d) | 175 | 180 |
| 5.88%, 06/15/31 (d) | 110 | 113 |
| 6.13%, 02/15/33 (d) | 80 | 83 |
| Carvana Co. |  |  |
| 5.88%, 10/01/28 (d) | 85 | 84 |
| 4.88%, 09/01/29 (d) | 170 | 158 |
| 10.25%, 05/01/30 (d) | 145 | 157 |
| Century Communities, Inc. |  |  |
| 6.63%, 09/15/33 (d) | 90 | 91 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 - 09/15/32 (d) | 170 | 177 |
| Corporacion Geo, S.A.B. De C.V. |  |  |
| 0.00%, 12/31/49 (h) (i) (l) | 99 |  |
| Discovery Communications, LLC |  |  |
| 6.35%, 06/01/40 | 35 | 29 |
| Dream Finders Homes, Inc. |  |  |
| 6.88%, 09/15/30 (d) | 85 | 85 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (d) | 519 | 563 |
| Fertitta Entertainment LLC |  |  |
| 6.75%, 01/15/30 (d) | 255 | 242 |
| Forvia |  |  |
| 6.75%, 09/15/33 (d) | 70 | 72 |
| GENM Capital Labuan Limited |  |  |
| 3.88%, 04/19/31 (d) | 200 | 181 |
| Grubhub Holdings Inc. |  |  |
| 13.00%, 07/31/30 (d) (p) | 28 | 23 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 5.88%, 04/01/29 - 03/15/33 (d) | 80 | 82 |
| 3.63%, 02/15/32 (d) | 122 | 113 |
| 6.13%, 04/01/32 (d) | 45 | 47 |
| 5.75%, 09/15/33 (d) | 135 | 138 |
| 5.50%, 03/31/34 (d) | 65 | 65 |
| LBM Acquisition, LLC |  |  |
| 6.25%, 01/15/29 (d) (e) | 55 | 50 |
| 9.50%, 06/15/31 (d) | 95 | 99 |
| Les Vetements de Sport Gildan Inc. |  |  |
| 4.70%, 10/07/30 (d) | 102 | 102 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (d) | 50 | 52 |
| 4.00%, 07/15/29 (d) | 50 | 45 |
| 7.00%, 11/15/32 (d) (e) | 245 | 234 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (d) | 155 | 159 |
| Light and Wonder International, Inc. |  |  |
| 6.25%, 10/01/33 (d) | 110 | 111 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (d) | 35 | 36 |
| Lowe`s Companies, Inc. |  |  |
| 3.35%, 04/01/27 | 89 | 88 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (d) (e) | 115 | 83 |
| Metalsa, S.A.P.I. de C.V. |  |  |
| 3.75%, 05/04/31 (d) | 150 | 129 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (d) | 34 | 35 |
| 11.88%, 04/15/31 (d) | 60 | 63 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (d) | 80 | 82 |
| 6.25%, 09/15/33 (d) | 90 | 90 |
| New Flyer Holdings, Inc. |  |  |
| 9.25%, 07/01/30 (d) | 40 | 43 |
| Prosus N.V. |  |  |
| 3.68%, 01/21/30 (d) | 45 | 43 |
| 3.06%, 07/13/31 (d) | 125 | 114 |
| 4.19%, 01/19/32 (d) | 200 | 192 |
| Resideo Funding Inc. |  |  |
| 6.50%, 07/15/32 (d) | 35 | 36 |
| Restaurant Brands International Limited Partnership |  |  |
| 4.38%, 01/15/28 (d) | 60 | 60 |
| 6.13%, 06/15/29 (d) | 60 | 62 |
| 5.63%, 09/15/29 (d) | 165 | 168 |
| 4.00%, 10/15/30 (d) | 25 | 24 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (d) | 60 | 60 |
| 5.63%, 09/30/31 (d) | 70 | 72 |
| 6.25%, 03/15/32 (d) | 116 | 120 |
| 6.00%, 02/01/33 (d) | 130 | 134 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (d) | 252 | 16 |
| Service Corporation International |  |  |
| 5.75%, 10/15/32 | 45 | 46 |
| Sgus LLC |  |  |
| 11.00%, 12/15/29 (d) (e) | 155 | 58 |
| Sotheby's, Inc. |  |  |
| 7.38%, 10/15/27 (d) | 265 | 263 |
| Spectrum Management Holding Company, LLC |  |  |
| 5.88%, 11/15/40 | 425 | 394 |
| 5.50%, 09/01/41 | 2000 | 1757 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (d) | 190 | 189 |
| 12.75%, 01/15/30 (d) | 120 | 101 |
| Stonemor Inc. |  |  |
| 8.50%, 05/15/29 (d) | 185 | 181 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 11/15/32 (d) | 55 | 57 |
| Telekom Srbija A.D. Beograd |  |  |
| 7.00%, 10/28/29 (d) | 225 | 225 |
| The New Home Company Inc. |  |  |
| 8.50%, 11/01/30 (d) | 65 | 67 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (d) | 111 | 112 |
| 10.50%, 05/15/29 (d) | 95 | 97 |
| TopBuild Corp. |  |  |
| 4.13%, 02/15/32 (d) | 80 | 76 |
| 5.63%, 01/31/34 (d) | 75 | 76 |
| Univision Communications Inc. |  |  |
| 8.50%, 07/31/31 (d) | 360 | 375 |
| 9.38%, 08/01/32 (d) | 110 | 118 |
| Viking Cruises Limited |  |  |
| 9.13%, 07/15/31 (d) | 80 | 86 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.88%, 10/15/33 (d) | 185 | 187 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 125 | 88 |
| 5.14%, 03/15/52 | 25 | 16 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 140 | 140 |
| 6.50%, 06/15/33 | 240 | 232 |
| 5.75%, 03/01/34 (e) | 10 | 9 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 01/31/32 | 220 | 215 |
| ZF North America Capital, Inc. |  |  |
| 6.75%, 04/23/30 (d) | 90 | 89 |
| 7.50%, 03/24/31 (d) | 55 | 56 |
| 6.88%, 04/23/32 (d) | 45 | 44 |
| | | 11676 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| Albertsons Companies, Inc. |  |  |
| 5.50%, 03/31/31 (d) | 35 | 35 |
| 6.25%, 03/15/33 (d) | 65 | 67 |
| 5.75%, 03/31/34 (d) | 75 | 75 |
| Allied Universal Holdco LLC |  |  |
| 6.88%, 06/15/30 (d) | 95 | 99 |
| 7.88%, 02/15/31 (d) | 136 | 143 |
| Altria Group, Inc. |  |  |
| 4.40%, 02/14/26 | 13 | 13 |
| 3.88%, 09/16/46 | 1500 | 1129 |
| Avis Budget Car Rental, LLC |  |  |
| 8.38%, 06/15/32 (d) | 75 | 77 |
| Belron UK Finance PLC |  |  |
| 5.75%, 10/15/29 (d) | 65 | 66 |
| Biocon Biologics Global PLC |  |  |
| 6.67%, 10/09/29 (d) | 60 | 60 |
| C&S Group Enterprises LLC |  |  |
| 5.00%, 12/15/28 (d) | 87 | 80 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (d) | 155 | 152 |
| Champions Financing, Inc. |  |  |
| 8.75%, 02/15/29 (d) (e) | 111 | 109 |
| Cosan Overseas Limited |  |  |
| 8.25% (g) (m) | 190 | 191 |
| DP World Crescent Limited |  |  |
| 3.75%, 01/30/30 (d) | 175 | 170 |
| GRUMA, S.A.B. de C.V. |  |  |
| 5.76%, 12/09/54 (d) | 80 | 80 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (d) | 536 | 551 |
| ION Platform Finance S.a r.l. |  |  |
| 5.00%, 05/01/28 (d) | 150 | 139 |
| 5.75%, 05/15/28 (d) | 35 | 33 |
| 8.75%, 05/01/29 (d) | 35 | 35 |
| 7.88%, 09/30/32 (d) | 160 | 152 |
| JBS USA Food Company |  |  |
| 3.63%, 01/15/32 | 210 | 197 |
| 3.00%, 05/15/32 | 5280 | 4734 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (d) | 140 | 147 |
| Kronos Acquisition Holdings Inc |  |  |
| 8.25%, 06/30/31 (d) (e) | 130 | 85 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.38%, 01/31/32 (d) | 145 | 138 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (d) | 195 | 176 |
| Minerva Luxembourg S.A. |  |  |
| 4.38%, 03/18/31 (d) | 40 | 37 |
| 8.88%, 09/13/33 (d) | 120 | 131 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (d) | 120 | 121 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (d) | 155 | 61 |
| Performance Food Group, Inc. |  |  |
| 6.13%, 09/15/32 (d) | 65 | 67 |
| Post Holdings, Inc. |  |  |
| 4.63%, 04/15/30 (d) | 35 | 34 |
| 6.25%, 02/15/32 - 10/15/34 (d) | 120 | 122 |
| 6.38%, 03/01/33 (d) | 55 | 56 |
| 6.50%, 03/15/36 (d) | 35 | 35 |
| Reynolds American Inc. |  |  |
| 5.85%, 08/15/45 | 1000 | 985 |
| Safeway Inc. |  |  |
| 3.50%, 03/15/29 (d) | 45 | 43 |
| 4.88%, 02/15/30 (d) | 145 | 144 |
| Synergy Infrastructure Holdings, LLC |  |  |
| 7.88%, 12/01/30 (d) | 31 | 32 |
| U.S. Foods Inc. |  |  |
| 6.88%, 09/15/28 (d) | 45 | 46 |
| 4.75%, 02/15/29 (d) | 65 | 65 |
| 5.75%, 04/15/33 (d) | 65 | 66 |
| United Rentals (North America), Inc. |  |  |
| 5.38%, 11/15/33 (d) | 185 | 185 |
| 6.13%, 03/15/34 (d) | 110 | 115 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (d) | 60 | 63 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 06/15/29 - 04/15/30 (d) | 130 | 134 |
|  |  | 11475 |
| Total Corporate Bonds And Notes (cost $387,792) | Total Corporate Bonds And Notes (cost $387,792) | 380752 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.3%** |
| AASET 2019-2 Trust |  |  |
| Series 2019-A-2, 3.38%, 10/16/26 (f) | 41 | 41 |
| Series 2019-B-2, 4.46%, 10/16/26 (f) | 43 | 42 |
| AASET 2020-1 Trust |  |  |
| Series 2020-A-1A, 3.35%, 01/15/27 (f) | 68 | 67 |
| Series 2020-B-1A, 4.34%, 01/15/27 (f) | 53 | 52 |
| AASET 2021-1 Trust |  |  |
| Series 2021-A-1A, 2.95%, 10/16/28 (f) | 381 | 365 |
| AASET 2021-2 Trust |  |  |
| Series 2021-A-2A, 2.80%, 12/15/28 (f) | 1045 | 987 |
| AASET 2022-1 Limited |  |  |
| Series 2022-A-1A, 6.00%, 05/16/29 (f) | 1055 | 1049 |
| AASET 2024-1 |  |  |
| Series 2024-A1-1A, 6.26%, 05/16/31 (f) | 690 | 705 |
| Series 2024-A2-1A, 6.26%, 05/16/31 (f) | 628 | 643 |
| AASET 2025-1 |  |  |
| Series 2025-A-1A, 5.94%, 02/16/32 (d) (f) | 543 | 552 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-1A-A, 5.61%, 09/15/26 | 300 | 300 |
| AIMCO CLO 11 Ltd |  |  |
| Series 2020-A1R2-11A, 5.22%, (3 Month Term SOFR + 1.34%), 07/17/37 (j) | 969 | 971 |
| Aimco CLO 14 Ltd |  |  |
| Series 2021-A1R-14A, REMIC, 5.14%, (3 Month Term SOFR + 1.22%), 10/20/38 (j) | 1573 | 1573 |
| AIMCO CLO 17 Ltd |  |  |
| Series 2022-A1R-17A, 5.23%, (3 Month Term SOFR + 1.35%), 07/20/37 (j) | 1099 | 1102 |
| AIMCO CLO 19, Ltd. |  |  |
| Series 2024-A-19A, 5.23%, (3 Month Term SOFR + 1.35%), 10/20/37 (j) | 340 | 341 |
| AIMCO CLO 22 Ltd |  |  |
| Series 2024-A-22A, 5.38%, (3 Month Term SOFR + 1.50%), 04/19/37 (j) | 1878 | 1883 |
| AIMCO CLO Series 2018-B |  |  |
| Series 2018-ARR-BA, 5.39%, (3 Month Term SOFR + 1.50%), 04/16/37 (j) | 1188 | 1191 |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.49%, (1 Month Term SOFR + 1.74%), 06/15/27 (j) | 780 | 783 |
| Allegro CLO XII, Ltd. |  |  |
| Series 2020-A1R-1A, 5.31%, (3 Month Term SOFR + 1.44%), 07/21/37 (j) | 1461 | 1464 |
| Allegro CLO XIII, Ltd. |  |  |
| Series 2021-A1R-1A, 5.22%, (3 Month Term SOFR + 1.34%), 07/20/38 (j) | 716 | 718 |
| Allegro CLO XV, Ltd. |  |  |
| Series 2022-A1R-1A, 5.06%, (3 Month Term SOFR + 1.18%), 04/20/38 (j) | 893 | 893 |
| ALTDE 2025-1 Trust |  |  |
| Series 2025-A-1A, 5.90%, 02/15/32 (f) | 744 | 756 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ares LIV CLO Ltd |  |  |
| Series 2019-AR2-54A, 5.21%, (3 Month Term SOFR + 1.31%), 07/15/38 (j) | 643 | 645 |
| Ares LIX CLO Ltd |  |  |
| Series 2021-A-59A, 5.15%, (3 Month Term SOFR + 1.29%), 04/25/34 (j) | 521 | 521 |
| Ares Loan Funding V, Ltd. |  |  |
| Series 2024-A1-ALF5A, 5.36%, (3 Month Term SOFR + 1.50%), 07/27/37 (j) | 1092 | 1095 |
| Ares LV CLO Ltd |  |  |
| Series 2020-A1R2-55A, 5.27%, (3 Month Term SOFR + 1.37%), 10/15/37 (j) | 652 | 654 |
| Ares LVIII CLO Ltd. |  |  |
| Series 2020-A1R2-58A, 5.14%, (3 Month Term SOFR + 1.24%), 04/15/38 (j) | 908 | 909 |
| Ares LXX CLO Ltd |  |  |
| Series 2023-A1R-70A, 4.94%, (3 Month Term SOFR + 1.25%), 01/25/39 (j) | 775 | 775 |
| Ares XLI CLO Ltd. |  |  |
| Series 2016-AR2-41A, 5.24%, (3 Month Term SOFR + 1.33%), 04/17/34 (j) | 2135 | 2136 |
| ARI Fleet Lease Trust 2024-B |  |  |
| Series 2024-A2-B, 5.54%, 02/16/27 | 137 | 137 |
| Bain Capital Credit CLO 2023-2, Limited |  |  |
| Series 2023-A1R-2A, 5.20%, (3 Month Term SOFR + 1.32%), 07/18/38 (j) | 943 | 945 |
| Bain Capital Credit CLO 2023-4 Ltd |  |  |
| Series 2023-A1R-4A, 5.00%, (3 Month Term SOFR + 1.23%), 01/21/39 (j) | 915 | 916 |
| BAMLL Commercial Mortgage Securities Trust 2019-BPR |  |  |
| Series 2019-ANM-BPR, REMIC, 3.11%, 11/05/32 | 400 | 384 |
| Series 2019-BNM-BPR, REMIC, 3.47%, 11/05/32 | 100 | 96 |
| Bank 2017-BNK6 |  |  |
| Series 2017-ASB-BNK6, REMIC, 3.29%, 07/17/26 | 15 | 15 |
| Bank 2019-BNK21 |  |  |
| Series 2019-A5-BN21, REMIC, 2.85%, 09/17/29 | 94 | 89 |
| Bank 2020-BNK25 |  |  |
| Interest Only, Series 2020-XB-BN25, REMIC, 0.44%, 01/18/63 (j) | 3200 | 49 |
| Bank 2022-BNK44 |  |  |
| Series 2022-A5-BNK44, REMIC, 5.74%, 10/18/32 (j) | 3815 | 4046 |
| Bank5 2025-5YR16 |  |  |
| Interest Only, Series 2025-XB-5YR19, REMIC, 0.60%, 12/17/58 (j) | 1000 | 29 |
| Interest Only, Series 2025-XB-5YR16, REMIC, 0.35%, 08/17/63 (j) | 1600 | 29 |
| Barings CLO Ltd 2020-I |  |  |
| Series 2020-A1R2-1A, 5.58%, (3 Month Term SOFR + 1.26%), 01/15/38 (j) | 589 | 590 |
| Barings CLO Ltd 2023-IV |  |  |
| Series 2023-A-4A, 5.63%, (3 Month Term SOFR + 1.75%), 01/20/37 (j) | 1424 | 1426 |
| Barings CLO Ltd. 2020-IV |  |  |
| Series 2020-AR-4A, 5.25%, (3 Month Term SOFR + 1.37%), 10/20/37 (j) | 1190 | 1192 |
| Barings CLO Ltd. 2021-I |  |  |
| Series 2021-A-1A, 5.14%, (3 Month Term SOFR + 1.28%), 04/25/34 (j) | 1146 | 1147 |
| BCRED BSL Static CLO 2025-1 Ltd |  |  |
| Series 2025-AR-1A, 5.58%, (3 Month Term SOFR + 1.25%), 07/24/35 (j) | 875 | 875 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-A5-B4, REMIC, 4.12%, 06/16/28 (j) | 106 | 105 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-ASB-B10, REMIC, 3.62%, 11/17/28 | 131 | 128 |
| Benchmark 2019-B12 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B12, REMIC, 1.02%, 08/16/52 (j) | 6273 | 154 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.75%, 12/15/62 (j) | 4262 | 82 |
| Benchmark 2019-B9 Mortgage Trust |  |  |
| Series 2019-AAB-B9, REMIC, 3.93%, 09/15/28 | 240 | 239 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.23%, 07/17/54 (j) | 2023 | 95 |
| Benefit Street Partners CLO 44 Ltd |  |  |
| Series 2025-A1-44A, 4.95%, (3 Month Term SOFR + 1.22%), 01/18/39 (j) | 784 | 785 |
| Bethpage Park CLO, Ltd. |  |  |
| Series 2021-A-1A, 5.30%, (3 Month Term SOFR + 1.39%), 01/16/35 (j) | 638 | 639 |
| BHG Securitization Trust 2025-2CON |  |  |
| Series 2025-A-2CON, 4.84%, 09/17/36 | 179 | 181 |
| Blackbird Capital II Aircraft Lease Limited |  |  |
| Series 2021-A-1A, 2.44%, 07/17/28 (f) | 836 | 791 |
| BLP Commercial Mortgage Trust |  |  |
| Series 2024-A-IND2, REMIC, 5.09%, (1 Month Term SOFR + 1.34%), 03/16/26 (j) | 482 | 482 |
| Blueberry Park CLO, Ltd. |  |  |
| Series 2024-A-1A, 5.23%, (3 Month Term SOFR + 1.35%), 10/20/37 (j) | 1264 | 1266 |
| BMO 2025-5C13 Mortgage Trust |  |  |
| Series 2025-A2-5C13, REMIC, 4.74%, 11/18/30 | 200 | 202 |
| BMP 2024-MF23 |  |  |
| Series 2024-A-MF23, 5.12%, (1 Month Term SOFR + 1.37%), 06/15/26 (j) | 749 | 750 |
| Series 2024-B-MF23, 5.39%, (1 Month Term SOFR + 1.64%), 06/15/26 (j) | 370 | 370 |
| Series 2024-C-MF23, 5.59%, (1 Month Term SOFR + 1.84%), 06/15/26 (j) | 261 | 261 |
| Brant Point CLO 2025-8 Ltd |  |  |
| Series 2025-D1-8A, 6.85%, (3 Month Term SOFR + 2.85%), 03/31/38 (j) | 100 | 100 |
| Bravo Residential Funding Trust 2023-RPL 1 |  |  |
| Series 2023-A1-RPL1, REMIC, 5.00%, 05/25/63 (j) | 498 | 503 |
| BRAVO Residential Funding Trust 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.50%, 02/25/65 (f) | 246 | 249 |
| BX 2021-PAC Mortgage Trust |  |  |
| Series 2021-A-PAC, REMIC, 4.55%, (1 Month Term SOFR + 0.80%), 11/15/38 (j) | 1203 | 1199 |
| Series 2021-B-PAC, REMIC, 4.76%, (1 Month Term SOFR + 1.01%), 11/15/38 (j) | 180 | 179 |
| Series 2021-C-PAC, REMIC, 4.96%, (1 Month Term SOFR + 1.21%), 11/15/38 (j) | 241 | 240 |
| Series 2021-D-PAC, REMIC, 5.16%, (1 Month Term SOFR + 1.41%), 11/15/38 (j) | 234 | 233 |
| Series 2021-E-PAC, REMIC, 5.81%, (1 Month Term SOFR + 2.06%), 11/15/38 (j) | 813 | 811 |
| BX Commercial Mortgage Trust 2018-BIOA |  |  |
| Series 2025-A-DIME, REMIC, 4.90%, (1 Month Term SOFR + 1.15%), 02/16/27 (j) | 888 | 886 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 4.76%, (1 Month Term SOFR + 1.01%), 02/15/39 (j) | 230 | 229 |
| Series 2022-B-LP2, REMIC, 5.06%, (1 Month Term SOFR + 1.31%), 02/15/39 (j) | 400 | 398 |
| Series 2022-C-LP2, REMIC, 5.31%, (1 Month Term SOFR + 1.56%), 02/15/39 (j) | 328 | 327 |
| Series 2022-D-LP2, REMIC, 5.71%, (1 Month Term SOFR + 1.96%), 02/15/39 (j) | 328 | 327 |
| BX Commercial Mortgage Trust 2023-XL3 |  |  |
| Series 2023-A-XL3, REMIC, 5.51%, (1 Month Term SOFR + 1.76%), 12/17/40 (j) | 614 | 614 |
| Series 2023-B-XL3, REMIC, 5.94%, (1 Month Term SOFR + 2.19%), 12/17/40 (j) | 168 | 167 |
| Series 2023-C-XL3, REMIC, 6.39%, (1 Month Term SOFR + 2.64%), 12/17/40 (j) | 74 | 74 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-A-GPA3, REMIC, 5.04%, (1 Month Term SOFR + 1.29%), 12/15/26 (j) | 286 | 286 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.39%, (1 Month Term SOFR + 1.64%), 05/15/29 (j) | 1265 | 1267 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-A-XL4, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 02/17/26 (j) | 1224 | 1223 |
| Series 2024-B-XL4, REMIC, 5.54%, (1 Month Term SOFR + 1.79%), 02/17/26 (j) | 115 | 115 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.14%, (1 Month Term SOFR + 1.39%), 03/15/26 (j) | 2092 | 2093 |
| Series 2024-B-XL5, REMIC, 5.44%, (1 Month Term SOFR + 1.69%), 03/15/26 (j) | 372 | 372 |
| Series 2024-C-XL5, REMIC, 5.69%, (1 Month Term SOFR + 1.94%), 03/15/26 (j) | 493 | 494 |
| BX Commercial Mortgage Trust 2025-SPOT |  |  |
| Series 2025-A-SPOT, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 04/15/27 (j) | 1795 | 1795 |
| Series 2025-B-SPOT, REMIC, 5.49%, (1 Month Term SOFR + 1.74%), 04/15/27 (j) | 645 | 645 |
| BX Trust 2021-LBA |  |  |
| Series 2021-AJV-LBA, REMIC, 4.66%, (1 Month Term SOFR + 0.91%), 02/15/28 (j) | 100 | 100 |
| BX Trust 2022-IND |  |  |
| Series 2022-A-IND, REMIC, 5.24%, (1 Month Term SOFR + 1.49%), 04/15/37 (j) | 571 | 571 |
| Series 2022-B-IND, REMIC, 5.69%, (1 Month Term SOFR + 1.94%), 04/15/37 (j) | 427 | 428 |
| Series 2022-C-IND, REMIC, 6.04%, (1 Month Term SOFR + 2.29%), 04/15/37 (j) | 97 | 97 |
| Series 2022-D-IND, REMIC, 6.59%, (1 Month Term SOFR + 2.84%), 04/15/37 (j) | 80 | 81 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 04/15/29 (j) | 1458 | 1456 |
| Series 2024-B-CNYN, REMIC, 5.44%, (1 Month Term SOFR + 1.69%), 04/15/29 (j) | 232 | 233 |
| Series 2024-C-CNYN, REMIC, 5.69%, (1 Month Term SOFR + 1.94%), 04/15/29 (j) | 193 | 194 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-A-ROIC, REMIC, 4.89%, (1 Month Term SOFR + 1.14%), 03/15/27 (j) | 3334 | 3327 |
| Series 2025-B-ROIC, REMIC, 5.14%, (1 Month Term SOFR + 1.39%), 03/15/27 (j) | 382 | 380 |
| Series 2025-C-ROIC, REMIC, 5.29%, (1 Month Term SOFR + 1.54%), 03/15/27 (j) | 538 | 536 |
| BX Trust 2025-TAIL |  |  |
| Series 2025-A-TAIL, 5.13%, (1 Month Term SOFR + 1.40%), 06/15/27 (j) | 347 | 347 |
| Carlyle US CLO 2021-10 LTD |  |  |
| Series 2021-A1R-10A, 5.19%, (3 Month Term SOFR + 1.31%), 01/20/38 (j) | 728 | 730 |
| Carlyle US CLO 2021-11 LTD |  |  |
| Series 2021-A1R-11A, 5.27%, (3 Month Term SOFR + 1.41%), 07/27/37 (j) | 1277 | 1280 |
| Carlyle US CLO 2025-6 LTD |  |  |
| Series 2025-A1-6A, 4.91%, (3 Month Term SOFR + 1.22%), 01/20/39 (j) | 886 | 886 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (f) | 24 | 24 |
| Cedar Funding X CLO Ltd |  |  |
| Series 2019-AR2-10A, 5.24%, (3 Month Term SOFR + 1.36%), 10/20/37 (j) | 710 | 711 |
| Cedar Funding XII CLO Ltd |  |  |
| Series 2020-ARR-12A, 5.06%, (3 Month Term SOFR + 1.20%), 01/25/38 (j) | 857 | 857 |
| Cedar Funding XV CLO Ltd |  |  |
| Series 2022-A-15A, 5.20%, (3 Month Term SOFR + 1.32%), 04/20/35 (j) | 1052 | 1052 |
| Cedar Funding XVII CLO Ltd. |  |  |
| Series 2023-AR-17A, 5.23%, (3 Month Term SOFR + 1.35%), 07/20/38 (j) | 877 | 879 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 4.92%, (1 Month Term SOFR + 5.09%), 07/12/30 (j) | 716 | 723 |
| CENT TRUST 2025-CITY |  |  |
| Interest Only, Series 2025-X-CITY, REMIC, 0.21%, 07/10/40 (j) | 8500 | 58 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/26 | 1438 | 1158 |
| CFCRE 2016-C7 Mortgage Trust |  |  |
| Series 2016-A2-C7, REMIC, 3.59%, 11/13/26 | 167 | 166 |
| CFCRE 2017-C8 Mortgage Trust |  |  |
| Series 2017-A3-C8, REMIC, 3.30%, 03/17/27 | 898 | 889 |
| CFMT 2024-HB13, LLC |  |  |
| Series 2024-A-HB13, 3.00%, 05/25/27 | 280 | 273 |
| CFMT 2024-HB15, LLC |  |  |
| Series 2024-A-HB15, 4.00%, 08/25/27 | 139 | 136 |
| Chesapeake Funding II LLC |  |  |
| Series 2023-A1-2A, 6.16%, 11/16/26 | 151 | 153 |
| Series 2024-A1-1A, 5.52%, 09/15/27 | 308 | 311 |
| CIFC Funding 2019-V Ltd |  |  |
| Series 2019-A1R2-5A, 5.36%, (3 Month Term SOFR + 1.27%), 10/15/38 (j) | 823 | 825 |
| CIFC Funding 2025-VI Ltd |  |  |
| Series 2025-A1-6A, 5.11%, (3 Month Term SOFR + 1.25%), 10/23/38 (j) | 545 | 546 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Interest Only, Series 2019-XA-GC41, REMIC, 1.01%, 08/11/56 (j) | 3141 | 90 |
| Clover CLO 2019-1 Ltd |  |  |
| Series 2019-ARR-1A, 4.88%, (3 Month Term SOFR + 1.00%), 04/18/35 (j) | 1044 | 1044 |
| COMM 2005-C6 |  |  |
| Series 2025-A-ELP, REMIC, 4.60%, 11/15/30 (j) | 537 | 535 |
| CSAIL 2018-CX12 Commercial Mortgage Trust |  |  |
| Series 2018-A3-CX12, REMIC, 3.96%, 05/17/28 | 210 | 208 |
| DB Master Finance LLC |  |  |
| Series 2021-A2I-1A, 2.05%, 11/20/26 | 360 | 353 |
| Series 2017-A2II-1A, 4.03%, 11/20/27 | 3584 | 3585 |
| Series 2025-A2I-1A, 4.89%, 11/20/30 | 670 | 672 |
| Series 2025-A2II-1A, 5.17%, 11/22/32 | 545 | 549 |
| Dext ABS 2025-2, LLC |  |  |
| Series 2025-A3-2, 4.23%, 04/15/36 | 135 | 135 |
| DLLAA 2023-1 LLC |  |  |
| Series 2023-A3-1A, 5.64%, 02/22/28 | 205 | 207 |
| DLLAD 2023-1 LLC |  |  |
| Series 2023-A3-1A, 4.79%, 03/22/27 | 168 | 169 |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 3532 | 3513 |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2022-A1R-108A, 5.24%, (3 Month Term SOFR + 1.36%), 07/18/37 (j) | 1705 | 1708 |
| Dryden 85 CLO Ltd |  |  |
| Series 2020-A1R2-85A, 5.28%, (3 Month Term SOFR + 1.38%), 07/15/37 (j) | 1266 | 1269 |
| Dryden 98 CLO Ltd |  |  |
| Series 2022-A-98A, 5.18%, (3 Month Term SOFR + 1.30%), 04/20/35 (j) | 591 | 591 |
| DTP Commercial Mortgage Trust 2023-STE2 |  |  |
| Series 2023-A-STE2, REMIC, 6.04%, 01/18/29 (j) | 282 | 290 |
| Eaton Vance CLO 2019-1, Ltd. |  |  |
| Series 2019-AR2-1A, 5.41%, (3 Month Term SOFR + 1.51%), 07/15/37 (j) | 1021 | 1023 |
| Eaton Vance CLO 2020-1, Ltd. |  |  |
| Series 2020-ARR-1A, 5.29%, (3 Month Term SOFR + 1.39%), 10/15/37 (j) | 1146 | 1149 |
| Eaton Vance CLO 2020-2 Ltd |  |  |
| Series 2020-AR2-2A, 5.28%, (3 Month Term SOFR + 1.38%), 10/15/37 (j) | 1020 | 1021 |
| Enterprise Fleet Financing 2024-2, LLC |  |  |
| Series 2024-A2-2, 5.74%, 05/20/26 | 165 | 166 |
| Exeter Select Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.83%, 11/16/26 | 78 | 78 |
| Series 2025-A3-1, 4.69%, 03/15/28 | 115 | 116 |
| Extended Stay America Trust 2025-ESH |  |  |
| Series 2025-A-ESH, REMIC, 5.05%, (1 Month Term SOFR + 1.30%), 10/15/30 (j) | 1660 | 1661 |
| Series 2025-B-ESH, REMIC, 5.35%, (1 Month Term SOFR + 1.60%), 10/15/30 (j) | 295 | 295 |
| Series 2025-C-ESH, REMIC, 5.60%, (1 Month Term SOFR + 1.85%), 10/15/30 (j) | 145 | 145 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flatiron CLO 20 Ltd |  |  |
| Series 2020-A1R2-1A, 5.13%, (3 Month Term SOFR + 1.24%), 11/20/38 (j) | 1862 | 1861 |
| Flatiron CLO 21 Ltd |  |  |
| Series 2021-A1R-1A, 5.68%, (3 Month Term SOFR + 1.36%), 10/19/37 (j) | 1103 | 1106 |
| Flatiron CLO 26 Ltd. |  |  |
| Series 2024-A-4A, 5.65%, (3 Month Term SOFR + 1.33%), 01/15/38 (j) | 1041 | 1043 |
| Flatiron CLO 31 Ltd |  |  |
| Series 2025-A1-31A, 4.87%, (3 Month Term SOFR + 1.20%), 01/18/39 (j) | 777 | 777 |
| Flatiron CLO 32 Ltd |  |  |
| Series 2025-A1-32A, 5.60%, (3 Month Term SOFR + 1.29%), 10/22/38 (j) | 849 | 852 |
| Flatiron RR CLO 30 Ltd |  |  |
| Series 2025-A1-30A, REMIC, 5.06%, (3 Month Term SOFR + 1.16%), 04/15/38 (j) | 905 | 904 |
| GGAM Master Trust International Ltd |  |  |
| Series 2025-A-1A, 5.92%, 09/30/60 | 1900 | 1911 |
| Gilead 2025-1 Aviation Limited |  |  |
| Series 2025-A-1A, 5.79%, 03/15/32 (f) | 1271 | 1276 |
| GMF Floorplan Owner Revolving Trust |  |  |
| Series 2024-A1-4A, REMIC, 4.73%, 11/15/27 | 750 | 760 |
| Green Lakes Park CLO LLC |  |  |
| Series 2025-ARR-1A, 5.04%, (3 Month Term SOFR + 1.18%), 01/25/38 (j) | 905 | 904 |
| GS Mortgage Securities Trust 2017-GS6 |  |  |
| Series 2017-A2-GS6, REMIC, 3.16%, 03/12/27 | 92 | 91 |
| GS Mortgage-Backed Securities Trust 2024-RPL2 |  |  |
| Series 2024-A1-RPL2, REMIC, 3.12%, 02/25/26 (j) (q) | 330 | 323 |
| GS Mortgage-Backed Securities Trust 2024-RPL4 |  |  |
| Series 2024-A1-RPL4, REMIC, 3.90%, 07/25/26 (f) | 607 | 599 |
| Hamlin Park CLO Ltd |  |  |
| Series 2024-A-1A, 5.22%, (3 Month Term SOFR + 1.34%), 10/20/37 (j) | 1015 | 1018 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/38 (f) | 103 | 101 |
| INTL Commercial Mortgage Trust 2025-PLAZA |  |  |
| Series 2025-A-PLAZA, REMIC, 5.04%, 11/07/30 (j) | 490 | 492 |
| Invesco US CLO 2024-1 Ltd |  |  |
| Series 2024-AR-1RA, 5.45%, (3 Month Term SOFR + 1.55%), 04/15/37 (j) | 959 | 960 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-AFX-WPT, REMIC, 4.25%, 07/08/33 | 339 | 325 |
| J.P. Morgan Mortgage Trust 2025-NQM2 |  |  |
| Series 2025-A1-NQM2, REMIC, 5.57%, 05/25/29 (j) | 183 | 185 |
| Jersey Mike's Funding, LLC |  |  |
| Series 2024-A2-1A, 5.64%, 02/15/32 | 1211 | 1233 |
| Series 2025-A2-1A, 5.61%, 08/16/32 | 529 | 538 |
| JPMDB Commercial Mortgage Securities Trust 2016-C4 |  |  |
| Series 2016-ASB-C4, REMIC, 2.99%, 06/17/26 | 19 | 19 |
| Series 2016-A2-C4, REMIC, 2.88%, 09/17/26 | 180 | 177 |
| Lakeside Park CLO Ltd |  |  |
| Series 2025-A-1A, 5.05%, (3 Month Term SOFR + 1.15%), 04/15/38 (j) | 658 | 658 |
| LIFE 2021-BMR Mortgage Trust |  |  |
| Series 2021-C-BMR, REMIC, 4.96%, (1 Month Term SOFR + 1.21%), 03/15/38 (j) | 17 | 17 |
| Series 2021-D-BMR, REMIC, 5.26%, (1 Month Term SOFR + 1.51%), 03/15/38 (j) | 159 | 158 |
| Series 2021-E-BMR, REMIC, 5.61%, (1 Month Term SOFR + 1.86%), 03/15/38 (j) | 139 | 138 |
| LIFE 2022-BMR2 Mortgage Trust |  |  |
| Series 2022-A1-BMR2, REMIC, 5.05%, (1 Month Term SOFR + 1.30%), 05/17/38 (j) | 2042 | 1968 |
| Series 2022-B-BMR2, REMIC, 5.54%, (1 Month Term SOFR + 1.79%), 05/17/38 (j) | 1221 | 1112 |
| Series 2022-C-BMR2, REMIC, 5.84%, (1 Month Term SOFR + 2.09%), 05/17/38 (j) | 684 | 615 |
| Series 2022-D-BMR2, REMIC, 6.29%, (1 Month Term SOFR + 2.54%), 05/17/38 (j) | 608 | 538 |
| Madison Park Funding Ltd |  |  |
| Series 2021-A-50A, 5.29%, (3 Month Term SOFR + 1.40%), 04/19/34 (j) | 1340 | 1341 |
| Madison Park Funding XIII, Ltd |  |  |
| Series 2024-A1-67A, 5.37%, (3 Month Term SOFR + 1.51%), 04/25/37 (j) | 1211 | 1214 |
| Madison Park Funding XIX, Ltd. |  |  |
| Series 2015-AR3-19A, 5.93%, (3 Month Term SOFR + 1.60%), 01/22/37 (j) | 469 | 469 |
| Madison Park Funding XLV Ltd |  |  |
| Series 2020-ARR-45A, 4.98%, (3 Month Term SOFR + 1.08%), 07/15/34 (j) | 653 | 653 |
| Magnetite XLI, Limited |  |  |
| Series 2024-A-41A, REMIC, 5.15%, (3 Month Term SOFR + 1.29%), 01/25/38 (j) | 596 | 597 |
| Magnetite Xlv Ltd |  |  |
| Series 2025-A1-45A, REMIC, 5.05%, (3 Month Term SOFR + 1.15%), 04/15/38 (j) | 635 | 635 |
| Magnetite XXI, Limited |  |  |
| Series 2019-AR-21A, 5.17%, (3 Month Term SOFR + 1.28%), 04/20/34 (j) | 920 | 920 |
| Magnetite XXIII Ltd |  |  |
| Series 2019-AR-23A, 5.25%, (3 Month Term SOFR + 1.39%), 01/25/35 (j) | 731 | 732 |
| Magnetite XXIX, Limited |  |  |
| Series 2021-AR-29A, 5.25%, (3 Month Term SOFR + 1.35%), 07/15/37 (j) | 1150 | 1153 |
| Magnetite XXVI Ltd |  |  |
| Series 2020-AR2-26A, 5.01%, (3 Month Term SOFR + 1.15%), 01/25/38 (j) | 870 | 869 |
| Magnetite XXVIII Ltd |  |  |
| Series 2020-A1RR-28A, 5.56%, (3 Month Term SOFR + 1.24%), 01/15/38 (j) | 1209 | 1209 |
| Magnetite XXX, Limited |  |  |
| Series 2021-AR-30A, 5.21%, (3 Month Term SOFR + 1.35%), 10/25/37 (j) | 1072 | 1074 |
| Magnetite XXXVI Ltd |  |  |
| Series 2023-AR-36A, 5.18%, (3 Month Term SOFR + 1.32%), 07/26/38 (j) | 863 | 865 |
| Merchants Fleet Funding LLC |  |  |
| Series 2023-A-1A, 7.21%, 05/20/26 | 222 | 223 |
| Series 2024-A-1A, 5.82%, 08/20/27 | 450 | 453 |
| Series 2025-A-1A, 4.49%, 01/20/39 | 200 | 201 |
| MFA 2024-RPL1 Trust |  |  |
| Series 2024-A1-RPL1, REMIC, 4.25%, 02/25/66 (j) | 169 | 162 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-A-STOR, REMIC, 4.57%, (1 Month Term SOFR + 0.81%), 07/15/38 (j) | 603 | 602 |
| MHP Commercial Mortgage Trust 2025-MHIL2 |  |  |
| Series 2025-A-MHIL2, REMIC, 5.25%, (1 Month Term SOFR + 1.50%), 09/15/27 (j) | 751 | 751 |
| Morgan Stanley & Co. LLC |  |  |
| Series 2019-A3-L2, REMIC, 3.81%, 01/18/29 | 449 | 446 |
| Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
| Series 2016-A4-UB11, REMIC, 2.78%, 08/17/26 | 700 | 693 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-A4-H1, REMIC, 3.26%, 03/17/27 | 700 | 693 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-A-NUGS, REMIC, 4.81%, (1 Month Term SOFR + 1.06%), 12/15/36 (j) | 900 | 678 |
| Morgan Stanley Eaton Vance CLO 2025-21 Ltd |  |  |
| Series 2025-A1-21A, 5.07%, (3 Month Term SOFR + 1.17%), 04/15/38 (j) | 1085 | 1083 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.53%, 05/25/70 (j) | 167 | 169 |
| Navigator 2025-1 Aviation Ltd |  |  |
| Series 2025-A-1, 5.11%, 10/15/50 | 1244 | 1231 |
| Neuberger Berman Loan Advisers CLO 25 Ltd |  |  |
| Series 2017-AR2-25A, 5.28%, (3 Month Term SOFR + 1.40%), 07/18/38 (j) | 965 | 967 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NYMT Loan Trust 2022-CP1 |  |  |
| Series 2022-A1-CP1, 2.04%, 09/25/27 | 107 | 101 |
| NYMT Loan Trust 2024-CP1 |  |  |
| Series 2024-A1-CP1, REMIC, 3.75%, 08/25/37 | 246 | 234 |
| Oak Hill Credit Partners |  |  |
| Series 2024-A1-18A, 5.38%, (3 Month Term SOFR + 1.50%), 04/20/37 (j) | 1393 | 1397 |
| Series 2024-A2-18A, 5.53%, (3 Month Term SOFR + 1.65%), 04/20/37 (j) | 250 | 250 |
| OCP Aegis CLO 2025-47 Ltd |  |  |
| Series 2025-A1-47A, 4.82%, (3 Month Term SOFR + 1.11%), 01/21/38 (j) | 714 | 714 |
| OCP CLO 2015-8, Ltd. |  |  |
| Series 2020-AR2-8RA, 5.10%, (3 Month Term SOFR + 1.22%), 10/18/38 (j) | 806 | 807 |
| OCP CLO 2018-15 Ltd |  |  |
| Series 2018-AR-15A, 5.13%, (3 Month Term SOFR + 1.25%), 01/20/38 (j) | 550 | 551 |
| OCP CLO 2025-44 Ltd |  |  |
| Series 2025-A-44A, 5.56%, (3 Month Term SOFR + 1.30%), 10/25/38 (j) | 891 | 893 |
| OCP CLO 2025-46 Ltd |  |  |
| Series 2025-A-46A, 4.97%, (3 Month Term SOFR + 1.20%), 10/15/38 (j) | 555 | 555 |
| Ocwen Loan Investment Trust 2023-HB1 |  |  |
| Series 2023-A-HB1, 3.00%, 06/25/26 (j) | 17 | 17 |
| OCWEN Loan Investment Trust 2024-HB1 |  |  |
| Series 2024-A-HB1, 3.00%, 02/25/27 | 37 | 36 |
| OHA Credit Funding 13 Ltd |  |  |
| Series 2022-AR-13A, 5.23%, (3 Month Term SOFR + 1.35%), 07/20/37 (j) | 1592 | 1595 |
| OHA Credit Funding 14-R Ltd |  |  |
| Series 2023-A-14RA, 5.11%, (3 Month Term SOFR + 1.23%), 04/20/38 (j) | 594 | 594 |
| OHA Credit Funding 17 Ltd |  |  |
| Series 2024-A-17A, 5.20%, (3 Month Term SOFR + 1.32%), 01/18/38 (j) | 374 | 375 |
| OHA Credit Funding 4 Ltd. |  |  |
| Series 2019-AR2-4A, 5.15%, (3 Month Term SOFR + 1.29%), 01/22/38 (j) | 1088 | 1090 |
| OHA Credit Funding 5 Ltd. |  |  |
| Series 2012-AR4-7A, 5.03%, (3 Month Term SOFR + 1.14%), 02/20/38 (j) | 979 | 977 |
| OHA Credit Funding 6 Ltd |  |  |
| Series 2020-AR2-6A, 5.21%, (3 Month Term SOFR + 1.33%), 10/20/37 (j) | 857 | 858 |
| Onity Loan Investment Trust 2024-HB2 |  |  |
| Series 2024-A-HB2, 5.00%, 08/25/27 | 112 | 112 |
| Onity Loan Investment Trust 2025-HB2 |  |  |
| Series 2025-A-HB2, 3.00%, 11/25/28 (j) (q) | 248 | 241 |
| Oportun Issuance Trust 2025-B |  |  |
| Series 2025-A-B, 4.88%, 11/08/27 | 300 | 303 |
| Palmer Square Loan Funding 2024-2 Ltd |  |  |
| Series 2024-A1N-2A, 4.90%, (3 Month Term SOFR + 1.00%), 01/15/33 (j) | 430 | 430 |
| Palmer Square Loan Funding 2025-1 Ltd |  |  |
| Series 2025-A1-1A, 4.65%, (3 Month Term SOFR + 0.80%), 02/15/33 (j) | 920 | 918 |
| Palmer Square Loan Funding 2025-2 Ltd |  |  |
| Series 2025-A1-2A, 5.18%, (3 Month Term SOFR + 0.94%), 07/15/33 (j) | 847 | 847 |
| Peace Park CLO Ltd |  |  |
| Series 2021-AR-1A, 5.13%, (3 Month Term SOFR + 1.25%), 10/20/38 (j) | 898 | 899 |
| PK Alift Loan Funding 3 LP |  |  |
| Series 2024-A1-1, 5.84%, 06/15/29 | 177 | 180 |
| Planet Fitness Master |  |  |
| Series 2022-A2II-1A, 4.01%, 12/07/26 | 592 | 546 |
| Series 2019-A2-1A, 3.86%, 12/05/49 (d) | 621 | 594 |
| Series 2025-A2I-1A, 5.27%, 12/06/55 | 535 | 538 |
| PRET 2024-RPL1 Trust |  |  |
| Series 2024-A1-RPL1, REMIC, 3.90%, 10/25/63 (j) | 389 | 375 |
| PRET 2025-RPL3 Trust |  |  |
| Series 2025-A1-RPL3, REMIC, 4.15%, 04/25/65 (f) | 284 | 280 |
| PRMI Securitization Trust 2024-CMG1 |  |  |
| Series 2024-A1-CMG1, REMIC, 4.41%, (1 Month Term SOFR + 1.45%), 07/25/54 (j) (q) | 396 | 395 |
| PRPM 2024-RCF4, LLC |  |  |
| Series 2024-A1-RCF4, REMIC, 4.00%, 07/25/28 (f) | 135 | 134 |
| PRPM 2024-RCF6, LLC |  |  |
| Series 2024-A1-RCF6, 4.00%, 10/25/64 (f) | 82 | 81 |
| PRPM 2024-RPL2, LLC |  |  |
| Series 2024-A1-RPL2, 3.50%, 05/25/28 (f) | 638 | 625 |
| PRPM 2025-RCF3, LLC |  |  |
| Series 2025-A1-RCF3, REMIC, 5.25%, 07/26/55 (f) | 170 | 171 |
| PRPM 2025-RCF5, LLC |  |  |
| Series 2025-A1-RCF5, REMIC, 4.84%, 10/25/55 (f) | 287 | 286 |
| RR 34 LTD |  |  |
| Series 2024-A1R-34RA, 5.25%, (3 Month Term SOFR + 1.35%), 10/15/39 (j) | 478 | 479 |
| RR 7 Ltd |  |  |
| Series 2019-A1AB-7A, 5.24%, (3 Month Term SOFR + 1.34%), 01/15/37 (j) | 1141 | 1142 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 365 | 365 |
| Series 2020-2C-2, 2.33%, 01/15/28 | 279 | 267 |
| Silver Aircraft Lease Investment Limited |  |  |
| Series 2019-A-1, 3.97%, 07/15/26 (f) | 467 | 456 |
| Sixth Street CLO XIX, Ltd. |  |  |
| Series 2021-A1R-19A, 5.16%, (3 Month Term SOFR + 1.28%), 07/17/37 (j) | 540 | 541 |
| Sixth Street CLO XVIII Ltd |  |  |
| Series 2021-A1R-18A, 5.13%, (3 Month Term SOFR + 1.25%), 10/18/38 (j) | 819 | 820 |
| Sixth Street CLO XX Ltd |  |  |
| Series 2021-A1R-20A, 5.20%, (3 Month Term SOFR + 1.32%), 07/19/38 (j) | 697 | 699 |
| SLAM 2025-1 Ltd |  |  |
| Series 2025-A-1A, 5.81%, 05/15/32 (f) | 584 | 596 |
| SPGN 2022-TFLM Mortgage Trust |  |  |
| Series 2022-B-TFLM, REMIC, 5.75%, (1 Month Term SOFR + 2.00%), 02/15/39 (j) | 278 | 277 |
| Series 2022-C-TFLM, REMIC, 6.40%, (1 Month Term SOFR + 2.65%), 02/15/39 (j) | 145 | 145 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-A-MFP, REMIC, 4.60%, (1 Month Term SOFR + 0.85%), 11/15/38 (j) | 1438 | 1437 |
| Series 2021-B-MFP, REMIC, 4.94%, (1 Month Term SOFR + 1.19%), 11/15/38 (j) | 531 | 531 |
| Series 2021-C-MFP, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 11/15/38 (j) | 330 | 329 |
| Series 2021-D-MFP, REMIC, 5.44%, (1 Month Term SOFR + 1.69%), 11/15/38 (j) | 216 | 216 |
| Subway Funding LLC |  |  |
| Series 2024-A2I-3A, 5.25%, 07/30/29 | 1237 | 1234 |
| Series 2024-A2II-3A, 5.57%, 07/30/29 | 585 | 580 |
| Series 2024-A23-3A, 5.91%, 07/30/29 | 1186 | 1180 |
| Series 2024-A2I-1A, 6.03%, 07/30/29 | 1666 | 1689 |
| Series 2024-A2II-1A, 6.27%, 07/30/31 | 991 | 1012 |
| Series 2024-A23-1A, 6.51%, 07/30/34 | 869 | 898 |
| Symphony CLO 43 Ltd |  |  |
| Series 2024-A1-43A, 5.42%, (3 Month Term SOFR + 1.52%), 04/15/37 (j) | 856 | 858 |
| Symphony CLO XXVI, Ltd. |  |  |
| Series 2021-AR-26A, 5.23%, (3 Month Term SOFR + 1.34%), 04/20/33 (j) | 1278 | 1279 |
| Taco Bell Funding, LLC |  |  |
| Series 2025-A2I-1A, 4.82%, 08/25/55 | 1170 | 1162 |
| TCO Commercial Mortgage Trust 2024-DPM |  |  |
| Series 2024-A-DPM, REMIC, 5.05%, (1 Month Term SOFR + 1.30%), 12/17/29 (j) | 1112 | 1112 |
| Series 2024-B-DPM, REMIC, 5.40%, (1 Month Term SOFR + 1.65%), 12/17/29 (j) | 271 | 271 |
| Series 2024-C-DPM, REMIC, 5.80%, (1 Month Term SOFR + 2.05%), 12/17/29 (j) | 200 | 200 |
| Thunderbolt II Aircraft Lease Limited |  |  |
| Series 2018-A-A, 4.15%, 09/15/38 (f) | 288 | 285 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Thunderbolt III Aircraft Lease Limited |  |  |
| Series 2019-A-1, 3.67%, 11/15/26 (f) | 426 | 415 |
| Upgrade Receivables Trust 2024-1 |  |  |
| Series 2024-A-1A, 5.37%, 02/18/31 | 4 | 4 |
| Verus Securitization Trust 2025-5 |  |  |
| Series 2025-A1-5, REMIC, 5.43%, 06/25/70 (f) | 272 | 274 |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-A1-6, 5.42%, 07/25/70 (f) | 944 | 952 |
| VLS Commercial Mortgage Trust 2020-LAB |  |  |
| Series 2020-A-LAB, REMIC, 2.13%, 10/11/30 | 1251 | 1072 |
| Series 2020-B-LAB, REMIC, 2.45%, 10/11/30 | 70 | 57 |
| Volofin Finance (Ireland) Designated Activity Company |  |  |
| Series 2024-A-1A, 5.94%, 03/17/31 | 315 | 318 |
| Voya CLO 2020-2 Ltd |  |  |
| Series 2020-A1RR-2A, 5.19%, (3 Month Term SOFR + 1.31%), 01/20/38 (j) | 304 | 304 |
| Voya CLO 2024-1 Ltd |  |  |
| Series 2024-A1-1A, 5.42%, (3 Month Term SOFR + 1.52%), 04/15/37 (j) | 813 | 815 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-ASB-C55, REMIC, 2.65%, 10/17/29 | 172 | 167 |
| Wells Fargo Commercial Mortgage Trust 2021-FCMT |  |  |
| Series 2021-A-FCMT, REMIC, 5.06%, (1 Month Term SOFR + 1.31%), 05/15/31 (j) | 688 | 687 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2024-A1-2A, 4.87%, 02/18/28 | 705 | 712 |
| Series 2025-A1-3A, 4.08%, 09/18/40 | 200 | 201 |
| Willis Engine Structured Trust IX |  |  |
| Series 2025-A-B, 5.16%, 12/15/31 (f) | 500 | 499 |
| Willis Engine Structured Trust VII |  |  |
| Series 2023-A-A, 8.00%, 10/15/29 (f) | 385 | 395 |
| Willis Engine Structured Trust VIII |  |  |
| Series 2025-A-A, 5.58%, 06/16/31 (f) | 756 | 760 |
| World Omni Auto Receivables Trust 2023-C |  |  |
| Series 2023-A3-C, 5.15%, 11/15/28 | 193 | 195 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $186,619) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $186,619) | 186141 |
| **SENIOR FLOATING RATE INSTRUMENTS 4.9%** | **SENIOR FLOATING RATE INSTRUMENTS 4.9%** | **SENIOR FLOATING RATE INSTRUMENTS 4.9%** |
| **Industrials 1.3%** | **Industrials 1.3%** | **Industrials 1.3%** |
| Acosta, Inc. |  |  |
| 2024 Term Loan B, 9.22%, (6 Month Term SOFR + 5.50%), 08/21/31 (j) | 45 | 44 |
| Advantage Sales & Marketing, Inc. |  |  |
| 2024 Term Loan, 8.45%, (3 Month Term SOFR + 4.25%), 10/28/27 (j) | 144 | 119 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.85%, (1 Month Term SOFR + 3.00%), 07/31/28 (j) | 89 | 89 |
| 2024 1st Lien Term Loan B, 6.87%, (1 Month Term SOFR + 3.00%), 07/31/28 (j) | 59 | 59 |
| Air Canada |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 03/14/31 (j) | 64 | 64 |
| Air Comm Corporation, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/21/31 (j) (r) | 7 | 7 |
| 2025 Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 12/11/31 (j) | 2 | 2 |
| 2025 Term Loan, 6.57%, (3 Month Term SOFR + 2.75%), 12/11/31 (j) | 79 | 79 |
| 2025 Term Loan, 6.67%, (3 Month Term SOFR + 2.75%), 12/11/31 (j) | 62 | 62 |
| AlixPartners, LLP |  |  |
| 2025 USD Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 07/29/32 (j) | 178 | 178 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 07/31/31 (j) | 192 | 193 |
| American Airlines, Inc. |  |  |
| 2017 1st Lien Term Loan, 0.00%, (3 Month Term SOFR + 1.75%), 01/29/27 (j) (r) | 75 | 75 |
| 2023 1st Lien Term Loan, 6.26%, (6 Month Term SOFR + 2.25%), 05/29/29 (j) | 98 | 98 |
| 2025 Term Loan B, 7.13%, (3 Month Term SOFR + 3.25%), 05/09/32 (j) | 80 | 80 |
| Amynta Agency Borrower Inc. |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 12/29/31 (j) | 132 | 132 |
| Anticimex International AB |  |  |
| 2021 USD Term Loan B1, 7.31%, (SOFR + 3.40%), 07/21/28 (j) | 64 | 65 |
| 2024 Term Loan B6, 7.31%, (SOFR + 3.40%), 11/16/28 (j) | 33 | 34 |
| 2025 USD Term Loan, 0.00%, (3 Month Term SOFR + 2.90%), 10/31/31 (j) (r) | 50 | 50 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 1.75%), 01/03/29 (j) | 158 | 159 |
| Archkey Solutions LLC |  |  |
| 2024 Delayed Draw Term Loan B, 0.00%, (SOFR + 4.25%), 10/10/31 (j) (r) | 12 | 13 |
| 2024 Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 10/10/31 (j) | 107 | 108 |
| Artera Services, LLC |  |  |
| 2024 Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 02/07/31 (j) (r) | 5 | 4 |
| 2024 Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 02/07/31 (j) | 242 | 194 |
| Arthur US Finco Inc |  |  |
| Term Loan B, 9.25%, (3 Month Term SOFR + 5.25%), 11/08/30 (j) | 138 | 125 |
| Astro Acquisition, LLC |  |  |
| 2025 Term Loan B, 7.12%, (6 Month Term SOFR + 3.25%), 08/14/32 (j) | 70 | 70 |
| Aurora Lux Finco S.a r.l |  |  |
| 2025 Term Loan B, 9.15%, (SOFR + 5.25%), 09/05/32 (j) | 125 | 124 |
| AZZ Inc. |  |  |
| Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 05/06/29 (j) | 72 | 72 |
| Barnes Group Inc |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 12/11/31 (j) | 86 | 86 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 12/26/30 (j) | 79 | 78 |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 7.31%, (3 Month Term SOFR + 3.25%), 06/25/32 (j) | 120 | 121 |
| Bleriot US Bidco Inc. |  |  |
| 2023 Term Loan B, 6.50%, (3 Month Term SOFR + 2.50%), 10/31/28 (j) | 64 | 64 |
| BradyPlus Holdings LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 12/11/32 (j) (r) | 585 | 578 |
| Calpine Construction Finance Company, L.P. |  |  |
| 2025 Repriced Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 07/31/30 (j) | 115 | 115 |
| Cast and Crew Payroll, LLC |  |  |
| 2021 Incremental Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 12/30/28 (j) | 240 | 140 |
| Chart Industries, Inc. |  |  |
| 2024 Term Loan B, 6.48%, (3 Month Term SOFR + 2.50%), 03/15/30 (j) | 76 | 76 |
| CHG Healthcare Services Inc. |  |  |
| 2025 Term Loan B1, 6.59%, (3 Month Term SOFR + 2.75%), 09/29/28 (j) | 121 | 122 |
| Chromalloy Corporation |  |  |
| 2024 Term Loan B, 7.23%, (3 Month Term SOFR + 3.25%), 03/21/31 (j) | 89 | 89 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| Term Loan B, 7.09%, (1 Month Term SOFR + 3.17%), 03/30/29 (j) | 551 | 551 |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 03/27/32 (j) (r) | 1 | 1 |
| 2025 Delayed Draw Term Loan, 7.03%, (1 Month Term SOFR + 3.25%), 03/27/32 (j) | 4 | 4 |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 03/27/32 (j) | 294 | 294 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Conair Holdings, LLC |  |  |
| Term Loan B, 7.78%, (1 Month Term SOFR + 3.75%), 05/13/28 (j) | 129 | 66 |
| Congruex Group LLC |  |  |
| Term Loan, 5.49%, (3 Month Term SOFR + 1.50%), 04/26/29 (j) | 159 | 129 |
| Term Loan, 5.75%, (3 Month Term SOFR + 1.50%), 04/26/29 (j) | 2 | 2 |
| Constant Contact Inc. |  |  |
| Term Loan, 8.17%, (SOFR + 4.00%), 02/10/28 (j) | 370 | 351 |
| Second Lien Term Loan, 11.67%, (SOFR + 7.50%), 02/10/29 (j) | 10 | 9 |
| Construction Partners Inc. |  |  |
| Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 10/30/31 (j) | 109 | 110 |
| Core & Main LP |  |  |
| 2024 Term Loan E, 5.69%, (3 Month Term SOFR + 2.00%), 02/09/31 (j) | 49 | 49 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 04/12/28 (j) (r) | 45 | 35 |
| 2021 Term Loan B, 7.10%, (1 Month Term SOFR + 3.25%), 04/12/28 (j) | 224 | 175 |
| 2022 Term Loan, 9.38%, (1 Month Term SOFR + 5.63%), 08/01/28 (j) | 75 | 59 |
| 2024 Term Loan B, 8.25%, (1 Month Term SOFR + 4.50%), 05/05/31 (j) | 55 | 39 |
| Corpay Technologies Operating Company LLC |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 10/03/32 (j) | 105 | 105 |
| Corporation Service Company |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 08/10/29 (j) | 170 | 170 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 05/10/31 (j) | 89 | 89 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.34%, (1 Month Term SOFR + 4.50%), 09/18/28 (j) | 49 | 49 |
| CQP Holdco LP |  |  |
| 2024 1st Lien Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 12/31/30 (j) | 396 | 397 |
| Crown Equipment Corporation |  |  |
| 2025 1st Lien Term Loan B, 5.77%, (1 Month Term SOFR + 2.00%), 10/10/31 (j) | 79 | 80 |
| Crown Subsea Communications Holding,Inc. |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 01/30/31 (j) | 218 | 219 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.19%, (3 Month Term SOFR + 3.25%), 07/02/31 (j) | 204 | 204 |
| 2nd Lien Term Loan, 9.19%, (3 Month Term SOFR + 5.25%), 07/02/32 (j) | 70 | 69 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan B, 5.84%, (3 Month Term SOFR + 2.00%), 03/01/31 (j) | 69 | 69 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2025 Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 07/01/32 (j) | 148 | 148 |
| 2025 2nd Lien Term Loan, 9.42%, (1 Month Term SOFR + 5.50%), 07/24/33 (j) | 30 | 30 |
| Disco Parent, Inc. |  |  |
| 2025 Term Loan B, 7.07%, (3 Month Term SOFR + 3.25%), 08/01/32 (j) | 45 | 45 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 5.92%, (1 Month Term SOFR + 2.00%), 10/24/31 (j) | 100 | 101 |
| 2024 1st Lien Term Loan B2, 5.92%, (1 Month Term SOFR + 2.00%), 10/24/31 (j) | 38 | 38 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 7.77%, (1 Month Term SOFR + 3.75%), 11/09/28 (j) | 189 | 186 |
| EMG Utica, LLC |  |  |
| 2025 Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 10/24/29 (j) | 79 | 80 |
| EMRLD Borrower LP |  |  |
| Term Loan B, 6.07%, (3 Month Term SOFR + 2.25%), 05/04/30 (j) | 25 | 25 |
| 2024 Term Loan B, 6.12%, (6 Month Term SOFR + 2.25%), 06/18/31 (j) | 149 | 149 |
| Ensemble RCM, LLC |  |  |
| 2024 Term Loan B, 6.84%, (3 Month Term SOFR + 3.00%), 08/01/29 (j) | 182 | 182 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 9.26%, (3 Month Term SOFR + 5.00%), 08/23/28 (j) | 291 | 133 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 6.97%, (1 Month Term SOFR + 3.25%), 01/13/29 (j) (p) | 1014 | 1013 |
| Filtration Group Corporation |  |  |
| 2025 USD Term Loan, 6.67%, (1 Month Term SOFR + 2.75%), 10/21/28 (j) | 188 | 189 |
| Genesee & Wyoming Inc. (New) |  |  |
| 2024 Term Loan, 5.75%, (3 Month Term SOFR + 1.75%), 03/27/31 (j) | 138 | 138 |
| Genmab AS |  |  |
| Term Loan B, 8.75%, (Prime + 2.00%), 11/19/32 (j) | 175 | 176 |
| GFL Environmental Inc. |  |  |
| 2025 Term Loan B, 6.27%, (3 Month Term SOFR + 2.50%), 02/04/32 (j) | 190 | 190 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 7.92%, (1 Month Term SOFR + 4.00%), 01/16/32 (j) | 155 | 154 |
| Griffon Corporation |  |  |
| 2024 Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 01/24/29 (j) | 142 | 142 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 8.78%, (1 Month Term SOFR + 4.75%), 06/28/28 (j) | 83 | 68 |
| Term Loan, 9.01%, (3 Month Term SOFR + 4.75%), 06/28/28 (j) | 96 | 79 |
| GTCR Everest Borrower, LLC |  |  |
| Add on Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/05/31 (j) | 178 | 179 |
| Harbourvest Partners LP |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 04/22/30 (j) (r) | 85 | 85 |
| Harbourvest Partners, LLC |  |  |
| 2024 1st Lien Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 04/22/30 (j) | 218 | 218 |
| Horizon US Finco LP |  |  |
| Term Loan B, 0.00%, (6 Month Term SOFR + 4.50%), 12/16/31 (j) (r) | 5 | 5 |
| Term Loan B, 8.34%, (6 Month Term SOFR + 4.50%), 12/16/31 (j) | 268 | 261 |
| ICON Luxembourg S.a r.l. |  |  |
| 2024 LUX Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 07/03/28 (j) | 88 | 89 |
| IVC Acquisition Ltd |  |  |
| 2025 USD Repriced Term Loan B, 7.75%, (3 Month Term SOFR + 3.75%), 12/06/28 (j) | 157 | 157 |
| John Bean Technologies Corp |  |  |
| Term Loan, 5.67%, (1 Month Term SOFR + 1.75%), 01/02/32 (j) | 45 | 45 |
| Johnstone Supply LLC |  |  |
| Term Loan B, 6.23%, (1 Month Term SOFR + 2.50%), 06/09/31 (j) | 114 | 114 |
| Kaman Corporation |  |  |
| 2025 Term Loan B, 6.23%, (3 Month Term SOFR + 2.50%), 01/30/32 (j) | 9 | 9 |
| 2025 Term Loan B, 6.32%, (3 Month Term SOFR + 2.50%), 01/30/32 (j) | 129 | 129 |
| 2025 Delayed Draw Term Loan, 6.43%, (3 Month Term SOFR + 2.50%), 01/30/32 (j) | 16 | 16 |
| 2025 Term Loan B, 6.54%, (6 Month Term SOFR + 2.50%), 01/30/32 (j) | 33 | 33 |
| KNS Acquisition Corp. |  |  |
| 2024 Term Loan A, 8.84%, (1 Month Term SOFR + 5.00%), 04/19/30 (j) | 89 | 87 |
| 2024 Term Loan B, 10.09%, (1 Month Term SOFR + 6.25%), 10/19/30 (j) | 85 | 72 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KUEHG Corp. |  |  |
| 2025 Term Loan, 6.75%, (3 Month Term SOFR + 2.75%), 06/12/30 (j) | 15 | 14 |
| LaserShip, Inc. |  |  |
| 2024 New Money Term Loan A, 10.25%, (3 Month Term SOFR + 6.25%), 01/02/29 (j) | 60 | 60 |
| 2024 Term Loan B, 5.76%, (3 Month Term SOFR + 1.50%), 08/10/29 (j) | 172 | 128 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 7.58%, (1 Month Term SOFR + 3.75%), 06/06/31 (j) | 305 | 286 |
| 2025 Incremental Term Loan, 8.73%, (1 Month Term SOFR + 5.00%), 06/06/31 (j) | 152 | 151 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 04/14/31 (j) | 114 | 114 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.70%, (6 Month Term SOFR + 2.50%), 06/15/28 (j) | 107 | 108 |
| 2025 Repriced Term Loan, 6.64%, (3 Month Term SOFR + 2.75%), 03/26/32 (j) | 148 | 149 |
| Madison Safety & Flow LLC |  |  |
| 2025 1st Lien Term Loan B, 6.23%, (1 Month Term SOFR + 2.50%), 09/26/31 (j) | 33 | 33 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.00%), 05/12/28 (j) (r) | 20 | 18 |
| Term Loan B, 8.26%, (3 Month Term SOFR + 4.00%), 05/12/28 (j) | 114 | 103 |
| Maximus, Inc. |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 05/21/31 (j) | 44 | 44 |
| Modena Buyer LLC |  |  |
| Term Loan, 8.09%, (3 Month Term SOFR + 4.25%), 04/03/31 (j) | 356 | 354 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 05/22/32 (j) (r) | 3 | 3 |
| Delayed Draw Term Loan, 7.25%, (3 Month Term SOFR + 3.25%), 05/22/32 (j) | 5 | 5 |
| Term Loan, 7.25%, (3 Month Term SOFR + 3.25%), 05/22/32 (j) | 66 | 66 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 5.72%, (1 Month Term SOFR + 2.00%), 02/19/32 (j) | 80 | 80 |
| Neptune BidCo US Inc. |  |  |
| 2022 USD Term Loan A, 8.76%, (3 Month Term SOFR + 4.75%), 10/11/28 (j) | 358 | 353 |
| 2022 USD Term Loan B, 9.03%, (3 Month Term SOFR + 5.00%), 04/11/29 (j) | 329 | 325 |
| Nielsen Consumer Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 6.42%, (1 Month Term SOFR + 2.50%), 10/04/30 (j) | 84 | 84 |
| Nourish Buyer I Inc |  |  |
| 2025 Term Loan B, 8.25%, (1 Month Term SOFR + 4.50%), 07/08/32 (j) | 140 | 141 |
| Nuvei Technologies Corp. |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 11/17/31 (j) | 144 | 144 |
| OMNIA Partners LLC |  |  |
| 2024 Term Loan B, 6.61%, (3 Month Term SOFR + 2.75%), 07/25/30 (j) | 227 | 227 |
| Optiv Security, Inc. |  |  |
| 2023 Term Loan, 9.11%, (3 Month Term SOFR + 5.25%), 08/17/26 (j) | 137 | 97 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 7.28%, (1 Month Term SOFR + 3.25%), 06/18/28 (j) | 109 | 107 |
| Parexel International Corporation |  |  |
| 2025 Repriced Term Loan B, 6.51%, (1 Month Term SOFR + 2.75%), 12/09/31 (j) | 305 | 306 |
| Park River Holdings Inc. |  |  |
| 2025 Term Loan, 8.49%, (3 Month Term SOFR + 4.50%), 09/24/32 (j) | 110 | 111 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 02/13/32 (j) | 189 | 188 |
| Pinnacle Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (SOFR + 2.50%), 09/11/32 (j) (r) | 18 | 18 |
| Term Loan, 6.49%, (3 Month Term SOFR + 2.50%), 09/11/32 (j) | 92 | 93 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 07/03/28 (j) | 22 | 22 |
| QuidelOrtho Corp |  |  |
| Term Loan, 8.00%, (3 Month Term SOFR + 4.00%), 08/13/32 (j) | 284 | 284 |
| Quikrete Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 01/30/32 (j) | 213 | 214 |
| Roper Industrial Products Investment Company LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 11/23/29 (j) | 103 | 104 |
| Sabert Corporation |  |  |
| 2024 Term Loan B, 7.03%, (1 Month Term SOFR + 3.00%), 12/10/26 (j) | 119 | 119 |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 8.51%, (3 Month Term SOFR + 4.50%), 07/16/32 (j) | 65 | 65 |
| Shift4 Payments, LLC |  |  |
| 2025 Term Loan, 6.75%, (3 Month Term SOFR + 2.50%), 05/12/32 (j) | 25 | 25 |
| Sk Neptune Husky Finance S.a r.l. |  |  |
| Term Loan, 0.00%, (Prime + 9.00%), 04/30/33 (h) (i) (j) | 6 | 1 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.37%, (3 Month Term SOFR + 2.50%), 12/04/31 (j) | 259 | 258 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.02%, (3 Month Term SOFR + 4.00%), 02/26/28 (j) | 1084 | 833 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.74%, (3 Month Term SOFR + 2.75%), 09/24/32 (j) | 75 | 67 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.23%, (1 Month Term SOFR + 2.50%), 08/14/32 (j) | 100 | 100 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 6.95%, (6 Month Term SOFR + 2.75%), 04/30/30 (j) | 160 | 160 |
| TransDigm, Inc. |  |  |
| 2025 Term Loan K, 6.25%, (3 Month Term SOFR + 2.25%), 03/22/30 (j) | 693 | 695 |
| 2024 Term Loan L, 6.50%, (3 Month Term SOFR + 2.50%), 09/05/32 (j) | 44 | 44 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 02/22/31 (j) | 157 | 157 |
| US Fertility Enterprises LLC |  |  |
| 2024 Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 10/03/31 (j) | 62 | 62 |
| Term Loan, 0.00%, (SOFR + 3.50%), 12/11/32 (j) (r) | 50 | 51 |
| Van Pool Transportation LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 06/18/30 (j) (r) | 3 | 3 |
| 2025 Delayed Draw Term Loan, 7.25%, (3 Month Term SOFR + 3.25%), 06/18/30 (j) | 6 | 6 |
| 2025 Term Loan, 7.25%, (3 Month Term SOFR + 3.25%), 06/18/30 (j) | 66 | 66 |
| Vertiv Group Corporation |  |  |
| 2025 Term Loan, 5.61%, (1 Month Term SOFR + 1.75%), 08/07/32 (j) | 161 | 161 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 03/27/31 (j) | 104 | 104 |
| VM Consolidated, Inc. |  |  |
| 2025 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 10/03/32 (j) | 121 | 122 |
| Wash Multifamily Parent Inc. |  |  |
| Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 08/07/32 (j) | 75 | 76 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 5.87%, (1 Month Term SOFR + 2.00%), 01/20/31 (j) | 304 | 304 |
| Worldwide Express Operations, LLC |  |  |
| 2024 Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 07/26/28 (j) | 137 | 138 |
| | | 20009 |
| **Information Technology 0.8%** | **Information Technology 0.8%** | **Information Technology 0.8%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 6.50%, (3 Month Term SOFR + 2.50%), 01/24/31 (j) | 114 | 113 |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.50%, (3 Month Term SOFR + 2.50%), 02/07/31 (j) | 210 | 211 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 12/11/28 (j) | 249 | 249 |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B2, 6.00%, (3 Month Term SOFR + 2.00%), 01/31/31 (j) | 529 | 529 |
| CACI International, Inc. |  |  |
| Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 10/16/31 (j) | 79 | 79 |
| CD&R Hydra Buyer Inc. |  |  |
| 2024 Term Loan B, 8.02%, (1 Month Term SOFR + 4.00%), 03/15/31 (j) | 167 | 166 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 7.25%, (3 Month Term SOFR + 3.25%), 07/06/29 (j) | 105 | 88 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 2.75%), 07/22/32 (j) | 93 | 94 |
| Ciena Corporation |  |  |
| 2025 Repriced Term Loan B, 5.48%, (1 Month Term SOFR + 1.75%), 10/24/30 (j) | 44 | 44 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), 7.25%, (3 Month Term SOFR + 3.25%), 03/24/31 (j) | 234 | 234 |
| 2025 Term Loan B (2032), 7.25%, (3 Month Term SOFR + 3.25%), 08/07/32 (j) | 244 | 245 |
| CoorsTek Inc. |  |  |
| Term Loan B, 6.86%, (3 Month Term SOFR + 3.00%), 10/10/32 (j) | 75 | 76 |
| Cyberswift US Finco, LLC |  |  |
| Term Loan B, 7.91%, (3 Month Term SOFR + 4.00%), 09/22/32 (j) | 30 | 30 |
| Dawn Bidco LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 10/07/32 (j) (r) | 475 | 473 |
| DCert Buyer, Inc. |  |  |
| 2021 2nd Lien Term Loan, 10.92%, (1 Month Term SOFR + 7.00%), 02/16/29 (j) | 165 | 148 |
| Dragon Buyer, Inc. |  |  |
| Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 09/24/31 (j) | 89 | 89 |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 08/30/30 (j) | 69 | 69 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 10/29/29 (j) | 160 | 161 |
| EP Purchaser, LLC |  |  |
| 2021 Term Loan B, 7.44%, (3 Month Term SOFR + 3.50%), 11/06/28 (j) | 20 | 14 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.42%, (1 Month Term SOFR + 2.50%), 05/23/31 (j) | 216 | 217 |
| Finastra USA, Inc. |  |  |
| 2023 Term Loan, 10.97%, (3 Month Term SOFR + 7.25%), 09/13/29 (j) | 48 | 48 |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 01/28/29 (j) | 213 | 214 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 01/23/32 (j) | 94 | 94 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B8, 5.67%, (1 Month Term SOFR + 1.75%), 11/09/29 (j) | 130 | 130 |
| 2024 Term Loan B7, 5.67%, (1 Month Term SOFR + 1.75%), 05/21/31 (j) | 79 | 79 |
| GTT Communications, Inc. |  |  |
| 2025 Fixed Holdco Term Loan, 14.00%, (PIK + 14.00%), 07/15/31 (j) | 34 | 28 |
| Kaseya Inc. |  |  |
| 2025 2nd Lien Term Loan B, 0.00%, (1 Month Term SOFR + 5.00%), 03/07/33 (j) (r) | 25 | 24 |
| 2025 1st Lien Term Loan B, 6.76%, (1 Month Term SOFR + 3.00%), 03/05/32 (j) | 13 | 13 |
| 2025 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 03/05/32 (j) | 280 | 280 |
| 2025 2nd Lien Term Loan B, 8.92%, (1 Month Term SOFR + 5.00%), 03/07/33 (j) | 130 | 127 |
| KnowBe4, Inc. |  |  |
| 2025 Term Loan, 7.59%, (3 Month Term SOFR + 3.75%), 07/21/32 (j) | 90 | 90 |
| MH Sub I, LLC |  |  |
| 2023 Term Loan, 8.25%, (3 Month Term SOFR + 4.25%), 04/13/28 (j) | 347 | 322 |
| 2021 2nd Lien Term Loan, 10.09%, (3 Month Term SOFR + 6.25%), 02/12/29 (j) | 90 | 75 |
| 2024 Term Loan B4, 8.17%, (1 Month Term SOFR + 4.25%), 12/11/31 (j) | 405 | 345 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 06/05/31 (j) | 143 | 143 |
| MKS Instruments, Inc. |  |  |
| 2025 USD Repriced Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 08/17/29 (j) | 178 | 179 |
| NCR Atleos LLC |  |  |
| 2025 Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 04/16/29 (j) | 83 | 84 |
| Open Text Corporation |  |  |
| 2023 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 01/31/30 (j) | 143 | 143 |
| Peraton Corp. |  |  |
| 2nd Lien Term Loan B1, 0.00%, (3 Month Term SOFR + 7.75%), 02/01/29 (j) (r) | 60 | 47 |
| Term Loan B, 7.69%, (3 Month Term SOFR + 3.75%), 02/22/28 (j) | 590 | 547 |
| Ping Identity Corporation |  |  |
| 2025 Term Loan, 6.62%, (3 Month Term SOFR + 2.75%), 10/31/32 (j) | 85 | 85 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.10%, (3 Month Term SOFR + 4.00%), 06/03/28 (j) | 765 | 737 |
| 2nd Lien Term Loan, 12.92%, (3 Month Term SOFR + 9.00%), 06/04/29 (j) | 95 | 88 |
| Priority Holdings, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 07/22/32 (j) | 56 | 55 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.25%, (3 Month Term SOFR + 3.25%), 10/28/30 (j) | 152 | 151 |
| 2025 2nd Lien Incremental Term Loan, 9.00%, (3 Month Term SOFR + 5.00%), 11/22/32 (j) | 110 | 105 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 6.61%, (3 Month Term SOFR + 2.75%), 07/02/31 (j) | 113 | 113 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 08/31/28 (j) | 134 | 135 |
| Qnity Electronics Inc. |  |  |
| Term Loan B, 5.80%, (6 Month Term SOFR + 2.00%), 08/11/32 (j) | 155 | 156 |
| Rackspace Finance, LLC |  |  |
| 2024 First Lien Second Out Term Loan, 6.61%, (1 Month Term SOFR + 2.75%), 03/15/28 (j) | 271 | 99 |
| 2024 First Lien First Out Term Loan, 10.11%, (1 Month Term SOFR + 6.25%), 05/15/28 (j) | 63 | 64 |
| RealPage, Inc. |  |  |
| 1st Lien Term Loan, 7.26%, (3 Month Term SOFR + 3.00%), 02/18/28 (j) | 102 | 101 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2024 Incremental Term Loan, 7.75%, (3 Month Term SOFR + 3.75%), 04/24/28 (j) | 60 | 60 |
| Red Planet Borrower, LLC |  |  |
| 2025 Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 08/07/32 (j) | 270 | 270 |
| Renaissance Holding Corp. |  |  |
| 2024 1st Lien Term Loan, 7.92%, (1 Month Term SOFR + 4.00%), 04/05/30 (j) | 174 | 151 |
| Sandisk Corp |  |  |
| Term Loan B, 6.86%, (3 Month Term SOFR + 3.00%), 12/12/31 (j) | 54 | 54 |
| SonarSource Financing LLC |  |  |
| Term Loan, 8.23%, (3 Month Term SOFR + 4.50%), 12/17/30 (j) | 85 | 84 |
| Sovos Compliance, LLC |  |  |
| 2025 Repriced Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 08/13/29 (j) | 93 | 93 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 5.92%, (1 Month Term SOFR + 2.00%), 05/09/31 (j) | 220 | 221 |
| TCP Sunbelt Acquisition Co. |  |  |
| 2024 Term Loan B, 8.07%, (3 Month Term SOFR + 4.25%), 10/11/31 (j) | 104 | 105 |
| TTM Technologies, Inc. |  |  |
| 2024 Term Loan B, 6.12%, (1 Month Term SOFR + 2.25%), 05/23/30 (j) | 102 | 103 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.34%, (3 Month Term SOFR + 2.50%), 01/30/31 (j) | 581 | 581 |
| VS Buyer, LLC |  |  |
| 2025 Term Loan B, 6.09%, (3 Month Term SOFR + 2.25%), 04/12/31 (j) | 184 | 184 |
| X Corp. |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 6.50%), 10/27/29 (j) (r) | 40 | 39 |
| Term Loan, 10.45%, (3 Month Term SOFR + 6.50%), 10/27/29 (j) | 456 | 448 |
| 2025 Fixed Term Loan, 9.50%, 12/31/99 | 675 | 672 |
| X.Ai Corp |  |  |
| Term Loan, 11.12%, (6 Month Term SOFR + 7.25%), 06/17/30 (j) | 205 | 202 |
| Fixed Term Loan, 12.50%, 06/28/30 | 35 | 37 |
| Zelis Payments Buyer, Inc. |  |  |
| Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 09/28/29 (j) | 157 | 155 |
| 5th Amendment Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 10/24/31 (j) | 208 | 207 |
| | | 11896 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.13%, (1 Month Term SOFR + 3.25%), 01/27/29 (j) | 185 | 187 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 7.74%, (1 Month Term SOFR + 3.75%), 11/05/27 (j) | 55 | 55 |
| AIT Worldwide Logistics, Inc |  |  |
| 2025 Repriced Term Loan, 7.89%, (3 Month Term SOFR + 4.00%), 04/08/30 (j) | 144 | 145 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.32%, (3 Month Term SOFR + 5.50%), 02/10/27 (j) (p) | 341 | 238 |
| Altice Financing S.A. |  |  |
| 2022 USD Term Loan, 8.90%, (SOFR + 5.00%), 10/31/27 (j) | 5 | 4 |
| Altice France S.A. |  |  |
| 2025 USD Term Loan B13, 9.36%, (3 Month Term SOFR + 5.38%), 05/14/29 (j) | 15 | 15 |
| 2025 USD Term Loan B14, 10.86%, (3 Month Term SOFR + 6.88%), 05/31/31 (j) | 880 | 879 |
| AP Core Holdings II, LLC |  |  |
| Amortization Term Loan B1, 9.53%, (1 Month Term SOFR + 5.50%), 07/21/27 (j) | 81 | 81 |
| High-Yield Term Loan B2, 9.53%, (1 Month Term SOFR + 5.50%), 07/21/27 (j) | 210 | 210 |
| Arcis Golf LLC |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 11/24/28 (j) | 75 | 76 |
| Aventiv Technologies, LLC |  |  |
| 2024 PIK Third Out Term Loan, 9.35%, (3 Month Term SOFR + 5.09%), 03/25/26 (j) | 333 | 220 |
| 2024 Incremental Second Out Term Loan, 11.76%, (3 Month Term SOFR + 7.50%), 03/25/26 (j) (l) | 9 | 9 |
| 2024 Bridge Term Loan, 13.96%, (3 Month Term SOFR + 10.00%), 03/25/26 (j) | 14 | 14 |
| 2025 5th Amendment Incremental Bridge Loan, 14.16%, (3 Month Term SOFR + 10.00%), 03/25/26 (j) | 103 | 107 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 6.24%, (3 Month Term SOFR + 2.25%), 11/21/31 (j) | 557 | 557 |
| City Football Group Limited |  |  |
| 2024 Term Loan, 7.03%, (1 Month Term SOFR + 3.00%), 07/21/30 (j) | 227 | 227 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.60%, (3 Month Term SOFR + 3.50%), 06/18/29 (j) | 381 | 355 |
| Coherent Corp |  |  |
| 2025 Term Loan B2, 5.67%, (1 Month Term SOFR + 1.75%), 07/02/29 (j) | 111 | 111 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 12/15/29 (j) | 390 | 390 |
| Connect Holding II LLC |  |  |
| Delayed Draw Term Loan, 7.98%, (1 Month Term SOFR + 4.25%), 04/03/31 (j) | 190 | 165 |
| Delayed Draw Term Loan, 7.99%, (1 Month Term SOFR + 4.25%), 04/03/31 (j) | 20 | 18 |
| PIK Term Loan B, 9.71%, (1 Month Term SOFR + 5.75%), 10/03/31 (j) | 27 | 18 |
| Coral-US Co-Borrower, LLC |  |  |
| 2025 Term Loan B7, 7.15%, (SOFR + 3.25%), 01/24/32 (j) | 85 | 83 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 8.34%, (1 Month Term SOFR + 4.50%), 12/02/31 (j) | 411 | 405 |
| Dave & Buster's, Inc. |  |  |
| 2024 1st Lien Term Loan B, 0.00%, (SOFR + 3.25%), 09/26/31 (j) (r) | 40 | 36 |
| 2024 Term Loan B, 7.13%, (SOFR + 3.25%), 06/29/29 (j) | 130 | 119 |
| 2024 1st Lien Term Loan B, 7.20%, (3 Month Term SOFR + 3.25%), 09/26/31 (j) | 109 | 97 |
| Dotdash Meredith Inc. |  |  |
| 2025 Term Loan B, 7.37%, (1 Month Term SOFR + 3.50%), 06/05/32 (j) | 110 | 100 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 5.75%, (3 Month Term SOFR + 1.75%), 11/30/30 (j) | 165 | 165 |
| 2025 Term Loan B, 6.00%, (3 Month Term SOFR + 2.00%), 05/22/32 (j) | 114 | 114 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.24%, (1 Month Term SOFR + 2.50%), 07/01/31 (j) | 113 | 113 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 01/20/32 (j) | 1963 | 1973 |
| Herschend Entertainment Company, LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 05/17/32 (j) | 65 | 65 |
| Kingpin Intermediate Holdings LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 09/16/32 (j) | 120 | 117 |
| Level 3 Financing Inc. |  |  |
| 2025 Repriced Term Loan B4, 7.17%, (1 Month Term SOFR + 3.25%), 03/29/32 (j) | 325 | 326 |
| Life Time Fitness Inc. |  |  |
| 2025 Term Loan, 5.78%, (1 Month Term SOFR + 2.00%), 11/05/31 (j) | 154 | 154 |
| Light and Wonder International, Inc. |  |  |
| 2024 Term Loan B2, 5.99%, (1 Month Term SOFR + 2.25%), 04/19/29 (j) | 183 | 184 |
| Live Nation Entertainment, Inc. |  |  |
| 2025 Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 10/19/32 (j) | 45 | 45 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lumen Technologies, Inc. |  |  |
| 2024 Term Loan A, 9.92%, (1 Month Term SOFR + 6.00%), 06/01/28 (j) | 170 | 170 |
| 2024 Extended Term Loan B1, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/29 (j) | 173 | 172 |
| 2024 Extended Term Loan B2, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/30 (j) | 477 | 474 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.24%, (3 Month Term SOFR + 4.25%), 07/11/30 (j) |  |  |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 7.62%, (3 Month Term SOFR + 3.75%), 02/21/30 (j) | 98 | 99 |
| Securus Technologies Holdings, Inc. |  |  |
| 2023 2nd Lien Term Loan, 13.31%, (3 Month Term SOFR + 9.05%), 03/25/26 (j) (p) | 186 | 1 |
| Sinclair Television Group Inc. |  |  |
| 2025 Term Loan B7, 8.12%, (1 Month Term SOFR + 4.10%), 12/31/30 (j) | 73 | 66 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 5.87%, (3 Month Term SOFR + 2.00%), 11/21/31 (j) | 114 | 114 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 8.88%, (3 Month Term SOFR + 5.00%), 01/17/31 (j) | 44 | 31 |
| TripAdvisor Inc. |  |  |
| Term Loan, 6.67%, (1 Month Term SOFR + 2.75%), 07/01/31 (j) | 79 | 76 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.28%, (1 Month Term SOFR + 3.25%), 05/06/28 (j) | 310 | 307 |
| 2024 Term Loan B, 7.53%, (1 Month Term SOFR + 3.50%), 01/31/29 (j) | 74 | 74 |
| 2022 First Lien Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 06/10/29 (j) | 58 | 58 |
| Versant Media Group Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 10/24/30 (j) (r) | 100 | 100 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.05%, (SOFR + 3.17%), 03/06/31 (j) | 85 | 84 |
| Windstream Services, LLC |  |  |
| 2025 Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 09/24/32 (j) | 275 | 276 |
| | | 10279 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 5.67%, (1 Month Term SOFR + 1.75%), 09/23/30 (j) | 132 | 132 |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 12/21/28 (j) | 730 | 730 |
| Allison Transmission Inc |  |  |
| Term Loan, 0.00%, (SOFR + 1.75%), 11/06/32 (j) (r) | 45 | 45 |
| American Axle & Manufacturing, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 02/24/32 (j) (r) | 75 | 75 |
| American Trailer World Corp. |  |  |
| Term Loan B, 7.77%, (1 Month Term SOFR + 3.75%), 02/17/28 (j) | 177 | 156 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.68%, (3 Month Term SOFR + 3.75%), 06/26/31 (j) | 133 | 134 |
| Aramark Inter HoldCo Corp |  |  |
| Term Loan, 5.47%, (SOFR + 1.75%), 06/22/30 (j) | 112 | 112 |
| Aramark Services, Inc. |  |  |
| 2025 Repriced Term Loan, 5.47%, (1 Month Term SOFR + 1.75%), 04/06/28 (j) | 85 | 85 |
| Asplundh Tree Expert, LLC |  |  |
| 2024 Incremental Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 05/09/31 (j) | 98 | 99 |
| Belron Finance 2019 LLC |  |  |
| 2025 Repriced Term Loan B, 6.12%, (3 Month Term SOFR + 2.25%), 10/16/31 (j) | 217 | 218 |
| BJ's Wholesale Club, Inc. |  |  |
| 2023 Term Loan B, 5.88%, (SOFR + 1.75%), 02/03/29 (j) | 79 | 79 |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 6.17%, (1 Month Term SOFR + 2.25%), 12/13/29 (j) | 126 | 126 |
| 2024 Term Loan B4, 6.17%, (1 Month Term SOFR + 2.25%), 01/22/31 (j) | 13 | 13 |
| Byju's Alpha, Inc. |  |  |
| 2024 DIP New Money Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 04/03/26 (j) (l) (r) | 1 | 1 |
| 2024 DIP New Money Term Loan, 12.16%, (1 Month Term SOFR + 8.00%), 04/03/26 (j) (l) | 1 | 1 |
| 2025 2nd Amendment New Money DIP Term Loan, 11.94%, (3 Month Term SOFR + 8.00%), 04/09/26 (j) (l) | 4 | 3 |
| 2024 Bridge Term Loan, 12.16%, (1 Month Term SOFR + 8.00%), 04/24/26 (j) (l) | 1 | 1 |
| 2024 Prepetition Reimbursement New Money Term Loan, 12.16%, (1 Month Term SOFR + 8.00%), 04/24/26 (j) (l) | 4 | 4 |
| Term Loan B, 0.00%, (LIBOR + 5.50%), 11/05/26 (h) (i) (j) | 158 | 9 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 01/25/30 (j) | 583 | 578 |
| 2024 Term Loan B1, 6.17%, (1 Month Term SOFR + 2.25%), 01/24/31 (j) | 54 | 53 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 05/06/30 (j) | 212 | 212 |
| 2025 USD Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 01/14/32 (j) | 85 | 85 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.53%, (1 Month Term SOFR + 2.50%), 05/25/28 (j) | 126 | 123 |
| EG America LLC |  |  |
| 2025 USD Repriced Term Loan, 7.32%, (3 Month Term SOFR + 3.50%), 02/07/28 (j) | 164 | 164 |
| Empire Today, LLC |  |  |
| 2024 2nd Out Term Loan, 9.10%, (3 Month Term SOFR + 5.00%), 08/03/29 (j) (l) | 49 | 1 |
| 2024 1st Out Term Loan B, 9.60%, (3 Month Term SOFR + 5.50%), 08/03/29 (j) | 8 | 5 |
| 2024 UnSub FLFO Term Loan A, 9.60%, (3 Month Term SOFR + 5.50%), 08/30/29 (j) | 15 | 9 |
| Flynn Restaurant Group LP |  |  |
| 2025 Incremental Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 01/17/32 (j) | 186 | 187 |
| Fugue Finance B.V. |  |  |
| 2025 Repriced Term Loan, 6.57%, (3 Month Term SOFR + 2.75%), 01/09/32 (j) | 98 | 98 |
| GEN II Fund Services LLC |  |  |
| 2024 Term Loan B, 6.75%, (6 Month Term SOFR + 2.75%), 11/19/31 (j) | 109 | 109 |
| Golden Entertainment, Inc. |  |  |
| 2023 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 05/18/30 (j) | 170 | 170 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2025 Term Loan B6 (2029), 6.37%, (3 Month Term SOFR + 2.25%), 10/31/29 (j) | 151 | 150 |
| 2025 Term Loan B5 (2032), 6.37%, (SOFR + 2.25%), 07/30/32 (j) | 81 | 81 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 05/20/28 (j) | 377 | 378 |
| HNI Corp |  |  |
| Term Loan B, 5.69%, (3 Month Term SOFR + 2.00%), 11/19/32 (j) | 55 | 55 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 7.25%, (3 Month Term SOFR + 3.00%), 01/14/32 (j) | 469 | 471 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 04/26/30 (j) | 184 | 183 |
| Lippert Colipper |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 03/25/32 (j) | 84 | 85 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Marriott Ownership Resorts, Inc. |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 03/17/31 (j) | 165 | 165 |
| Needle Holdings LLC |  |  |
| 2024 Exit Term Loan, 0.00%, (Prime + 8.50%), 04/30/28 (h) (i) (j) (l) | 4 | 3 |
| Openlane Inc. |  |  |
| Term Loan B, 6.36%, (3 Month Term SOFR + 2.50%), 10/01/32 (j) | 30 | 30 |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 10.09%, (1 Month Term SOFR + 6.25%), 03/01/26 (j) | 100 | 73 |
| PCI Gaming Authority |  |  |
| Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 05/15/26 (j) | 57 | 57 |
| Peer Holding III B.V. |  |  |
| 2025 USD Term Loan B, 0.00%, (3 Month Term SOFR + 2.25%), 09/29/32 (j) (r) | 35 | 35 |
| 2025 USD Term Loan B, 6.19%, (3 Month Term SOFR + 2.25%), 09/29/32 (j) | 55 | 55 |
| Power Stop, LLC |  |  |
| 2022 Term Loan, 8.55%, (6 Month Term SOFR + 4.75%), 01/26/29 (j) | 72 | 60 |
| Pye-Barker Fire & Safety, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 2.50%), 12/10/32 (j) (r) | 11 | 11 |
| 2025 Term Loan, 6.20%, (3 Month Term SOFR + 2.50%), 12/10/32 (j) | 74 | 74 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 6.53%, (1 Month Term SOFR + 2.50%), 10/15/28 (j) | 181 | 179 |
| 2022 Incremental Term Loan, 7.27%, (1 Month Term SOFR + 3.25%), 10/20/28 (j) | 109 | 108 |
| RVR Dealership Holdings, LLC |  |  |
| Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 02/08/28 (j) | 161 | 155 |
| Somnigroup International Inc. |  |  |
| Term Loan B, 6.16%, (SOFR + 2.25%), 10/24/31 (j) | 172 | 173 |
| Splat Super Holdco, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 5.00%), 06/24/32 (j) (r) | 7 | 6 |
| 2025 Delayed Draw Term Loan, 8.92%, (1 Month Term SOFR + 5.00%), 06/24/32 (j) | 5 | 5 |
| 2025 Term Loan, 8.92%, (1 Month Term SOFR + 5.00%), 06/24/32 (j) | 158 | 148 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 5.75%), 08/22/29 (j) (r) | 10 | 9 |
| 2024 Term Loan B, 9.60%, (3 Month Term SOFR + 5.75%), 08/22/29 (j) | 460 | 436 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 03/07/31 (j) | 146 | 147 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.28%, (1 Month Term SOFR + 4.25%), 08/03/28 (j) | 162 | 162 |
| TGP Holdings III, LLC |  |  |
| 2021 Term Loan, 7.27%, (1 Month Term SOFR + 3.25%), 06/24/28 (j) | 135 | 125 |
| TKC Holdings, Inc. |  |  |
| 2022 PIK Toggle Holdco Term Loan, 12.00%, 02/14/27 | 149 | 150 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.28%, (1 Month Term SOFR + 3.25%), 04/14/28 (j) | 177 | 177 |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 7.03%, (3 Month Term SOFR + 3.00%), 08/26/31 (j) | 189 | 190 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 01/30/31 (j) | 83 | 83 |
| Weber-Stephen Products LLC |  |  |
| 2025 Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 09/17/32 (j) | 365 | 365 |
| WH Borrower, LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 4.50%), 02/12/32 (j) (r) | 45 | 45 |
| 2025 Term Loan B, 8.39%, (3 Month Term SOFR + 4.50%), 02/12/32 (j) | 507 | 509 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 08/03/28 (j) | 137 | 137 |
| | | 9092 |
| **Financials 0.5%** | **Financials 0.5%** | **Financials 0.5%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 6.92%, (1 Month Term SOFR + 3.00%), 11/06/30 (j) | 798 | 797 |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 06/07/32 (j) | 174 | 174 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 05/21/32 (j) | 105 | 105 |
| 2025 2nd Lien Term Loan, 9.42%, (1 Month Term SOFR + 5.50%), 05/15/33 (j) | 40 | 41 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 01/23/32 (j) | 213 | 213 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, 9.28%, (1 Month Term SOFR + 5.25%), 02/05/28 (j) | 125 | 124 |
| 2022 Term Loan B10, 8.02%, (1 Month Term SOFR + 4.00%), 08/16/28 (j) | 178 | 178 |
| 2023 Term Loan B11, 8.27%, (1 Month Term SOFR + 4.25%), 08/19/28 (j) | 91 | 91 |
| 2021 Second Lien Term Loan B4, 9.28%, (1 Month Term SOFR + 5.25%), 01/15/29 (j) | 320 | 314 |
| 2024 Term Loan B12, 8.17%, (1 Month Term SOFR + 4.25%), 09/12/30 (j) | 892 | 892 |
| 2025 Term Loan B13, 8.17%, (1 Month Term SOFR + 4.25%), 09/19/30 (j) | 169 | 169 |
| Azorra Soar TLB Finance Ltd |  |  |
| 2025 Term Loan B, 6.47%, (3 Month Term SOFR + 2.75%), 10/18/29 (j) | 89 | 89 |
| Boots Group Bidco Ltd |  |  |
| USD Term Loan, 7.21%, (3 Month Term SOFR + 3.50%), 07/22/32 (j) | 75 | 75 |
| BroadStreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 6.67%, (1 Month Term SOFR + 2.75%), 05/10/31 (j) | 193 | 194 |
| CFC Bidco 2022 Ltd |  |  |
| Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 05/30/32 (j) | 140 | 136 |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 8.01%, (1 Month Term SOFR + 4.25%), 02/11/28 (j) | 167 | 164 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 10/31/31 (j) | 212 | 213 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 6.62%, (1 Month Term SOFR + 2.75%), 02/21/31 (j) | 171 | 164 |
| 2024 Fixed Term Loan B, 7.63%, 02/21/31 | 55 | 53 |
| 2025 2nd Amendment Term Loan, 6.62%, (1 Month Term SOFR + 2.75%), 02/16/32 (j) | 70 | 67 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 09/15/31 (j) | 183 | 183 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 6.65%, (3 Month Term SOFR + 2.75%), 02/03/32 (j) | 170 | 170 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 6.12%, (3 Month Term SOFR + 2.25%), 06/20/30 (j) | 526 | 528 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 5.82%, (3 Month Term SOFR + 2.00%), 12/10/31 (j) | 351 | 350 |
| Jones DesLauriers Insurance Management Inc. |  |  |
| 2025 Term Loan B, 6.59%, (3 Month Term SOFR + 2.75%), 03/15/30 (j) | 59 | 59 |
| Term Loan, 0.00%, (SOFR + 3.00%), 12/09/32 (j) (r) | 20 | 20 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2024 Term Loan, 8.00%, (3 Month Term SOFR + 4.00%), 06/27/31 (j) | 181 | 117 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NEXUS Buyer LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 07/31/31 (j) | 220 | 216 |
| 2025 Incremental Term Loan, 7.92%, (1 Month Term SOFR + 4.00%), 07/31/31 (j) | 50 | 49 |
| 2025 2nd Lien Term Loan B, 9.67%, (1 Month Term SOFR + 5.75%), 01/30/32 (j) | 65 | 64 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 9.15%, (3 Month Term SOFR + 5.00%), 01/19/29 (j) (p) | 123 | 114 |
| Orion US Finco Inc. |  |  |
| 1st Lien Term Loan, 7.43%, (3 Month Term SOFR + 3.50%), 05/21/32 (j) | 80 | 80 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 09/11/31 (j) | 152 | 152 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 02/16/28 (j) | 142 | 143 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2024 Second Out Term Loan, 11.59%, (3 Month Term SOFR + 7.50%), 10/03/29 (j) (l) | 73 | 7 |
| 2024 UnSub FLFO, 12.34%, (3 Month Term SOFR + 8.25%), 10/07/29 (j) (l) | 34 | 29 |
| Superannuation and Investments US LLC |  |  |
| 2025 Repriced Term Loan, 6.92%, (1 Month Term SOFR + 3.00%), 12/01/28 (j) | 78 | 78 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 5.67%, (1 Month Term SOFR + 1.75%), 06/06/31 (j) | 49 | 49 |
| 2024 Term Loan B9, 5.67%, (1 Month Term SOFR + 1.75%), 06/24/31 (j) | 167 | 167 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 2.75%), 05/06/31 (j) (r) | 60 | 60 |
| 2024 Term Loan B, 6.75%, (3 Month Term SOFR + 2.75%), 05/06/31 (j) | 183 | 183 |
| USI, Inc. |  |  |
| 2024 Term Loan D, 6.25%, (3 Month Term SOFR + 2.25%), 11/23/29 (j) | 129 | 129 |
| 2024 Term Loan C, 6.25%, (3 Month Term SOFR + 2.25%), 09/27/30 (j) | 29 | 29 |
| | | 7229 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| American Rock Salt Company LLC |  |  |
| 2024 First Out Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 7.00%), 06/04/28 (j) (r) | 4 | 4 |
| 2021 Term Loan, 7.94%, (3 Month Term SOFR + 4.00%), 06/04/28 (j) | 34 | 26 |
| 2024 First Out Term Loan, 11.08%, (3 Month Term SOFR + 7.00%), 06/09/28 (j) | 17 | 16 |
| Aruba Investments Holdings, LLC |  |  |
| 2020 USD Term Loan, 8.02%, (1 Month Term SOFR + 4.00%), 10/28/27 (j) | 42 | 39 |
| 2020 2nd Lien Term Loan, 11.77%, (1 Month Term SOFR + 7.75%), 10/28/28 (j) | 140 | 125 |
| Bakelite US Holdco, Inc. |  |  |
| 2024 Term Loan B, 7.75%, (3 Month Term SOFR + 3.75%), 12/16/31 (j) | 153 | 148 |
| Berlin Packaging LLC |  |  |
| 2025 Term Loan B7, 7.12%, (1 Month Term SOFR + 3.25%), 06/07/31 (j) | 173 | 173 |
| 2025 Term Loan B7, 7.25%, (3 Month Term SOFR + 3.25%), 06/07/31 (j) | 50 | 50 |
| Charter NEX US, Inc. |  |  |
| 2024 Term Loan B1, 6.50%, (1 Month Term SOFR + 2.75%), 12/01/30 (j) | 157 | 157 |
| Chemours Company (The) |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 09/30/32 (j) | 210 | 207 |
| Consolidated Energy Finance, S.A. |  |  |
| 2024 Term Loan B, 8.20%, (6 Month Term SOFR + 4.50%), 11/07/30 (j) | 252 | 205 |
| Derby Buyer LLC |  |  |
| 2024 Repriced Term Loan B, 6.75%, (1 Month Term SOFR + 3.00%), 11/01/30 (j) | 98 | 98 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 7.61%, (3 Month Term SOFR + 3.75%), 08/04/29 (j) | 226 | 217 |
| Graham Packaging Company Inc. |  |  |
| 2024 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 08/04/27 (j) | 147 | 148 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 7.73%, (1 Month Term SOFR + 4.00%), 03/15/29 (j) | 399 | 384 |
| 2022 USD 2nd Lien Term Loan, 11.45%, (1 Month Term SOFR + 7.44%), 02/09/30 (j) | 27 | 26 |
| INEOS Quattro Holdings UK Ltd |  |  |
| 2023 USD 1st Lien Term Loan B, 8.27%, (1 Month Term SOFR + 4.25%), 03/09/29 (j) | 320 | 224 |
| 2023 USD Term Loan, 7.77%, (1 Month Term SOFR + 3.75%), 03/01/30 (j) | 63 | 43 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (6 Month Term SOFR + 4.72%), 02/04/26 (h) (i) (j) | 87 | 14 |
| 2025 PIK DIP New Money Term Loan, 6.74%, (3 Month Term SOFR + 3.00%), 07/27/26 (j) | 36 | 32 |
| 2025 PIK DIP Roll-Up Term Loan, 9.02%, (1 Month Term SOFR + 3.00%), 08/05/26 (j) | 58 | 51 |
| Lonza Group AG |  |  |
| USD Term Loan B, 8.03%, (3 Month Term SOFR + 3.92%), 04/29/28 (j) | 386 | 337 |
| Luxembourg Investment Company 428 S.a r.l. |  |  |
| Term Loan B, 0.00%, (SOFR + 7.00%), 10/22/28 (h) (i) (j) | 58 | 1 |
| M2S Group Holdings Inc. |  |  |
| Term Loan B, 8.59%, (3 Month Term SOFR + 4.75%), 08/21/31 (j) | 337 | 334 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.50%, (3 Month Term SOFR + 5.50%), 03/25/30 (j) | 217 | 218 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Term Loan, 7.52%, (1 Month Term SOFR + 3.50%), 09/22/28 (j) | 150 | 150 |
| Nouryon Finance B.V. |  |  |
| 2024 USD Term Loan B1, 7.04%, (6 Month Term SOFR + 3.25%), 04/03/28 (j) | 137 | 137 |
| SCIH Salt Holdings Inc. |  |  |
| 2025 Repriced Term Loan B, 6.52%, (3 Month Term SOFR + 2.75%), 01/31/29 (j) | 119 | 119 |
| Solstice Advanced Materials Inc. |  |  |
| Term Loan B, 5.59%, (3 Month Term SOFR + 1.75%), 09/16/32 (j) | 75 | 75 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 8.26%, (3 Month Term SOFR + 4.00%), 03/18/28 (j) | 90 | 91 |
| 2025 USD Term Loan B, 8.51%, (3 Month Term SOFR + 4.25%), 05/22/30 (j) | 99 | 100 |
| SupplyOne, Inc. |  |  |
| 2024 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 03/27/31 (j) | 34 | 35 |
| TPC Group Inc. |  |  |
| 2024 Term Loan B, 9.39%, (6 Month Term SOFR + 5.75%), 11/22/31 (j) | 84 | 75 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.17%, (1 Month Term SOFR + 3.25%), 01/29/28 (j) | 206 | 199 |
| Tronox Finance LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.50%), 09/30/31 (j) (r) | 100 | 77 |
| USALCO, LLC |  |  |
| 2025 Term Loan, 7.42%, (1 Month Term SOFR + 3.50%), 09/30/31 (j) | 72 | 72 |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 3.50%), 12/31/49 (j) (r) | 7 | 7 |
| W.R. Grace & Co.-Conn. |  |  |
| 2025 Term Loan B, 7.00%, (3 Month Term SOFR + 3.00%), 08/11/32 (j) | 95 | 95 |
| Windsor Holdings III, LLC |  |  |
| 2025 USD Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 08/01/30 (j) | 156 | 156 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zekelman Industries, Inc. |  |  |
| 2024 Term Loan B, 5.98%, (1 Month Term SOFR + 2.25%), 01/24/31 (j) | 84 | 84 |
| | | 4749 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 8.19%, (3 Month Term SOFR + 4.25%), 02/01/29 (j) | 98 | 72 |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 07/24/32 (j) | 115 | 116 |
| Aveanna Healthcare, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 09/11/32 (j) | 45 | 45 |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.25%), 12/17/30 (j) | 199 | 201 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 6.25%), 09/25/30 (j) (r) | 155 | 151 |
| 2025 Term Loan B, 10.17%, (1 Month Term SOFR + 6.25%), 09/25/30 (j) | 642 | 626 |
| Cano Health LLC |  |  |
| 2025 PIK Initial Exchange Term Loan, 14.00%, (3 Month Term SOFR + 10.00%), 06/28/29 (j) (l) | 97 | 78 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.09%, (3 Month Term SOFR + 2.25%), 11/08/32 (j) | 138 | 139 |
| DaVita, Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 05/09/31 (j) | 139 | 140 |
| Elanco Animal Health Incorporated |  |  |
| 2025 Term Loan B, 5.62%, (1 Month Term SOFR + 1.75%), 10/28/32 (j) | 50 | 50 |
| Electron BidCo Inc. |  |  |
| 2021 Term Loan, 6.42%, (1 Month Term SOFR + 2.50%), 10/29/28 (j) | 82 | 82 |
| Embecta Corp |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 01/27/29 (j) | 120 | 120 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 04/23/31 (j) | 163 | 161 |
| Fitness International, LLC |  |  |
| 2024 Term Loan B, 8.42%, (1 Month Term SOFR + 4.50%), 01/30/29 (j) | 69 | 69 |
| Global Medical Response, Inc. |  |  |
| 2025 Term Loan B, 7.38%, (3 Month Term SOFR + 3.50%), 10/02/28 (j) | 85 | 85 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 10/16/31 (j) (r) | 4 | 4 |
| 2024 Delayed Draw Term Loan, 7.32%, (1 Month Term SOFR + 3.50%), 10/16/31 (j) | 4 | 4 |
| 2024 Delayed Draw Term Loan, 7.42%, (1 Month Term SOFR + 3.50%), 10/16/31 (j) | 1 | 1 |
| 2024 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 10/16/31 (j) | 70 | 71 |
| Heartland Dental, LLC |  |  |
| 2025 Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 07/31/32 (j) | 60 | 60 |
| Help At Home, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 5.00%), 09/20/31 (j) (r) | 5 | 4 |
| 2024 Term Loan B, 8.92%, (1 Month Term SOFR + 5.00%), 09/20/31 (j) | 296 | 259 |
| Insulet Corporation |  |  |
| 2025 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 08/04/31 (j) | 191 | 192 |
| Jazz Financing Lux S.a r.l. |  |  |
| 2024 1st Lien Term Loan B2, 6.17%, (1 Month Term SOFR + 2.25%), 05/05/28 (j) | 242 | 243 |
| Loire Finco Luxembourg S.a r.l. |  |  |
| 2025 USD Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 01/31/30 (j) | 55 | 55 |
| Lumexa Imaging, Inc. |  |  |
| Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 12/12/32 (j) | 35 | 35 |
| MED ParentCo LP |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 04/15/31 (j) | 140 | 140 |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 1.75%), 10/23/28 (j) | 74 | 74 |
| ModivCare Inc. |  |  |
| 2024 Term Loan B, 12.75%, (1 Month Term SOFR + 6.75%), 06/17/31 (h) (i) (j) (p) | 82 | 31 |
| National Mentor Holdings, Inc. |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 6.00%), 12/05/30 (j) (r) | 79 | 80 |
| 2025 1st Lien Term Loan B, 9.76%, (1 Month Term SOFR + 6.00%), 12/05/30 (j) | 185 | 186 |
| Organon & Co |  |  |
| 2024 USD Term Loan, 6.17%, (1 Month Term SOFR + 2.25%), 05/19/31 (j) | 174 | 167 |
| Phoenix Guarantor Inc. |  |  |
| 2024 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 02/21/31 (j) | 103 | 104 |
| Radiology Partners Inc. |  |  |
| 2025 Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 06/26/32 (j) | 25 | 25 |
| Sotera Health Holdings, LLC |  |  |
| 2025 Term Loan B, 6.34%, (3 Month Term SOFR + 2.50%), 05/30/31 (j) | 85 | 85 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 7.99%, (1 Month Term SOFR + 4.00%), 09/22/28 (j) | 44 | 44 |
| United FP Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 8.10%, (3 Month Term SOFR + 4.00%), 12/30/26 (j) | 657 | 631 |
| 2020 Incremental Term Loan, 12.60%, (3 Month Term SOFR + 8.50%), 12/30/26 (j) | 53 | 51 |
|  |  | 4681 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 08/06/32 (j) | 544 | 546 |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Term Loan B, 7.22%, (1 Month Term SOFR + 3.50%), 12/23/30 (j) | 99 | 99 |
| Avis Budget Car Rental, LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 07/10/32 (j) | 75 | 74 |
| BIFM US Finance LLC |  |  |
| 2025 Repriced Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 05/31/28 (j) | 109 | 109 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.53%, (1 Month Term SOFR + 3.50%), 03/17/28 (j) | 120 | 120 |
| C&S Wholesale Grocers Inc |  |  |
| Term Loan B, 8.96%, (3 Month Term SOFR + 5.00%), 08/05/30 (j) | 199 | 195 |
| C&S Wholesale Grocers LLC |  |  |
| Term Loan, 0.00%, (SOFR + 5.00%), 08/05/30 (j) (r) | 5 | 5 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 10.85%, (3 Month Term SOFR + 6.75%), 07/20/29 (j) | 194 | 149 |
| Celsius Holdings, Inc |  |  |
| 2025 Term Loan B, 6.98%, (3 Month Term SOFR + 2.50%), 04/01/32 (j) | 85 | 86 |
| Chobani, LLC |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 10/23/32 (j) | 150 | 151 |
| Del Monte Foods, Inc. |  |  |
| 2025 PIK Roll-Up Term Loan, 13.34%, (1 Month Term SOFR + 9.60%), 04/02/26 (j) (l) | 138 | 112 |
| 2025 DIP Term Loan, 13.35%, (1 Month Term SOFR + 9.50%), 04/02/26 (j) | 172 | 163 |
| 2025 PIK Roll-Up Term Loan, 13.35%, (1 Month Term SOFR + 9.60%), 04/02/26 (j) (l) | 88 | 72 |
| 2024 First Out Term Loan, 0.00%, (3 Month Term SOFR + 8.00%), 08/31/28 (h) (i) (j) | 47 | 22 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 PIK Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 11/02/28 (h) (i) (j) | 42 | 19 |
| 2024 Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.25%), 02/15/29 (h) (i) (j) | 275 | 8 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 8.25%, (3 Month Term SOFR + 4.25%), 03/17/29 (j) | 144 | 144 |
| 2025 Incremental Term Loan, 8.25%, (3 Month Term SOFR + 4.25%), 03/17/29 (j) (l) | 213 | 214 |
| Fiesta Purchaser, Inc. |  |  |
| 2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 2.75%), 02/12/31 (j) | 80 | 80 |
| 2025 Repriced Term Loan, 9.28%, (1 Month Term SOFR + 2.75%), 02/12/31 (j) | 68 | 68 |
| Froneri Lux Finco S.a r.l. |  |  |
| 2024 USD Term Loan B4, 6.20%, (6 Month Term SOFR + 2.25%), 09/16/31 (j) | 152 | 152 |
| Golden State Food LLC |  |  |
| Term Loan B, 8.16%, (1 Month Term SOFR + 4.00%), 10/07/31 (j) | 79 | 79 |
| JP Intermediate B, LLC |  |  |
| 2025 Term Loan (2030), 10.93%, (3 Month Term SOFR + 7.00%), 09/30/30 (j) (l) | 14 | 11 |
| 2025 Takeback Term Loan A, 11.78%, (3 Month Term SOFR + 5.50%), 03/31/31 (j) (l) | 51 | 25 |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, 7.35%, (3 Month Term SOFR + 3.25%), 01/24/29 (j) | 142 | 93 |
| 2025 FLFO Term Loan, 9.50%, (3 Month Term SOFR + 5.50%), 01/24/29 (j) | 108 | 107 |
| 2025 FLTO Term Loan, 10.10%, (3 Month Term SOFR + 6.00%), 01/24/30 (j) | 29 | 7 |
| Newly Weds Foods Inc. |  |  |
| Term Loan B, 5.98%, (1 Month Term SOFR + 2.25%), 03/05/32 (j) | 219 | 219 |
| Olaplex, Inc. |  |  |
| 2022 Term Loan, 7.42%, (3 Month Term SOFR + 3.50%), 02/17/29 (j) | 33 | 32 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 7.19%, (3 Month Term SOFR + 3.25%), 04/01/29 (j) | 117 | 115 |
| Primo Brands Corporation |  |  |
| 2025 Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 03/31/28 (j) | 332 | 333 |
| | | 3609 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 09/19/31 (j) | 143 | 144 |
| Cogentrix Finance Holdco I LLC |  |  |
| Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 02/26/32 (j) | 69 | 69 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 05/30/31 (j) | 61 | 61 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 08/08/31 (j) | 163 | 163 |
| New Fortress Energy Inc. |  |  |
| 2025 Incremental Term Loan B, 0.00%, (3 Month Term SOFR + 5.50%), 10/30/28 (j) (r) | 105 | 43 |
| 2025 Incremental Term Loan B, 9.24%, (3 Month Term SOFR + 5.50%), 10/30/28 (j) | 1156 | 472 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 5.59%, (3 Month Term SOFR + 1.75%), 03/27/31 (j) | 139 | 139 |
| Talen Energy Supply, LLC |  |  |
| 2024-1 Incremental Term Loan, 6.35%, (3 Month Term SOFR + 2.50%), 12/10/31 (j) | 54 | 55 |
| 2025 Term Loan B, 5.88%, (SOFR + 2.00%), 10/09/32 (j) | 111 | 111 |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 5.67%, (1 Month Term SOFR + 1.75%), 12/20/30 (j) | 211 | 212 |
|  |  | 1469 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.35%, (3 Month Term SOFR + 4.50%), 08/01/30 (j) | 525 | 478 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2025 Term Loan, 6.42%, (1 Month Term SOFR + 2.50%), 01/31/30 (j) | 98 | 98 |
| 2025 Term Loan B3, 6.67%, (1 Month Term SOFR + 2.75%), 01/31/30 (j) | 59 | 60 |
| Greystar Real Estate Partners, LLC |  |  |
| 2025 Term Loan B, 6.32%, (3 Month Term SOFR + 2.50%), 08/21/30 (j) | 78 | 78 |
|  |  | 714 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| ACNR Holdings INC |  |  |
| 2nd Lien Term Loan, 12.70%, 12/11/29 (l) | 40 | 40 |
| CVR Energy, Inc. |  |  |
| Term Loan B, 8.00%, (3 Month Term SOFR + 4.00%), 12/30/27 (j) | 36 | 36 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.52%, (1 Month Term SOFR + 3.50%), 11/10/29 (j) | 128 | 128 |
| Par Petroleum, LLC |  |  |
| 2025 Term Loan B, 6.95%, (3 Month Term SOFR + 3.25%), 02/28/30 (j) | 88 | 88 |
| Prairie ECI Acquiror LP |  |  |
| 2025 Repriced Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 08/01/29 (j) | 54 | 54 |
| Rockpoint Gas Storage Partners LP |  |  |
| 2025 Repriced Term Loan B, 6.34%, (3 Month Term SOFR + 2.50%), 09/18/31 (j) | 148 | 149 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 6.34%, (3 Month Term SOFR + 2.50%), 02/16/28 (j) | 59 | 59 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 2024 Contingency Reserve Delayed Draw Term Loan, 6.14%, (1 Month Term SOFR + 2.23%), 05/25/29 (j) (l) | 13 | 13 |
| Base Term Loan, 6.14%, (1 Month Term SOFR + 2.23%), 05/25/29 (j) | 103 | 102 |
|  |  | 669 |
| Total Senior Floating Rate Instruments (cost $77,063) | Total Senior Floating Rate Instruments (cost $77,063) | 74396 |
| **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| California Resources Corporation | 2 | 76 |
| Expand Energy Corporation | 3 | 332 |
| Limetree Bay Cayman Limited (h) (l) |  |  |
| Mesquite Energy, Inc. (h) (l) | 4 | 796 |
| New Fortress Energy Inc. (h) (s) | 2 | 3 |
|  |  | 1207 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Acrisure Investment Holdings, LLC (h) (l) | 6 | 171 |
| AFLAC Incorporated (h) | 2 | 41 |
| FG Parent, LLC (l) | 3 | 95 |
| New Cineworld Ltd. (h) (l) | 5 | 111 |
|  |  | 418 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| ACNR Holdings Inc. (h) (l) | 2 | 277 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Fusion Parent, LLC (h) (l) | 3 | 9 |
| LuxCo 3 (h) (l) | 10 | 177 |
|  |  | 186 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Cano Health, Inc. (h) (l) | 15 | 174 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| At Home Group, Inc. (h) (l) | 1 | 32 |
| Juice Plus Equity (h) (l) | 1 | 3 |
| Old Claimco, LLC (h) (l) | 5 | 54 |
| Party City Holdings Inc. (h) (l) |  |  |
|  |  | 89 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Travelport Worldwide Limited (h) (l) |  | 16 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Diamond Sports Group, LLC (h) |  |  |
| Total Common Stocks (cost $989) | Total Common Stocks (cost $989) | 2367 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Strategy Inc, 9.00%, (101, 02/06/26) (e) (m) | 1 | 74 |
| Total Preferred Stocks (cost $70) | Total Preferred Stocks (cost $70) | 74 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Altice Financing S.A. (h) (l) |  | 3 |
| Total Rights (cost $2) | Total Rights (cost $2) | 3 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Cano Health, Inc. (h) (l) | 1 | 2 |
| Carnelian Point Holdings, L.P. (h) (l) |  |  |
| Total Warrants (cost $3) | Total Warrants (cost $3) | 2 |
| **SHORT TERM INVESTMENTS 4.4%** | **SHORT TERM INVESTMENTS 4.4%** | **SHORT TERM INVESTMENTS 4.4%** |
| **Investment Companies 3.8%** | **Investment Companies 3.8%** | **Investment Companies 3.8%** |
| JNL Government Money Market Fund - Class I, 3.64% (t) (u) | 57496 | 57496 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.74% (t) (u) | 8264 | 8264 |
| Total Short Term Investments (cost $65,760) | Total Short Term Investments (cost $65,760) | 65760 |
| **Total Investments 105.2% (cost $1,634,047)** | **Total Investments 105.2% (cost $1,634,047)** | **1585215** |
| **Total Forward Sales Commitments 0.0% (proceeds $623)** | **Total Forward Sales Commitments 0.0% (proceeds $623)** | (624) |
| **Total Purchased Options 0.0% (cost $1,010)** | **Total Purchased Options 0.0% (cost $1,010)** | **636** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **58** |
| **Other Assets and Liabilities, Net (5.2)%** | **Other Assets and Liabilities, Net (5.2)%** | **(77769)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1507516** |

---

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

(b) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $80,714.

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

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $125,164 and 8.3% of the Fund.

(e) All or a portion of the security was on loan as of December 31, 2025.

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(h) Non-income producing security.

(i) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

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

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

(n) Convertible security.

(o) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

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

(r) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(t) Investment in affiliate.

(u) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.0%)** | **FORWARD SALES COMMITMENTS (0.0%)** | **FORWARD SALES COMMITMENTS (0.0%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)** |
| **Mortgage-Backed Securities (0.0%)** | **Mortgage-Backed Securities (0.0%)** | **Mortgage-Backed Securities (0.0%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 6.50%, 01/15/56 (a) | (600) | (624) |
| Total Government And Agency Obligations (proceeds $623) | Total Government And Agency Obligations (proceeds $623) | (624) |
| **Total Forward Sales Commitments (0.0%) (proceeds $623)** | **Total Forward Sales Commitments (0.0%) (proceeds $623)** | (624) |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of December 31, 2025, the total proceeds for investments sold on a delayed delivery basis was $623.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 17327 | 414242 | 374073 | 1521 |  |  | 57496 | 3.8 |
| JNL Government Money Market Fund, 3.74% - Class SL | 10156 | 144599 | 146491 | 502 |  |  | 8264 | 0.6 |
|  | 27483 | 558841 | 520564 | 2023 |  |  | 65760 | 4.4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alpha Star Holding IX Limited, 7.00%, 08/26/28 | 04/02/25 | 203 | 204 |  |
| Celtic Resources Holdings Designated Activity Company, 0.00%, 10/09/24 | 10/02/19 | 102 |  |  |
| Cosan Overseas Limited, 8.25% | 06/27/19 | 190 | 191 |  |
| Dar Al Arkan Sukuk Co Ltd, 7.25%, 07/02/30 | 08/18/25 | 201 | 203 |  |
| Dubai, Government of, 5.25%, 01/30/43 | 10/27/22 | 172 | 202 |  |
| Leviathan Bond Ltd, 6.50%, 06/30/27 | 05/14/25 | 159 | 161 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 03/09/20 | 07/16/19 | 107 | 25 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 04/03/20 | 07/01/19 | 74 | 23 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 10/23/17 | 402 | 321 | 0.1 |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 05/15/17 | 3158 | 1808 | 0.1 |
| TCS Finance Designated Activity Company, 0.00% (callable at 100, 12/20/26) | 09/13/21 | 200 |  |  |
| TV Azteca S.A.B. de C.V., 0.00%, 08/09/26 | 07/01/19 | 300 | 102 |  |
| X.Ai Corp., 12.50%, 06/30/30 | 06/20/25 | 237 | 250 |  |
|  |  | 5505 | 3490 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 157 | March 2026 | 17693 | (32) | (40) |
| United States 2 Year Note | 137 | April 2026 | 28602 | (9) | 2 |
| United States 5 Year Note | 1043 | April 2026 | 114176 | (122) | (171) |
| United States Long Bond | 13 | March 2026 | 1510 | (3) | (8) |
|  |  |  |  | (166) | (217) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States Ultra Bond | (1) | March 2026 | (121) |  | 3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 03/18/28 | 30778 | 21 | (32) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 03/18/29 | 24995 | 26 | (38) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 03/18/30 | 5661 | 9 | (6) |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 03/18/36 | 229 | (1) | (1) |
| U.S. SOFR (A) | Paying | 4.25<br> (A) | 03/18/46 | 9 |  |  |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 03/18/56 | 590 | (3) | (3) |
|  |  |  |  |  | 52 | (80) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| CDX.EM.IG.44 (Q) | N/A | 1.00 | 12/20/30 | 595 | (9) |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| U.S. SOFR, 04/26/35 | BOA<br> Call | 4.08 | 04/24/30 | 1380000 | 1380 | 36 |
| U.S. SOFR, 04/25/35 | BOA<br> Call | 4.03 | 04/23/30 | 470000 | 470 | 12 |
| U.S. SOFR, 05/06/35 | BOA<br> Call | 4.07 | 05/02/30 | 1930000 | 1930 | 50 |
| U.S. SOFR, 08/12/36 | BOA<br> Call | 3.80 | 08/13/26 | 450000 | 450 | 8 |
| U.S. SOFR, 05/09/35 | BOA<br> Call | 4.01 | 05/07/30 | 610000 | 610 | 15 |
| U.S. SOFR, 01/30/36 | CIT<br> Call | 4.11 | 01/28/26 | 2480000 | 2480 | 1 |
| U.S. SOFR, 04/29/35 | CIT<br> Call | 4.03 | 04/25/30 | 600000 | 600 | 15 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| U.S. SOFR, 08/27/36 | GSC | Call | 3.80 | 08/25/26 | 3040000 | 3040 | 68 |
| U.S. SOFR, 11/09/34 | MSC | Call | 3.87 | 11/07/29 | 1700000 | 1700 | 49 |
| U.S. SOFR, 04/26/35 | MSC | Call | 4.08 | 04/24/30 | 1490000 | 1490 | 39 |
| U.S. SOFR, 04/25/35 | BOA | Put | 4.03 | 04/23/30 | 470000 | 470 | 13 |
| U.S. SOFR, 05/06/35 | BOA | Put | 4.07 | 05/02/30 | 1930000 | 1930 | 53 |
| U.S. SOFR, 04/26/35 | BOA | Put | 4.08 | 04/24/30 | 1380000 | 1380 | 38 |
| U.S. SOFR, 05/09/35 | BOA | Put | 4.01 | 05/07/30 | 610000 | 610 | 17 |
| U.S. SOFR, 08/12/36 | BOA | Put | 3.80 | 08/13/26 | 450000 | 450 | 10 |
| U.S. SOFR, 01/30/36 | CIT | Put | 4.11 | 01/28/26 | 2480000 | 2480 | 63 |
| U.S. SOFR, 04/29/35 | CIT | Put | 4.03 | 04/25/30 | 600000 | 600 | 17 |
| U.S. SOFR, 08/27/36 | GSC | Put | 3.80 | 08/25/26 | 3040000 | 3040 | 53 |
| U.S. SOFR, 11/09/34 | MSC | Put | 3.87 | 11/07/29 | 1700000 | 1700 | 38 |
| U.S. SOFR, 04/26/35 | MSC | Put | 4.08 | 04/24/30 | 1490000 | 1490 | 41 |
|  |  |  |  |  |  |  | 636 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 40  | 7  | 10  | (3)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 70  | 11  | 17  | (6)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 10  | 1  | 2  | (1)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 60  | 10  | 17  | (7)  |
| CMBX.NA.BBB-.16 (M)  | JPM | N/A | 3.00 | 04/17/65  | 20  | 3  | 6  | (3)  |
| CMBX.NA.BBB-.16 (M)  | JPM | N/A | 3.00 | 04/17/65  | 50  | 8  | 15  | (7)  |
| CMBX.NA.BB.18 (M)  | GSC | N/A | 5.00 | 12/17/57  | 100  | 16  | 15  | 1  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 100  | 8  | 10  | (2)  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 100  | 8  | 7  | 1  |
| CMBX.NA.AAA.13 (M)  | JPM | N/A | 0.50 | 12/16/72  | 970  | (6)  | 6  | (12)  |
| CMBX.NA.BB.18 (M)  | JPM | N/A | 5.00 | 12/17/57  | 100  | 16  | 7  | 9  |
| CMBX.NA.BBB-.18 (M)  | JPM | N/A | 3.00 | 12/17/57  | 100  | 8  | 5  | 3  |
| CMBX.NA.AAA.16 (M)  | MSC | N/A | 0.50 | 04/17/65  | 1000  | 4  | 8  | (4)  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 300  | 25  | 12  | 13  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 30  | 5  | 8  | (3)  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 40  | 6  | 10  | (4)  |
| CMBX.NA.BBB-.16 (M)  | MSC | N/A | 3.00 | 04/17/65  | 80  | 14  | 21  | (7)  |
| CMBX.NA.BB.18 (M)  | MSC | N/A | 5.00 | 12/17/57  | 100  | 16  | 7  | 9  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 50  | 9  | 9  | —  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 50  | 9  | 15  | (6)  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 30  | 5  | 9  | (4)  |
| CMBX.NA.BBB-.17 (M)  | CIT | N/A | 3.00 | 12/15/56  | 100  | 13  | 14  | (1)  |
|  |  |  |  |  | 3500 | 196 | 230 | (34) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (300)  | (4)  | (4)  | —  |
| CMBX.NA.AAA.17 (M)  | MSC | 0.00 | 0.50 | 12/15/56  | (100)  | (2)  | (2)  | —  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (300)  | (3)  | (9)  | 6  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (400)  | (4)  | (5)  | 1  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.00 | 0.50 | 12/15/56  | (100)  | (1)  | (3)  | 2  |
| CMBX.NA.AAA.17 (M)  | JPM | 0.00 | 0.50 | 12/15/56  | (300)  | (3)  | (3)  | —  |
| CMBX.NA.AAA.13 (M)  | MSC | 0.00 | 0.50 | 12/16/72  | (970)  | 5  | (23)  | 28  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (400)  | (4)  | (4)  | —  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (500)  | (5)  | (9)  | 4  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (100)  | (1)  | (2)  | 1  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.00 | 0.50 | 12/15/56  | (100)  | (2)  | (2)  | —  |
|  |  |  |  |  | (3570) | (24) | (66) | 42 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 875720 |  | 875720 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 380704 | 48 | 380752 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 186141 |  | 186141 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 73772 | 624 | 74396 |
| &nbsp;&nbsp;Common Stocks | 408 | 44 | 1915 | 2367 |
| &nbsp;&nbsp;Preferred Stocks | 74 |  |  | 74 |
| &nbsp;&nbsp;Rights |  |  | 3 | 3 |
| &nbsp;&nbsp;Warrants |  |  | 2 | 2 |
| &nbsp;&nbsp;Short Term Investments | 65760 |  |  | 65760 |
|  | 66242 | 1516381 | 2592 | 1585215 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (624) |  | (624) |
|  |  | (624) |  | (624) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 5 |  |  | 5 |
| &nbsp;&nbsp;OTC Purchased Options |  | 636 |  | 636 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 78 |  | 78 |
|  | 5 | 714 |  | 719 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (219) |  |  | (219) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (80) |  | (80) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (70) |  | (70) |
|  | (219) | (150) |  | (369) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |
| **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** |
| **United States of America 57.0%** | **United States of America 57.0%** | **United States of America 57.0%** |
| American Electric Power Company, Inc. | 174 | 20054 |
| American Tower Corporation | 32 | 5597 |
| Cheniere Energy, Inc. | 84 | 16322 |
| CSX Corporation | 619 | 22434 |
| Dominion Energy, Inc. | 192 | 11243 |
| DT Midstream, Inc. | 73 | 8744 |
| Duke Energy Corporation | 183 | 21442 |
| Equinix, Inc. | 7 | 5730 |
| Evergy, Inc. | 156 | 11301 |
| Eversource Energy | 151 | 10153 |
| NextEra Energy, Inc. | 235 | 18882 |
| ONEOK, Inc. | 191 | 14053 |
| PG&E Corporation | 764 | 12274 |
| Public Service Enterprise Group Incorporated | 133 | 10641 |
| SBA Communications Corporation - Class A | 74 | 14359 |
| Sempra | 195 | 17233 |
| Targa Resources Corp. | 44 | 8058 |
| UGI Corporation | 124 | 4630 |
| Union Pacific Corporation | 89 | 20680 |
| XCEL Energy Inc. | 199 | 14684 |
|  |  | 268514 |
| **Australia 5.9%** | **Australia 5.9%** | **Australia 5.9%** |
| Atlas Arteria Limited | 2624 | 8551 |
| Transurban Holdings Limited | 2050 | 19396 |
|  |  | 27947 |
| **France 5.3%** | **France 5.3%** | **France 5.3%** |
| Aeroports de Paris (a) | 72 | 9447 |
| Getlink S.E. | 853 | 15755 |
|  |  | 25202 |
| **United Kingdom 5.0%** | **United Kingdom 5.0%** | **United Kingdom 5.0%** |
| National Grid PLC | 1029 | 15834 |
| United Utilities PLC | 469 | 7552 |
|  |  | 23386 |
| **Mexico 4.6%** | **Mexico 4.6%** | **Mexico 4.6%** |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 526 | 13777 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 544 | 8063 |
|  |  | 21840 |
| **China 4.5%** | **China 4.5%** | **China 4.5%** |
| Beijing Capital International Airport Co., Ltd. - Class H (b) | 15778 | 5596 |
| China Tower Corporation Limited - Class H | 5317 | 7895 |
| ENN Energy Holdings Limited | 847 | 7523 |
|  |  | 21014 |
| **Italy 3.2%** | **Italy 3.2%** | **Italy 3.2%** |
| Hera S.p.A. | 1996 | 9426 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (a) (c) | 611 | 5663 |
|  |  | 15089 |
| **Japan 2.8%** | **Japan 2.8%** | **Japan 2.8%** |
| Japan Airport Terminal Co., Ltd. | 236 | 6603 |
| West Japan Railway Company (a) | 337 | 6726 |
|  |  | 13329 |
| **Brazil 2.6%** | **Brazil 2.6%** | **Brazil 2.6%** |
| Motiva Infraestrutura De Mobilidade S.A. | 2331 | 6382 |
| Rumo S.A. | 2220 | 5940 |
|  |  | 12322 |
| **Denmark 2.0%** | **Denmark 2.0%** | **Denmark 2.0%** |
| Orsted A/S (b) (c) | 484 | 9243 |
| **Spain 1.9%** | **Spain 1.9%** | **Spain 1.9%** |
| AENA, S.M.E., S.A. | 324 | 9062 |
| **Switzerland 1.7%** | **Switzerland 1.7%** | **Switzerland 1.7%** |
| Flughafen Zurich AG - Class N | 26 | 8105 |
| **Hong Kong 1.6%** | **Hong Kong 1.6%** | **Hong Kong 1.6%** |
| CLP Holdings Limited | 859 | 7681 |
| **Germany 0.6%** | **Germany 0.6%** | **Germany 0.6%** |
| RWE Aktiengesellschaft | 49 | 2593 |
| Total Common Stocks (cost $434,573) | Total Common Stocks (cost $434,573) | 465327 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 2315 | 2315 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (d) (e) | 849 | 849 |
| Total Short Term Investments (cost $3,164) | Total Short Term Investments (cost $3,164) | 3164 |
| **Total Investments 99.4% (cost $437,737)** | **Total Investments 99.4% (cost $437,737)** | **468491** |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **2898** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **471389** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Non-income producing security.

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

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** | **JNL/First Sentier Global Infrastructure Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 6419 | 136247 | 140351 | 146 |  |  | 2315 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 79928 | 79079 | 124 |  |  | 849 | 0.2 |
|  | 6419 | 216175 | 219430 | 270 |  |  | 3164 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 08/08/22 | 6736 | 5663 | 1.2 |
| Orsted A/S | 08/29/25 | 8761 | 9243 | 2.0 |
|  |  | 15497 | 14906 | 3.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 268514 |  |  | 268514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 27947 |  | 27947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 25202 |  | 25202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 23386 |  | 23386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico |  | 21840 |  | 21840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 21014 |  | 21014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 15089 |  | 15089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 13329 |  | 13329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 12322 |  | 12322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 9243 |  | 9243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 9062 |  | 9062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 8105 |  | 8105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 7681 |  | 7681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 2593 |  | 2593 |
| &nbsp;&nbsp;Short Term Investments | 3164 |  |  | 3164 |
|  | 271678 | 196813 |  | 468491 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |
| **CORPORATE BONDS AND NOTES 35.0%** | **CORPORATE BONDS AND NOTES 35.0%** | **CORPORATE BONDS AND NOTES 35.0%** |
| **Health Care 7.0%** | **Health Care 7.0%** | **Health Care 7.0%** |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 4780 | 4625 |
| Community Health Systems, Inc. |  |  |
| 6.88%, 04/15/29 (a) (b) | 12847 | 11434 |
| 6.13%, 04/01/30 (b) | 8000 | 6412 |
| 10.88%, 01/15/32 (b) | 21834 | 23848 |
| 9.75%, 01/15/34 (b) | 1000 | 1050 |
| CVS Health Corporation |  |  |
| 5.25%, 02/21/33 | 3500 | 3605 |
| DaVita, Inc. |  |  |
| 4.63%, 06/01/30 (b) | 3500 | 3401 |
| Endo Finance Holdings, Inc. |  |  |
| 8.50%, 04/15/31 (a) (b) | 3000 | 3164 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32 (b) | 1500 | 1537 |
| 7.25%, 12/15/33 (b) | 500 | 525 |
| HCA Inc. |  |  |
| 5.50%, 06/01/33 | 8500 | 8843 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (b) | 4000 | 3906 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (b) | 1500 | 1460 |
| 7.88%, 05/15/34 (a) (b) | 1500 | 1208 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 06/15/30 | 20000 | 20448 |
| 6.00%, 11/15/33 (b) | 2500 | 2568 |
|  |  | 98034 |
| **Financials 6.1%** | **Financials 6.1%** | **Financials 6.1%** |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (b) | 2000 | 2073 |
| Barclays PLC |  |  |
| 5.75%, 08/09/33 | 8500 | 8933 |
| 7.44%, 11/02/33 | 5000 | 5720 |
| Citigroup Inc. |  |  |
| 6.27%, 11/17/33 | 10500 | 11435 |
| Ford Motor Credit Company LLC |  |  |
| 4.95%, 05/28/27 | 4000 | 4015 |
| 7.35%, 03/06/30 | 3000 | 3221 |
| General Motors Financial Company, Inc. |  |  |
| 6.40%, 01/09/33 | 3500 | 3781 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.56%, 10/24/34 | 8000 | 8928 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (c) | 2000 | 2075 |
| 6.88%, (100, 06/01/29) (c) | 3000 | 3166 |
| 6.25%, 10/23/34 | 1500 | 1648 |
| KeyBank National Association |  |  |
| 4.90%, 08/08/32 | 1500 | 1497 |
| Morgan Stanley |  |  |
| 6.34%, 10/18/33 | 2000 | 2192 |
| 5.25%, 04/21/34 | 4000 | 4121 |
| 6.63%, 11/01/34 | 2500 | 2797 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (b) | 2000 | 2044 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 4000 | 4323 |
| Truist Financial Corporation |  |  |
| 4.92%, 07/28/33 | 2000 | 2013 |
| U.S. Bancorp |  |  |
| 5.85%, 10/21/33 | 4500 | 4819 |
| Wells Fargo & Company |  |  |
| 5.56%, 07/25/34 | 6000 | 6300 |
|  |  | 85101 |
| **Consumer Discretionary 4.2%** | **Consumer Discretionary 4.2%** | **Consumer Discretionary 4.2%** |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (b) (d) | 4000 | 4405 |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/30 (b) | 5000 | 5175 |
| 6.50%, 02/15/32 (a) (b) | 2500 | 2559 |
| 6.00%, 10/15/32 (a) (b) | 3500 | 3397 |
| Carnival Corporation |  |  |
| 5.75%, 08/01/32 (b) | 5000 | 5131 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (a) (b) | 6215 | 5375 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (b) | 1600 | 1554 |
| 6.75%, 01/15/30 (b) | 3000 | 2845 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 3500 | 3087 |
| General Motors Company |  |  |
| 5.60%, 10/15/32 | 2500 | 2614 |
| 5.15%, 04/01/38 | 6000 | 5780 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (b) | 1000 | 1024 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (b) | 1500 | 1571 |
| SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/28 (b) | 5500 | 5537 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (b) | 1500 | 1610 |
| Wynn Las Vegas, LLC |  |  |
| 5.25%, 05/15/27 (b) | 2000 | 2007 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (a) (b) | 5000 | 5101 |
|  |  | 58772 |
| **Industrials 4.1%** | **Industrials 4.1%** | **Industrials 4.1%** |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (b) | 1667 | 1671 |
| 5.75%, 04/20/29 (a) (b) | 4000 | 4068 |
| 8.50%, 05/15/29 (a) (b) | 2500 | 2609 |
| Boeing Company, The |  |  |
| 5.15%, 05/01/30 (e) | 3000 | 3085 |
| 3.25%, 02/01/35 | 4500 | 3940 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (b) | 2000 | 2054 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (b) | 1500 | 1164 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (b) | 2000 | 2083 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (b) | 1250 | 1315 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (b) | 3500 | 3526 |
| JH North America Holdings Inc. |  |  |
| 10.00%, 01/15/31 (b) | 1500 | 1475 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (b) | 5000 | 4982 |
| 9.25%, 04/15/30 (a) (b) | 5000 | 4799 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (b) | 3000 | 3124 |
| R. R. Donnelley & Sons Company |  |  |
| 9.50%, 08/01/29 (b) | 2000 | 2071 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 - 01/31/34 (b) | 6300 | 6441 |
| 6.63%, 03/01/32 (b) | 5000 | 5194 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (b) | 4000 | 3981 |
|  |  | 57582 |
| **Materials 3.6%** | **Materials 3.6%** | **Materials 3.6%** |
| Alcoa Nederland Holding B.V. |  |  |
| 4.13%, 03/31/29 (a) (b) | 2000 | 1959 |
| ArcelorMittal |  |  |
| 6.80%, 11/29/32 (a) | 6000 | 6721 |
| Ardagh Group S.A. |  |  |
| 9.50%, 12/01/30 (b) | 4180 | 4531 |
| 11.00%, 12/01/30 (b) (d) | 4278 | 3930 |
| Celanese US Holdings LLC |  |  |
| 6.67%, 07/15/27 (a) (e) (f) | 4000 | 4117 |
| Cleveland-Cliffs Inc. |  |  |
| 7.00%, 03/15/32 (a) (b) | 2500 | 2562 |
| 7.38%, 05/01/33 (b) | 2000 | 2080 |
| 7.63%, 01/15/34 (b) | 2500 | 2614 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.88%, 04/15/30 (b) | 3000 | 3083 |
| 4.38%, 04/01/31 (b) | 3000 | 2893 |
| Rain Carbon Inc. |  |  |
| 12.25%, 09/01/29 (a) (b) | 4500 | 4682 |
| SCIH Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (b) | 3300 | 3292 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (a) (b) | 6000 | 4200 |
| 9.13%, 09/30/30 (a) (b) | 3400 | 3370 |
| | | 50034 |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| Calumet Specialty Products Partners, L.P. |  |  |
| 11.00%, 04/15/26 (b) | 2156 | 2164 |
| 8.13%, 01/15/27 (b) | 3000 | 3003 |
| 9.25%, 07/15/29 (b) | 4800 | 4920 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (b) | 2000 | 1900 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.40%, 02/01/34 | 4000 | 4133 |
| Matador Resources Company |  |  |
| 6.25%, 04/15/33 (b) | 1500 | 1498 |
| Occidental Petroleum Corporation |  |  |
| 6.63%, 09/01/30 | 2000 | 2149 |
| 5.55%, 10/01/34 (a) | 2000 | 2036 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (b) (c) | 7500 | 5925 |
| 8.13%, 06/01/28 (b) | 4500 | 4547 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (b) | 1500 | 1527 |
| 6.50%, 06/15/34 (a) (b) | 2500 | 2554 |
| 7.75%, 05/01/35 (b) | 4500 | 4928 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (b) | 2422 | 2480 |
| 6.75%, 10/15/33 (b) | 1500 | 1534 |
| Williams Companies, Inc., The |  |  |
| 5.65%, 03/15/33 | 4400 | 4629 |
|  |  | 49927 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (b) | 5000 | 4988 |
| NRG Energy, Inc. |  |  |
| 5.75%, 07/15/29 (b) | 9000 | 9022 |
| 6.00%, 01/15/36 (b) | 3000 | 3040 |
| PG&E Company |  |  |
| 4.55%, 07/01/30 | 2500 | 2487 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (b) (c) | 8000 | 8166 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (b) | 2500 | 2649 |
|  |  | 30352 |
| **Communication Services 2.1%** | **Communication Services 2.1%** | **Communication Services 2.1%** |
| CCO Holdings, LLC |  |  |
| 5.00%, 02/01/28 (b) | 5000 | 4953 |
| 6.38%, 09/01/29 (b) | 5000 | 5050 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (a) (b) | 4000 | 4000 |
| CommScope, LLC. |  |  |
| 7.13%, 07/01/28 (b) | 9775 | 9812 |
| 9.50%, 12/15/31 (a) (b) | 6000 | 6060 |
|  |  | 29875 |
| **Consumer Staples 1.6%** | **Consumer Staples 1.6%** | **Consumer Staples 1.6%** |
| B.A.T Capital Corporation |  |  |
| 6.42%, 08/02/33 | 2850 | 3146 |
| JBS USA Food Company |  |  |
| 5.75%, 04/01/33 | 4000 | 4175 |
| Pilgrim's Pride Corporation |  |  |
| 6.25%, 07/01/33 | 4500 | 4811 |
| United Rentals (North America), Inc. |  |  |
| 4.88%, 01/15/28 | 6000 | 5986 |
| 6.00%, 12/15/29 (b) | 4000 | 4110 |
|  |  | 22228 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (b) | 2000 | 2014 |
| Coreweave, Inc. |  |  |
| 9.00%, 02/01/31 (b) | 1000 | 912 |
| Micron Technology, Inc. |  |  |
| 5.88%, 02/09/33 (a) | 1000 | 1064 |
| Oracle Corporation |  |  |
| 6.25%, 11/09/32 | 2000 | 2086 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/32 (b) | 750 | 768 |
| 6.25%, 08/15/33 (b) | 750 | 778 |
|  |  | 7622 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (b) | 1500 | 1534 |
| Total Corporate Bonds And Notes (cost $471,861) | Total Corporate Bonds And Notes (cost $471,861) | 491061 |
| **COMMON STOCKS 33.5%** | **COMMON STOCKS 33.5%** | **COMMON STOCKS 33.5%** |
| **Health Care 7.3%** | **Health Care 7.3%** | **Health Care 7.3%** |
| AbbVie Inc. | 65 | 14852 |
| Amgen Inc. | 20 | 6546 |
| Bristol-Myers Squibb Company | 93 | 5015 |
| Johnson & Johnson | 160 | 33112 |
| Mallinckrodt Public Limited Company (g) | 27 | 2383 |
| Medtronic, Inc. | 50 | 4803 |
| Merck & Co., Inc. | 225 | 23683 |
| Par Health, Inc. (g) | 27 | 237 |
| Pfizer Inc. | 470 | 11700 |
|  |  | 102331 |
| **Energy 6.1%** | **Energy 6.1%** | **Energy 6.1%** |
| Chevron Corporation | 185 | 28196 |
| ConocoPhillips | 75 | 7021 |
| Exxon Mobil Corporation | 220 | 26475 |
| Halliburton Company | 60 | 1696 |
| Schlumberger Limited | 225 | 8634 |
| Shell PLC - Class A - ADR | 150 | 11022 |
| TotalEnergies SE (a) | 40 | 2617 |
|  |  | 85661 |
| **Consumer Staples 4.4%** | **Consumer Staples 4.4%** | **Consumer Staples 4.4%** |
| Coca-Cola Company, The | 150 | 10486 |
| Nestle S.A. - Series B - ADR | 80 | 7902 |
| PepsiCo, Inc. | 150 | 21528 |
| Philip Morris International Inc. | 30 | 4812 |
| Procter & Gamble Company, The | 115 | 16481 |
|  |  | 61209 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| Dominion Energy, Inc. | 150 | 8789 |
| Duke Energy Corporation | 70 | 8205 |
| NextEra Energy, Inc. | 175 | 14049 |
| Sempra | 75 | 6622 |
| The Southern Company | 175 | 15260 |
| XCEL Energy Inc. | 63 | 4653 |
|  |  | 57578 |
| **Industrials 4.0%** | **Industrials 4.0%** | **Industrials 4.0%** |
| Caterpillar Inc. | 5 | 2864 |
| Honeywell International Inc. | 23 | 4486 |
| Johnson Controls International Public Limited Company | 50 | 5988 |
| Lockheed Martin Corporation | 30 | 14510 |
| RTX Corporation | 45 | 8253 |
| Union Pacific Corporation | 66 | 15266 |
| United Parcel Service, Inc. - Class B | 50 | 5009 |
|  |  | 56376 |
| **Information Technology 2.8%** | **Information Technology 2.8%** | **Information Technology 2.8%** |
| Analog Devices, Inc. | 17 | 4610 |
| Cisco Systems, Inc. | 225 | 17332 |
| International Business Machines Corporation | 17 | 5036 |
| Texas Instruments Incorporated | 70 | 12144 |
|  |  | 39122 |
| **Financials 1.7%** | **Financials 1.7%** | **Financials 1.7%** |
| Citigroup Inc. | 25 | 2917 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Fifth Third Bancorp | 75 | 3511 |
| JPMorgan Chase & Co. | 25 | 8055 |
| Morgan Stanley | 50 | 8876 |
| | | 23359 |
| **Materials 1.2%** | **Materials 1.2%** | **Materials 1.2%** |
| Air Products and Chemicals, Inc. | 25 | 6175 |
| Ardagh Group S.A. (g) | 130 | 1082 |
| Freeport-McMoRan Inc. | 100 | 5069 |
| International Paper Company | 65 | 2560 |
| LyondellBasell Industries N.V. - Class A | 56 | 2425 |
|  |  | 17311 |
| **Consumer Discretionary 1.2%** | **Consumer Discretionary 1.2%** | **Consumer Discretionary 1.2%** |
| Home Depot, Inc., The | 35 | 12043 |
| McDonald's Corporation | 15 | 4584 |
|  |  | 16627 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| Comcast Corporation - Class A | 175 | 5231 |
| Verizon Communications Inc. | 120 | 4888 |
|  |  | 10119 |
| Total Common Stocks (cost $400,088) | Total Common Stocks (cost $400,088) | 469693 |
| **EQUITY LINKED STRUCTURED NOTES 16.6%** | **EQUITY LINKED STRUCTURED NOTES 16.6%** | **EQUITY LINKED STRUCTURED NOTES 16.6%** |
| Barclays Bank PLC |  |  |
| (Target Corporation), 10.00%, 01/02/26 (h) (i) | 30 | 2981 |
| (Amazon.com, Inc.), 10.00%, 03/25/26 (h) | 25 | 5486 |
| (Micron Technology, Inc.), 10.00%, 09/08/26 (h) | 39 | 5888 |
| (Microchip Technology Incorporated), 10.00%, 10/05/26 (h) | 100 | 6289 |
| BNP Paribas Issuance B.V. |  |  |
| (Texas Instruments Incorporated), 9.00%, 07/01/26 (h) | 50 | 8814 |
| (Freeport-McMoRan Inc.), 10.00%, 08/28/26 (h) | 175 | 7904 |
| (Target Corporation), 11.00%, 10/07/26 (h) | 21 | 2000 |
| Citigroup Global Markets Holdings Inc. |  |  |
| (UnitedHealth Group Incorporated), 9.00%, 01/27/26 (h) | 7 | 2337 |
| (International Business Machines Corporation), 8.50%, 08/21/26 (h) | 13 | 3506 |
| Goldman Sachs Bank USA |  |  |
| (NIKE, Inc.), 9.00%, 03/31/26 (h) | 50 | 3257 |
| J.P. Morgan Structured Products B.V. |  |  |
| (Home Depot, Inc. , The), 8.00%, 10/20/26 (b) (h) | 25 | 8893 |
| (Amazon.com, Inc.), 9.00%, 01/11/27 (h) | 18 | 4082 |
| JPMorgan Chase Bank, National Association |  |  |
| (Boeing Company, The), 10.00%, 01/22/26 (h) | 23 | 4535 |
| (Truist Financial Corporation), 9.50%, 03/02/26 (b) (h) | 125 | 5909 |
| Merrill Lynch S.A. |  |  |
| (Microsoft Corporation), 7.00%, 03/09/26 (b) (h) | 15 | 6668 |
| (Comcast Corporation), 8.50%, 06/22/26 (h) | 150 | 4515 |
| (UnitedHealth Group Incorporated), 10.00%, 07/01/26 (h) | 10 | 3293 |
| (Albemarle Corporation), 12.50%, 08/28/26 (h) | 48 | 4957 |
| (Microchip Technology Incorporated), 11.00%, 09/03/26 (h) | 100 | 6386 |
| (Halliburton Company), 8.50%, 09/21/26 (h) | 145 | 3723 |
| (UnitedHealth Group Incorporated), 9.00%, 09/25/26 (h) | 14 | 4608 |
| Mizuho Markets Cayman LP |  |  |
| (Exxon Mobil Corporation), 8.50%, 04/07/26 (b) (h) | 100 | 11927 |
| (Analog Devices, Inc.), 8.50%, 05/18/26 (b) (h) | 45 | 10382 |
| (Amgen Inc.), 10.00%, 06/15/26 (h) | 18 | 5347 |
| (Dell Technologies Inc.), 12.00%, 11/09/26 (b) (h) | 48 | 6369 |
| (Meta Platforms, Inc.), 10.00%, 12/07/26 (b) (h) | 10 | 6340 |
| (Microsoft Corporation), 7.25%, 01/11/27 (b) (h) | 20 | 9587 |
| Morgan Stanley Finance II Ltd |  |  |
| (International Business Machines Corporation), 8.00%, 04/08/27 (h) | 15 | 4241 |
| Royal Bank of Canada |  |  |
| (Texas Instruments Incorporated), 9.00%, 07/21/26 (h) | 15 | 2683 |
| Toronto-Dominion Bank, The |  |  |
| (Starbucks Corporation), 9.00%, 01/12/26 (h) | 89 | 7493 |
| (Target Corporation), 12.00%, 06/30/26 (h) | 40 | 3812 |
| (Intel Corporation), 10.50%, 09/01/26 (h) | 170 | 5060 |
| (Qualcomm Incorporated), 10.00%, 11/25/26 (h) | 36 | 6238 |
| UBS AG |  |  |
| (Bank of America Corporation), 8.00%, 01/28/26 (h) | 300 | 15515 |
| (Marvell Technology, Inc.), 12.00%, 05/14/26 (h) | 60 | 4422 |
| (Accenture Public Limited Company), 8.00%, 07/13/26 (b) (h) | 15 | 4153 |
| (Oracle Corporation), 12.00%, 01/11/27 (h) | 14 | 2668 |
| Wells Fargo Bank, National Association |  |  |
| (Citigroup Inc.), 8.50%, 02/25/26 (h) | 70 | 6732 |
| (CVS Health Corporation), 10.00%, 04/09/26 (b) (h) | 80 | 6130 |
| (Salesforce, Inc.), 9.00%, 06/15/26 (h) | 17 | 4463 |
| (NextEra Energy, Inc.), 9.50%, 10/22/26 (h) | 37 | 3041 |
| Total Equity Linked Structured Notes (cost $227,433) | Total Equity Linked Structured Notes (cost $227,433) | 232634 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 10.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 10.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 10.2%** |
| **Mortgage-Backed Securities 6.4%** | **Mortgage-Backed Securities 6.4%** | **Mortgage-Backed Securities 6.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 5.00%, 05/01/53 - 11/01/54 | 18483 | 18484 |
| 5.50%, 07/01/53 - 02/01/55 | 19233 | 19531 |
| 6.00%, 09/01/55 | 2069 | 2124 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 08/01/49 | 479 | 463 |
| 5.00%, 05/01/53 - 11/01/53 | 13486 | 13508 |
| 5.50%, 11/01/54 | 3038 | 3082 |
| 6.00%, 08/01/55 | 3720 | 3819 |
| Government National Mortgage Association |  |  |
| 5.50%, 05/20/55 - 12/20/55 | 15417 | 15592 |
| 6.00%, 05/20/55 - 08/20/55 | 12161 | 12415 |
|  |  | 89018 |
| **U.S. Treasury Bond 2.4%** | **U.S. Treasury Bond 2.4%** | **U.S. Treasury Bond 2.4%** |
| Treasury, United States Department of |  |  |
| 3.63%, 05/15/53 | 14000 | 11354 |
| Principal Only, 0.00%, 11/15/54 (j) | 75000 | 18185 |
| 4.50%, 11/15/54 | 5000 | 4729 |
|  |  | 34268 |
| **U.S. Treasury Note 1.4%** | **U.S. Treasury Note 1.4%** | **U.S. Treasury Note 1.4%** |
| Treasury, United States Department of |  |  |
| 4.00%, 05/31/30 | 7500 | 7598 |
| 2.88%, 05/15/32 | 5000 | 4717 |
| 4.13%, 05/31/32 | 7500 | 7605 |
|  |  | 19920 |
| Total Government And Agency Obligations (cost $143,469) | Total Government And Agency Obligations (cost $143,469) | 143206 |
| **PREFERRED STOCKS 2.3%** | **PREFERRED STOCKS 2.3%** | **PREFERRED STOCKS 2.3%** |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Albemarle Corporation, 7.25%, 03/01/27 (k) | 225 | 13363 |
| **Utilities 0.7%** | **Utilities 0.7%** | **Utilities 0.7%** |
| NextEra Energy, Inc., 7.23%, 11/01/27 (k) | 150 | 7312 |
| The Southern Company, 7.13%, 12/15/28 (g) (k) | 55 | 2770 |
|  |  | 10082 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Boeing Company, The, 6.00%, 10/15/27 (k) | 110 | 7597 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Ares Management Corporation, 6.75%, 10/01/27 (k) | 25 | 1260 |
| Total Preferred Stocks (cost $25,535) | Total Preferred Stocks (cost $25,535) | 32302 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.5%** | **SENIOR FLOATING RATE INSTRUMENTS 0.5%** | **SENIOR FLOATING RATE INSTRUMENTS 0.5%** |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| X Corp. |  |  |
| Term Loan, 10.45%, (3 Month Term SOFR + 6.50%), 10/27/29 (h) | 3473 | 3409 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Opal Bidco SAS |  |  |
| USD Term Loan B4, 6.90%, (3 Month Term SOFR + 3.00%), 04/28/32 (h) | 2000 | 2011 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 03/27/32 (h) (l) | 4 | 4 |
| 2025 Delayed Draw Term Loan, 7.03%, (1 Month Term SOFR + 3.25%), 03/27/32 (h) | 21 | 21 |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 03/27/32 (h) | 1471 | 1469 |
|  |  | 1494 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| MPH Acquisition Holdings LLC |  |  |
| 2025 Exchange 1st Out Term Loan, 7.59%, (3 Month Term SOFR + 3.75%), 12/31/30 (h) | 891 | 892 |
| Total Senior Floating Rate Instruments (cost $7,745) | Total Senior Floating Rate Instruments (cost $7,745) | 7806 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.3%** |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| Series 2023-1, 5.80%, 01/15/36 | 2799 | 2923 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 1530 | 1565 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,329) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,329) | 4488 |
| **SHORT TERM INVESTMENTS 4.1%** | **SHORT TERM INVESTMENTS 4.1%** | **SHORT TERM INVESTMENTS 4.1%** |
| **Securities Lending Collateral 3.4%** | **Securities Lending Collateral 3.4%** | **Securities Lending Collateral 3.4%** |
| JNL Government Money Market Fund - Class SL, 3.74% (m) (n) | 47419 | 47419 |
| **U.S. Treasury Bill 0.7%** | **U.S. Treasury Bill 0.7%** | **U.S. Treasury Bill 0.7%** |
| Treasury, United States Department of |  |  |
| 3.60%, 01/29/26 | 10000 | 9973 |
| Total Short Term Investments (cost $57,391) | Total Short Term Investments (cost $57,391) | 57392 |
| **Total Investments 102.5% (cost $1,337,851)** | **Total Investments 102.5% (cost $1,337,851)** | **1438582** |
| **Other Assets and Liabilities, Net (2.5)%** | **Other Assets and Liabilities, Net (2.5)%** | **(35133)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1403449** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $382,868 and 27.3% of the Fund.

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

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

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(g) Non-income producing security.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(i) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

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

(k) Convertible security.

(l) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** | **JNL/Franklin Templeton Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 18630 | 355487 | 374117 | 661 |  |  |  |  |
| JNL Government Money Market Fund, 3.74% - Class SL | 14770 | 235454 | 202805 | 872 |  |  | 47419 | 3.4 |
|  | 33400 | 590941 | 576922 | 1533 |  |  | 47419 | 3.4 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 491061 |  | 491061 |
| &nbsp;&nbsp;Common Stocks | 469693 |  |  | 469693 |
| &nbsp;&nbsp;Equity Linked Structured Notes |  | 232634 |  | 232634 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 143206 |  | 143206 |
| &nbsp;&nbsp;Preferred Stocks | 32302 |  |  | 32302 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 7806 |  | 7806 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 4488 |  | 4488 |
| &nbsp;&nbsp;Short Term Investments | 47419 | 9973 |  | 57392 |
|  | 549414 | 889168 |  | 1438582 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Information Technology 33.8%** | **Information Technology 33.8%** | **Information Technology 33.8%** |
| Accenture Public Limited Company - Class A | 279 | 74860 |
| Adobe Inc. (a) | 198 | 69133 |
| Akamai Technologies, Inc. (a) | 324 | 28283 |
| Amphenol Corporation - Class A | 576 | 77796 |
| Applied Materials, Inc. | 337 | 86571 |
| Broadcom Inc. | 184 | 63769 |
| CDW Corp. | 109 | 14854 |
| Cisco Systems, Inc. | 773 | 59518 |
| Corning Incorporated | 1112 | 97397 |
| Fair Isaac Corporation (a) | 8 | 14238 |
| Fortinet, Inc. (a) | 147 | 11680 |
| Gartner, Inc. (a) | 258 | 65059 |
| Hewlett Packard Enterprise Company | 2088 | 50145 |
| HP, Inc. | 1963 | 43737 |
| Intel Corporation (a) | 451 | 16656 |
| Jabil Inc. | 547 | 124721 |
| KLA Corporation | 39 | 47956 |
| Lam Research Corporation | 626 | 107127 |
| Microsoft Corporation | 114 | 54996 |
| Motorola Solutions, Inc. | 36 | 13833 |
| NetApp, Inc. | 1144 | 122468 |
| NVIDIA Corporation | 326 | 60847 |
| NXP Semiconductors N.V. | 127 | 27637 |
| ON Semiconductor Corporation (a) | 371 | 20071 |
| Oracle Corporation | 172 | 33466 |
| Qualcomm Incorporated | 657 | 112384 |
| Salesforce, Inc. | 40 | 10628 |
| Seagate Technology Holdings Public Limited Company | 67 | 18413 |
| Skyworks Solutions, Inc. | 663 | 42053 |
| TE Connectivity Public Limited Company | 216 | 49231 |
| Texas Instruments Incorporated | 146 | 25389 |
| Trimble Inc. (a) | 213 | 16667 |
| VeriSign, Inc. | 63 | 15279 |
|  |  | 1676862 |
| **Financials 13.5%** | **Financials 13.5%** | **Financials 13.5%** |
| American Express Company | 56 | 20791 |
| Ameriprise Financial, Inc. | 54 | 26296 |
| AON Public Limited Company - Class A | 51 | 18147 |
| Bank of New York Mellon Corporation, The | 503 | 58385 |
| Capital One Financial Corporation | 76 | 18338 |
| CBOE Global Markets, Inc. | 75 | 18737 |
| Charles Schwab Corporation, The | 179 | 17923 |
| Citigroup Inc. | 354 | 41298 |
| Corpay Inc. (a) | 53 | 15924 |
| JPMorgan Chase & Co. | 58 | 18837 |
| KeyCorp | 1494 | 30833 |
| KKR & Co. Inc. - Class A | 117 | 14937 |
| MasterCard Incorporated - Class A | 46 | 26493 |
| Moody's Corporation | 53 | 27306 |
| Morgan Stanley | 227 | 40219 |
| Northern Trust Corporation | 291 | 39793 |
| Progressive Corporation, The | 209 | 47594 |
| Prudential Financial, Inc. | 248 | 27972 |
| Synchrony Financial | 261 | 21759 |
| Truist Financial Corporation | 590 | 29037 |
| U.S. Bancorp | 568 | 30330 |
| Visa Inc. - Class A | 226 | 79223 |
|  |  | 670172 |
| **Communication Services 10.1%** | **Communication Services 10.1%** | **Communication Services 10.1%** |
| Alphabet Inc. - Class A | 331 | 103577 |
| Comcast Corporation - Class A | 2870 | 85777 |
| Electronic Arts Inc. | 164 | 33430 |
| Former Charter Communications Parent, Inc. - Class A (a) | 82 | 17129 |
| Meta Platforms, Inc. - Class A | 51 | 33964 |
| Netflix, Inc. (a) | 470 | 44048 |
| Omnicom Group Inc. | 1246 | 100632 |
| Paramount Skydance Corporation - Class B (b) | 1150 | 15404 |
| T-Mobile US, Inc. | 104 | 21140 |
| Verizon Communications Inc. | 644 | 26243 |
| Walt Disney Company, The | 145 | 16523 |
|  |  | 497867 |
| **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** |
| Aptiv PLC (a) | 597 | 45459 |
| AutoZone, Inc. (a) | 9 | 30388 |
| Best Buy Co., Inc. | 704 | 47102 |
| Booking Holdings Inc. | 16 | 87715 |
| BorgWarner Inc. | 275 | 12388 |
| Darden Restaurants, Inc. | 51 | 9304 |
| Expedia Group, Inc. | 77 | 21933 |
| Genuine Parts Company | 73 | 8997 |
| Hasbro, Inc. | 255 | 20922 |
| LKQ Corporation | 1191 | 35966 |
| O'Reilly Automotive, Inc. (a) | 529 | 48276 |
| Ralph Lauren Corporation - Class A | 166 | 58647 |
| Tapestry, Inc. | 516 | 65922 |
|  |  | 493019 |
| **Health Care 9.8%** | **Health Care 9.8%** | **Health Care 9.8%** |
| AbbVie Inc. | 80 | 18331 |
| Boston Scientific Corporation (a) | 163 | 15539 |
| Bristol-Myers Squibb Company | 420 | 22641 |
| Cardinal Health, Inc. | 132 | 27071 |
| Cencora, Inc. | 218 | 73748 |
| Centene Corporation (a) | 247 | 10145 |
| Cigna Group, The | 61 | 16692 |
| CVS Health Corporation | 381 | 30203 |
| Eli Lilly and Company | 59 | 63370 |
| HCA Healthcare, Inc. | 59 | 27389 |
| McKesson Corporation | 25 | 20539 |
| Merck & Co., Inc. | 383 | 40292 |
| Pfizer Inc. | 1079 | 26877 |
| Quest Diagnostics Incorporated | 92 | 15945 |
| Revvity, Inc. | 142 | 13705 |
| Teleflex Incorporated | 64 | 7867 |
| UnitedHealth Group Incorporated | 30 | 9749 |
| Universal Health Services, Inc. - Class B | 97 | 21169 |
| Zoetis Inc. - Class A | 210 | 26424 |
|  |  | 487696 |
| **Industrials 6.5%** | **Industrials 6.5%** | **Industrials 6.5%** |
| 3M Company | 102 | 16397 |
| Automatic Data Processing, Inc. | 110 | 28383 |
| Delta Air Lines, Inc. | 264 | 18339 |
| EMCOR Group, Inc. | 30 | 18179 |
| Huntington Ingalls Industries, Inc. | 93 | 31576 |
| Johnson Controls International Public Limited Company | 161 | 19261 |
| Leidos Holdings, Inc. | 63 | 11361 |
| Lennox International Inc. | 96 | 46581 |
| Masco Corporation | 144 | 9152 |
| PACCAR Inc. | 85 | 9331 |
| Quanta Services, Inc. | 45 | 19199 |
| RTX Corporation | 107 | 19713 |
| Snap-on Incorporated | 80 | 27520 |
| Stanley Black & Decker, Inc. | 253 | 18822 |
| United Parcel Service, Inc. - Class B | 278 | 27591 |
|  |  | 321405 |
| **Consumer Staples 4.0%** | **Consumer Staples 4.0%** | **Consumer Staples 4.0%** |
| Altria Group, Inc. | 310 | 17884 |
| Colgate-Palmolive Company | 616 | 48709 |
| Conagra Brands, Inc. | 2157 | 37338 |
| Dollar Tree, Inc. (a) | 164 | 20216 |
| Kimberly-Clark Corporation | 119 | 12016 |
| Kraft Heinz Company, The | 368 | 8929 |
| Philip Morris International Inc. | 205 | 32911 |
| Walmart Inc. | 161 | 17949 |
|  |  | 195952 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| American Electric Power Company, Inc. | 150 | 17280 |
| Edison International | 1261 | 75679 |
| Entergy Corporation | 573 | 52940 |
| WEC Energy Group Inc. | 86 | 9051 |
|  |  | 154950 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Real Estate 3.1%** | **Real Estate 3.1%** | **Real Estate 3.1%** |
| Alexandria Real Estate Equities, Inc. | 459 | 22463 |
| CBRE Group, Inc. - Class A (a) | 112 | 17997 |
| Crown Castle Inc. | 97 | 8630 |
| Host Hotels & Resorts, Inc. | 1042 | 18470 |
| SBA Communications Corporation - Class A | 258 | 49811 |
| Welltower Inc. | 191 | 35403 |
|  |  | 152774 |
| **Energy 3.0%** | **Energy 3.0%** | **Energy 3.0%** |
| ConocoPhillips | 200 | 18730 |
| EOG Resources, Inc. | 269 | 28300 |
| Kinder Morgan, Inc. | 1561 | 42902 |
| Marathon Petroleum Corporation | 140 | 22719 |
| ONEOK, Inc. | 245 | 17974 |
| Schlumberger Limited | 248 | 9505 |
| Valero Energy Corporation | 63 | 10192 |
|  |  | 150322 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| CF Industries Holdings, Inc. | 551 | 42578 |
| International Paper Company | 281 | 11054 |
| LyondellBasell Industries N.V. - Class A | 473 | 20469 |
| Mosaic Company, The | 1238 | 29830 |
| Sherwin-Williams Company, The | 93 | 30182 |
|  |  | 134113 |
| Total Common Stocks (cost $4,282,080) | Total Common Stocks (cost $4,282,080) | 4935132 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 16240 | 16240 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 283 | 283 |
| Total Short Term Investments (cost $16,523) | Total Short Term Investments (cost $16,523) | 16523 |
| **Total Investments 99.9% (cost $4,298,603)** | **Total Investments 99.9% (cost $4,298,603)** | **4951655** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (78) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **4217** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4955794** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** | **JNL/Goldman Sachs 4 Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 19194 | 699382 | 702336 | 1186 |  |  | 16240 | 0.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 7747 | 292538 | 300002 | 63 |  |  | 283 |  |
|  | 26941 | 991920 | 1002338 | 1249 |  |  | 16523 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** | **JNL/Goldman Sachs 4 Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 30 | March 2026 | 10333 | (78) | 5 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4935132 |  |  | 4935132 |
| &nbsp;&nbsp;Short Term Investments | 16523 |  |  | 16523 |
|  | 4951655 |  |  | 4951655 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 5 |  |  | 5 |
|  | 5 |  |  | 5 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |
| **COMMON STOCKS 93.2%** | **COMMON STOCKS 93.2%** | **COMMON STOCKS 93.2%** |
| **India 30.6%** | **India 30.6%** | **India 30.6%** |
| Adani Energy Solutions Limited (a) | 745 | 8507 |
| Adani Enterprises Limited (a) (b) | 86 | 1278 |
| Adani Enterprises Limited | 656 | 16352 |
| Adani Green Energy (UP) Limited (a) | 1008 | 11385 |
| Adani Ports and Special Economic Zone Limited | 757 | 12383 |
| Adani Power Limited (a) | 9630 | 15278 |
| Bajaj Finserv Limited | 99 | 2241 |
| Bharti Airtel Limited | 990 | 23204 |
| GMR Airports Limited (a) | 6394 | 7424 |
| HDFC Bank Limited - ADR | 370 | 13519 |
| ICICI Bank Limited | 1236 | 18420 |
| Indian Hotels Company Limited, The | 54 | 443 |
| Infosys Limited - ADR (c) | 538 | 9593 |
| ITC Hotels Limited (a) | 1341 | 2946 |
| ITC Limited | 7049 | 31582 |
| JSW Energy Limited | 449 | 2406 |
| JSW Steel Limited | 562 | 7274 |
| Lodha Developers Limited | 358 | 4234 |
| Patanjali Foods Limited | 1329 | 8034 |
| Power Finance Corporation Limited | 1204 | 4754 |
| Reliance Industries Limited | 306 | 5347 |
| State Bank of India | 760 | 8299 |
| Sun Pharma Advanced Research Company Limited | 591 | 11320 |
| Tata Consultancy Services Limited | 40 | 1410 |
|  |  | 227633 |
| **Brazil 14.6%** | **Brazil 14.6%** | **Brazil 14.6%** |
| American Beverage Co Ambev - ADR (c) | 3110 | 7681 |
| B3 S.A. - Brasil, Bolsa, Balcao | 2306 | 5789 |
| Banco BTG Pactual S/A | 2077 | 19802 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 1396 | 12881 |
| Cia De Saneamento Basico Do Estado De Sao Paulo SABESP | 295 | 7158 |
| Companhia Paranaense De Energia | 1525 | 3634 |
| CPFL Energia S/A | 242 | 2347 |
| Embraer S.A. - ADR | 145 | 9312 |
| Eneva S.A. (a) | 2021 | 7427 |
| Equatorial Energia S.A. | 1029 | 7193 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 884 | 10470 |
| Vale S.A. - ADR | 1133 | 14767 |
|  |  | 108461 |
| **Taiwan 6.7%** | **Taiwan 6.7%** | **Taiwan 6.7%** |
| Taiwan Semiconductor Manufacturing Company Limited | 1009 | 49781 |
| **United Arab Emirates 5.9%** | **United Arab Emirates 5.9%** | **United Arab Emirates 5.9%** |
| Adnoc Gas | 7575 | 7324 |
| Aldar Properties - PJSC | 2676 | 6339 |
| Alpha Dhabi Holding | 3384 | 8760 |
| First Abu Dhabi Bank PJSC | 1519 | 7220 |
| International Holdings Company PJSC - Dubai Branch (a) | 134 | 14585 |
|  |  | 44228 |
| **China 5.2%** | **China 5.2%** | **China 5.2%** |
| PICC Property and Casualty Company Limited - Class H | 1610 | 3381 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 1275 | 10657 |
| Tencent Holdings Limited | 319 | 24540 |
|  |  | 38578 |
| **United States of America 4.4%** | **United States of America 4.4%** | **United States of America 4.4%** |
| Coca-Cola Company, The | 185 | 12945 |
| Philip Morris International Inc. | 123 | 19797 |
|  |  | 32742 |
| **Singapore 3.5%** | **Singapore 3.5%** | **Singapore 3.5%** |
| DBS Group Holdings Ltd | 195 | 8531 |
| Singapore Telecommunications Limited | 4873 | 17282 |
|  |  | 25813 |
| **Saudi Arabia 2.2%** | **Saudi Arabia 2.2%** | **Saudi Arabia 2.2%** |
| Al Rajhi Banking and Investment Corporation | 273 | 7100 |
| BUPA Arabia for Cooperative Insurance Company | 57 | 2115 |
| Saudi Arabian Oil Company (d) | 944 | 6000 |
| The Company For Cooperative Insurance | 41 | 1286 |
|  |  | 16501 |
| **United Kingdom 2.2%** | **United Kingdom 2.2%** | **United Kingdom 2.2%** |
| HSBC Holdings PLC | 364 | 5762 |
| Unilever PLC - ADR | 164 | 10719 |
|  |  | 16481 |
| **Thailand 2.1%** | **Thailand 2.1%** | **Thailand 2.1%** |
| KASIKORNBANK Public Company Limited | 814 | 5013 |
| Krungthai Bank Public Company Limited | 6758 | 6059 |
| Siam Commercial Bank Public Company Limited, The | 1087 | 4794 |
|  |  | 15866 |
| **Indonesia 2.1%** | **Indonesia 2.1%** | **Indonesia 2.1%** |
| PT. Bank Central Asia Tbk | 18075 | 8844 |
| PT. Bank Mandiri | 22837 | 6994 |
|  |  | 15838 |
| **France 2.1%** | **France 2.1%** | **France 2.1%** |
| TotalEnergies SE | 236 | 15491 |
| **Hong Kong 1.9%** | **Hong Kong 1.9%** | **Hong Kong 1.9%** |
| AIA Group Limited | 1374 | 14088 |
| **South Korea 1.8%** | **South Korea 1.8%** | **South Korea 1.8%** |
| Hanwha Aerospace Co., Ltd. | 12 | 7523 |
| KT&G Corporation | 19 | 1841 |
| Samsung Fire & Marine Insurance Co., Ltd. | 11 | 3739 |
|  |  | 13103 |
| **Greece 1.2%** | **Greece 1.2%** | **Greece 1.2%** |
| Eurobank S.A. (a) | 881 | 3530 |
| National Bank of Greece S.A. - Class R | 372 | 5666 |
|  |  | 9196 |
| **Hungary 1.0%** | **Hungary 1.0%** | **Hungary 1.0%** |
| OTP Bank Nyrt. | 66 | 7095 |
| **Mexico 0.9%** | **Mexico 0.9%** | **Mexico 0.9%** |
| Grupo Financiero Banorte, S.A.B. de C.V. | 693 | 6407 |
| **Poland 0.8%** | **Poland 0.8%** | **Poland 0.8%** |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 263 | 6215 |
| **Switzerland 0.8%** | **Switzerland 0.8%** | **Switzerland 0.8%** |
| Coca-Cola HBC AG | 118 | 6128 |
| **Austria 0.8%** | **Austria 0.8%** | **Austria 0.8%** |
| Erste Group Bank AG | 49 | 5907 |
| **South Africa 0.7%** | **South Africa 0.7%** | **South Africa 0.7%** |
| FirstRand Limited | 779 | 4262 |
| Standard Bank Group | 61 | 1060 |
|  |  | 5322 |
| **Peru 0.7%** | **Peru 0.7%** | **Peru 0.7%** |
| Credicorp Ltd. | 18 | 5047 |
| **Philippines 0.5%** | **Philippines 0.5%** | **Philippines 0.5%** |
| International Container Terminal Services, Inc. | 397 | 3822 |
| **Argentina 0.5%** | **Argentina 0.5%** | **Argentina 0.5%** |
| Grupo Financiero Galicia S.A. - Class B - ADR (c) | 64 | 3437 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom (a) (b) (d) | 2924 |  |
| Public Joint Stock Company Polyus (a) (b) (d) | 42 |  |
| Public Joint-Stock Company Lukoil Oil Company (a) (b) (d) | 202 |  |
| Public Joint-Stock Company Oil Company Rosneft (a) (b) (d) | 2349 |  |
| Public Joint-Stock Company Severstal (a) (b) (d) | 75 |  |
| Total Common Stocks (cost $640,236) | Total Common Stocks (cost $640,236) | 693180 |
| **PREFERRED STOCKS 5.3%** | **PREFERRED STOCKS 5.3%** | **PREFERRED STOCKS 5.3%** |
| **Brazil 5.3%** | **Brazil 5.3%** | **Brazil 5.3%** |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class C (a) | 367 | 3289 |
| Itau Unibanco Holding S.A. (e) | 3323 | 23669 |
| Petroleo Brasileiro S/A Petrobras. (e) | 2191 | 12298 |
| Total Preferred Stocks (cost $32,505) | Total Preferred Stocks (cost $32,505) | 39256 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 3.9%** | **SHORT TERM INVESTMENTS 3.9%** | **SHORT TERM INVESTMENTS 3.9%** |
| **Investment Companies 2.5%** | **Investment Companies 2.5%** | **Investment Companies 2.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (f) (g) | 18864 | 18864 |
| **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** |
| JNL Government Money Market Fund - Class SL, 3.74% (f) (g) | 10339 | 10339 |
| Total Short Term Investments (cost $29,203) | Total Short Term Investments (cost $29,203) | 29203 |
| **Total Investments 102.4% (cost $701,944)** | **Total Investments 102.4% (cost $701,944)** | **761639** |
| **Other Assets and Liabilities, Net (2.4)%** | **Other Assets and Liabilities, Net (2.4)%** | **(17615)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **744024** |

---

(a) Non-income producing security.

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

(c) All or a portion of the security was on loan as of December 31, 2025.

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

(e) Convertible security.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** | **JNL/GQG Emerging Markets Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 29968 | 401191 | 412295 | 1002 |  |  | 18864 | 2.5 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 50255 | 39916 | 159 |  |  | 10339 | 1.4 |
|  | 29968 | 451446 | 452211 | 1161 |  |  | 29203 | 3.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Public Joint Stock Company Gazprom | 11/23/21 | 13221 |  |  |
| Public Joint Stock Company Polyus | 06/10/20 | 6921 |  |  |
| Public Joint-Stock Company Lukoil Oil Company | 09/25/17 | 17029 |  |  |
| Public Joint-Stock Company Oil Company Rosneft | 09/25/17 | 18442 |  |  |
| Public Joint-Stock Company Severstal | 06/25/21 | 1641 |  |  |
| Saudi Arabian Oil Company | 06/09/24 | 7069 | 6000 | 0.8 |
|  |  | 64323 | 6000 | 0.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| ZAR/USD | SSB | 01/05/26 | ZAR | 758 | 46 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 117287 | 574615 | 1278 | 693180 |
| &nbsp;&nbsp;Preferred Stocks |  | 39256 |  | 39256 |
| &nbsp;&nbsp;Short Term Investments | 29203 |  |  | 29203 |
|  | 146490 | 613871 | 1278 | 761639 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **Financials 19.8%** | **Financials 19.8%** | **Financials 19.8%** |
| American International Group, Inc. | 123 | 10517 |
| Bank of America Corporation | 431 | 23725 |
| Charles Schwab Corporation, The | 141 | 14071 |
| Citigroup Inc. | 92 | 10709 |
| Fifth Third Bancorp | 152 | 7115 |
| Hartford Insurance Group, Inc., The | 43 | 5935 |
| JPMorgan Chase & Co. | 90 | 29037 |
| KKR & Co. Inc. - Class A | 80 | 10159 |
| Marsh & Mclennan Companies, Inc. | 53 | 9826 |
| The PNC Financial Services Group, Inc. | 53 | 11040 |
| Visa Inc. - Class A | 26 | 9250 |
| Wells Fargo & Company | 220 | 20497 |
|  |  | 161881 |
| **Health Care 14.1%** | **Health Care 14.1%** | **Health Care 14.1%** |
| Abbott Laboratories | 94 | 11795 |
| AbbVie Inc. | 34 | 7718 |
| Cencora, Inc. | 12 | 4019 |
| CVS Health Corporation | 189 | 15005 |
| Danaher Corporation | 63 | 14507 |
| Johnson & Johnson | 103 | 21334 |
| Lonza Group AG | 6 | 3898 |
| Medtronic, Inc. | 120 | 11563 |
| Merck & Co., Inc. | 74 | 7777 |
| Regeneron Pharmaceuticals, Inc. | 11 | 8322 |
| UnitedHealth Group Incorporated | 29 | 9465 |
|  |  | 115403 |
| **Information Technology 12.3%** | **Information Technology 12.3%** | **Information Technology 12.3%** |
| ASML Holding N.V. - ADR | 10 | 10478 |
| Broadcom Inc. | 24 | 8352 |
| Cisco Systems, Inc. | 246 | 18937 |
| Lam Research Corporation | 37 | 6301 |
| Microsoft Corporation | 35 | 16751 |
| NXP Semiconductors N.V. | 37 | 7922 |
| Qnity Electronics, Inc. | 36 | 2927 |
| Salesforce, Inc. | 55 | 14523 |
| TE Connectivity Public Limited Company | 35 | 7854 |
| Texas Instruments Incorporated | 39 | 6827 |
|  |  | 100872 |
| **Industrials 11.4%** | **Industrials 11.4%** | **Industrials 11.4%** |
| Airbus SE | 18 | 4183 |
| Ashtead Group Public Limited Company | 58 | 3999 |
| Carlisle Companies Incorporated | 15 | 4718 |
| Deere & Company | 17 | 7941 |
| Eaton Corporation Public Limited Company | 38 | 12232 |
| Emerson Electric Co. | 59 | 7897 |
| Hubbell Incorporated | 16 | 7239 |
| Johnson Controls International Public Limited Company | 77 | 9250 |
| Lennox International Inc. | 10 | 4685 |
| Northrop Grumman Corporation | 16 | 8976 |
| Parker-Hannifin Corporation | 11 | 9715 |
| Union Pacific Corporation | 56 | 12943 |
|  |  | 93778 |
| **Consumer Staples 9.5%** | **Consumer Staples 9.5%** | **Consumer Staples 9.5%** |
| Coca-Cola Company, The | 139 | 9723 |
| Colgate-Palmolive Company | 93 | 7374 |
| Estee Lauder Companies Inc., The - Class A | 52 | 5463 |
| L'Oreal | 10 | 4474 |
| McCormick & Company, Incorporated | 89 | 6041 |
| Philip Morris International Inc. | 101 | 16276 |
| Sysco Corporation | 158 | 11661 |
| Walmart Inc. | 147 | 16419 |
|  |  | 77431 |
| **Consumer Discretionary 8.2%** | **Consumer Discretionary 8.2%** | **Consumer Discretionary 8.2%** |
| Lowe`s Companies, Inc. | 83 | 19902 |
| Marriott International, Inc. - Class A | 35 | 10991 |
| McDonald's Corporation | 52 | 15961 |
| Ross Stores, Inc. | 50 | 8960 |
| TJX Companies, Inc., The | 38 | 5879 |
| Yum! Brands, Inc. | 39 | 5873 |
|  |  | 67566 |
| **Communication Services 7.2%** | **Communication Services 7.2%** | **Communication Services 7.2%** |
| Alphabet Inc. - Class A | 79 | 24621 |
| AT&T Inc. | 520 | 12926 |
| Meta Platforms, Inc. - Class A | 16 | 10669 |
| Walt Disney Company, The | 96 | 10902 |
|  |  | 59118 |
| **Energy 5.3%** | **Energy 5.3%** | **Energy 5.3%** |
| Chevron Corporation | 126 | 19181 |
| ConocoPhillips | 109 | 10250 |
| Williams Companies, Inc., The | 229 | 13736 |
|  |  | 43167 |
| **Utilities 5.1%** | **Utilities 5.1%** | **Utilities 5.1%** |
| CMS Energy Corporation | 97 | 6772 |
| Entergy Corporation | 114 | 10546 |
| PPL Corporation | 315 | 11023 |
| Public Service Enterprise Group Incorporated | 92 | 7394 |
| Sempra | 72 | 6336 |
|  |  | 42071 |
| **Materials 3.1%** | **Materials 3.1%** | **Materials 3.1%** |
| CRH Public Limited Company | 79 | 9889 |
| DuPont de Nemours, Inc. | 124 | 4988 |
| Linde Public Limited Company | 25 | 10694 |
|  |  | 25571 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Crown Castle Inc. | 109 | 9664 |
| ProLogis Inc. | 89 | 11326 |
|  |  | 20990 |
| Total Common Stocks (cost $650,546) | Total Common Stocks (cost $650,546) | 807848 |
| **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** |
| **Investment Companies 1.3%** | **Investment Companies 1.3%** | **Investment Companies 1.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (a) (b) | 10205 | 10205 |
| Total Short Term Investments (cost $10,205) | Total Short Term Investments (cost $10,205) | 10205 |
| **Total Investments 99.9% (cost $660,751)** | **Total Investments 99.9% (cost $660,751)** | **818053** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **941** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **818994** |

---

(a) Investment in affiliate.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** | **JNL/Invesco Diversified Dividend Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 25980 | 248928 | 264703 | 922 |  |  | 10205 | 1.2 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 16488 | 16488 | 7 |  |  |  |  |
|  | 25980 | 265416 | 281191 | 929 |  |  | 10205 | 1.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 791294 | 16554 |  | 807848 |
| &nbsp;&nbsp;Short Term Investments | 10205 |  |  | 10205 |
|  | 801499 | 16554 |  | 818053 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **United States of America 66.3%** | **United States of America 66.3%** | **United States of America 66.3%** |
| Alphabet Inc. - Class A | 509 | 159307 |
| Amazon.com, Inc. (a) | 160 | 36865 |
| Analog Devices, Inc. | 131 | 35577 |
| Berkshire Hathaway Inc. - Class A (a) |  | 2264 |
| Boston Scientific Corporation (a) | 197 | 18781 |
| Broadcom Inc. | 123 | 42619 |
| Cadence Design Systems, Inc. (a) | 22 | 6833 |
| Ecolab Inc. | 30 | 7812 |
| Eli Lilly and Company | 40 | 43533 |
| Equifax, Inc. | 52 | 11247 |
| IDEXX Laboratories, Inc. (a) | 10 | 7070 |
| Intuit Inc. | 57 | 37837 |
| Intuitive Surgical, Inc. (a) | 38 | 21593 |
| IQVIA Holdings Inc. (a) | 26 | 5851 |
| Lam Research Corporation | 277 | 47387 |
| Las Vegas Sands Corp. | 41 | 2691 |
| Linde Public Limited Company | 9 | 3966 |
| Marriott International, Inc. - Class A | 49 | 15328 |
| Marvell Technology, Inc. | 206 | 17541 |
| MasterCard Incorporated - Class A | 23 | 12952 |
| Meta Platforms, Inc. - Class A | 124 | 81633 |
| Microsoft Corporation | 83 | 40036 |
| Netflix, Inc. (a) | 147 | 13817 |
| NVIDIA Corporation | 386 | 72040 |
| Phathom Pharmaceuticals, Inc. (a) (b) | 288 | 4783 |
| S&P Global Inc. | 102 | 53446 |
| ServiceNow, Inc. (a) | 42 | 6442 |
| Stryker Corporation | 16 | 5575 |
| Thermo Fisher Scientific Inc. | 34 | 19580 |
| TJX Companies, Inc., The | 70 | 10687 |
| Universal Music Group N.V. (b) | 122 | 3186 |
| Visa Inc. - Class A | 123 | 42982 |
|  |  | 891261 |
| **France 5.9%** | **France 5.9%** | **France 5.9%** |
| Airbus SE | 173 | 40287 |
| EssilorLuxottica | 37 | 11888 |
| LVMH Moet Hennessy Louis Vuitton | 36 | 27164 |
|  |  | 79339 |
| **Taiwan 4.9%** | **Taiwan 4.9%** | **Taiwan 4.9%** |
| Taiwan Semiconductor Manufacturing Company Limited | 1343 | 66259 |
| **India 4.5%** | **India 4.5%** | **India 4.5%** |
| DLF Limited | 5082 | 38829 |
| HDFC Bank Limited | 752 | 8269 |
| ICICI Bank Limited - ADR | 453 | 13506 |
|  |  | 60604 |
| **Canada 2.4%** | **Canada 2.4%** | **Canada 2.4%** |
| Shopify Inc. - Class A (a) | 202 | 32571 |
| **Germany 2.4%** | **Germany 2.4%** | **Germany 2.4%** |
| Allianz SE | 26 | 11934 |
| SAP SE | 82 | 19730 |
|  |  | 31664 |
| **China 2.3%** | **China 2.3%** | **China 2.3%** |
| JD.com, Inc. - Class A - ADR | 604 | 17331 |
| Tencent Holdings Limited | 172 | 13266 |
|  |  | 30597 |
| **Netherlands 2.1%** | **Netherlands 2.1%** | **Netherlands 2.1%** |
| Adyen N.V. (a) (c) | 11 | 17640 |
| ASML Holding N.V. | 4 | 4610 |
| BE Semiconductor Industries N.V. | 42 | 6513 |
|  |  | 28763 |
| **Switzerland 2.0%** | **Switzerland 2.0%** | **Switzerland 2.0%** |
| Galderma Group AG | 51 | 10282 |
| Lonza Group AG | 25 | 17129 |
|  |  | 27411 |
| **Sweden 2.0%** | **Sweden 2.0%** | **Sweden 2.0%** |
| ASSA ABLOY AB - Class B | 217 | 8400 |
| Atlas Copco Aktiebolag - Class A | 404 | 7214 |
| Spotify Technology S.A. (a) | 19 | 10784 |
|  |  | 26398 |
| **Japan 1.9%** | **Japan 1.9%** | **Japan 1.9%** |
| Capcom Co., Ltd. | 382 | 8914 |
| HOYA Corporation | 50 | 7585 |
| Keyence Corporation | 17 | 6045 |
| Nintendo Co., Ltd. | 49 | 3292 |
|  |  | 25836 |
| **Italy 1.2%** | **Italy 1.2%** | **Italy 1.2%** |
| Brunello Cucinelli S.p.A. (b) | 112 | 12871 |
| Moncler S.p.A. | 45 | 2904 |
|  |  | 15775 |
| **Spain 0.7%** | **Spain 0.7%** | **Spain 0.7%** |
| Amadeus IT Holding, S.A. (c) | 131 | 9638 |
| **United Kingdom 0.6%** | **United Kingdom 0.6%** | **United Kingdom 0.6%** |
| Arm Holdings PLC - ADR (a) | 74 | 8142 |
| **Argentina 0.5%** | **Argentina 0.5%** | **Argentina 0.5%** |
| MercadoLibre, Inc. (a) | 4 | 7129 |
| Total Common Stocks (cost $747,467) | Total Common Stocks (cost $747,467) | 1341387 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 7916 | 7916 |
| Total Short Term Investments (cost $7,916) | Total Short Term Investments (cost $7,916) | 7916 |
| **Total Investments 100.3% (cost $755,383)** | **Total Investments 100.3% (cost $755,383)** | **1349303** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(3951)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1345352** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** | **JNL/Invesco Global Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 2434 | 164877 | 159395 | 126 |  |  | 7916 | 0.6 |
| JNL Government Money Market Fund, 3.74% - Class SL | 10715 | 45514 | 56229 | 80 |  |  |  |  |
|  | 13149 | 210391 | 215624 | 206 |  |  | 7916 | 0.6 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 11/25/24 | 16671 | 17640 | 1.3 |
| Amadeus IT Holding, S.A. | 01/05/23 | 8406 | 9638 | 0.7 |
|  |  | 25077 | 27278 | 2.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 977538 | 363849 |  | 1341387 |
| &nbsp;&nbsp;Short Term Investments | 7916 |  |  | 7916 |
|  | 985454 | 363849 |  | 1349303 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Industrials 27.4%** | **Industrials 27.4%** | **Industrials 27.4%** |
| AeroVironment, Inc. (a) | 41 | 9966 |
| API Group Corporation (a) | 614 | 23510 |
| Applied Industrial Technologies, Inc. | 62 | 15849 |
| Armstrong World Industries, Inc. | 73 | 13935 |
| ATMUS Filtration Technologies Inc. | 445 | 23095 |
| Bloom Energy Corporation - Class A (a) | 102 | 8833 |
| BWXT Government Group, Inc. | 46 | 8044 |
| Carpenter Technology Corporation | 94 | 29462 |
| Casella Waste Systems, Inc. - Class A (a) | 181 | 17724 |
| Clean Harbors, Inc. (a) | 98 | 22937 |
| Construction Partners, Inc. - Class A (a) | 74 | 8062 |
| Embraer S.A. - ADR | 194 | 12466 |
| Enpro Inc. | 89 | 19166 |
| ESCO Technologies Inc. | 102 | 19891 |
| Federal Signal Corporation | 152 | 16502 |
| FTAI Aviation Ltd. | 83 | 16280 |
| Hammond Power Solutions, Inc. - Class A (b) | 78 | 9109 |
| Kratos Defense & Security Solutions, Inc. (a) | 167 | 12689 |
| Modine Manufacturing Company (a) | 6 | 814 |
| Mueller Industries, Inc. | 181 | 20740 |
| Nvent Electric Public Limited Company | 124 | 12599 |
| RBC Bearings Incorporated (a) | 49 | 22071 |
| Regal Rexnord Corporation | 79 | 11059 |
| Rocket Lab Usa, Inc. (a) | 384 | 26775 |
| SPX Technologies, Inc. (a) | 153 | 30528 |
| Sterling Infrastructure, Inc. (a) | 25 | 7642 |
| Zurn Elkay Water Solutions Corporation | 346 | 16107 |
|  |  | 435855 |
| **Health Care 24.2%** | **Health Care 24.2%** | **Health Care 24.2%** |
| Adaptive Biotechnologies Corporation (a) | 261 | 4241 |
| ADMA Biologics, Inc. (a) | 351 | 6396 |
| Alignment Healthcare, Inc. (a) | 838 | 16543 |
| Ascendis Pharma A/S - ADR (a) | 116 | 24785 |
| Axsome Therapeutics, Inc. (a) | 159 | 28967 |
| BillionToOne, Inc. - Class A (a) | 60 | 4919 |
| BioLife Solutions, Inc. (a) | 555 | 13416 |
| Bridgebio Pharma, Inc. (a) | 394 | 30140 |
| Brightspring Health Services, Inc. (a) | 610 | 22829 |
| Canticle Pharmaceuticals, Inc. (a) | 58 | 33780 |
| Encompass Health Corporation | 193 | 20486 |
| GeneDx Holdings Corp. - Class A (a) | 100 | 12986 |
| Glaukos Corporation (a) | 142 | 16075 |
| Guardant Health, Inc. (a) | 374 | 38232 |
| Halozyme Therapeutics, Inc. (a) | 189 | 12693 |
| HealthEquity, Inc. (a) | 148 | 13603 |
| Heartflow, Inc. (a) | 163 | 4746 |
| Insmed Incorporated (a) | 110 | 19088 |
| Ionis Pharmaceuticals, Inc. (a) | 150 | 11847 |
| Protagonist Therapeutics, Inc. (a) | 110 | 9581 |
| RadNet, Inc. (a) | 158 | 11278 |
| Soleno Therapeutics, Inc. (a) | 113 | 5231 |
| TransMedics Group, Inc. (a) | 100 | 12122 |
| Waystar Holding Corp. (a) | 324 | 10606 |
|  |  | 384590 |
| **Information Technology 23.2%** | **Information Technology 23.2%** | **Information Technology 23.2%** |
| Advanced Energy Industries, Inc. | 115 | 24182 |
| Agilysys, Inc. (a) | 126 | 14925 |
| Applied Optoelectronics, Inc. (a) | 117 | 4097 |
| Cellebrite Di Ltd (a) | 711 | 12815 |
| D-Wave Quantum Inc. (a) (b) | 219 | 5734 |
| Fabrinet (a) | 64 | 29230 |
| Impinj, Inc. (a) | 148 | 25816 |
| InterDigital, Inc. | 23 | 7371 |
| ionQ, Inc. (a) (b) | 33 | 1465 |
| JFROG Ltd (a) | 245 | 15274 |
| Lattice Semiconductor Corporation (a) | 315 | 23214 |
| MACOM Technology Solutions Holdings, Inc. (a) | 212 | 36401 |
| Mirion Technologies (US), Inc. - Class A (a) | 791 | 18525 |
| MKS Inc. | 102 | 16285 |
| Nova Ltd. (a) | 76 | 24861 |
| OSI Systems, Inc. (a) | 50 | 12786 |
| Porch Group Inc. - Class A (a) | 666 | 6081 |
| Rambus Inc. (a) | 225 | 20657 |
| Rigetti Computing, Inc. (a) | 58 | 1275 |
| Sanmina Corporation (a) | 272 | 40824 |
| Sitime Corporation (a) | 2 | 776 |
| TTM Technologies, Inc. (a) | 382 | 26363 |
|  |  | 368957 |
| **Financials 9.1%** | **Financials 9.1%** | **Financials 9.1%** |
| Bancorp, Inc., The (a) | 270 | 18259 |
| Bullish (a) | 214 | 8118 |
| Evercore Inc. - Class A | 63 | 21479 |
| Galaxy Digital Inc. - Class A (a) (b) | 326 | 7300 |
| Palomar Holdings, Inc. (a) | 65 | 8742 |
| Paymentus Holdings, Inc. - Class A (a) | 261 | 8242 |
| PennyMac Financial Services, Inc. | 152 | 20037 |
| Piper Sandler Companies | 87 | 29738 |
| Root LLC - Class A (a) | 70 | 5042 |
| StepStone Group Inc. - Class A | 283 | 18134 |
|  |  | 145091 |
| **Consumer Discretionary 8.9%** | **Consumer Discretionary 8.9%** | **Consumer Discretionary 8.9%** |
| Academy Sports & Outdoors, Inc. | 145 | 7223 |
| Boot Barn Holdings, Inc. (a) | 121 | 21323 |
| Cavco Industries, Inc. (a) | 17 | 10173 |
| Dutch Bros Inc. - Class A (a) | 74 | 4561 |
| Kontoor Brands, Inc. | 154 | 9428 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 207 | 22745 |
| Planet Fitness, Inc. - Class A (a) | 126 | 13633 |
| Red Rock Resorts, Inc. - Class A | 273 | 16905 |
| Steven Madden, Ltd. | 267 | 11109 |
| Travel + Leisure Co. | 218 | 15395 |
| Wyndham Hotels & Resorts, Inc. | 106 | 7999 |
|  |  | 140494 |
| **Energy 1.9%** | **Energy 1.9%** | **Energy 1.9%** |
| Antero Resources Corporation (a) | 366 | 12615 |
| TechnipFMC PLC | 387 | 17260 |
|  |  | 29875 |
| **Utilities 1.7%** | **Utilities 1.7%** | **Utilities 1.7%** |
| Talen Energy Corporation (a) | 74 | 27602 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Element Solutions Inc. | 487 | 12169 |
| MP Materials Corp. - Class A (a) (b) | 275 | 13905 |
|  |  | 26074 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| CarGurus, Inc. - Class A (a) | 320 | 12291 |
| **Consumer Staples 0.6%** | **Consumer Staples 0.6%** | **Consumer Staples 0.6%** |
| Post Holdings, Inc. (a) | 93 | 9204 |
| Total Common Stocks (cost $1,235,738) | Total Common Stocks (cost $1,235,738) | 1580033 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 9805 | 9805 |
| Total Short Term Investments (cost $9,805) | Total Short Term Investments (cost $9,805) | 9805 |
| **Total Investments 100.1% (cost $1,245,543)** | **Total Investments 100.1% (cost $1,245,543)** | **1589838** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1155)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1588683** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** | **JNL/Invesco Small Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 56506 | 456653 | 503354 | 868 |  |  | 9805 | 0.6 |
| JNL Government Money Market Fund, 3.74% - Class SL | 1902 | 151743 | 153645 | 219 |  |  |  |  |
|  | 58408 | 608396 | 656999 | 1087 |  |  | 9805 | 0.6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1580033 |  |  | 1580033 |
| &nbsp;&nbsp;Short Term Investments | 9805 |  |  | 9805 |
|  | 1589838 |  |  | 1589838 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |
| **COMMON STOCKS 47.0%** | **COMMON STOCKS 47.0%** | **COMMON STOCKS 47.0%** |
| **United States of America 26.6%** | **United States of America 26.6%** | **United States of America 26.6%** |
| 3M Company | 12 | 1880 |
| AbbVie Inc. | 9 | 1972 |
| Accenture Public Limited Company - Class A | 2 | 462 |
| AGCO Corporation | 1 | 101 |
| Alaska Air Group, Inc. (a) | 3 | 162 |
| Albemarle Corporation | 4 | 517 |
| Alcoa Corporation | 12 | 618 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 594 |
| Alphabet Inc. - Class A | 12 | 3741 |
| Alphabet Inc. - Class C | 19 | 6034 |
| Amazon.com, Inc. (a) | 43 | 9996 |
| American Express Company | 7 | 2484 |
| American Homes 4 Rent - Class A | 4 | 125 |
| American Tower Corporation | 5 | 936 |
| AMETEK, Inc. | 3 | 596 |
| Analog Devices, Inc. | 5 | 1294 |
| Andersen Group, Inc. - Class A (a) | 1 | 39 |
| Angi Inc. - Class A (a) | 1 | 18 |
| Apple Inc. (b) | 48 | 12912 |
| AppLovin Corporation - Class A (a) | 1 | 730 |
| Arch Capital Group Ltd. (a) | 1 | 96 |
| Arthur J. Gallagher & Co. | 2 | 590 |
| Ashtead Group Public Limited Company | 2 | 116 |
| AT&T Inc. | 37 | 930 |
| AutoZone, Inc. (a) |  | 668 |
| AvalonBay Communities, Inc. | 3 | 579 |
| Axalta Coating Systems Ltd. (a) | 4 | 128 |
| Baker Hughes Company - Class A | 30 | 1393 |
| Bank of America Corporation | 69 | 3779 |
| Berkshire Hathaway Inc. - Class B (a) | 5 | 2304 |
| Best Buy Co., Inc. | 2 | 110 |
| Biogen Inc. (a) | 2 | 378 |
| BJ's Wholesale Club Holdings, Inc. (a) | 7 | 625 |
| Blackstone Inc. - Class A | 3 | 413 |
| Boeing Company, The (a) | 2 | 471 |
| Booking Holdings Inc. |  | 1092 |
| Booz Allen Hamilton Holding Corporation - Class A | 1 | 47 |
| Bristol-Myers Squibb Company (b) | 40 | 2151 |
| Broadcom Inc. | 16 | 5340 |
| Burlington Stores, Inc. (a) | 3 | 758 |
| BWXT Government Group, Inc. | 2 | 373 |
| Capital One Financial Corporation | 2 | 506 |
| Cardinal Health, Inc. | 1 | 280 |
| Carlisle Companies Incorporated |  | 80 |
| Carvana Co. - Class A (a) | 1 | 453 |
| Casey's General Stores, Inc. | 1 | 338 |
| CBRE Group, Inc. - Class A (a) | 3 | 518 |
| CDW Corp. | 3 | 379 |
| Cencora, Inc. | 2 | 784 |
| Charles Schwab Corporation, The | 27 | 2727 |
| Chemours Company, The | 15 | 172 |
| Chevron Corporation | 2 | 266 |
| Chipotle Mexican Grill, Inc. (a) | 4 | 134 |
| Chubb Limited | 1 | 156 |
| Ciena Corporation (a) | 2 | 521 |
| Cigna Group, The | 1 | 277 |
| Cisco Systems, Inc. | 2 | 141 |
| Cleveland-Cliffs Inc. (a) | 14 | 183 |
| Cloudflare, Inc. - Class A (a) | 1 | 202 |
| CME Group Inc. - Class A | 6 | 1524 |
| Coca-Cola Company, The | 26 | 1847 |
| Columbia Sportswear Company | 2 | 91 |
| Comfort Systems USA, Inc. |  | 465 |
| ConocoPhillips | 3 | 295 |
| Corning Incorporated | 8 | 692 |
| Corpay Inc. (a) | 2 | 536 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 464 |
| Cummins Inc. |  | 204 |
| CWT Travel Group Incorporated (a) | 1 | 4 |
| Danaher Corporation | 6 | 1296 |
| Darden Restaurants, Inc. | 4 | 721 |
| Deere & Company |  | 227 |
| Dominion Energy, Inc. | 28 | 1621 |
| DoorDash, Inc. - Class A (a) | 3 | 790 |
| Dover Corporation | 1 | 287 |
| EastGroup Properties, Inc. |  | 68 |
| Eaton Corporation Public Limited Company | 1 | 434 |
| El Paso Electric Company (a) | 1 | 2 |
| Elevance Health, Inc. | 2 | 574 |
| Eli Lilly and Company | 1 | 1002 |
| Emerson Electric Co. | 15 | 1947 |
| Entergy Corporation | 1 | 52 |
| EOG Resources, Inc. | 11 | 1104 |
| EQT Corporation | 13 | 672 |
| Equinix, Inc. | 1 | 736 |
| Expedia Group, Inc. | 4 | 1286 |
| Exxon Mobil Corporation | 29 | 3537 |
| FedEx Corporation | 1 | 264 |
| Fidelity National Information Services, Inc. | 16 | 1053 |
| Fifth Third Bancorp | 15 | 697 |
| Figma, Inc. - Class A (a) | 1 | 50 |
| First Citizens BancShares, Inc. - Class A |  | 1026 |
| Fiserv, Inc. (a) | 7 | 458 |
| Flowserve Corporation | 9 | 612 |
| Flutter Entertainment Public Limited Company (a) | 1 | 305 |
| Ford Motor Company | 24 | 313 |
| Fortune Brands Innovations, Inc. | 1 | 52 |
| Freeport-McMoRan Inc. | 5 | 252 |
| Garmin Ltd. | 1 | 299 |
| Gates Industrial Corporation PLC (a) | 35 | 748 |
| GE HealthCare Technologies Inc. | 3 | 282 |
| General Dynamics Corporation | 1 | 217 |
| Genpact Limited | 6 | 272 |
| Gentex Corporation | 9 | 204 |
| Gilead Sciences, Inc. | 4 | 456 |
| GoDaddy Inc. - Class A (a) | 2 | 277 |
| Goldman Sachs Group, Inc., The | 1 | 1017 |
| Graphic Packaging Holding Company | 3 | 52 |
| Hayward Holdings, Inc. (a) | 6 | 97 |
| HCA Healthcare, Inc. |  | 134 |
| Henry Schein, Inc. (a) | 5 | 380 |
| Hewlett Packard Enterprise Company | 35 | 833 |
| Hilton Worldwide Holdings Inc. | 1 | 250 |
| Host Hotels & Resorts, Inc. | 4 | 79 |
| Howmet Aerospace Inc. | 8 | 1778 |
| HubSpot, Inc. (a) | 1 | 339 |
| Humana Inc. | 6 | 1418 |
| Huntington Bancshares Incorporated | 22 | 386 |
| Insmed Incorporated (a) | 5 | 874 |
| Interactive Brokers Group, Inc. - Class A | 6 | 394 |
| Intercontinental Exchange, Inc. | 3 | 475 |
| International Paper Company | 2 | 72 |
| Intuit Inc. | 2 | 1066 |
| Intuitive Surgical, Inc. (a) | 1 | 727 |
| Invitation Homes Inc. | 2 | 49 |
| Ionis Pharmaceuticals, Inc. (a) | 1 | 97 |
| IQVIA Holdings Inc. (a) | 2 | 375 |
| ITT Inc. | 4 | 635 |
| J.B. Hunt Transport Services, Inc. | 1 | 178 |
| Jabil Inc. | 1 | 154 |
| James Hardie Industries Public Limited Company (a) | 16 | 340 |
| James Hardie Industries Public Limited Company - CHESS | 2 | 47 |
| Johnson & Johnson | 22 | 4559 |
| Keurig Dr Pepper Inc. | 4 | 118 |
| Kinder Morgan, Inc. | 6 | 159 |
| Kinsale Capital Group, Inc. |  | 83 |
| Kontoor Brands, Inc. | 9 | 529 |
| Labcorp Holdings Inc. | 3 | 714 |
| Lennar Corporation - Class A | 5 | 516 |
| Linde Public Limited Company | 4 | 1657 |
| Live Nation Entertainment, Inc. (a) | 1 | 113 |
| Loews Corporation | 3 | 267 |
| Lowe`s Companies, Inc. | 9 | 2130 |
| M&T Bank Corporation | 2 | 420 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Marriott International, Inc. - Class A | 4 | 1331 |
| Marsh & Mclennan Companies, Inc. | 3 | 597 |
| Martin Marietta Materials, Inc. |  | 140 |
| MasterCard Incorporated - Class A (b) | 8 | 4213 |
| Mattel, Inc. (a) | 7 | 139 |
| McDonald's Corporation | 8 | 2316 |
| Media Group Holdings LLC (c) (d) | 3314 | 62 |
| Medtronic, Inc. | 21 | 1996 |
| Merck & Co., Inc. | 2 | 180 |
| Meta Platforms, Inc. - Class A | 12 | 7267 |
| Mettler-Toledo International Inc. (a) |  | 229 |
| MGIC Investment Corporation | 7 | 197 |
| Micron Technology, Inc. | 3 | 845 |
| Microsoft Corporation | 27 | 13043 |
| Mid-America Apartment Communities, Inc. | 1 | 197 |
| Middleby Corporation, The (a) | 1 | 115 |
| Millicom International Cellular S.A. | 5 | 258 |
| Mohawk Industries, Inc. (a) | 1 | 122 |
| Mondelez International, Inc. - Class A | 4 | 238 |
| Morgan Stanley | 8 | 1410 |
| Murphy USA Inc. |  | 104 |
| Natera, Inc. (a) | 2 | 546 |
| Netflix, Inc. (a) | 13 | 1204 |
| Neurocrine Biosciences, Inc. (a) | 5 | 681 |
| Nexstar Media Group, Inc. - Class A | 1 | 125 |
| NextEra Energy, Inc. | 26 | 2095 |
| Nike, Inc. - Class B | 3 | 200 |
| Nuvalent, Inc. - Class A (a) | 1 | 134 |
| NVIDIA Corporation | 89 | 16611 |
| Okta, Inc. - Class A (a) | 1 | 95 |
| Omnicom Group Inc. | 4 | 349 |
| ON Semiconductor Corporation (a) | 6 | 337 |
| Oracle Corporation | 4 | 812 |
| Packaging Corporation of America | 1 | 148 |
| Palo Alto Networks, Inc. (a) | 3 | 612 |
| Performance Food Group Company (a) | 4 | 344 |
| PG&E Corporation | 16 | 263 |
| Philip Morris International Inc. | 6 | 1022 |
| Pinterest, Inc. - Class A (a) | 10 | 264 |
| Post Holdings, Inc. (a) | 2 | 174 |
| Procter & Gamble Company, The | 1 | 181 |
| Progressive Corporation, The | 3 | 644 |
| Public Service Enterprise Group Incorporated | 1 | 80 |
| Public Storage Operating Company | 1 | 153 |
| Quanta Services, Inc. | 2 | 737 |
| Quest Diagnostics Incorporated | 1 | 252 |
| Range Resources Corporation | 10 | 356 |
| Raymond James Financial, Inc. | 2 | 305 |
| Rayonier Inc. | 4 | 85 |
| Reddit, Inc. - Class A (a) | 2 | 407 |
| Regency Centers Corporation | 3 | 209 |
| Regeneron Pharmaceuticals, Inc. | 1 | 885 |
| Regions Financial Corporation | 25 | 689 |
| Robinhood Markets, Inc. - Class A (a) | 6 | 651 |
| Roblox Corporation - Class A (a) | 3 | 218 |
| Roper Technologies, Inc. | 1 | 323 |
| RTX Corporation | 6 | 1039 |
| Ryder System, Inc. | 2 | 469 |
| Saia, Inc. (a) | 1 | 254 |
| SBA Communications Corporation - Class A | 1 | 123 |
| ServiceNow, Inc. (a) | 2 | 293 |
| Silgan Holdings Inc. | 9 | 344 |
| Snowflake Inc. - Class A (a) | 3 | 697 |
| Southwest Airlines Co. | 15 | 629 |
| State Street Corporation | 3 | 343 |
| Take-Two Interactive Software, Inc. (a) | 3 | 685 |
| TD SYNNEX Corporation | 5 | 745 |
| Teradyne, Inc. | 3 | 499 |
| Tesla, Inc. (a) (b) | 8 | 3859 |
| Texas Instruments Incorporated | 2 | 289 |
| The Southern Company | 36 | 3181 |
| Thermo Fisher Scientific Inc. | 1 | 505 |
| TJX Companies, Inc., The | 5 | 791 |
| Trane Technologies Public Limited Company | 7 | 2476 |
| TransUnion | 2 | 167 |
| Travelers Companies, Inc., The | 1 | 246 |
| Twilio Inc. - Class A (a) | 2 | 312 |
| U.S. Bancorp | 35 | 1869 |
| Ulta Beauty, Inc. (a) | 1 | 560 |
| Union Pacific Corporation | 1 | 241 |
| UnitedHealth Group Incorporated | 5 | 1705 |
| Universal Display Corporation | 1 | 105 |
| Universal Music Group N.V. | 4 | 97 |
| Verizon Communications Inc. | 3 | 119 |
| Vertex Pharmaceuticals Incorporated (a) | 2 | 858 |
| Walmart Inc. | 25 | 2760 |
| Walt Disney Company, The | 37 | 4167 |
| Warner Music Group Corp. - Class A | 3 | 87 |
| Wells Fargo & Company (b) | 35 | 3257 |
| Wesco Aircraft Holdings, Inc. (a) (c) | 1 | 11 |
| Western Digital Corporation | 6 | 1046 |
| Weyerhaeuser Company | 5 | 109 |
| Williams Companies, Inc., The | 11 | 676 |
| Willscot Holdings Corporation - Class A | 9 | 176 |
| XCEL Energy Inc. | 3 | 208 |
| Yum! Brands, Inc. | 12 | 1763 |
| Zillow Group, Inc. - Class C (a) | 3 | 178 |
| Zimmer Biomet Holdings, Inc. | 1 | 71 |
| | | 234694 |
| **Japan 2.9%** | **Japan 2.9%** | **Japan 2.9%** |
| Advantest Corporation | 3 | 338 |
| AEON Co., Ltd. | 11 | 168 |
| AGC Inc. | 1 | 27 |
| Aisin Corporation | 2 | 45 |
| Ajinomoto Co., Inc. | 4 | 86 |
| ANA Holdings Inc. | 1 | 13 |
| Asahi Group Holdings, Ltd. | 6 | 63 |
| Asahi Kasei Corporation | 5 | 46 |
| ASICS Corporation | 3 | 67 |
| Astellas Pharma Inc. | 7 | 92 |
| Bandai Namco Holdings Inc. | 3 | 69 |
| Bridgestone Corporation (e) | 5 | 103 |
| Canon Inc. (e) | 4 | 104 |
| Capcom Co., Ltd. | 1 | 30 |
| Central Japan Railway Company | 4 | 111 |
| Chubu Electric Power Co., Ltd. | 3 | 48 |
| Chugai Pharmaceutical Co., Ltd. | 3 | 136 |
| Dai Nippon Printing Co., Ltd. | 2 | 33 |
| Daifuku Co., Ltd. | 1 | 44 |
| Dai-ichi Life Holdings, Inc. | 15 | 122 |
| Daiichi Sankyo Company, Limited | 7 | 158 |
| Daikin Industries, Ltd. | 1 | 154 |
| Daito Trust Construction Co., Ltd. | 1 | 17 |
| Daiwa House Industry Co., Ltd. | 2 | 80 |
| Daiwa Securities Group Inc. | 5 | 41 |
| DENSO Corporation | 7 | 100 |
| DISCO Corporation |  | 123 |
| East Japan Railway Company | 4 | 113 |
| Eisai Co., Ltd. | 1 | 36 |
| ENEOS Holdings, Inc. | 10 | 74 |
| FANUC Corporation | 4 | 144 |
| Fast Retailing Co., Ltd. | 1 | 255 |
| Fuji Electric Co., Ltd. | 1 | 46 |
| FUJIFILM Holdings Corporation | 5 | 107 |
| Fujikura Ltd. | 1 | 112 |
| Fujitsu Limited | 7 | 200 |
| Hankyu Hanshin Holdings, Inc. | 1 | 25 |
| Hikari Tsushin, Inc. |  | 28 |
| Hitachi Construction Machinery Co., Ltd. |  | 9 |
| Hitachi, Ltd. | 18 | 571 |
| Honda Motor Co., Ltd. | 15 | 152 |
| HOYA Corporation | 1 | 212 |
| Hulic Co., Ltd. | 2 | 18 |
| IBIDEN Co., Ltd. | 1 | 43 |
| Idemitsu Kosan Co., Ltd. | 3 | 23 |
| IHI Corporation | 4 | 74 |
| Inpex Corporation (e) | 4 | 70 |
| Isuzu Motors Limited | 2 | 31 |
| ITOCHU Corporation | 28 | 353 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Japan Airlines Co., Ltd. |  | 7 |
| Japan Exchange Group, Inc. | 63 | 677 |
| Japan Post Bank Co., Ltd. | 7 | 102 |
| Japan Post Holdings Co., Ltd. | 7 | 75 |
| Japan Post Insurance Co., Ltd. | 1 | 30 |
| Japan Real Estate Investment Corporation |  | 23 |
| Japan Tobacco Inc. | 4 | 158 |
| JFE Holdings, Inc. | 3 | 32 |
| Kajima Corporation | 2 | 67 |
| Kao Corporation (e) | 2 | 76 |
| Kawasaki Heavy Industries, Ltd. | 1 | 46 |
| Kawasaki Kisen Kaisha, Ltd. | 1 | 20 |
| KDDI Corporation | 11 | 199 |
| Keyence Corporation | 4 | 1520 |
| Kikkoman Corporation | 4 | 34 |
| Kioxia Holdings Corporation (a) | 1 | 40 |
| Kirin Holdings Company, Limited | 3 | 49 |
| Komatsu Ltd. | 4 | 115 |
| Konami Group Corporation |  | 55 |
| Kubota Corporation | 5 | 64 |
| KYOCERA Corporation | 6 | 81 |
| Kyowa Kirin Co., Ltd. (e) | 1 | 18 |
| Lasertec Co., Ltd. |  | 57 |
| LY Corporation | 11 | 29 |
| M3, Inc. | 2 | 24 |
| Makita Corporation | 1 | 33 |
| Marubeni Corporation | 6 | 181 |
| MatsukiyoCocokara & Co. | 2 | 28 |
| Minebeamitsumi Inc. | 2 | 30 |
| Mitsubishi Chemical Group Corporation | 5 | 30 |
| Mitsubishi Corporation | 15 | 340 |
| Mitsubishi Electric Corporation | 8 | 241 |
| Mitsubishi Estate Co., Ltd. (e) | 5 | 120 |
| Mitsubishi HC Capital Inc. | 3 | 23 |
| Mitsubishi Heavy Industries, Ltd. | 13 | 329 |
| Mitsubishi UFJ Financial Group, Inc. | 141 | 2251 |
| Mitsui & Co., Ltd. | 10 | 303 |
| Mitsui Fudosan Co., Ltd. | 11 | 123 |
| Mitsui O.S.K. Lines, Ltd. (e) | 1 | 36 |
| Mizuho Financial Group, Inc. | 10 | 358 |
| MonotaRO Co., Ltd. | 1 | 13 |
| MS&AD Insurance Group Holdings, Inc. | 6 | 134 |
| Murata Manufacturing Co., Ltd. | 7 | 152 |
| Nec Corporation | 5 | 173 |
| NEXON Co., Ltd. (e) | 2 | 39 |
| Nidec Corporation | 4 | 56 |
| Nintendo Co., Ltd. | 5 | 311 |
| Nippon Building Fund Inc. |  | 29 |
| Nippon Paint Holdings Co., Ltd. (e) | 4 | 23 |
| Nippon Sanso Holdings Corporation | 1 | 24 |
| Nippon Steel Corporation | 21 | 85 |
| Nippon Telegraph and Telephone Corporation | 107 | 108 |
| Nippon Yusen Kabushiki Kaisha | 2 | 52 |
| Nissan Motor Co., Ltd. (a) | 8 | 21 |
| Niterra Co., Ltd. | 1 | 40 |
| Nitori Holdings Co., Ltd. | 2 | 35 |
| Nitto Denko Corporation | 3 | 67 |
| Nomura Holdings, Inc. | 11 | 94 |
| Nomura Research Institute, Ltd. | 2 | 66 |
| Obayashi Corporation | 3 | 59 |
| OBIC Co., Ltd. | 1 | 41 |
| Olympus Corporation | 4 | 56 |
| Oracle Corporation Japan |  | 8 |
| Oriental Land Co., Ltd. | 5 | 83 |
| ORIX Corporation | 4 | 122 |
| Osaka Gas Co., Ltd. | 2 | 59 |
| Otsuka Corporation | 1 | 19 |
| Otsuka Holdings Co., Ltd. | 2 | 107 |
| Pan Pacific International Holdings Corporation | 11 | 64 |
| Panasonic Holdings Corporation | 9 | 114 |
| Rakuten Group, Inc. (a) | 6 | 38 |
| Recruit Holdings Co., Ltd. (e) | 6 | 323 |
| Renesas Electronics Corporation | 6 | 86 |
| Resona Holdings, Inc. | 9 | 84 |
| SBI Holdings, Inc. | 2 | 52 |
| SCREEN Holdings Co., Ltd. |  | 29 |
| SCSK Corporation | 1 | 22 |
| Secom Co., Ltd. | 2 | 57 |
| Sekisui Chemical Co., Ltd. | 2 | 29 |
| Sekisui House, Ltd. | 2 | 51 |
| Seven & I Holdings Co., Ltd. | 9 | 125 |
| Shimadzu Corporation | 1 | 35 |
| Shimano Inc. (e) |  | 32 |
| Shimizu Corporation | 2 | 41 |
| Shin-Etsu Chemical Co., Ltd. | 28 | 871 |
| Shionogi & Co., Ltd. | 3 | 60 |
| Shiseido Company, Limited (e) | 1 | 20 |
| SMC Corporation |  | 70 |
| SoftBank Corp. | 109 | 150 |
| SoftBank Group Corp. | 15 | 427 |
| Sompo Holdings, Inc. | 4 | 123 |
| Sony Group Corporation | 88 | 2256 |
| Square Enix Holdings Co., Ltd. | 1 | 18 |
| Subaru Corporation. | 2 | 50 |
| Sumitomo Corporation | 5 | 159 |
| Sumitomo Electric Industries, Ltd. | 3 | 125 |
| Sumitomo Metal Mining Co., Ltd. | 1 | 41 |
| Sumitomo Mitsui Financial Group, Inc. (e) | 15 | 491 |
| Sumitomo Mitsui Trust Group, Inc. | 3 | 82 |
| Sumitomo Realty & Development Co., Ltd. | 4 | 96 |
| Suntory Beverage & Food Limited | 1 | 24 |
| Suzuki Motor Corporation | 7 | 109 |
| Sysmex Corporation (e) | 2 | 20 |
| T&D Holdings, Inc. | 2 | 46 |
| Taisei Corporation | 1 | 57 |
| Takeda Pharmaceutical Company Limited (e) | 6 | 185 |
| TDK Corporation | 8 | 109 |
| Terumo Corporation | 6 | 83 |
| The Chiba Bank, Ltd. | 3 | 29 |
| The Kansai Electric Power Company, Incorporated | 4 | 64 |
| TIS Inc. | 1 | 30 |
| Toho Co., Ltd. | 1 | 31 |
| Tokio Marine Holdings, Inc. | 8 | 286 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 6 | 26 |
| Tokyo Electron Limited | 2 | 397 |
| Tokyo Gas Co., Ltd. | 2 | 59 |
| Tokyu Corporation | 3 | 29 |
| TOPPAN Holdings Inc. | 1 | 33 |
| Toray Industries, Inc. | 6 | 38 |
| Toyo Suisan Kaisha, Ltd. |  | 27 |
| Toyota Industries Corporation | 1 | 91 |
| Toyota Motor Corporation | 95 | 2046 |
| Toyota Tsusho Corporation | 3 | 94 |
| Trend Micro Incorporated | 1 | 21 |
| Unicharm Corporation | 4 | 25 |
| West Japan Railway Company | 2 | 36 |
| Yamaha Motor Co., Ltd. (e) | 4 | 27 |
| Yaskawa Electric Corporation | 1 | 31 |
| Yokogawa Electric Corporation | 1 | 29 |
| Yokohama Financial Group, Inc. | 5 | 38 |
| Zensho Holdings Co., Ltd. | 1 | 29 |
| ZOZO, Inc. | 2 | 14 |
| | | 25598 |
| **China 2.4%** | **China 2.4%** | **China 2.4%** |
| Advanced Micro-Fabrication Equipment Inc. - Class A (c) | 5 | 207 |
| Alibaba Group Holding Limited (d) | 131 | 2413 |
| China Construction Bank Corporation - Class H | 895 | 884 |
| China International Capital Corporation Limited - Class H (d) | 125 | 314 |
| China Merchants Bank Co., Ltd. - Class A | 87 | 523 |
| China Minsheng Banking Corp., Ltd. - Class H | 471 | 238 |
| China Shenhua Energy Company Limited - Class H | 40 | 199 |
| China Yangtze Power Co., Ltd. - Class A | 63 | 246 |
| Contemporary Amperex Technology Co., Limited - Class A | 11 | 567 |
| ENN Energy Holdings Limited | 29 | 259 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (d) | 40 | 348 |
| H World Group Limited | 90 | 427 |
| Jason Furniture (Hangzhou) Co., Ltd. - Class A | 46 | 204 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A | 31 | 267 |
| KE Holdings Inc. | 61 | 326 |
| Kweichow Moutai Co., Ltd. - Class A | 1 | 256 |
| Loncin Motor Co., Ltd. - Class A | 106 | 245 |
| Meituan - Class B (a) (d) | 13 | 172 |
| Midea Group Co., Ltd. - Class A | 36 | 408 |
| Montage Technology Co., Ltd. - Class A | 17 | 283 |
| NetEase, Inc. | 30 | 839 |
| PDD Holdings Inc. - ADR (a) | 2 | 223 |
| PetroChina Company Limited - Class H | 522 | 561 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 100 | 836 |
| Shenzhou International Group Holdings Limited | 30 | 235 |
| Sieyuan Electric Co., Ltd. - Class A | 11 | 250 |
| Tencent Holdings Limited | 72 | 5514 |
| Tencent Music Entertainment Group - Class A - ADR | 12 | 218 |
| WUS Printed Circuit (Kunshan) Co., Ltd. - Class A | 20 | 213 |
| WuXi Biologics (Cayman) Inc. (a) (d) | 14 | 57 |
| XCMG Construction Machinery Co., Ltd. - Class A | 145 | 239 |
| Xiaomi Corporation (a) (d) | 126 | 637 |
| Xinyi Solar Holdings Limited (e) | 432 | 165 |
| Yum China Holdings, Inc. | 12 | 583 |
| Yum China Holdings, Inc. | 25 | 1207 |
| Zijin Mining Group Co., Ltd. - Class H | 156 | 714 |
| ZTO Express (Cayman) Inc. (d) | 9 | 184 |
| | | 21461 |
| **Taiwan 1.9%** | **Taiwan 1.9%** | **Taiwan 1.9%** |
| ASE Technology Holding Co., Ltd. | 56 | 445 |
| CTBC Financial Holding Co., Ltd. | 251 | 400 |
| Delta Electronics, Inc. | 25 | 775 |
| Elite Material Co., Ltd. | 7 | 367 |
| Formosa Chemicals & Fibre Corporation | 194 | 198 |
| Hon Hai Precision Industry Co., Ltd. | 24 | 178 |
| MediaTek Inc. | 4 | 182 |
| Quanta Computer Inc. | 38 | 328 |
| Realtek Semiconductor Corporation | 22 | 342 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 7 | 2003 |
| Taiwan Semiconductor Manufacturing Company Limited | 219 | 10829 |
| Wiwynn Corporation | 4 | 580 |
| Yuanta Financial Holding Co., Ltd | 211 | 264 |
| Zhen Ding Technology Holding Limited | 41 | 185 |
|  |  | 17076 |
| **France 1.6%** | **France 1.6%** | **France 1.6%** |
| Aeroports de Paris (e) |  | 19 |
| Airbus SE | 2 | 543 |
| Amundi (d) |  | 20 |
| AXA | 7 | 331 |
| Biomerieux S.A. |  | 23 |
| BNP Paribas | 4 | 386 |
| Bollore SE | 2 | 10 |
| Bouygues | 1 | 39 |
| Bureau Veritas | 1 | 40 |
| Capgemini France | 1 | 113 |
| Compagnie de Saint-Gobain | 2 | 184 |
| Compagnie Generale des Etablissements Michelin | 22 | 732 |
| Credit Agricole S.A. | 4 | 93 |
| Danone | 3 | 231 |
| Dassault Aviation |  | 23 |
| Dassault Systemes | 3 | 74 |
| Engie | 7 | 184 |
| EssilorLuxottica | 1 | 394 |
| Hermes International |  | 339 |
| Kering |  | 99 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 2 | 430 |
| Legrand | 1 | 155 |
| L'Oreal | 1 | 414 |
| LVMH Moet Hennessy Louis Vuitton | 5 | 3438 |
| Orange | 7 | 121 |
| Pernod Ricard | 4 | 320 |
| Publicis Groupe S.A. | 1 | 92 |
| Safran | 9 | 3070 |
| Sanofi | 4 | 435 |
| Sartorius Stedim Biotech |  | 25 |
| Schneider Electric SE | 2 | 596 |
| Societe Generale | 3 | 221 |
| Thales |  | 103 |
| TotalEnergies SE | 8 | 520 |
| Veolia Environnement | 3 | 88 |
| VINCI | 2 | 282 |
|  |  | 14187 |
| **United Kingdom 1.5%** | **United Kingdom 1.5%** | **United Kingdom 1.5%** |
| 3i Group PLC | 4 | 170 |
| Admiral Group PLC | 1 | 39 |
| Anglo American PLC | 4 | 177 |
| Associated British Foods PLC | 1 | 34 |
| AstraZeneca PLC | 9 | 1737 |
| Auto Trader Group PLC | 3 | 27 |
| Aviva PLC | 19 | 177 |
| BAE Systems PLC | 12 | 269 |
| Barclays PLC | 57 | 368 |
| Barratt Redrow PLC | 5 | 26 |
| BP P.L.C. | 61 | 357 |
| British American Tobacco P.L.C. | 8 | 442 |
| BT Group PLC | 25 | 61 |
| Bunzl Public Limited Company | 1 | 35 |
| Centrica PLC | 19 | 44 |
| Coca-Cola Europacific Partners PLC | 1 | 76 |
| Compass Group PLC | 7 | 216 |
| CVC Capital Partners PLC | 3 | 52 |
| Diageo PLC | 9 | 191 |
| Entain PLC | 2 | 26 |
| Experian PLC | 4 | 166 |
| Fiat Chrysler Automobiles N.V. | 8 | 87 |
| GSK PLC | 16 | 397 |
| Haleon PLC | 35 | 179 |
| Halma Public Limited Company | 2 | 73 |
| HSBC Holdings PLC | 69 | 1091 |
| ICG PLC | 1 | 31 |
| Imperial Brands PLC | 3 | 135 |
| Informa PLC | 5 | 59 |
| InterContinental Hotels Group PLC | 1 | 87 |
| International Consolidated Airlines Group S.A. | 14 | 76 |
| Intertek Group PLC | 1 | 40 |
| J Sainsbury PLC | 7 | 29 |
| Kingfisher PLC | 7 | 28 |
| Legal & General Group PLC | 27 | 94 |
| Lloyds Banking Group PLC | 235 | 311 |
| London Stock Exchange Group PLC | 2 | 226 |
| M&G PLC | 9 | 34 |
| Melrose Industries PLC | 5 | 37 |
| National Grid PLC | 20 | 304 |
| NatWest Group PLC | 95 | 832 |
| Next PLC |  | 86 |
| Pearson PLC | 3 | 37 |
| Phoenix Group Holdings PLC | 3 | 29 |
| Prudential Public Limited Company | 15 | 227 |
| Reckitt Benckiser Group PLC | 3 | 217 |
| Relx PLC | 7 | 295 |
| Rentokil Initial PLC | 9 | 57 |
| Rightmove PLC | 3 | 21 |
| Rolls-Royce Holdings PLC | 33 | 516 |
| Schroders PLC | 3 | 18 |
| SEGRO Public Limited Company | 5 | 48 |
| Severn Trent PLC | 1 | 40 |
| Shell PLC - Class A | 23 | 855 |
| Smith & Nephew PLC | 3 | 58 |
| Smiths Group PLC | 1 | 42 |
| Spirax Group PLC |  | 26 |
| SSE PLC | 4 | 128 |
| Standard Chartered PLC | 7 | 182 |
| TechnipFMC PLC | 10 | 464 |
| Tesco PLC | 26 | 156 |
| The Sage Group PLC | 4 | 56 |
| Unilever PLC | 9 | 567 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| United Utilities PLC | 3 | 44 |
| Vodafone Group Public Limited Company | 81 | 108 |
| Weir Group PLC(The) | 1 | 40 |
| Wise PLC - Class A (a) | 3 | 32 |
| | | 13189 |
| **Germany 1.2%** | **Germany 1.2%** | **Germany 1.2%** |
| Adidas AG - Class N | 1 | 140 |
| Allianz SE | 2 | 702 |
| BASF SE - Class N | 4 | 183 |
| Bayer Aktiengesellschaft - Class N | 4 | 158 |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 124 |
| Beiersdorf Aktiengesellschaft |  | 42 |
| BioNTech SE - ADR (a) |  | 37 |
| COMMERZBANK Aktiengesellschaft | 3 | 146 |
| Continental Aktiengesellschaft |  | 34 |
| Daimler Truck Holding AG | 2 | 76 |
| Deutsche Bank Aktiengesellschaft - Class N | 7 | 271 |
| Deutsche Borse Aktiengesellschaft - Class N | 6 | 1491 |
| Deutsche Post AG - Class N | 4 | 203 |
| Deutsche Telekom AG - Class N | 13 | 430 |
| E.ON SE - Class N | 9 | 167 |
| Elia Group |  | 21 |
| Fresenius SE & Co. KGaA | 2 | 94 |
| Hannover Ruck SE - Class N |  | 75 |
| Heidelberg Materials AG | 1 | 132 |
| Henkel AG & Co. KGaA |  | 29 |
| Infineon Technologies AG - Class N | 27 | 1167 |
| Mercedes-Benz Group AG - Class N | 3 | 194 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 74 |
| MTU Aero Engines AG - Class N |  | 82 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 1 | 587 |
| Rheinmetall Aktiengesellschaft |  | 325 |
| RWE Aktiengesellschaft | 3 | 140 |
| SAP SE | 4 | 989 |
| Siemens Aktiengesellschaft - Class N | 7 | 2053 |
| Siemens Energy AG (a) | 3 | 375 |
| Siemens Healthineers AG (d) | 1 | 56 |
| Talanx Aktiengesellschaft |  | 33 |
| Vonovia SE | 3 | 94 |
|  |  | 10724 |
| **India 1.2%** | **India 1.2%** | **India 1.2%** |
| Axis Bank Limited | 21 | 293 |
| Axis Bank Limited - GDR (d) | 5 | 338 |
| Bajaj Finance Limited | 53 | 579 |
| Bharti Airtel Limited | 5 | 121 |
| Biocon Limited | 55 | 242 |
| Blue Star Limited | 10 | 202 |
| Coforge Limited | 9 | 169 |
| Dr. Reddy's Laboratories Limited - ADR | 14 | 203 |
| Eternal Limited (a) | 50 | 155 |
| Godrej Consumer Products Limited | 19 | 252 |
| Havells India Limited | 13 | 209 |
| HDFC Bank Limited | 70 | 770 |
| HDFC Bank Limited - ADR | 39 | 1435 |
| Hindalco Industries Limited | 33 | 329 |
| ICICI Bank Limited | 15 | 221 |
| ICICI Bank Limited - ADR | 3 | 90 |
| Indian Hotels Company Limited, The | 21 | 171 |
| IndusInd Bank Ltd. (a) | 14 | 135 |
| Infosys Limited - ADR (e) | 11 | 192 |
| Infosys Limited | 17 | 303 |
| ITC Limited | 43 | 193 |
| Mahindra and Mahindra Limited | 19 | 773 |
| MakeMyTrip Limited (a) | 1 | 100 |
| Max Financial Services Limited (a) | 20 | 373 |
| NTPC Limited | 92 | 338 |
| PB Fintech Limited (a) | 10 | 209 |
| Petronet LNG Limited | 67 | 211 |
| Reliance Industries Limited - GDR (d) | 7 | 517 |
| Reliance Industries Limited | 35 | 618 |
| SBI Life Insurance Company Limited (d) | 15 | 337 |
| UltraTech Cement Limited | 2 | 305 |
|  |  | 10383 |
| **South Korea 1.1%** | **South Korea 1.1%** | **South Korea 1.1%** |
| Coupang, Inc. - Class A (a) | 6 | 152 |
| DB Insurance Co., Ltd. | 3 | 237 |
| Hana Financial Group Inc. | 5 | 326 |
| HD Hyundai Electric Co., Ltd. |  | 247 |
| Hugel, Inc. (a) | 1 | 125 |
| Hyundai Glovis Co., Ltd. | 2 | 215 |
| JB Financial Group Co., Ltd. | 15 | 264 |
| JYP Entertainment Corporation | 4 | 191 |
| KakaoBank Corp. | 14 | 203 |
| KIA Corporation | 8 | 691 |
| Korea Aerospace Industries, Ltd. | 4 | 310 |
| KT Corporation | 4 | 136 |
| KT Corporation - ADR | 15 | 277 |
| POSCO Holdings Inc. | 1 | 180 |
| Samsung Biologics Co., Ltd. (a) |  | 180 |
| Samsung Electronics Co., Ltd. | 46 | 3766 |
| SK Hynix Inc. | 5 | 2265 |
| S-Oil Corporation | 3 | 188 |
|  |  | 9953 |
| **Switzerland 0.9%** | **Switzerland 0.9%** | **Switzerland 0.9%** |
| ABB Ltd - Class N | 6 | 464 |
| Alcon AG | 2 | 154 |
| Amrize AG (a) | 8 | 438 |
| Amrize AG (a) | 2 | 115 |
| Coca-Cola HBC AG | 1 | 65 |
| Compagnie Financiere Richemont S.A. | 2 | 457 |
| EMS-Chemie Holding AG |  | 20 |
| Galderma Group AG | 1 | 109 |
| Geberit AG - Class N |  | 103 |
| Givaudan S.A. - Class N |  | 131 |
| Glencore PLC | 38 | 210 |
| Holcim AG | 2 | 191 |
| Julius Bar Gruppe AG - Class N | 1 | 61 |
| Kuhne & Nagel International AG |  | 40 |
| Lonza Group AG |  | 189 |
| Nestle S.A. - Class N | 10 | 1013 |
| Novartis AG - Class N | 7 | 1012 |
| Partners Group Holding AG |  | 104 |
| Roche Holding AG |  | 49 |
| Sandoz Group AG | 2 | 119 |
| Schindler Holding AG - Class N |  | 29 |
| SGS S.A. | 1 | 69 |
| Sika AG | 1 | 129 |
| Sonova Holding AG |  | 51 |
| Straumann Holding AG - Class N |  | 50 |
| Swiss Life Holding AG - Class N |  | 162 |
| Swiss Re AG | 1 | 200 |
| Swisscom AG - Class N |  | 74 |
| UBS Group AG | 42 | 1958 |
| Zurich Insurance Group AG - Class N | 1 | 428 |
|  |  | 8194 |
| **Netherlands 0.7%** | **Netherlands 0.7%** | **Netherlands 0.7%** |
| Adyen N.V. (a) (d) |  | 189 |
| ASM International N.V. |  | 104 |
| ASML Holding N.V. | 3 | 2825 |
| DSM-Firmenich AG | 1 | 78 |
| Exor Nederland N.V. |  | 31 |
| HAL Trust |  | 24 |
| Heineken Holding N.V. | 1 | 38 |
| Heineken N.V. | 9 | 756 |
| ING Groep N.V. | 12 | 328 |
| JDE Peet's N.V. | 1 | 23 |
| Koninklijke Ahold Delhaize N.V. | 3 | 142 |
| Koninklijke KPN N.V. | 15 | 72 |
| Koninklijke Philips N.V. | 3 | 86 |
| NN Group N.V. | 1 | 82 |
| NXP Semiconductors N.V. | 2 | 428 |
| Prosus N.V. - Class N | 5 | 323 |
| STMicroelectronics N.V. | 3 | 66 |
| uniQure N.V. (a) | 2 | 45 |
| Wolters Kluwer N.V. - Class C | 1 | 95 |
|  |  | 5735 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Australia 0.6%** | **Australia 0.6%** | **Australia 0.6%** |
| ANZ Group Holdings Limited | 12 | 289 |
| Aristocrat Leisure Limited | 2 | 96 |
| ASX Limited | 1 | 26 |
| Australian Pipeline Trust | 5 | 31 |
| BHP Group Limited | 19 | 580 |
| BlueScope Steel Limited | 2 | 27 |
| Brambles Limited | 5 | 83 |
| Cochlear Limited |  | 43 |
| Coles Group Limited | 5 | 76 |
| Commonwealth Bank of Australia | 7 | 711 |
| Computershare Limited | 2 | 50 |
| CSL Limited | 2 | 221 |
| Evolution Mining Limited | 8 | 67 |
| Fortescue Ltd | 6 | 92 |
| Goodman Funding Pty Ltd | 8 | 159 |
| GPT Management Holdings Limited | 7 | 27 |
| Insurance Australia Group Limited | 9 | 50 |
| Lottery Corporation Limited, The | 8 | 29 |
| Macquarie Group Limited | 1 | 192 |
| Medibank Private Limited | 11 | 35 |
| Mirvac Limited | 15 | 21 |
| National Australia Bank Limited | 12 | 341 |
| Northern Star Resources Ltd | 6 | 101 |
| Orica Limited | 2 | 31 |
| Origin Energy Limited | 7 | 52 |
| Pro Medicus Limited |  | 32 |
| Qantas Airways Limited | 3 | 20 |
| QBE Insurance Group Limited | 6 | 80 |
| REA Group Ltd |  | 24 |
| Rio Tinto Limited (e) | 1 | 144 |
| Rio Tinto PLC | 4 | 344 |
| Santos Limited | 12 | 50 |
| Scentre Group Limited | 21 | 58 |
| SEEK Limited | 1 | 19 |
| SGH Limited | 1 | 24 |
| Sigma Healthcare Ltd | 22 | 43 |
| Sonic Healthcare Limited | 2 | 27 |
| South32 Limited | 18 | 43 |
| Stockland Corporation Ltd | 9 | 36 |
| Suncorp Group Limited | 4 | 51 |
| Telstra Group Limited | 16 | 51 |
| TPG Corporation Limited | 2 | 4 |
| Transurban Holdings Limited | 12 | 116 |
| Vicinity Centres RE Ltd | 14 | 24 |
| Wesfarmers Limited | 5 | 244 |
| Westpac Banking Corporation | 14 | 351 |
| WHSP Holdings Ltd | 1 | 31 |
| WiseTech Global Limited | 1 | 31 |
| Woodside Energy Group Ltd | 8 | 119 |
| Woolworths Group Limited | 5 | 95 |
|  |  | 5491 |
| **Sweden 0.6%** | **Sweden 0.6%** | **Sweden 0.6%** |
| AB Sagax - Class B | 1 | 18 |
| Aktiebolaget Industrivarden - Class A |  | 20 |
| Aktiebolaget Industrivarden - Class C | 1 | 28 |
| Aktiebolaget SKF - Class A |  | 1 |
| Aktiebolaget SKF - Class B | 1 | 38 |
| Aktiebolaget Volvo - Class A | 1 | 24 |
| Aktiebolaget Volvo - Class B | 43 | 1363 |
| Alfa Laval AB | 1 | 54 |
| ASSA ABLOY AB - Class B | 4 | 162 |
| Atlas Copco Aktiebolag - Class A | 64 | 1137 |
| Atlas Copco Aktiebolag - Class B | 6 | 100 |
| Axfood AB |  | 12 |
| Boliden AB (a) | 1 | 63 |
| Epiroc Aktiebolag - Class A | 2 | 56 |
| Epiroc Aktiebolag - Class B | 2 | 31 |
| EQT AB (d) | 3 | 109 |
| Essity Aktiebolag (publ) - Class A |  | 2 |
| Essity Aktiebolag (publ) - Class B | 2 | 68 |
| Evolution AB (publ) (d) | 1 | 48 |
| Fastighets AB Balder - Class B (a) | 3 | 20 |
| G&L Beijer Ref AB - Class B | 1 | 24 |
| H & M Hennes & Mauritz AB - Class B (e) | 2 | 40 |
| Hexagon Aktiebolag - Class B | 8 | 99 |
| Holmen Aktiebolag - Class B |  | 12 |
| Indutrade Aktiebolag | 1 | 27 |
| Investmentaktiebolaget Latour - Class B | 1 | 14 |
| Investor Aktiebolag - Class A | 3 | 96 |
| Investor Aktiebolag - Class B | 7 | 258 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B |  | 16 |
| Lifco AB (Publ) - Class B | 1 | 34 |
| NIBE Industrier AB - Class B | 6 | 25 |
| Nordnet AB | 1 | 18 |
| SAAB Aktiebolag - Class B | 1 | 85 |
| Sandvik Aktiebolag | 4 | 126 |
| Securitas AB - Class B | 2 | 33 |
| Skandinaviska Enskilda Banken AB - Class A | 5 | 113 |
| Skanska AB - Class B | 1 | 35 |
| Spotify Technology S.A. (a) | 1 | 482 |
| SSAB AB - Class A | 1 | 6 |
| SSAB AB - Class B | 2 | 17 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 2 | 25 |
| Svenska Handelsbanken AB - Class A | 5 | 79 |
| Svenska Handelsbanken AB - Class B |  | 1 |
| Swedbank AB - Class A | 4 | 134 |
| Swedish Orphan Biovitrum AB (Publ) (a) | 1 | 23 |
| Tele2 AB - Class B | 2 | 37 |
| Telefonaktiebolaget LM Ericsson - Class A |  | 2 |
| Telefonaktiebolaget LM Ericsson - Class B | 10 | 100 |
| Telia Company AB | 9 | 39 |
| Trelleborg AB - Class B | 1 | 34 |
|  |  | 5388 |
| **Spain 0.3%** | **Spain 0.3%** | **Spain 0.3%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 1 | 87 |
| AENA, S.M.E., S.A. | 3 | 82 |
| Amadeus IT Holding, S.A. (d) | 2 | 128 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 23 | 539 |
| Banco Santander, S.A. | 59 | 691 |
| CaixaBank, S.A. | 14 | 174 |
| Cellnex Telecom, S.A. (d) | 2 | 73 |
| EDP Renovaveis, S.A. (e) | 1 | 14 |
| Endesa, S.A. | 1 | 45 |
| Ferrovial SE | 2 | 117 |
| Iberdrola, Sociedad Anonima | 24 | 528 |
| Industria de Diseno Textil, S.A. | 4 | 292 |
| Naturgy Energy Group S.A. |  | 13 |
| Repsol S.A. (e) | 5 | 84 |
| Telefonica, S.A. (e) | 18 | 72 |
|  |  | 2939 |
| **Brazil 0.3%** | **Brazil 0.3%** | **Brazil 0.3%** |
| B3 S.A. - Brasil, Bolsa, Balcao | 186 | 468 |
| Banco do Brasil S.A. | 59 | 233 |
| Banco Santander (Brasil) S.A. | 61 | 379 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 29 | 265 |
| Localiza Rent A Car S/A | 42 | 328 |
| Motiva Infraestrutura De Mobilidade S.A. | 96 | 262 |
| NU Holdings Ltd. - Class A (a) | 11 | 182 |
| Porto Seguro S/A | 18 | 161 |
| Raia Drogasil S.A. | 53 | 226 |
| Telefonica Brasil S.A. | 56 | 336 |
|  |  | 2840 |
| **Hong Kong 0.3%** | **Hong Kong 0.3%** | **Hong Kong 0.3%** |
| AIA Group Limited | 75 | 769 |
| Budweiser Brewing Company APAC Limited (d) (e) | 7 | 7 |
| China Resources Power Holdings Company Limited | 68 | 151 |
| CK Asset Holdings Limited | 9 | 48 |
| CK Hutchison Holdings Limited | 10 | 68 |
| CK Infrastructure Holdings Limited | 2 | 11 |
| CLP Holdings Limited | 6 | 58 |
| Hang Seng Bank, Limited | 3 | 55 |
| Henderson Land Development Company Limited | 5 | 18 |
| HKT Trust | 13 | 19 |
| Hong Kong And China Gas Company Limited - The- | 43 | 39 |
| Hong Kong Exchanges and Clearing Limited | 18 | 963 |
| Jardine Matheson Holdings Limited | 1 | 53 |
| Link Real Estate Investment Trust | 10 | 44 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MTR Corporation Limited (e) | 6 | 23 |
| Power Assets Holdings Limited | 6 | 39 |
| Sino Land Company Limited | 18 | 24 |
| Sun Hung Kai Properties Limited | 7 | 85 |
| Swire Pacific Limited - Class A | 2 | 16 |
| Swire Properties Limited | 4 | 12 |
| Techtronic Industries Company Limited | 20 | 230 |
| WH Group Limited (d) | 31 | 34 |
| Wharf (Holdings) Limited, The | 4 | 11 |
| Wharf Real Estate Investment Company Limited | 6 | 19 |
| | | 2796 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Capitaland Ascendas REIT | 14 | 31 |
| Capitaland Group Pte. Ltd. | 19 | 35 |
| Capitaland Investment Limited | 9 | 18 |
| DBS Group Holdings Ltd | 39 | 1721 |
| Genting Singapore Limited | 14 | 8 |
| Jardine Cycle & Carriage Limited |  | 11 |
| Keppel Ltd. | 6 | 46 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (d) | 9 | 10 |
| Oversea-Chinese Banking Corporation Limited | 13 | 198 |
| Sea Limited - Class A - ADR (a) | 2 | 285 |
| Singapore Airlines Limited (e) | 5 | 27 |
| Singapore Exchange Limited | 3 | 45 |
| Singapore Technologies Engineering Ltd | 6 | 40 |
| Singapore Telecommunications Limited | 33 | 116 |
| United Overseas Bank Limited | 5 | 144 |
| Wilmar International Limited | 7 | 17 |
|  |  | 2752 |
| **Italy 0.3%** | **Italy 0.3%** | **Italy 0.3%** |
| A2a S..A. | 6 | 16 |
| Assicurazioni Generali Societa' Per Azioni | 4 | 149 |
| Banca Mediolanum SpA | 1 | 18 |
| Banca Monte dei Paschi di Siena S.p.A. | 8 | 82 |
| Banco BPM Societa' Per Azioni | 5 | 79 |
| Bper Banca S.p.A. | 5 | 70 |
| Buzzi S.p.A. |  | 19 |
| Davide Campari-Milano N.V. (e) | 2 | 14 |
| ENEL - SpA | 31 | 322 |
| Eni S.p.A. | 8 | 143 |
| Ferrari N.V. | 1 | 186 |
| Finecobank Banca Fineco S.p.A. | 2 | 63 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (d) (e) | 1 | 11 |
| Intesa Sanpaolo SpA | 61 | 423 |
| Leonardo S.p.A. | 2 | 91 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni |  | 9 |
| Moncler S.p.A. | 1 | 55 |
| Poste Italiane - Societa' Per Azioni (d) | 2 | 46 |
| Prysmian S.p.A. | 1 | 114 |
| Recordati Industria Chimica E Farmaceutica S.p.A. In Breve Recordati S.p.A. |  | 22 |
| Snam S.p.A. | 9 | 57 |
| Telecom Italia S.p.A. | 48 | 29 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 6 | 60 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. | 6 | 500 |
|  |  | 2578 |
| **South Africa 0.3%** | **South Africa 0.3%** | **South Africa 0.3%** |
| ABSA Group | 31 | 451 |
| Capitec Bank Holdings | 1 | 280 |
| Gold Fields Limited | 15 | 656 |
| MTN Group | 28 | 289 |
| Shoprite Holdings | 13 | 214 |
| Sibanye Stillwater (a) | 96 | 349 |
| Woolworths Holdings Limited | 56 | 188 |
|  |  | 2427 |
| **Denmark 0.2%** | **Denmark 0.2%** | **Denmark 0.2%** |
| A.P. Moller - Maersk A/S - Class A |  | 25 |
| A.P. Moller - Maersk A/S - Class B (e) |  | 32 |
| Carlsberg A/S - Class B |  | 48 |
| Coloplast A/S - Class B | 1 | 47 |
| Danske Bank A/S | 3 | 130 |
| DSV A/S | 1 | 193 |
| Genmab A/S (a) |  | 77 |
| Novo Nordisk A/S - Class B | 25 | 1291 |
| Novozymes A/S - Class B | 1 | 88 |
| Orsted A/S (a) (d) | 2 | 34 |
| Pandora A/S |  | 34 |
| Tryg A/S | 1 | 32 |
| Vestas Wind Systems A/S | 4 | 109 |
|  |  | 2140 |
| **Mexico 0.2%** | **Mexico 0.2%** | **Mexico 0.2%** |
| Arca Continental S.A.B. de C.V. (e) | 23 | 250 |
| Fresnillo PLC | 1 | 32 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B - ADR | 1 | 350 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 36 | 329 |
| Regional, S.A.B. De C.V. | 41 | 322 |
| Wal-Mart de Mexico, S.A.B. de C.V. | 98 | 303 |
|  |  | 1586 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| AerCap Holdings N.V. | 4 | 583 |
| Icon Public Limited Company (a) | 3 | 587 |
| Kerry Group Public Limited Company - Class A | 1 | 54 |
| Kingspan Group Public Limited Company | 1 | 54 |
| Smurfit Westrock Public Limited Company | 3 | 117 |
|  |  | 1395 |
| **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** |
| PT. Bank Central Asia Tbk | 1620 | 793 |
| PT. Telekomunikasi Indonesia | 2720 | 567 |
|  |  | 1360 |
| **Finland 0.1%** | **Finland 0.1%** | **Finland 0.1%** |
| Elisa Oyj | 1 | 25 |
| Fortum Oyj | 2 | 37 |
| Kesko Oyj - Class A |  | 9 |
| Kesko Oyj - Class B | 1 | 24 |
| Kone Corporation - Class B | 1 | 100 |
| Metso Oyj | 3 | 49 |
| Neste Oyj | 2 | 38 |
| Nokia Oyj | 20 | 130 |
| Nordea Bank Abp | 13 | 243 |
| Orion Oyj - Class A |  | 8 |
| Orion Oyj - Class B |  | 32 |
| Sampo Oyj - Class A | 10 | 121 |
| Stora Enso Oyj - Class R (e) | 2 | 29 |
| UPM-Kymmene Oyj | 2 | 61 |
| Wartsila Oyj Abp | 2 | 68 |
|  |  | 974 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| Ackermans |  | 23 |
| Ageas SA/NV | 1 | 47 |
| Anheuser-Busch InBev | 4 | 251 |
| Argenx SE (a) |  | 206 |
| D'Ieteren Group |  | 14 |
| Groep Brussel Lambert |  | 28 |
| KBC Groep | 1 | 130 |
| Lotus Bakeries |  | 18 |
| Sofina |  | 18 |
| Syensqo |  | 22 |
| UCB |  | 134 |
| Warehouses De Pauw | 1 | 18 |
|  |  | 909 |
| **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** |
| Al Rajhi Banking and Investment Corporation | 34 | 880 |
| **Canada 0.1%** | **Canada 0.1%** | **Canada 0.1%** |
| Shopify Inc. - Class A (a) | 3 | 453 |
| Teck Resources Limited - Class B | 8 | 404 |
|  |  | 857 |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| Abu Dhabi Islamic Bank | 48 | 273 |
| Adnoc Drilling Company PJSC | 115 | 167 |
| Emaar Properties PJSC | 98 | 375 |
|  |  | 815 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Greece 0.1%** | **Greece 0.1%** | **Greece 0.1%** |
| National Bank of Greece S.A. - Class R | 29 | 437 |
| Piraeus Bank S.A. (a) | 45 | 356 |
|  |  | 793 |
| **Hungary 0.1%** | **Hungary 0.1%** | **Hungary 0.1%** |
| OTP Bank Nyrt. | 6 | 683 |
| **Israel 0.1%** | **Israel 0.1%** | **Israel 0.1%** |
| Azrieli Group Ltd. |  | 15 |
| Bank Hapoalim B.M. | 5 | 119 |
| Bank Leumi Le-Israel B.M. | 6 | 131 |
| Elbit Systems Ltd. |  | 55 |
| ICL Group Ltd | 3 | 16 |
| Israel Discount Bank Limited | 5 | 52 |
| Mizrahi Tefahot Bank Ltd | 1 | 39 |
| Nice Ltd (a) |  | 28 |
| Teva Pharmaceutical Industries Ltd (a) | 5 | 145 |
|  |  | 600 |
| **Norway 0.1%** | **Norway 0.1%** | **Norway 0.1%** |
| Aker BP ASA | 1 | 30 |
| DNB Bank ASA | 3 | 81 |
| Equinor ASA | 3 | 63 |
| Gjensidige Forsikring ASA | 1 | 22 |
| Kongsberg Gruppen ASA | 2 | 44 |
| Mowi ASA | 2 | 42 |
| Norsk Hydro ASA | 5 | 39 |
| Orkla ASA | 3 | 29 |
| SalMar ASA |  | 17 |
| Storebrand ASA | 2 | 28 |
| Telenor ASA | 2 | 36 |
| Var Energi ASA | 3 | 9 |
| Vend Marketplaces ASA - Class B | 1 | 22 |
| Yara International ASA | 1 | 26 |
|  |  | 488 |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| MercadoLibre, Inc. (a) |  | 371 |
| Tenaris S.A. | 1 | 28 |
|  |  | 399 |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| BIM Birlesik Magazalar Anonim Sirketi - Class A | 31 | 385 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (a) (d) | 2 | 21 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 1 | 48 |
| Dino Polska Spolka Akcyjna (a) (d) | 2 | 21 |
| ING Bank Slaski Spolka Akcyjna |  | 12 |
| KGHM Polska Miedz Spolka Akcyjna (a) | 1 | 42 |
| LPP Spolka Akcyjna |  | 29 |
| Orlen S A | 2 | 62 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 3 | 81 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 2 | 42 |
| Santander Bank Polska Spolka Akcyjna |  | 23 |
|  |  | 381 |
| **Peru 0.0%** | **Peru 0.0%** | **Peru 0.0%** |
| Credicorp Ltd. | 1 | 339 |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Andritz AG |  | 20 |
| BAWAG Group AG (d) |  | 46 |
| Erste Group Bank AG | 1 | 143 |
| OMV Aktiengesellschaft | 1 | 30 |
| Raiffeisen Bank International AG | 1 | 26 |
| Telekom Austria Aktiengesellschaft |  | 4 |
| Verbund AG |  | 20 |
|  |  | 289 |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP, S.A. | 11 | 51 |
| Galp Energia, SGPS, S.A. - Class B | 2 | 28 |
| Jeronimo Martins, SGPS S.A. | 8 | 192 |
|  |  | 271 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Galaxy Entertainment Group Limited | 48 | 236 |
| Sands China Ltd. | 8 | 21 |
|  |  | 257 |
| **Kazakhstan 0.0%** | **Kazakhstan 0.0%** | **Kazakhstan 0.0%** |
| Joint Stock Company Kaspi.Kz - ADR (a) (d) | 2 | 168 |
| **Thailand 0.0%** | **Thailand 0.0%** | **Thailand 0.0%** |
| Bumrungrad Hospital Public Company Limited - NVDR | 30 | 148 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited | 6 | 28 |
| Fisher & Paykel Healthcare Corporation Limited | 2 | 48 |
| Meridian Energy Limited | 5 | 16 |
|  |  | 92 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| ArcelorMittal | 2 | 77 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 1 | 61 |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Zijin Gold International Company Limited (a) | 2 | 30 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (a) (c) (d) | 1 |  |
| Public Joint-Stock Company Severstal - GDR (a) (c) (d) | 15 |  |
| Total Common Stocks (cost $395,842) | Total Common Stocks (cost $395,842) | 414782 |
| **CORPORATE BONDS AND NOTES 20.1%** | **CORPORATE BONDS AND NOTES 20.1%** | **CORPORATE BONDS AND NOTES 20.1%** |
| **United States of America 15.6%** | **United States of America 15.6%** | **United States of America 15.6%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (f) | 604 | 589 |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (f) | 471 | 488 |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (f) | 495 | 481 |
| Adient Global Holdings Ltd |  |  |
| 7.00%, 04/15/28 (f) | 257 | 264 |
| ADT Security Corporation, The |  |  |
| 4.13%, 08/01/29 (f) | 583 | 568 |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (f) | 564 | 565 |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (f) | 443 | 464 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (f) | 627 | 638 |
| Allied Universal Holdco LLC |  |  |
| 6.88%, 06/15/30 (f) | 983 | 1023 |
| Alphabet Inc. |  |  |
| 3.13%, 11/06/34, EUR | 163 | 187 |
| 3.50%, 11/06/38, EUR | 239 | 271 |
| Alta Equipment Group Inc. |  |  |
| 9.00%, 06/01/29 (e) (f) | 444 | 401 |
| Amazon.com, Inc. |  |  |
| 4.65%, 11/20/35 | 600 | 598 |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29 (f) | 515 | 540 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (f) | 961 | 977 |
| 8.50%, 05/15/29 (f) | 552 | 576 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | 487 | 468 |
| American Express Company |  |  |
| 4.80%, 10/24/36 | 600 | 593 |
| AmeriGas Partners, L.P. |  |  |
| 9.50%, 06/01/30 (f) | 422 | 450 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (f) | 206 | 211 |
| 4.88%, 06/30/29 (f) | 150 | 147 |
| Antero Resources Corporation |  |  |
| 5.38%, 03/01/30 (f) | 700 | 708 |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (f) | 545 | 543 |
| 9.75%, 04/15/30 (f) | 41 | 44 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (f) | 508 | 514 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (f) | 544 | 534 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 3.25%, 09/01/28 (f) | 201 | 193 |
| Aris Water Holdings, LLC |  |  |
| 7.25%, 04/01/30 (f) | 417 | 445 |
| Asbury Automotive Group, Inc. |  |  |
| 4.63%, 11/15/29 (f) | 218 | 214 |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (f) | 501 | 498 |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (f) | 706 | 731 |
| Axalta Coating Systems, LLC |  |  |
| 4.75%, 06/15/27 (f) | 287 | 286 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (f) | 561 | 578 |
| B&G Foods, Inc. |  |  |
| 5.25%, 09/15/27 (e) | 105 | 103 |
| 8.00%, 09/15/28 (f) | 522 | 514 |
| Ball Corporation |  |  |
| 6.00%, 06/15/29 | 496 | 510 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (f) | 618 | 645 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (f) | 82 | 85 |
| Beacon Mobility Corp. |  |  |
| 7.25%, 08/01/30 (f) | 421 | 440 |
| Bellring Intermediate Holdings, Inc. |  |  |
| 7.00%, 03/15/30 (f) | 520 | 538 |
| Big River Steel LLC |  |  |
| 6.63%, 01/31/29 (f) | 71 | 71 |
| BKV Upstream Midstream, LLC |  |  |
| 7.50%, 10/15/30 (f) | 354 | 359 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (f) | 609 | 621 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 12/01/27 | 317 | 316 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.88%, 04/12/29 | 434 | 467 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (f) | 443 | 424 |
| 7.00%, 02/15/30 (f) | 681 | 705 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (f) | 522 | 546 |
| Calpine Corporation |  |  |
| 4.50%, 02/15/28 (f) | 182 | 182 |
| 5.13%, 03/15/28 (f) | 48 | 48 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (f) | 639 | 646 |
| 5.75%, 03/15/30 (f) | 32 | 33 |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (f) | 650 | 657 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (f) | 386 | 390 |
| Celanese US Holdings LLC |  |  |
| 6.85%, 11/15/28 (g) (h) (i) | 25 | 26 |
| 6.50%, 04/15/30 (e) | 822 | 824 |
| 7.05%, 11/15/30 (g) (h) (i) | 292 | 307 |
| Central Parent Inc. |  |  |
| 7.25%, 06/15/29 (f) | 353 | 300 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/29 (f) (i) | 221 | 210 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (f) | 97 | 101 |
| Charter Communications Operating, LLC |  |  |
| 2.80%, 04/01/31 | 600 | 540 |
| 6.65%, 02/01/34 | 50 | 53 |
| 6.38%, 10/23/35 | 650 | 670 |
| Chemours Company, The |  |  |
| 5.75%, 11/15/28 (f) | 153 | 149 |
| 4.63%, 11/15/29 (f) | 342 | 309 |
| Chevron Phillips Chemical Company LLC |  |  |
| 3.40%, 12/01/26 (f) | 52 | 52 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 07/15/28 (f) | 495 | 495 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (f) | 639 | 652 |
| Citigroup Inc. |  |  |
| 1.12%, 01/28/27 | 100 | 100 |
| 4.54%, 09/19/30 | 923 | 930 |
| 2.56%, 05/01/32 | 600 | 545 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (f) | 615 | 634 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 (e) (f) | 447 | 457 |
| 6.75%, 02/15/30 (f) | 289 | 302 |
| Clarivate Science Holdings Corporation |  |  |
| 3.88%, 07/01/28 (f) | 168 | 163 |
| 4.88%, 07/01/29 (f) | 611 | 576 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (f) | 481 | 481 |
| 7.88%, 04/01/30 (f) | 507 | 534 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (f) | 689 | 713 |
| 6.75%, 04/15/30 (f) | 18 | 18 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (f) | 1301 | 1318 |
| 9.00%, 09/30/29 (f) | 623 | 649 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (f) | 785 | 797 |
| Coinbase Global, Inc. |  |  |
| 3.38%, 10/01/28 (f) | 594 | 565 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (f) | 619 | 621 |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (f) | 496 | 499 |
| CommScope, LLC. |  |  |
| 4.75%, 09/01/29 (f) | 144 | 144 |
| Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/30 (f) | 740 | 694 |
| Compass Group Diversified Holdings LLC |  |  |
| 5.25%, 04/15/29 (f) (j) | 52 | 48 |
| Compass Minerals International, Inc. |  |  |
| 8.00%, 07/01/30 (f) | 451 | 471 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (f) | 803 | 802 |
| 5.88%, 01/15/30 (f) | 66 | 64 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (f) | 791 | 736 |
| CP Atlas Buyer, Inc. |  |  |
| 9.75%, 07/15/30 (f) | 419 | 434 |
| Credit Acceptance Corporation |  |  |
| 6.63%, 03/15/30 (f) | 603 | 605 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 02/15/28 (f) | 425 | 438 |
| CrossCountry Intermediate HoldCo, LLC |  |  |
| 6.50%, 10/01/30 (f) | 542 | 551 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 10 | 10 |
| CSC Holdings, LLC |  |  |
| 11.75%, 01/31/29 (f) | 1007 | 745 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 6.75%, 05/15/28 (f) | 309 | 310 |
| CVR Energy, Inc. |  |  |
| 8.50%, 01/15/29 (f) | 148 | 152 |
| Darling Ingredients Inc. |  |  |
| 6.00%, 06/15/30 (f) | 126 | 128 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (f) | 26 | 26 |
| Delek Logistics Partners, LP |  |  |
| 8.63%, 03/15/29 (f) | 536 | 561 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (f) | 758 | 762 |
| 8.88%, 02/01/30 (f) | 565 | 571 |
| Discovery Communications, LLC |  |  |
| 3.63%, 05/15/30 | 960 | 886 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 951 | 916 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (f) | 1147 | 1194 |
| DTE Energy Company |  |  |
| 5.05%, 10/01/35 | 388 | 388 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (f) | 750 | 739 |
| Edgewell Personal Care Colombia S A S |  |  |
| 5.50%, 06/01/28 (f) | 369 | 369 |
| Elastic N.V. |  |  |
| 4.13%, 07/15/29 (f) | 278 | 269 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (f) | 322 | 340 |
| 8.50%, 05/15/30 (f) | 206 | 221 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54 | 150 | 154 |
| Enova International, Inc. |  |  |
| 9.13%, 08/01/29 (f) | 424 | 449 |
| EQT Corporation |  |  |
| 4.50%, 01/15/29 | 385 | 386 |
| Equipmentshare.Com Inc. |  |  |
| 9.00%, 05/15/28 (f) | 578 | 599 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (f) | 505 | 533 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 150 | 132 |
| Ford Motor Credit Company LLC |  |  |
| 3.78%, 09/16/29, EUR | 162 | 191 |
| Fortrea Holdings Inc. |  |  |
| 7.50%, 07/01/30 (e) (f) | 315 | 320 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (f) | 543 | 542 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (f) | 606 | 635 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (f) | 38 | 38 |
| 5.00%, 05/01/28 (f) | 596 | 597 |
| Gap, Inc., The |  |  |
| 3.63%, 10/01/29 (f) | 509 | 481 |
| Gen Digital Inc. |  |  |
| 6.75%, 09/30/27 (f) | 633 | 642 |
| General Motors Financial Company, Inc. |  |  |
| 5.25%, 03/01/26 | 100 | 100 |
| Genesis Energy, L.P. |  |  |
| 8.25%, 01/15/29 | 46 | 48 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 442 | 464 |
| Getty Images, Inc. |  |  |
| 10.50%, 11/15/30 (f) | 600 | 603 |
| Global Payments Inc. |  |  |
| 5.55%, 11/15/35 | 120 | 119 |
| Goldman Sachs Bank USA |  |  |
| 4.47%, (SOFR + 0.77%), 03/18/27 (f) (g) | 160 | 160 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.94%, 10/21/36 | 408 | 405 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (f) | 520 | 558 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (f) | 457 | 447 |
| HCA Inc. |  |  |
| 4.90%, 11/15/35 | 350 | 345 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (f) | 591 | 638 |
| 4.88%, 06/01/29 (f) | 698 | 657 |
| Herc Holdings Inc. |  |  |
| 6.63%, 06/15/29 (f) | 591 | 613 |
| 7.00%, 06/15/30 (f) | 328 | 345 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (f) | 459 | 462 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (f) | 332 | 338 |
| Hillenbrand, Inc. |  |  |
| 6.25%, 02/15/29 | 430 | 439 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 3.75%, 05/01/29 (f) | 39 | 38 |
| Hologic Inc. |  |  |
| 6.00%, 01/31/33 (c) (k) | 21 | 10 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (f) | 1054 | 1104 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 415 | 408 |
| 10.00%, 11/15/29 (f) | 362 | 362 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (f) | 783 | 773 |
| Iron Mountain Incorporated |  |  |
| 5.00%, 07/15/28 (f) | 566 | 563 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (f) | 172 | 165 |
| Jazz Securities Designated Activity Company |  |  |
| 4.38%, 01/15/29 (f) | 670 | 660 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (f) | 388 | 373 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (f) | 542 | 568 |
| KeyCorp |  |  |
| 6.40%, 03/06/35 | 700 | 761 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (f) | 750 | 771 |
| Lamar Media Corp. |  |  |
| 3.75%, 02/15/28 | 317 | 311 |
| Lifepoint Health, Inc. |  |  |
| 11.00%, 10/15/30 (f) | 195 | 214 |
| Light & Wonder, Inc. |  |  |
| 6.63%, 03/01/30 (f) | 506 | 450 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (f) | 18 | 19 |
| Lithia Motors, Inc. |  |  |
| 3.88%, 06/01/29 (f) | 515 | 497 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/27 (f) | 428 | 428 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (f) | 552 | 531 |
| Magnera Corporation |  |  |
| 4.75%, 11/15/29 (e) (f) | 469 | 434 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (f) | 987 | 983 |
| 9.25%, 04/15/30 (f) | 351 | 337 |
| Meta Platforms, Inc. |  |  |
| 4.60%, 11/15/32 | 456 | 459 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/29 | 526 | 541 |
| Midcap Financial Issuer Trust |  |  |
| 6.50%, 05/01/28 (f) | 561 | 560 |
| Millennium Escrow Corporation |  |  |
| 6.63%, 08/01/26 (f) | 332 | 319 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (f) | 620 | 634 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (f) | 473 | 493 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 (f) | 325 | 319 |
| Morgan Stanley |  |  |
| 1.51%, 07/20/27 | 125 | 123 |
| 4.89%, 10/22/36 | 154 | 153 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (f) | 1368 | 1336 |
| 5.25%, 10/01/29 (f) | 930 | 935 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (f) | 517 | 519 |
| Nabors Industries, Inc. |  |  |
| 9.13%, 01/31/30 (f) | 464 | 487 |
| Navient Corporation |  |  |
| 5.50%, 03/15/29 (e) | 723 | 716 |
| 9.38%, 07/25/30 | 54 | 60 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (f) | 573 | 622 |
| Necessity Retail Reit, Inc., The |  |  |
| 4.50%, 09/30/28 (f) | 236 | 231 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (f) | 910 | 911 |
| NESCO Holdings II, Inc. |  |  |
| 5.50%, 04/15/29 (f) | 554 | 546 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (f) | 323 | 338 |
| 6.38%, 05/15/30 (e) | 776 | 758 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (f) | 324 | 321 |
| NFE Financing LLC |  |  |
| 0.00%, 11/15/29 (a) (f) (l) | 652 | 179 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (f) | 414 | 429 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (f) | 499 | 486 |
| 5.63%, 09/29/28 (f) | 418 | 418 |
| 6.13%, 09/30/30 (f) | 237 | 237 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (f) | 622 | 646 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (f) | 144 | 149 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/29 (f) | 10 | 10 |
| ON Semiconductor Corporation |  |  |
| 3.88%, 09/01/28 (f) | 324 | 317 |
| OneMain Finance Corporation |  |  |
| 3.50%, 01/15/27 | 767 | 759 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 500 | 515 |
| 6.50%, 09/01/30 (f) | 200 | 214 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (f) | 811 | 789 |
| Outfront Media Capital Corporation |  |  |
| 4.25%, 01/15/29 (f) | 418 | 408 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27 (f) | 313 | 314 |
| Pagaya Us Holding Company LLC |  |  |
| 8.88%, 08/01/30 (e) (f) | 443 | 387 |
| Paramount Global |  |  |
| 6.38%, 03/30/62 | 543 | 504 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (f) | 381 | 380 |
| Pattern Energy Group Inc. |  |  |
| 4.50%, 08/15/28 (f) | 306 | 301 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 17 | 17 |
| 9.88%, 03/15/30 (f) | 615 | 630 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 (f) | 39 | 41 |
| 7.13%, 11/15/30 (f) | 163 | 171 |
| Penske Automotive Group, Inc. |  |  |
| 3.75%, 06/15/29 (e) | 87 | 84 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.40%, 11/15/26 (f) | 125 | 124 |
| PG&E Corporation |  |  |
| 5.00%, 07/01/28 | 586 | 584 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (f) | 438 | 454 |
| Prime Healthcare Services, Inc. |  |  |
| 9.38%, 09/01/29 (f) | 681 | 716 |
| Prime Security Services Borrower, LLC |  |  |
| 3.38%, 08/31/27 (f) | 318 | 312 |
| Primo Water Holdings Inc. |  |  |
| 4.38%, 04/30/29 (f) | 50 | 49 |
| R. R. Donnelley & Sons Company |  |  |
| 9.50%, 08/01/29 (f) | 136 | 141 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (f) | 513 | 534 |
| Realty Income Corporation |  |  |
| 4.88%, 07/06/30, EUR | 500 | 625 |
| RITHM Capital Corp. |  |  |
| 8.00%, 04/01/29 (f) | 245 | 251 |
| Roblox Corporation |  |  |
| 3.88%, 05/01/30 (f) | 586 | 561 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (f) | 547 | 565 |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (f) | 471 | 464 |
| Rocket Software, Inc. |  |  |
| 9.00%, 11/28/28 (f) | 485 | 499 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 08/31/26 (f) | 374 | 374 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.88%, 06/30/26 | 17 | 17 |
| Sabre Financial Borrower, LLC |  |  |
| 11.13%, 06/15/29 (f) | 267 | 270 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 03/15/30 (f) | 4 | 3 |
| 11.13%, 07/15/30 (f) | 803 | 669 |
| Safeway Inc. |  |  |
| 3.50%, 03/15/29 (f) | 156 | 150 |
| SBA Communications Corporation |  |  |
| 3.13%, 02/01/29 | 701 | 670 |
| SCIH Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (f) | 574 | 573 |
| Sealed Air Corporation |  |  |
| 6.13%, 02/01/28 (f) | 491 | 498 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (f) | 337 | 329 |
| Service Properties Trust |  |  |
| 8.38%, 06/15/29 | 463 | 466 |
| Shutterfly, LLC |  |  |
| 8.50%, 10/01/26 (f) | 34 | 29 |
| Simmons Foods, Inc. |  |  |
| 4.63%, 03/01/29 (f) | 292 | 281 |
| Sirius XM Radio Inc. |  |  |
| 4.00%, 07/15/28 (f) | 834 | 815 |
| SM Energy Company |  |  |
| 6.75%, 08/01/29 (f) | 504 | 508 |
| Somnigroup International Inc. |  |  |
| 4.00%, 04/15/29 (f) | 424 | 413 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/29 (f) | 112 | 110 |
| Southern Power Company |  |  |
| 1.85%, 06/20/26, EUR | 650 | 761 |
| 4.90%, 10/01/35 | 129 | 128 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 | 26 | 26 |
| Spectrum Management Holding Company, LLC |  |  |
| 5.50%, 09/01/41 | 430 | 378 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (f) | 323 | 324 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (f) | 863 | 858 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (f) | 549 | 586 |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/27 (f) | 374 | 371 |
| 7.25%, 04/01/29 (f) | 248 | 261 |
| Stellantis Financial Services US Corp. |  |  |
| 5.40%, 09/15/30 (f) | 200 | 203 |
| Sunoco LP |  |  |
| 7.00%, 09/15/28 (f) | 10 | 10 |
| 4.50%, 05/15/29 - 04/30/30 | 591 | 579 |
| 4.63%, 05/01/30 (f) | 431 | 417 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (f) | 323 | 342 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (f) | 499 | 515 |
| Tenet Healthcare Corporation |  |  |
| 4.63%, 06/15/28 (d) | 162 | 162 |
| 4.25%, 06/01/29 | 460 | 453 |
| 4.38%, 01/15/30 | 272 | 267 |
| 6.13%, 06/15/30 | 626 | 640 |
| Tenneco, Inc. |  |  |
| 8.00%, 11/17/28 (f) | 773 | 773 |
| Terex Corporation |  |  |
| 5.00%, 05/15/29 (f) | 477 | 474 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 | 658 | 642 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.10%, 07/23/27 | 250 | 251 |
| Tidewater Inc. |  |  |
| 9.13%, 07/15/30 (f) | 445 | 477 |
| Toyota Motor Credit Corporation |  |  |
| 4.05%, 09/05/28 | 31 | 31 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (f) | 624 | 636 |
| 4.63%, 01/15/29 | 366 | 363 |
| 6.38%, 03/01/29 (f) | 785 | 810 |
| 4.88%, 05/01/29 | 243 | 242 |
| Travel + Leisure Co. |  |  |
| 4.50%, 12/01/29 (f) | 90 | 88 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (e) (f) | 812 | 568 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/29 (f) | 276 | 269 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | 451 | 437 |
| U.S. Acute Care Solutions, LLC |  |  |
| 9.75%, 05/15/29 (f) | 138 | 139 |
| U.S. Foods Inc. |  |  |
| 6.88%, 09/15/28 (f) | 457 | 471 |
| 4.75%, 02/15/29 (f) | 127 | 126 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/35 | 400 | 397 |
| United Rentals (North America), Inc. |  |  |
| 3.88%, 11/15/27 | 321 | 319 |
| United Wholesale Mortgage, LLC |  |  |
| 5.75%, 06/15/27 (f) | 591 | 592 |
| Uniti Group Inc. |  |  |
| 4.75%, 04/15/28 (f) | 450 | 447 |
| Univision Communications Inc. |  |  |
| 8.00%, 08/15/28 (f) | 655 | 677 |
| 7.38%, 06/30/30 (f) | 474 | 482 |
| Urban One, Inc. |  |  |
| 7.63%, 04/01/31 (f) | 10 | 5 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (f) | 54 | 56 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (f) | 518 | 523 |
| V.F. Corporation |  |  |
| 2.80%, 04/23/27 | 329 | 323 |
| Valaris Limited |  |  |
| 8.38%, 04/30/30 (f) | 569 | 591 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (f) | 19 | 18 |
| 6.25%, 01/15/30 (f) | 785 | 795 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/29 (f) | 860 | 891 |
| 7.00%, 01/15/30 (e) (f) | 1000 | 962 |
| Victoria's Secret & Co. |  |  |
| 4.63%, 07/15/29 (f) | 473 | 458 |
| Vistra Operations Company LLC |  |  |
| 4.38%, 05/01/29 (f) | 624 | 616 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/30 (f) | 645 | 639 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (f) | 576 | 545 |
| Warner Bros. Discovery, Inc. |  |  |
| 4.30%, 01/17/30, EUR | 282 | 323 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 77 | 76 |
| 4.05%, 03/15/29 | 664 | 642 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (f) | 488 | 508 |
| 7.75%, 09/15/30 (f) | 196 | 208 |
| WBI Operations LLC |  |  |
| 6.25%, 10/15/30 (f) | 527 | 529 |
| Weatherford International Ltd |  |  |
| 8.63%, 04/30/30 (f) | 247 | 253 |
| Wesco Distribution, Inc. |  |  |
| 7.25%, 06/15/28 (f) | 231 | 234 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 479 | 479 |
| Williams Scotsman International, Inc. |  |  |
| 4.63%, 08/15/28 (f) | 582 | 580 |
| Windsor Holdings III, LLC |  |  |
| 8.50%, 06/15/30 (f) | 498 | 526 |
| Wolverine World Wide, Inc. |  |  |
| 4.00%, 08/15/29 (f) | 489 | 452 |
| WPC Eurobond B.V. |  |  |
| 1.35%, 04/15/28, EUR | 350 | 398 |
| 0.95%, 06/01/30, EUR | 100 | 107 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (f) | 623 | 642 |
| Xerox Holdings Corporation |  |  |
| 5.50%, 08/15/28 (f) | 312 | 144 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.25%, 01/15/29 (f) | 492 | 504 |
| Ziprecruiter, Inc. |  |  |
| 5.00%, 01/15/30 (f) | 511 | 401 |
| | | 137691 |
| **Canada 0.8%** | **Canada 0.8%** | **Canada 0.8%** |
| Enbridge Inc. |  |  |
| 5.50%, 07/15/77 (k) | 150 | 149 |
| 7.38%, 01/15/83 (k) | 350 | 360 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28 (f) | 175 | 172 |
| 3.50%, 09/01/28 (f) | 424 | 416 |
| 4.75%, 06/15/29 (f) | 11 | 11 |
| Ontario Teachers' Finance Trust |  |  |
| 1.13%, 05/15/26, GBP (d) | 1901 | 2537 |
| 1.10%, 10/19/27, CAD (f) | 297 | 210 |
| 4.25%, 04/25/28 (f) | 1067 | 1080 |
| 0.10%, 05/19/28, EUR (d) | 875 | 973 |
| Toronto-Dominion Bank, The |  |  |
| 3.19%, 02/16/29, EUR (d) | 1000 | 1195 |
|  |  | 7103 |
| **United Kingdom 0.8%** | **United Kingdom 0.8%** | **United Kingdom 0.8%** |
| Barclays PLC |  |  |
| 4.48%, 11/11/29 | 325 | 327 |
| 4.51%, 01/31/33, EUR (d) | 850 | 1045 |
| Cadent Finance PLC |  |  |
| 0.63%, 03/19/30, EUR (d) | 885 | 938 |
| HSBC Holdings PLC |  |  |
| 5.13%, 11/06/36 | 300 | 301 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (d) | 100 | 93 |
| ION Platform Finance S.a r.l. |  |  |
| 9.50%, 05/30/29 (f) | 614 | 622 |
| National Grid PLC |  |  |
| 0.25%, 09/01/28, EUR (d) | 796 | 876 |
| Santander UK Group Holdings PLC |  |  |
| 2.47%, 01/11/28 | 200 | 197 |
| 4.32%, 09/22/29 | 200 | 200 |
| Standard Chartered PLC |  |  |
| 5.40%, 08/12/36 (f) | 550 | 561 |
| TSB Bank PLC |  |  |
| 3.32%, 03/05/29, EUR (d) | 800 | 957 |
| 2.70%, 02/18/30, EUR (d) | 400 | 467 |
|  |  | 6584 |
| **France 0.4%** | **France 0.4%** | **France 0.4%** |
| Alstom |  |  |
| 0.13%, 07/27/27, EUR (d) | 700 | 792 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/28 (f) | 250 | 174 |
| BNP Paribas |  |  |
| 5.09%, 05/09/31 (f) | 550 | 561 |
| BPCE SFH |  |  |
| 3.38%, 03/13/29, EUR (d) | 600 | 721 |
| Constellium SE |  |  |
| 3.75%, 04/15/29 (f) | 455 | 439 |
| Credit Agricole S.A. |  |  |
| 4.82%, 09/25/33 (f) | 250 | 250 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Engie |  |  |
| 3.63%, 03/06/31, EUR (d) | 700 | 838 |
| | | 3775 |
| **Germany 0.4%** | **Germany 0.4%** | **Germany 0.4%** |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.31%, 11/16/27 | 360 | 354 |
| 3.38%, 02/13/31, EUR (d) | 300 | 352 |
| Heidelberg Materials Finance Luxembourg S.A. |  |  |
| 4.88%, 11/21/33, EUR (d) | 711 | 905 |
| IHO Verwaltungs GmbH |  |  |
| 6.75%, 11/15/29, EUR (d) (j) | 100 | 124 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (f) | 306 | 306 |
| TRATON Finance Luxembourg S.A. |  |  |
| 3.75%, 01/14/31, EUR (d) | 100 | 119 |
| Volkswagen International Finance N.V. |  |  |
| 4.38%, 05/15/30, EUR (d) | 500 | 611 |
| Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung |  |  |
| 4.00%, 04/11/31, EUR (d) | 50 | 60 |
| Vonovia SE |  |  |
| 2.25%, 04/07/30, EUR (d) | 100 | 113 |
| 1.00%, 07/09/30, EUR (d) | 600 | 642 |
| ZF Friedrichshafen AG |  |  |
| 7.00%, 06/12/30, EUR (d) | 100 | 124 |
|  |  | 3710 |
| **Switzerland 0.4%** | **Switzerland 0.4%** | **Switzerland 0.4%** |
| Holcim US Finance (Luxembourg) S.A. |  |  |
| 0.50%, 04/23/31, EUR (d) | 858 | 875 |
| UBS Group AG |  |  |
| 4.40%, 09/23/31 (f) | 200 | 199 |
| 4.84%, 11/06/33 (f) | 400 | 400 |
| UBS Switzerland AG |  |  |
| 3.30%, 03/05/29, EUR (d) | 1596 | 1909 |
|  |  | 3383 |
| **Italy 0.4%** | **Italy 0.4%** | **Italy 0.4%** |
| Autostrade per l'italia S.p.A. |  |  |
| 5.13%, 06/14/33, EUR (d) | 600 | 759 |
| Banca Monte dei Paschi di Siena S.p.A. |  |  |
| 3.50%, 04/23/29, EUR (d) | 700 | 842 |
| Credito Emiliano S.P.A. |  |  |
| 3.25%, 04/18/29, EUR (d) | 600 | 716 |
| ENEL - SpA |  |  |
| 6.38%, (100, 04/16/28), EUR (d) (m) | 100 | 125 |
| Intesa Sanpaolo SpA |  |  |
| 4.88%, 05/19/30, EUR (d) | 100 | 126 |
| 5.13%, 08/29/31, EUR (d) | 500 | 641 |
|  |  | 3209 |
| **Ireland 0.3%** | **Ireland 0.3%** | **Ireland 0.3%** |
| AIB Group Public Limited Company |  |  |
| 4.63%, 07/23/29, EUR (d) | 600 | 735 |
| Avolon Holdings Funding Limited |  |  |
| 3.25%, 02/15/27 (f) | 700 | 692 |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.00%, 07/04/31, EUR (d) | 600 | 756 |
|  |  | 2183 |
| **South Korea 0.2%** | **South Korea 0.2%** | **South Korea 0.2%** |
| Export-Import Bank of Korea, The |  |  |
| 2.63%, 05/26/26 | 1050 | 1045 |
| Korea Electric Power Corp |  |  |
| 0.75%, 01/27/26 (f) | 755 | 753 |
|  |  | 1798 |
| **Mexico 0.2%** | **Mexico 0.2%** | **Mexico 0.2%** |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (d) | 250 | 255 |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/32 | 800 | 798 |
| 7.69%, 01/23/50 | 825 | 740 |
|  |  | 1793 |
| **Australia 0.2%** | **Australia 0.2%** | **Australia 0.2%** |
| National Australia Bank Limited |  |  |
| 3.15%, 02/05/31, EUR (d) | 700 | 832 |
| Transurban Finance Company Pty Ltd |  |  |
| 4.92%, 03/24/36 (f) | 126 | 125 |
| Woolworths Group Limited |  |  |
| 0.38%, 11/15/28, EUR (d) | 450 | 493 |
|  |  | 1450 |
| **Spain 0.1%** | **Spain 0.1%** | **Spain 0.1%** |
| Banco Santander, S.A. |  |  |
| 5.13%, 11/06/35 | 200 | 200 |
| CaixaBank, S.A. |  |  |
| 5.00%, 07/19/29, EUR (d) | 600 | 741 |
| Maxam Prill S.a r.l. |  |  |
| 6.00%, 07/15/30, EUR (d) | 100 | 120 |
|  |  | 1061 |
| **Denmark 0.1%** | **Denmark 0.1%** | **Denmark 0.1%** |
| Danske Bank A/S |  |  |
| 4.50%, 11/09/28, EUR (d) | 600 | 728 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Avianca MidCo 2 PLC |  |  |
| 9.00%, 12/01/28 (f) | 713 | 719 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| KBC Groep |  |  |
| 4.93%, 10/16/30 (f) | 672 | 684 |
| **Multi-National 0.0%** | **Multi-National 0.0%** | **Multi-National 0.0%** |
| Inter-American Development Bank |  |  |
| 4.40%, 01/26/26, CAD | 490 | 357 |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| Nederlandse Waterschapsbank N.V. |  |  |
| 3.50%, 07/20/27, AUD | 460 | 303 |
| **Saudi Arabia 0.0%** | **Saudi Arabia 0.0%** | **Saudi Arabia 0.0%** |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (d) | 250 | 262 |
| **Japan 0.0%** | **Japan 0.0%** | **Japan 0.0%** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 1.54%, 07/20/27 | 250 | 247 |
| **Thailand 0.0%** | **Thailand 0.0%** | **Thailand 0.0%** |
| Krungthai Bank Public Company Limited |  |  |
| 4.40%, (100, 03/25/26) (d) (k) (m) | 200 | 199 |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Benteler International Aktiengesellschaft |  |  |
| 7.25%, 06/15/31, EUR (d) | 100 | 126 |
| **Israel 0.0%** | **Israel 0.0%** | **Israel 0.0%** |
| Playtika Holding Corp. |  |  |
| 4.25%, 03/15/29 (f) | 24 | 22 |
| Total Corporate Bonds And Notes (cost $173,584) | Total Corporate Bonds And Notes (cost $173,584) | 177387 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 15.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 15.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 15.4%** |
| **Germany 2.6%** | **Germany 2.6%** | **Germany 2.6%** |
| Bundesrepublik Deutschland |  |  |
| 2.20%, 03/11/27 - 10/10/30, EUR | 17470 | 20440 |
| 2.60%, 08/15/35, EUR | 1795 | 2064 |
| 2.90%, 08/15/56, EUR (d) | 629 | 660 |
|  |  | 23164 |
| **United States of America 2.5%** | **United States of America 2.5%** | **United States of America 2.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 07/01/53 | 888 | 920 |
| 6.50%, 05/01/54 | 720 | 757 |
| 5.50%, 11/01/54 | 1292 | 1311 |
| Federal National Mortgage Association, Inc. |  |  |
| 6.00%, 09/01/52 | 155 | 160 |
| Treasury, United States Department of |  |  |
| 4.25%, 01/31/26 (b) | 11334 | 11335 |
| 4.13%, 01/31/27 (b) | 2430 | 2445 |
| 3.38%, 09/15/27 | 100 | 100 |
| 3.50%, 10/31/27 | 2525 | 2526 |
| 3.88%, 06/30/30 | 2275 | 2293 |
|  |  | 21847 |
| **United Kingdom 1.6%** | **United Kingdom 1.6%** | **United Kingdom 1.6%** |
| HM Treasury |  |  |
| 4.50%, 03/07/35, GBP (d) | 9475 | 12794 |
| 4.38%, 07/31/54, GBP (d) | 1239 | 1465 |
|  |  | 14259 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Italy 1.2%** | **Italy 1.2%** | **Italy 1.2%** |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 2.95%, 07/01/30, EUR | 3708 | 4396 |
| 3.65%, 08/01/35, EUR (f) | 1172 | 1398 |
| 4.30%, 10/01/54, EUR (f) | 4395 | 5125 |
|  |  | 10919 |
| **Japan 1.1%** | **Japan 1.1%** | **Japan 1.1%** |
| Cabinet Office, Government of Japan |  |  |
| 1.50%, 06/20/35 - 09/20/43, JPY | 1280500 | 6731 |
| 1.00%, 03/20/52, JPY | 142800 | 537 |
| 2.30%, 12/20/54, JPY | 134350 | 688 |
| 2.40%, 03/20/55, JPY | 166350 | 872 |
| 0.80%, 03/20/58, JPY | 62100 | 201 |
| Japan Bank For International Cooperation |  |  |
| 4.25%, 01/26/26 | 688 | 688 |
| 1.63%, 01/20/27 | 272 | 266 |
|  |  | 9983 |
| **Mexico 1.0%** | **Mexico 1.0%** | **Mexico 1.0%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 8.50%, 03/01/29, MXN | 13126 | 736 |
| 7.75%, 05/29/31 - 11/13/42, MXN | 126850 | 6745 |
| 7.50%, 05/26/33, MXN | 20760 | 1069 |
| 8.00%, 02/21/36, MXN | 8850 | 455 |
|  |  | 9005 |
| **Canada 1.0%** | **Canada 1.0%** | **Canada 1.0%** |
| CIBC Mellon Trust Company |  |  |
| 1.25%, 06/15/26, CAD | 140 | 102 |
| Gouvernement de la Province de Quebec |  |  |
| 4.00%, 09/01/35, CAD | 2663 | 1953 |
| Government of the Province of Alberta |  |  |
| 2.90%, 12/01/28, CAD | 40 | 29 |
| Government of the Province of British Columbia |  |  |
| 4.70%, 06/18/37, CAD | 280 | 215 |
| 2.95%, 06/18/50, CAD | 160 | 87 |
| Ontario, Government of |  |  |
| 0.01%, 11/25/30, EUR (d) | 1098 | 1125 |
| 3.80%, 12/02/34, CAD | 6711 | 4905 |
|  |  | 8416 |
| **Spain 0.8%** | **Spain 0.8%** | **Spain 0.8%** |
| Estado Espanol |  |  |
| 4.00%, 10/31/54, EUR (f) | 5662 | 6526 |
| **Hungary 0.5%** | **Hungary 0.5%** | **Hungary 0.5%** |
| Sandor-Palota |  |  |
| 2.13%, 09/22/31 (f) | 331 | 284 |
| 4.75%, 11/24/32, HUF | 155490 | 428 |
| 2.25%, 04/20/33, HUF | 81260 | 187 |
| 5.38%, 09/12/33, EUR (d) | 100 | 126 |
| 4.50%, 06/16/34, EUR (d) | 230 | 272 |
| 1.75%, 06/05/35, EUR (d) | 100 | 94 |
| 7.00%, 10/24/35, HUF | 896840 | 2775 |
|  |  | 4166 |
| **Indonesia 0.4%** | **Indonesia 0.4%** | **Indonesia 0.4%** |
| Republic of Indonesia, The Government of, The |  |  |
| 6.50%, 02/15/31, IDR | 9914000 | 614 |
| 6.38%, 04/15/32, IDR | 9115000 | 559 |
| 7.00%, 02/15/33, IDR | 1885000 | 119 |
| 6.63%, 02/15/34, IDR | 26862000 | 1666 |
| 7.50%, 06/15/35, IDR | 5025000 | 329 |
| 6.75%, 07/15/35, IDR | 7713000 | 485 |
|  |  | 3772 |
| **South Africa 0.3%** | **South Africa 0.3%** | **South Africa 0.3%** |
| South Africa, Parliament of |  |  |
| 8.25%, 03/31/32, ZAR | 8000 | 496 |
| 10.00%, 03/31/33, ZAR | 2000 | 135 |
| 8.88%, 02/28/35, ZAR | 6276 | 395 |
| 8.50%, 01/31/37, ZAR | 6446 | 387 |
| 9.00%, 01/31/40, ZAR | 5405 | 328 |
| 10.13%, 03/31/42, ZAR | 2537 | 167 |
| 8.75%, 01/31/44, ZAR | 6705 | 390 |
| 5.75%, 09/30/49 | 370 | 312 |
| 7.25%, 12/11/55 (f) | 226 | 224 |
|  |  | 2834 |
| **India 0.3%** | **India 0.3%** | **India 0.3%** |
| Government of India |  |  |
| 7.02%, 06/18/31, INR | 117910 | 1344 |
| 7.10%, 04/08/34, INR | 82440 | 943 |
| 7.30%, 06/19/53, INR | 46880 | 522 |
|  |  | 2809 |
| **Czech Republic 0.3%** | **Czech Republic 0.3%** | **Czech Republic 0.3%** |
| Urad Vlady Ceske Republiky |  |  |
| 1.75%, 06/23/32, CZK | 3290 | 138 |
| 4.50%, 11/11/32, CZK | 27710 | 1363 |
| 2.00%, 10/13/33, CZK | 24700 | 1011 |
|  |  | 2512 |
| **Poland 0.3%** | **Poland 0.3%** | **Poland 0.3%** |
| Urzad Rady Ministrow |  |  |
| 4.75%, 07/25/29, PLN | 2302 | 653 |
| 4.50%, 07/25/30, PLN | 2156 | 602 |
| 1.75%, 04/25/32, PLN | 2453 | 576 |
| 6.00%, 10/25/33, PLN | 594 | 177 |
| 5.00%, 10/25/35, PLN | 755 | 208 |
|  |  | 2216 |
| **Malaysia 0.3%** | **Malaysia 0.3%** | **Malaysia 0.3%** |
| Malaysia, Government of |  |  |
| 2.63%, 04/15/31, MYR | 4644 | 1106 |
| 3.83%, 07/05/34, MYR | 2287 | 576 |
| 4.18%, 05/16/44, MYR | 789 | 203 |
| 4.74%, 03/15/46, MYR | 1141 | 312 |
|  |  | 2197 |
| **Romania 0.2%** | **Romania 0.2%** | **Romania 0.2%** |
| Romania, Government of |  |  |
| 6.30%, 04/25/29, RON | 2955 | 674 |
| 6.85%, 07/29/30, RON | 155 | 36 |
| 4.15%, 10/24/30, RON | 1225 | 254 |
| 3.65%, 09/24/31, RON | 1190 | 236 |
| 6.70%, 02/25/32, RON | 1175 | 269 |
| 8.25%, 09/29/32, RON | 1240 | 308 |
| 2.00%, 04/14/33, EUR (f) | 165 | 157 |
| 7.20%, 10/30/33, RON | 495 | 117 |
|  |  | 2051 |
| **Thailand 0.2%** | **Thailand 0.2%** | **Thailand 0.2%** |
| Thailand, Kingdom of |  |  |
| 3.40%, 06/17/36, THB | 13521 | 500 |
| 3.30%, 06/17/38, THB | 12686 | 464 |
| 2.70%, 06/17/40, THB (d) | 3900 | 135 |
| 2.00%, 06/17/42, THB | 15176 | 470 |
|  |  | 1569 |
| **Colombia 0.2%** | **Colombia 0.2%** | **Colombia 0.2%** |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 7.00%, 03/26/31, COP | 806400 | 167 |
| 13.25%, 02/09/33, COP | 131400 | 35 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 11.00%, 08/22/29, COP | 1001100 | 258 |
| 7.75%, 09/18/30, COP | 1046200 | 227 |
| 7.00%, 06/30/32, COP | 1588400 | 315 |
| 11.75%, 01/24/35, COP | 1900900 | 489 |
|  |  | 1491 |
| **China 0.2%** | **China 0.2%** | **China 0.2%** |
| Ministry of Finance People's Republic of China |  |  |
| 2.11%, 08/25/34, CNY | 2220 | 325 |
| 2.04%, 11/25/34, CNY | 1260 | 183 |
| 3.12%, 10/25/52, CNY | 980 | 162 |
| The Central People's Government of the People's Republic of China |  |  |
| 1.83%, 08/25/35, CNY | 1660 | 237 |
| 1.98%, 04/25/45, CNY | 1420 | 192 |
| 2.15%, 08/25/55, CNY | 1750 | 244 |
|  |  | 1343 |
| **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** |
| Commonwealth of Australia |  |  |
| 4.75%, 06/21/54, AUD (d) | 1935 | 1201 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/29 - 01/01/35, BRL | 7041 | 1126 |
| **Peru 0.1%** | **Peru 0.1%** | **Peru 0.1%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 5.40%, 08/12/34, PEN | 1705 | 505 |
| 6.85%, 08/12/35, PEN | 702 | 226 |
| 5.35%, 08/12/40, PEN | 358 | 95 |
|  |  | 826 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| Export-Import Bank of Korea, The |  |  |
| 4.88%, 01/11/26 | 422 | 422 |
| **Philippines 0.0%** | **Philippines 0.0%** | **Philippines 0.0%** |
| The Philippines, Government of |  |  |
| 6.75%, 09/15/32, PHP | 5560 | 99 |
| 6.38%, 04/28/35, PHP | 8690 | 151 |
|  |  | 250 |
| **Guatemala 0.0%** | **Guatemala 0.0%** | **Guatemala 0.0%** |
| Gobierno de la Republica de Guatemala |  |  |
| 6.25%, 08/15/36 (f) | 200 | 210 |
| **Panama 0.0%** | **Panama 0.0%** | **Panama 0.0%** |
| Government of the Republic of Panama |  |  |
| 3.87%, 07/23/60 | 300 | 199 |
| **El Salvador 0.0%** | **El Salvador 0.0%** | **El Salvador 0.0%** |
| Presidencia de la Republica de El Salvador |  |  |
| 7.65%, 06/15/35 (d) | 86 | 89 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Presidencia de la Republica de Chile |  |  |
| 7.00%, 05/01/34, CLP | 70000 | 86 |
| **France 0.0%** | **France 0.0%** | **France 0.0%** |
| Gouvernement De France |  |  |
| 2.70%, 02/25/31, EUR | 30 | 35 |
| Total Government And Agency Obligations (cost $135,464) | Total Government And Agency Obligations (cost $135,464) | 135523 |
| **INVESTMENT COMPANIES 4.0%** | **INVESTMENT COMPANIES 4.0%** | **INVESTMENT COMPANIES 4.0%** |
| **United States of America 4.0%** | **United States of America 4.0%** | **United States of America 4.0%** |
| iShares MSCI EAFE ETF |  | 10 |
| JPMorgan Income ETF (e) (n) | 765 | 35397 |
| Total Investment Companies (cost $35,476) | Total Investment Companies (cost $35,476) | 35407 |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **Switzerland 0.2%** | **Switzerland 0.2%** | **Switzerland 0.2%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 73 |
| Roche Holding AG | 3 | 1128 |
| Schindler Holding AG |  | 61 |
|  |  | 1262 |
| **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class C (a) | 8 | 68 |
| Itausa S.A. | 128 | 271 |
| Localiza Rent A Car S/A (a) | 2 | 12 |
| Petroleo Brasileiro S/A Petrobras. (k) | 117 | 654 |
|  |  | 1005 |
| **Germany 0.0%** | **Germany 0.0%** | **Germany 0.0%** |
| Bayerische Motoren Werke Aktiengesellschaft |  | 23 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft |  | 23 |
| Henkel AG & Co. KGaA (k) | 1 | 53 |
| Sartorius Aktiengesellschaft |  | 29 |
| Volkswagen Aktiengesellschaft (k) | 1 | 99 |
|  |  | 227 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 24 | 17 |
| Total Preferred Stocks (cost $2,185) | Total Preferred Stocks (cost $2,185) | 2511 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.2%** |
| **United States of America 0.2%** | **United States of America 0.2%** | **United States of America 0.2%** |
| Aqua Finance Issuer Trust 2025-B |  |  |
| Series 2025-A-B, 4.79%, 05/17/33 | 207 | 208 |
| GS Mortgage-Backed Securities Trust 2025-RPL3 |  |  |
| Series 2025-A1-RPL3, REMIC, 4.10%, 06/25/27 (g) (h) | 96 | 94 |
| Lendmark Funding Trust 2025-2 |  |  |
| Series 2025-A-2, 4.78%, 10/20/29 | 449 | 453 |
| Progress Residential 2025-SFR3 Trust |  |  |
| Series 2025-A-SFR3, REMIC, 3.39%, 07/17/30 | 415 | 395 |
| Santander Drive Auto Receivables Trust 2025-3 |  |  |
| Series 2025-C-3, 4.68%, 01/16/29 | 96 | 96 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-A-2A, 4.72%, 04/20/44 | 76 | 76 |
| WHARF Commercial Mortgage Trust 2025-DC |  |  |
| Series 2025-A-DC, REMIC, 5.53%, 07/17/30 (g) | 100 | 103 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,408) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,408) | 1425 |
| **SHORT TERM INVESTMENTS 11.4%** | **SHORT TERM INVESTMENTS 11.4%** | **SHORT TERM INVESTMENTS 11.4%** |
| **Investment Companies 10.8%** | **Investment Companies 10.8%** | **Investment Companies 10.8%** |
| JNL Government Money Market Fund - Class I, 3.64% (n) (o) | 95515 | 95515 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.74% (n) (o) | 5082 | 5082 |
| **Certificates of Deposit 0.0%** | **Certificates of Deposit 0.0%** | **Certificates of Deposit 0.0%** |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.41%, 07/08/26 (o) | 151 | 152 |
| Royal Bank of Canada |  |  |
| 3.95%, 11/17/26 (o) | 250 | 250 |
|  |  | 402 |
| Total Short Term Investments (cost $100,998) | Total Short Term Investments (cost $100,998) | 100999 |
| **Total Investments 98.4% (cost $844,957)** | **Total Investments 98.4% (cost $844,957)** | **868034** |
| **Other Derivative Instruments (0.2)%** | **Other Derivative Instruments (0.2)%** | **(1645)** |
| **Other Assets and Liabilities, Net 1.8%** | **Other Assets and Liabilities, Net 1.8%** | **15712** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **882101** |

---

(a) Non-income producing security.

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

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

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

(e) All or a portion of the security was on loan as of December 31, 2025.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $130,555 and 14.8% of the Fund.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(i) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(k) Convertible security.

(l) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(m) Perpetual security. Next contractual call price and date are presented in

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

parentheses, if applicable.

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 16021 | 553818 | 474324 | 1800 |  |  | 95515 | 10.8 |
| JNL Government Money Market Fund, 3.74% - Class SL | 12418 | 416030 | 423366 | 510 |  |  | 5082 | 0.6 |
| JPMorgan Income ETF | 42760 |  | 7872 | 2072 | (126) | 635 | 35397 | 4.0 |
|  | 71199 | 969848 | 905562 | 4382 | (126) | 635 | 135994 | 15.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 01/19/22 | 193 | 189 |  |
| AIB Group Public Limited Company, 4.63%, 07/23/29 | 06/07/24 | 659 | 735 | 0.1 |
| Alibaba Group Holding Limited | 08/01/24 | 1959 | 2413 | 0.3 |
| Allegro.eu | 09/17/21 | 23 | 21 |  |
| Alstom, 0.13%, 07/27/27 | 06/07/24 | 715 | 792 | 0.1 |
| Amadeus IT Holding, S.A. | 06/08/20 | 122 | 128 |  |
| Amundi | 12/17/21 | 16 | 20 |  |
| Autostrade per l'italia S.p.A., 5.13%, 06/14/33 | 06/07/24 | 673 | 759 | 0.1 |
| Axis Bank Limited | 07/03/25 | 323 | 338 | 0.1 |
| Banca Monte dei Paschi di Siena S.p.A., 3.50%, 04/23/29 | 06/10/24 | 751 | 842 | 0.1 |
| Bank of Ireland Group Public Limited Company, 5.00%, 07/04/31 | 06/07/24 | 675 | 756 | 0.1 |
| Barclays PLC, 4.51%, 01/31/33 | 06/07/24 | 931 | 1045 | 0.1 |
| BAWAG Group AG | 06/08/20 | 24 | 46 |  |
| Benteler International Aktiengesellschaft, 7.25%, 06/15/31 | 09/08/25 | 126 | 126 |  |
| BPCE SFH, 3.38%, 03/13/29 | 01/07/25 | 630 | 721 | 0.1 |
| Budweiser Brewing Company APAC Limited | 12/05/23 | 9 | 7 |  |
| Bundesrepublik Deutschland, 2.90%, 08/15/56 | 09/02/25 | 663 | 660 | 0.1 |
| Cadent Finance PLC, 0.63%, 03/19/30 | 06/07/24 | 892 | 938 | 0.1 |
| CaixaBank, S.A., 5.00%, 07/19/29 | 06/07/24 | 663 | 741 | 0.1 |
| Cellnex Telecom, S.A. | 04/16/21 | 88 | 73 |  |
| China International Capital Corporation Limited - Class H | 05/23/25 | 272 | 314 |  |
| Commonwealth of Australia, 4.75%, 06/21/54 | 06/12/25 | 1232 | 1201 | 0.1 |
| Credito Emiliano S.P.A., 3.25%, 04/18/29 | 01/07/25 | 626 | 716 | 0.1 |
| Danske Bank A/S, 4.50%, 11/09/28 | 06/07/24 | 654 | 728 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 3.38%, 02/13/31 | 07/11/25 | 352 | 352 | 0.1 |
| Dino Polska Spolka Akcyjna | 08/05/25 | 24 | 21 |  |
| Eagle Funding LuxCo S.a r.l., 5.50%, 08/17/30 | 10/29/25 | 255 | 255 |  |
| ENEL - SpA, 6.38% (callable at 100, 04/16/28) | 10/15/24 | 114 | 125 |  |
| Engie, 3.63%, 03/06/31 | 04/23/25 | 810 | 838 | 0.1 |
| EQT AB | 12/16/22 | 83 | 109 |  |
| Evolution AB (publ) | 12/03/20 | 71 | 48 |  |
| Evraz PLC | 05/28/19 | 5 |  |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 05/08/23 | 235 | 348 | 0.1 |
| GreenSaif Pipelines Bidco S.a r.l., 5.85%, 02/23/36 | 06/20/25 | 252 | 262 |  |
| Heidelberg Materials Finance Luxembourg S.A., 4.88%, 11/21/33 | 06/07/24 | 893 | 905 | 0.1 |
| HM Treasury, 4.50%, 03/07/35 | 07/11/25 | 12551 | 12794 | 1.5 |
| HM Treasury, 4.38%, 07/31/54 | 07/10/25 | 1431 | 1465 | 0.2 |
| Holcim US Finance (Luxembourg) S.A., 0.50%, 04/23/31 | 04/23/25 | 845 | 875 | 0.1 |
| IHO Verwaltungs GmbH, 6.75%, 11/15/29 | 06/11/25 | 119 | 124 |  |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 06/11/25 | 117 | 93 |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 09/18/20 | 13 | 11 |  |
| Intesa Sanpaolo SpA, 4.88%, 05/19/30 | 06/07/24 | 112 | 126 |  |
| Intesa Sanpaolo SpA, 5.13%, 08/29/31 | 06/07/24 | 572 | 641 | 0.1 |
| Joint Stock Company Kaspi.Kz | 02/06/25 | 199 | 168 |  |
| Krungthai Bank Public Company Limited, 4.40% (callable at 100, 03/25/26) | 06/12/25 | 197 | 199 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 06/08/20 | 10 | 10 |  |
| Maxam Prill S.a r.l., 6.00%, 07/15/30 | 09/08/25 | 118 | 120 |  |
| Media Group Holdings LLC, 2.00%, 12/31/26 | 04/28/14 | 37019 | 62 |  |
| Meituan - Class B | 04/08/25 | 219 | 172 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| National Australia Bank Limited, 3.15%, 02/05/31 | 06/11/24 | 747 | 832 | 0.1 |
| National Grid PLC, 0.25%, 09/01/28 | 04/23/25 | 848 | 876 | 0.1 |
| Ontario Teachers' Finance Trust, 1.13%, 05/15/26 | 09/20/22 | 2161 | 2537 | 0.3 |
| Ontario Teachers' Finance Trust, 0.10%, 05/19/28 | 07/16/21 | 1036 | 973 | 0.1 |
| Ontario, Government of, 0.01%, 11/25/30 | 10/04/21 | 1259 | 1125 | 0.1 |
| Orsted A/S | 10/29/21 | 39 | 34 |  |
| Poste Italiane - Societa' Per Azioni | 04/27/20 | 26 | 46 |  |
| Presidencia de la Republica de El Salvador, 7.65%, 06/15/35 | 09/08/25 | 86 | 89 |  |
| Public Joint-Stock Company Severstal | 12/01/20 | 243 |  |  |
| Reliance Industries Limited | 03/10/25 | 467 | 517 | 0.1 |
| Sandor-Palota, 5.38%, 09/12/33 | 11/20/23 | 108 | 126 |  |
| Sandor-Palota, 4.50%, 06/16/34 | 09/08/25 | 276 | 272 |  |
| Sandor-Palota, 1.75%, 06/05/35 | 11/20/23 | 81 | 94 |  |
| SBI Life Insurance Company Limited | 11/11/25 | 335 | 337 |  |
| Siemens Healthineers AG | 06/18/21 | 59 | 56 |  |
| Tenet Healthcare Corporation, 4.63%, 06/15/28 | 10/01/24 | 160 | 162 |  |
| Thailand, Kingdom of, 2.70%, 06/17/40 | 11/18/25 | 132 | 135 |  |
| Toronto-Dominion Bank, The, 3.19%, 02/16/29 | 06/11/24 | 1070 | 1195 | 0.1 |
| TRATON Finance Luxembourg S.A., 3.75%, 01/14/31 | 07/11/25 | 118 | 119 |  |
| TSB Bank PLC, 3.32%, 03/05/29 | 06/10/24 | 861 | 957 | 0.1 |
| TSB Bank PLC, 2.70%, 02/18/30 | 07/10/25 | 468 | 467 | 0.1 |
| UBS Switzerland AG, 3.30%, 03/05/29 | 06/12/24 | 1877 | 1909 | 0.2 |
| Volkswagen International Finance N.V., 4.38%, 05/15/30 | 06/07/24 | 550 | 611 | 0.1 |
| Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung, 4.00%, 04/11/31 | 06/07/24 | 54 | 60 |  |
| Vonovia SE, 2.25%, 04/07/30 | 06/07/24 | 100 | 113 |  |
| Vonovia SE, 1.00%, 07/09/30 | 06/07/24 | 566 | 642 | 0.1 |
| WH Group Limited | 06/08/20 | 26 | 34 |  |
| Woolworths Group Limited, 0.38%, 11/15/28 | 06/07/24 | 441 | 493 | 0.1 |
| WuXi Biologics (Cayman) Inc. | 06/17/22 | 51 | 57 |  |
| Xiaomi Corporation | 08/23/24 | 552 | 637 | 0.1 |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 09/08/25 | 122 | 124 |  |
| ZTO Express (Cayman) Inc. | 03/19/24 | 190 | 184 |  |
|  |  | 84644 | 50245 | 5.7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| CAD/USD Spot Rate | 156 | March 2026 |  | 11371 | (23) | 36 |
| Canada 10 Year Bond | 325 | March 2026 | CAD | 39638 | (2) | (245) |
| Euro OAT | 44 | March 2026 | EUR | 5323 | (15) | (19) |
| Euro Schatz | 138 | March 2026 | EUR | 14752 | (2) | (17) |
| FTSE 100 Index | 60 | March 2026 | GBP | 5878 | 45 | 116 |
| Hang Seng Index | 203 | January 2026 | HKD | 262892 | (26) | (330) |
| Italy Government BTP Bond | 22 | March 2026 | EUR | 2648 | (9) | (5) |
| Japan 10 Year Bond | 132 | March 2026 | JPY | 1762167 | (43) | (105) |
| Japan 10 Year Bond | 24 | March 2026 | JPY | 3205213 | (31) | (174) |
| JPY/USD Spot Rate | 92 | March 2026 |  | 7431 | (12) | (50) |
| Korea 10 Year Bond | 73 | March 2026 | KRW | 8210509 | (8) | 23 |
| Long Gilt | 225 | March 2026 | GBP | 20547 | 27 | 17 |
| MSCI EAFE Index | 34 | March 2026 |  | 4951 | (27) | (18) |
| MSCI Emerging Markets Index | 252 | March 2026 |  | 17448 | (58) | 336 |
| Russell 2000 Index | 35 | March 2026 |  | 4503 | (34) | (132) |
| S&P 500 Index | 303 | March 2026 |  | 104722 | (784) | (301) |
| S&P Communication Services Select Sector Index | 81 | March 2026 |  | 12413 | (58) | 142 |
| S&P Consumer Discretionary Select Sector Index | 23 | March 2026 |  | 5719 | (47) | (125) |
| S&P Financial Select Sector Index | 22 | March 2026 |  | 3746 | (29) | (11) |
| S&P Technology Select Sector Index | 77 | March 2026 |  | 22517 | (227) | 8 |
| S&P/TSX 60 Index | 62 | March 2026 | CAD | 23112 | (88) | (18) |
| Topix Index | 90 | March 2026 | JPY | 3037942 | (75) | 216 |
| United States 10 Year Ultra Bond | 244 | March 2026 |  | 28060 | 4 | 4 |
| United States 2 Year Note | 50 | April 2026 |  | 10437 | (3) | 2 |
| United States 5 Year Note | 819 | April 2026 |  | 89790 | (164) | (270) |
| United States Long Bond | 4 | March 2026 |  | 468 | (1) | (5) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
|  |  |  |  |  | (1690) | (925) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Australia 10 Year Bond | (48) | March 2026 | AUD | (5243) | (4) | (8) |
| Australia 3 Year Bond | (111) | March 2026 | AUD | (11642) |  | (8) |
| Dow Jones United States Real Estate Index | (304) | March 2026 |  | (10863) | 94 | (14) |
| Euro BOBL | (64) | March 2026 | EUR | (7449) | 6 | 17 |
| Euro Bund | (186) | March 2026 | EUR | (23831) | 51 | 119 |
| Euro Buxl 30 Year Bond | (20) | March 2026 | EUR | (2203) | 8 |  |
| Euro STOXX 50 Price Index | (380) | March 2026 | EUR | (21933) | (277) | (308) |
| S&P Consumer Staples Select Sector Index | (134) | March 2026 |  | (10741) | 64 | 160 |
| S&P Energy Select Sector Index | (23) | March 2026 |  | (2195) | 13 | 27 |
| S&P Industrial Select Sector Index | (11) | March 2026 |  | (1728) | 15 | (5) |
| S&P Materials Select Sector Index | (4) | March 2026 |  | (385) | 3 | (3) |
| S&P Utilities Select Sector Index | (15) | March 2026 |  | (1302) | 8 | 1 |
| S&P/ASX 200 Index | (182) | March 2026 | AUD | (39198) | 125 | (186) |
| United States 10 Year Note | (166) | March 2026 |  | (18771) | 60 | 106 |
| United States 10 Year Ultra Bond | (89) | March 2026 |  | (10291) | 17 | 55 |
| United States 5 Year Note | (16) | April 2026 |  | (1751) | 2 | 2 |
| United States Ultra Bond | (22) | March 2026 |  | (2633) | 8 | 37 |
|  |  |  |  |  | 193 | (8) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/EUR | BNP | 01/22/26 | EUR | (243) | (286) | (1) |
| AUD/USD | BNP | 01/22/26 | AUD | 7007 | 4677 | 14 |
| AUD/USD | GSC | 01/22/26 | AUD | 417 | 279 | 3 |
| AUD/USD | HSB | 01/22/26 | AUD | 100 | 67 |  |
| AUD/USD | BCL | 03/24/26 | AUD | 126 | 84 |  |
| AUD/USD | SCB | 03/24/26 | AUD | 125 | 83 |  |
| BRL/USD | BNP | 03/24/26 | BRL | 2348 | 421 | (3) |
| BRL/USD | BNP | 03/24/26 | BRL | 776 | 139 | 2 |
| CAD/JPY | CIT | 01/22/26 | JPY | (15716) | (100) |  |
| CAD/USD | BCL | 01/22/26 | CAD | 22 | 17 |  |
| CAD/USD | BNP | 01/22/26 | CAD | 2074 | 1512 | 2 |
| CAD/USD | HSB | 01/22/26 | CAD | 5 | 4 |  |
| CHF/USD | HSB | 01/22/26 | CHF | 593 | 750 | 2 |
| CLP/USD | BCL | 03/24/26 | CLP | 37692 | 42 | 1 |
| CLP/USD | BNP | 03/24/26 | CLP | 449786 | 500 | 7 |
| CNY/USD | MSC | 03/24/26 | CNY | 9993 | 1435 | 10 |
| CZK/EUR | BCL | 03/24/26 | EUR | (71) | (83) |  |
| CZK/USD | MSC | 01/22/26 | CZK | 12176 | 592 | 2 |
| CZK/USD | HSB | 03/24/26 | CZK | 5341 | 260 | 1 |
| DKK/USD | HSB | 01/22/26 | DKK | 4681 | 737 | 1 |
| EUR/HUF | BCL | 03/24/26 | HUF | (21689) | (66) |  |
| EUR/USD | BCL | 01/22/26 | EUR | 336 | 395 |  |
| EUR/USD | BNP | 01/22/26 | EUR | 250 | 294 |  |
| EUR/USD | GSC | 01/22/26 | EUR | 344 | 404 | 3 |
| EUR/USD | HSB | 01/22/26 | EUR | 5691 | 6694 | (9) |
| EUR/USD | HSB | 01/22/26 | EUR | 3953 | 4649 | 5 |
| EUR/USD | MSC | 01/22/26 | EUR | 5535 | 6510 | 5 |
| EUR/USD | SCB | 03/24/26 | EUR | 212 | 250 |  |
| GBP/USD | BNP | 01/22/26 | GBP | 756 | 1019 | (3) |
| GBP/USD | HSB | 01/22/26 | GBP | 67 | 90 | 1 |
| HUF/USD | HSB | 03/24/26 | HUF | 54561 | 166 | 1 |
| HUF/USD | MSC | 03/24/26 | HUF | 4658 | 14 |  |
| IDR/USD | BNP | 03/25/26 | IDR | 2825190 | 169 |  |
| IDR/USD | SCB | 03/25/26 | IDR | 1373188 | 82 |  |
| ILS/USD | BNP | 01/22/26 | ILS | 2074 | 651 | 4 |
| INR/USD | BNP | 03/24/26 | INR | 7466 | 83 |  |
| JPY/USD | BNP | 01/22/26 | JPY | 5000 | 32 |  |
| JPY/USD | HSB | 01/22/26 | JPY | 3205882 | 20499 | (138) |
| JPY/USD | HSB | 01/22/26 | JPY | 5998 | 38 |  |
| JPY/USD | MSC | 01/22/26 | JPY | 52600 | 336 | (3) |
| KRW/USD | SCB | 03/24/26 | KRW | 152789 | 106 | 3 |
| MXN/USD | MSC | 03/24/26 | MXN | 1196 | 66 | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| MXN/USD | BCL | 03/25/26 | MXN | 2262 | 125 |  |
| MXN/USD | HSB | 03/25/26 | MXN | 2816 | 155 |  |
| MXN/USD | SCB | 03/25/26 | MXN | 1196 | 66 |  |
| MYR/USD | BNP | 03/24/26 | MYR | 2308 | 570 | 5 |
| NOK/USD | MSC | 01/22/26 | NOK | 3739 | 371 | 1 |
| NZD/USD | BNP | 01/22/26 | NZD | 4166 | 2401 | (21) |
| PHP/USD | BCL | 03/24/26 | PHP | 3431 | 58 |  |
| PHP/USD | BNP | 03/24/26 | PHP | 4874 | 83 |  |
| PLN/USD | MSC | 01/22/26 | PLN | 3953 | 1101 | 4 |
| PLN/USD | MSC | 03/24/26 | PLN | 1997 | 556 | 2 |
| RON/EUR | BCL | 03/24/26 | EUR | (58) | (69) |  |
| RON/EUR | BNP | 03/24/26 | EUR | (116) | (136) |  |
| RON/EUR | HSB | 03/24/26 | EUR | (58) | (68) |  |
| RON/EUR | MLP | 03/24/26 | EUR | (58) | (69) |  |
| RON/USD | GSC | 01/22/26 | RON | 1873 | 432 | 1 |
| SEK/EUR | BNP | 01/22/26 | EUR | (243) | (285) | 1 |
| SEK/USD | BCL | 01/22/26 | SEK | 21291 | 2315 | 18 |
| SGD/USD | BCL | 03/24/26 | SGD | 86 | 67 |  |
| SGD/USD | BNP | 03/24/26 | SGD | 64 | 50 |  |
| THB/USD | BNP | 01/22/26 | THB | 46145 | 1466 | 3 |
| THB/USD | BCL | 03/24/26 | THB | 2618 | 84 | 1 |
| THB/USD | GSC | 03/24/26 | THB | 1905 | 61 | (1) |
| THB/USD | HSB | 03/24/26 | THB | 31456 | 1004 | 4 |
| USD/AUD | CIT | 01/22/26 | AUD | (499) | (333) | (1) |
| USD/AUD | HSB | 01/22/26 | AUD | (1629) | (1088) | (6) |
| USD/AUD | HSB | 01/22/26 | AUD | (455) | (303) | 1 |
| USD/AUD | MSC | 01/22/26 | AUD | (594) | (396) | (2) |
| USD/BRL | BCL | 03/24/26 | BRL | (220) | (39) |  |
| USD/BRL | BNP | 03/24/26 | BRL | (527) | (95) | 1 |
| USD/CAD | BNP | 01/22/26 | CAD | (190) | (138) |  |
| USD/CAD | GSC | 01/22/26 | CAD | (579) | (422) | 2 |
| USD/CAD | HSB | 01/22/26 | CAD | (46) | (34) |  |
| USD/CAD | MSC | 01/22/26 | CAD | (420) | (306) | (1) |
| USD/CHF | BNP | 01/22/26 | CHF | (227) | (287) | (4) |
| USD/CLP | GSC | 03/24/26 | CLP | (37797) | (42) |  |
| USD/COP | BCL | 03/24/26 | COP | (190148) | (49) |  |
| USD/COP | BNP | 03/24/26 | COP | (285284) | (74) | (1) |
| USD/COP | BNP | 03/24/26 | COP | (690494) | (179) | 1 |
| USD/COP | SCB | 03/24/26 | COP | (1822800) | (470) | 5 |
| USD/CZK | HSB | 03/24/26 | CZK | (3484) | (170) | (2) |
| USD/CZK | MSC | 03/24/26 | CZK | (6074) | (296) | (2) |
| USD/EUR | BCL | 01/22/26 | EUR | (73) | (85) | (1) |
| USD/EUR | BCL | 01/22/26 | EUR | (2201) | (2589) | 4 |
| USD/EUR | CIT | 01/22/26 | EUR | (488) | (574) | (5) |
| USD/EUR | HSB | 01/22/26 | EUR | (2047) | (2407) | (7) |
| USD/EUR | HSB | 01/22/26 | EUR | (4105) | (4828) | 3 |
| USD/EUR | SCB | 01/22/26 | EUR | (175) | (206) |  |
| USD/EUR | HSB | 03/24/26 | EUR | (492) | (581) |  |
| USD/GBP | BCL | 01/22/26 | GBP | (3) | (4) |  |
| USD/GBP | BNP | 01/22/26 | GBP | (3061) | (4126) | (33) |
| USD/GBP | CIT | 01/22/26 | GBP | (206) | (278) | (3) |
| USD/GBP | GSC | 01/22/26 | GBP | (206) | (277) | (2) |
| USD/GBP | GSC | 01/22/26 | GBP | (422) | (569) | 1 |
| USD/GBP | MSC | 01/22/26 | GBP | (369) | (497) | (2) |
| USD/GBP | MSC | 03/24/26 | GBP | (18) | (24) |  |
| USD/HUF | BCL | 01/22/26 | HUF | (737069) | (2251) | (4) |
| USD/HUF | GSC | 01/22/26 | HUF | (27701) | (85) | (1) |
| USD/HUF | BCL | 03/24/26 | HUF | (27129) | (83) | (1) |
| USD/ILS | HSB | 01/22/26 | ILS | (267) | (84) |  |
| USD/INR | SCB | 03/24/26 | INR | (6218) | (69) | (1) |
| USD/JPY | HSB | 01/05/26 | JPY | (9841) | (63) |  |
| USD/JPY | MSC | 01/05/26 | JPY | (6908) | (44) |  |
| USD/JPY | BCL | 01/22/26 | JPY | (13067) | (84) | 1 |
| USD/JPY | CIT | 01/22/26 | JPY | (59677) | (381) |  |
| USD/JPY | GSC | 01/22/26 | JPY | (44210) | (283) | 1 |
| USD/JPY | HSB | 01/22/26 | JPY | (154184) | (986) | 11 |
| USD/JPY | MSC | 01/22/26 | JPY | (6606) | (42) |  |
| USD/JPY | SCB | 01/22/26 | JPY | (203279) | (1300) | 4 |
| USD/MXN | BCL | 01/22/26 | MXN | (1669) | (93) |  |
| USD/MXN | GSC | 01/22/26 | MXN | (2521) | (140) |  |
| USD/MXN | MSC | 01/22/26 | MXN | (61556) | (3413) | (9) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/MXN | GSC | 03/24/26 | MXN | (752) | (41) | (1) |
| USD/MXN | MSC | 03/24/26 | MXN | (18199) | (1003) | (4) |
| USD/MXN | BCL | 03/25/26 | MXN | (3391) | (187) |  |
| USD/MYR | BNP | 03/24/26 | MYR | (69) | (17) |  |
| USD/NZD | BCL | 01/22/26 | NZD | (238) | (137) | 1 |
| USD/NZD | GSC | 01/22/26 | NZD | (288) | (166) | 1 |
| USD/PHP | BCL | 03/24/26 | PHP | (3791) | (64) | (1) |
| USD/PHP | BNP | 03/24/26 | PHP | (14675) | (249) | (1) |
| USD/RON | GSC | 03/24/26 | RON | (430) | (99) |  |
| USD/RON | HSB | 03/24/26 | RON | (667) | (153) |  |
| USD/SEK | GSC | 01/22/26 | SEK | (1864) | (202) |  |
| USD/SEK | MSC | 01/22/26 | SEK | (786) | (85) | (2) |
| USD/SGD | MSC | 01/22/26 | SGD | (1065) | (829) | (3) |
| USD/SGD | BNP | 03/24/26 | SGD | (107) | (84) | (1) |
| USD/SGD | HSB | 03/24/26 | SGD | (44) | (34) |  |
| USD/SGD | MSC | 03/24/26 | SGD | (107) | (84) | (1) |
| USD/THB | BCL | 01/22/26 | THB | (3677) | (117) | (1) |
| USD/ZAR | HSB | 03/24/26 | ZAR | (1104) | (66) | (2) |
| USD/ZAR | MSC | 03/24/26 | ZAR | (7777) | (467) | (9) |
|  |  |  |  |  | 28698 | (148) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 234357 | 264 | 73 | 234694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 25598 |  | 25598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 1648 | 19606 | 207 | 21461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 2003 | 15073 |  | 17076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 14187 |  | 14187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 540 | 12649 |  | 13189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 37 | 10687 |  | 10724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 2020 | 8363 |  | 10383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 429 | 9524 |  | 9953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 438 | 7756 |  | 8194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 473 | 5262 |  | 5735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 5491 |  | 5491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 482 | 4906 |  | 5388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 2939 |  | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 182 | 2658 |  | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 53 | 2743 |  | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 285 | 2467 |  | 2752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 2578 |  | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 2427 |  | 2427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 2140 |  | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 350 | 1236 |  | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 1287 | 108 |  | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 1360 |  | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 974 |  | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 909 |  | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 880 |  | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 857 |  |  | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 815 |  | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 793 |  | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 683 |  | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 600 |  | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 488 |  | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | 371 | 28 |  | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 385 |  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 381 |  | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 339 |  |  | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 289 |  | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 271 |  | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macau |  | 257 |  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 168 |  |  | 168 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 148 |  | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 92 |  | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 77 |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile |  | 61 |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia |  | 30 |  | 30 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 177377 | 10 | 177387 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 135523 |  | 135523 |
| &nbsp;&nbsp;Investment Companies | 35407 |  |  | 35407 |
| &nbsp;&nbsp;Preferred Stocks | 12 | 2499 |  | 2511 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 1425 |  | 1425 |
| &nbsp;&nbsp;Short Term Investments | 100597 | 402 |  | 100999 |
|  | 382335 | 485409 | 290 | 868034 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1424 |  |  | 1424 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 145 |  | 145 |
|  | 1424 | 145 |  | 1569 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2357) |  |  | (2357) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (293) |  | (293) |
|  | (2357) | (293) |  | (2650) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 34.3%** | **Information Technology 34.3%** | **Information Technology 34.3%** |
| Advanced Micro Devices, Inc. (a) | 12 | 2506 |
| Amphenol Corporation - Class A | 28 | 3779 |
| Analog Devices, Inc. | 27 | 7431 |
| Apple Inc. (b) | 230 | 62563 |
| AppLovin Corporation - Class A (a) (b) | 2 | 1664 |
| Arista Networks, Inc. (a) (b) | 24 | 3185 |
| Broadcom Inc. | 70 | 24113 |
| Cadence Design Systems, Inc. (a) (b) | 7 | 2328 |
| Cognizant Technology Solutions Corporation - Class A (b) | 60 | 4965 |
| Intuit Inc. | 8 | 5159 |
| Lam Research Corporation | 19 | 3244 |
| Micron Technology, Inc. | 21 | 5885 |
| Microsoft Corporation (b) | 123 | 59610 |
| Motorola Solutions, Inc. (b) | 3 | 976 |
| NVIDIA Corporation (b) | 392 | 73174 |
| NXP Semiconductors N.V. | 23 | 5095 |
| Oracle Corporation (b) | 39 | 7592 |
| Palantir Technologies Inc. - Class A (a) | 26 | 4562 |
| Roper Technologies, Inc. | 4 | 1767 |
| Salesforce, Inc. | 14 | 3684 |
| Seagate Technology Holdings Public Limited Company | 14 | 3964 |
| ServiceNow, Inc. (a) | 54 | 8239 |
| Texas Instruments Incorporated | 29 | 5002 |
| Western Digital Corporation (b) | 13 | 2241 |
|  |  | 302728 |
| **Financials 13.6%** | **Financials 13.6%** | **Financials 13.6%** |
| American Express Company (b) | 10 | 3560 |
| Ameriprise Financial, Inc. | 4 | 2152 |
| AON Public Limited Company - Class A | 9 | 3033 |
| Apollo Global Management, Inc. (b) | 23 | 3283 |
| Arch Capital Group Ltd. (a) | 15 | 1479 |
| Arthur J. Gallagher & Co. | 21 | 5542 |
| Bank of America Corporation | 196 | 10781 |
| Berkshire Hathaway Inc. - Class B (a) (b) | 25 | 12391 |
| Capital One Financial Corporation | 17 | 4069 |
| Charles Schwab Corporation, The | 83 | 8289 |
| Chubb Limited | 6 | 1742 |
| Citigroup Inc. | 28 | 3255 |
| CME Group Inc. - Class A | 13 | 3619 |
| Corpay Inc. (a) (b) | 11 | 3248 |
| Fidelity National Information Services, Inc. | 45 | 2978 |
| Fifth Third Bancorp (b) | 61 | 2871 |
| LPL Financial Holdings Inc. | 3 | 912 |
| MasterCard Incorporated - Class A (b) | 24 | 13963 |
| Progressive Corporation, The | 10 | 2256 |
| Raymond James Financial, Inc. | 4 | 595 |
| Regions Financial Corporation | 51 | 1368 |
| State Street Corporation | 11 | 1439 |
| Toast, Inc. - Class A (a) | 31 | 1115 |
| Truist Financial Corporation | 45 | 2211 |
| U.S. Bancorp (b) | 67 | 3566 |
| Visa Inc. - Class A (b) | 28 | 9803 |
| Wells Fargo & Company (b) | 109 | 10164 |
| Wex, Inc. (a) | 2 | 316 |
|  |  | 120000 |
| **Consumer Discretionary 11.8%** | **Consumer Discretionary 11.8%** | **Consumer Discretionary 11.8%** |
| Amazon.com, Inc. (a) (b) | 161 | 37180 |
| Aptiv PLC (a) | 8 | 574 |
| AutoZone, Inc. (a) | 1 | 2123 |
| Booking Holdings Inc. (b) |  | 2056 |
| Burlington Stores, Inc. (a) (b) | 9 | 2730 |
| Carnival Corporation | 89 | 2715 |
| Chipotle Mexican Grill, Inc. (a) (b) | 100 | 3708 |
| DoorDash, Inc. - Class A (a) | 5 | 1182 |
| Expedia Group, Inc. (b) | 9 | 2486 |
| Hilton Worldwide Holdings Inc. (b) | 17 | 5008 |
| Lennar Corporation - Class A | 8 | 778 |
| Lowe`s Companies, Inc. | 33 | 7882 |
| McDonald's Corporation | 21 | 6456 |
| Nike, Inc. - Class B | 40 | 2570 |
| Ross Stores, Inc. | 23 | 4165 |
| Tesla, Inc. (a) (b) | 41 | 18251 |
| Yum! Brands, Inc. | 27 | 4134 |
|  |  | 103998 |
| **Communication Services 10.6%** | **Communication Services 10.6%** | **Communication Services 10.6%** |
| Alphabet Inc. - Class A (b) | 90 | 28066 |
| Alphabet Inc. - Class C | 59 | 18477 |
| AT&T Inc. (b) | 185 | 4602 |
| Comcast Corporation - Class A | 92 | 2764 |
| Former Charter Communications Parent, Inc. - Class A (a) | 5 | 1087 |
| Meta Platforms, Inc. - Class A (b) | 38 | 25007 |
| Netflix, Inc. (a) | 64 | 5987 |
| Omnicom Group Inc. | 13 | 1038 |
| Walt Disney Company, The | 52 | 5902 |
| Warner Music Group Corp. - Class A | 24 | 739 |
|  |  | 93669 |
| **Health Care 9.5%** | **Health Care 9.5%** | **Health Care 9.5%** |
| AbbVie Inc. | 46 | 10472 |
| Boston Scientific Corporation (a) | 20 | 1887 |
| Bristol-Myers Squibb Company | 91 | 4914 |
| Cigna Group, The (b) | 11 | 3084 |
| Danaher Corporation | 23 | 5299 |
| DexCom, Inc. (a) | 6 | 388 |
| Edwards Lifesciences Corporation (a) | 47 | 4038 |
| Eli Lilly and Company | 10 | 10724 |
| HCA Healthcare, Inc. | 3 | 1158 |
| Humana Inc. (b) | 9 | 2409 |
| Johnson & Johnson | 50 | 10444 |
| McKesson Corporation | 2 | 1655 |
| Medline Inc. - Class A (a) | 13 | 557 |
| Medtronic, Inc. | 67 | 6444 |
| Merck & Co., Inc. | 9 | 949 |
| Neurocrine Biosciences, Inc. (a) | 5 | 667 |
| Regeneron Pharmaceuticals, Inc. | 5 | 3933 |
| Stryker Corporation | 18 | 6252 |
| UnitedHealth Group Incorporated | 17 | 5657 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 7 | 3045 |
|  |  | 83976 |
| **Industrials 7.8%** | **Industrials 7.8%** | **Industrials 7.8%** |
| 3M Company | 47 | 7458 |
| Boeing Company, The (a) | 6 | 1344 |
| Carrier Global Corporation (b) | 49 | 2606 |
| Deere & Company | 10 | 4652 |
| Delta Air Lines, Inc. | 21 | 1484 |
| Eaton Corporation Public Limited Company | 11 | 3397 |
| Emerson Electric Co. (b) | 16 | 2158 |
| FedEx Corporation | 9 | 2553 |
| GE Vernova Inc. (b) | 4 | 2710 |
| Howmet Aerospace Inc. | 40 | 8285 |
| Ingersoll Rand Inc. | 17 | 1335 |
| Leidos Holdings, Inc. (b) | 19 | 3489 |
| Masco Corporation (b) | 26 | 1668 |
| Otis Worldwide Corporation (b) | 23 | 1986 |
| RTX Corporation | 38 | 6877 |
| Textron Inc. | 17 | 1502 |
| Trane Technologies Public Limited Company | 19 | 7536 |
| TransDigm Group Incorporated (b) | 3 | 3748 |
| Union Pacific Corporation (b) | 10 | 2424 |
| United Airlines Holdings, Inc. (a) | 6 | 696 |
| United Rentals, Inc. (b) | 1 | 784 |
|  |  | 68692 |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| Altria Group, Inc. | 26 | 1486 |
| Church & Dwight Co., Inc. | 13 | 1076 |
| Coca-Cola Company, The | 24 | 1660 |
| Keurig Dr Pepper Inc. (b) | 115 | 3221 |
| Mondelez International, Inc. - Class A | 100 | 5390 |
| PepsiCo, Inc. | 52 | 7507 |
| Philip Morris International Inc. (b) | 28 | 4427 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Walmart Inc. | 60 | 6706 |
| | | 31473 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Baker Hughes Company - Class A (b) | 66 | 3016 |
| Diamondback Energy, Inc. (b) | 14 | 2045 |
| EOG Resources, Inc. | 50 | 5210 |
| EQT Corporation | 27 | 1424 |
| Exxon Mobil Corporation (b) | 113 | 13544 |
|  |  | 25239 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| Entergy Corporation | 35 | 3264 |
| NextEra Energy, Inc. | 93 | 7438 |
| NRG Energy, Inc. | 3 | 482 |
| Sempra (b) | 40 | 3533 |
| The Southern Company | 54 | 4717 |
| Vistra Corp. | 3 | 489 |
|  |  | 19923 |
| **Real Estate 1.7%** | **Real Estate 1.7%** | **Real Estate 1.7%** |
| American Tower Corporation | 9 | 1592 |
| Equinix, Inc. | 4 | 2725 |
| Equity Lifestyle Properties, Inc. | 19 | 1173 |
| SBA Communications Corporation - Class A (b) | 12 | 2391 |
| Ventas, Inc. (b) | 56 | 4302 |
| Welltower Inc. | 16 | 2924 |
|  |  | 15107 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Ecolab Inc. (b) | 23 | 5935 |
| Linde Public Limited Company | 9 | 3939 |
| Martin Marietta Materials, Inc. (b) | 3 | 1653 |
| PPG Industries, Inc. (b) | 17 | 1749 |
| Vulcan Materials Company | 6 | 1811 |
|  |  | 15087 |
| Total Common Stocks (cost $598,890) | Total Common Stocks (cost $598,890) | 879892 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 2780 | 2780 |
| Total Short Term Investments (cost $2,780) | Total Short Term Investments (cost $2,780) | 2780 |
| **Total Investments 100.0% (cost $601,670)** | **Total Investments 100.0% (cost $601,670)** | **882672** |
| **Total Purchased Options 1.2% (cost $10,750)** | **Total Purchased Options 1.2% (cost $10,750)** | **10781** |
| **Other Derivative Instruments (1.2)%** | **Other Derivative Instruments (1.2)%** | **(10867)** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **25** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **882611** |

---

(a) Non-income producing security.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Hedged Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 13558 | 182954 | 193732 | 313 |  |  | 2780 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 11 | March 2026 | 3789 | (28) | 2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| S&P 500 Index | Put | 6475.00 | 03/31/26 | 1295 | 838513 | 10781 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| S&P 500 Index | Call | 7155.00 | 03/31/26 | 1295 | 926573 | (8566) |
| S&P 500 Index | Put | 5470.00 | 03/31/26 | 1295 | 708365 | (2273) |
|  |  |  |  |  |  | (10839) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 879892 |  |  | 879892 |
| &nbsp;&nbsp;Short Term Investments | 2780 |  |  | 2780 |
|  | 882672 |  |  | 882672 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan Hedged Equity Fund (continued)** | **JNL/JPMorgan Hedged Equity Fund (continued)** | **JNL/JPMorgan Hedged Equity Fund (continued)** | **JNL/JPMorgan Hedged Equity Fund (continued)** | **JNL/JPMorgan Hedged Equity Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2 |  |  | 2 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 10781 |  |  | 10781 |
|  | 10783 |  |  | 10783 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Written Options | (10839) |  |  | (10839) |
|  | (10839) |  |  | (10839) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Consumer Discretionary 20.6%** | **Consumer Discretionary 20.6%** | **Consumer Discretionary 20.6%** |
| AutoZone, Inc. (a) | 8 | 26735 |
| Bright Horizons Family Solutions, Inc. (a) | 143 | 14487 |
| Burlington Stores, Inc. (a) | 145 | 41830 |
| Carvana Co. - Class A (a) | 196 | 82902 |
| Chipotle Mexican Grill, Inc. (a) | 334 | 12349 |
| Coupang, Inc. - Class A (a) | 665 | 15696 |
| DoorDash, Inc. - Class A (a) | 113 | 25657 |
| Flutter Entertainment Public Limited Company (a) | 281 | 60479 |
| Garmin Ltd. | 73 | 14862 |
| Hilton Worldwide Holdings Inc. | 364 | 104536 |
| Levi Strauss & Co. - Class A | 619 | 12829 |
| On Holding AG - Class A (a) | 679 | 31537 |
| Planet Fitness, Inc. - Class A (a) | 268 | 29041 |
| Royal Caribbean Cruises Ltd. | 352 | 98231 |
| Somnigroup International Inc. | 479 | 42783 |
| Thor Industries, Inc. | 165 | 16969 |
| Ulta Beauty, Inc. (a) | 70 | 42379 |
| Wingstop Inc. | 48 | 11371 |
| Wynn Resorts, Limited | 141 | 16944 |
|  |  | 701617 |
| **Industrials 19.1%** | **Industrials 19.1%** | **Industrials 19.1%** |
| AMETEK, Inc. | 126 | 25905 |
| Axon Enterprise, Inc. (a) | 63 | 35998 |
| Broadridge Financial Solutions, Inc. | 159 | 35523 |
| BWXT Government Group, Inc. | 121 | 20871 |
| Carlisle Companies Incorporated | 51 | 16359 |
| Comfort Systems USA, Inc. | 65 | 60655 |
| ESAB Corporation | 150 | 16772 |
| FTAI Aviation Ltd. | 196 | 38539 |
| HEICO Corporation - Class A | 192 | 48586 |
| Howmet Aerospace Inc. | 416 | 85298 |
| Ingersoll Rand Inc. | 179 | 14189 |
| ITT Inc. | 187 | 32468 |
| Quanta Services, Inc. | 176 | 74202 |
| Rocket Lab Usa, Inc. (a) | 579 | 40400 |
| Trane Technologies Public Limited Company | 51 | 19895 |
| Veralto Corporation | 207 | 20666 |
| Vertiv Holdings Co - Class A | 399 | 64568 |
|  |  | 650894 |
| **Health Care 19.1%** | **Health Care 19.1%** | **Health Care 19.1%** |
| Agilent Technologies, Inc. | 143 | 19467 |
| Alkermes Public Limited Company (a) | 588 | 16455 |
| Alnylam Pharmaceuticals, Inc. (a) | 185 | 73496 |
| Arcellx Inc. (a) | 126 | 8213 |
| Caris Life Sciences, Inc. (a) | 278 | 7511 |
| Cencora, Inc. | 223 | 75384 |
| Corcept Therapeutics Incorporated (a) | 103 | 3568 |
| DexCom, Inc. (a) | 503 | 33415 |
| Disc Medicine, Inc. (a) | 109 | 8648 |
| IDEXX Laboratories, Inc. (a) | 57 | 38253 |
| Insmed Incorporated (a) | 438 | 76158 |
| Ionis Pharmaceuticals, Inc. (a) | 228 | 18017 |
| IQVIA Holdings Inc. (a) | 109 | 24547 |
| Irhythm Technologies, Inc. (a) | 63 | 11226 |
| Mettler-Toledo International Inc. (a) | 11 | 15266 |
| Natera, Inc. (a) | 239 | 54651 |
| Neurocrine Biosciences, Inc. (a) | 301 | 42655 |
| Nuvalent, Inc. - Class A (a) | 171 | 17251 |
| Penumbra, Inc. (a) | 98 | 30348 |
| Rhythm Pharmaceuticals, Inc. (a) | 134 | 14378 |
| Ultragenyx Pharmaceutical Inc. (a) | 445 | 10232 |
| uniQure N.V. (a) | 159 | 3808 |
| Veeva Systems Inc. - Class A (a) | 206 | 45882 |
|  |  | 648829 |
| **Information Technology 16.0%** | **Information Technology 16.0%** | **Information Technology 16.0%** |
| Ciena Corporation (a) | 147 | 34303 |
| Cloudflare, Inc. - Class A (a) | 345 | 67924 |
| Credo Technology Group Holding Ltd (a) | 85 | 12275 |
| CyberArk Software Ltd. (a) | 52 | 23145 |
| Datadog, Inc. - Class A (a) | 298 | 40585 |
| Fabrinet (a) | 48 | 21977 |
| Figma, Inc. - Class A (a) | 131 | 4881 |
| Gartner, Inc. (a) | 50 | 12564 |
| HubSpot, Inc. (a) | 99 | 39871 |
| JFROG Ltd (a) | 292 | 18213 |
| Monday.Com Ltd. (a) | 75 | 11118 |
| MongoDB, Inc. - Class A (a) | 96 | 40394 |
| Monolithic Power Systems, Inc. | 34 | 31093 |
| Nutanix, Inc. - Class A (a) | 264 | 13646 |
| Okta, Inc. - Class A (a) | 201 | 17395 |
| ON Semiconductor Corporation (a) | 110 | 5981 |
| Rambus Inc. (a) | 172 | 15763 |
| Rubrik, Inc. - Class A (a) | 149 | 11398 |
| Snowflake Inc. - Class A (a) | 121 | 26455 |
| Teledyne Technologies Incorporated (a) | 45 | 22768 |
| Teradyne, Inc. | 173 | 33470 |
| Twilio Inc. - Class A (a) | 187 | 26563 |
| Tyler Technologies, Inc. (a) | 28 | 12921 |
|  |  | 544703 |
| **Financials 9.5%** | **Financials 9.5%** | **Financials 9.5%** |
| Affirm Holdings, Inc. - Class A (a) | 184 | 13699 |
| Ares Management Corporation - Class A | 316 | 51038 |
| Arthur J. Gallagher & Co. | 83 | 21589 |
| Coinbase Global, Inc. - Class A (a) | 77 | 17417 |
| Interactive Brokers Group, Inc. - Class A | 250 | 16060 |
| LPL Financial Holdings Inc. | 84 | 30068 |
| MSCI Inc. - Class A | 68 | 39157 |
| Raymond James Financial, Inc. | 179 | 28781 |
| Robinhood Markets, Inc. - Class A (a) | 350 | 39553 |
| Rocket Companies, Inc. - Class A | 1385 | 26823 |
| TPG Inc. - Class A | 286 | 18283 |
| Tradeweb Markets Inc. - Class A | 194 | 20832 |
|  |  | 323300 |
| **Communication Services 5.2%** | **Communication Services 5.2%** | **Communication Services 5.2%** |
| Live Nation Entertainment, Inc. (a) | 131 | 18661 |
| Reddit, Inc. - Class A (a) | 258 | 59295 |
| Roblox Corporation - Class A (a) | 603 | 48858 |
| Take-Two Interactive Software, Inc. (a) | 200 | 51211 |
|  |  | 178025 |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| Cheniere Energy, Inc. | 169 | 32893 |
| EOG Resources, Inc. | 205 | 21545 |
| TechnipFMC PLC | 307 | 13672 |
| Williams Companies, Inc., The | 681 | 40928 |
|  |  | 109038 |
| **Utilities 2.1%** | **Utilities 2.1%** | **Utilities 2.1%** |
| Vistra Corp. | 442 | 71229 |
| **Consumer Staples 1.9%** | **Consumer Staples 1.9%** | **Consumer Staples 1.9%** |
| Casey's General Stores, Inc. | 59 | 32618 |
| Performance Food Group Company (a) | 333 | 29920 |
|  |  | 62538 |
| **Real Estate 1.7%** | **Real Estate 1.7%** | **Real Estate 1.7%** |
| CBRE Group, Inc. - Class A (a) | 264 | 42382 |
| Crown Castle Inc. | 180 | 16015 |
|  |  | 58397 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Eagle Materials Inc. | 91 | 18792 |
| James Hardie Industries Public Limited Company (a) | 773 | 16049 |
|  |  | 34841 |
| Total Common Stocks (cost $2,869,612) | Total Common Stocks (cost $2,869,612) | 3383411 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 21897 | 21897 |
| Total Short Term Investments (cost $21,897) | Total Short Term Investments (cost $21,897) | 21897 |
| **Total Investments 100.1% (cost $2,891,509)** | **Total Investments 100.1% (cost $2,891,509)** | **3405308** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(2666)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3402642** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** | **JNL/JPMorgan MidCap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 34725 | 817461 | 830289 | 1395 |  |  | 21897 | 0.6 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 131744 | 131744 | 444 |  |  |  |  |
|  | 34725 | 949205 | 962033 | 1839 |  |  | 21897 | 0.6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 3383411 |  |  | 3383411 |
| &nbsp;&nbsp;Short Term Investments | 21897 |  |  | 21897 |
|  | 3405308 |  |  | 3405308 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** |
| **COMMON STOCKS 96.4%** | **COMMON STOCKS 96.4%** | **COMMON STOCKS 96.4%** |
| **Information Technology 51.5%** | **Information Technology 51.5%** | **Information Technology 51.5%** |
| Adobe Inc. (a) | 1 | 312 |
| Advanced Micro Devices, Inc. (a) (b) | 5 | 971 |
| Analog Devices, Inc. | 2 | 520 |
| Apple Inc. (b) | 14 | 3770 |
| Applied Materials, Inc. | 1 | 309 |
| AppLovin Corporation - Class A (a) | 1 | 476 |
| ASML Holding N.V. - ADR |  | 403 |
| Atlassian Corporation - Class A (a) |  | 36 |
| Broadcom Inc. (b) | 4 | 1383 |
| Cisco Systems, Inc. | 8 | 619 |
| Cognizant Technology Solutions Corporation - Class A | 1 | 122 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 324 |
| Datadog, Inc. - Class A (a) |  | 50 |
| HubSpot, Inc. (a) |  | 87 |
| Intel Corporation (a) | 8 | 282 |
| Intuit Inc. (b) | 1 | 607 |
| KLA Corporation |  | 58 |
| Lam Research Corporation | 5 | 781 |
| Marvell Technology, Inc. | 3 | 269 |
| Micron Technology, Inc. | 3 | 950 |
| Microsoft Corporation (b) | 7 | 3469 |
| NVIDIA Corporation (b) | 23 | 4333 |
| NXP Semiconductors N.V. | 1 | 283 |
| Oracle Corporation | 1 | 193 |
| Palantir Technologies Inc. - Class A (a) (b) | 5 | 799 |
| Palo Alto Networks, Inc. (a) (b) | 2 | 437 |
| Qualcomm Incorporated | 2 | 388 |
| Seagate Technology Holdings Public Limited Company | 1 | 375 |
| ServiceNow, Inc. (a) | 1 | 138 |
| Shopify Inc. - Class A (a) | 2 | 364 |
| Strategy Inc - Class A (a) |  | 40 |
| Synopsys, Inc. (a) | 1 | 351 |
| Teradyne, Inc. | 1 | 137 |
| Texas Instruments Incorporated | 2 | 346 |
| Western Digital Corporation | 1 | 93 |
| Workday, Inc. - Class A (a) |  | 78 |
|  |  | 24153 |
| **Communication Services 15.2%** | **Communication Services 15.2%** | **Communication Services 15.2%** |
| Alphabet Inc. - Class C (b) | 10 | 3044 |
| Comcast Corporation - Class A | 11 | 331 |
| Former Charter Communications Parent, Inc. - Class A (a) |  | 65 |
| Meta Platforms, Inc. - Class A (b) | 3 | 1921 |
| Netflix, Inc. (a) | 12 | 1110 |
| Take-Two Interactive Software, Inc. (a) | 1 | 192 |
| T-Mobile US, Inc. (b) | 2 | 464 |
|  |  | 7127 |
| **Consumer Discretionary 13.9%** | **Consumer Discretionary 13.9%** | **Consumer Discretionary 13.9%** |
| Airbnb, Inc. - Class A (a) |  | 58 |
| Amazon.com, Inc. (a) (b) | 11 | 2455 |
| Booking Holdings Inc. (b) |  | 573 |
| Chipotle Mexican Grill, Inc. (a) | 3 | 107 |
| DoorDash, Inc. - Class A (a) | 1 | 182 |
| Lowe`s Companies, Inc. | 1 | 167 |
| Marriott International, Inc. - Class A | 1 | 266 |
| MercadoLibre, Inc. (a) |  | 298 |
| O'Reilly Automotive, Inc. (a) | 3 | 308 |
| PDD Holdings Inc. - ADR (a) | 1 | 67 |
| Ross Stores, Inc. | 1 | 124 |
| Starbucks Corporation | 2 | 163 |
| Tesla, Inc. (a) (b) | 4 | 1739 |
|  |  | 6507 |
| **Health Care 5.2%** | **Health Care 5.2%** | **Health Care 5.2%** |
| AbbVie Inc. | 1 | 264 |
| Alnylam Pharmaceuticals, Inc. (a) |  | 184 |
| Amgen Inc. | 1 | 231 |
| Bristol-Myers Squibb Company | 2 | 120 |
| DexCom, Inc. (a) | 2 | 99 |
| Gilead Sciences, Inc. | 1 | 68 |
| Intuitive Surgical, Inc. (a) | 1 | 612 |
| Regeneron Pharmaceuticals, Inc. |  | 320 |
| Thermo Fisher Scientific Inc. |  | 115 |
| UnitedHealth Group Incorporated |  | 82 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 375 |
|  |  | 2470 |
| **Consumer Staples 4.1%** | **Consumer Staples 4.1%** | **Consumer Staples 4.1%** |
| Coca-Cola Company, The | 2 | 103 |
| Costco Wholesale Corporation (b) | 1 | 729 |
| Kraft Heinz Company, The | 3 | 67 |
| Mondelez International, Inc. - Class A | 5 | 268 |
| Monster Beverage 1990 Corporation (a) | 4 | 280 |
| PepsiCo, Inc. | 3 | 476 |
|  |  | 1923 |
| **Industrials 3.2%** | **Industrials 3.2%** | **Industrials 3.2%** |
| Copart, Inc. (a) | 5 | 185 |
| CSX Corporation | 9 | 313 |
| Deere & Company |  | 134 |
| Eaton Corporation Public Limited Company | 1 | 171 |
| Honeywell International Inc. | 2 | 384 |
| Uber Technologies, Inc. (a) | 1 | 116 |
| United Parcel Service, Inc. - Class B |  | 37 |
| Verisk Analytics, Inc. | 1 | 149 |
|  |  | 1489 |
| **Utilities 1.2%** | **Utilities 1.2%** | **Utilities 1.2%** |
| Constellation Energy Group, Inc. |  | 67 |
| NextEra Energy, Inc. | 2 | 159 |
| The Southern Company | 2 | 159 |
| XCEL Energy Inc. | 2 | 178 |
|  |  | 563 |
| **Materials 0.9%** | **Materials 0.9%** | **Materials 0.9%** |
| Linde Public Limited Company | 1 | 420 |
| **Financials 0.7%** | **Financials 0.7%** | **Financials 0.7%** |
| Corpay Inc. (a) |  | 89 |
| MasterCard Incorporated - Class A |  | 156 |
| PayPal Holdings, Inc. | 1 | 82 |
|  |  | 327 |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| Diamondback Energy, Inc. | 1 | 136 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| ProLogis Inc. | 1 | 100 |
| Total Common Stocks (cost $38,243) | Total Common Stocks (cost $38,243) | 45215 |
| **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 1424 | 1424 |
| Total Short Term Investments (cost $1,424) | Total Short Term Investments (cost $1,424) | 1424 |
| **Total Investments 99.4% (cost $39,667)** | **Total Investments 99.4% (cost $39,667)** | **46639** |
| **Total Purchased Options 1.8% (cost $851)** | **Total Purchased Options 1.8% (cost $851)** | **854** |
| **Other Derivative Instruments (1.8)%** | **Other Derivative Instruments (1.8)%** | (839) |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **243** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **46897** |

---

(a) Non-income producing security.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 677 | 46124 | 45377 | 31 |  |  | 1424 | 3.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| NASDAQ 100 Stock Index | 17 | March 2026 | 873 | (7) | (8) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| NASDAQ 100 Stock Index | Put | 24000.00 | 03/31/26 | 18 | 43200 | 854 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| NASDAQ 100 Stock Index | Call | 26675.00 | 03/31/26 | 18 | 48015 | (663) |
| NASDAQ 100 Stock Index | Put | 20200.00 | 03/31/26 | 18 | 36360 | (169) |
|  |  |  |  |  |  | (832) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 45215 |  |  | 45215 |
| &nbsp;&nbsp;Short Term Investments | 1424 |  |  | 1424 |
|  | 46639 |  |  | 46639 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 854 |  |  | 854 |
|  | 854 |  |  | 854 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (8) |  |  | (8) |
| &nbsp;&nbsp;Exchange Traded Written Options | (832) |  |  | (832) |
|  | (840) |  |  | (840) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 84.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 84.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 84.2%** |
| **Mortgage-Backed Securities 27.3%** | **Mortgage-Backed Securities 27.3%** | **Mortgage-Backed Securities 27.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 11/01/28 | 5 | 5 |
| 7.00%, 10/01/31 - 06/01/32 | 5 | 5 |
| 5.00%, 08/01/33 - 11/01/54 | 7270 | 7276 |
| 3.20%, 04/01/34 | 6348 | 5870 |
| 5.50%, 07/01/38 - 11/01/55 | 30916 | 31470 |
| 4.50%, 10/01/40 | 249 | 250 |
| 3.50%, 09/01/46 - 01/01/50 | 5099 | 4756 |
| 3.00%, 01/01/47 | 1731 | 1588 |
| Federal National Mortgage Association, Inc. |  |  |
| 6.50%, 03/01/26 - 03/01/36 | 54 | 58 |
| 3.33%, 03/01/27 | 2130 | 2116 |
| 3.04%, 06/01/27 (a) | 1856 | 1836 |
| 7.00%, 03/01/29 | 2 | 2 |
| 8.00%, 12/01/29 - 03/01/31 | 4 | 4 |
| 2.59%, 09/01/30 | 6416 | 6065 |
| 7.50%, 02/01/31 | 2 | 2 |
| 1.90%, 12/01/31 | 35000 | 30837 |
| 3.54%, 06/01/32 | 1822 | 1750 |
| 1.94%, 10/01/33 | 10000 | 8446 |
| 2.52%, 09/01/34 | 6877 | 6004 |
| 2.41%, 10/01/34 | 9848 | 8551 |
| 5.50%, 02/01/35 - 11/01/55 | 14971 | 15260 |
| 1.78%, 05/01/35 | 15000 | 11840 |
| 5.00%, 09/01/35 - 06/01/53 | 35767 | 35947 |
| 6.00%, 10/01/35 - 12/01/36 | 1071 | 1123 |
| 2.04%, 06/01/37 | 5122 | 4018 |
| 3.50%, 06/01/42 - 04/01/52 | 25481 | 23969 |
| 4.00%, 06/01/42 - 12/01/50 | 22752 | 22074 |
| 3.00%, 03/01/46 - 09/01/52 | 27915 | 25071 |
| 2.50%, 01/01/52 | 5974 | 5111 |
| 4.50%, 08/01/52 - 10/01/52 | 57019 | 56206 |
| Government National Mortgage Association |  |  |
| 6.00%, 04/15/29 - 01/15/36 | 234 | 242 |
| 2.50%, 09/15/49 - 01/20/50 | 14249 | 12401 |
| 3.50%, 09/20/51 | 6284 | 5649 |
| Government National Mortgage Association II |  |  |
| 2.50%, 08/20/53 | 1879 | 1629 |
|  |  | 337431 |
| **U.S. Treasury Note 18.1%** | **U.S. Treasury Note 18.1%** | **U.S. Treasury Note 18.1%** |
| Treasury, United States Department of |  |  |
| 2.00%, 11/15/26 | 9000 | 8881 |
| 2.25%, 02/15/27 - 08/15/27 | 92529 | 91016 |
| 0.63%, 03/31/27 | 25000 | 24134 |
| 4.13%, 10/31/27 | 10000 | 10111 |
| 4.00%, 06/30/28 | 20000 | 20234 |
| 1.50%, 11/30/28 | 20000 | 18877 |
| 3.38%, 05/15/33 | 5800 | 5581 |
| 3.88%, 08/15/34 | 10000 | 9856 |
| 4.25%, 05/15/35 - 08/15/35 | 35117 | 35443 |
|  |  | 224133 |
| **U.S. Treasury Bond 16.3%** | **U.S. Treasury Bond 16.3%** | **U.S. Treasury Bond 16.3%** |
| Treasury, United States Department of |  |  |
| 2.00%, 11/15/41 - 02/15/50 | 72500 | 47344 |
| 3.88%, 02/15/43 - 05/15/43 | 18000 | 16215 |
| 3.63%, 08/15/43 | 12735 | 11014 |
| 3.75%, 11/15/43 | 48000 | 42144 |
| 3.00%, 05/15/45 - 02/15/48 | 37500 | 28657 |
| 4.88%, 08/15/45 | 52550 | 53166 |
| 2.25%, 08/15/49 | 5000 | 3144 |
|  |  | 201684 |
| **Collateralized Mortgage Obligations 14.1%** | **Collateralized Mortgage Obligations 14.1%** | **Collateralized Mortgage Obligations 14.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 30-264, 3.00%, 07/15/42 | 4009 | 3728 |
| Series BY-3104, REMIC, 5.50%, 01/15/26 |  |  |
| Series KW-3874, REMIC, 4.50%, 06/15/26 | 2 | 2 |
| Series GT-3270, REMIC, 5.50%, 01/15/27 | 1 |  |
| Series AM-2525, REMIC, 4.50%, 04/15/32 | 40 | 40 |
| Series NY-4206, REMIC, 3.00%, 05/15/33 | 3444 | 3359 |
| Series MJ-2638, REMIC, 5.00%, 07/15/33 | 257 | 261 |
| Series MU-2915, REMIC, 5.00%, 01/15/35 | 371 | 378 |
| Series AZ-3036, REMIC, 5.00%, 02/15/35 | 2300 | 2338 |
| Series CB-3688, REMIC, 4.00%, 06/15/36 | 311 | 305 |
| Series PB-3283, REMIC, 5.50%, 07/15/36 | 299 | 308 |
| Series B-3413, REMIC, 5.50%, 04/15/37 | 129 | 132 |
| Series PE-3341, REMIC, 6.00%, 07/15/37 | 213 | 223 |
| Series HZ-4365, REMIC, 3.00%, 01/15/40 | 2277 | 2159 |
| Series QH-3699, REMIC, 5.50%, 07/15/40 | 246 | 252 |
| Series PB-4047, REMIC, 3.50%, 01/15/41 | 270 | 270 |
| Series YN-4094, REMIC, 3.00%, 08/15/42 | 1666 | 1588 |
| Series AW-4437, REMIC, 2.50%, 02/15/45 | 5143 | 4200 |
| Series PY-4493, REMIC, 3.00%, 07/15/45 | 3715 | 3143 |
| Series DB-4585, REMIC, 3.00%, 05/15/46 | 5594 | 4498 |
| Series KR-4945, REMIC, 2.50%, 09/25/49 | 3869 | 3386 |
| Series MD-4937, REMIC, 2.50%, 10/25/49 | 3055 | 2710 |
| Series PA-4933, REMIC, 2.50%, 10/25/49 | 5230 | 4597 |
| Series 2020-M55G-1, REMIC, 3.00%, 08/25/59 | 5804 | 5162 |
| Series 2024-MT-2, REMIC, 3.50%, 05/25/64 | 2864 | 2491 |
| Series 2025-MAU-1, REMIC, 3.25%, 11/25/64 | 8570 | 7840 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2011-PB-145, REMIC, 3.50%, 01/25/32 | 3967 | 3928 |
| Series 2012-LY-134, REMIC, 3.00%, 12/25/32 | 2769 | 2653 |
| Series 2013-PY-106, REMIC, 3.00%, 10/25/33 | 3840 | 3733 |
| Series 2004-AZ-35, REMIC, 4.50%, 05/25/34 | 1320 | 1322 |
| Series 2015-BY-41, REMIC, 3.00%, 09/25/34 | 1508 | 1492 |
| Series 2015-BW-15, REMIC, 3.50%, 04/25/35 | 3439 | 3396 |
| Series 2015-GB-28, REMIC, 3.50%, 05/25/35 | 4156 | 4014 |
| Series 2015-EY-47, REMIC, 3.00%, 07/25/35 | 5051 | 4821 |
| Series 2005-PL-64, REMIC, 5.50%, 07/25/35 | 42 | 42 |
| Series 2005-BG-97, REMIC, 5.50%, 11/25/35 | 600 | 616 |
| Principal Only, Series 2006-HO-23, REMIC, 0.00%, 04/25/36 | 225 | 187 |
| Series 2016-LY-30, REMIC, 3.50%, 05/25/36 | 5618 | 5459 |
| Series 2017-DL-83, REMIC, 3.00%, 10/25/37 | 5061 | 4583 |
| Series 2010-MB-47, REMIC, 5.00%, 09/25/39 | 715 | 728 |
| Series 2010-SL-4, REMIC, 2.61%, (11.33% - (SOFR 30-Day Average \* 2.25)), 02/25/40 (a) | 25 | 22 |
| Series 2010-CB-11, REMIC, 4.50%, 02/25/40 | 32 | 31 |
| Series 2010-PM-123, REMIC, 4.00%, 07/25/40 | 244 | 244 |
| Series 2010-MB-134, REMIC, 4.50%, 12/25/40 | 1398 | 1360 |
| Series 2002-A3-T4, REMIC, 7.50%, 12/25/41 | 1109 | 1173 |
| Series 2012-EP-60, REMIC, 3.00%, 04/25/42 | 376 | 365 |
| Series 2003-2A4-W3, REMIC, 5.75%, 06/25/42 | 309 | 317 |
| Series 2012-HY-102, REMIC, 2.00%, 09/25/42 | 4000 | 3295 |
| Series 2012-AB-121, REMIC, 3.00%, 11/25/42 | 2215 | 2036 |
| Series 2003-2A7-W12, REMIC, 4.68%, 06/25/43 | 680 | 674 |
| Series 2016-LA-25, REMIC, 3.00%, 07/25/45 | 1864 | 1767 |
| Series 2015-N-97, REMIC, 3.00%, 11/25/45 | 13757 | 12133 |
| Series 2019-CA-71, REMIC, 2.50%, 07/25/46 | 4285 | 4039 |
| Series 2017-CA-52, REMIC, 3.00%, 07/25/47 | 2619 | 2366 |
| Series 2019-PA-65, REMIC, 2.50%, 05/25/48 | 1521 | 1408 |
| Series 2019-KA-42, REMIC, 3.00%, 07/25/49 | 7600 | 6951 |
| Series 2019-JA-81, REMIC, 2.50%, 09/25/49 | 4041 | 3633 |
| Series 2009-A-W1, REMIC, 5.99%, 12/25/49 (a) | 67 | 70 |
| Series 2020-JC-12, REMIC, 2.00%, 03/25/50 | 7735 | 6314 |
| Series 2025-31-MA, REMIC, 0.50%, 09/25/54 | 1488 | 1355 |
| Government National Mortgage Association |  |  |
| Series 2003-ZA-75, REMIC, 5.50%, 09/20/33 | 205 | 211 |
| Series 2003-Z-114, REMIC, 6.00%, 12/16/33 | 302 | 309 |
| Series 2007-MB-2, REMIC, 5.50%, 01/20/37 | 454 | 470 |
| Interest Only, Series 2008-SA-40, REMIC, 2.55%, (6.29% - (1 Month Term SOFR \* 1)), 05/16/38 (a) | 390 | 24 |
| Series 2009-TX-42, REMIC, 4.50%, 06/20/39 | 861 | 859 |
| Series 2011-Z-29, REMIC, 5.00%, 05/20/40 | 10027 | 10055 |
| Interest Only, Series 2011-SH-97, REMIC, 2.28%, (6.02% - (1 Month Term SOFR \* 1)), 07/20/41 (a) | 797 | 69 |
| Series 2015-PL-157, REMIC, 3.00%, 10/20/45 | 12872 | 10865 |
| Series 2016-AC-19, REMIC, 3.00%, 02/20/46 | 1284 | 1048 |
| Principal Only, Series 2018-BO-46, REMIC, 0.00%, 03/20/48 | 3932 | 3377 |
| Principal Only, Series 2022-AO-94, REMIC, 0.00%, 05/20/52 | 3167 | 2270 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2025-JS-100, REMIC, 5.18%, (15.95% - (SOFR 30-Day Average \* 2.75)), 06/20/55 (a) | 3814 | 3748 |
| Series 2013-FA-H16, REMIC, 4.65%, (1 Month Term SOFR + 0.65%), 07/20/63 (a) | 650 | 651 |
| | | 173853 |
| **U.S. Government Agency Obligations 4.4%** | **U.S. Government Agency Obligations 4.4%** | **U.S. Government Agency Obligations 4.4%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.50%, 03/26/27 (b) | 11250 | 11378 |
| 3.33%, 04/28/37 (b) | 7500 | 6767 |
| Federal National Mortgage Association, Inc. |  |  |
| Principal Only, 0.00%, 03/23/28 (b) (c) | 4000 | 3686 |
| FHLBanks Office of Finance |  |  |
| 5.75%, 06/12/26 (b) | 5000 | 5046 |
| Resolution Funding Corporation |  |  |
| Principal Only, 0.00%, 01/15/30 - 04/15/30 (b) (c) | 27560 | 23516 |
| Tennessee Valley Authority |  |  |
| Interest Only, 0.00%, 07/15/37 (b) (c) | 6000 | 3504 |
| U.S. Department of Veterans Affairs |  |  |
| Series 2001-Z-2, REMIC, 6.75%, 02/15/31 | 236 | 240 |
|  |  | 54137 |
| **Commercial Mortgage-Backed Securities 4.0%** | **Commercial Mortgage-Backed Securities 4.0%** | **Commercial Mortgage-Backed Securities 4.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K145, REMIC, 2.58%, 05/25/32 | 4265 | 3882 |
| Series A2-K149, REMIC, 3.53%, 08/25/32 | 6000 | 5741 |
| Series APT2-Q013, REMIC, 1.17%, 05/25/50 (a) | 4361 | 4246 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-A2-M13, REMIC, 2.94%, 09/25/27 (a) | 1823 | 1800 |
| Series 2019-A2-M1, REMIC, 3.56%, 09/25/28 (a) | 2827 | 2797 |
| Series 2022-A2-M3, REMIC, 1.71%, 11/25/31 (a) | 7500 | 6480 |
| Series 2019-A2-M31, REMIC, 2.85%, 04/25/34 | 9000 | 7906 |
| Series 2020-AL-M8, REMIC, 2.01%, 03/25/35 | 9911 | 8128 |
| Series 2019-AL2-M14, REMIC, 3.07%, 04/25/48 | 8510 | 8137 |
|  |  | 49117 |
| Total Government And Agency Obligations (cost $1,114,522) | Total Government And Agency Obligations (cost $1,114,522) | 1040355 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.2%** |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 3.93%, (1 Month Term SOFR + 0.31%), 12/20/46 (a) (d) | 231 | 212 |
| Alternative Loan Trust 2006-OA9 |  |  |
| Series 2006-2A1A-OA9, REMIC, 3.78%, (1 Month Term SOFR + 0.53%), 07/20/46 (a) (d) (e) | 120 | 107 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A4-BN26, REMIC, 2.40%, 02/15/30 | 5000 | 4587 |
| BBCMS Trust 2015-VFM |  |  |
| Series 2015-A1-VFM, REMIC, 2.47%, 03/12/26 | 106 | 106 |
| Bridge 2025-SFR1 Trust |  |  |
| Series 2025-A-SFR1, REMIC, 4.05%, 09/17/30 | 5112 | 4942 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2020-A1-1, 1.69%, 07/15/60 | 4444 | 3742 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-A5-GC46, REMIC, 2.72%, 02/15/30 | 8750 | 8138 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2004-4A1-5, REMIC, 6.00%, 09/25/34 | 104 | 103 |
| GreenSky Home Improvement Issuer Trust 2025-3 |  |  |
| Series 2025-A2-3A, 4.59%, 12/27/60 | 1945 | 1937 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Series 2017-A4-GS7, REMIC, 3.43%, 07/12/27 | 10500 | 10376 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Series 2020-A5-GC45, REMIC, 2.91%, 12/14/29 | 10000 | 9451 |
| Hilton Grand Vacations Trust 2025-2 |  |  |
| Series 2025-A-2A, 4.54%, 05/25/44 | 2547 | 2557 |
| IRV Trust 2025-200P |  |  |
| Series 2025-A-200P, REMIC, 5.29%, 02/15/35 (a) | 3600 | 3676 |
| Lendmark Funding Trust 2021-1 |  |  |
| Series 2025-A-3A, 4.51%, 05/21/35 | 6420 | 6413 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2004-3A2-1, REMIC, 3.75%, 02/25/34 (a) | 177 | 153 |
| Morgan Stanley Mortgage Loan Trust 2004-8AR |  |  |
| Series 2004-4A2-8AR, REMIC, 5.28%, 10/25/34 (a) | 26 | 25 |
| MVW 2025-2 LLC |  |  |
| Series 2025-A-2A, 4.48%, 10/20/44 | 5460 | 5473 |
| Nomura Credit & Capital, Inc. |  |  |
| Series 2004-A1-R1, REMIC, 6.50%, 03/25/34 | 897 | 772 |
| Progress Residential 2022-SFR3 Trust |  |  |
| Series 2022-A-SFR3, REMIC, 3.20%, 04/19/27 (a) | 3883 | 3834 |
| Progress Residential 2024-SFR5 Trust |  |  |
| Series 2025-A-SFR2, 3.31%, 04/17/42 | 7974 | 7607 |
| PRPM 2025-RPL2, LLC |  |  |
| Series 2025-A1-RPL2, 3.75%, 04/25/55 | 3254 | 3169 |
| SACO I Trust 2006-6 |  |  |
| Series 2006-A-6, REMIC, 4.33%, (1 Month Term SOFR + 0.37%), 06/25/36 (a) (d) (e) | 1 | 10 |
| SCF Equipment Leasing 2025-2 LLC |  |  |
| Series 2025-A3-2A, 4.33%, 08/20/30 | 6605 | 6622 |
| Structured Asset Mortgage Investments II Trust 2006-AR7 |  |  |
| Series 2006-A1A-AR7, REMIC, 2.37%, (1 Month Term SOFR + 0.53%), 08/25/36 (a) (d) (e) | 198 | 162 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-A-SFR1, REMIC, 1.50%, 07/17/26 | 11592 | 11424 |
| Wells Fargo Commercial Mortgage Trust 2019-C53 |  |  |
| Series 2019-A4-C53, REMIC, 3.04%, 10/17/29 | 6000 | 5728 |
| Worldwide Plaza Trust 2017-WWP |  |  |
| Series 2017-A-WWP, REMIC, 3.53%, 11/12/27 | 1039 | 827 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $105,678) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $105,678) | 102153 |
| **CORPORATE BONDS AND NOTES 6.4%** | **CORPORATE BONDS AND NOTES 6.4%** | **CORPORATE BONDS AND NOTES 6.4%** |
| **Financials 3.7%** | **Financials 3.7%** | **Financials 3.7%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.88%, 01/23/28 | 3750 | 3732 |
| AIB Group Public Limited Company |  |  |
| 6.61%, 09/13/29 (f) | 4000 | 4255 |
| Avolon Holdings Funding Limited |  |  |
| 5.75%, 03/01/29 (f) | 3750 | 3877 |
| Bank of America Corporation |  |  |
| 5.29%, 04/25/34 | 4000 | 4132 |
| Citigroup Inc. |  |  |
| 4.50%, 09/11/31 | 3100 | 3110 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.37%, 10/21/31 | 3150 | 3141 |
| HSBC Holdings PLC |  |  |
| 4.62%, 11/06/31 | 3500 | 3510 |
| Morgan Stanley |  |  |
| 2.70%, 01/22/31 | 4300 | 4031 |
| 4.36%, 10/22/31 | 3150 | 3140 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.47%, 11/19/31 | 2955 | 2960 |
| Santander UK Group Holdings PLC |  |  |
| 5.69%, 04/15/31 | 3500 | 3648 |
| Wells Fargo & Company |  |  |
| 4.08%, 09/15/29 | 3100 | 3097 |
| 5.15%, 04/23/31 | 3050 | 3148 |
|  |  | 45781 |
| **Communication Services 1.2%** | **Communication Services 1.2%** | **Communication Services 1.2%** |
| AT&T Inc. |  |  |
| 4.70%, 08/15/30 | 3100 | 3146 |
| Meta Platforms, Inc. |  |  |
| 4.88%, 11/15/35 | 1732 | 1730 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 10000 | 9824 |
|  |  | 14700 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Utilities 0.7%** | **Utilities 0.7%** | **Utilities 0.7%** |
| PG&E Company |  |  |
| 6.10%, 01/15/29 | 3100 | 3244 |
| PG&E Recovery Funding LLC |  |  |
| 5.54%, 07/15/47 | 5115 | 5130 |
|  |  | 8374 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Marvell Technology, Inc. |  |  |
| 5.75%, 02/15/29 (g) | 3100 | 3237 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Philip Morris International Inc. |  |  |
| 4.00%, 10/29/30 | 3100 | 3071 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Columbia Pipelines Operating Company LLC |  |  |
| 5.93%, 08/15/30 (f) | 2000 | 2118 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Amazon.com, Inc. |  |  |
| 4.65%, 11/20/35 | 1655 | 1648 |
| Total Corporate Bonds And Notes (cost $79,445) | Total Corporate Bonds And Notes (cost $79,445) | 78929 |
| **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** | **SHORT TERM INVESTMENTS 1.0%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (h) (i) | 8567 | 8567 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.74% (h) (i) | 3371 | 3371 |
| Total Short Term Investments (cost $11,938) | Total Short Term Investments (cost $11,938) | 11938 |
| **Total Investments 99.8% (cost $1,311,583)** | **Total Investments 99.8% (cost $1,311,583)** | **1233375** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **10** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **2661** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1236046** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

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

(d) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $10,250 and 0.8% of the Fund.

(g) All or a portion of the security was on loan as of December 31, 2025.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 26006 | 333877 | 351316 | 1176 |  |  | 8567 | 0.7 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 11057 | 7686 | 9 |  |  | 3371 | 0.3 |
|  | 26006 | 344934 | 359002 | 1185 |  |  | 11938 | 1.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1 | April 2026 | 209 |  |  |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (28) | March 2026 | (3150) | 5 | 1 |
| United States 5 Year Note | (42) | April 2026 | (4591) | 5 | 1 |
|  |  |  |  | 10 | 2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1040355 |  | 1040355 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 102153 |  | 102153 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 78929 |  | 78929 |
| &nbsp;&nbsp;Short Term Investments | 11938 |  |  | 11938 |
|  | 11938 | 1221437 |  | 1233375 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund (continued)** | **JNL/JPMorgan U.S. Government & Quality Bond Fund (continued)** | **JNL/JPMorgan U.S. Government & Quality Bond Fund (continued)** | **JNL/JPMorgan U.S. Government & Quality Bond Fund (continued)** | **JNL/JPMorgan U.S. Government & Quality Bond Fund (continued)** |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2 |  |  | 2 |
|  | 2 |  |  | 2 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |
| **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Financials 25.9%** | **Financials 25.9%** | **Financials 25.9%** |
| American Express Company | 58 | 21369 |
| Ares Management Corporation - Class A | 63 | 10243 |
| Arthur J. Gallagher & Co. | 42 | 10984 |
| Bank of America Corporation | 620 | 34124 |
| Bank of New York Mellon Corporation, The | 141 | 16317 |
| Berkshire Hathaway Inc. - Class B (a) | 34 | 17320 |
| BlackRock, Inc. | 8 | 8120 |
| Blackstone Inc. - Class A | 71 | 10930 |
| Capital One Financial Corporation | 97 | 23403 |
| Charles Schwab Corporation, The | 239 | 23888 |
| Chubb Limited | 30 | 9326 |
| Citigroup Inc. | 167 | 19442 |
| Fidelity National Information Services, Inc. | 211 | 14048 |
| First Citizens BancShares, Inc. - Class A | 5 | 11400 |
| Goldman Sachs Group, Inc., The | 22 | 19297 |
| M&T Bank Corporation | 28 | 5657 |
| Morgan Stanley | 123 | 21916 |
| Progressive Corporation, The | 52 | 11814 |
| Travelers Companies, Inc., The | 34 | 9943 |
| Wells Fargo & Company | 498 | 46425 |
|  |  | 345966 |
| **Industrials 15.4%** | **Industrials 15.4%** | **Industrials 15.4%** |
| 3M Company | 116 | 18560 |
| Carrier Global Corporation | 466 | 24613 |
| CSX Corporation | 326 | 11824 |
| Deere & Company | 31 | 14483 |
| Dover Corporation | 93 | 18158 |
| Eaton Corporation Public Limited Company | 78 | 24800 |
| General Dynamics Corporation | 72 | 24275 |
| Northrop Grumman Corporation | 9 | 5365 |
| Parker-Hannifin Corporation | 10 | 8442 |
| Republic Services, Inc. | 35 | 7502 |
| RTX Corporation | 137 | 25092 |
| Union Pacific Corporation | 94 | 21662 |
|  |  | 204776 |
| **Health Care 13.5%** | **Health Care 13.5%** | **Health Care 13.5%** |
| AbbVie Inc. | 72 | 16408 |
| Becton, Dickinson and Company | 35 | 6712 |
| Boston Scientific Corporation (a) | 60 | 5691 |
| Bristol-Myers Squibb Company | 190 | 10241 |
| Cardinal Health, Inc. | 64 | 13143 |
| Cigna Group, The | 44 | 12192 |
| CVS Health Corporation | 174 | 13822 |
| Eli Lilly and Company | 7 | 7794 |
| Johnson & Johnson | 112 | 23087 |
| Medtronic, Inc. | 98 | 9404 |
| Merck & Co., Inc. | 128 | 13465 |
| Regeneron Pharmaceuticals, Inc. | 11 | 8583 |
| Thermo Fisher Scientific Inc. | 33 | 18895 |
| UnitedHealth Group Incorporated | 41 | 13474 |
| Vertex Pharmaceuticals Incorporated (a) | 16 | 7253 |
|  |  | 180164 |
| **Consumer Discretionary 9.4%** | **Consumer Discretionary 9.4%** | **Consumer Discretionary 9.4%** |
| Amazon.com, Inc. (a) | 142 | 32800 |
| AutoZone, Inc. (a) | 3 | 9761 |
| Booking Holdings Inc. | 1 | 6025 |
| Home Depot, Inc., The | 46 | 15699 |
| Lowe`s Companies, Inc. | 85 | 20552 |
| McDonald's Corporation | 54 | 16433 |
| O'Reilly Automotive, Inc. (a) | 78 | 7150 |
| TJX Companies, Inc., The | 112 | 17231 |
|  |  | 125651 |
| **Information Technology 9.0%** | **Information Technology 9.0%** | **Information Technology 9.0%** |
| Advanced Micro Devices, Inc. (a) | 22 | 4813 |
| Analog Devices, Inc. | 93 | 25099 |
| International Business Machines Corporation | 29 | 8677 |
| Micron Technology, Inc. | 52 | 14852 |
| Microsoft Corporation | 45 | 21612 |
| NXP Semiconductors N.V. | 60 | 13061 |
| Texas Instruments Incorporated | 95 | 16468 |
| Western Digital Corporation | 90 | 15536 |
|  |  | 120118 |
| **Communication Services 5.7%** | **Communication Services 5.7%** | **Communication Services 5.7%** |
| Alphabet Inc. - Class C | 122 | 38350 |
| Comcast Corporation - Class A | 358 | 10694 |
| Meta Platforms, Inc. - Class A | 18 | 11584 |
| Walt Disney Company, The | 138 | 15734 |
|  |  | 76362 |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| Chevron Corporation | 153 | 23341 |
| ConocoPhillips | 246 | 23000 |
| EOG Resources, Inc. | 197 | 20698 |
|  |  | 67039 |
| **Consumer Staples 5.0%** | **Consumer Staples 5.0%** | **Consumer Staples 5.0%** |
| Mondelez International, Inc. - Class A | 164 | 8847 |
| PepsiCo, Inc. | 58 | 8338 |
| Philip Morris International Inc. | 154 | 24692 |
| Procter & Gamble Company, The | 81 | 11599 |
| Walmart Inc. | 119 | 13238 |
|  |  | 66714 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| CMS Energy Corporation | 165 | 11527 |
| Entergy Corporation | 113 | 10468 |
| NextEra Energy, Inc. | 180 | 14411 |
| Public Service Enterprise Group Incorporated | 89 | 7170 |
| XCEL Energy Inc. | 155 | 11483 |
|  |  | 55059 |
| **Materials 3.7%** | **Materials 3.7%** | **Materials 3.7%** |
| Air Products and Chemicals, Inc. | 85 | 20909 |
| Ball Corporation | 237 | 12540 |
| Vulcan Materials Company | 57 | 16294 |
|  |  | 49743 |
| **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** |
| American Tower Corporation | 35 | 6069 |
| AvalonBay Communities, Inc. | 18 | 3207 |
| Host Hotels & Resorts, Inc. | 444 | 7865 |
| ProLogis Inc. | 38 | 4864 |
| Ventas, Inc. | 144 | 11181 |
|  |  | 33186 |
| Total Common Stocks (cost $1,032,675) | Total Common Stocks (cost $1,032,675) | 1324778 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Walter Energy Inc. (a) (b) (c) (d) | 1503 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (e) (f) | 9903 | 9903 |
| Total Short Term Investments (cost $9,903) | Total Short Term Investments (cost $9,903) | 9903 |
| **Total Investments 99.9% (cost $1,042,578)** | **Total Investments 99.9% (cost $1,042,578)** | **1334681** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **836** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1335517** |

---

(a) Non-income producing security.

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

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

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

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** | **JNL/JPMorgan U.S. Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 6731 | 183182 | 180010 | 485 |  |  | 9903 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Walter Energy Inc. | 08/23/19 |  |  |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1324778 |  |  | 1324778 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 9903 |  |  | 9903 |
|  | 1334681 |  |  | 1334681 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** |
| **COMMON STOCKS 96.7%** | **COMMON STOCKS 96.7%** | **COMMON STOCKS 96.7%** |
| **United Kingdom 16.8%** | **United Kingdom 16.8%** | **United Kingdom 16.8%** |
| Diageo PLC | 249 | 5368 |
| Diploma PLC | 83 | 5913 |
| Experian PLC | 184 | 8338 |
| Halma Public Limited Company | 170 | 8084 |
| InterContinental Hotels Group PLC | 58 | 8143 |
| London Stock Exchange Group PLC | 90 | 10810 |
| Relx PLC | 240 | 9718 |
| Unilever PLC | 146 | 9554 |
|  |  | 65928 |
| **Japan 9.2%** | **Japan 9.2%** | **Japan 9.2%** |
| HOYA Corporation | 57 | 8693 |
| Keyence Corporation | 16 | 5719 |
| M3, Inc. | 521 | 7057 |
| Recruit Holdings Co., Ltd. | 127 | 7224 |
| SMS Co., Ltd. | 384 | 3310 |
| Toei Animation Co., Ltd. | 232 | 4039 |
|  |  | 36042 |
| **France 6.8%** | **France 6.8%** | **France 6.8%** |
| EssilorLuxottica | 39 | 12324 |
| LVMH Moet Hennessy Louis Vuitton | 14 | 10753 |
| Pernod Ricard | 42 | 3632 |
|  |  | 26709 |
| **United States of America 6.6%** | **United States of America 6.6%** | **United States of America 6.6%** |
| Accenture Public Limited Company - Class A | 32 | 8464 |
| AON Public Limited Company - Class A | 31 | 10946 |
| Universal Music Group N.V. | 257 | 6717 |
|  |  | 26127 |
| **Germany 6.2%** | **Germany 6.2%** | **Germany 6.2%** |
| RATIONAL Aktiengesellschaft | 10 | 7819 |
| SAP SE | 40 | 9629 |
| Scout24 SE (a) | 70 | 7067 |
|  |  | 24515 |
| **Netherlands 5.5%** | **Netherlands 5.5%** | **Netherlands 5.5%** |
| ASML Holding N.V. | 12 | 13354 |
| IMCD N.V. | 42 | 3793 |
| Wolters Kluwer N.V. - Class C | 45 | 4630 |
|  |  | 21777 |
| **Sweden 5.1%** | **Sweden 5.1%** | **Sweden 5.1%** |
| ASSA ABLOY AB - Class B | 301 | 11653 |
| Hexagon Aktiebolag - Class B | 709 | 8366 |
|  |  | 20019 |
| **Denmark 4.7%** | **Denmark 4.7%** | **Denmark 4.7%** |
| Coloplast A/S - Class B | 53 | 4569 |
| Novo Nordisk A/S - Class B | 274 | 13976 |
|  |  | 18545 |
| **Taiwan 4.7%** | **Taiwan 4.7%** | **Taiwan 4.7%** |
| Lotes Co., Ltd. | 121 | 4980 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 45 | 13537 |
|  |  | 18517 |
| **Switzerland 4.4%** | **Switzerland 4.4%** | **Switzerland 4.4%** |
| Partners Group Holding AG | 9 | 10487 |
| VAT Group AG (a) | 14 | 6835 |
|  |  | 17322 |
| **Canada 4.1%** | **Canada 4.1%** | **Canada 4.1%** |
| Dollarama Inc. | 43 | 6378 |
| Toromont Industries Ltd. | 81 | 9758 |
|  |  | 16136 |
| **Hong Kong 4.0%** | **Hong Kong 4.0%** | **Hong Kong 4.0%** |
| AIA Group Limited | 763 | 7824 |
| Hong Kong Exchanges and Clearing Limited | 148 | 7742 |
|  |  | 15566 |
| **China 3.7%** | **China 3.7%** | **China 3.7%** |
| Tencent Holdings Limited | 191 | 14727 |
| **India 3.0%** | **India 3.0%** | **India 3.0%** |
| HDFC Bank Limited - ADR | 317 | 11596 |
| **South Africa 2.2%** | **South Africa 2.2%** | **South Africa 2.2%** |
| Clicks Group | 421 | 8567 |
| **Israel 2.1%** | **Israel 2.1%** | **Israel 2.1%** |
| Check Point Software Technologies Ltd (b) | 45 | 8388 |
| **Brazil 2.0%** | **Brazil 2.0%** | **Brazil 2.0%** |
| Totvs S.A. | 1005 | 7709 |
| **Norway 1.9%** | **Norway 1.9%** | **Norway 1.9%** |
| Gjensidige Forsikring ASA | 252 | 7527 |
| **Australia 1.9%** | **Australia 1.9%** | **Australia 1.9%** |
| Computershare Limited | 323 | 7336 |
| **Belgium 1.8%** | **Belgium 1.8%** | **Belgium 1.8%** |
| Argenx SE (b) | 8 | 7038 |
| Total Common Stocks (cost $364,745) | Total Common Stocks (cost $364,745) | 380091 |
| **PREFERRED STOCKS 1.4%** | **PREFERRED STOCKS 1.4%** | **PREFERRED STOCKS 1.4%** |
| **Germany 1.4%** | **Germany 1.4%** | **Germany 1.4%** |
| Sartorius Aktiengesellschaft | 19 | 5483 |
| Total Preferred Stocks (cost $5,361) | Total Preferred Stocks (cost $5,361) | 5483 |
| **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** |
| **Investment Companies 1.8%** | **Investment Companies 1.8%** | **Investment Companies 1.8%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 7250 | 7250 |
| Total Short Term Investments (cost $7,250) | Total Short Term Investments (cost $7,250) | 7250 |
| **Total Investments 99.9% (cost $377,356)** | **Total Investments 99.9% (cost $377,356)** | **392824** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **423** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **393247** |

---

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

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** | **JNL/Lazard International Quality Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 4281 | 84024 | 81055 | 219 |  |  | 7250 | 1.8 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** | **JNL/Lazard International Quality Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Scout24 SE | 10/23/24 | 6133 | 7067 | 1.8 |
| VAT Group AG | 03/11/24 | 7410 | 6835 | 1.7 |
|  |  | 13543 | 13902 | 3.5 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 69067 | 311024 |  | 380091 |
| &nbsp;&nbsp;Preferred Stocks |  | 5483 |  | 5483 |
| &nbsp;&nbsp;Short Term Investments | 7250 |  |  | 7250 |
|  | 76317 | 316507 |  | 392824 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |
| **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** |
| **United States of America 59.3%** | **United States of America 59.3%** | **United States of America 59.3%** |
| Alnylam Pharmaceuticals, Inc. (a) | 72 | 28529 |
| Alphabet Inc. - Class A | 232 | 72462 |
| Amazon.com, Inc. (a) | 245 | 56516 |
| Autodesk, Inc. (a) | 25 | 7477 |
| Block, Inc. - Class A (a) | 98 | 6397 |
| Boeing Company, The (a) | 154 | 33402 |
| Deere & Company | 20 | 9366 |
| Doximity, Inc. - Class A (a) | 208 | 9206 |
| Expeditors International of Washington, Inc. - Class A | 37 | 5516 |
| Meta Platforms, Inc. - Class A | 105 | 69195 |
| Microsoft Corporation | 69 | 33210 |
| Netflix, Inc. (a) | 459 | 43079 |
| Nike, Inc. - Class B | 82 | 5197 |
| Oracle Corporation | 204 | 39764 |
| Qualcomm Incorporated | 36 | 6148 |
| Salesforce, Inc. | 58 | 15375 |
| SEI Investments Company | 79 | 6468 |
| Tesla, Inc. (a) | 138 | 62096 |
| Vertex Pharmaceuticals Incorporated (a) | 40 | 18222 |
| Visa Inc. - Class A | 92 | 32323 |
| Yum! Brands, Inc. | 31 | 4723 |
|  |  | 564671 |
| **China 7.9%** | **China 7.9%** | **China 7.9%** |
| Alibaba Group Holding Limited - ADR | 38 | 5578 |
| Baidu, Inc. - Class A - ADR (a) | 84 | 10986 |
| Tencent Holdings Limited | 393 | 30246 |
| Trip.com Group Limited - ADR | 283 | 20371 |
| Yum China Holdings, Inc. | 171 | 8169 |
|  |  | 75350 |
| **Canada 5.8%** | **Canada 5.8%** | **Canada 5.8%** |
| Shopify Inc. - Class A (a) | 342 | 55042 |
| **Argentina 5.6%** | **Argentina 5.6%** | **Argentina 5.6%** |
| MercadoLibre, Inc. (a) | 27 | 53742 |
| **Switzerland 4.9%** | **Switzerland 4.9%** | **Switzerland 4.9%** |
| CRISPR Therapeutics AG (a) | 195 | 10224 |
| Nestle S.A. - Class N | 56 | 5582 |
| Novartis AG - Class N | 225 | 30905 |
|  |  | 46711 |
| **Netherlands 4.1%** | **Netherlands 4.1%** | **Netherlands 4.1%** |
| Adyen N.V. (a) (b) | 17 | 27889 |
| NXP Semiconductors N.V. | 52 | 11292 |
|  |  | 39181 |
| **United Kingdom 3.8%** | **United Kingdom 3.8%** | **United Kingdom 3.8%** |
| Arm Holdings PLC - ADR (a) | 108 | 11753 |
| Experian PLC | 360 | 16336 |
| Reckitt Benckiser Group PLC | 38 | 3052 |
| Unilever PLC | 84 | 5476 |
|  |  | 36617 |
| **Denmark 1.6%** | **Denmark 1.6%** | **Denmark 1.6%** |
| Novo Nordisk A/S - Class B | 306 | 15603 |
| **France 1.5%** | **France 1.5%** | **France 1.5%** |
| LVMH Moet Hennessy Louis Vuitton | 16 | 11977 |
| Societe d'exploitation Hoteliere (c) | 51 | 2603 |
|  |  | 14580 |
| **Japan 1.5%** | **Japan 1.5%** | **Japan 1.5%** |
| FANUC Corporation | 370 | 14408 |
| **Brazil 1.4%** | **Brazil 1.4%** | **Brazil 1.4%** |
| American Beverage Co Ambev - ADR (c) | 5426 | 13402 |
| **Italy 0.5%** | **Italy 0.5%** | **Italy 0.5%** |
| Ferrari N.V. | 12 | 4306 |
| **Hong Kong 0.1%** | **Hong Kong 0.1%** | **Hong Kong 0.1%** |
| Budweiser Brewing Company APAC Limited (b) (c) | 943 | 919 |
| Total Common Stocks (cost $604,034) | Total Common Stocks (cost $604,034) | 934532 |
| **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** |
| **Switzerland 1.6%** | **Switzerland 1.6%** | **Switzerland 1.6%** |
| Roche Holding AG | 36 | 14956 |
| Total Preferred Stocks (cost $11,795) | Total Preferred Stocks (cost $11,795) | 14956 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 2895 | 2895 |
| Total Short Term Investments (cost $2,895) | Total Short Term Investments (cost $2,895) | 2895 |
| **Total Investments 99.9% (cost $618,724)** | **Total Investments 99.9% (cost $618,724)** | **952383** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **667** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **953050** |

---

(a) Non-income producing security.

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

(c) All or a portion of the security was on loan as of December 31, 2025.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** | **JNL/Loomis Sayles Global Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 7561 | 271387 | 276053 | 134 |  |  | 2895 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 04/21/20 | 24511 | 27889 | 2.9 |
| Budweiser Brewing Company APAC Limited | 04/21/20 | 2243 | 919 | 0.1 |
|  |  | 26754 | 28808 | 3.0 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 769536 | 164996 |  | 934532 |
| &nbsp;&nbsp;Preferred Stocks |  | 14956 |  | 14956 |
| &nbsp;&nbsp;Short Term Investments | 2895 |  |  | 2895 |
|  | 772431 | 179952 |  | 952383 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |
| **CORPORATE BONDS AND NOTES 58.1%** | **CORPORATE BONDS AND NOTES 58.1%** | **CORPORATE BONDS AND NOTES 58.1%** |
| **Financials 18.1%** | **Financials 18.1%** | **Financials 18.1%** |
| AEGON Funding Company LLC |  |  |
| 5.50%, 04/16/27 (a) | 388 | 394 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 289 | 297 |
| 4.63%, 09/10/29 | 511 | 516 |
| AIB Group Public Limited Company |  |  |
| 5.32%, 05/15/31 (a) | 200 | 207 |
| AIG Global Funding |  |  |
| 5.20%, 01/12/29 (a) | 418 | 429 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 10/15/27 (a) | 3180 | 3186 |
| Aon Corporation |  |  |
| 8.21%, 01/01/27 | 617 | 641 |
| Atlas Warehouse Lending Company, L.P. |  |  |
| 6.05%, 01/15/28 (a) | 429 | 443 |
| 4.63%, 11/15/28 (a) | 618 | 620 |
| 6.25%, 01/15/30 (a) | 750 | 790 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 09/20/26 (a) | 2216 | 2181 |
| 3.50%, 11/01/27 (a) | 609 | 600 |
| 6.25%, 04/15/28 (a) | 533 | 553 |
| 5.38%, 07/15/29 (a) | 345 | 353 |
| Avilease Capital Limited |  |  |
| 4.75%, 11/12/30 (a) | 813 | 809 |
| Avolon Holdings Funding Limited |  |  |
| 3.25%, 02/15/27 (a) | 378 | 374 |
| 2.53%, 11/18/27 (a) | 166 | 161 |
| 4.95%, 01/15/28 (a) | 520 | 526 |
| 2.75%, 02/21/28 (a) | 478 | 463 |
| 6.38%, 05/04/28 (a) | 849 | 885 |
| 5.75%, 03/01/29 - 11/15/29 (a) | 939 | 972 |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.60%, 03/20/30 (a) | 854 | 887 |
| Barclays PLC |  |  |
| 6.50%, 09/13/27 | 725 | 736 |
| 2.28%, 11/24/27 | 351 | 345 |
| 5.37%, 02/25/31 | 445 | 459 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | 1028 | 1010 |
| 3.25%, 03/15/27 | 68 | 67 |
| 4.95%, 09/26/27 | 184 | 185 |
| Blackstone Reg Finance Co. L.L.C. |  |  |
| 4.30%, 11/03/30 | 1115 | 1113 |
| Blackstone Secured Lending Fund |  |  |
| 3.63%, 01/15/26 | 1027 | 1026 |
| 2.13%, 02/15/27 | 366 | 356 |
| 5.88%, 11/15/27 | 260 | 265 |
| Block, Inc. |  |  |
| 0.00%, 05/01/26 (b) (c) | 684 | 673 |
| 2.75%, 06/01/26 | 1024 | 1016 |
| 5.63%, 08/15/30 (a) | 231 | 235 |
| Blue Owl Credit Income Corp. |  |  |
| 3.13%, 09/23/26 | 67 | 66 |
| 4.70%, 02/08/27 | 254 | 253 |
| Blue Owl Technology Finance Corp. |  |  |
| 3.75%, 06/17/26 (a) | 263 | 261 |
| BNP Paribas |  |  |
| 2.59%, 01/20/28 (a) | 1805 | 1777 |
| 5.28%, 11/19/30 (a) | 255 | 262 |
| Brighthouse Financial, Inc. |  |  |
| 5.55%, 04/09/27 (a) | 935 | 948 |
| 5.65%, 06/10/29 (a) | 1053 | 1076 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 157 | 159 |
| 4.90%, 06/23/30 | 199 | 202 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.50%, 06/18/30 (a) | 1430 | 1468 |
| Citigroup Inc. |  |  |
| 4.79%, 03/04/29 | 1034 | 1049 |
| 5.17%, 02/13/30 | 1268 | 1301 |
| 4.50%, 09/11/31 | 593 | 595 |
| Citizens Bank, National Association |  |  |
| 4.58%, 08/09/28 (d) | 759 | 765 |
| Citizens Financial Group, Inc. |  |  |
| 5.84%, 01/23/30 | 1104 | 1151 |
| 5.25%, 03/05/31 | 1410 | 1447 |
| CNO Global Funding |  |  |
| 4.88%, 12/10/27 (a) | 505 | 512 |
| 4.38%, 09/08/28 (a) | 395 | 396 |
| 4.95%, 09/09/29 (a) | 262 | 266 |
| 4.70%, 12/11/30 (a) | 378 | 378 |
| Danske Bank A/S |  |  |
| 4.61%, 10/02/30 (a) | 510 | 514 |
| Discover Bank |  |  |
| 5.97%, 08/09/28 | 464 | 482 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (a) | 3834 | 3904 |
| Equitable Financial Life Global Funding |  |  |
| 5.45%, 03/03/28 (a) | 885 | 908 |
| 4.65%, 06/09/28 (a) | 388 | 392 |
| F&G Annuities & Life, Inc. |  |  |
| 7.40%, 01/13/28 (e) | 736 | 770 |
| F&G Global Funding |  |  |
| 5.88%, 06/10/27 - 01/16/30 (a) | 1397 | 1450 |
| 4.65%, 09/08/28 (a) | 257 | 259 |
| Fidelity National Information Services, Inc. |  |  |
| 3.75%, 05/21/29 | 1234 | 1209 |
| First Citizens BancShares, Inc. |  |  |
| 5.23%, 03/12/31 | 1335 | 1356 |
| First Horizon Corporation |  |  |
| 5.51%, 03/07/31 | 526 | 544 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/28 | 394 | 404 |
| Ford Motor Credit Company LLC |  |  |
| 6.95%, 06/10/26 | 200 | 202 |
| 2.70%, 08/10/26 | 1131 | 1120 |
| 5.13%, 11/05/26 | 2526 | 2549 |
| 4.27%, 01/09/27 | 1420 | 1413 |
| 5.85%, 05/17/27 | 621 | 630 |
| 7.35%, 11/04/27 | 591 | 617 |
| 5.80%, 03/08/29 | 1112 | 1137 |
| 5.30%, 09/06/29 | 1046 | 1053 |
| Freedom Mortgage Corporation |  |  |
| 6.63%, 01/15/27 (a) | 1050 | 1051 |
| FWD Group Holdings Limited |  |  |
| 5.25%, 09/22/30 (a) | 448 | 450 |
| GA Global Funding Trust |  |  |
| 4.40%, 09/23/27 (a) | 996 | 1000 |
| 5.50%, 01/08/29 (a) | 821 | 844 |
| 4.50%, 09/18/30 (a) | 1058 | 1045 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 - 05/08/27 | 442 | 445 |
| 5.00%, 07/15/27 | 379 | 384 |
| 4.20%, 10/27/28 | 265 | 265 |
| 5.65%, 01/17/29 | 1048 | 1086 |
| 5.55%, 07/15/29 | 756 | 784 |
| 5.30%, (SOFR + 1.29%), 01/07/30 (f) | 377 | 377 |
| GGAM Finance Ltd. |  |  |
| 8.00%, 02/15/27 - 06/15/28 (a) | 850 | 883 |
| Global Payments Inc. |  |  |
| 4.50%, 11/15/28 | 776 | 777 |
| 4.88%, 11/15/30 | 1297 | 1298 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.22%, 05/01/29 | 3501 | 3508 |
| 5.22%, 04/23/31 | 674 | 695 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 869 | 886 |
| 4.90%, 03/03/29 | 681 | 691 |
| Intesa Sanpaolo SpA |  |  |
| 5.71%, 01/15/26 (a) | 200 | 200 |
| Jane Street Group, LLC |  |  |
| 4.50%, 11/15/29 (a) | 1006 | 988 |
| Jefferson Capital Holdings LLC |  |  |
| 6.00%, 08/15/26 (a) | 957 | 955 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| JPMorgan Chase & Co. |  |  |
| 5.01%, 01/23/30 | 2777 | 2846 |
| 5.14%, 01/24/31 | 269 | 278 |
| 2.96%, 05/13/31 | 489 | 461 |
| Lincoln Financial Global Funding |  |  |
| 4.63%, 05/28/28 (a) | 468 | 473 |
| 5.30%, 01/13/30 (a) | 523 | 541 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 251 | 256 |
| 4.63%, 11/15/27 (a) | 2619 | 2619 |
| 4.90%, 04/03/28 | 314 | 318 |
| 6.75%, 11/17/28 | 492 | 525 |
| 5.20%, 03/15/30 | 199 | 204 |
| 5.15%, 06/15/30 | 471 | 480 |
| M&T Bank Corporation |  |  |
| 4.55%, 08/16/28 | 637 | 641 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (a) | 568 | 595 |
| 5.15%, 03/17/30 (a) | 176 | 178 |
| Macquarie Bank Limited |  |  |
| 3.62%, 06/03/30 (a) (b) | 392 | 374 |
| MGIC Investment Corporation |  |  |
| 5.25%, 08/15/28 | 687 | 686 |
| Morgan Stanley |  |  |
| 5.45%, 07/20/29 | 720 | 743 |
| 5.17%, 01/16/30 | 1746 | 1792 |
| 4.43%, 01/23/30 | 1841 | 1850 |
| 5.04%, 07/19/30 | 383 | 392 |
| 4.36%, 10/22/31 | 446 | 445 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 252 | 255 |
| MSCI Inc. |  |  |
| 4.00%, 11/15/29 (a) | 820 | 803 |
| 3.63%, 09/01/30 (a) | 333 | 318 |
| 3.88%, 02/15/31 (a) | 137 | 132 |
| Mutual Of Omaha Cps Global Funding |  |  |
| 5.45%, 12/12/28 (a) | 620 | 642 |
| 5.00%, 04/01/30 (a) | 390 | 398 |
| Navient Corporation |  |  |
| 6.75%, 06/15/26 | 1121 | 1131 |
| 5.00%, 03/15/27 | 144 | 144 |
| NMI Holdings, Inc. |  |  |
| 6.00%, 08/15/29 | 189 | 196 |
| OneMain Finance Corporation |  |  |
| 7.13%, 03/15/26 | 400 | 402 |
| 6.63%, 01/15/28 | 676 | 693 |
| Osaic Holdings, Inc. |  |  |
| 6.25%, 03/01/28 (a) | 643 | 645 |
| Popular, Inc. |  |  |
| 7.25%, 03/13/28 | 671 | 706 |
| Protective Life Corporation |  |  |
| 4.70%, 01/15/31 (a) | 708 | 710 |
| PT. Bank Negara Indonesia (persero) |  |  |
| 3.75%, 03/30/26 (d) | 520 | 515 |
| RGA Global Funding |  |  |
| 5.45%, 05/24/29 (a) | 502 | 520 |
| Rocket Companies, Inc. |  |  |
| 6.50%, 08/01/29 (a) | 1202 | 1241 |
| 6.13%, 08/01/30 (a) | 705 | 728 |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (a) | 1438 | 1416 |
| Sammons Financial Group, Inc. |  |  |
| 5.05%, 01/10/28 (a) | 317 | 322 |
| 5.10%, 12/10/29 (a) | 442 | 453 |
| Santander UK Group Holdings PLC |  |  |
| 6.53%, 01/10/29 | 2601 | 2718 |
| 4.32%, 09/22/29 | 400 | 400 |
| SLM Corporation |  |  |
| 3.13%, 11/02/26 | 925 | 908 |
| Societe Generale |  |  |
| 5.25%, 02/19/27 (a) | 1126 | 1139 |
| Standard Chartered PLC |  |  |
| 6.75%, 02/08/28 (a) | 393 | 404 |
| 5.69%, 05/14/28 (a) | 457 | 466 |
| Stellantis Financial Services US Corp. |  |  |
| 4.95%, 09/15/28 (a) | 1025 | 1039 |
| 5.40%, 09/15/30 (a) | 532 | 540 |
| Synchrony Bank |  |  |
| 5.63%, 08/23/27 (d) | 1688 | 1721 |
| Synchrony Financial |  |  |
| 3.70%, 08/04/26 | 265 | 264 |
| 3.95%, 12/01/27 | 223 | 222 |
| 5.02%, 07/29/29 | 387 | 392 |
| Truist Financial Corporation |  |  |
| 5.44%, 01/24/30 | 409 | 423 |
| U.S. Bancorp |  |  |
| 5.10%, 07/23/30 | 646 | 665 |
| 5.05%, 02/12/31 | 1687 | 1732 |
| UBS Group AG |  |  |
| 1.49%, 08/10/27 (a) | 313 | 308 |
| 3.87%, 01/12/29 (a) | 523 | 520 |
| 5.43%, 02/08/30 (a) | 279 | 288 |
| United Wholesale Mortgage, LLC |  |  |
| 5.75%, 06/15/27 (a) | 1036 | 1037 |
| Voya Global Funding |  |  |
| 4.60%, 11/24/30 (a) | 839 | 844 |
| Wells Fargo & Company |  |  |
| 4.97%, 04/23/29 | 546 | 556 |
| 5.57%, 07/25/29 | 1270 | 1314 |
| 5.20%, 01/23/30 | 2816 | 2898 |
| Western Southern Global Funding |  |  |
| 4.50%, 07/16/28 (a) | 532 | 536 |
| 4.90%, 05/01/30 (a) | 422 | 432 |
| | | 128463 |
| **Energy 11.0%** | **Energy 11.0%** | **Energy 11.0%** |
| Antero Midstream Partners LP |  |  |
| 5.75%, 01/15/28 (a) | 691 | 690 |
| Antero Resources Corporation |  |  |
| 7.63%, 02/01/29 (a) | 1544 | 1567 |
| 5.38%, 03/01/30 (a) | 301 | 304 |
| APA Corporation |  |  |
| 4.38%, 10/15/28 | 2186 | 2178 |
| Archrock Partners, L.P. |  |  |
| 6.25%, 04/01/28 (a) | 400 | 402 |
| Aris Water Holdings, LLC |  |  |
| 7.25%, 04/01/30 (a) | 1640 | 1749 |
| Blue Racer Midstream, LLC |  |  |
| 6.63%, 07/15/26 (a) | 986 | 987 |
| Buckeye Partners, L.P. |  |  |
| 3.95%, 12/01/26 | 1138 | 1124 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 353 | 352 |
| Chord Energy Corporation |  |  |
| 6.00%, 10/01/30 (a) | 592 | 598 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (a) | 1672 | 1736 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/26 (a) | 2117 | 2112 |
| 8.38%, 07/01/28 (a) | 1312 | 1352 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (a) | 60 | 60 |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.06%, 08/15/26 (a) | 1523 | 1537 |
| 6.04%, 08/15/28 (a) | 538 | 559 |
| Continental Resources, Inc. |  |  |
| 2.27%, 11/15/26 (a) | 2038 | 2000 |
| 4.38%, 01/15/28 | 868 | 867 |
| 5.75%, 01/15/31 (a) | 1116 | 1145 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | 2053 | 2047 |
| 4.38%, 03/15/29 | 1237 | 1240 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 02/15/28 (a) | 1495 | 1541 |
| Crestwood Midstream Partners LP |  |  |
| 5.63%, 05/01/27 (a) | 1869 | 1869 |
| 6.00%, 02/01/29 (a) | 1982 | 2004 |
| 7.38%, 02/01/31 (a) | 537 | 558 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Delek Logistics Partners, LP |  |  |
| 7.13%, 06/01/28 (a) | 96 | 96 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 1045 | 1042 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (a) | 1799 | 1776 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (a) | 1628 | 1648 |
| Ecopetrol S.A. |  |  |
| 8.63%, 01/19/29 | 1971 | 2114 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (a) | 1787 | 1778 |
| 4.50%, 01/15/29 | 718 | 719 |
| 6.38%, 04/01/29 | 2075 | 2149 |
| 7.50%, 06/01/30 | 304 | 334 |
| Expand Energy Corporation |  |  |
| 5.88%, 02/01/29 (a) | 878 | 891 |
| Genesis Energy, L.P. |  |  |
| 7.75%, 02/01/28 | 6 | 6 |
| Greenko Dutch B.V. |  |  |
| 3.85%, 03/29/26 (d) | 1211 | 1200 |
| 3.85%, 03/29/26 (a) | 502 | 497 |
| Gulfport Energy Operating Corporation |  |  |
| 6.75%, 09/01/29 (a) | 1009 | 1042 |
| Helmerich & Payne, Inc. |  |  |
| 4.65%, 12/01/27 | 525 | 530 |
| 4.85%, 12/01/29 (g) | 583 | 586 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (a) | 240 | 244 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/28 (a) | 224 | 225 |
| HF Sinclair Corporation |  |  |
| 5.00%, 02/01/28 | 1168 | 1169 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (a) | 876 | 900 |
| Kosmos Energy Ltd. |  |  |
| 7.13%, 04/04/26 (d) | 768 | 760 |
| Matador Resources Company |  |  |
| 6.88%, 04/15/28 (a) | 1304 | 1332 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (a) | 946 | 951 |
| Occidental Petroleum Corporation |  |  |
| 5.20%, 08/01/29 | 318 | 326 |
| 8.88%, 07/15/30 | 1109 | 1280 |
| 6.63%, 09/01/30 | 389 | 418 |
| 6.13%, 01/01/31 | 418 | 442 |
| 7.50%, 05/01/31 | 182 | 205 |
| Ovintiv Canada ULC |  |  |
| 5.65%, 05/15/28 | 723 | 744 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 1249 | 1225 |
| Petroleos Mexicanos |  |  |
| 8.75%, 06/02/29 | 350 | 375 |
| Range Resources Corporation |  |  |
| 8.25%, 01/15/29 | 1306 | 1328 |
| Repsol E&P Capital Markets US LLC |  |  |
| 4.81%, 09/16/28 (a) | 200 | 202 |
| Rockcliff Energy II LLC |  |  |
| 5.50%, 10/15/29 (a) | 1050 | 1037 |
| SM Energy Company |  |  |
| 6.75%, 09/15/26 | 1693 | 1693 |
| 6.50%, 07/15/28 | 682 | 689 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 640 | 646 |
| 5.03%, 10/01/29 | 777 | 788 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 | 841 | 842 |
| Suncor Energy Inc. |  |  |
| 7.88%, 06/15/26 | 671 | 684 |
| Targa Resources Partners LP |  |  |
| 6.88%, 01/15/29 | 3882 | 3887 |
| Tengizchevroil Finance Company S.a r.l. |  |  |
| 4.00%, 08/15/26 (d) | 3662 | 3646 |
| 3.25%, 08/15/30 (a) | 400 | 371 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (a) | 1409 | 1417 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 526 | 532 |
| Western Midstream Operating, LP |  |  |
| 4.75%, 08/15/28 | 385 | 390 |
| 6.35%, 01/15/29 | 1179 | 1241 |
| 4.80%, 03/01/31 | 332 | 332 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29 (a) | 571 | 588 |
| Williams Companies, Inc., The |  |  |
| 4.90%, 03/15/29 | 659 | 673 |
| | | 78568 |
| **Industrials 5.6%** | **Industrials 5.6%** | **Industrials 5.6%** |
| Air Canada |  |  |
| 3.88%, 08/15/26 (a) | 925 | 920 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (a) | 170 | 174 |
| 5.00%, 09/15/30 (a) | 316 | 319 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (a) | 376 | 377 |
| ATI Inc. |  |  |
| 7.25%, 08/15/30 | 568 | 599 |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (e) | 2376 | 2371 |
| 2.25%, 06/15/26 | 413 | 410 |
| 2.70%, 02/01/27 | 504 | 497 |
| 5.04%, 05/01/27 (e) | 229 | 231 |
| 6.26%, 05/01/27 (e) | 1205 | 1237 |
| 3.25%, 02/01/28 | 425 | 418 |
| 3.20%, 03/01/29 | 229 | 222 |
| 6.30%, 05/01/29 (e) | 981 | 1042 |
| 5.15%, 05/01/30 (e) | 1590 | 1635 |
| Bombardier Inc. |  |  |
| 6.00%, 02/15/28 (a) | 65 | 65 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (a) | 1205 | 1256 |
| CNH Industrial Capital LLC |  |  |
| 4.75%, 03/21/28 | 177 | 179 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (a) | 770 | 769 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 875 | 919 |
| Griffon Corporation |  |  |
| 5.75%, 03/01/28 | 27 | 27 |
| GXO Logistics Inc. |  |  |
| 1.65%, 07/15/26 | 1040 | 1027 |
| 6.25%, 05/06/29 | 1158 | 1221 |
| Hillenbrand, Inc. |  |  |
| 6.25%, 02/15/29 | 1253 | 1280 |
| Husky Injection Molding Systems Ltd. |  |  |
| 9.00%, 02/15/29 (a) | 705 | 738 |
| Jacobs Engineering Group Inc. |  |  |
| 6.35%, 08/18/28 | 1355 | 1426 |
| MasTec, Inc. |  |  |
| 4.50%, 08/15/28 (a) | 1602 | 1593 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (a) | 260 | 250 |
| Molex Electronic Technologies, LLC |  |  |
| 4.75%, 04/30/28 (a) | 669 | 676 |
| Penske Truck Leasing Co., L.P. |  |  |
| 4.20%, 04/01/27 (a) | 1403 | 1404 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 - 04/15/28 (e) | 3077 | 3163 |
| 6.30%, 02/15/30 (e) | 1736 | 1840 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/28 | 396 | 397 |
| Spirit AeroSystems, Inc. |  |  |
| 3.85%, 06/15/26 | 1273 | 1269 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (a) | 1350 | 1351 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (a) | 676 | 689 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Trinity Industries, Inc. |  |  |
| 7.75%, 07/15/28 (a) | 1081 | 1122 |
| Triton Container International Limited |  |  |
| 2.05%, 04/15/26 (a) | 778 | 772 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (a) | 3354 | 3359 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (a) | 658 | 649 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (a) | 2239 | 2287 |
| | | 40180 |
| **Consumer Discretionary 5.1%** | **Consumer Discretionary 5.1%** | **Consumer Discretionary 5.1%** |
| AS Mileage Plan IP Ltd. |  |  |
| 5.02%, 10/20/29 (a) | 808 | 814 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (a) | 2335 | 2299 |
| 7.00%, 08/15/29 (a) | 686 | 719 |
| Dick's Sporting Goods, Inc. |  |  |
| 4.00%, 10/01/29 (a) | 501 | 491 |
| Discovery Communications, LLC |  |  |
| 3.95%, 03/20/28 | 1793 | 1761 |
| Empire Resorts, Inc. |  |  |
| 7.75%, 11/01/26 (a) | 200 | 196 |
| Flutter Treasury Designated Activity Company |  |  |
| 6.38%, 04/29/29 (a) | 1200 | 1238 |
| Hasbro, Inc. |  |  |
| 3.90%, 11/19/29 (e) | 2431 | 2391 |
| Hyatt Hotels Corporation |  |  |
| 5.25%, 06/30/29 | 361 | 371 |
| Hyundai Capital America |  |  |
| 4.88%, 06/23/27 (a) | 462 | 467 |
| 4.30%, 09/24/27 (a) | 700 | 702 |
| 2.00%, 06/15/28 (a) | 654 | 620 |
| 4.90%, 06/23/28 (a) | 649 | 659 |
| 6.10%, 09/21/28 (a) | 745 | 779 |
| 5.30%, 01/08/29 (a) | 409 | 419 |
| 6.50%, 01/16/29 (a) | 157 | 166 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 1153 | 1146 |
| 5.90%, 06/01/27 | 64 | 65 |
| Magnum Management Corporation |  |  |
| 5.38%, 04/15/27 | 1196 | 1188 |
| Mattel, Inc. |  |  |
| 5.88%, 12/15/27 (a) | 1870 | 1875 |
| 5.00%, 11/17/30 | 975 | 982 |
| Matthews International Corporation |  |  |
| 8.63%, 10/01/27 (a) | 1078 | 1112 |
| Nissan Motor Acceptance Company LLC |  |  |
| 2.00%, 03/09/26 (a) | 350 | 347 |
| 6.95%, 09/15/26 (a) | 1486 | 1502 |
| Prosus N.V. |  |  |
| 3.26%, 01/19/27 (a) | 875 | 863 |
| Rakuten Group, Inc. |  |  |
| 11.25%, 02/15/27 (a) | 1791 | 1910 |
| Royal Caribbean Cruises Ltd. |  |  |
| 4.25%, 07/01/26 (a) | 824 | 824 |
| 5.50%, 08/31/26 - 04/01/28 (a) | 594 | 598 |
| 5.38%, 07/15/27 (a) | 764 | 770 |
| 3.70%, 03/15/28 | 1493 | 1476 |
| Sodexo, Inc. |  |  |
| 5.15%, 08/15/30 (a) | 256 | 262 |
| Sotheby's, Inc. |  |  |
| 7.38%, 10/15/27 (a) | 975 | 967 |
| Stellantis Finance US Inc. |  |  |
| 5.35%, 03/17/28 (a) | 459 | 468 |
| Studio City Company Limited |  |  |
| 7.00%, 02/15/27 (d) | 1040 | 1041 |
| Volkswagen Group of America Finance, LLC |  |  |
| 4.90%, 08/14/26 (a) | 315 | 316 |
| 4.95%, 03/25/27 (a) | 622 | 627 |
| 4.45%, 09/11/27 (a) | 990 | 994 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 377 | 373 |
| 4.05%, 03/15/29 | 555 | 537 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 (a) | 1650 | 1676 |
|  |  | 36011 |
| **Health Care 4.3%** | **Health Care 4.3%** | **Health Care 4.3%** |
| 180 Medical, Inc. |  |  |
| 3.88%, 10/15/29 (a) | 667 | 649 |
| Adventist Health System/West |  |  |
| 4.74%, 12/01/30 | 1777 | 1784 |
| Baxter International Inc. |  |  |
| 2.27%, 12/01/28 | 394 | 372 |
| 4.45%, 02/15/29 | 188 | 188 |
| 4.90%, 12/15/30 | 890 | 896 |
| Bayer US Finance II LLC |  |  |
| 4.38%, 12/15/28 (a) | 470 | 470 |
| Bayer US Finance LLC |  |  |
| 6.25%, 01/21/29 (a) | 597 | 627 |
| 6.38%, 11/21/30 (a) | 1273 | 1361 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 4008 | 3983 |
| 2.45%, 07/15/28 | 944 | 884 |
| CommonSpirit Health |  |  |
| 4.35%, 09/01/30 | 255 | 254 |
| Fresenius Medical Care US Finance III, Inc. |  |  |
| 1.88%, 12/01/26 (a) | 160 | 156 |
| 3.75%, 06/15/29 (a) | 992 | 968 |
| 2.38%, 02/16/31 (a) | 158 | 140 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.20%, 06/15/29 (a) | 313 | 321 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (a) | 1042 | 1125 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 366 | 373 |
| 5.85%, 05/08/29 | 2188 | 2284 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 896 | 923 |
| 4.75%, 12/12/30 | 899 | 909 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (a) | 821 | 820 |
| 5.70%, 05/15/28 | 200 | 206 |
| 6.25%, 02/01/29 | 785 | 827 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 (a) | 490 | 481 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (a) | 1510 | 1470 |
| Rede D'Or Finance |  |  |
| 4.95%, 01/17/28 (d) | 727 | 726 |
| Royalty Pharma PLC |  |  |
| 5.15%, 09/02/29 | 525 | 539 |
| 2.20%, 09/02/30 | 176 | 160 |
| 4.45%, 03/25/31 | 1998 | 1993 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29 | 1187 | 1229 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 10/01/28 | 712 | 715 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 1404 | 1386 |
| Universal Health Services, Inc. |  |  |
| 4.63%, 10/15/29 | 1510 | 1517 |
|  |  | 30736 |
| **Utilities 3.8%** | **Utilities 3.8%** | **Utilities 3.8%** |
| AES Corporation, The |  |  |
| 5.45%, 06/01/28 | 711 | 728 |
| Alexander Funding Trust II |  |  |
| 7.47%, 07/31/28 (a) | 722 | 771 |
| Algonquin Power & Utilities Corp. |  |  |
| 5.37%, 06/15/26 (h) | 1068 | 1073 |
| Alliant Energy Finance, LLC |  |  |
| 5.40%, 06/06/27 (a) | 244 | 247 |
| 5.95%, 03/30/29 (a) | 1349 | 1410 |
| Black Hills Corporation |  |  |
| 5.95%, 03/15/28 | 724 | 751 |
| Calpine Corporation |  |  |
| 5.13%, 03/15/28 (a) | 691 | 689 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Capital Power (US Holdings) Inc. |  |  |
| 5.26%, 06/01/28 (a) | 1279 | 1305 |
| CenterPoint Energy, Inc. |  |  |
| 5.40%, 06/01/29 | 197 | 204 |
| Cleco Corporate Holdings LLC |  |  |
| 3.74%, 05/01/26 | 436 | 435 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.69%, 05/15/29 (a) | 793 | 785 |
| 5.70%, 01/24/30 (d) (g) | 400 | 407 |
| DTE Energy Company |  |  |
| 5.10%, 03/01/29 | 560 | 573 |
| Electricite de France |  |  |
| 5.70%, 05/23/28 (a) | 872 | 901 |
| Enel Finance International N.V. |  |  |
| 4.13%, 09/30/28 (a) | 299 | 299 |
| 5.13%, 06/26/29 (a) | 675 | 692 |
| 4.38%, 09/30/30 (a) | 391 | 389 |
| Engie |  |  |
| 5.25%, 04/10/29 (a) | 330 | 340 |
| Eversource Energy |  |  |
| 5.95%, 02/01/29 | 550 | 575 |
| Fells Point Funding Trust |  |  |
| 3.05%, 01/31/27 (a) | 1561 | 1542 |
| ITC Holdings Corp. |  |  |
| 4.95%, 09/22/27 (a) | 551 | 558 |
| Liberty Utilities Co. |  |  |
| 5.58%, 01/31/29 (a) | 688 | 711 |
| National Fuel Gas Company |  |  |
| 5.50%, 03/15/30 (e) | 1541 | 1588 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (a) | 455 | 458 |
| NRG Energy, Inc. |  |  |
| 4.73%, 10/15/30 (a) | 727 | 727 |
| OGE Energy Corp. |  |  |
| 5.45%, 05/15/29 | 254 | 263 |
| Ohio Edison Company |  |  |
| 4.95%, 12/15/29 (a) | 133 | 136 |
| PG&E Company |  |  |
| 3.15%, 01/01/26 | 1184 | 1184 |
| 5.00%, 06/04/28 | 565 | 575 |
| 5.55%, 05/15/29 | 494 | 510 |
| Pinnacle West Capital Corporation |  |  |
| 4.90%, 05/15/28 | 154 | 157 |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 (a) | 389 | 398 |
| Snam S.p.A. |  |  |
| 5.00%, 05/28/30 (a) | 388 | 396 |
| Southwest Gas Corporation |  |  |
| 5.45%, 03/23/28 | 564 | 579 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 1500 | 1556 |
| Vistra Operations Company LLC |  |  |
| 5.05%, 12/30/26 (a) | 175 | 176 |
| 3.70%, 01/30/27 (a) | 242 | 240 |
| 5.63%, 02/15/27 (a) | 1498 | 1498 |
| 4.30%, 10/15/28 (a) | 1277 | 1277 |
| | | 27103 |
| **Information Technology 2.8%** | **Information Technology 2.8%** | **Information Technology 2.8%** |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 3000 | 3080 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 736 | 757 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28 (a) | 766 | 753 |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (a) | 594 | 598 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 866 | 830 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (a) | 1444 | 1447 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (a) | 2993 | 3134 |
| 5.50%, 01/25/31 (a) | 507 | 524 |
| Gartner, Inc. |  |  |
| 4.50%, 07/01/28 (a) | 1001 | 998 |
| Intel Corporation |  |  |
| 3.75%, 08/05/27 | 374 | 372 |
| 2.45%, 11/15/29 | 330 | 308 |
| Microchip Technology Incorporated |  |  |
| 4.90%, 03/15/28 | 395 | 401 |
| 5.05%, 03/15/29 - 02/15/30 | 994 | 1015 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 (a) | 670 | 696 |
| Oracle Corporation |  |  |
| 6.15%, 11/09/29 | 1051 | 1097 |
| 4.45%, 09/26/30 | 3303 | 3228 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 09/30/27 (a) | 550 | 550 |
| TD SYNNEX Corporation |  |  |
| 4.30%, 01/17/29 | 467 | 466 |
|  |  | 20254 |
| **Consumer Staples 2.4%** | **Consumer Staples 2.4%** | **Consumer Staples 2.4%** |
| Albertsons Companies, Inc. |  |  |
| 6.50%, 02/15/28 (a) | 1162 | 1186 |
| Ashtead Capital, Inc. |  |  |
| 4.38%, 08/15/27 (a) | 1209 | 1208 |
| B.A.T Capital Corporation |  |  |
| 3.56%, 08/15/27 | 293 | 291 |
| Bacardi Limited |  |  |
| 4.70%, 05/15/28 (a) | 626 | 631 |
| 5.25%, 01/15/29 (a) | 653 | 666 |
| Bacardi-Martini B.V. |  |  |
| 5.55%, 02/01/30 (a) | 653 | 674 |
| Bunge Limited Finance Corp. |  |  |
| 2.00%, 04/21/26 | 353 | 351 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (a) | 850 | 836 |
| Conagra Brands, Inc. |  |  |
| 4.85%, 11/01/28 | 1618 | 1637 |
| Imperial Brands Finance PLC |  |  |
| 5.50%, 02/01/30 (a) | 2461 | 2550 |
| Japan Tobacco Inc. |  |  |
| 5.25%, 06/15/30 (a) | 1754 | 1820 |
| JBS USA Food Company |  |  |
| 3.00%, 02/02/29 | 545 | 525 |
| Keurig Dr Pepper Inc. |  |  |
| 5.10%, 03/15/27 | 327 | 330 |
| 4.35%, 05/15/28 | 503 | 504 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (a) | 1245 | 1242 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (a) | 1012 | 1030 |
| Safeway Inc. |  |  |
| 4.63%, 01/15/27 (a) | 1391 | 1390 |
|  |  | 16871 |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 239 | 237 |
| 5.00%, 01/11/28 | 596 | 606 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 - 11/15/30 | 1217 | 1214 |
| 4.50%, 06/01/27 | 914 | 916 |
| Equinix Europe 2 Financing Corporation LLC |  |  |
| 4.60%, 11/15/30 | 517 | 519 |
| HAT Holdings I LLC |  |  |
| 3.38%, 06/15/26 (a) | 299 | 297 |
| 8.00%, 06/15/27 (a) | 666 | 691 |
| Iron Mountain Incorporated |  |  |
| 4.88%, 09/15/27 (a) | 823 | 822 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 4.25%, 02/01/27 (a) | 708 | 703 |
| 4.75%, 06/15/29 (a) | 1368 | 1353 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (a) | 501 | 500 |
| Prologis Targeted U.S. Logistics Fund, L.P. |  |  |
| 4.25%, 01/15/31 (a) | 802 | 796 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VICI Properties Inc. |  |  |
| 4.50%, 09/01/26 (a) | 956 | 957 |
| 4.25%, 12/01/26 (a) | 1141 | 1141 |
| 5.75%, 02/01/27 (a) | 707 | 715 |
| 3.75%, 02/15/27 (a) | 441 | 438 |
| 3.88%, 02/15/29 (a) | 864 | 847 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 845 | 836 |
| WEA Finance LLC |  |  |
| 2.88%, 01/15/27 (a) | 550 | 541 |
| 3.50%, 06/15/29 (a) | 285 | 276 |
| | | 14405 |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| Albemarle Corporation |  |  |
| 4.65%, 06/01/27 | 962 | 968 |
| Amcor Flexibles North America, Inc. |  |  |
| 4.80%, 03/17/28 | 177 | 179 |
| Anglo American Capital PLC |  |  |
| 4.75%, 04/10/27 (a) | 333 | 335 |
| 4.50%, 03/15/28 (a) | 1337 | 1345 |
| 3.88%, 03/16/29 (a) | 200 | 197 |
| CSN Resources S.A. |  |  |
| 7.63%, 04/17/26 (d) | 1225 | 1211 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (d) | 201 | 201 |
| First Quantum Minerals Ltd |  |  |
| 9.38%, 03/01/29 (a) | 325 | 342 |
| Glencore Funding LLC |  |  |
| 5.40%, 05/08/28 (a) | 229 | 235 |
| 6.13%, 10/06/28 (a) | 513 | 538 |
| 5.37%, 04/04/29 (a) | 1961 | 2023 |
| 5.19%, 04/01/30 (a) | 568 | 582 |
| PT. Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (d) | 1400 | 1404 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (a) | 393 | 403 |
| Stillwater Mining Company |  |  |
| 4.00%, 11/16/26 (d) | 1240 | 1229 |
|  |  | 11192 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (a) | 39 | 39 |
| Commscope Technologies LLC |  |  |
| 5.00%, 03/15/27 (a) | 615 | 613 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 1001 | 1006 |
| Fox Corporation |  |  |
| 4.71%, 01/25/29 | 1222 | 1237 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 496 | 501 |
| 6.00%, 01/15/30 (a) | 67 | 68 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (a) | 1479 | 1479 |
| 5.00%, 05/01/28 (a) | 940 | 942 |
| 6.75%, 05/01/29 (a) | 717 | 722 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (a) | 707 | 708 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | 302 | 297 |
| 3.70%, 06/01/28 | 217 | 213 |
| 4.20%, 06/01/29 | 483 | 470 |
| 7.88%, 07/30/30 | 595 | 643 |
| Roblox Corporation |  |  |
| 3.88%, 05/01/30 (a) | 470 | 450 |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26 (a) | 282 | 279 |
| Telefonica Europe B.V. |  |  |
| 8.25%, 09/15/30 | 187 | 215 |
|  |  | 9882 |
| Total Corporate Bonds And Notes (cost $408,290) | Total Corporate Bonds And Notes (cost $408,290) | 413665 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 30.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 30.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 30.1%** |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-A-FL1, 5.00%, (1 Month Term SOFR + 1.26%), 10/20/36 (f) | 202 | 201 |
| Affirm Asset Securitization Trust 2024-A |  |  |
| Series 2024-1A-A, 5.61%, 09/15/26 | 1155 | 1157 |
| Series 2024-A-A, 5.61%, 09/15/26 | 565 | 566 |
| Affirm Master Trust |  |  |
| Series 2025-A-1A, 4.99%, 02/15/33 | 705 | 711 |
| Affirm Master Trust Series 2025-3 |  |  |
| Series 2025-A-3A, 4.45%, 10/16/34 | 1085 | 1088 |
| AGL CLO 1 LTD |  |  |
| Series 2019-ARR-1A, 5.08%, (3 Month Term SOFR + 1.20%), 10/20/34 (f) | 3100 | 3103 |
| AGL CLO 14 Ltd |  |  |
| Series 2021-AR-14A, 4.74%, (3 Month Term SOFR + 0.87%), 12/04/34 (f) | 2000 | 2000 |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.49%, (1 Month Term SOFR + 1.74%), 06/15/27 (f) | 590 | 592 |
| Allegany Park CLO, Ltd. |  |  |
| Series 2019-ARR-1A, 4.98%, (3 Month Term SOFR + 1.10%), 01/22/35 (f) | 560 | 560 |
| Apex Credit CLO 2021 Ltd |  |  |
| Series 2021-ANR-1A, 5.10%, (3 Month Term SOFR + 1.22%), 07/18/34 (f) | 3600 | 3595 |
| Apidos CLO Xxv |  |  |
| Series 2016-A1R3-25A, 5.02%, (3 Month Term SOFR + 1.14%), 01/21/37 (f) | 850 | 850 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl1, Ltd. |  |  |
| Series 2022-A-FL1, 5.43%, (SOFR 30-Day Average + 1.45%), 01/15/37 (f) | 311 | 311 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.09%, (1 Month Term SOFR + 1.40%), 02/20/29 (f) | 810 | 809 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.47%, (1 Month Term SOFR + 1.75%), 06/15/27 (f) | 580 | 580 |
| Ares XLIV CLO Ltd |  |  |
| Series 2021-AR-60A, 5.06%, (3 Month Term SOFR + 1.18%), 07/18/34 (f) | 2250 | 2250 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2020-A-2A, 2.02%, 02/20/26 | 693 | 692 |
| Bain Capital Credit CLO 2021-3 Ltd |  |  |
| Series 2021-AR-3A, 4.93%, (3 Month Term SOFR + 1.06%), 07/24/34 (f) | 610 | 609 |
| Bain Capital Credit CLO 2022-3, Limited |  |  |
| Series 2022-A1R-3A, 5.04%, (3 Month Term SOFR + 1.16%), 07/17/35 (f) | 1400 | 1400 |
| Bain Capital Credit, LP |  |  |
| Series 2019-AR2-1A, 5.11%, (3 Month Term SOFR + 1.23%), 04/19/34 (f) | 2250 | 2253 |
| Bank5 2024-5Yr11 |  |  |
| Series 2024-A3-5YR11, REMIC, 5.89%, 11/19/29 | 730 | 767 |
| Bank5 2024-5YR8 |  |  |
| Series 2024-A3-5YR8, REMIC, 5.88%, 07/17/29 | 750 | 785 |
| Bank5 2025-5YR14 |  |  |
| Series 2025-A3-5YR14, REMIC, 5.65%, 04/15/30 | 3460 | 3617 |
| Barings CLO Ltd 2021-III |  |  |
| Series 2021-AR-3A, 5.01%, (3 Month Term SOFR + 1.13%), 01/18/35 (f) | 1200 | 1201 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 4.97%, (SOFR 30-Day Average + 1.10%), 12/26/31 (f) | 393 | 394 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A2-5C29, REMIC, 4.74%, 08/17/29 | 1000 | 1010 |
| BBCMS Mortgage Trust 2025-5C33 |  |  |
| Series 2025-A4-5C33, REMIC, 5.84%, 02/15/30 | 530 | 558 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2025-A3-5C34, REMIC, 5.66%, 04/15/30 | 940 | 984 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-A-FL15, 5.13%, (1 Month Term SOFR + 1.40%), 08/19/30 (f) (h) | 970 | 971 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BDS 2025-FL16 LLC |  |  |
| Series 2025-A-FL16, 5.13%, (1 Month Term SOFR + 1.40%), 06/22/43 (f) (h) | 690 | 690 |
| Benchmark 2018-B2 Mortgage Trust |  |  |
| Series 2018-A5-B2, REMIC, 3.88%, 01/18/28 (f) | 330 | 327 |
| Benchmark 2019-B11 Mortgage Trust |  |  |
| Series 2019-A5-B11, REMIC, 3.54%, 05/17/28 | 510 | 495 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-A3-V11, REMIC, 5.91%, 10/17/29 (f) | 1710 | 1795 |
| Benchmark 2024-V12 Mortgage Trust |  |  |
| Series 2024-A3-V12, REMIC, 5.74%, 12/15/29 | 750 | 784 |
| Benchmark 2024-V7 Mortgage Trust |  |  |
| Series 2024-A3-V7, REMIC, 6.23%, 05/17/29 (f) | 930 | 980 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 1670 | 1733 |
| Benchmark 2025-V14 Mortgage Trust |  |  |
| Series 2025-A4-V14, REMIC, 5.66%, 03/15/30 | 1200 | 1255 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-A3-V16, REMIC, 5.44%, 07/15/30 | 790 | 821 |
| Benchmark 2025-V18 Mortgage Trust |  |  |
| Series 2025-A3-V18, REMIC, 5.18%, 10/18/30 | 1770 | 1820 |
| Black Diamond CLO 2021-1 Ltd |  |  |
| Series 2021-A1AR-1A, 5.11%, (3 Month Term SOFR + 1.25%), 11/22/34 (f) | 920 | 915 |
| BMO 2023-5C2 Mortgage Trust |  |  |
| Series 2023-A3-5C2, REMIC, 7.05%, 10/17/28 (f) | 620 | 663 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-A3-5C8, REMIC, 5.63%, 12/17/29 (f) | 1140 | 1187 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Series 2025-A3-5C12, REMIC, 5.18%, 10/15/58 | 860 | 882 |
| BSPRT 2025-FL12 Issuer, LLC |  |  |
| Series 2025-A-FL12, 5.12%, (1 Month Term SOFR + 1.38%), 04/17/43 (f) | 620 | 620 |
| Buckhorn Park CLO, Ltd. |  |  |
| Series 2019-ARR-1A, 4.95%, (3 Month Term SOFR + 1.07%), 07/18/34 (f) | 2030 | 2030 |
| BX Commercial Mortgage Trust 2021-ACNT |  |  |
| Series 2021-A-ACNT, REMIC, 4.71%, (1 Month Term SOFR + 0.96%), 11/15/38 (f) | 218 | 218 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-A-XL4, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 02/17/26 (f) | 557 | 556 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.14%, (1 Month Term SOFR + 1.39%), 03/15/26 (f) | 511 | 512 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.13%, (1 Month Term SOFR + 1.38%), 08/16/27 (f) | 652 | 651 |
| BX Trust |  |  |
| Series 2025-A-ARIA, REMIC, 5.03%, 12/13/30 (f) | 920 | 926 |
| BX Trust 2022-LBA6 |  |  |
| Series 2022-A-LBA6, REMIC, 4.75%, (1 Month Term SOFR + 1.00%), 01/18/39 (f) | 385 | 384 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 04/15/29 (f) | 901 | 900 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-A-ROIC, REMIC, 4.89%, (1 Month Term SOFR + 1.14%), 03/15/27 (f) | 468 | 467 |
| BX Trust 2025-TAIL |  |  |
| Series 2025-A-TAIL, 5.13%, (1 Month Term SOFR + 1.40%), 06/15/27 (f) | 510 | 510 |
| BX Trust 2025-VOLT |  |  |
| Series 2025-A-VOLT, REMIC, 5.70%, (1 Month Term SOFR + 1.70%), 12/16/30 (f) | 1900 | 1898 |
| Canyon CLO 2020-2 Ltd |  |  |
| Series 2020-AR2-2A, 4.93%, (3 Month Term SOFR + 1.03%), 10/15/34 (f) | 2000 | 1999 |
| Carlyle US CLO 2021-9, Ltd. |  |  |
| Series 2021-AR-9A, 5.43%, (3 Month Term SOFR + 1.11%), 10/20/34 (f) | 3160 | 3160 |
| CarMax Auto Owner Trust 2023-1 |  |  |
| Series 2023-B-1, 4.98%, 01/16/29 | 1960 | 1981 |
| CarMax Auto Owner Trust 2023-2 |  |  |
| Series 2023-B-2, 5.18%, 03/15/27 | 1150 | 1168 |
| CarMax Auto Owner Trust 2023-4 |  |  |
| Series 2023-B-4, 6.39%, 09/15/27 | 1975 | 2049 |
| CarMax Auto Owner Trust 2024-2 |  |  |
| Series 2024-A3-2, 5.50%, 01/16/29 | 715 | 726 |
| Series 2024-A4-2, 5.51%, 11/15/29 | 385 | 396 |
| CarMax Select Receivables Trust 2025-B |  |  |
| Series 2025-A3-B, 4.12%, 06/15/28 | 1630 | 1633 |
| Carvana Auto Receivables Trust 2021-N1 |  |  |
| Series 2021-A-N1, 0.70%, 01/10/28 | 18 | 18 |
| Carvana Auto Receivables Trust 2022-P2 |  |  |
| Series 2022-A4-P2, 4.68%, 09/10/26 | 831 | 834 |
| Cathedral Lake VI, Ltd. |  |  |
| Series 2021-ANR-6A, 5.06%, (3 Month Term SOFR + 1.20%), 04/25/34 (f) | 930 | 929 |
| Cedar Funding XI CLO Ltd |  |  |
| Series 2019-A1R2-11A, 4.88%, (3 Month Term SOFR + 1.06%), 06/01/32 (f) | 1012 | 1014 |
| Chase Auto Owner Trust 2024-3 |  |  |
| Series 2024-A3-3A, 5.22%, 07/25/29 | 860 | 870 |
| CIFC Funding 2012-II, Ltd. |  |  |
| Series 2014-A1R2-1A, 5.25%, (3 Month Term SOFR + 1.36%), 01/21/31 (f) | 61 | 61 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Series 2016-A5-GC36, REMIC, 3.62%, 01/10/26 | 68 | 68 |
| Citigroup Commercial Mortgage Trust 2016-GC37 |  |  |
| Series 2016-A4-GC37, REMIC, 3.31%, 01/12/26 | 235 | 235 |
| Citizens Auto Receivables Trust 2023-1 |  |  |
| Series 2023-A3-1, 5.84%, 06/15/26 | 834 | 840 |
| Series 2023-A4-1, 5.78%, 12/15/26 | 1505 | 1532 |
| Citizens Auto Receivables Trust 2023-2 |  |  |
| Series 2023-A4-2, 5.74%, 01/15/27 | 980 | 997 |
| Clover CLO 2021-3 LLC |  |  |
| Series 2021-AR-3A, 4.93%, (3 Month Term SOFR + 1.07%), 01/25/35 (f) | 1050 | 1050 |
| Columbia Cent CLO 32 Limited |  |  |
| Series 2022-A1R2-32A, 4.99%, (3 Month Term SOFR + 1.12%), 07/24/34 (f) | 1010 | 1010 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-A-DFW1, REMIC, 5.39%, (1 Month Term SOFR + 1.64%), 08/15/41 (f) | 500 | 499 |
| Continental Finance Credit Card ABS Master Trust |  |  |
| Series 2025-A-A, 5.40%, 12/15/35 | 500 | 503 |
| CPS Auto Receivables Trust 2023-C |  |  |
| Series 2023-D-C, 6.77%, 06/15/27 | 1155 | 1188 |
| CPS Auto Receivables Trust 2024-A |  |  |
| Series 2024-D-A, 6.13%, 04/15/30 | 1050 | 1070 |
| DBC 2025-DBC Mortgage Trust |  |  |
| Series 2025-A-DBC, REMIC, 5.10%, (1 Month Term SOFR + 1.35%), 11/15/27 (f) | 620 | 620 |
| DBGS 2018-C1 Mortgage Trust |  |  |
| Series 2018-A4-C1, REMIC, 4.47%, 10/17/28 (f) | 2030 | 2028 |
| Dryden 104 CLO Ltd |  |  |
| Series 2022-A1R-104A, 5.18%, (3 Month Term SOFR + 1.29%), 08/20/34 (f) | 2830 | 2834 |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2021-AR-95A, 4.93%, (3 Month Term SOFR + 1.04%), 08/21/34 (f) | 1400 | 1399 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-AR3-43A, 4.95%, (3 Month Term SOFR + 1.07%), 04/20/34 (f) | 3400 | 3397 |
| Dryden 86 CLO, Ltd. |  |  |
| Series 2020-A1R2-86A, 5.01%, (3 Month Term SOFR + 1.13%), 07/17/34 (f) | 2110 | 2113 |
| Exeter Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-D-3A, 5.98%, 09/16/30 | 565 | 576 |
| Exeter Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-D-2A, 5.89%, 07/15/31 | 500 | 510 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Exeter Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-A3-4A, 4.39%, 08/16/27 | 2915 | 2928 |
| Ford Credit Auto Lease Trust 2024-A |  |  |
| Series 2024-B-A, 5.29%, 07/15/26 | 1835 | 1846 |
| FS Rialto 2025-FL10 Issuer, LLC |  |  |
| Series 2025-A-FL10, 5.12%, (1 Month Term SOFR + 1.39%), 08/19/42 (f) | 300 | 300 |
| Greywolf CLO VII, Ltd. |  |  |
| Series 2018-A1-7A, 5.32%, (3 Month Term SOFR + 1.44%), 10/20/31 (a) (f) | 42 | 42 |
| GS Mortgage Securities Corporation II |  |  |
| Series 2025-A-SNIP, REMIC, 5.25%, (1 Month Term SOFR + 1.50%), 09/15/27 (f) | 840 | 841 |
| GS Mortgage Securities Trust 2019-GSA1 |  |  |
| Series 2019-A4-GSA1, REMIC, 3.05%, 10/15/29 | 280 | 267 |
| HPEFS Equipment Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.43%, 11/22/27 | 930 | 936 |
| Hudson Yards 2025-SPRL Mortgage Trust |  |  |
| Series 2025-A-SPRL, REMIC, 5.47%, 01/15/30 (f) | 730 | 754 |
| Huntington Auto Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.23%, 09/15/27 | 1032 | 1044 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (a) | 501 | 510 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 495 | 500 |
| J.P. Morgan Mortgage Trust 2025-NQM1 |  |  |
| Series 2025-A1-NQM4, REMIC, 4.95%, 10/25/29 (f) | 811 | 811 |
| J.P. Morgan Mortgage Trust 2025-NQM5 |  |  |
| Series 2025-A1FC-NQM5, REMIC, 4.79%, 05/25/66 (h) | 1150 | 1150 |
| J.P. Morgan Mortgage Trust 2025-VIS3 |  |  |
| Series 2025-A1-VIS3, REMIC, 5.06%, 09/25/29 (f) (h) | 639 | 642 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Series 2017-A4-C7, REMIC, 3.15%, 07/16/27 | 1927 | 1896 |
| KIND Commercial Mortgage Trust 2024-1 |  |  |
| Series 2024-A-1, REMIC, 5.64%, (1 Month Term SOFR + 1.95%), 08/17/26 (f) | 550 | 550 |
| KKR CLO 15 Ltd. |  |  |
| Series BR2-15, 5.17%, (3 Month Term SOFR + 1.55%), 01/18/32 (f) | 1340 | 1340 |
| KKR CLO 23 Ltd. |  |  |
| Series BR-23, 5.43%, (3 Month Term SOFR + 1.55%), 10/20/31 (f) | 2050 | 2051 |
| KKR CLO 24 LTD. |  |  |
| Series A1R-24, 5.23%, (3 Month Term SOFR + 1.34%), 04/20/32 (f) | 849 | 850 |
| KKR CLO 40 Ltd |  |  |
| Series AR-40A, 5.18%, (3 Month Term SOFR + 1.30%), 10/20/34 (f) | 280 | 280 |
| LAD Auto Receivables Trust 2023-3 |  |  |
| Series 2023-C-3A, 6.43%, 12/15/26 | 1880 | 1917 |
| LAD Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A3-2A, 5.61%, 12/15/26 | 971 | 976 |
| LAD Auto Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, 4.64%, 06/15/26 | 132 | 132 |
| LBA Trust 2024-7IND |  |  |
| Series 2024-A-7IND, REMIC, 5.19%, (1 Month Term SOFR + 1.44%), 10/15/26 (f) | 379 | 379 |
| LCM 33 Ltd |  |  |
| Series AR-33A, 5.06%, (3 Month Term SOFR + 1.18%), 07/20/34 (f) | 1070 | 1070 |
| LCM 35 Ltd. |  |  |
| Series A1R-35A, 4.98%, (3 Month Term SOFR + 1.08%), 10/15/34 (f) | 1500 | 1500 |
| Lendmark Funding Trust 2021-2 |  |  |
| Series 2021-A-2A, 2.00%, 04/20/32 | 1710 | 1656 |
| Lendmark Funding Trust 2021-B |  |  |
| Series 2021-A-1A, 1.90%, 05/20/26 | 1870 | 1821 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.49%, (SOFR 30-Day Average + 1.55%), 01/21/37 (f) | 468 | 468 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.14%, (1 Month Term SOFR + 1.39%), 11/01/29 (f) (h) | 770 | 770 |
| M&T Bank Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.73%, 06/17/30 | 375 | 380 |
| Madison Park Euro Funding XVII Designated Activity Company |  |  |
| Series 2022-A1R-57A, 5.14%, (3 Month Term SOFR + 1.28%), 07/27/34 (f) | 1210 | 1209 |
| Mariner Finance Issuance Trust 2021-A |  |  |
| Series 2021-A-AA, 1.86%, 03/20/26 | 1615 | 1590 |
| Mariner Finance Issuance Trust 2021-B |  |  |
| Series 2021-A-BA, 2.10%, 10/20/27 | 2585 | 2518 |
| Mercedes-Benz Auto Lease Trust 2024-A |  |  |
| Series 2024-A4-A, 5.32%, 06/15/27 | 1275 | 1296 |
| Merchants Fleet Funding LLC |  |  |
| Series 2024-A-1A, 5.82%, 08/20/27 | 1076 | 1082 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 4.93%, (1 Month Term SOFR + 1.19%), 10/21/36 (f) | 37 | 37 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 |  |  |
| Series 2016-A4-C29, REMIC, 3.33%, 03/17/26 | 450 | 448 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 |  |  |
| Series 2025-A3-5C1, REMIC, 5.64%, 03/15/30 | 1080 | 1128 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (f) | 1305 | 1300 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3 |  |  |
| Series 2025-A1-DSC3, REMIC, 4.91%, 09/25/70 (f) (h) | 666 | 666 |
| Navesink CLO 3, Limited |  |  |
| Series 2025-A1-3A, 5.80%, (3 Month Term SOFR + 1.48%), 07/15/37 (f) | 1780 | 1781 |
| Navient Private Education Refi Loan Trust 2021-C |  |  |
| Series 2021-A-CA, 1.06%, 10/15/69 | 616 | 567 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 579 | 530 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.36%, 04/20/62 | 247 | 233 |
| Neuberger Berman Loan Advisers CLO 50, Ltd. |  |  |
| Series 2022-AR-50A, 5.11%, (3 Month Term SOFR + 1.25%), 07/23/36 (f) | 840 | 840 |
| OBX 2025-NQM16 Trust |  |  |
| Series 2025-A1-NQM16, REMIC, 4.91%, 08/25/65 (h) | 622 | 622 |
| OBX 2025-NQM17 Trust |  |  |
| Series 2025-A1FC-NQM17, REMIC, 4.85%, 08/25/65 (h) | 837 | 838 |
| OBX 2025-NQM20 Trust |  |  |
| Series 2025-A1-NQM20, REMIC, 5.02%, 10/25/65 (f) | 620 | 620 |
| OBX 2025-NQM21 Trust |  |  |
| Series 2025-A1FC-NQM21, REMIC, 4.92%, 10/25/65 (h) | 1037 | 1039 |
| Ocean Trails CLO XI |  |  |
| Series 2021-AR-11A, 4.91%, (3 Month Term SOFR + 1.03%), 07/20/34 (f) | 2240 | 2235 |
| Octagon Investment Partners 41 Ltd |  |  |
| Series 2019-A1R2-2A, 4.99%, (3 Month Term SOFR + 1.09%), 10/17/33 (f) | 1290 | 1290 |
| Octagon Investment Partners 44 Ltd |  |  |
| Series 2019-AR2-1A, 4.79%, (3 Month Term SOFR + 0.89%), 10/15/34 (f) | 1210 | 1210 |
| Octagon Investment Partners 45 Ltd |  |  |
| Series 2019-A1RR-1A, 5.05%, (3 Month Term SOFR + 1.15%), 04/16/35 (f) | 1310 | 1311 |
| Octane Receivables Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.80%, 07/20/32 | 289 | 291 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 1498 | 1507 |
| OneMain Financial Issuance Trust 2021-1 |  |  |
| Series 2021-A1-1A, 1.55%, 09/14/27 | 1160 | 1129 |
| OneMain Financial Issuance Trust 2022-3 |  |  |
| Series 2022-A-3A, 5.94%, 04/14/26 | 1060 | 1064 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| OneMain Financial Issuance Trust 2023-1 |  |  |
| Series 2023-A-1A, 5.50%, 09/14/29 | 2240 | 2313 |
| Palmer Square CLO 2015-1 Ltd |  |  |
| Series 2015-A1A5-1A, 4.92%, (3 Month Term SOFR + 1.05%), 05/21/34 (f) | 1020 | 1020 |
| PFP 2025-12, Ltd. |  |  |
| Series 2025-A-12, 5.22%, (1 Month Term SOFR + 1.49%), 06/18/30 (f) (h) | 1300 | 1303 |
| Post CLO 2021-1 LTD |  |  |
| Series 2021-BR-1A, 5.49%, (3 Month Term SOFR + 1.60%), 10/15/34 (f) | 1500 | 1500 |
| Romark CLO Ltd |  |  |
| Series 2017-A1R-1A, REMIC, 5.15%, (3 Month Term SOFR + 1.29%), 10/23/30 (f) | 56 | 56 |
| Santander Drive Auto Receivables Trust 2007-2 |  |  |
| Series 2025-A3-4, 4.17%, 04/17/28 | 865 | 867 |
| Santander Drive Auto Receivables Trust 2022-5 |  |  |
| Series 2022-C-5, REMIC, 4.74%, 10/16/28 | 344 | 344 |
| Santander Drive Auto Receivables Trust 2022-7 |  |  |
| Series 2022-C-7, 6.69%, 09/15/27 | 3238 | 3303 |
| Santander Drive Auto Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.09%, 05/15/30 | 1147 | 1156 |
| Santander Drive Auto Receivables Trust 2023-3 |  |  |
| Series 2023-C-3, 5.77%, 05/15/28 | 680 | 693 |
| Santander Drive Auto Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.45%, 07/15/27 | 1010 | 1022 |
| Santander Drive Auto Receivables Trust 2024-2 |  |  |
| Series 2024-C-2, 5.84%, 07/17/28 | 1145 | 1170 |
| Santander Drive Auto Receivables Trust 2024-3 |  |  |
| Series 2024-B-3, 5.55%, 06/15/27 | 580 | 587 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.87%, 07/15/26 | 332 | 332 |
| Series 2025-B-1, 4.88%, 05/15/28 | 535 | 539 |
| SCCU Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A4-1A, 4.68%, 07/16/29 | 1190 | 1208 |
| SCF Equipment Leasing 2024-1 LLC |  |  |
| Series 2024-A3-1A, 5.52%, 10/20/28 | 255 | 260 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 599 | 609 |
| SCF Equipment Leasing 2025-2 LLC |  |  |
| Series 2025-A3-2A, 4.33%, 08/20/30 | 990 | 993 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-A3-1A, 4.95%, 05/21/29 | 440 | 443 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A3-2A, 5.33%, 11/20/29 | 1272 | 1286 |
| SFS Auto Receivables Securitization Trust 2024-3 |  |  |
| Series 2024-A3-3A, 4.55%, 04/20/28 | 605 | 608 |
| SWCH Commercial Mortgage Trust 2025-DATA |  |  |
| Series 2025-A-DATA, 5.19%, (1 Month Term SOFR + 1.44%), 03/15/27 (f) | 860 | 851 |
| Towd Point Mortgage Trust 2019-HY1 |  |  |
| Series 2019-M2-HY1, REMIC, 5.85%, (1 Month Term SOFR + 2.11%), 08/25/28 (f) | 685 | 723 |
| Trinitas CLO XII Ltd |  |  |
| Series 2020-A1R2-12A, 4.91%, (3 Month Term SOFR + 1.05%), 04/25/33 (f) | 737 | 737 |
| U.S. Bank National Association |  |  |
| Series 2025-B-SUP1, 5.58%, 02/25/32 | 452 | 453 |
| UBS Commercial Mortgage Trust 2018-C9 |  |  |
| Series 2018-A4-C9, REMIC, 4.12%, 03/17/28 (f) | 1100 | 1089 |
| UBS Commercial Mortgage Trust 2019-C18 |  |  |
| Series 2019-A4-C18, REMIC, 3.04%, 12/17/29 | 70 | 66 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 434 | 443 |
| Venture 28A CLO Ltd |  |  |
| Series 2017-A1RR-28AA, 4.99%, (3 Month Term SOFR + 1.11%), 10/20/34 (f) | 2000 | 1998 |
| Verdant Receivables 2025-1 LLC |  |  |
| Series 2025-A3-1A, 4.96%, 06/12/29 | 1755 | 1784 |
| Verizon Master Trust |  |  |
| Series 2024-A-7, 4.35%, 08/20/32 (h) | 400 | 402 |
| Verus Securitization Trust 2025-10 |  |  |
| Series 2025-A1FC-10, REMIC, 5.02%, 07/25/70 (h) | 467 | 468 |
| Verus Securitization Trust 2025-8 |  |  |
| Series 2025-A1-8, REMIC, 4.87%, 09/25/70 (h) | 491 | 491 |
| Verus Securitization Trust 2025-9 |  |  |
| Series 2025-A1-9, REMIC, 4.93%, 10/25/70 (f) (h) | 929 | 930 |
| Verus Securitization Trust 2025-R2 |  |  |
| Series 2025-A1FC-12, REMIC, 4.86%, 12/25/70 (h) | 280 | 280 |
| Voya CLO 2017-3 Ltd |  |  |
| Series 2017-AAR2-3A, 5.48%, (3 Month Term SOFR + 1.60%), 04/20/34 (f) | 1000 | 1000 |
| Wellfleet CLO 2021-3 Ltd |  |  |
| Series 2021-AR-3A, 5.10%, (3 Month Term SOFR + 1.20%), 01/15/35 (f) | 1570 | 1570 |
| Wells Fargo Commercial Mortgage Trust 2017-C40 |  |  |
| Series 2017-A3-C40, REMIC, 3.32%, 08/17/27 | 3790 | 3744 |
| Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
| Series 2019-A5-C50, REMIC, 3.73%, 04/17/29 | 130 | 127 |
| Wells Fargo Commercial Mortgage Trust 2024-5C1 |  |  |
| Series 2024-A3-5C1, REMIC, 5.93%, 07/15/57 | 880 | 921 |
| Wells Fargo Commercial Mortgage Trust 2025-5C3 |  |  |
| Series 2025-A3-5C3, REMIC, 6.10%, 01/15/58 | 1290 | 1366 |
| Wells Fargo Commercial Mortgage Trust 2025-5C4 |  |  |
| Series 2025-A3-5C4, REMIC, 5.67%, 05/15/30 | 1710 | 1788 |
| Western Funding Auto Loan Trust 2025-1 |  |  |
| Series 2025-A-1, 4.75%, 04/17/28 | 1710 | 1718 |
| Westlake Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-D-1A, 6.79%, 02/17/26 | 925 | 949 |
| Westlake Automobile Receivables Trust 2023-3 |  |  |
| Series 2023-C-3A, 6.02%, 09/15/28 | 1105 | 1117 |
| Westlake Automobile Receivables Trust 2024-1 |  |  |
| Series 2024-B-1A, 5.55%, 11/15/27 | 1535 | 1542 |
| Series 2024-C-1A, 5.65%, 02/15/29 | 1335 | 1350 |
| Series 2024-D-1A, 6.02%, 10/15/29 | 820 | 841 |
| Westlake Automobile Receivables Trust 2024-2 |  |  |
| Series 2024-D-2A, 5.91%, 04/15/30 | 765 | 776 |
| Westlake Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-A3-3A, 4.71%, 08/15/26 | 500 | 502 |
| Westlake Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-B-2A, 4.63%, 01/15/31 | 2485 | 2501 |
| Westlake Flooring Master Trust |  |  |
| Series 2024-A-1A, 5.43%, 02/17/26 | 1220 | 1222 |
| Wind River 2021-4 CLO Ltd. |  |  |
| Series 2021-AR-4A, 4.85%, (3 Month Term SOFR + 1.23%), 01/20/35 (f) | 510 | 510 |
| Wind River 2022-1 CLO Ltd |  |  |
| Series 2022-AR-1A, 5.23%, (3 Month Term SOFR + 1.35%), 07/20/35 (f) | 1530 | 1530 |
| Zais CLO 16 Ltd |  |  |
| Series 2020-A1R2-16A, 5.01%, (3 Month Term SOFR + 1.13%), 10/20/34 (f) | 1020 | 1019 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $213,424) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $213,424) | 214348 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 6.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 6.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 6.4%** |
| **U.S. Treasury Note 2.6%** | **U.S. Treasury Note 2.6%** | **U.S. Treasury Note 2.6%** |
| Treasury, United States Department of |  |  |
| 3.63%, 08/31/27 | 18944 | 18986 |
| **Sovereign 1.9%** | **Sovereign 1.9%** | **Sovereign 1.9%** |
| Aktsionernoye Obshchestvo Bank Razvitiya Kazakhstana |  |  |
| 5.25%, 10/23/29 (a) | 222 | 227 |
| 5.63%, 04/07/30 (a) | 673 | 694 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (d) | 1500 | 1485 |
| Government of the Republic of Panama |  |  |
| 7.13%, 01/29/26 | 500 | 502 |
| 8.88%, 09/30/27 | 677 | 727 |
| 3.88%, 03/17/28 | 374 | 368 |
| Ministerul Finantelor Publice |  |  |
| 5.88%, 01/30/29 (a) | 662 | 682 |
| 5.75%, 09/16/30 (a) | 874 | 901 |
| Natsionalny Upravlyayushchi Kholding Baiterek, Ao |  |  |
| 5.45%, 05/08/28 (a) (i) | 520 | 527 |
| 4.65%, 10/01/30 (a) (i) | 552 | 549 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Presidencia de la Republica Dominicana |  |  |
| 6.88%, 01/29/26 (d) | 121 | 121 |
| 5.95%, 01/25/27 (d) | 360 | 365 |
| 8.63%, 04/20/27 (d) | 281 | 290 |
| 5.50%, 02/22/29 (d) | 300 | 305 |
| Romania, Government of |  |  |
| 5.25%, 11/25/27 (d) | 1886 | 1913 |
| 6.63%, 02/17/28 (d) | 1184 | 1233 |
| Sandor-Palota |  |  |
| 5.25%, 06/16/29 (d) | 1125 | 1145 |
| 5.38%, 09/26/30 (a) | 1425 | 1457 |
| | | 13491 |
| **Mortgage-Backed Securities 1.2%** | **Mortgage-Backed Securities 1.2%** | **Mortgage-Backed Securities 1.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.01%, (SOFR 30-Day Average + 2.32%), 08/01/54 (f) | 320 | 329 |
| 5.88%, (SOFR 30-Day Average + 2.12%), 05/01/55 (f) | 666 | 682 |
| 5.53%, (SOFR 30-Day Average + 2.30%), 07/01/55 (f) | 859 | 878 |
| 5.20%, (SOFR 30-Day Average + 2.13%), 08/01/55 (f) | 820 | 829 |
| 5.44%, (SOFR 30-Day Average + 2.16%), 08/01/55 (f) | 336 | 342 |
| 5.64%, (SOFR 30-Day Average + 2.12%), 08/01/55 (f) | 478 | 489 |
| 5.44%, (SOFR 30-Day Average + 2.08%), 10/01/55 (f) | 484 | 491 |
| Federal National Mortgage Association, Inc. |  |  |
| 5.57%, (SOFR 30-Day Average + 2.11%), 10/01/53 (f) | 112 | 115 |
| 5.90%, (SOFR 30-Day Average + 2.13%), 02/01/54 (f) | 192 | 197 |
| 5.02%, (SOFR 30-Day Average + 2.30%), 02/01/55 (f) | 465 | 472 |
| 5.72%, (SOFR 30-Day Average + 2.21%), 08/01/55 (f) | 714 | 730 |
| 6.00%, (SOFR 30-Day Average + 2.16%), 09/01/55 (f) | 2504 | 2584 |
| 5.47%, (SOFR 30-Day Average + 2.03%), 10/01/55 (f) | 189 | 193 |
|  |  | 8331 |
| **Collateralized Mortgage Obligations 0.7%** | **Collateralized Mortgage Obligations 0.7%** | **Collateralized Mortgage Obligations 0.7%** |
| Connecticut Avenue Securities Trust 2023-R01 |  |  |
| Series 2023-1M1-R01, REMIC, 6.27%, (SOFR 30-Day Average + 2.40%), 12/26/42 (f) | 1159 | 1181 |
| Connecticut Avenue Securities Trust 2024-R06 |  |  |
| Series 2024-1A1-R06, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 09/25/28 (f) | 481 | 483 |
| Connecticut Avenue Securities Trust 2025-R01 |  |  |
| Series 2025-1A1-R01, REMIC, 4.82%, (SOFR 30-Day Average + 0.95%), 01/25/45 (f) | 491 | 492 |
| Series 2025-1M1-R01, REMIC, 4.97%, (SOFR 30-Day Average + 1.10%), 01/25/45 (f) | 604 | 605 |
| Connecticut Avenue Securities Trust 2025-R02 |  |  |
| Series 2025-1A1-R02, REMIC, 4.87%, (SOFR 30-Day Average + 1.00%), 02/27/45 (f) | 384 | 384 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2022-M2-HQA1, REMIC, 9.12%, (SOFR 30-Day Average + 5.25%), 03/25/42 (f) | 400 | 419 |
| Series 2024-M1-HQA1, REMIC, 5.12%, (SOFR 30-Day Average + 1.25%), 03/25/44 (f) | 225 | 225 |
| Series 2024-A1-DNA2, REMIC, 5.12%, (SOFR 30-Day Average + 1.25%), 05/25/44 (f) | 1048 | 1052 |
| Series 2024-M1-DNA3, REMIC, 4.87%, (SOFR 30-Day Average + 1.00%), 10/25/44 (f) | 2 | 2 |
| Series 2024-A1-DNA3, REMIC, 4.92%, (SOFR 30-Day Average + 1.05%), 10/25/44 (f) | 353 | 354 |
|  |  | 5197 |
| Total Government And Agency Obligations (cost $45,769) | Total Government And Agency Obligations (cost $45,769) | 46005 |
| **SENIOR FLOATING RATE INSTRUMENTS 3.5%** | **SENIOR FLOATING RATE INSTRUMENTS 3.5%** | **SENIOR FLOATING RATE INSTRUMENTS 3.5%** |
| **Industrials 1.0%** | **Industrials 1.0%** | **Industrials 1.0%** |
| American Airlines, Inc. |  |  |
| 2017 1st Lien Term Loan, 5.69%, (3 Month Term SOFR + 1.75%), 01/29/27 (f) | 2200 | 2197 |
| 2025 Term Loan, 6.13%, (3 Month Term SOFR + 2.25%), 04/20/28 (f) | 499 | 500 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 5.67%, (1 Month Term SOFR + 1.75%), 04/28/28 (f) | 1983 | 1984 |
| Crosby US Acquisition Corp. |  |  |
| 2024 1st Lien Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 08/16/29 (f) | 893 | 897 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 5.74%, (1 Month Term SOFR + 2.00%), 02/05/30 (f) | 1389 | 1390 |
| INNIO Group Holding GmbH |  |  |
| 2025 Term Loan B2, 6.13%, (3 Month Term SOFR + 2.25%), 11/02/28 (f) | 384 | 385 |
|  |  | 7353 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Aramark Inter HoldCo Corp |  |  |
| Term Loan, 5.47%, (SOFR + 1.75%), 06/22/30 (f) | 1692 | 1696 |
| KFC Holding Co. |  |  |
| 2021 Term Loan B, 5.60%, (1 Month Term SOFR + 1.75%), 03/10/28 (f) | 1727 | 1730 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2022 Term Loan A, 5.77%, (1 Month Term SOFR + 1.75%), 04/08/27 (f) | 1406 | 1403 |
|  |  | 4829 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.75%), 12/15/29 (f) (j) | 1570 | 1571 |
| 2024 Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 12/15/29 (f) | 130 | 130 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.10%, (3 Month Term SOFR + 5.00%), 07/22/27 (f) | 187 | 187 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B2, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/30 (f) | 2438 | 2421 |
|  |  | 4309 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Boost Newco Borrower, LLC |  |  |
| 2025 USD Term Loan B2, 6.00%, (3 Month Term SOFR + 2.00%), 01/31/31 (f) | 2135 | 2136 |
| RealPage, Inc. |  |  |
| 1st Lien Term Loan, 7.26%, (3 Month Term SOFR + 3.00%), 02/18/28 (f) | 972 | 971 |
|  |  | 3107 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| Calpine Corporation |  |  |
| 2024 Term Loan B5, 5.67%, (1 Month Term SOFR + 1.75%), 12/02/27 (f) | 2500 | 2499 |
| 2024 Term Loan B10, 5.67%, (1 Month Term SOFR + 1.75%), 01/31/31 (f) | 375 | 375 |
|  |  | 2874 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Press Ganey Holdings, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 05/30/31 (f) | 1901 | 1903 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 1.75%), 10/23/28 (f) | 316 | 316 |
| Total Senior Floating Rate Instruments (cost $24,716) | Total Senior Floating Rate Instruments (cost $24,716) | 24691 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Class I, 3.64% (k) (l) | 5319 | 5319 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (k) (l) | 241 | 241 |
| Total Short Term Investments (cost $5,560) | Total Short Term Investments (cost $5,560) | 5560 |
| **Total Investments 98.9% (cost $697,759)** | **Total Investments 98.9% (cost $697,759)** | **704269** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (29) |
| **Other Assets and Liabilities, Net 1.1%** | **Other Assets and Liabilities, Net 1.1%** | **7580** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **711820** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $213,569 and 30.0% of the Fund.

(b) Convertible security.

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

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

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(f) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(g) All or a portion of the security was on loan as of December 31, 2025.

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(j) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** | **JNL/Lord Abbett Short Duration Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 3035 | 340440 | 338156 | 197 |  |  | 5319 | 0.8 |
| JNL Government Money Market Fund, 3.74% - Class SL | 2916 | 32617 | 35292 | 169 |  |  | 241 |  |
|  | 5951 | 373057 | 373448 | 366 |  |  | 5560 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Bermuda, Government of, 3.72%, 01/25/27 | 04/22/25 | 1483 | 1485 | 0.2 |
| Citizens Bank, National Association, 4.58%, 08/09/28 | 11/08/22 | 739 | 765 | 0.1 |
| Comision Federal De Electricidad, E.P.E., 5.70%, 01/24/30 | 06/03/25 | 398 | 407 | 0.1 |
| CSN Resources S.A., 7.63%, 04/17/26 | 10/29/25 | 1220 | 1211 | 0.2 |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 09/24/25 | 201 | 201 |  |
| Greenko Dutch B.V., 3.85%, 03/29/26 | 07/03/25 | 1205 | 1200 | 0.2 |
| Kosmos Energy Ltd., 7.13%, 04/04/26 | 03/18/25 | 765 | 760 | 0.1 |
| Presidencia de la Republica Dominicana, 6.88%, 01/29/26 | 02/28/25 | 121 | 121 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 12/11/25 | 364 | 365 |  |
| Presidencia de la Republica Dominicana, 8.63%, 04/20/27 | 03/05/25 | 286 | 290 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 11/13/25 | 303 | 305 |  |
| PT. Bank Negara Indonesia (persero), 3.75%, 03/30/26 | 10/24/25 | 518 | 515 | 0.1 |
| PT. Freeport Indonesia, 4.76%, 04/14/27 | 09/24/25 | 1401 | 1404 | 0.2 |
| Rede D'Or Finance, 4.95%, 01/17/28 | 10/03/25 | 725 | 726 | 0.1 |
| Romania, Government of, 5.25%, 11/25/27 | 11/26/24 | 1879 | 1913 | 0.3 |
| Romania, Government of, 6.63%, 02/17/28 | 10/08/25 | 1226 | 1233 | 0.2 |
| Sandor-Palota, 5.25%, 06/16/29 | 11/03/25 | 1147 | 1145 | 0.2 |
| Stillwater Mining Company, 4.00%, 11/16/26 | 09/19/25 | 1229 | 1229 | 0.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Studio City Company Limited, 7.00%, 02/15/27 | 09/22/25 | 1047 | 1041 | 0.1 |
| Synchrony Bank, 5.63%, 08/23/27 | 02/07/25 | 1699 | 1721 | 0.2 |
| Tengizchevroil Finance Company S.a r.l., 4.00%, 08/15/26 | 04/18/24 | 3631 | 3646 | 0.5 |
|  |  | 21587 | 21683 | 3.0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1654 | April 2026 | 345218 | (116) | 119 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 5 Year Note | (738) | April 2026 | (80864) | 87 | 197 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 413665 |  | 413665 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 214348 |  | 214348 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 46005 |  | 46005 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 24691 |  | 24691 |
| &nbsp;&nbsp;Short Term Investments | 5560 |  |  | 5560 |
|  | 5560 | 698709 |  | 704269 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 316 |  |  | 316 |
|  | 316 |  |  | 316 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** |
| **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** |
| **Communication Services 96.1%** | **Communication Services 96.1%** | **Communication Services 96.1%** |
| Alphabet Inc. - Class A | 919 | 287725 |
| Alphabet Inc. - Class C | 800 | 250959 |
| AT&T Inc. | 1358 | 33720 |
| Comcast Corporation - Class A | 690 | 20624 |
| Digital World Acquisition Corp. (a) (b) | 23 | 302 |
| EchoStar Corporation - Class A (a) (b) | 25 | 2749 |
| Electronic Arts Inc. | 43 | 8813 |
| Former Charter Communications Parent, Inc. - Class A (a) | 17 | 3548 |
| Fox Corporation - Class A | 38 | 2805 |
| Fox Corporation - Class B | 24 | 1576 |
| Frontier Communications Parent, Inc. (a) | 42 | 1615 |
| Globalstar, Inc. (a) | 9 | 566 |
| Liberty Broadband Corporation - Series A (a) | 4 | 176 |
| Liberty Broadband Corporation - Series C (a) | 21 | 997 |
| Liberty Global Ltd. - Class A (a) | 32 | 358 |
| Liberty Global Ltd. - Class C (a) | 28 | 314 |
| Liberty Live Holdings, Inc. - Series A (a) | 3 | 267 |
| Liberty Live Holdings, Inc. - Series C (a) | 9 | 762 |
| Liberty Media Corporation - Series A (a) | 5 | 405 |
| Liberty Media Corporation - Series C (a) | 40 | 3894 |
| Live Nation Entertainment, Inc. (a) | 27 | 3838 |
| Lumen Technologies, Inc. (a) | 176 | 1366 |
| Match Group, Inc. | 48 | 1542 |
| Meta Platforms, Inc. - Class A | 343 | 226479 |
| Netflix, Inc. (a) | 807 | 75638 |
| News Corporation - Class A | 73 | 1913 |
| News Corporation - Class B | 21 | 612 |
| Nexstar Media Group, Inc. - Class A (b) | 5 | 1081 |
| Omnicom Group Inc. | 60 | 4870 |
| Paramount Skydance Corporation - Class B (b) | 166 | 2226 |
| Pinterest, Inc. - Class A (a) | 112 | 2898 |
| Reddit, Inc. - Class A (a) | 24 | 5493 |
| Roblox Corporation - Class A (a) | 119 | 9628 |
| Roku, Inc. - Class A (a) | 24 | 2605 |
| Sirius XM Holdings Inc. | 38 | 749 |
| Snap Inc. - Class A (a) | 206 | 1659 |
| Sphere Entertainment Co. - Class A (a) | 3 | 854 |
| Take-Two Interactive Software, Inc. (a) | 32 | 8210 |
| Telephone and Data Systems, Inc. | 18 | 749 |
| The New York Times Company - Class A | 30 | 2097 |
| TKO Group Holdings Inc. - Class A | 13 | 2690 |
| T-Mobile US, Inc. | 91 | 18496 |
| Trade Desk, Inc., The - Class A (a) | 84 | 3197 |
| Verizon Communications Inc. | 801 | 32603 |
| Walt Disney Company, The | 341 | 38834 |
| Warner Bros. Discovery, Inc. - Series A (a) | 429 | 12366 |
| Warner Music Group Corp. - Class A | 27 | 813 |
|  |  | 1085681 |
| **Information Technology 2.4%** | **Information Technology 2.4%** | **Information Technology 2.4%** |
| AppLovin Corporation - Class A (a) | 40 | 27216 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| Zillow Group, Inc. - Class A (a) | 10 | 658 |
| Zillow Group, Inc. - Class C (a) | 33 | 2224 |
|  |  | 2882 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Vitamin Oldco Holdings, Inc. (a) (c) | 6 |  |
| Total Common Stocks (cost $785,310) | Total Common Stocks (cost $785,310) | 1115779 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 4248 | 4248 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (d) (e) | 732 | 732 |
| Total Short Term Investments (cost $4,980) | Total Short Term Investments (cost $4,980) | 4980 |
| **Total Investments 99.2% (cost $790,290)** | **Total Investments 99.2% (cost $790,290)** | **1120759** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (27) |
| **Other Assets and Liabilities, Net 0.8%** | **Other Assets and Liabilities, Net 0.8%** | **9287** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1130019** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** | **JNL/Mellon Communication Services Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 2919 | 299322 | 297993 | 200 |  |  | 4248 | 0.4 |
| JNL Government Money Market Fund, 3.74% - Class SL | 968 | 19616 | 19852 | 38 |  |  | 732 |  |
|  | 3887 | 318938 | 317845 | 238 |  |  | 4980 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Communication Services Select Sector Index | 95 | March 2026 | 14687 | (27) | 38 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1115779 |  |  | 1115779 |
| &nbsp;&nbsp;Short Term Investments | 4980 |  |  | 4980 |
|  | 1120759 |  |  | 1120759 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 38 |  |  | 38 |
|  | 38 |  |  | 38 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Consumer Discretionary 96.8%** | **Consumer Discretionary 96.8%** | **Consumer Discretionary 96.8%** |
| Abercrombie & Fitch Co. - Class A (a) | 9 | 1126 |
| Acushnet Holdings Corp. | 5 | 417 |
| Airbnb, Inc. - Class A (a) | 80 | 10917 |
| Amazon.com, Inc. (a) | 1877 | 433264 |
| Aptiv PLC (a) | 40 | 3073 |
| Asbury Automotive Group, Inc. (a) | 4 | 827 |
| Autoliv, Inc. | 13 | 1537 |
| AutoNation, Inc. (a) | 5 | 1057 |
| AutoZone, Inc. (a) | 3 | 10924 |
| Bath & Body Works, Inc. | 39 | 775 |
| Best Buy Co., Inc. | 38 | 2513 |
| Booking Holdings Inc. | 6 | 33369 |
| Boot Barn Holdings, Inc. (a) | 6 | 963 |
| BorgWarner Inc. | 40 | 1806 |
| Boyd Gaming Corporation | 11 | 934 |
| Bright Horizons Family Solutions, Inc. (a) | 11 | 1070 |
| Brinker International, Inc. (a) | 9 | 1216 |
| Brunswick Corporation | 12 | 903 |
| Burlington Stores, Inc. (a) | 12 | 3471 |
| Caesars Entertainment, Inc. (a) | 38 | 898 |
| CarMax, Inc. (a) | 29 | 1134 |
| Carnival Corporation | 208 | 6352 |
| Carvana Co. - Class A (a) | 27 | 11219 |
| CAVA Group, Inc. (a) | 19 | 1099 |
| Cavco Industries, Inc. (a) | 1 | 841 |
| Chewy, Inc. - Class A (a) | 42 | 1379 |
| Chipotle Mexican Grill, Inc. (a) | 253 | 9361 |
| Choice Hotels International, Inc. (b) | 5 | 487 |
| Churchill Downs Incorporated | 13 | 1529 |
| Coupang, Inc. - Class A (a) | 259 | 6108 |
| Crocs, Inc. (a) | 10 | 848 |
| D.R. Horton, Inc. | 51 | 7321 |
| Darden Restaurants, Inc. | 23 | 4154 |
| Deckers Outdoor Corporation (a) | 29 | 3008 |
| Dick's Sporting Goods, Inc. | 13 | 2473 |
| Dillard's, Inc. - Class A (b) | 1 | 458 |
| DK Crown Holdings Inc. - Class A (a) | 94 | 3244 |
| Domino's Pizza, Inc. | 6 | 2559 |
| DoorDash, Inc. - Class A (a) | 72 | 16240 |
| Dorman Products, Inc. (a) | 5 | 624 |
| Dutch Bros Inc. - Class A (a) | 22 | 1352 |
| eBay Inc. | 87 | 7572 |
| ETSY, Inc. (a) | 19 | 1052 |
| Expedia Group, Inc. | 23 | 6387 |
| Five Below, Inc. (a) | 10 | 1950 |
| Floor & Decor Holdings, Inc. - Class A (a) | 20 | 1240 |
| Flutter Entertainment Public Limited Company (a) | 32 | 6873 |
| Ford Motor Company | 757 | 9934 |
| Frontdoor, Inc. (a) | 14 | 777 |
| GameStop Corp. - Class A (a) | 78 | 1574 |
| Gap, Inc., The | 45 | 1160 |
| General Motors Company | 179 | 14580 |
| Gentex Corporation | 40 | 932 |
| Genuine Parts Company | 27 | 3280 |
| Global Business Travel Group, Inc. - Class A (a) (b) | 30 | 228 |
| Group 1 Automotive, Inc. | 2 | 949 |
| H & R Block, Inc. | 26 | 1121 |
| Hasbro, Inc. | 25 | 2082 |
| Hilton Worldwide Holdings Inc. | 42 | 12079 |
| Home Depot, Inc., The | 192 | 65890 |
| Hyatt Hotels Corporation - Class A | 8 | 1243 |
| Installed Building Products, Inc. (b) | 4 | 1154 |
| KB Home | 13 | 707 |
| Kontoor Brands, Inc. | 11 | 662 |
| Las Vegas Sands Corp. | 60 | 3904 |
| Lear Corporation | 10 | 1175 |
| Lennar Corporation - Class A | 41 | 4223 |
| Lennar Corporation - Class B | 2 | 168 |
| Life Time Group Holdings, Inc. (a) | 23 | 618 |
| Lithia Motors, Inc. - Class A | 4 | 1452 |
| LKQ Corporation | 49 | 1479 |
| Lowe`s Companies, Inc. | 108 | 26012 |
| Lucid Group, Inc. (a) (b) | 25 | 268 |
| Lululemon Athletica Canada Inc. (a) | 20 | 4220 |
| Macy's, Inc. | 50 | 1104 |
| Marriott International, Inc. - Class A | 43 | 13217 |
| Mattel, Inc. (a) | 62 | 1233 |
| McDonald's Corporation | 138 | 42195 |
| MercadoLibre, Inc. (a) | 9 | 18257 |
| Meritage Homes Corporation | 14 | 924 |
| MGM Resorts International (a) | 39 | 1405 |
| Mohawk Industries, Inc. (a) | 9 | 1032 |
| Murphy USA Inc. | 3 | 1393 |
| Nike, Inc. - Class B | 217 | 13854 |
| Norwegian Cruise Line Holdings Ltd. (a) | 85 | 1906 |
| NVR, Inc. (a) | 1 | 3719 |
| O'Reilly Automotive, Inc. (a) | 162 | 14798 |
| Penske Automotive Group, Inc. | 4 | 604 |
| Planet Fitness, Inc. - Class A (a) | 16 | 1684 |
| PulteGroup, Inc. | 37 | 4392 |
| PVH Corp. | 9 | 619 |
| Quantumscape Battery, Inc. - Class A (a) | 89 | 926 |
| Ralph Lauren Corporation - Class A | 7 | 2630 |
| Rivian Automotive, Inc. - Class A (a) | 145 | 2850 |
| Ross Stores, Inc. | 61 | 11066 |
| Royal Caribbean Cruises Ltd. | 49 | 13574 |
| Service Corporation International | 27 | 2120 |
| Shake Shack, Inc. - Class A (a) | 7 | 603 |
| Skyline Champion Corporation (a) | 10 | 873 |
| Somnigroup International Inc. | 36 | 3211 |
| Starbucks Corporation | 219 | 18407 |
| Tapestry, Inc. | 40 | 5077 |
| Taylor Morrison Home II Corporation - Class A (a) | 19 | 1141 |
| Tesla, Inc. (a) | 539 | 242333 |
| Texas Roadhouse, Inc. - Class A | 13 | 2123 |
| Thor Industries, Inc. | 10 | 1000 |
| TJX Companies, Inc., The | 215 | 32982 |
| Toll Brothers, Inc. | 19 | 2606 |
| Tractor Supply Company | 98 | 4894 |
| Travel + Leisure Co. | 12 | 877 |
| Ulta Beauty, Inc. (a) | 9 | 5252 |
| Urban Outfitters, Inc. (a) | 12 | 862 |
| V.F. Corporation | 63 | 1140 |
| Vail Resorts, Inc. | 7 | 894 |
| Valvoline, Inc. (a) | 25 | 722 |
| Wayfair Inc. - Class A (a) | 19 | 1916 |
| Whirlpool Corporation (b) | 11 | 783 |
| Williams-Sonoma, Inc. | 24 | 4210 |
| Wingstop Inc. | 5 | 1293 |
| Wyndham Hotels & Resorts, Inc. | 14 | 1057 |
| Wynn Resorts, Limited | 16 | 1950 |
| Yum! Brands, Inc. | 54 | 8169 |
|  |  | 1279672 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Amcor Pty Ltd | 441 | 3675 |
| Avery Dennison Corporation | 15 | 2771 |
| Ball Corporation | 52 | 2743 |
| Crown Holdings, Inc. | 22 | 2302 |
| Graphic Packaging Holding Company | 52 | 777 |
| International Paper Company | 100 | 3951 |
| Packaging Corporation of America | 17 | 3529 |
| Sealed Air Corporation | 27 | 1112 |
| Silgan Holdings Inc. | 17 | 689 |
| Smurfit Westrock Public Limited Company | 99 | 3830 |
| Sonoco Products Company | 19 | 829 |
|  |  | 26208 |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| Alliance Laundry Holdings Inc. (a) | 10 | 199 |
| Allison Systems, Inc. | 17 | 1613 |
| Modine Manufacturing Company (a) | 10 | 1282 |
| Rollins, Inc. | 56 | 3387 |
| Rush Enterprises, Inc. - Class A | 12 | 666 |
| Rush Enterprises, Inc. - Class B | 1 | 79 |
|  |  | 7226 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Consumer Staples 0.4%** | **Consumer Staples 0.4%** | **Consumer Staples 0.4%** |
| Casey's General Stores, Inc. | 7 | 3894 |
| Maplebear Inc. (a) | 35 | 1572 |
| Reynolds Consumer Products Inc. | 11 | 253 |
|  |  | 5719 |
| Total Common Stocks (cost $965,722) | Total Common Stocks (cost $965,722) | 1318825 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 2683 | 2683 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 1102 | 1102 |
| Total Short Term Investments (cost $3,785) | Total Short Term Investments (cost $3,785) | 3785 |
| **Total Investments 100.1% (cost $969,507)** | **Total Investments 100.1% (cost $969,507)** | **1322610** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (29) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (774) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1321807** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Discretionary Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 3436 | 209831 | 210584 | 157 |  |  | 2683 | 0.2 |
| JNL Government Money Market Fund, 3.74% - Class SL | 3234 | 90926 | 93058 | 97 |  |  | 1102 | 0.1 |
|  | 6670 | 300757 | 303642 | 254 |  |  | 3785 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Consumer Discretionary Select Sector Index | 14 | March 2026 | 3488 | (29) | (83) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1318825 |  |  | 1318825 |
| &nbsp;&nbsp;Short Term Investments | 3785 |  |  | 3785 |
|  | 1322610 |  |  | 1322610 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (83) |  |  | (83) |
|  | (83) |  |  | (83) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |
| **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Consumer Staples 98.5%** | **Consumer Staples 98.5%** | **Consumer Staples 98.5%** |
| Albertsons Companies, Inc. - Class A | 46 | 789 |
| Altria Group, Inc. | 203 | 11720 |
| Archer-Daniels-Midland Company | 55 | 3153 |
| Bellring Intermediate Holdings, Inc. (a) | 15 | 407 |
| BJ's Wholesale Club Holdings, Inc. (a) | 14 | 1271 |
| Brown-Forman Corporation - Class A | 5 | 143 |
| Brown-Forman Corporation - Class B | 35 | 916 |
| Bunge Global S.A. | 16 | 1451 |
| Cal-Maine Foods, Inc. | 5 | 408 |
| Campbell's Company, The (b) | 24 | 674 |
| Celsius Holdings, Inc. (a) | 20 | 906 |
| Church & Dwight Co., Inc. | 29 | 2436 |
| Clorox Company, The | 15 | 1512 |
| Coca-Cola Company, The | 473 | 33051 |
| Coca-Cola Consolidated, Inc. | 6 | 975 |
| Colgate-Palmolive Company | 98 | 7748 |
| Conagra Brands, Inc. | 58 | 995 |
| Constellation Brands, Inc. - Class A | 18 | 2537 |
| Costco Wholesale Corporation | 54 | 46315 |
| Coty Inc. - Class A (a) | 42 | 131 |
| Darling Ingredients Inc. (a) | 18 | 636 |
| Dollar General Corporation | 27 | 3522 |
| Dollar Tree, Inc. (a) | 24 | 2938 |
| e.l.f. Beauty, Inc. (a) | 6 | 465 |
| Estee Lauder Companies Inc., The - Class A | 29 | 3077 |
| General Mills, Inc. | 65 | 2998 |
| Hershey Company, The | 18 | 3247 |
| Hormel Foods Corporation | 35 | 836 |
| Ingredion Incorporated | 8 | 829 |
| J. M. Smucker Company, The | 13 | 1236 |
| Kenvue Inc. | 210 | 3617 |
| Keurig Dr Pepper Inc. | 147 | 4117 |
| Kimberly-Clark Corporation | 40 | 4063 |
| Kraft Heinz Company, The | 105 | 2553 |
| Kroger Co., The | 74 | 4642 |
| Lamb Weston Holdings, Inc. | 16 | 665 |
| McCormick & Company, Incorporated | 30 | 2071 |
| Molson Coors Beverage Company - Class B | 20 | 946 |
| Mondelez International, Inc. - Class A | 157 | 8438 |
| Monster Beverage 1990 Corporation (a) | 83 | 6351 |
| PepsiCo, Inc. | 166 | 23774 |
| Performance Food Group Company (a) | 19 | 1688 |
| Philip Morris International Inc. | 188 | 30179 |
| Pilgrim's Pride Corporation | 5 | 199 |
| Post Holdings, Inc. (a) | 6 | 600 |
| Primo Brands Corporation - Class A | 25 | 401 |
| Procter & Gamble Company, The | 284 | 40659 |
| Sprouts Farmers Market, Inc. (a) | 12 | 947 |
| Sysco Corporation | 58 | 4257 |
| Target Corporation | 55 | 5368 |
| The Marzetti Company | 2 | 399 |
| Tyson Foods, Inc. - Class A | 33 | 1928 |
| US Foods Holding Corp. (a) | 28 | 2086 |
| Walmart Inc. | 520 | 57983 |
|  |  | 345253 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Adtalem Global Education Inc. (a) | 4 | 455 |
| Grand Canyon Education, Inc. (a) | 3 | 561 |
| Laureate Education, Inc. - Class A (a) | 15 | 506 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 7 | 810 |
|  |  | 2332 |
| Total Common Stocks (cost $327,441) | Total Common Stocks (cost $327,441) | 347585 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 1894 | 1894 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 626 | 626 |
| Total Short Term Investments (cost $2,520) | Total Short Term Investments (cost $2,520) | 2520 |
| **Total Investments 99.9% (cost $329,961)** | **Total Investments 99.9% (cost $329,961)** | **350105** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (18) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **313** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **350400** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** | **JNL/Mellon Consumer Staples Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 41 | 115596 | 113743 | 88 |  |  | 1894 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 21196 | 20570 | 8 |  |  | 626 | 0.2 |
|  | 41 | 136792 | 134313 | 96 |  |  | 2520 | 0.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Consumer Staples Select Sector Index | 38 | March 2026 | 3035 | (18) | (34) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 347585 |  |  | 347585 |
| &nbsp;&nbsp;Short Term Investments | 2520 |  |  | 2520 |
|  | 350105 |  |  | 350105 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (34) |  |  | (34) |
|  | (34) |  |  | (34) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Financials 28.2%** | **Financials 28.2%** | **Financials 28.2%** |
| American Express Company | 167 | 61685 |
| Goldman Sachs Group, Inc., The | 167 | 146564 |
| JPMorgan Chase & Co. | 166 | 53727 |
| Travelers Companies, Inc., The | 167 | 48364 |
| Visa Inc. - Class A | 166 | 58477 |
|  |  | 368817 |
| **Information Technology 20.1%** | **Information Technology 20.1%** | **Information Technology 20.1%** |
| Apple Inc. | 166 | 45330 |
| Cisco Systems, Inc. | 167 | 12844 |
| International Business Machines Corporation | 167 | 49390 |
| Microsoft Corporation | 167 | 80638 |
| NVIDIA Corporation | 167 | 31097 |
| Salesforce, Inc. | 167 | 44171 |
|  |  | 263470 |
| **Industrials 14.6%** | **Industrials 14.6%** | **Industrials 14.6%** |
| 3M Company | 166 | 26695 |
| Boeing Company, The (a) | 167 | 36202 |
| Caterpillar Inc. | 166 | 95520 |
| Honeywell International Inc. | 167 | 32529 |
|  |  | 190946 |
| **Health Care 12.4%** | **Health Care 12.4%** | **Health Care 12.4%** |
| Amgen Inc. | 167 | 54575 |
| Johnson & Johnson | 167 | 34507 |
| Merck & Co., Inc. | 167 | 17551 |
| UnitedHealth Group Incorporated | 167 | 55042 |
|  |  | 161675 |
| **Consumer Discretionary 12.0%** | **Consumer Discretionary 12.0%** | **Consumer Discretionary 12.0%** |
| Amazon.com, Inc. (a) | 167 | 38487 |
| Home Depot, Inc., The | 167 | 57375 |
| McDonald's Corporation | 167 | 50960 |
| Nike, Inc. - Class B | 167 | 10623 |
|  |  | 157445 |
| **Consumer Staples 4.1%** | **Consumer Staples 4.1%** | **Consumer Staples 4.1%** |
| Coca-Cola Company, The | 167 | 11657 |
| Procter & Gamble Company, The | 167 | 23895 |
| Walmart Inc. | 166 | 18576 |
|  |  | 54128 |
| **Materials 4.1%** | **Materials 4.1%** | **Materials 4.1%** |
| Sherwin-Williams Company, The | 166 | 54028 |
| **Communication Services 2.0%** | **Communication Services 2.0%** | **Communication Services 2.0%** |
| Verizon Communications Inc. | 167 | 6791 |
| Walt Disney Company, The | 166 | 18970 |
|  |  | 25761 |
| **Energy 2.0%** | **Energy 2.0%** | **Energy 2.0%** |
| Chevron Corporation | 167 | 25413 |
| Total Common Stocks (cost $685,479) | Total Common Stocks (cost $685,479) | 1301683 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 6085 | 6085 |
| Total Short Term Investments (cost $6,085) | Total Short Term Investments (cost $6,085) | 6085 |
| **Total Investments 99.9% (cost $691,564)** | **Total Investments 99.9% (cost $691,564)** | **1307768** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (46) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **711** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1308433** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** | **JNL/Mellon Dow Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 3560 | 153048 | 150523 | 352 |  |  | 6085 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 77922 | 77922 | 31 |  |  |  |  |
|  | 3560 | 230970 | 228445 | 383 |  |  | 6085 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Dow Jones Industrial Average Index | 29 | March 2026 | 7083 | (46) | (74) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1301683 |  |  | 1301683 |
| &nbsp;&nbsp;Short Term Investments | 6085 |  |  | 6085 |
|  | 1307768 |  |  | 1307768 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (74) |  |  | (74) |
|  | (74) |  |  | (74) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Energy 99.3%** | **Energy 99.3%** | **Energy 99.3%** |
| Antero Midstream Corporation | 252 | 4486 |
| Antero Resources Corporation (a) | 212 | 7302 |
| APA Corporation | 288 | 7058 |
| Archrock, Inc. | 136 | 3534 |
| Baker Hughes Company - Class A | 791 | 36038 |
| California Resources Corporation | 52 | 2307 |
| Centrus Energy Corp. - Class A (a) (b) | 13 | 3132 |
| Cheniere Energy, Inc. | 172 | 33388 |
| Chevron Corporation | 1492 | 227420 |
| Chord Energy Corporation | 48 | 4435 |
| CNX Resources Corporation (a) | 100 | 3663 |
| Comstock Resources, Inc. (a) (b) | 55 | 1270 |
| ConocoPhillips | 988 | 92469 |
| Core Natural Resources, Inc. | 40 | 3568 |
| Coterra Energy Inc. | 607 | 15974 |
| Devon Energy Corporation | 491 | 17969 |
| Diamondback Energy, Inc. | 152 | 22857 |
| DT Midstream, Inc. | 78 | 9394 |
| EOG Resources, Inc. | 436 | 45757 |
| EQT Corporation | 496 | 26589 |
| Expand Energy Corporation | 182 | 20119 |
| Exxon Mobil Corporation | 3371 | 405664 |
| Halliburton Company | 689 | 19459 |
| HF Sinclair Corporation | 121 | 5594 |
| Kinder Morgan, Inc. | 1571 | 43197 |
| Magnolia Oil & Gas Corporation - Class A | 140 | 3063 |
| Marathon Petroleum Corporation | 231 | 37582 |
| Matador Resources Company | 89 | 3766 |
| Murphy Oil Corporation | 106 | 3306 |
| Noble Corporation 2022 Limited | 100 | 2816 |
| NOV Inc. | 289 | 4519 |
| Occidental Petroleum Corporation | 523 | 21513 |
| ONEOK, Inc. | 497 | 36561 |
| Ovintiv Canada ULC | 208 | 8152 |
| Permian Resources Corporation - Class A | 510 | 7159 |
| Phillips 66 | 322 | 41514 |
| Range Resources Corporation | 191 | 6727 |
| Schlumberger Limited | 1187 | 45553 |
| Targa Resources Corp. | 173 | 31976 |
| TechnipFMC PLC | 305 | 13577 |
| Texas Pacific Land Corporation | 46 | 13114 |
| Valero Energy Corporation | 243 | 39601 |
| Venture Global, Inc. - Class A (b) | 79 | 537 |
| Viper Energy, Inc. - Class A | 134 | 5183 |
| Weatherford International Public Limited Company | 58 | 4567 |
| Williams Companies, Inc., The | 972 | 58412 |
|  |  | 1451841 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| National Fuel Gas Company | 72 | 5802 |
| Total Common Stocks (cost $1,317,050) | Total Common Stocks (cost $1,317,050) | 1457643 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 5509 | 5509 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 571 | 571 |
| Total Short Term Investments (cost $6,080) | Total Short Term Investments (cost $6,080) | 6080 |
| **Total Investments 100.1% (cost $1,323,130)** | **Total Investments 100.1% (cost $1,323,130)** | **1463723** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (40) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (833) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1462850** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** | **JNL/Mellon Energy Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 10297 | 343310 | 348098 | 319 |  |  | 5509 | 0.4 |
| JNL Government Money Market Fund, 3.74% - Class SL | 355 | 45151 | 44935 | 33 |  |  | 571 |  |
|  | 10652 | 388461 | 393033 | 352 |  |  | 6080 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Energy Select Sector Index | 73 | March 2026 | 6711 | (40) | 170 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1457643 |  |  | 1457643 |
| &nbsp;&nbsp;Short Term Investments | 6080 |  |  | 6080 |
|  | 1463723 |  |  | 1463723 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 170 |  |  | 170 |
|  | 170 |  |  | 170 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Financials 98.9%** | **Financials 98.9%** | **Financials 98.9%** |
| Affiliated Managers Group, Inc. | 5 | 1484 |
| AFLAC Incorporated | 86 | 9435 |
| Allstate Corporation, The | 48 | 9992 |
| Ally Financial Inc. | 50 | 2248 |
| American Express Company | 98 | 36222 |
| American Financial Group, Inc. | 13 | 1794 |
| American International Group, Inc. | 97 | 8311 |
| Ameriprise Financial, Inc. | 17 | 8257 |
| Ameris Bancorp | 11 | 828 |
| AON Public Limited Company - Class A | 39 | 13733 |
| Apollo Global Management, Inc. | 75 | 10835 |
| Arch Capital Group Ltd. (a) | 68 | 6491 |
| Ares Management Corporation - Class A | 37 | 5947 |
| Arthur J. Gallagher & Co. | 46 | 11957 |
| Associated Banc-Corp | 30 | 770 |
| Assurant, Inc. | 9 | 2218 |
| Assured Guaranty Ltd. | 9 | 763 |
| Atlantic Union Bank | 23 | 822 |
| AXIS Capital Holdings Limited | 14 | 1488 |
| Axos Financial, Inc. (a) | 9 | 755 |
| BancFirst Corporation | 4 | 380 |
| Bank of America Corporation | 1211 | 66626 |
| Bank of New York Mellon Corporation, The (b) | 122 | 14145 |
| Bank OZK | 19 | 868 |
| Berkshire Hathaway Inc. - Class B (a) | 334 | 167631 |
| BlackRock, Inc. | 25 | 26963 |
| Blackstone Inc. - Class A | 134 | 20624 |
| Blue Owl Capital Inc. - Class A | 112 | 1668 |
| BOK Financial Corporation | 4 | 422 |
| Brown & Brown, Inc. | 50 | 4021 |
| Cadence Bank | 33 | 1396 |
| Capital One Financial Corporation | 116 | 28055 |
| Carlyle Group Inc., The | 39 | 2331 |
| Charles Schwab Corporation, The | 309 | 30834 |
| Chubb Limited | 66 | 20703 |
| Cincinnati Financial Corporation | 28 | 4591 |
| Citigroup Inc. | 324 | 37816 |
| Citizens Financial Group, Inc. | 80 | 4655 |
| CME Group Inc. - Class A | 65 | 17751 |
| CNO Financial Group, Inc. | 18 | 753 |
| Cohen & Steers, Inc. | 5 | 337 |
| Coinbase Global, Inc. - Class A (a) | 41 | 9251 |
| Columbia Banking System, Inc. | 51 | 1431 |
| Comerica Incorporated | 23 | 1988 |
| Commerce Bancshares, Inc. | 25 | 1299 |
| Corebridge Financial, Inc. | 46 | 1395 |
| Credit Acceptance Corporation (a) | 1 | 447 |
| Cullen/Frost Bankers, Inc. | 11 | 1371 |
| East West Bancorp, Inc. | 25 | 2814 |
| Enact Holdings, Inc. | 5 | 216 |
| Equitable Holdings, Inc. | 52 | 2482 |
| Erie Indemnity Company - Class A | 5 | 1293 |
| Essent Group Ltd. | 18 | 1180 |
| Evercore Inc. - Class A | 7 | 2288 |
| Everest Group, Ltd. | 8 | 2613 |
| F&G Annuities & Life, Inc. | 4 | 117 |
| F.N.B. Corporation | 58 | 987 |
| FactSet Research Systems Inc. | 7 | 1991 |
| Federated Hermes, Inc. - Class B | 15 | 758 |
| Fidelity National Financial, Inc. - Class A | 46 | 2536 |
| Fifth Third Bancorp | 121 | 5643 |
| Figure Technology Solutions, Inc. - Class A (a) | 6 | 229 |
| First American Financial Corporation | 18 | 1117 |
| First Citizens BancShares, Inc. - Class A | 2 | 4024 |
| First Financial Bankshares, Inc. | 23 | 678 |
| First Horizon Corporation | 90 | 2154 |
| FirstCash, Inc. | 7 | 1159 |
| Flagstar Bank, National Association | 54 | 675 |
| Franklin Resources, Inc. | 52 | 1235 |
| Freedom Holding Corp. (a) (c) | 3 | 415 |
| Galaxy Digital Inc. - Class A (a) (c) | 34 | 758 |
| Glacier Bancorp, Inc. | 22 | 971 |
| Globe Life Inc. | 14 | 1979 |
| Goldman Sachs Group, Inc., The | 54 | 47797 |
| Hamilton Lane Incorporated - Class A | 7 | 935 |
| Hancock Whitney Corporation | 15 | 938 |
| Hanover Insurance Group Inc., The | 6 | 1123 |
| Hartford Insurance Group, Inc., The | 51 | 7042 |
| Home BancShares, Inc. | 34 | 951 |
| Houlihan Lokey, Inc. - Class A | 10 | 1684 |
| Huntington Bancshares Incorporated | 279 | 4841 |
| Independence Holdings, LLC | 22 | 1464 |
| Interactive Brokers Group, Inc. - Class A | 80 | 5166 |
| Intercontinental Exchange, Inc. | 104 | 16774 |
| International Bancshares Corporation | 9 | 629 |
| Invesco Ltd. | 62 | 1616 |
| Jackson Financial Inc. - Class A (b) | 13 | 1363 |
| Janus Henderson Group PLC | 21 | 1006 |
| Jefferies Financial Group Inc. | 29 | 1802 |
| JPMorgan Chase & Co. | 498 | 160468 |
| KeyCorp | 171 | 3532 |
| Kinsale Capital Group, Inc. | 4 | 1579 |
| KKR & Co. Inc. - Class A | 121 | 15404 |
| Lazard, Inc. | 17 | 838 |
| Lemonade, Inc. (a) | 10 | 703 |
| Lincoln National Corporation | 31 | 1380 |
| Loews Corporation | 32 | 3316 |
| LPL Financial Holdings Inc. | 14 | 5162 |
| M&T Bank Corporation | 28 | 5600 |
| Markel Group Inc. (a) | 2 | 4650 |
| MarketAxess Holdings Inc. | 7 | 1202 |
| Marsh & Mclennan Companies, Inc. | 89 | 16568 |
| MasterCard Incorporated - Class A | 149 | 85229 |
| Mercury General Corporation | 4 | 410 |
| MetLife, Inc. | 100 | 7919 |
| MGIC Investment Corporation | 38 | 1114 |
| Moelis & Company - Class A | 13 | 915 |
| Moody's Corporation | 28 | 14383 |
| Morgan Stanley | 224 | 39713 |
| Morningstar, Inc. | 5 | 1010 |
| MSCI Inc. - Class A | 13 | 7556 |
| Nasdaq, Inc. | 67 | 6553 |
| Northern Trust Corporation | 34 | 4700 |
| Old National Bancorp | 63 | 1414 |
| Old Republic International Corporation | 42 | 1894 |
| PayPal Holdings, Inc. | 169 | 9878 |
| PennyMac Financial Services, Inc. | 5 | 672 |
| Pinnacle Financial Partners, Inc. | 13 | 1281 |
| Piper Sandler Companies | 3 | 925 |
| PJT Partners Inc. - Class A | 4 | 652 |
| Popular, Inc. | 12 | 1463 |
| Primerica, Inc. | 6 | 1536 |
| Principal Financial Group, Inc. | 40 | 3560 |
| Progressive Corporation, The | 106 | 24126 |
| Prosperity Bancshares, Inc. | 16 | 1121 |
| Prudential Financial, Inc. | 63 | 7155 |
| Radian Group Inc. | 26 | 941 |
| Raymond James Financial, Inc. | 31 | 4978 |
| Regions Financial Corporation | 155 | 4190 |
| Reinsurance Group of America, Incorporated | 12 | 2433 |
| RenaissanceRe Holdings Ltd | 8 | 2231 |
| RLI Corp. | 15 | 988 |
| Robinhood Markets, Inc. - Class A (a) | 136 | 15351 |
| Rocket Companies, Inc. - Class A | 159 | 3073 |
| Ryan Specialty Group Holdings, Inc. - Class A | 19 | 991 |
| S&P Global Inc. | 55 | 28688 |
| SEI Investments Company | 17 | 1418 |
| Selective Insurance Group, Inc. | 11 | 940 |
| ServisFirst Bancshares, Inc. | 10 | 695 |
| SLM Corporation | 35 | 948 |
| SoFi Technologies, Inc. (a) | 225 | 5886 |
| Southstate Bank Corporation | 18 | 1661 |
| State Street Corporation | 51 | 6517 |
| StepStone Group Inc. - Class A | 12 | 745 |
| Stifel Financial Corp. | 18 | 2307 |
| StoneX Group Inc. (a) | 8 | 789 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Synchrony Financial | 65 | 5449 |
| Synovus Financial Corp. | 25 | 1265 |
| T. Rowe Price Group, Inc. | 39 | 4021 |
| Texas Capital Bancshares, Inc. (a) | 8 | 687 |
| TFS Financial Corporation | 8 | 103 |
| The PNC Financial Services Group, Inc. | 71 | 14899 |
| TPG Inc. - Class A | 23 | 1496 |
| Tradeweb Markets Inc. - Class A | 21 | 2267 |
| Travelers Companies, Inc., The | 41 | 11791 |
| Truist Financial Corporation | 234 | 11514 |
| U.S. Bancorp | 282 | 15054 |
| UMB Financial Corporation | 13 | 1491 |
| United Bankshares, Inc. | 25 | 971 |
| United Community Banks, Inc. | 20 | 638 |
| Unum Group | 29 | 2268 |
| Upstart Holdings, Inc. (a) (c) | 15 | 676 |
| Valley National Bancorp | 79 | 927 |
| Victory Capital Holdings, Inc. - Class A | 8 | 531 |
| Visa Inc. - Class A | 308 | 108006 |
| Voya Financial, Inc. | 18 | 1302 |
| W. R. Berkley Corporation | 52 | 3659 |
| Webster Financial Corporation | 30 | 1865 |
| Wells Fargo & Company | 569 | 53041 |
| Western Alliance Bancorporation | 20 | 1702 |
| White Mountains Insurance Group Ltd |  | 889 |
| Willis Towers Watson Public Limited Company | 17 | 5460 |
| Wintrust Financial Corporation | 12 | 1618 |
| Zions Bancorporation, National Association | 26 | 1503 |
| | | 1525989 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Bitmine Immersion Technologies, Inc. (c) | 52 | 1404 |
| Cipher Mining Inc. (a) (c) | 59 | 864 |
| Circle Internet Group, Inc. - Class A (a) | 8 | 646 |
| Cleanspark Inc. (a) (c) | 49 | 500 |
| Hut 8 Corp. (a) | 17 | 783 |
| Mara Holdings, Inc. (a) (c) | 68 | 609 |
| TeraWulf Inc. (a) (c) | 55 | 632 |
|  |  | 5438 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| TransUnion | 35 | 3009 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| CorVel Corporation (a) | 5 | 368 |
| Total Common Stocks (cost $1,036,975) | Total Common Stocks (cost $1,036,975) | 1534804 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (d) | 7869 | 7869 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (d) | 1911 | 1911 |
| Total Short Term Investments (cost $9,780) | Total Short Term Investments (cost $9,780) | 9780 |
| **Total Investments 100.1% (cost $1,046,755)** | **Total Investments 100.1% (cost $1,046,755)** | **1544584** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (69) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(2122)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1542393** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of December 31, 2025.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 11535 | 824 | 3575 | 277 | 1596 | 3765 | 14145 | 0.9 |
| Jackson Financial Inc. - Class A | 1242 |  | 135 | 44 | 79 | 177 | 1363 | 0.1 |
| JNL Government Money Market Fund, 3.74% - Class SL | 1441 | 64144 | 63674 | 69 |  |  | 1911 | 0.1 |
| JNL Government Money Market Fund, 3.64% - Class I | 6429 | 318869 | 317429 | 321 |  |  | 7869 | 0.5 |
|  | 20647 | 383837 | 384813 | 711 | 1675 | 3942 | 25288 | 1.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Financial Select Sector Index | 53 | March 2026 | 9097 | (69) | (100) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1534804 |  |  | 1534804 |
| &nbsp;&nbsp;Short Term Investments | 9780 |  |  | 9780 |
|  | 1544584 |  |  | 1544584 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (100) |  |  | (100) |
|  | (100) |  |  | (100) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Health Care 99.3%** | **Health Care 99.3%** | **Health Care 99.3%** |
| Abbott Laboratories | 774 | 96936 |
| AbbVie Inc. | 786 | 179508 |
| ADMA Biologics, Inc. (a) | 104 | 1897 |
| Agilent Technologies, Inc. | 127 | 17229 |
| Align Technology, Inc. (a) | 31 | 4914 |
| Alignment Healthcare, Inc. (a) | 48 | 942 |
| Alkermes Public Limited Company (a) | 71 | 1999 |
| Alnylam Pharmaceuticals, Inc. (a) | 56 | 22479 |
| Amgen Inc. | 239 | 78290 |
| Arcellx Inc. (a) | 17 | 1136 |
| Arrowhead Pharmaceuticals Inc (a) | 54 | 3562 |
| Avantor, Inc. (a) (b) | 300 | 3440 |
| Avidity Biosciences, Inc. (a) | 52 | 3786 |
| Axsome Therapeutics, Inc. (a) | 18 | 3242 |
| Baxter International Inc. | 226 | 4312 |
| Becton, Dickinson and Company | 128 | 24796 |
| Biogen Inc. (a) | 63 | 11046 |
| BioMarin Pharmaceutical Inc. (a) | 84 | 4998 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 9 | 2631 |
| Bio-Techne Corporation | 69 | 4087 |
| Boston Scientific Corporation (a) | 658 | 62708 |
| Bridgebio Pharma, Inc. (a) | 62 | 4723 |
| Brightspring Health Services, Inc. (a) | 30 | 1139 |
| Bristol-Myers Squibb Company | 905 | 48839 |
| Bruker Corporation | 45 | 2138 |
| Canticle Pharmaceuticals, Inc. (a) | 8 | 4792 |
| Cardinal Health, Inc. | 106 | 21804 |
| Cencora, Inc. | 82 | 27544 |
| Centene Corporation (a) | 209 | 8586 |
| Charles River Laboratories International, Inc. (a) | 20 | 4050 |
| Chemed Corporation | 6 | 2761 |
| Cigna Group, The | 115 | 31545 |
| Cooper Companies, Inc., The (a) | 88 | 7236 |
| Corcept Therapeutics Incorporated (a) | 43 | 1509 |
| Crinetics Pharmaceuticals, Inc. (a) | 40 | 1861 |
| CRISPR Therapeutics AG (a) (b) | 42 | 2201 |
| CVS Health Corporation | 562 | 44628 |
| Cytokinetics, Incorporated (a) | 53 | 3360 |
| Danaher Corporation | 287 | 65620 |
| DaVita, Inc. (a) | 16 | 1770 |
| DexCom, Inc. (a) | 173 | 11467 |
| Doximity, Inc. - Class A (a) | 57 | 2508 |
| Edwards Lifesciences Corporation (a) | 261 | 22214 |
| Elanco Animal Health Incorporated (a) (b) | 212 | 4791 |
| Elevance Health, Inc. | 99 | 34597 |
| Eli Lilly and Company | 356 | 382082 |
| Encompass Health Corporation | 42 | 4502 |
| Ensign Group, Inc., The | 26 | 4512 |
| Exact Sciences Corporation (a) | 82 | 8357 |
| Exelixis, Inc. (a) | 113 | 4968 |
| GE HealthCare Technologies Inc. | 203 | 16631 |
| Gilead Sciences, Inc. | 554 | 68055 |
| Glaukos Corporation (a) | 24 | 2689 |
| Globus Medical, Inc. - Class A (a) | 51 | 4422 |
| Guardant Health, Inc. (a) | 51 | 5231 |
| Halozyme Therapeutics, Inc. (a) | 54 | 3651 |
| HCA Healthcare, Inc. | 72 | 33639 |
| HealthEquity, Inc. (a) | 37 | 3424 |
| Henry Schein, Inc. (a) | 46 | 3488 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 91 | 2955 |
| Hologic, Inc. (a) | 99 | 7380 |
| Humana Inc. | 54 | 13725 |
| IDEXX Laboratories, Inc. (a) | 34 | 23076 |
| Illumina, Inc. (a) | 68 | 8877 |
| Incyte Corporation (a) | 72 | 7106 |
| Insmed Incorporated (a) | 93 | 16126 |
| Insulet Corporation (a) | 31 | 8871 |
| Intuitive Surgical, Inc. (a) | 157 | 88892 |
| Ionis Pharmaceuticals, Inc. (a) | 66 | 5226 |
| IQVIA Holdings Inc. (a) | 75 | 16878 |
| Irhythm Technologies, Inc. (a) | 14 | 2479 |
| Jazz Pharmaceuticals Public Limited Company (a) | 27 | 4545 |
| Johnson & Johnson | 1071 | 221682 |
| Krystal Biotech, Inc. (a) | 11 | 2838 |
| Kymera Therapeutics, Inc. (a) | 21 | 1657 |
| Labcorp Holdings Inc. | 37 | 9301 |
| Lantheus Holdings, Inc. (a) | 31 | 2052 |
| Masimo Corporation (a) | 21 | 2740 |
| McKesson Corporation | 55 | 45052 |
| Medpace Holdings, Inc. (a) | 10 | 5708 |
| Medtronic, Inc. | 571 | 54820 |
| Merck & Co., Inc. | 1104 | 116254 |
| Merit Medical Systems, Inc. (a) | 26 | 2337 |
| Mettler-Toledo International Inc. (a) | 9 | 12952 |
| Moderna, Inc. (a) | 155 | 4561 |
| Molina Healthcare, Inc. (a) | 23 | 3954 |
| Natera, Inc. (a) | 59 | 13410 |
| Neurocrine Biosciences, Inc. (a) | 44 | 6190 |
| Nuvalent, Inc. - Class A (a) | 20 | 1988 |
| Option Care Health, Inc. (a) | 74 | 2358 |
| Penumbra, Inc. (a) | 16 | 5124 |
| Pfizer Inc. | 2522 | 62790 |
| Praxis Precision Medicines, Inc. (a) | 9 | 2624 |
| Protagonist Therapeutics, Inc. (a) | 23 | 2044 |
| PTC Therapeutics, Inc. (a) | 31 | 2362 |
| Quest Diagnostics Incorporated | 49 | 8545 |
| RadNet, Inc. (a) | 30 | 2109 |
| Regeneron Pharmaceuticals, Inc. | 45 | 34571 |
| Repligen Corporation (a) | 23 | 3835 |
| ResMed Inc. | 66 | 15791 |
| Revolution Medicines, Inc. (a) | 67 | 5308 |
| Revvity, Inc. | 53 | 5162 |
| Rhythm Pharmaceuticals, Inc. (a) | 23 | 2507 |
| Roivant Sciences Ltd. (a) | 173 | 3764 |
| Royalty Pharma PLC - Class A | 157 | 6075 |
| Soleno Therapeutics, Inc. (a) | 19 | 879 |
| Solventum Corporation (a) | 61 | 4841 |
| Sotera Health LLC (a) | 68 | 1203 |
| Steris Public Limited Company | 42 | 10736 |
| Stryker Corporation | 161 | 56515 |
| Summit Therapeutics Inc. (a) | 51 | 891 |
| Teleflex Incorporated | 21 | 2533 |
| Tempus AI, Inc. - Class A (a) | 38 | 2229 |
| Tenet Healthcare Corporation (a) | 39 | 7751 |
| TG Therapeutics, Inc. (a) (b) | 65 | 1942 |
| Thermo Fisher Scientific Inc. | 168 | 97334 |
| TransMedics Group, Inc. (a) | 14 | 1695 |
| uniQure N.V. (a) | 23 | 555 |
| United Therapeutics Corporation (a) | 18 | 8594 |
| UnitedHealth Group Incorporated | 403 | 133118 |
| Universal Health Services, Inc. - Class B | 25 | 5382 |
| Vaxcyte, Inc. (a) | 51 | 2345 |
| Veeva Systems Inc. - Class A (a) | 67 | 14900 |
| Vertex Pharmaceuticals Incorporated (a) | 113 | 51133 |
| Viatris Inc. | 532 | 6618 |
| Viking Therapeutics, Inc. (a) | 48 | 1679 |
| Waters Corporation (a) | 26 | 10005 |
| Waystar Holding Corp. (a) | 36 | 1182 |
| West Pharmaceutical Services, Inc. | 32 | 8851 |
| Zimmer Biomet Holdings, Inc. | 89 | 7969 |
| Zoetis Inc. - Class A | 198 | 24962 |
|  |  | 2785715 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| AptarGroup, Inc. | 29 | 3562 |
| Total Common Stocks (cost $1,567,948) | Total Common Stocks (cost $1,567,948) | 2789277 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Akero Therapeutics Inc. (a) (c) | 29 | 19 |
| Total Rights (cost $0) | Total Rights (cost $0) | 19 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 8125 | 8125 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (d) (e) | 1631 | 1631 |
| Total Short Term Investments (cost $9,756) | Total Short Term Investments (cost $9,756) | 9756 |
| **Total Investments 99.8% (cost $1,577,704)** | **Total Investments 99.8% (cost $1,577,704)** | **2799052** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (75) |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **6839** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2805816** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 16887 | 416246 | 425008 | 390 |  |  | 8125 | 0.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 1419 | 98491 | 98279 | 130 |  |  | 1631 |  |
|  | 18306 | 514737 | 523287 | 520 |  |  | 9756 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Health Care Select Sector Index | 121 | March 2026 | 19085 | (75) | (33) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2789277 |  |  | 2789277 |
| &nbsp;&nbsp;Rights |  |  | 19 | 19 |
| &nbsp;&nbsp;Short Term Investments | 9756 |  |  | 9756 |
|  | 2799033 |  | 19 | 2799052 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (33) |  |  | (33) |
|  | (33) |  |  | (33) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Industrials 98.1%** | **Industrials 98.1%** | **Industrials 98.1%** |
| 3M Company | 38 | 6027 |
| A. O. Smith Corporation | 8 | 543 |
| AAON, Inc. | 5 | 360 |
| Acuity Brands, Inc. | 2 | 763 |
| Advanced Drainage Systems, Inc. | 5 | 707 |
| AECOM | 9 | 866 |
| AeroVironment, Inc. (a) | 3 | 633 |
| AGCO Corporation | 4 | 440 |
| Air Lease Corporation - Class A | 7 | 424 |
| Alaska Air Group, Inc. (a) | 8 | 392 |
| Allegion Public Limited Company | 6 | 969 |
| Amentum Holdings, Inc. (a) | 9 | 271 |
| American Airlines Group Inc. (a) | 46 | 706 |
| AMETEK, Inc. | 16 | 3343 |
| API Group Corporation (a) | 22 | 841 |
| Applied Industrial Technologies, Inc. | 3 | 701 |
| Archer Aviation Inc. - Class A (a) | 35 | 266 |
| Arcosa, Inc. | 3 | 350 |
| Argan, Inc. | 1 | 287 |
| Armstrong World Industries, Inc. | 3 | 589 |
| ATI Inc. (a) | 10 | 1092 |
| Avis Budget Group, Inc. (a) | 1 | 158 |
| Axon Enterprise, Inc. (a) | 5 | 2975 |
| Bloom Energy Corporation - Class A (a) | 15 | 1342 |
| Boeing Company, The (a) | 55 | 11929 |
| Booz Allen Hamilton Holding Corporation - Class A | 9 | 731 |
| Brink's Company, The | 3 | 336 |
| Builders FirstSource, Inc. (a) | 8 | 829 |
| BWXT Government Group, Inc. | 6 | 1120 |
| C.H. Robinson Worldwide, Inc. | 8 | 1341 |
| Carlisle Companies Incorporated | 3 | 979 |
| Carpenter Technology Corporation | 3 | 1052 |
| Carrier Global Corporation | 56 | 2942 |
| Casella Waste Systems, Inc. - Class A (a) | 4 | 433 |
| Caterpillar Inc. | 33 | 19052 |
| Chart Industries, Inc. (a) | 3 | 658 |
| Cintas Corporation | 24 | 4601 |
| Clean Harbors, Inc. (a) | 4 | 850 |
| CNH Industrial N.V. | 62 | 574 |
| Comfort Systems USA, Inc. | 2 | 2320 |
| Construction Partners, Inc. - Class A (a) | 3 | 362 |
| Copart, Inc. (a) | 59 | 2328 |
| Core & Main, Inc. - Class A (a) | 12 | 620 |
| Crane Company | 3 | 643 |
| CSW Industrials, Inc. | 1 | 348 |
| CSX Corporation | 132 | 4773 |
| Cummins Inc. | 10 | 4956 |
| Curtiss-Wright Corporation | 3 | 1468 |
| Deere & Company | 18 | 8208 |
| Delta Air Lines, Inc. | 46 | 3192 |
| Donaldson Company, Inc. | 9 | 757 |
| Dover Corporation | 10 | 1899 |
| Dycom Industries, Inc. (a) | 2 | 666 |
| Eaton Corporation Public Limited Company | 28 | 8810 |
| EMCOR Group, Inc. | 3 | 1926 |
| Emerson Electric Co. | 40 | 5283 |
| EnerSys | 3 | 398 |
| Enpro Inc. | 1 | 295 |
| Eos Energy Enterprises, Inc. - Class A (a) (b) | 18 | 204 |
| Equifax, Inc. | 9 | 1892 |
| ESAB Corporation | 4 | 450 |
| Everus Construction Group, Inc. (a) | 4 | 307 |
| Expeditors International of Washington, Inc. - Class A | 9 | 1407 |
| Exponent, Inc. | 4 | 249 |
| Fastenal Company | 81 | 3237 |
| Federal Signal Corporation | 4 | 464 |
| FedEx Corporation | 16 | 4504 |
| Ferguson Enterprises Inc. | 14 | 3161 |
| Flowserve Corporation | 9 | 644 |
| Fluor Corporation (a) | 11 | 444 |
| Fortune Brands Innovations, Inc. | 8 | 411 |
| Franklin Electric Co., Inc. | 3 | 263 |
| FTI Consulting, Inc. (a) | 2 | 393 |
| Gates Industrial Corporation PLC (a) | 17 | 374 |
| GATX Corporation | 3 | 425 |
| GE Vernova Inc. | 19 | 12609 |
| Generac Holdings Inc. (a) | 4 | 575 |
| General Dynamics Corporation | 17 | 5776 |
| General Electric Company | 75 | 23054 |
| Graco Inc. | 12 | 978 |
| Granite Construction Incorporated | 3 | 331 |
| Griffon Corporation | 3 | 208 |
| GXO Logistics Inc. (a) | 8 | 435 |
| HEICO Corporation | 3 | 967 |
| HEICO Corporation - Class A | 5 | 1373 |
| Herc Holdings Inc. | 2 | 324 |
| Hexcel Corporation | 6 | 420 |
| Honeywell International Inc. | 45 | 8755 |
| Howmet Aerospace Inc. | 27 | 5622 |
| Hubbell Incorporated | 4 | 1684 |
| Huntington Ingalls Industries, Inc. | 3 | 937 |
| IDEX Corporation | 5 | 898 |
| IES Holdings, Inc. (a) | 1 | 231 |
| Illinois Tool Works Inc. | 20 | 5035 |
| Ingersoll Rand Inc. | 28 | 2211 |
| ITT Inc. | 6 | 1062 |
| J.B. Hunt Transport Services, Inc. | 5 | 1056 |
| Jacobs Solutions Inc. | 9 | 1148 |
| JBT Marel Corporation | 4 | 544 |
| Joby Aviation, Inc. - Class A (a) | 40 | 526 |
| Johnson Controls International Public Limited Company | 43 | 5169 |
| Karman Holdings Inc. (a) (b) | 2 | 181 |
| KBR, Inc. | 9 | 376 |
| Kirby Corporation (a) | 4 | 427 |
| Knight-Swift Transportation Holdings Inc. - Class A | 11 | 581 |
| Korn Ferry | 3 | 229 |
| Kratos Defense & Security Solutions, Inc. (a) | 12 | 889 |
| L3Harris Technologies, Inc. | 13 | 3863 |
| Landstar System, Inc. | 2 | 356 |
| Lennox International Inc. | 2 | 1125 |
| Leonardo DRS, Inc. | 5 | 177 |
| Lincoln Electric Holdings, Inc. | 4 | 951 |
| Loar Holdings Inc. (a) | 2 | 111 |
| Lockheed Martin Corporation | 14 | 6793 |
| Masco Corporation | 15 | 951 |
| MasTec, Inc. (a) | 4 | 941 |
| Maximus, Inc. | 4 | 343 |
| Mercury Systems, Inc. (a) | 4 | 266 |
| Middleby Corporation, The (a) | 4 | 530 |
| Mine Safety Appliances Company, LLC | 3 | 424 |
| MOOG Inc. - Class A | 2 | 485 |
| MSC Industrial Direct Co., Inc. - Class A | 3 | 232 |
| Mueller Industries, Inc. | 8 | 894 |
| Mueller Water Products, Inc. - Class A | 11 | 259 |
| Nordson Corporation | 4 | 884 |
| Norfolk Southern Corporation | 16 | 4622 |
| Northrop Grumman Corporation | 10 | 5556 |
| NuScale Power, LLC - Class A (a) (b) | 11 | 156 |
| Nvent Electric Public Limited Company | 11 | 1159 |
| Old Dominion Freight Line, Inc. | 13 | 2031 |
| Oshkosh Corporation | 4 | 538 |
| Otis Worldwide Corporation | 28 | 2440 |
| Owens Corning | 6 | 676 |
| PACCAR Inc. | 36 | 3976 |
| Parker-Hannifin Corporation | 9 | 7527 |
| Pentair Public Limited Company | 12 | 1218 |
| Powell Industries, Inc. | 1 | 208 |
| Primoris Services Corporation | 4 | 469 |
| Quanta Services, Inc. | 10 | 4394 |
| Qxo, Inc. (a) (b) | 42 | 802 |
| RBC Bearings Incorporated (a) | 2 | 981 |
| Regal Rexnord Corporation | 5 | 657 |
| Republic Services, Inc. | 14 | 3045 |
| Rocket Lab Usa, Inc. (a) | 30 | 2067 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rockwell Automation, Inc. | 8 | 3106 |
| RTX Corporation | 95 | 17353 |
| Ryder System, Inc. | 3 | 551 |
| Saia, Inc. (a) | 2 | 607 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 395 |
| SkyWest, Inc. (a) | 3 | 272 |
| Snap-on Incorporated | 4 | 1241 |
| Southwest Airlines Co. | 32 | 1342 |
| SPX Technologies, Inc. (a) | 4 | 702 |
| StandardAero, Inc. (a) | 8 | 225 |
| Stanley Black & Decker, Inc. | 11 | 804 |
| Sterling Infrastructure, Inc. (a) | 2 | 661 |
| Tetra Tech, Inc. | 18 | 591 |
| Textron Inc. | 13 | 1113 |
| Timken Company, The | 5 | 382 |
| Toro Company, The | 7 | 552 |
| Trane Technologies Public Limited Company | 16 | 6133 |
| TransDigm Group Incorporated | 4 | 5031 |
| Trex Company, Inc. (a) | 8 | 267 |
| U-Haul Holding Company (a) | 1 | 27 |
| U-Haul Holding Company - Series N | 7 | 320 |
| UL Solutions Inc. - Class A | 4 | 336 |
| Union Pacific Corporation | 42 | 9687 |
| United Airlines Holdings, Inc. (a) | 23 | 2589 |
| United Parcel Service, Inc. - Class B | 52 | 5181 |
| United Rentals, Inc. | 4 | 3638 |
| Valmont Industries, Inc. | 1 | 576 |
| Veralto Corporation | 17 | 1672 |
| Verisk Analytics, Inc. | 10 | 2223 |
| Vertiv Holdings Co - Class A | 26 | 4286 |
| VSE Corporation | 1 | 257 |
| W.W. Grainger, Inc. | 3 | 3190 |
| Waste Management, Inc. | 26 | 5712 |
| Watsco, Inc. | 2 | 832 |
| Watts Water Technologies, Inc. - Class A | 2 | 536 |
| WESCO International, Inc. | 3 | 833 |
| Westinghouse Air Brake Technologies Corporation | 12 | 2583 |
| Willscot Holdings Corporation - Class A | 13 | 244 |
| Woodward, Inc. | 4 | 1265 |
| XPO, Inc. (a) | 8 | 1132 |
| Xylem Inc. | 17 | 2323 |
| Zurn Elkay Water Solutions Corporation | 11 | 493 |
| | | 378534 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| ADT, Inc. | 25 | 202 |
| Aramark | 19 | 683 |
| Pool Corporation | 3 | 595 |
| TopBuild Corp. (a) | 2 | 823 |
|  |  | 2303 |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Global Payments Inc. | 17 | 1336 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Advanced Energy Industries, Inc. | 3 | 559 |
| Dolby Laboratories, Inc. - Class A | 4 | 279 |
| Mirion Technologies (US), Inc. - Class A (a) | 16 | 376 |
|  |  | 1214 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Louisiana-Pacific Corporation (W VA) | 5 | 364 |
| Total Common Stocks (cost $306,964) | Total Common Stocks (cost $306,964) | 383751 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 1550 | 1550 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 353 | 353 |
| Total Short Term Investments (cost $1,903) | Total Short Term Investments (cost $1,903) | 1903 |
| **Total Investments 100.0% (cost $308,867)** | **Total Investments 100.0% (cost $308,867)** | **385654** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (15) |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **96** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **385735** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** | **JNL/Mellon Industrials Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 4623 | 116444 | 119517 | 93 |  |  | 1550 | 0.4 |
| JNL Government Money Market Fund, 3.74% - Class SL | 623 | 20578 | 20848 | 19 |  |  | 353 | 0.1 |
|  | 5246 | 137022 | 140365 | 112 |  |  | 1903 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Industrial Select Sector Index | 11 | March 2026 | 1748 | (15) | (15) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 383751 |  |  | 383751 |
| &nbsp;&nbsp;Short Term Investments | 1903 |  |  | 1903 |
|  | 385654 |  |  | 385654 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Industrials Sector Fund (continued)** | **JNL/Mellon Industrials Sector Fund (continued)** | **JNL/Mellon Industrials Sector Fund (continued)** | **JNL/Mellon Industrials Sector Fund (continued)** | **JNL/Mellon Industrials Sector Fund (continued)** |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (15) |  |  | (15) |
|  | (15) |  |  | (15) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 96.3%** | **Information Technology 96.3%** | **Information Technology 96.3%** |
| Accenture Public Limited Company - Class A | 220 | 59010 |
| ACI Worldwide, Inc. (a) | 39 | 1849 |
| Adobe Inc. (a) | 148 | 51786 |
| Advanced Micro Devices, Inc. (a) | 572 | 122600 |
| Akamai Technologies, Inc. (a) | 48 | 4184 |
| Allegro Microsystems Inc. (a) | 45 | 1198 |
| Amkor Technology, Inc. | 35 | 1372 |
| Amphenol Corporation - Class A | 431 | 58252 |
| Analog Devices, Inc. | 175 | 47440 |
| AppFolio, Inc. - Class A (a) | 8 | 1964 |
| Apple Inc. | 5246 | 1426225 |
| Applied Digital Corporation (a) (b) | 90 | 2204 |
| Applied Materials, Inc. | 283 | 72825 |
| Arista Networks, Inc. (a) | 363 | 47601 |
| Arrow Electronics, Inc. (a) | 17 | 1882 |
| Astera Labs, Inc. (a) | 47 | 7740 |
| Atlassian Corporation - Class A (a) | 58 | 9324 |
| Aurora Innovations Inc. - Class A (a) | 396 | 1522 |
| Autodesk, Inc. (a) | 75 | 22245 |
| Avnet, Inc. | 26 | 1271 |
| Badger Meter, Inc. | 11 | 1862 |
| Belden Inc. | 13 | 1457 |
| Bentley Systems, Incorporated - Class B | 49 | 1876 |
| Bill Holdings, Inc. (a) | 30 | 1648 |
| Box, Inc. - Class A (a) | 52 | 1565 |
| Broadcom Inc. | 1631 | 564473 |
| Cadence Design Systems, Inc. (a) | 96 | 30089 |
| Calix, Inc. (a) | 23 | 1229 |
| CCC Intelligent Solutions Holdings Inc. (a) (b) | 169 | 1344 |
| CDW Corp. | 46 | 6282 |
| Ciena Corporation (a) | 49 | 11563 |
| Cirrus Logic, Inc. (a) | 18 | 2137 |
| Cisco Systems, Inc. | 1400 | 107822 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 98 | 2370 |
| Cloudflare, Inc. - Class A (a) | 109 | 21573 |
| Cognex Corporation | 58 | 2104 |
| Cognizant Technology Solutions Corporation - Class A | 174 | 14435 |
| Coherent Corp. (a) | 54 | 9974 |
| CommVault Systems, Inc. (a) | 16 | 2016 |
| Confluent, Inc. - Class A (a) | 102 | 3096 |
| Coreweave, Inc. - Class A (a) | 90 | 6411 |
| Corning Incorporated | 266 | 23313 |
| Credo Technology Group Holding Ltd (a) | 51 | 7398 |
| CrowdStrike Holdings, Inc. - Class A (a) | 85 | 39950 |
| Datadog, Inc. - Class A (a) | 110 | 14892 |
| Dell Technologies Inc. - Class C | 109 | 13688 |
| DocuSign, Inc. (a) | 70 | 4817 |
| Dropbox, Inc. - Class A (a) | 59 | 1641 |
| D-Wave Quantum Inc. (a) (b) | 119 | 3121 |
| Dynatrace, Inc. (a) | 103 | 4464 |
| Elastic N.V. (a) | 32 | 2407 |
| Enphase Energy, Inc. (a) (b) | 48 | 1522 |
| Entegris, Inc. | 52 | 4376 |
| EPAM Systems, Inc. (a) | 19 | 3900 |
| F5, Inc. (a) | 21 | 5233 |
| Fabrinet (a) | 13 | 5853 |
| Fair Isaac Corporation (a) | 8 | 13922 |
| First Solar, Inc. (a) | 36 | 9433 |
| Flex Ltd. (a) | 129 | 7783 |
| Fortinet, Inc. (a) | 224 | 17780 |
| Gartner, Inc. (a) | 27 | 6690 |
| Gen Digital Inc. | 198 | 5389 |
| GitLab Inc. - Class A (a) | 48 | 1784 |
| GoDaddy Inc. - Class A (a) | 48 | 5909 |
| Guidewire Software, Inc. (a) | 30 | 5961 |
| Hewlett Packard Enterprise Company | 466 | 11201 |
| HP, Inc. | 333 | 7411 |
| HubSpot, Inc. (a) | 17 | 7014 |
| Intel Corporation (a) | 1529 | 56429 |
| InterDigital, Inc. | 8 | 2632 |
| International Business Machines Corporation | 329 | 97532 |
| Intuit Inc. | 96 | 63812 |
| ionQ, Inc. (a) (b) | 125 | 5626 |
| Itron, Inc. (a) | 16 | 1528 |
| Jabil Inc. | 35 | 8079 |
| JFROG Ltd (a) | 36 | 2218 |
| Keysight Technologies, Inc. (a) | 61 | 12435 |
| KLA Corporation | 47 | 56796 |
| Kyndryl Holdings, Inc. (a) (b) | 84 | 2228 |
| Lam Research Corporation | 444 | 75923 |
| Lattice Semiconductor Corporation (a) | 47 | 3467 |
| Life360, Inc. (a) (b) | 27 | 1726 |
| Littelfuse, Inc. | 8 | 2106 |
| Lumentum Holdings Inc. (a) (b) | 24 | 8907 |
| MACOM Technology Solutions Holdings, Inc. (a) | 22 | 3739 |
| Manhattan Associates, Inc. (a) | 21 | 3589 |
| Marvell Technology, Inc. | 302 | 25701 |
| Microchip Technology Incorporated | 191 | 12144 |
| Micron Technology, Inc. | 395 | 112789 |
| Microsoft Corporation | 2628 | 1270962 |
| MKS Inc. | 19 | 3076 |
| MongoDB, Inc. - Class A (a) | 28 | 11691 |
| Monolithic Power Systems, Inc. | 16 | 14658 |
| Motorola Solutions, Inc. | 59 | 22641 |
| NetApp, Inc. | 68 | 7262 |
| Novanta Inc. (a) | 11 | 1320 |
| Nutanix, Inc. - Class A (a) | 90 | 4625 |
| NVIDIA Corporation | 8310 | 1549810 |
| NXP Semiconductors N.V. | 85 | 18466 |
| Okta, Inc. - Class A (a) | 58 | 4976 |
| ON Semiconductor Corporation (a) | 142 | 7694 |
| Onto Innovation Inc. (a) | 18 | 2816 |
| Oracle Corporation | 596 | 116076 |
| OSI Systems, Inc. (a) | 5 | 1307 |
| Palantir Technologies Inc. - Class A (a) | 771 | 137059 |
| Palo Alto Networks, Inc. (a) | 244 | 44966 |
| Pegasystems Inc. | 34 | 2004 |
| Plexus Corp. (a) | 8 | 1173 |
| Procore Technologies, Inc. (a) | 43 | 3126 |
| PTC Inc. (a) | 42 | 7386 |
| Pure Storage, Inc. - Class A (a) | 110 | 7363 |
| Q2 Holdings, Inc. (a) | 22 | 1570 |
| Qnity Electronics, Inc. | 74 | 6064 |
| Qorvo, Inc. (a) | 31 | 2604 |
| Qualcomm Incorporated | 384 | 65636 |
| Qualys, Inc. (a) | 11 | 1503 |
| Ralliant Corporation | 42 | 2161 |
| Rambus Inc. (a) | 38 | 3465 |
| Rigetti Computing, Inc. (a) (b) | 105 | 2319 |
| Roper Technologies, Inc. | 38 | 16793 |
| Rubrik, Inc. - Class A (a) | 49 | 3724 |
| SailPoint, Inc. (a) | 24 | 482 |
| Salesforce, Inc. | 327 | 86653 |
| Samsara Inc. - Class A (a) | 111 | 3939 |
| SanDisk LLC (a) | 41 | 9802 |
| Sanmina Corporation (a) | 17 | 2524 |
| Seagate Technology Holdings Public Limited Company | 72 | 19911 |
| SentinelOne, Inc. - Class A (a) | 113 | 1700 |
| ServiceNow, Inc. (a) | 367 | 56198 |
| ServiceTitan, Inc. - Class A (a) | 4 | 436 |
| Silicon Laboratories Inc. (a) | 12 | 1563 |
| Sitime Corporation (a) | 8 | 2763 |
| Skyworks Solutions, Inc. | 53 | 3329 |
| Snowflake Inc. - Class A (a) | 118 | 25835 |
| Soundhound AI, Inc. - Class A (a) (b) | 131 | 1305 |
| Strategy Inc - Class A (a) | 93 | 14119 |
| Super Micro Computer, Inc. (a) | 185 | 5405 |
| Synopsys, Inc. (a) | 65 | 30556 |
| TD SYNNEX Corporation | 26 | 3849 |
| TE Connectivity Public Limited Company | 105 | 23846 |
| Teledyne Technologies Incorporated (a) | 17 | 8463 |
| Tenable Holdings, Inc. (a) | 44 | 1035 |
| Teradyne, Inc. | 55 | 10704 |
| Texas Instruments Incorporated | 321 | 55696 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Trimble Inc. (a) | 85 | 6636 |
| TTM Technologies, Inc. (a) | 33 | 2305 |
| Twilio Inc. - Class A (a) | 51 | 7268 |
| Tyler Technologies, Inc. (a) | 15 | 6852 |
| Uipath, Inc. - Class A (a) | 155 | 2543 |
| Unity Software Inc. (a) | 111 | 4919 |
| Universal Display Corporation | 17 | 2008 |
| Varonis Systems, Inc. (a) | 41 | 1330 |
| VeriSign, Inc. | 28 | 6793 |
| ViaSat, Inc. (a) | 37 | 1287 |
| Vontier Corporation | 54 | 2021 |
| Western Digital Corporation | 122 | 21061 |
| Workday, Inc. - Class A (a) | 76 | 16271 |
| Workiva Inc. - Class A (a) | 19 | 1645 |
| Zebra Technologies Corporation - Class A (a) | 18 | 4291 |
| Zoom Communications, Inc. - Class A (a) | 84 | 7261 |
| Zscaler, Inc. (a) | 34 | 7604 |
| | | 7352582 |
| **Industrials 2.2%** | **Industrials 2.2%** | **Industrials 2.2%** |
| Automatic Data Processing, Inc. | 143 | 36656 |
| Broadridge Financial Solutions, Inc. | 41 | 9127 |
| Caci International Inc. - Class A (a) | 8 | 4046 |
| Dayforce, Inc. (a) | 56 | 3904 |
| ESCO Technologies Inc. | 9 | 1731 |
| ExlService Holdings, Inc. (a) | 54 | 2277 |
| Fortive Corporation | 114 | 6291 |
| Genpact Limited | 54 | 2547 |
| Leidos Holdings, Inc. | 42 | 7563 |
| Lyft, Inc. - Class A (a) | 142 | 2756 |
| NextPower LLC - Class A (a) | 51 | 4412 |
| Parsons Corporation (a) (b) | 20 | 1208 |
| Paychex, Inc. | 114 | 12796 |
| Paycom Software, Inc. | 18 | 2922 |
| Paylocity Holding Corporation (a) | 16 | 2467 |
| Science Applications International Corporation | 17 | 1723 |
| Sensata Technologies Holding PLC | 52 | 1745 |
| SS&C Technologies Holdings, Inc. | 76 | 6666 |
| Sunrun Inc. (a) | 76 | 1398 |
| Uber Technologies, Inc. (a) | 713 | 58229 |
| Verra Mobility Corporation - Class A (a) | 59 | 1323 |
|  |  | 171787 |
| **Financials 0.9%** | **Financials 0.9%** | **Financials 0.9%** |
| Affirm Holdings, Inc. - Class A (a) | 93 | 6938 |
| Block, Inc. - Class A (a) | 197 | 12825 |
| Corpay Inc. (a) | 24 | 7191 |
| Fidelity National Information Services, Inc. | 187 | 12428 |
| Fiserv, Inc. (a) | 191 | 12840 |
| Jack Henry & Associates, Inc. | 25 | 4588 |
| Shift4 Payments, LLC - Class A (a) (b) | 24 | 1504 |
| Toast, Inc. - Class A (a) | 173 | 6160 |
| Wex, Inc. (a) | 12 | 1714 |
|  |  | 66188 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| Duolingo, Inc. - Class A (a) | 14 | 2482 |
| Garmin Ltd. | 57 | 11518 |
|  |  | 14000 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| AST Spacemobile, Inc. - Class A (a) (b) | 86 | 6234 |
| Total Common Stocks (cost $4,082,522) | Total Common Stocks (cost $4,082,522) | 7610791 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 20654 | 20654 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 11712 | 11712 |
| Total Short Term Investments (cost $32,366) | Total Short Term Investments (cost $32,366) | 32366 |
| **Total Investments 100.1% (cost $4,114,888)** | **Total Investments 100.1% (cost $4,114,888)** | **7643157** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (259) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(9577)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **7633321** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** | **JNL/Mellon Information Technology Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 27691 | 822327 | 829364 | 1007 |  |  | 20654 | 0.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 13 | 266071 | 254372 | 503 |  |  | 11712 | 0.1 |
|  | 27704 | 1088398 | 1083736 | 1510 |  |  | 32366 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Technology Select Sector Index | 86 | March 2026 | 25530 | (259) | (372) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 7610791 |  |  | 7610791 |
| &nbsp;&nbsp;Short Term Investments | 32366 |  |  | 32366 |
|  | 7643157 |  |  | 7643157 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Information Technology Sector Fund (continued)** | **JNL/Mellon Information Technology Sector Fund (continued)** | **JNL/Mellon Information Technology Sector Fund (continued)** | **JNL/Mellon Information Technology Sector Fund (continued)** | **JNL/Mellon Information Technology Sector Fund (continued)** |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (372) |  |  | (372) |
|  | (372) |  |  | (372) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Materials 98.5%** | **Materials 98.5%** | **Materials 98.5%** |
| Air Products and Chemicals, Inc. | 31 | 7663 |
| Albemarle Corporation | 16 | 2314 |
| Alcoa Corporation | 36 | 1933 |
| Axalta Coating Systems Ltd. (a) | 29 | 929 |
| Balchem Corporation | 5 | 696 |
| Cabot Corporation | 7 | 469 |
| Celanese Corporation - Class A | 14 | 607 |
| CF Industries Holdings, Inc. | 22 | 1691 |
| Cleveland-Cliffs Inc. (a) | 76 | 1015 |
| Coeur Mining, Inc. (a) | 88 | 1562 |
| Commercial Metals Company | 15 | 1022 |
| Corteva, Inc. | 96 | 6409 |
| CRH Public Limited Company | 94 | 11716 |
| Dow Inc. | 98 | 2288 |
| DuPont de Nemours, Inc. | 58 | 2346 |
| Eagle Materials Inc. | 5 | 958 |
| Eastman Chemical Company | 16 | 1026 |
| Ecolab Inc. | 35 | 9311 |
| Element Solutions Inc. | 30 | 762 |
| Freeport-McMoRan Inc. | 200 | 10182 |
| Hecla Mining Company | 85 | 1629 |
| International Flavors & Fragrances Inc. | 36 | 2402 |
| KRC Materials, Inc. (a) | 7 | 499 |
| Linde Public Limited Company | 66 | 27999 |
| LyondellBasell Industries N.V. - Class A | 36 | 1565 |
| Martin Marietta Materials, Inc. | 8 | 5263 |
| Mosaic Company, The | 43 | 1030 |
| MP Materials Corp. - Class A (a) (b) | 17 | 880 |
| NewMarket Corporation | 1 | 694 |
| Newmont Corporation | 153 | 15297 |
| Nucor Corporation | 32 | 5196 |
| PPG Industries, Inc. | 32 | 3247 |
| Reliance, Inc. | 7 | 2120 |
| Royal Gold, Inc. | 11 | 2500 |
| RPM International Inc. | 18 | 1867 |
| Sensient Technologies Corporation | 6 | 553 |
| Sherwin-Williams Company, The | 32 | 10411 |
| Solstice Advanced Materials US, Inc. (a) | 22 | 1078 |
| Southern Copper Corporation | 13 | 1823 |
| Steel Dynamics, Inc. | 19 | 3227 |
| Vulcan Materials Company | 19 | 5286 |
| Westlake Corporation | 5 | 350 |
|  |  | 159815 |
| **Industrials 1.1%** | **Industrials 1.1%** | **Industrials 1.1%** |
| Simpson Manufacturing Co., Inc. | 6 | 944 |
| UFP Industries, Inc. | 8 | 770 |
|  |  | 1714 |
| Total Common Stocks (cost $141,285) | Total Common Stocks (cost $141,285) | 161529 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 827 | 827 |
| Total Short Term Investments (cost $827) | Total Short Term Investments (cost $827) | 827 |
| **Total Investments 100.1% (cost $142,112)** | **Total Investments 100.1% (cost $142,112)** | **162356** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (7) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (143) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **162206** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** | **JNL/Mellon Materials Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 1257 | 47237 | 47667 | 26 |  |  | 827 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL | 408 | 18527 | 18935 | 9 |  |  |  |  |
|  | 1665 | 65764 | 66602 | 35 |  |  | 827 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Materials Select Sector Index | 8 | March 2026 | 770 | (7) | 5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 161529 |  |  | 161529 |
| &nbsp;&nbsp;Short Term Investments | 827 |  |  | 827 |
|  | 162356 |  |  | 162356 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 5 |  |  | 5 |
|  | 5 |  |  | 5 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Information Technology 52.6%** | **Information Technology 52.6%** | **Information Technology 52.6%** |
| Adobe Inc. (a) | 223 | 78091 |
| Advanced Micro Devices, Inc. (a) | 868 | 185846 |
| Analog Devices, Inc. | 261 | 70783 |
| Apple Inc. | 2853 | 775611 |
| Applied Materials, Inc. | 425 | 109126 |
| AppLovin Corporation - Class A (a) | 164 | 110477 |
| Arm Holdings PLC - ADR (a) | 72 | 7850 |
| ASML Holding N.V. - ADR | 47 | 50031 |
| Atlassian Corporation - Class A (a) | 90 | 14523 |
| Autodesk, Inc. (a) | 113 | 33450 |
| Broadcom Inc. | 912 | 315567 |
| Cadence Design Systems, Inc. (a) | 145 | 45352 |
| Cisco Systems, Inc. | 2106 | 162228 |
| Cognizant Technology Solutions Corporation - Class A | 257 | 21353 |
| CrowdStrike Holdings, Inc. - Class A (a) | 134 | 62704 |
| Datadog, Inc. - Class A (a) | 173 | 23590 |
| Fortinet, Inc. (a) | 396 | 31477 |
| Intel Corporation (a) | 2543 | 93819 |
| Intuit Inc. | 148 | 98255 |
| KLA Corporation | 70 | 85099 |
| Lam Research Corporation | 669 | 114604 |
| Marvell Technology, Inc. | 460 | 39050 |
| Microchip Technology Incorporated | 288 | 18356 |
| Micron Technology, Inc. | 600 | 171201 |
| Microsoft Corporation | 1435 | 694006 |
| Monolithic Power Systems, Inc. | 26 | 23145 |
| NVIDIA Corporation | 4692 | 875017 |
| NXP Semiconductors N.V. | 134 | 29118 |
| Palantir Technologies Inc. - Class A (a) | 1218 | 216430 |
| Palo Alto Networks, Inc. (a) | 371 | 68434 |
| Qualcomm Incorporated | 571 | 97647 |
| Roper Technologies, Inc. | 57 | 25539 |
| Seagate Technology Holdings Public Limited Company | 114 | 31348 |
| Shopify Inc. - Class A (a) | 652 | 104901 |
| Strategy Inc - Class A (a) | 143 | 21683 |
| Synopsys, Inc. (a) | 99 | 46506 |
| Texas Instruments Incorporated | 484 | 84025 |
| Western Digital Corporation | 182 | 31395 |
| Workday, Inc. - Class A (a) | 114 | 24385 |
| Zscaler, Inc. (a) | 85 | 19119 |
|  |  | 5111141 |
| **Communication Services 15.9%** | **Communication Services 15.9%** | **Communication Services 15.9%** |
| Alphabet Inc. - Class A | 1123 | 351600 |
| Alphabet Inc. - Class C | 1044 | 327597 |
| Comcast Corporation - Class A | 1937 | 57905 |
| Electronic Arts Inc. | 133 | 27240 |
| Former Charter Communications Parent, Inc. - Class A (a) | 69 | 14399 |
| Meta Platforms, Inc. - Class A | 567 | 374295 |
| Netflix, Inc. (a) | 2259 | 211767 |
| Take-Two Interactive Software, Inc. (a) | 98 | 25217 |
| T-Mobile US, Inc. | 596 | 121051 |
| Warner Bros. Discovery, Inc. - Series A (a) | 1321 | 38066 |
|  |  | 1549137 |
| **Consumer Discretionary 13.3%** | **Consumer Discretionary 13.3%** | **Consumer Discretionary 13.3%** |
| Airbnb, Inc. - Class A (a) | 227 | 30767 |
| Amazon.com, Inc. (a) | 2064 | 476421 |
| Booking Holdings Inc. | 17 | 92010 |
| DoorDash, Inc. - Class A (a) | 217 | 49053 |
| Marriott International, Inc. - Class A | 143 | 44376 |
| MercadoLibre, Inc. (a) | 27 | 54431 |
| O'Reilly Automotive, Inc. (a) | 450 | 41038 |
| PDD Holdings Inc. - ADR (a) | 356 | 40369 |
| Ross Stores, Inc. | 173 | 31228 |
| Starbucks Corporation | 606 | 51040 |
| Tesla, Inc. (a) | 854 | 384109 |
|  |  | 1294842 |
| **Health Care 5.4%** | **Health Care 5.4%** | **Health Care 5.4%** |
| Alnylam Pharmaceuticals, Inc. (a) | 70 | 28002 |
| Amgen Inc. | 287 | 93946 |
| AstraZeneca PLC - ADR | 311 | 28603 |
| DexCom, Inc. (a) | 208 | 13798 |
| GE HealthCare Technologies Inc. | 243 | 19915 |
| Gilead Sciences, Inc. | 661 | 81170 |
| IDEXX Laboratories, Inc. (a) | 43 | 28795 |
| Insmed Incorporated (a) | 114 | 19785 |
| Intuitive Surgical, Inc. (a) | 189 | 107017 |
| Regeneron Pharmaceuticals, Inc. | 55 | 42493 |
| Vertex Pharmaceuticals Incorporated (a) | 135 | 61312 |
|  |  | 524836 |
| **Consumer Staples 4.6%** | **Consumer Staples 4.6%** | **Consumer Staples 4.6%** |
| Coca-Cola Europacific Partners PLC | 244 | 22152 |
| Costco Wholesale Corporation | 236 | 203707 |
| Keurig Dr Pepper Inc. | 724 | 20284 |
| Kraft Heinz Company, The | 631 | 15300 |
| Mondelez International, Inc. - Class A | 688 | 37024 |
| Monster Beverage 1990 Corporation (a) | 521 | 39928 |
| PepsiCo, Inc. | 729 | 104601 |
|  |  | 442996 |
| **Industrials 4.2%** | **Industrials 4.2%** | **Industrials 4.2%** |
| Automatic Data Processing, Inc. | 216 | 55454 |
| Axon Enterprise, Inc. (a) | 42 | 23888 |
| Cintas Corporation | 214 | 40286 |
| Copart, Inc. (a) | 516 | 20201 |
| CSX Corporation | 993 | 35981 |
| Fastenal Company | 612 | 24557 |
| Ferrovial SE (b) | 391 | 25270 |
| Honeywell International Inc. | 338 | 66021 |
| Old Dominion Freight Line, Inc. | 111 | 17476 |
| PACCAR Inc. | 280 | 30657 |
| Paychex, Inc. | 192 | 21520 |
| Thomson Reuters Corporation (b) | 237 | 31275 |
| Verisk Analytics, Inc. | 74 | 16618 |
|  |  | 409204 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| American Electric Power Company, Inc. | 285 | 32827 |
| Constellation Energy Group, Inc. | 166 | 58805 |
| Exelon Corporation | 538 | 23474 |
| XCEL Energy Inc. | 315 | 23288 |
|  |  | 138394 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Linde Public Limited Company | 249 | 106127 |
| **Energy 0.5%** | **Energy 0.5%** | **Energy 0.5%** |
| Baker Hughes Company - Class A | 526 | 23953 |
| Diamondback Energy, Inc. | 153 | 22959 |
|  |  | 46912 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| PayPal Holdings, Inc. | 499 | 29116 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| CoStar Group, Inc. (a) | 226 | 15190 |
| Total Common Stocks (cost $5,388,686) | Total Common Stocks (cost $5,388,686) | 9667895 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 43631 | 43631 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 25075 | 25075 |
| Total Short Term Investments (cost $68,706) | Total Short Term Investments (cost $68,706) | 68706 |
| **Total Investments 100.2% (cost $5,457,392)** | **Total Investments 100.2% (cost $5,457,392)** | **9736601** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (430) |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(22079)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9714092** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** | **JNL/Mellon Nasdaq 100 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 54721 | 865021 | 876111 | 2691 |  |  | 43631 | 0.4 |
| JNL Government Money Market Fund, 3.74% - Class SL | 7147 | 180738 | 162810 | 120 |  |  | 25075 | 0.3 |
|  | 61868 | 1045759 | 1038921 | 2811 |  |  | 68706 | 0.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| NASDAQ 100 Stock Index | 99 | March 2026 | 50393 | (430) | 12 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 9667895 |  |  | 9667895 |
| &nbsp;&nbsp;Short Term Investments | 68706 |  |  | 68706 |
|  | 9736601 |  |  | 9736601 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 12 |  |  | 12 |
|  | 12 |  |  | 12 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |
| **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Real Estate 96.2%** | **Real Estate 96.2%** | **Real Estate 96.2%** |
| Agree Realty Corporation | 15 | 1084 |
| Alexandria Real Estate Equities, Inc. | 21 | 1012 |
| American Healthcare REIT, Inc. | 23 | 1066 |
| American Homes 4 Rent - Class A | 43 | 1376 |
| American Tower Corporation | 65 | 11413 |
| Americold Realty Trust, Inc. (a) | 35 | 448 |
| AvalonBay Communities, Inc. | 19 | 3458 |
| Brixmor Property Group Inc. | 43 | 1120 |
| BXP, Inc. | 20 | 1359 |
| Camden Property Trust | 15 | 1666 |
| Caretrust REIT, Inc. | 30 | 1071 |
| CBRE Group, Inc. - Class A (b) | 41 | 6664 |
| Compass, Inc. - Class A (b) | 65 | 689 |
| CoStar Group, Inc. (b) | 56 | 3736 |
| Cousins Properties Incorporated | 22 | 560 |
| Crown Castle Inc. | 58 | 5116 |
| Cubesmart, L.P. | 32 | 1144 |
| Digital Realty Trust, Inc. | 44 | 6866 |
| EastGroup Properties, Inc. | 7 | 1298 |
| EPR Properties | 10 | 521 |
| Equinix, Inc. | 14 | 10450 |
| Equity Lifestyle Properties, Inc. | 27 | 1615 |
| Equity Residential | 48 | 3019 |
| Essential Properties Realty Trust, Inc. | 28 | 818 |
| Essex Property Trust, Inc. | 8 | 2234 |
| Extra Space Storage Inc. | 28 | 3714 |
| Federal Realty Investment Trust | 12 | 1203 |
| First Industrial Realty Trust, Inc. | 17 | 963 |
| Gaming and Leisure Properties, Inc. | 37 | 1642 |
| Healthcare Realty Trust Incorporated - Class A | 47 | 806 |
| Healthpeak OP, LLC | 97 | 1564 |
| Host Hotels & Resorts, Inc. | 97 | 1728 |
| Howard Hughes Holdings Inc. (b) | 4 | 346 |
| Independence Realty Trust, Inc. (a) | 31 | 542 |
| Invitation Homes Inc. | 78 | 2159 |
| Iron Mountain Incorporated | 41 | 3412 |
| Jones Lang LaSalle Incorporated (b) | 7 | 2227 |
| Kilroy Realty Corporation (a) | 15 | 563 |
| Kimco Realty OP, LLC | 95 | 1921 |
| Kite Realty Naperville, LLC | 31 | 735 |
| Lamar Advertising Company - Class A | 12 | 1535 |
| Lineage, Inc. | 8 | 292 |
| Macerich Company, The | 35 | 650 |
| Mid-America Apartment Communities, Inc. | 16 | 2254 |
| Millrose Properties, Inc. - Class A | 17 | 501 |
| National Health Investors, Inc. | 6 | 472 |
| NNN REIT, Inc. | 26 | 1041 |
| Omega Healthcare Investors, Inc. | 40 | 1771 |
| Open Doors Technology Inc. - Class A (b) | 86 | 499 |
| Phillips Edison & Company, Inc. | 17 | 591 |
| ProLogis Inc. | 129 | 16448 |
| Public Storage Operating Company | 22 | 5726 |
| Rayonier Inc. | 20 | 426 |
| Realty Income Corporation | 124 | 6999 |
| Regency Centers Corporation | 23 | 1580 |
| Rexford Industrial Realty, Inc. | 33 | 1278 |
| Ryman Hospitality Properties, Inc. | 8 | 809 |
| Sabra Health Care REIT, Inc. | 30 | 569 |
| SBA Communications Corporation - Class A | 15 | 2907 |
| Simon Property Group, Inc. | 45 | 8379 |
| SL Green Realty Corp. | 10 | 454 |
| STAG Industrial, Inc. | 26 | 956 |
| Sun Communities, Inc. | 15 | 1907 |
| Tanger Inc. | 16 | 520 |
| Terreno Realty Corporation | 14 | 826 |
| UDR, Inc. | 42 | 1528 |
| Ventas, Inc. | 62 | 4825 |
| VICI Properties Inc. | 147 | 4134 |
| Vornado Realty Trust | 23 | 755 |
| W.P. Carey Inc. | 30 | 1948 |
| Welltower Inc. | 96 | 17764 |
| Weyerhaeuser Company | 96 | 2286 |
|  |  | 185958 |
| **Financials 2.8%** | **Financials 2.8%** | **Financials 2.8%** |
| AGNC Investment Corp. (a) | 144 | 1549 |
| Annaly Capital Management, Inc. | 95 | 2122 |
| RITHM Capital Corp. | 74 | 807 |
| Starwood Property Trust, Inc. | 48 | 864 |
|  |  | 5342 |
| Total Common Stocks (cost $203,375) | Total Common Stocks (cost $203,375) | 191300 |
| **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** |
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 2006 | 2006 |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 1330 | 1330 |
| Total Short Term Investments (cost $3,336) | Total Short Term Investments (cost $3,336) | 3336 |
| **Total Investments 100.7% (cost $206,711)** | **Total Investments 100.7% (cost $206,711)** | **194636** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (16) |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(1310)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **193310** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** | **JNL/Mellon Real Estate Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 744 | 33066 | 32480 | 33 |  |  | 1330 | 0.7 |
| JNL Government Money Market Fund, 3.74% - Class SL | 1331 | 20110 | 19435 | 12 |  |  | 2006 | 1.0 |
|  | 2075 | 53176 | 51915 | 45 |  |  | 3336 | 1.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Real Estate Select Sector Index | 43 | March 2026 | 2141 | (16) | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 191300 |  |  | 191300 |
| &nbsp;&nbsp;Short Term Investments | 3336 |  |  | 3336 |
|  | 194636 |  |  | 194636 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1 |  |  | 1 |
|  | 1 |  |  | 1 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Information Technology 34.3%** | **Information Technology 34.3%** | **Information Technology 34.3%** |
| Accenture Public Limited Company - Class A | 180 | 48392 |
| Adobe Inc. (a) | 122 | 42815 |
| Advanced Micro Devices, Inc. (a) | 473 | 101231 |
| Akamai Technologies, Inc. (a) | 40 | 3488 |
| Amphenol Corporation - Class A | 358 | 48362 |
| Analog Devices, Inc. | 143 | 38724 |
| Apple Inc. | 4302 | 1169593 |
| Applied Materials, Inc. | 233 | 59902 |
| AppLovin Corporation - Class A (a) | 79 | 53340 |
| Arista Networks, Inc. (a) | 299 | 39169 |
| Autodesk, Inc. (a) | 63 | 18610 |
| Broadcom Inc. | 1375 | 475822 |
| Cadence Design Systems, Inc. (a) | 79 | 24614 |
| CDW Corp. | 39 | 5295 |
| Cisco Systems, Inc. | 1145 | 88221 |
| Cognizant Technology Solutions Corporation - Class A | 144 | 11913 |
| Corning Incorporated | 229 | 20032 |
| CrowdStrike Holdings, Inc. - Class A (a) | 72 | 33926 |
| Datadog, Inc. - Class A (a) | 94 | 12717 |
| Dell Technologies Inc. - Class C | 90 | 11311 |
| EPAM Systems, Inc. (a) | 14 | 2877 |
| F5, Inc. (a) | 15 | 3934 |
| Fair Isaac Corporation (a) (b) | 7 | 11753 |
| First Solar, Inc. (a) (b) | 32 | 8361 |
| Fortinet, Inc. (a) | 189 | 15047 |
| Gartner, Inc. (a) | 21 | 5362 |
| Gen Digital Inc. (b) | 165 | 4487 |
| GoDaddy Inc. - Class A (a) | 39 | 4850 |
| Hewlett Packard Enterprise Company | 373 | 8969 |
| HP, Inc. | 260 | 5782 |
| Intel Corporation (a) | 1305 | 48141 |
| International Business Machines Corporation | 272 | 80668 |
| Intuit Inc. | 81 | 53471 |
| Jabil Inc. (b) | 31 | 6994 |
| Keysight Technologies, Inc. (a) | 50 | 10188 |
| KLA Corporation | 39 | 46924 |
| Lam Research Corporation | 364 | 62391 |
| Microchip Technology Incorporated | 162 | 10311 |
| Micron Technology, Inc. | 326 | 93036 |
| Microsoft Corporation | 2164 | 1046548 |
| Monolithic Power Systems, Inc. (b) | 14 | 12758 |
| Motorola Solutions, Inc. (b) | 49 | 18930 |
| NetApp, Inc. (b) | 55 | 5913 |
| NVIDIA Corporation | 7074 | 1319207 |
| NXP Semiconductors N.V. | 72 | 15615 |
| ON Semiconductor Corporation (a) (b) | 118 | 6401 |
| Oracle Corporation | 490 | 95461 |
| Palantir Technologies Inc. - Class A (a) | 667 | 118506 |
| Palo Alto Networks, Inc. (a) | 199 | 36732 |
| PTC Inc. (a) | 35 | 6093 |
| Qnity Electronics, Inc. | 66 | 5357 |
| Qualcomm Incorporated | 311 | 53207 |
| Roper Technologies, Inc. | 32 | 14100 |
| Salesforce, Inc. | 277 | 73306 |
| SanDisk LLC (a) | 41 | 9615 |
| Seagate Technology Holdings Public Limited Company (b) | 64 | 17525 |
| ServiceNow, Inc. (a) | 302 | 46198 |
| Skyworks Solutions, Inc. | 45 | 2867 |
| Super Micro Computer, Inc. (a) (b) | 144 | 4226 |
| Synopsys, Inc. (a) | 54 | 25235 |
| TE Connectivity Public Limited Company | 86 | 19551 |
| Teledyne Technologies Incorporated (a) (b) | 14 | 7129 |
| Teradyne, Inc. | 48 | 9230 |
| Texas Instruments Incorporated | 264 | 45825 |
| Trimble Inc. (a) (b) | 70 | 5447 |
| Tyler Technologies, Inc. (a) (b) | 13 | 5842 |
| VeriSign, Inc. | 24 | 5862 |
| Western Digital Corporation (b) | 99 | 17079 |
| Workday, Inc. - Class A (a) | 63 | 13551 |
| Zebra Technologies Corporation - Class A (a) (b) | 14 | 3336 |
|  |  | 5857675 |
| **Financials 13.3%** | **Financials 13.3%** | **Financials 13.3%** |
| AFLAC Incorporated (b) | 139 | 15350 |
| Allstate Corporation, The | 76 | 15813 |
| American Express Company | 156 | 57861 |
| American International Group, Inc. | 159 | 13569 |
| Ameriprise Financial, Inc. | 27 | 13398 |
| AON Public Limited Company - Class A | 63 | 22144 |
| Apollo Global Management, Inc. (b) | 133 | 19299 |
| Arch Capital Group Ltd. (a) | 105 | 10073 |
| Ares Management Corporation - Class A | 60 | 9688 |
| Arthur J. Gallagher & Co. (b) | 75 | 19410 |
| Assurant, Inc. (b) | 15 | 3639 |
| Bank of America Corporation (b) | 1955 | 107536 |
| Bank of New York Mellon Corporation, The (c) | 205 | 23749 |
| Berkshire Hathaway Inc. - Class B (a) | 534 | 268471 |
| BlackRock, Inc. | 42 | 45167 |
| Blackstone Inc. - Class A (b) | 214 | 33061 |
| Block, Inc. - Class A (a) | 162 | 10555 |
| Brown & Brown, Inc. (b) | 86 | 6844 |
| Capital One Financial Corporation | 186 | 45144 |
| CBOE Global Markets, Inc. | 30 | 7590 |
| Charles Schwab Corporation, The | 486 | 48567 |
| Chubb Limited | 106 | 33085 |
| Cincinnati Financial Corporation | 47 | 7701 |
| Citigroup Inc. | 520 | 60726 |
| Citizens Financial Group, Inc. (b) | 128 | 7470 |
| CME Group Inc. - Class A | 105 | 28614 |
| Coinbase Global, Inc. - Class A (a) | 67 | 15144 |
| Corpay Inc. (a) | 20 | 5993 |
| Erie Indemnity Company - Class A (b) | 6 | 1730 |
| Everest Group, Ltd. (b) | 13 | 4262 |
| FactSet Research Systems Inc. (b) | 11 | 3239 |
| Fidelity National Information Services, Inc. | 148 | 9854 |
| Fifth Third Bancorp (b) | 188 | 8818 |
| Fiserv, Inc. (a) | 161 | 10803 |
| Franklin Resources, Inc. (b) | 91 | 2169 |
| Global Payments Inc. | 69 | 5358 |
| Globe Life Inc. | 20 | 2863 |
| Goldman Sachs Group, Inc., The | 87 | 76813 |
| Hartford Insurance Group, Inc., The | 82 | 11282 |
| Huntington Bancshares Incorporated (b) | 443 | 7692 |
| Interactive Brokers Group, Inc. - Class A | 131 | 8407 |
| Intercontinental Exchange, Inc. | 165 | 26741 |
| Invesco Ltd. | 147 | 3860 |
| Jack Henry & Associates, Inc. | 20 | 3656 |
| JPMorgan Chase & Co. | 792 | 255245 |
| KeyCorp | 269 | 5558 |
| KKR & Co. Inc. - Class A | 198 | 25299 |
| Loews Corporation | 53 | 5560 |
| M&T Bank Corporation (b) | 46 | 9290 |
| Marsh & Mclennan Companies, Inc. | 141 | 26125 |
| MasterCard Incorporated - Class A | 239 | 136366 |
| MetLife, Inc. (b) | 162 | 12813 |
| Moody's Corporation | 44 | 22642 |
| Morgan Stanley | 350 | 62212 |
| MSCI Inc. - Class A | 21 | 12302 |
| Nasdaq, Inc. (b) | 131 | 12762 |
| Northern Trust Corporation | 57 | 7836 |
| PayPal Holdings, Inc. (b) | 272 | 15907 |
| Principal Financial Group, Inc. | 61 | 5369 |
| Progressive Corporation, The | 171 | 38887 |
| Prudential Financial, Inc. | 101 | 11364 |
| Raymond James Financial, Inc. (b) | 51 | 8138 |
| Regions Financial Corporation (b) | 256 | 6947 |
| Robinhood Markets, Inc. - Class A (a) | 229 | 25901 |
| S&P Global Inc. | 90 | 47184 |
| State Street Corporation (b) | 81 | 10482 |
| Synchrony Financial | 106 | 8831 |
| T. Rowe Price Group, Inc. | 61 | 6293 |
| The PNC Financial Services Group, Inc. | 114 | 23880 |
| Travelers Companies, Inc., The | 66 | 19188 |
| Truist Financial Corporation (b) | 377 | 18566 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| U.S. Bancorp | 452 | 24125 |
| Visa Inc. - Class A | 491 | 172355 |
| W. R. Berkley Corporation (b) | 87 | 6090 |
| Wells Fargo & Company | 914 | 85171 |
| Willis Towers Watson Public Limited Company (b) | 27 | 8908 |
| | | 2280804 |
| **Communication Services 10.5%** | **Communication Services 10.5%** | **Communication Services 10.5%** |
| Alphabet Inc. - Class A | 1691 | 529356 |
| Alphabet Inc. - Class C | 1357 | 425702 |
| AT&T Inc. | 2056 | 51072 |
| Comcast Corporation - Class A (b) | 1052 | 31452 |
| Electronic Arts Inc. | 66 | 13481 |
| Former Charter Communications Parent, Inc. - Class A (a) (b) | 26 | 5389 |
| Fox Corporation - Class A | 68 | 4948 |
| Fox Corporation - Class B | 36 | 2310 |
| Live Nation Entertainment, Inc. (a) (b) | 47 | 6707 |
| Match Group, Inc. | 65 | 2092 |
| Meta Platforms, Inc. - Class A | 634 | 418545 |
| Netflix, Inc. (a) | 1236 | 115843 |
| News Corporation - Class A | 103 | 2694 |
| News Corporation - Class B (b) | 38 | 1116 |
| Omnicom Group Inc. (b) | 95 | 7684 |
| Paramount Skydance Corporation - Class B (b) | 93 | 1251 |
| Take-Two Interactive Software, Inc. (a) | 49 | 12523 |
| TKO Group Holdings Inc. - Class A | 20 | 4131 |
| T-Mobile US, Inc. | 141 | 28661 |
| Trade Desk, Inc., The - Class A (a) (b) | 118 | 4493 |
| Verizon Communications Inc. (b) | 1219 | 49649 |
| Walt Disney Company, The | 520 | 59192 |
| Warner Bros. Discovery, Inc. - Series A (a) | 713 | 20549 |
|  |  | 1798840 |
| **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** |
| Airbnb, Inc. - Class A (a) | 125 | 16932 |
| Amazon.com, Inc. (a) | 2832 | 653689 |
| Aptiv PLC (a) | 65 | 4916 |
| AutoZone, Inc. (a) | 5 | 16411 |
| Best Buy Co., Inc. (b) | 56 | 3748 |
| Booking Holdings Inc. | 9 | 50287 |
| Carnival Corporation | 307 | 9375 |
| Carvana Co. - Class A (a) (b) | 41 | 17347 |
| Chipotle Mexican Grill, Inc. (a) | 393 | 14525 |
| D.R. Horton, Inc. (b) | 81 | 11730 |
| Darden Restaurants, Inc. (b) | 33 | 6079 |
| Deckers Outdoor Corporation (a) | 42 | 4339 |
| Domino's Pizza, Inc. (b) | 9 | 3616 |
| DoorDash, Inc. - Class A (a) (b) | 109 | 24707 |
| eBay Inc. | 136 | 11822 |
| Expedia Group, Inc. | 34 | 9492 |
| Ford Motor Company (b) | 1126 | 14778 |
| Garmin Ltd. | 47 | 9586 |
| General Motors Company | 271 | 22015 |
| Genuine Parts Company (b) | 39 | 4738 |
| Hasbro, Inc. (b) | 39 | 3176 |
| Hilton Worldwide Holdings Inc. | 69 | 19828 |
| Home Depot, Inc., The | 290 | 99883 |
| Las Vegas Sands Corp. | 83 | 5419 |
| Lennar Corporation - Class A | 60 | 6178 |
| Lowe`s Companies, Inc. | 164 | 39509 |
| Lululemon Athletica Canada Inc. (a) | 33 | 6895 |
| Marriott International, Inc. - Class A | 65 | 20202 |
| McDonald's Corporation | 207 | 63334 |
| MGM Resorts International (a) (b) | 61 | 2229 |
| Nike, Inc. - Class B | 348 | 22173 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 123 | 2747 |
| NVR, Inc. (a) (b) | 1 | 6206 |
| O'Reilly Automotive, Inc. (a) | 243 | 22177 |
| Pool Corporation | 10 | 2220 |
| PulteGroup, Inc. | 56 | 6523 |
| Ralph Lauren Corporation - Class A | 11 | 3811 |
| Ross Stores, Inc. | 95 | 17051 |
| Royal Caribbean Cruises Ltd. (b) | 73 | 20301 |
| Starbucks Corporation | 333 | 28077 |
| Tapestry, Inc. | 62 | 7954 |
| Tesla, Inc. (a) | 818 | 368057 |
| TJX Companies, Inc., The | 325 | 49903 |
| Tractor Supply Company (b) | 152 | 7616 |
| Ulta Beauty, Inc. (a) | 13 | 7999 |
| Williams-Sonoma, Inc. | 37 | 6577 |
| Wynn Resorts, Limited (b) | 26 | 3110 |
| Yum! Brands, Inc. | 79 | 11960 |
|  |  | 1771247 |
| **Health Care 9.6%** | **Health Care 9.6%** | **Health Care 9.6%** |
| Abbott Laboratories | 509 | 63753 |
| AbbVie Inc. (b) | 516 | 117877 |
| Agilent Technologies, Inc. | 85 | 11538 |
| Align Technology, Inc. (a) | 20 | 3096 |
| Amgen Inc. | 157 | 51432 |
| Baxter International Inc. (b) | 159 | 3031 |
| Becton, Dickinson and Company | 84 | 16389 |
| Biogen Inc. (a) | 44 | 7671 |
| Bio-Techne Corporation (b) | 46 | 2699 |
| Boston Scientific Corporation (a) | 428 | 40778 |
| Bristol-Myers Squibb Company | 592 | 31937 |
| Cardinal Health, Inc. | 69 | 14234 |
| Cencora, Inc. | 57 | 19180 |
| Centene Corporation (a) | 137 | 5657 |
| Charles River Laboratories International, Inc. (a) (b) | 14 | 2796 |
| Cigna Group, The | 78 | 21502 |
| Cooper Companies, Inc., The (a) (b) | 58 | 4759 |
| CVS Health Corporation | 367 | 29143 |
| Danaher Corporation | 183 | 41978 |
| DaVita, Inc. (a) (b) | 12 | 1398 |
| DexCom, Inc. (a) | 111 | 7363 |
| Edwards Lifesciences Corporation (a) (b) | 165 | 14098 |
| Elevance Health, Inc. | 64 | 22552 |
| Eli Lilly and Company | 232 | 248860 |
| GE HealthCare Technologies Inc. (b) | 132 | 10792 |
| Gilead Sciences, Inc. | 358 | 43996 |
| HCA Healthcare, Inc. | 46 | 21548 |
| Henry Schein, Inc. (a) (b) | 28 | 2127 |
| Hologic, Inc. (a) | 68 | 5084 |
| Humana Inc. | 36 | 9171 |
| IDEXX Laboratories, Inc. (a) | 23 | 15345 |
| Incyte Corporation (a) (b) | 45 | 4471 |
| Insulet Corporation (a) | 19 | 5501 |
| Intuitive Surgical, Inc. (a) | 103 | 58419 |
| IQVIA Holdings Inc. (a) | 51 | 11483 |
| Johnson & Johnson | 701 | 144988 |
| Labcorp Holdings Inc. | 26 | 6441 |
| McKesson Corporation | 36 | 29221 |
| Medtronic, Inc. | 373 | 35829 |
| Merck & Co., Inc. | 722 | 76019 |
| Mettler-Toledo International Inc. (a) (b) | 6 | 8259 |
| Moderna, Inc. (a) (b) | 102 | 3020 |
| Molina Healthcare, Inc. (a) | 13 | 2300 |
| Pfizer Inc. | 1666 | 41491 |
| Quest Diagnostics Incorporated | 30 | 5232 |
| Regeneron Pharmaceuticals, Inc. | 29 | 22687 |
| ResMed Inc. (b) | 43 | 10254 |
| Revvity, Inc. (b) | 33 | 3174 |
| Solventum Corporation (a) | 39 | 3100 |
| Steris Public Limited Company | 28 | 7111 |
| Stryker Corporation | 100 | 35198 |
| Thermo Fisher Scientific Inc. | 110 | 63470 |
| UnitedHealth Group Incorporated | 265 | 87394 |
| Universal Health Services, Inc. - Class B | 17 | 3632 |
| Vertex Pharmaceuticals Incorporated (a) | 74 | 33476 |
| Viatris Inc. | 312 | 3890 |
| Waters Corporation (a) (b) | 17 | 6394 |
| West Pharmaceutical Services, Inc. | 22 | 6184 |
| Zimmer Biomet Holdings, Inc. (b) | 59 | 5277 |
| Zoetis Inc. - Class A | 129 | 16200 |
|  |  | 1631899 |
| **Industrials 8.1%** | **Industrials 8.1%** | **Industrials 8.1%** |
| 3M Company | 157 | 25078 |
| A. O. Smith Corporation (b) | 32 | 2146 |
| Allegion Public Limited Company | 23 | 3608 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AMETEK, Inc. | 68 | 13891 |
| Automatic Data Processing, Inc. | 118 | 30480 |
| Axon Enterprise, Inc. (a) (b) | 23 | 13203 |
| Boeing Company, The (a) | 228 | 49588 |
| Broadridge Financial Solutions, Inc. | 35 | 7869 |
| Builders FirstSource, Inc. (a) (b) | 34 | 3535 |
| C.H. Robinson Worldwide, Inc. | 35 | 5597 |
| Carrier Global Corporation | 230 | 12148 |
| Caterpillar Inc. | 137 | 78333 |
| Cintas Corporation | 99 | 18629 |
| Comfort Systems USA, Inc. | 10 | 9449 |
| Copart, Inc. (a) | 255 | 9973 |
| CSX Corporation (b) | 547 | 19828 |
| Cummins Inc. | 40 | 20418 |
| Dayforce, Inc. (a) (b) | 46 | 3152 |
| Deere & Company (b) | 74 | 34386 |
| Delta Air Lines, Inc. | 191 | 13224 |
| Dover Corporation | 41 | 8059 |
| Eaton Corporation Public Limited Company | 113 | 35990 |
| EMCOR Group, Inc. | 13 | 7811 |
| Emerson Electric Co. (b) | 161 | 21415 |
| Equifax, Inc. | 34 | 7407 |
| Expeditors International of Washington, Inc. - Class A (b) | 37 | 5459 |
| Fastenal Company | 336 | 13480 |
| FedEx Corporation | 62 | 17957 |
| Fortive Corporation (b) | 93 | 5117 |
| GE Vernova Inc. (b) | 79 | 51409 |
| Generac Holdings Inc. (a) | 18 | 2443 |
| General Dynamics Corporation | 74 | 24764 |
| General Electric Company | 307 | 94644 |
| Honeywell International Inc. | 185 | 36119 |
| Howmet Aerospace Inc. | 118 | 24247 |
| Hubbell Incorporated (b) | 16 | 6896 |
| Huntington Ingalls Industries, Inc. (b) | 11 | 3675 |
| IDEX Corporation (b) | 22 | 3905 |
| Illinois Tool Works Inc. (b) | 76 | 18708 |
| Ingersoll Rand Inc. (b) | 107 | 8462 |
| J.B. Hunt Transport Services, Inc. | 21 | 4039 |
| Jacobs Solutions Inc. (b) | 36 | 4760 |
| Johnson Controls International Public Limited Company | 179 | 21424 |
| L3Harris Technologies, Inc. | 55 | 16043 |
| Leidos Holdings, Inc. | 38 | 6817 |
| Lennox International Inc. (b) | 9 | 4366 |
| Lockheed Martin Corporation | 59 | 28354 |
| Masco Corporation (b) | 61 | 3857 |
| Nordson Corporation (b) | 16 | 3844 |
| Norfolk Southern Corporation | 65 | 18720 |
| Northrop Grumman Corporation (b) | 39 | 22276 |
| Old Dominion Freight Line, Inc. (b) | 55 | 8700 |
| Otis Worldwide Corporation | 108 | 9465 |
| PACCAR Inc. (b) | 153 | 16744 |
| Parker-Hannifin Corporation (b) | 37 | 32137 |
| Paychex, Inc. (b) | 92 | 10362 |
| Paycom Software, Inc. (b) | 14 | 2164 |
| Pentair Public Limited Company | 48 | 5024 |
| Quanta Services, Inc. (b) | 43 | 17939 |
| Republic Services, Inc. | 60 | 12697 |
| Rockwell Automation, Inc. | 33 | 12796 |
| Rollins, Inc. | 86 | 5186 |
| RTX Corporation (b) | 391 | 71667 |
| Snap-on Incorporated (b) | 16 | 5468 |
| Southwest Airlines Co. (b) | 147 | 6060 |
| Stanley Black & Decker, Inc. | 45 | 3337 |
| Textron Inc. (b) | 53 | 4580 |
| Trane Technologies Public Limited Company | 65 | 25314 |
| TransDigm Group Incorporated | 16 | 21449 |
| Uber Technologies, Inc. (a) | 605 | 49441 |
| Union Pacific Corporation | 174 | 40266 |
| United Airlines Holdings, Inc. (a) (b) | 94 | 10468 |
| United Parcel Service, Inc. - Class B (b) | 215 | 21334 |
| United Rentals, Inc. | 18 | 14950 |
| Veralto Corporation | 73 | 7296 |
| Verisk Analytics, Inc. | 40 | 8968 |
| W.W. Grainger, Inc. | 13 | 12908 |
| Waste Management, Inc. (b) | 107 | 23465 |
| Westinghouse Air Brake Technologies Corporation (b) | 50 | 10747 |
| Xylem Inc. | 68 | 9242 |
| | | 1387176 |
| **Consumer Staples 4.7%** | **Consumer Staples 4.7%** | **Consumer Staples 4.7%** |
| Altria Group, Inc. | 488 | 28129 |
| Archer-Daniels-Midland Company (b) | 140 | 8072 |
| Brown-Forman Corporation - Class B (b) | 54 | 1404 |
| Bunge Global S.A. (b) | 41 | 3621 |
| Campbell's Company, The (b) | 49 | 1364 |
| Church & Dwight Co., Inc. (b) | 73 | 6085 |
| Clorox Company, The | 38 | 3814 |
| Coca-Cola Company, The (b) | 1131 | 79068 |
| Colgate-Palmolive Company | 236 | 18676 |
| Conagra Brands, Inc. (b) | 141 | 2438 |
| Constellation Brands, Inc. - Class A (b) | 38 | 5304 |
| Costco Wholesale Corporation | 129 | 111182 |
| Dollar General Corporation | 65 | 8601 |
| Dollar Tree, Inc. (a) (b) | 54 | 6689 |
| Estee Lauder Companies Inc., The - Class A (b) | 71 | 7396 |
| General Mills, Inc. (b) | 160 | 7420 |
| Hershey Company, The (b) | 42 | 7682 |
| Hormel Foods Corporation (b) | 94 | 2226 |
| J. M. Smucker Company, The (b) | 31 | 3001 |
| Kenvue Inc. | 575 | 9918 |
| Keurig Dr Pepper Inc. | 403 | 11287 |
| Kimberly-Clark Corporation (b) | 97 | 9811 |
| Kraft Heinz Company, The (b) | 246 | 5970 |
| Kroger Co., The (b) | 183 | 11459 |
| Lamb Weston Holdings, Inc. (b) | 45 | 1871 |
| McCormick & Company, Incorporated | 73 | 4977 |
| Molson Coors Beverage Company - Class B (b) | 40 | 1861 |
| Mondelez International, Inc. - Class A (b) | 376 | 20250 |
| Monster Beverage 1990 Corporation (a) | 210 | 16134 |
| PepsiCo, Inc. | 397 | 56944 |
| Philip Morris International Inc. | 453 | 72704 |
| Procter & Gamble Company, The | 678 | 97225 |
| Sysco Corporation (b) | 140 | 10349 |
| Target Corporation | 130 | 12675 |
| Tyson Foods, Inc. - Class A | 80 | 4669 |
| Walmart Inc. | 1276 | 142204 |
|  |  | 802480 |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| APA Corporation (b) | 101 | 2460 |
| Baker Hughes Company - Class A | 294 | 13385 |
| Chevron Corporation | 550 | 83886 |
| ConocoPhillips | 362 | 33864 |
| Coterra Energy Inc. | 223 | 5881 |
| Devon Energy Corporation | 176 | 6439 |
| Diamondback Energy, Inc. | 56 | 8381 |
| EOG Resources, Inc. | 158 | 16601 |
| EQT Corporation (b) | 188 | 10079 |
| Expand Energy Corporation | 67 | 7413 |
| Exxon Mobil Corporation | 1226 | 147589 |
| Halliburton Company (b) | 242 | 6833 |
| Kinder Morgan, Inc. | 575 | 15802 |
| Marathon Petroleum Corporation | 87 | 14098 |
| Occidental Petroleum Corporation (b) | 201 | 8281 |
| ONEOK, Inc. | 180 | 13231 |
| Phillips 66 (b) | 120 | 15545 |
| Schlumberger Limited | 427 | 16385 |
| Targa Resources Corp. | 61 | 11295 |
| Texas Pacific Land Corporation (b) | 17 | 4876 |
| Valero Energy Corporation | 90 | 14711 |
| Williams Companies, Inc., The | 359 | 21584 |
|  |  | 478619 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| AES Corporation, The | 216 | 3094 |
| Alliant Energy Corporation (b) | 75 | 4858 |
| Ameren Corporation (b) | 79 | 7882 |
| American Electric Power Company, Inc. | 156 | 17985 |
| American Water Works Company, Inc. (b) | 58 | 7532 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Atmos Energy Corporation (b) | 47 | 7914 |
| CenterPoint Energy, Inc. (b) | 191 | 7305 |
| CMS Energy Corporation | 88 | 6159 |
| Consolidated Edison, Inc. | 108 | 10737 |
| Constellation Energy Group, Inc. | 91 | 32064 |
| Dominion Energy, Inc. | 250 | 14643 |
| DTE Energy Company | 60 | 7783 |
| Duke Energy Corporation (b) | 226 | 26516 |
| Edison International | 110 | 6630 |
| Entergy Corporation (b) | 130 | 11980 |
| Evergy, Inc. | 67 | 4871 |
| Eversource Energy | 111 | 7461 |
| Exelon Corporation (b) | 297 | 12940 |
| FirstEnergy Corp. (b) | 149 | 6653 |
| NextEra Energy, Inc. | 608 | 48779 |
| NiSource Inc. | 130 | 5448 |
| NRG Energy, Inc. | 56 | 8889 |
| PG&E Corporation | 632 | 10163 |
| Pinnacle West Capital Corporation (b) | 32 | 2823 |
| PPL Corporation (b) | 217 | 7601 |
| Public Service Enterprise Group Incorporated | 145 | 11608 |
| Sempra (b) | 193 | 17081 |
| The Southern Company (b) | 321 | 28011 |
| Vistra Corp. | 94 | 15228 |
| WEC Energy Group Inc. (b) | 91 | 9638 |
| XCEL Energy Inc. | 175 | 12889 |
| | | 383165 |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| Alexandria Real Estate Equities, Inc. (b) | 54 | 2629 |
| American Tower Corporation | 135 | 23665 |
| AvalonBay Communities, Inc. (b) | 41 | 7426 |
| BXP, Inc. (b) | 40 | 2701 |
| Camden Property Trust | 30 | 3291 |
| CBRE Group, Inc. - Class A (a) | 87 | 13989 |
| CoStar Group, Inc. (a) (b) | 118 | 7962 |
| Crown Castle Inc. (b) | 126 | 11194 |
| Digital Realty Trust, Inc. | 96 | 14794 |
| Equinix, Inc. | 28 | 21547 |
| Equity Residential | 103 | 6508 |
| Essex Property Trust, Inc. (b) | 20 | 5203 |
| Extra Space Storage Inc. | 62 | 8129 |
| Federal Realty Investment Trust (b) | 21 | 2140 |
| Healthpeak OP, LLC (b) | 207 | 3328 |
| Host Hotels & Resorts, Inc. | 178 | 3160 |
| Invitation Homes Inc. | 174 | 4827 |
| Iron Mountain Incorporated (b) | 87 | 7176 |
| Kimco Realty OP, LLC (b) | 200 | 4047 |
| Mid-America Apartment Communities, Inc. | 37 | 5081 |
| ProLogis Inc. (b) | 271 | 34583 |
| Public Storage Operating Company | 47 | 12149 |
| Realty Income Corporation (b) | 276 | 15537 |
| Regency Centers Corporation (b) | 47 | 3222 |
| SBA Communications Corporation - Class A | 29 | 5585 |
| Simon Property Group, Inc. | 93 | 17228 |
| UDR, Inc. (b) | 92 | 3362 |
| Ventas, Inc. (b) | 132 | 10184 |
| VICI Properties Inc. | 299 | 8401 |
| Welltower Inc. | 199 | 37025 |
| Weyerhaeuser Company (b) | 221 | 5240 |
|  |  | 311313 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Air Products and Chemicals, Inc. (b) | 65 | 16066 |
| Albemarle Corporation (b) | 35 | 4889 |
| Amcor Pty Ltd (b) | 674 | 5622 |
| Avery Dennison Corporation (b) | 23 | 4243 |
| Ball Corporation | 76 | 4022 |
| CF Industries Holdings, Inc. | 41 | 3200 |
| Corteva, Inc. | 195 | 13087 |
| CRH Public Limited Company (b) | 194 | 24159 |
| Dow Inc. (b) | 209 | 4882 |
| DuPont de Nemours, Inc. | 118 | 4742 |
| Ecolab Inc. | 76 | 20069 |
| Freeport-McMoRan Inc. | 419 | 21293 |
| International Flavors & Fragrances Inc. (b) | 72 | 4877 |
| International Paper Company (b) | 160 | 6298 |
| Linde Public Limited Company | 135 | 57686 |
| LyondellBasell Industries N.V. - Class A (b) | 65 | 2812 |
| Martin Marietta Materials, Inc. | 18 | 10938 |
| Mosaic Company, The (b) | 92 | 2212 |
| Newmont Corporation | 319 | 31886 |
| Nucor Corporation (b) | 66 | 10832 |
| Packaging Corporation of America | 24 | 4960 |
| PPG Industries, Inc. (b) | 66 | 6785 |
| Sherwin-Williams Company, The | 66 | 21544 |
| Smurfit Westrock Public Limited Company (b) | 163 | 6305 |
| Steel Dynamics, Inc. (b) | 41 | 6873 |
| Vulcan Materials Company | 38 | 10709 |
|  |  | 310991 |
| Total Common Stocks (cost $6,286,559) | Total Common Stocks (cost $6,286,559) | 17014209 |
| **SHORT TERM INVESTMENTS 5.4%** | **SHORT TERM INVESTMENTS 5.4%** | **SHORT TERM INVESTMENTS 5.4%** |
| **Securities Lending Collateral 4.9%** | **Securities Lending Collateral 4.9%** | **Securities Lending Collateral 4.9%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 139193 | 139193 |
| Repurchase Agreement with BNS, 3.99% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $444,773) acquired on 12/31/2025, due 4/6/2026 at $404,256 | 400000 | 400000 |
| Repurchase Agreement with CIT, 4.05% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $306,000) acquired on 12/31/2025, due 4/2/2026 at $303,105 | 300000 | 300000 |
|  |  | 839193 |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 73368 | 73368 |
| Total Short Term Investments (cost $912,561) | Total Short Term Investments (cost $912,561) | 912561 |
| **Total Investments 104.9% (cost $7,199,120)** | **Total Investments 104.9% (cost $7,199,120)** | **17926770** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (686) |
| **Other Assets and Liabilities, Net (4.9)%** | **Other Assets and Liabilities, Net (4.9)%** | **(828725)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **17097359** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 17281 |  | 1993 | 433 | 1347 | 7114 | 23749 | 0.2 |
| JNL Government Money Market Fund, 3.64% - Class I | 122896 | 981262 | 1030790 | 4040 |  |  | 73368 | 0.4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** | **JNL/Mellon S&P 500 Index Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.74% - Class SL | 23987 | 5176088 | 5060882 | 3556 |  |  | 139193 | 0.8 |
|  | 164164 | 6157350 | 6093665 | 8029 | 1347 | 7114 | 236310 | 1.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 261 | March 2026 | 89821 | (686) | 126 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 17014209 |  |  | 17014209 |
| &nbsp;&nbsp;Short Term Investments | 912561 |  |  | 912561 |
|  | 17926770 |  |  | 17926770 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 126 |  |  | 126 |
|  | 126 |  |  | 126 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Information Technology 32.6%** | **Information Technology 32.6%** | **Information Technology 32.6%** |
| Accenture Public Limited Company - Class A | 47 | 12716 |
| ACI Worldwide, Inc. (a) | 9 | 414 |
| Adobe Inc. (a) | 32 | 11145 |
| Advanced Energy Industries, Inc. | 3 | 600 |
| Advanced Micro Devices, Inc. (a) | 123 | 26426 |
| Akamai Technologies, Inc. (a) | 10 | 890 |
| Allegro Microsystems Inc. (a) | 10 | 260 |
| Amkor Technology, Inc. | 8 | 324 |
| Amphenol Corporation - Class A | 93 | 12549 |
| Analog Devices, Inc. | 38 | 10259 |
| AppFolio, Inc. - Class A (a) | 2 | 350 |
| Apple Inc. | 1131 | 307460 |
| Applied Digital Corporation (a) (b) | 19 | 464 |
| Applied Materials, Inc. | 61 | 15679 |
| AppLovin Corporation - Class A (a) | 16 | 11019 |
| Arista Networks, Inc. (a) | 78 | 10224 |
| Arrow Electronics, Inc. (a) | 3 | 373 |
| Astera Labs, Inc. (a) | 10 | 1702 |
| Atlassian Corporation - Class A (a) | 12 | 2009 |
| Aurora Innovations Inc. - Class A (a) | 105 | 404 |
| Autodesk, Inc. (a) | 16 | 4840 |
| Avnet, Inc. | 6 | 286 |
| Badger Meter, Inc. | 2 | 402 |
| Belden Inc. | 3 | 311 |
| Bentley Systems, Incorporated - Class B | 11 | 412 |
| Bill Holdings, Inc. (a) | 8 | 445 |
| Bitmine Immersion Technologies, Inc. (b) | 21 | 582 |
| Box, Inc. - Class A (a) | 11 | 343 |
| Broadcom Inc. | 352 | 121687 |
| Cadence Design Systems, Inc. (a) | 21 | 6438 |
| Calix, Inc. (a) | 4 | 194 |
| CCC Intelligent Solutions Holdings Inc. (a) (b) | 36 | 283 |
| CDW Corp. | 10 | 1364 |
| Ciena Corporation (a) | 11 | 2519 |
| Cipher Mining Inc. (a) | 24 | 359 |
| Circle Internet Group, Inc. - Class A (a) | 3 | 254 |
| Cirrus Logic, Inc. (a) | 4 | 469 |
| Cisco Systems, Inc. | 301 | 23210 |
| Cleanspark Inc. (a) (b) | 20 | 200 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 19 | 463 |
| Cloudflare, Inc. - Class A (a) | 23 | 4621 |
| Cognex Corporation | 13 | 472 |
| Cognizant Technology Solutions Corporation - Class A | 37 | 3082 |
| Coherent Corp. (a) | 12 | 2182 |
| CommVault Systems, Inc. (a) | 3 | 383 |
| Confluent, Inc. - Class A (a) | 22 | 672 |
| Coreweave, Inc. - Class A (a) | 19 | 1358 |
| Corning Incorporated | 57 | 5003 |
| Credo Technology Group Holding Ltd (a) | 11 | 1599 |
| CrowdStrike Holdings, Inc. - Class A (a) | 18 | 8668 |
| Datadog, Inc. - Class A (a) | 24 | 3202 |
| Dell Technologies Inc. - Class C | 23 | 2875 |
| DocuSign, Inc. (a) | 15 | 1058 |
| Dolby Laboratories, Inc. - Class A | 5 | 297 |
| Dropbox, Inc. - Class A (a) | 14 | 381 |
| D-Wave Quantum Inc. (a) | 25 | 659 |
| Dynatrace, Inc. (a) | 22 | 957 |
| Elastic N.V. (a) | 6 | 449 |
| Enphase Energy, Inc. (a) | 10 | 316 |
| Entegris, Inc. | 12 | 979 |
| EPAM Systems, Inc. (a) | 4 | 848 |
| F5, Inc. (a) | 5 | 1166 |
| Fabrinet (a) | 3 | 1189 |
| Fair Isaac Corporation (a) | 2 | 2986 |
| First Solar, Inc. (a) | 8 | 2093 |
| Flex Ltd. (a) | 28 | 1672 |
| Fortinet, Inc. (a) | 49 | 3867 |
| Gartner, Inc. (a) | 6 | 1406 |
| Gen Digital Inc. | 44 | 1204 |
| GitLab Inc. - Class A (a) | 11 | 397 |
| GoDaddy Inc. - Class A (a) | 11 | 1325 |
| Guidewire Software, Inc. (a) | 6 | 1293 |
| Hewlett Packard Enterprise Company | 102 | 2443 |
| HP, Inc. | 74 | 1646 |
| HubSpot, Inc. (a) | 4 | 1472 |
| Hut 8 Corp. (a) | 7 | 320 |
| Intel Corporation (a) | 329 | 12123 |
| InterDigital, Inc. | 2 | 587 |
| International Business Machines Corporation | 71 | 20971 |
| Intuit Inc. | 21 | 13764 |
| ionQ, Inc. (a) (b) | 27 | 1200 |
| Itron, Inc. (a) | 3 | 280 |
| Jabil Inc. | 8 | 1758 |
| JFROG Ltd (a) | 7 | 413 |
| Keysight Technologies, Inc. (a) | 13 | 2622 |
| KLA Corporation | 10 | 12223 |
| Kyndryl Holdings, Inc. (a) (b) | 16 | 421 |
| Lam Research Corporation | 96 | 16360 |
| Lattice Semiconductor Corporation (a) | 10 | 764 |
| Life360, Inc. (a) (b) | 5 | 352 |
| Littelfuse, Inc. | 2 | 538 |
| Lumentum Holdings Inc. (a) (b) | 5 | 1899 |
| MACOM Technology Solutions Holdings, Inc. (a) | 5 | 804 |
| Manhattan Associates, Inc. (a) | 5 | 803 |
| Mara Holdings, Inc. (a) (b) | 27 | 244 |
| Marvell Technology, Inc. | 66 | 5603 |
| Microchip Technology Incorporated | 41 | 2597 |
| Micron Technology, Inc. | 86 | 24404 |
| Microsoft Corporation | 567 | 273989 |
| Mirion Technologies (US), Inc. - Class A (a) | 18 | 420 |
| MKS Inc. | 4 | 667 |
| MongoDB, Inc. - Class A (a) | 6 | 2549 |
| Monolithic Power Systems, Inc. | 3 | 3156 |
| Motorola Solutions, Inc. | 13 | 4918 |
| NetApp, Inc. | 14 | 1525 |
| Novanta Inc. (a) | 2 | 289 |
| Nutanix, Inc. - Class A (a) | 20 | 1014 |
| NVIDIA Corporation | 1791 | 334102 |
| NXP Semiconductors N.V. | 19 | 4038 |
| Okta, Inc. - Class A (a) | 13 | 1157 |
| ON Semiconductor Corporation (a) | 32 | 1712 |
| Onto Innovation Inc. (a) | 4 | 577 |
| Oracle Corporation | 128 | 24989 |
| OSI Systems, Inc. (a) | 1 | 296 |
| Palantir Technologies Inc. - Class A (a) | 166 | 29547 |
| Palo Alto Networks, Inc. (a) | 52 | 9626 |
| Pegasystems Inc. | 7 | 426 |
| Plexus Corp. (a) | 2 | 343 |
| Procore Technologies, Inc. (a) | 10 | 703 |
| PTC Inc. (a) | 9 | 1568 |
| Pure Storage, Inc. - Class A (a) | 23 | 1543 |
| Q2 Holdings, Inc. (a) | 4 | 323 |
| Qnity Electronics, Inc. | 15 | 1259 |
| Qorvo, Inc. (a) | 7 | 560 |
| Qualcomm Incorporated | 83 | 14235 |
| Qualys, Inc. (a) | 3 | 386 |
| Ralliant Corporation | 7 | 348 |
| Rambus Inc. (a) | 8 | 712 |
| Rigetti Computing, Inc. (a) | 22 | 486 |
| Roper Technologies, Inc. | 8 | 3637 |
| Rubrik, Inc. - Class A (a) | 10 | 785 |
| SailPoint, Inc. (a) | 6 | 124 |
| Salesforce, Inc. | 71 | 18680 |
| Samsara Inc. - Class A (a) | 23 | 823 |
| SanDisk LLC (a) | 9 | 2070 |
| Sanmina Corporation (a) | 4 | 621 |
| Seagate Technology Holdings Public Limited Company | 15 | 4264 |
| SentinelOne, Inc. - Class A (a) | 25 | 372 |
| ServiceNow, Inc. (a) | 79 | 12102 |
| ServiceTitan, Inc. - Class A (a) |  | 44 |
| Silicon Laboratories Inc. (a) | 3 | 371 |
| Sitime Corporation (a) | 2 | 567 |
| Skyworks Solutions, Inc. | 13 | 803 |
| Snowflake Inc. - Class A (a) | 25 | 5524 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Soundhound AI, Inc. - Class A (a) (b) | 30 | 295 |
| Strategy Inc - Class A (a) | 21 | 3141 |
| Super Micro Computer, Inc. (a) | 41 | 1197 |
| Synopsys, Inc. (a) | 14 | 6680 |
| TD SYNNEX Corporation | 5 | 775 |
| TE Connectivity Public Limited Company | 23 | 5137 |
| Teledyne Technologies Incorporated (a) | 4 | 1817 |
| Tenable Holdings, Inc. (a) | 11 | 257 |
| Teradyne, Inc. | 12 | 2236 |
| TeraWulf Inc. (a) | 23 | 264 |
| Texas Instruments Incorporated | 69 | 11970 |
| Trimble Inc. (a) | 18 | 1406 |
| TTM Technologies, Inc. (a) | 7 | 458 |
| Twilio Inc. - Class A (a) | 11 | 1539 |
| Tyler Technologies, Inc. (a) | 3 | 1445 |
| Uipath, Inc. - Class A (a) | 37 | 599 |
| Unity Software Inc. (a) | 25 | 1105 |
| Universal Display Corporation | 4 | 442 |
| Varonis Systems, Inc. (a) | 11 | 349 |
| VeriSign, Inc. | 6 | 1437 |
| Via Transportation, Inc. - Class A (a) | 3 | 94 |
| ViaSat, Inc. (a) | 7 | 257 |
| Vontier Corporation | 10 | 385 |
| Western Digital Corporation | 26 | 4430 |
| Workday, Inc. - Class A (a) | 16 | 3465 |
| Workiva Inc. - Class A (a) | 4 | 353 |
| Zebra Technologies Corporation - Class A (a) | 4 | 927 |
| Zoom Communications, Inc. - Class A (a) | 19 | 1610 |
| Zscaler, Inc. (a) | 8 | 1701 |
| | | 1599619 |
| **Financials 13.5%** | **Financials 13.5%** | **Financials 13.5%** |
| Affiliated Managers Group, Inc. | 2 | 618 |
| Affirm Holdings, Inc. - Class A (a) | 20 | 1481 |
| AFLAC Incorporated | 35 | 3886 |
| AGNC Investment Corp. (b) | 82 | 879 |
| Allstate Corporation, The | 20 | 4225 |
| Ally Financial Inc. | 20 | 923 |
| American Express Company | 41 | 15225 |
| American Financial Group, Inc. | 6 | 798 |
| American International Group, Inc. | 41 | 3493 |
| Ameriprise Financial, Inc. | 7 | 3533 |
| Ameris Bancorp | 4 | 292 |
| Annaly Capital Management, Inc. | 49 | 1098 |
| AON Public Limited Company - Class A | 16 | 5727 |
| Apollo Global Management, Inc. | 31 | 4546 |
| Arch Capital Group Ltd. (a) | 28 | 2706 |
| Ares Management Corporation - Class A | 15 | 2490 |
| Arthur J. Gallagher & Co. | 20 | 5057 |
| Associated Banc-Corp | 10 | 265 |
| Assurant, Inc. | 4 | 882 |
| Assured Guaranty Ltd. | 4 | 369 |
| Atlantic Union Bank | 8 | 293 |
| AXIS Capital Holdings Limited | 6 | 690 |
| Axos Financial, Inc. (a) | 4 | 324 |
| BancFirst Corporation | 1 | 133 |
| Bank of America Corporation | 509 | 28003 |
| Bank of New York Mellon Corporation, The (c) | 51 | 5884 |
| Bank OZK | 8 | 349 |
| Berkshire Hathaway Inc. - Class B (a) | 140 | 70456 |
| BlackRock, Inc. | 11 | 11440 |
| Blackstone Inc. - Class A | 56 | 8646 |
| Block, Inc. - Class A (a) | 42 | 2715 |
| Blue Owl Capital Inc. - Class A (b) | 48 | 720 |
| BOK Financial Corporation | 2 | 241 |
| Brown & Brown, Inc. | 21 | 1695 |
| Cadence Bank | 15 | 646 |
| Capital One Financial Corporation | 49 | 11776 |
| Carlyle Group Inc., The | 16 | 943 |
| Charles Schwab Corporation, The | 130 | 13002 |
| Chubb Limited | 28 | 8659 |
| Cincinnati Financial Corporation | 11 | 1871 |
| Citigroup Inc. | 136 | 15894 |
| Citizens Financial Group, Inc. | 34 | 1975 |
| CME Group Inc. - Class A | 28 | 7566 |
| CNO Financial Group, Inc. | 8 | 345 |
| Cohen & Steers, Inc. | 1 | 58 |
| Coinbase Global, Inc. - Class A (a) | 17 | 3886 |
| Columbia Banking System, Inc. | 19 | 533 |
| Comerica Incorporated | 9 | 772 |
| Commerce Bancshares, Inc. | 12 | 605 |
| Corebridge Financial, Inc. | 17 | 513 |
| Corpay Inc. (a) | 5 | 1518 |
| Credit Acceptance Corporation (a) (b) |  | 116 |
| Cullen/Frost Bankers, Inc. | 5 | 637 |
| East West Bancorp, Inc. | 11 | 1246 |
| Equitable Holdings, Inc. | 23 | 1110 |
| Erie Indemnity Company - Class A | 2 | 612 |
| Essent Group Ltd. | 7 | 437 |
| Evercore Inc. - Class A | 3 | 1021 |
| Everest Group, Ltd. | 3 | 1130 |
| F&G Annuities & Life, Inc. | 1 | 37 |
| F.N.B. Corporation | 24 | 405 |
| FactSet Research Systems Inc. | 3 | 793 |
| Federated Hermes, Inc. - Class B | 7 | 357 |
| Fidelity National Financial, Inc. - Class A | 20 | 1081 |
| Fidelity National Information Services, Inc. | 40 | 2658 |
| Fifth Third Bancorp | 51 | 2383 |
| Figure Technology Solutions, Inc. - Class A (a) | 3 | 103 |
| First American Financial Corporation | 7 | 436 |
| First Citizens BancShares, Inc. - Class A | 1 | 1693 |
| First Financial Bankshares, Inc. | 11 | 333 |
| First Horizon Corporation | 50 | 1192 |
| FirstCash, Inc. | 3 | 429 |
| Fiserv, Inc. (a) | 42 | 2807 |
| Flagstar Bank, National Association | 23 | 293 |
| Franklin Resources, Inc. | 20 | 473 |
| Freedom Holding Corp. (a) (b) | 1 | 123 |
| Galaxy Digital Inc. - Class A (a) | 13 | 296 |
| Glacier Bancorp, Inc. | 10 | 428 |
| Global Payments Inc. | 20 | 1509 |
| Globe Life Inc. | 6 | 862 |
| Goldman Sachs Group, Inc., The | 23 | 20090 |
| Hamilton Lane Incorporated - Class A | 3 | 374 |
| Hancock Whitney Corporation | 6 | 367 |
| Hanover Insurance Group Inc., The | 3 | 547 |
| Hartford Insurance Group, Inc., The | 21 | 2897 |
| Home BancShares, Inc. | 15 | 421 |
| Houlihan Lokey, Inc. - Class A | 4 | 757 |
| Huntington Bancshares Incorporated | 110 | 1911 |
| Independence Holdings, LLC | 10 | 667 |
| Interactive Brokers Group, Inc. - Class A | 33 | 2142 |
| Intercontinental Exchange, Inc. | 44 | 7136 |
| International Bancshares Corporation | 5 | 309 |
| Invesco Ltd. | 25 | 667 |
| Jack Henry & Associates, Inc. | 5 | 957 |
| Jackson Financial Inc. - Class A (c) | 6 | 631 |
| Janus Henderson Group PLC | 8 | 362 |
| Jefferies Financial Group Inc. | 13 | 826 |
| JPMorgan Chase & Co. | 209 | 67446 |
| KeyCorp | 74 | 1519 |
| Kinsale Capital Group, Inc. | 2 | 678 |
| KKR & Co. Inc. - Class A | 51 | 6491 |
| Lazard, Inc. | 7 | 351 |
| Lemonade, Inc. (a) | 4 | 281 |
| Lincoln National Corporation | 14 | 607 |
| Loews Corporation | 13 | 1382 |
| LPL Financial Holdings Inc. | 6 | 2187 |
| M&T Bank Corporation | 12 | 2377 |
| Markel Group Inc. (a) | 1 | 1950 |
| MarketAxess Holdings Inc. | 3 | 565 |
| Marsh & Mclennan Companies, Inc. | 38 | 7048 |
| MasterCard Incorporated - Class A | 63 | 35822 |
| Mercury General Corporation | 2 | 145 |
| MetLife, Inc. | 42 | 3337 |
| MGIC Investment Corporation | 14 | 403 |
| Moelis & Company - Class A | 5 | 320 |
| Moody's Corporation | 12 | 6106 |
| Morgan Stanley | 94 | 16687 |
| Morningstar, Inc. | 2 | 490 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MSCI Inc. - Class A | 6 | 3158 |
| Nasdaq, Inc. | 28 | 2708 |
| Northern Trust Corporation | 15 | 2011 |
| Old National Bancorp | 22 | 500 |
| Old Republic International Corporation | 17 | 776 |
| PayPal Holdings, Inc. | 71 | 4157 |
| PennyMac Financial Services, Inc. | 3 | 350 |
| Pinnacle Financial Partners, Inc. | 5 | 507 |
| Piper Sandler Companies | 1 | 421 |
| PJT Partners Inc. - Class A | 1 | 225 |
| Popular, Inc. | 5 | 563 |
| Primerica, Inc. | 2 | 629 |
| Principal Financial Group, Inc. | 18 | 1552 |
| Progressive Corporation, The | 45 | 10224 |
| Prosperity Bancshares, Inc. | 7 | 456 |
| Prudential Financial, Inc. | 26 | 2954 |
| Radian Group Inc. | 13 | 458 |
| Raymond James Financial, Inc. | 13 | 2031 |
| Regions Financial Corporation | 65 | 1749 |
| Reinsurance Group of America, Incorporated | 5 | 996 |
| RenaissanceRe Holdings Ltd | 4 | 988 |
| RITHM Capital Corp. | 43 | 464 |
| RLI Corp. | 7 | 430 |
| Robinhood Markets, Inc. - Class A (a) | 57 | 6487 |
| Rocket Companies, Inc. - Class A | 66 | 1279 |
| Ryan Specialty Group Holdings, Inc. - Class A | 7 | 367 |
| S&P Global Inc. | 23 | 12058 |
| SEI Investments Company | 8 | 622 |
| Selective Insurance Group, Inc. | 5 | 401 |
| ServisFirst Bancshares, Inc. | 5 | 356 |
| Shift4 Payments, LLC - Class A (a) (b) | 5 | 337 |
| SLM Corporation | 13 | 342 |
| SoFi Technologies, Inc. (a) | 93 | 2438 |
| Southstate Bank Corporation | 7 | 620 |
| Starwood Property Trust, Inc. | 27 | 490 |
| State Street Corporation | 22 | 2814 |
| StepStone Group Inc. - Class A | 6 | 356 |
| Stifel Financial Corp. | 8 | 963 |
| StoneX Group Inc. (a) | 3 | 277 |
| Synchrony Financial | 27 | 2270 |
| Synovus Financial Corp. | 10 | 507 |
| T. Rowe Price Group, Inc. | 17 | 1738 |
| Texas Capital Bancshares, Inc. (a) | 4 | 352 |
| TFS Financial Corporation | 8 | 105 |
| The PNC Financial Services Group, Inc. | 30 | 6215 |
| Toast, Inc. - Class A (a) | 37 | 1317 |
| TPG Inc. - Class A | 8 | 513 |
| Tradeweb Markets Inc. - Class A | 8 | 913 |
| Travelers Companies, Inc., The | 17 | 4996 |
| Truist Financial Corporation | 99 | 4867 |
| U.S. Bancorp | 120 | 6388 |
| UMB Financial Corporation | 5 | 623 |
| United Bankshares, Inc. | 11 | 433 |
| United Community Banks, Inc. | 8 | 245 |
| Unum Group | 11 | 874 |
| Upstart Holdings, Inc. (a) (b) | 5 | 215 |
| Valley National Bancorp | 29 | 343 |
| Victory Capital Holdings, Inc. - Class A | 4 | 236 |
| Visa Inc. - Class A | 129 | 45396 |
| Voya Financial, Inc. | 7 | 506 |
| W. R. Berkley Corporation | 22 | 1531 |
| Webster Financial Corporation | 13 | 792 |
| Wells Fargo & Company | 239 | 22293 |
| Western Alliance Bancorporation | 9 | 742 |
| Wex, Inc. (a) | 2 | 352 |
| White Mountains Insurance Group Ltd |  | 303 |
| Willis Towers Watson Public Limited Company | 7 | 2355 |
| Wintrust Financial Corporation | 5 | 646 |
| Zions Bancorporation, National Association | 9 | 524 |
| | | 660001 |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| Abercrombie & Fitch Co. - Class A (a) | 4 | 506 |
| Acushnet Holdings Corp. | 2 | 178 |
| ADT, Inc. | 20 | 164 |
| Adtalem Global Education Inc. (a) | 4 | 362 |
| Airbnb, Inc. - Class A (a) | 32 | 4338 |
| Amazon.com, Inc. (a) | 742 | 171369 |
| Aptiv PLC (a) | 15 | 1173 |
| Aramark | 21 | 786 |
| Asbury Automotive Group, Inc. (a) | 1 | 296 |
| Autoliv, Inc. | 5 | 638 |
| AutoNation, Inc. (a) | 2 | 423 |
| AutoZone, Inc. (a) | 1 | 4361 |
| Bath & Body Works, Inc. | 14 | 278 |
| Best Buy Co., Inc. | 15 | 984 |
| Booking Holdings Inc. | 2 | 13196 |
| Boot Barn Holdings, Inc. (a) | 2 | 415 |
| BorgWarner Inc. | 16 | 710 |
| Boyd Gaming Corporation | 5 | 405 |
| Bright Horizons Family Solutions, Inc. (a) | 4 | 389 |
| Brinker International, Inc. (a) | 3 | 412 |
| Brunswick Corporation | 5 | 383 |
| Burlington Stores, Inc. (a) | 5 | 1431 |
| Caesars Entertainment, Inc. (a) | 14 | 333 |
| CarMax, Inc. (a) | 12 | 462 |
| Carnival Corporation | 80 | 2457 |
| Carvana Co. - Class A (a) | 10 | 4368 |
| CAVA Group, Inc. (a) | 8 | 473 |
| Cavco Industries, Inc. (a) | 1 | 346 |
| Chewy, Inc. - Class A (a) | 16 | 515 |
| Chipotle Mexican Grill, Inc. (a) | 99 | 3678 |
| Choice Hotels International, Inc. (b) | 2 | 168 |
| Churchill Downs Incorporated | 5 | 581 |
| Coupang, Inc. - Class A (a) | 100 | 2347 |
| Crocs, Inc. (a) | 4 | 382 |
| D.R. Horton, Inc. | 21 | 2957 |
| Darden Restaurants, Inc. | 9 | 1630 |
| Deckers Outdoor Corporation (a) | 11 | 1116 |
| Dick's Sporting Goods, Inc. | 5 | 959 |
| Dillard's, Inc. - Class A |  | 173 |
| DK Crown Holdings Inc. - Class A (a) | 37 | 1267 |
| Domino's Pizza, Inc. | 3 | 1055 |
| DoorDash, Inc. - Class A (a) | 29 | 6469 |
| Dorman Products, Inc. (a) | 2 | 258 |
| Duolingo, Inc. - Class A (a) | 3 | 597 |
| Dutch Bros Inc. - Class A (a) | 7 | 452 |
| eBay Inc. | 34 | 2986 |
| ETSY, Inc. (a) | 8 | 451 |
| Expedia Group, Inc. | 9 | 2581 |
| Five Below, Inc. (a) | 4 | 822 |
| Floor & Decor Holdings, Inc. - Class A (a) | 7 | 422 |
| Flutter Entertainment Public Limited Company (a) | 13 | 2688 |
| Ford Motor Company | 298 | 3909 |
| Frontdoor, Inc. (a) | 6 | 320 |
| GameStop Corp. - Class A (a) | 30 | 604 |
| Gap, Inc., The | 18 | 454 |
| Garmin Ltd. | 13 | 2542 |
| General Motors Company | 72 | 5841 |
| Gentex Corporation | 16 | 369 |
| Genuine Parts Company | 10 | 1259 |
| Global Business Travel Group, Inc. - Class A (a) | 6 | 47 |
| Grand Canyon Education, Inc. (a) | 3 | 415 |
| Group 1 Automotive, Inc. | 1 | 409 |
| H & R Block, Inc. | 10 | 427 |
| Hasbro, Inc. | 10 | 820 |
| Hilton Worldwide Holdings Inc. | 16 | 4683 |
| Home Depot, Inc., The | 76 | 26061 |
| Hyatt Hotels Corporation - Class A | 3 | 557 |
| Installed Building Products, Inc. (b) | 2 | 410 |
| KB Home | 5 | 268 |
| Kontoor Brands, Inc. | 4 | 262 |
| Las Vegas Sands Corp. | 24 | 1545 |
| Laureate Education, Inc. - Class A (a) | 6 | 207 |
| Lear Corporation | 4 | 406 |
| Lennar Corporation - Class A | 16 | 1659 |
| Lennar Corporation - Class B | 1 | 111 |
| Life Time Group Holdings, Inc. (a) | 9 | 250 |
| Lithia Motors, Inc. - Class A | 2 | 642 |
| LKQ Corporation | 17 | 528 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lowe`s Companies, Inc. | 43 | 10259 |
| Lucid Group, Inc. (a) (b) | 18 | 185 |
| Lululemon Athletica Canada Inc. (a) | 8 | 1651 |
| Macy's, Inc. | 21 | 454 |
| Marriott International, Inc. - Class A | 17 | 5221 |
| Mattel, Inc. (a) | 24 | 470 |
| McDonald's Corporation | 55 | 16732 |
| MercadoLibre, Inc. (a) | 4 | 7296 |
| Meritage Homes Corporation | 6 | 413 |
| MGM Resorts International (a) (b) | 15 | 543 |
| Mohawk Industries, Inc. (a) | 4 | 473 |
| Murphy USA Inc. | 1 | 561 |
| Nike, Inc. - Class B | 86 | 5508 |
| Norwegian Cruise Line Holdings Ltd. (a) | 32 | 714 |
| NVR, Inc. (a) |  | 1429 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 5 | 505 |
| O'Reilly Automotive, Inc. (a) | 64 | 5804 |
| Penske Automotive Group, Inc. | 1 | 217 |
| Planet Fitness, Inc. - Class A (a) | 6 | 609 |
| Pool Corporation | 3 | 667 |
| PulteGroup, Inc. | 15 | 1706 |
| PVH Corp. | 3 | 223 |
| Quantumscape Battery, Inc. - Class A (a) | 32 | 335 |
| Ralph Lauren Corporation - Class A | 3 | 1031 |
| Rivian Automotive, Inc. - Class A (a) | 59 | 1162 |
| Ross Stores, Inc. | 24 | 4398 |
| Royal Caribbean Cruises Ltd. | 19 | 5393 |
| Service Corporation International | 11 | 820 |
| Shake Shack, Inc. - Class A (a) | 3 | 244 |
| Skyline Champion Corporation (a) | 4 | 372 |
| Somnigroup International Inc. | 14 | 1279 |
| Starbucks Corporation | 87 | 7291 |
| Tapestry, Inc. | 16 | 2036 |
| Taylor Morrison Home II Corporation - Class A (a) | 6 | 382 |
| Tesla, Inc. (a) | 213 | 95850 |
| Texas Roadhouse, Inc. - Class A | 5 | 852 |
| Thor Industries, Inc. | 4 | 423 |
| TJX Companies, Inc., The | 85 | 13036 |
| Toll Brothers, Inc. | 8 | 1028 |
| TopBuild Corp. (a) | 2 | 936 |
| Tractor Supply Company | 39 | 1940 |
| Travel + Leisure Co. | 4 | 289 |
| Ulta Beauty, Inc. (a) | 3 | 2009 |
| Urban Outfitters, Inc. (a) | 5 | 361 |
| V.F. Corporation | 24 | 428 |
| Vail Resorts, Inc. (b) | 3 | 389 |
| Valvoline, Inc. (a) | 8 | 244 |
| Wayfair Inc. - Class A (a) | 8 | 770 |
| Whirlpool Corporation (b) | 5 | 334 |
| Williams-Sonoma, Inc. | 9 | 1606 |
| Wingstop Inc. | 2 | 585 |
| Wyndham Hotels & Resorts, Inc. | 5 | 404 |
| Wynn Resorts, Limited | 7 | 806 |
| Yum! Brands, Inc. | 22 | 3266 |
| | | 513134 |
| **Communication Services 10.2%** | **Communication Services 10.2%** | **Communication Services 10.2%** |
| Alphabet Inc. - Class A | 443 | 138739 |
| Alphabet Inc. - Class C | 386 | 121011 |
| AST Spacemobile, Inc. - Class A (a) (b) | 18 | 1339 |
| AT&T Inc. | 545 | 13534 |
| Comcast Corporation - Class A | 277 | 8278 |
| Digital World Acquisition Corp. (a) (b) | 8 | 103 |
| EchoStar Corporation - Class A (a) (b) | 10 | 1052 |
| Electronic Arts Inc. | 17 | 3565 |
| Former Charter Communications Parent, Inc. - Class A (a) | 7 | 1476 |
| Fox Corporation - Class A | 16 | 1140 |
| Fox Corporation - Class B | 11 | 698 |
| Frontier Communications Parent, Inc. (a) | 17 | 630 |
| Globalstar, Inc. (a) | 4 | 228 |
| Liberty Broadband Corporation - Series A (a) | 1 | 44 |
| Liberty Broadband Corporation - Series C (a) | 10 | 478 |
| Liberty Global Ltd. - Class A (a) | 14 | 159 |
| Liberty Global Ltd. - Class C (a) | 3 | 35 |
| Liberty Live Holdings, Inc. - Series A (a) | 1 | 99 |
| Liberty Live Holdings, Inc. - Series C (a) | 4 | 342 |
| Liberty Media Corporation - Series A (a) | 2 | 183 |
| Liberty Media Corporation - Series C (a) | 17 | 1637 |
| Live Nation Entertainment, Inc. (a) | 11 | 1596 |
| Lumen Technologies, Inc. (a) | 61 | 476 |
| Match Group, Inc. | 21 | 670 |
| Meta Platforms, Inc. - Class A | 165 | 109206 |
| Netflix, Inc. (a) | 324 | 30359 |
| News Corporation - Class A | 28 | 738 |
| News Corporation - Class B | 8 | 241 |
| Nexstar Media Group, Inc. - Class A | 2 | 391 |
| Omnicom Group Inc. | 24 | 1944 |
| Paramount Skydance Corporation - Class B | 64 | 861 |
| Pinterest, Inc. - Class A (a) | 45 | 1167 |
| Reddit, Inc. - Class A (a) | 10 | 2213 |
| Roblox Corporation - Class A (a) | 49 | 3938 |
| Roku, Inc. - Class A (a) | 9 | 1027 |
| Sirius XM Holdings Inc. | 15 | 293 |
| Snap Inc. - Class A (a) | 87 | 702 |
| Sphere Entertainment Co. - Class A (a) | 1 | 284 |
| Take-Two Interactive Software, Inc. (a) | 13 | 3267 |
| Telephone and Data Systems, Inc. | 7 | 287 |
| The New York Times Company - Class A | 13 | 897 |
| TKO Group Holdings Inc. - Class A | 5 | 1125 |
| T-Mobile US, Inc. | 35 | 7146 |
| Trade Desk, Inc., The - Class A (a) | 34 | 1297 |
| Verizon Communications Inc. | 321 | 13083 |
| Walt Disney Company, The | 138 | 15653 |
| Warner Bros. Discovery, Inc. - Series A (a) | 172 | 4969 |
| Warner Music Group Corp. - Class A | 12 | 355 |
|  |  | 498955 |
| **Health Care 9.7%** | **Health Care 9.7%** | **Health Care 9.7%** |
| Abbott Laboratories | 132 | 16600 |
| AbbVie Inc. | 135 | 30740 |
| ADMA Biologics, Inc. (a) | 16 | 292 |
| Agilent Technologies, Inc. | 22 | 2961 |
| Align Technology, Inc. (a) | 6 | 885 |
| Alignment Healthcare, Inc. (a) | 10 | 195 |
| Alkermes Public Limited Company (a) | 11 | 315 |
| Alnylam Pharmaceuticals, Inc. (a) | 10 | 3893 |
| Amgen Inc. | 41 | 13407 |
| Arcellx Inc. (a) | 2 | 128 |
| Arrowhead Pharmaceuticals Inc (a) | 9 | 593 |
| Avantor, Inc. (a) | 54 | 618 |
| Avidity Biosciences, Inc. (a) | 9 | 683 |
| Axsome Therapeutics, Inc. (a) | 3 | 599 |
| Baxter International Inc. | 37 | 698 |
| Becton, Dickinson and Company | 22 | 4212 |
| Biogen Inc. (a) | 10 | 1835 |
| BioMarin Pharmaceutical Inc. (a) | 14 | 827 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 405 |
| Bio-Techne Corporation | 12 | 693 |
| Boston Scientific Corporation (a) | 113 | 10731 |
| Bridgebio Pharma, Inc. (a) | 12 | 899 |
| Brightspring Health Services, Inc. (a) | 4 | 157 |
| Bristol-Myers Squibb Company | 155 | 8359 |
| Bruker Corporation | 8 | 357 |
| Canticle Pharmaceuticals, Inc. (a) | 1 | 743 |
| Cardinal Health, Inc. | 18 | 3676 |
| Cencora, Inc. | 14 | 4757 |
| Centene Corporation (a) | 37 | 1504 |
| Charles River Laboratories International, Inc. (a) | 3 | 696 |
| Chemed Corporation | 1 | 437 |
| Cigna Group, The | 19 | 5319 |
| Cooper Companies, Inc., The (a) | 16 | 1282 |
| Corcept Therapeutics Incorporated (a) | 8 | 277 |
| CorVel Corporation (a) | 2 | 127 |
| Crinetics Pharmaceuticals, Inc. (a) | 7 | 326 |
| CRISPR Therapeutics AG (a) (b) | 8 | 401 |
| CVS Health Corporation | 96 | 7603 |
| Cytokinetics, Incorporated (a) (b) | 8 | 493 |
| Danaher Corporation | 49 | 11205 |
| DaVita, Inc. (a) | 3 | 336 |
| DexCom, Inc. (a) | 30 | 1993 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Doximity, Inc. - Class A (a) | 10 | 431 |
| Edwards Lifesciences Corporation (a) | 45 | 3830 |
| Elanco Animal Health Incorporated (a) (b) | 37 | 835 |
| Elevance Health, Inc. | 17 | 5919 |
| Eli Lilly and Company | 61 | 65430 |
| Encompass Health Corporation | 7 | 766 |
| Ensign Group, Inc., The | 4 | 782 |
| Exact Sciences Corporation (a) | 13 | 1352 |
| Exelixis, Inc. (a) | 19 | 824 |
| GE HealthCare Technologies Inc. | 34 | 2824 |
| Gilead Sciences, Inc. | 95 | 11621 |
| Glaukos Corporation (a) | 4 | 466 |
| Globus Medical, Inc. - Class A (a) | 8 | 690 |
| Guardant Health, Inc. (a) | 9 | 941 |
| Halozyme Therapeutics, Inc. (a) | 9 | 609 |
| HCA Healthcare, Inc. | 12 | 5764 |
| HealthEquity, Inc. (a) | 7 | 636 |
| Henry Schein, Inc. (a) | 8 | 636 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 17 | 555 |
| Hologic, Inc. (a) | 17 | 1259 |
| Humana Inc. | 9 | 2355 |
| IDEXX Laboratories, Inc. (a) | 6 | 3914 |
| Illumina, Inc. (a) | 11 | 1483 |
| Incyte Corporation (a) | 13 | 1262 |
| Insmed Incorporated (a) | 16 | 2807 |
| Insulet Corporation (a) | 5 | 1433 |
| Intuitive Surgical, Inc. (a) | 27 | 15223 |
| Ionis Pharmaceuticals, Inc. (a) | 11 | 899 |
| IQVIA Holdings Inc. (a) | 13 | 2956 |
| Irhythm Technologies, Inc. (a) | 2 | 384 |
| Jazz Pharmaceuticals Public Limited Company (a) | 4 | 733 |
| Johnson & Johnson | 183 | 37962 |
| Krystal Biotech, Inc. (a) | 2 | 434 |
| Kymera Therapeutics, Inc. (a) | 3 | 266 |
| Labcorp Holdings Inc. | 7 | 1677 |
| Lantheus Holdings, Inc. (a) | 4 | 290 |
| Masimo Corporation (a) | 4 | 497 |
| McKesson Corporation | 9 | 7678 |
| Medpace Holdings, Inc. (a) | 2 | 973 |
| Medtronic, Inc. | 98 | 9455 |
| Merck & Co., Inc. | 188 | 19781 |
| Merit Medical Systems, Inc. (a) | 4 | 322 |
| Mettler-Toledo International Inc. (a) | 2 | 2286 |
| Moderna, Inc. (a) | 28 | 814 |
| Molina Healthcare, Inc. (a) | 4 | 665 |
| Natera, Inc. (a) | 10 | 2306 |
| Neurocrine Biosciences, Inc. (a) | 7 | 1051 |
| Nuvalent, Inc. - Class A (a) | 4 | 370 |
| Option Care Health, Inc. (a) | 12 | 376 |
| Penumbra, Inc. (a) | 3 | 926 |
| Pfizer Inc. | 430 | 10712 |
| Praxis Precision Medicines, Inc. (a) | 1 | 436 |
| Protagonist Therapeutics, Inc. (a) | 4 | 331 |
| PTC Therapeutics, Inc. (a) | 6 | 445 |
| Quest Diagnostics Incorporated | 8 | 1395 |
| RadNet, Inc. (a) | 5 | 375 |
| Regeneron Pharmaceuticals, Inc. | 8 | 5876 |
| Repligen Corporation (a) | 4 | 624 |
| ResMed Inc. | 11 | 2711 |
| Revolution Medicines, Inc. (a) | 12 | 921 |
| Revvity, Inc. | 9 | 884 |
| Rhythm Pharmaceuticals, Inc. (a) | 4 | 434 |
| Roivant Sciences Ltd. (a) | 30 | 654 |
| Royalty Pharma PLC - Class A | 25 | 978 |
| Soleno Therapeutics, Inc. (a) | 5 | 208 |
| Solventum Corporation (a) | 11 | 859 |
| Sotera Health LLC (a) | 10 | 169 |
| Steris Public Limited Company | 7 | 1832 |
| Stryker Corporation | 28 | 9775 |
| Summit Therapeutics Inc. (a) | 10 | 179 |
| Teleflex Incorporated | 3 | 372 |
| Tempus AI, Inc. - Class A (a) | 7 | 434 |
| Tenet Healthcare Corporation (a) | 7 | 1332 |
| TG Therapeutics, Inc. (a) | 13 | 383 |
| Thermo Fisher Scientific Inc. | 29 | 16753 |
| TransMedics Group, Inc. (a) | 2 | 274 |
| uniQure N.V. (a) | 4 | 106 |
| United Therapeutics Corporation (a) | 3 | 1474 |
| UnitedHealth Group Incorporated | 69 | 22903 |
| Universal Health Services, Inc. - Class B | 4 | 936 |
| Vaxcyte, Inc. (a) | 11 | 496 |
| Veeva Systems Inc. - Class A (a) | 11 | 2556 |
| Vertex Pharmaceuticals Incorporated (a) | 19 | 8736 |
| Viatris Inc. | 88 | 1097 |
| Viking Therapeutics, Inc. (a) | 9 | 306 |
| Waters Corporation (a) | 4 | 1696 |
| Waystar Holding Corp. (a) | 6 | 183 |
| West Pharmaceutical Services, Inc. | 6 | 1540 |
| Zimmer Biomet Holdings, Inc. | 16 | 1423 |
| Zoetis Inc. - Class A | 34 | 4329 |
| | | 477132 |
| **Industrials 9.2%** | **Industrials 9.2%** | **Industrials 9.2%** |
| 3M Company | 40 | 6424 |
| A. O. Smith Corporation | 8 | 515 |
| AAON, Inc. | 4 | 341 |
| Acuity Brands, Inc. | 2 | 802 |
| Advanced Drainage Systems, Inc. | 5 | 753 |
| AECOM | 9 | 875 |
| AeroVironment, Inc. (a) | 3 | 729 |
| AGCO Corporation | 5 | 497 |
| Air Lease Corporation - Class A | 8 | 526 |
| Alaska Air Group, Inc. (a) | 9 | 465 |
| Allegion Public Limited Company | 7 | 1065 |
| Allison Systems, Inc. | 6 | 576 |
| Amentum Holdings, Inc. (a) | 10 | 291 |
| American Airlines Group Inc. (a) | 48 | 741 |
| AMETEK, Inc. | 18 | 3665 |
| API Group Corporation (a) | 23 | 896 |
| Applied Industrial Technologies, Inc. | 3 | 807 |
| Archer Aviation Inc. - Class A (a) | 38 | 287 |
| Arcosa, Inc. | 4 | 398 |
| Argan, Inc. | 1 | 285 |
| Armstrong World Industries, Inc. | 3 | 582 |
| ATI Inc. (a) | 10 | 1152 |
| Automatic Data Processing, Inc. | 31 | 7913 |
| Avis Budget Group, Inc. (a) (b) | 1 | 160 |
| Axon Enterprise, Inc. (a) | 6 | 3213 |
| Bloom Energy Corporation - Class A (a) | 16 | 1429 |
| Boeing Company, The (a) | 59 | 12905 |
| Booz Allen Hamilton Holding Corporation - Class A | 10 | 807 |
| Brink's Company, The | 4 | 417 |
| Broadridge Financial Solutions, Inc. | 9 | 1990 |
| Builders FirstSource, Inc. (a) | 9 | 875 |
| BWXT Government Group, Inc. | 7 | 1263 |
| C.H. Robinson Worldwide, Inc. | 9 | 1409 |
| Caci International Inc. - Class A (a) | 2 | 901 |
| Carlisle Companies Incorporated | 3 | 1090 |
| Carpenter Technology Corporation | 3 | 1099 |
| Carrier Global Corporation | 60 | 3173 |
| Casella Waste Systems, Inc. - Class A (a) | 5 | 478 |
| Caterpillar Inc. | 36 | 20615 |
| Chart Industries, Inc. (a) | 3 | 666 |
| Cintas Corporation | 27 | 4983 |
| Clean Harbors, Inc. (a) | 4 | 842 |
| CNH Industrial N.V. | 64 | 588 |
| Comfort Systems USA, Inc. | 3 | 2498 |
| Construction Partners, Inc. - Class A (a) | 4 | 395 |
| Copart, Inc. (a) | 64 | 2501 |
| Core & Main, Inc. - Class A (a) | 13 | 669 |
| Crane Company | 4 | 698 |
| CSW Industrials, Inc. | 1 | 281 |
| CSX Corporation | 143 | 5199 |
| Cummins Inc. | 11 | 5391 |
| Curtiss-Wright Corporation | 3 | 1646 |
| Dayforce, Inc. (a) | 12 | 851 |
| Deere & Company | 19 | 8836 |
| Delta Air Lines, Inc. | 49 | 3376 |
| Donaldson Company, Inc. | 9 | 793 |
| Dover Corporation | 10 | 2002 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dycom Industries, Inc. (a) | 2 | 693 |
| Eaton Corporation Public Limited Company | 30 | 9576 |
| EMCOR Group, Inc. | 3 | 2098 |
| Emerson Electric Co. | 43 | 5760 |
| EnerSys | 3 | 451 |
| Enpro Inc. | 2 | 380 |
| Eos Energy Enterprises, Inc. - Class A (a) (b) | 19 | 215 |
| Equifax, Inc. | 9 | 1998 |
| ESAB Corporation | 4 | 468 |
| ESCO Technologies Inc. | 2 | 386 |
| Everus Construction Group, Inc. (a) | 3 | 285 |
| ExlService Holdings, Inc. (a) | 13 | 560 |
| Expeditors International of Washington, Inc. - Class A | 10 | 1533 |
| Exponent, Inc. | 3 | 199 |
| Fastenal Company | 86 | 3443 |
| Federal Signal Corporation | 5 | 536 |
| FedEx Corporation | 17 | 4893 |
| Ferguson Enterprises Inc. | 15 | 3403 |
| Flowserve Corporation | 10 | 711 |
| Fluor Corporation (a) | 11 | 439 |
| Fortive Corporation | 25 | 1357 |
| Fortune Brands Innovations, Inc. | 8 | 384 |
| Franklin Electric Co., Inc. | 3 | 286 |
| FTI Consulting, Inc. (a) | 2 | 423 |
| Gates Industrial Corporation PLC (a) | 17 | 373 |
| GATX Corporation | 3 | 479 |
| GE Vernova Inc. | 21 | 13550 |
| Generac Holdings Inc. (a) | 5 | 641 |
| General Dynamics Corporation | 18 | 6177 |
| General Electric Company | 81 | 24819 |
| Genpact Limited | 11 | 512 |
| Graco Inc. | 13 | 1098 |
| Granite Construction Incorporated (b) | 3 | 400 |
| Griffon Corporation | 3 | 198 |
| GXO Logistics Inc. (a) | 8 | 441 |
| HEICO Corporation | 3 | 1048 |
| HEICO Corporation - Class A | 6 | 1484 |
| Herc Holdings Inc. | 2 | 368 |
| Hexcel Corporation | 6 | 469 |
| Honeywell International Inc. | 48 | 9396 |
| Howmet Aerospace Inc. | 29 | 5990 |
| Hubbell Incorporated | 4 | 1808 |
| Huntington Ingalls Industries, Inc. | 3 | 1056 |
| IDEX Corporation | 6 | 995 |
| IES Holdings, Inc. (a) | 1 | 209 |
| Illinois Tool Works Inc. | 22 | 5428 |
| Ingersoll Rand Inc. | 30 | 2411 |
| ITT Inc. | 6 | 1030 |
| J.B. Hunt Transport Services, Inc. | 6 | 1144 |
| Jacobs Solutions Inc. | 9 | 1199 |
| JBT Marel Corporation | 4 | 590 |
| Joby Aviation, Inc. - Class A (a) (b) | 37 | 488 |
| Johnson Controls International Public Limited Company | 47 | 5577 |
| Karman Holdings Inc. (a) (b) | 3 | 220 |
| KBR, Inc. | 9 | 365 |
| Kirby Corporation (a) | 4 | 390 |
| Knight-Swift Transportation Holdings Inc. - Class A | 12 | 640 |
| Korn Ferry | 4 | 265 |
| Kratos Defense & Security Solutions, Inc. (a) | 13 | 957 |
| L3Harris Technologies, Inc. | 14 | 4180 |
| Landstar System, Inc. | 3 | 433 |
| Leidos Holdings, Inc. | 9 | 1658 |
| Lennox International Inc. | 2 | 1192 |
| Leonardo DRS, Inc. | 5 | 168 |
| Lincoln Electric Holdings, Inc. | 4 | 1032 |
| Loar Holdings Inc. (a) | 2 | 120 |
| Lockheed Martin Corporation | 15 | 7266 |
| Lyft, Inc. - Class A (a) | 28 | 540 |
| Masco Corporation | 17 | 1068 |
| MasTec, Inc. (a) | 5 | 1056 |
| Maximus, Inc. | 4 | 368 |
| Mercury Systems, Inc. (a) | 4 | 262 |
| Middleby Corporation, The (a) | 4 | 579 |
| Mine Safety Appliances Company, LLC | 3 | 422 |
| Modine Manufacturing Company (a) | 4 | 585 |
| MOOG Inc. - Class A | 2 | 554 |
| MSC Industrial Direct Co., Inc. - Class A | 4 | 299 |
| Mueller Industries, Inc. | 9 | 1020 |
| Mueller Water Products, Inc. - Class A | 11 | 269 |
| NextPower LLC - Class A (a) | 11 | 939 |
| Nordson Corporation | 4 | 1010 |
| Norfolk Southern Corporation | 17 | 5016 |
| Northrop Grumman Corporation | 11 | 6049 |
| NuScale Power, LLC - Class A (a) (b) | 11 | 163 |
| Nvent Electric Public Limited Company | 12 | 1244 |
| Old Dominion Freight Line, Inc. | 14 | 2169 |
| Oshkosh Corporation | 4 | 532 |
| Otis Worldwide Corporation | 31 | 2668 |
| Owens Corning | 7 | 744 |
| PACCAR Inc. | 38 | 4202 |
| Parker-Hannifin Corporation | 9 | 8192 |
| Parsons Corporation (a) (b) | 4 | 239 |
| Paychex, Inc. | 24 | 2706 |
| Paycom Software, Inc. | 4 | 575 |
| Paylocity Holding Corporation (a) | 4 | 580 |
| Pentair Public Limited Company | 12 | 1231 |
| Powell Industries, Inc. | 1 | 194 |
| Primoris Services Corporation | 4 | 540 |
| Quanta Services, Inc. | 11 | 4719 |
| Qxo, Inc. (a) (b) | 42 | 808 |
| RBC Bearings Incorporated (a) | 2 | 1087 |
| Regal Rexnord Corporation | 5 | 757 |
| Republic Services, Inc. | 16 | 3345 |
| Rocket Lab Usa, Inc. (a) | 32 | 2251 |
| Rockwell Automation, Inc. | 9 | 3365 |
| Rollins, Inc. | 23 | 1380 |
| RTX Corporation | 102 | 18764 |
| Rush Enterprises, Inc. - Class A | 4 | 236 |
| Ryder System, Inc. | 3 | 581 |
| Saia, Inc. (a) | 2 | 682 |
| Science Applications International Corporation | 4 | 390 |
| Sensata Technologies Holding PLC | 11 | 370 |
| Simpson Manufacturing Co., Inc. | 3 | 508 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 431 |
| SkyWest, Inc. (a) | 3 | 333 |
| Snap-on Incorporated | 4 | 1391 |
| Southwest Airlines Co. | 34 | 1406 |
| SPX Technologies, Inc. (a) | 4 | 806 |
| SS&C Technologies Holdings, Inc. | 16 | 1415 |
| StandardAero, Inc. (a) | 6 | 161 |
| Stanley Black & Decker, Inc. | 11 | 838 |
| Sterling Infrastructure, Inc. (a) | 2 | 686 |
| Sunrun Inc. (a) | 15 | 279 |
| Tetra Tech, Inc. | 17 | 585 |
| Textron Inc. | 14 | 1253 |
| Timken Company, The | 6 | 470 |
| Toro Company, The | 7 | 585 |
| Trane Technologies Public Limited Company | 17 | 6560 |
| TransDigm Group Incorporated | 4 | 5468 |
| TransUnion | 15 | 1298 |
| Trex Company, Inc. (a) | 9 | 315 |
| Uber Technologies, Inc. (a) | 153 | 12531 |
| UFP Industries, Inc. | 5 | 468 |
| U-Haul Holding Company (a) | 1 | 59 |
| U-Haul Holding Company - Series N | 7 | 322 |
| UL Solutions Inc. - Class A | 4 | 349 |
| Union Pacific Corporation | 45 | 10467 |
| United Airlines Holdings, Inc. (a) | 24 | 2739 |
| United Parcel Service, Inc. - Class B | 56 | 5541 |
| United Rentals, Inc. | 5 | 3903 |
| Valmont Industries, Inc. | 2 | 631 |
| Veralto Corporation | 17 | 1736 |
| Verisk Analytics, Inc. | 11 | 2367 |
| Verra Mobility Corporation - Class A (a) | 14 | 312 |
| Vertiv Holdings Co - Class A | 29 | 4656 |
| VSE Corporation | 1 | 248 |
| W.W. Grainger, Inc. | 3 | 3479 |
| Waste Management, Inc. | 28 | 6085 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Watsco, Inc. | 3 | 898 |
| Watts Water Technologies, Inc. - Class A | 2 | 548 |
| WESCO International, Inc. | 4 | 924 |
| Westinghouse Air Brake Technologies Corporation | 13 | 2835 |
| Willscot Holdings Corporation - Class A | 17 | 312 |
| Woodward, Inc. | 4 | 1296 |
| XPO, Inc. (a) | 9 | 1255 |
| Xylem Inc. | 18 | 2506 |
| Zurn Elkay Water Solutions Corporation | 12 | 570 |
| | | 449940 |
| **Consumer Staples 4.5%** | **Consumer Staples 4.5%** | **Consumer Staples 4.5%** |
| Albertsons Companies, Inc. - Class A | 29 | 490 |
| Altria Group, Inc. | 128 | 7409 |
| Archer-Daniels-Midland Company | 35 | 1997 |
| Bellring Intermediate Holdings, Inc. (a) | 10 | 276 |
| BJ's Wholesale Club Holdings, Inc. (a) | 9 | 826 |
| Brown-Forman Corporation - Class A | 3 | 91 |
| Brown-Forman Corporation - Class B | 21 | 554 |
| Bunge Global S.A. | 11 | 937 |
| Cal-Maine Foods, Inc. | 4 | 284 |
| Campbell's Company, The (b) | 16 | 433 |
| Casey's General Stores, Inc. | 3 | 1454 |
| Celsius Holdings, Inc. (a) | 12 | 567 |
| Church & Dwight Co., Inc. | 18 | 1497 |
| Clorox Company, The | 10 | 996 |
| Coca-Cola Company, The | 297 | 20753 |
| Coca-Cola Consolidated, Inc. | 4 | 626 |
| Colgate-Palmolive Company | 62 | 4926 |
| Conagra Brands, Inc. | 39 | 681 |
| Constellation Brands, Inc. - Class A | 11 | 1580 |
| Costco Wholesale Corporation | 34 | 29169 |
| Coty Inc. - Class A (a) | 10 | 32 |
| Darling Ingredients Inc. (a) | 9 | 339 |
| Dollar General Corporation | 17 | 2216 |
| Dollar Tree, Inc. (a) | 15 | 1792 |
| e.l.f. Beauty, Inc. (a) | 4 | 297 |
| Estee Lauder Companies Inc., The - Class A | 18 | 1888 |
| General Mills, Inc. | 41 | 1918 |
| Hershey Company, The | 11 | 2005 |
| Hormel Foods Corporation | 22 | 533 |
| Ingredion Incorporated | 5 | 526 |
| J. M. Smucker Company, The | 9 | 845 |
| Kenvue Inc. | 131 | 2268 |
| Keurig Dr Pepper Inc. | 94 | 2621 |
| Kimberly-Clark Corporation | 26 | 2600 |
| Kraft Heinz Company, The | 68 | 1649 |
| Kroger Co., The | 48 | 2986 |
| Lamb Weston Holdings, Inc. | 9 | 373 |
| Maplebear Inc. (a) | 13 | 603 |
| McCormick & Company, Incorporated | 19 | 1324 |
| Molson Coors Beverage Company - Class B | 12 | 538 |
| Mondelez International, Inc. - Class A | 97 | 5226 |
| Monster Beverage 1990 Corporation (a) | 52 | 4017 |
| PepsiCo, Inc. | 105 | 14999 |
| Performance Food Group Company (a) | 12 | 1037 |
| Philip Morris International Inc. | 119 | 19068 |
| Pilgrim's Pride Corporation | 2 | 65 |
| Post Holdings, Inc. (a) | 4 | 406 |
| Primo Brands Corporation - Class A | 18 | 302 |
| Procter & Gamble Company, The | 179 | 25599 |
| Reynolds Consumer Products Inc. | 4 | 88 |
| Sprouts Farmers Market, Inc. (a) | 8 | 624 |
| Sysco Corporation | 36 | 2646 |
| Target Corporation | 35 | 3395 |
| The Marzetti Company | 1 | 229 |
| Tyson Foods, Inc. - Class A | 20 | 1181 |
| US Foods Holding Corp. (a) | 18 | 1358 |
| Walmart Inc. | 328 | 36517 |
|  |  | 219656 |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| Antero Midstream Corporation | 22 | 400 |
| Antero Resources Corporation (a) | 18 | 631 |
| APA Corporation | 25 | 612 |
| Archrock, Inc. | 14 | 363 |
| Baker Hughes Company - Class A | 75 | 3427 |
| California Resources Corporation | 4 | 173 |
| Centrus Energy Corp. - Class A (a) | 1 | 282 |
| Cheniere Energy, Inc. | 17 | 3221 |
| Chevron Corporation | 142 | 21657 |
| Chord Energy Corporation | 5 | 466 |
| CNX Resources Corporation (a) | 9 | 340 |
| Comstock Resources, Inc. (a) | 7 | 168 |
| ConocoPhillips | 94 | 8806 |
| Core Natural Resources, Inc. | 5 | 425 |
| Coterra Energy Inc. | 56 | 1475 |
| Devon Energy Corporation | 46 | 1672 |
| Diamondback Energy, Inc. | 15 | 2186 |
| DT Midstream, Inc. | 8 | 935 |
| EOG Resources, Inc. | 42 | 4395 |
| EQT Corporation | 47 | 2531 |
| Expand Energy Corporation | 17 | 1854 |
| Exxon Mobil Corporation | 321 | 38631 |
| Halliburton Company | 67 | 1882 |
| HF Sinclair Corporation | 12 | 531 |
| Kinder Morgan, Inc. | 151 | 4139 |
| Magnolia Oil & Gas Corporation - Class A | 16 | 350 |
| Marathon Petroleum Corporation | 22 | 3598 |
| Matador Resources Company | 8 | 349 |
| Murphy Oil Corporation | 8 | 247 |
| Noble Corporation 2022 Limited | 9 | 263 |
| NOV Inc. | 25 | 384 |
| Occidental Petroleum Corporation | 50 | 2051 |
| ONEOK, Inc. | 48 | 3515 |
| Ovintiv Canada ULC | 19 | 753 |
| Permian Resources Corporation - Class A | 49 | 694 |
| Phillips 66 | 31 | 3964 |
| Range Resources Corporation | 20 | 688 |
| Schlumberger Limited | 114 | 4365 |
| Targa Resources Corp. | 16 | 2996 |
| TechnipFMC PLC | 30 | 1352 |
| Texas Pacific Land Corporation | 4 | 1247 |
| Valero Energy Corporation | 23 | 3802 |
| Venture Global, Inc. - Class A (b) | 9 | 61 |
| Viper Energy, Inc. - Class A | 10 | 380 |
| Weatherford International Public Limited Company | 5 | 396 |
| Williams Companies, Inc., The | 94 | 5630 |
|  |  | 138287 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| AES Corporation, The | 57 | 810 |
| Alliant Energy Corporation | 20 | 1306 |
| Ameren Corporation | 21 | 2062 |
| American Electric Power Company, Inc. | 39 | 4534 |
| American Water Works Company, Inc. | 15 | 1932 |
| Atmos Energy Corporation | 12 | 2092 |
| Black Hills Corporation | 6 | 402 |
| CenterPoint Energy, Inc. | 48 | 1832 |
| Clearway Energy, Inc. - Class A | 2 | 64 |
| Clearway Energy, Inc. - Class C | 6 | 212 |
| CMS Energy Corporation | 23 | 1584 |
| Consolidated Edison, Inc. | 27 | 2645 |
| Constellation Energy Group, Inc. | 24 | 8471 |
| Dominion Energy, Inc. | 66 | 3859 |
| DTE Energy Company | 15 | 1996 |
| Duke Energy Corporation | 59 | 6872 |
| Edison International | 29 | 1742 |
| Entergy Corporation | 35 | 3192 |
| Essential Utilities, Inc. | 20 | 777 |
| Evergy, Inc. | 17 | 1249 |
| Eversource Energy | 27 | 1809 |
| Exelon Corporation | 77 | 3354 |
| FirstEnergy Corp. | 39 | 1732 |
| IDACORP, Inc. | 4 | 473 |
| MDU Resources Group, Inc. | 18 | 344 |
| National Fuel Gas Company | 7 | 581 |
| New Jersey Resources Corporation | 9 | 408 |
| NextEra Energy, Inc. | 158 | 12676 |
| NiSource Inc. | 36 | 1507 |
| NorthWestern Corporation | 3 | 213 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NRG Energy, Inc. | 15 | 2376 |
| OGE Energy Corp. | 16 | 701 |
| Oklo Inc. - Class A (a) (b) | 7 | 503 |
| One Gas, Inc. | 4 | 332 |
| Ormat Technologies, Inc. | 4 | 474 |
| PG&E Corporation | 165 | 2658 |
| Pinnacle West Capital Corporation (b) | 8 | 751 |
| Portland General Electric Company | 9 | 439 |
| PPL Corporation | 55 | 1914 |
| Public Service Enterprise Group Incorporated | 39 | 3107 |
| Sempra | 50 | 4422 |
| Southwest Gas Holdings, Inc. | 4 | 321 |
| Spire Inc. | 5 | 372 |
| Talen Energy Corporation (a) | 3 | 1123 |
| The Southern Company | 83 | 7247 |
| TXNM Energy, Inc. | 8 | 457 |
| UGI Corporation | 17 | 632 |
| Vistra Corp. | 26 | 4170 |
| WEC Energy Group Inc. | 24 | 2537 |
| XCEL Energy Inc. | 43 | 3159 |
| | | 108425 |
| **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** |
| Agree Realty Corporation | 8 | 606 |
| Alexandria Real Estate Equities, Inc. | 11 | 551 |
| American Healthcare REIT, Inc. | 12 | 587 |
| American Homes 4 Rent - Class A | 21 | 685 |
| American Tower Corporation | 35 | 6159 |
| Americold Realty Trust, Inc. (b) | 21 | 267 |
| AvalonBay Communities, Inc. | 11 | 1926 |
| Brixmor Property Group Inc. | 23 | 606 |
| BXP, Inc. | 11 | 736 |
| Camden Property Trust | 8 | 862 |
| Caretrust REIT, Inc. | 16 | 563 |
| CBRE Group, Inc. - Class A (a) | 22 | 3594 |
| Compass, Inc. - Class A (a) | 36 | 379 |
| CoStar Group, Inc. (a) | 31 | 2109 |
| Cousins Properties Incorporated | 14 | 369 |
| Crown Castle Inc. | 32 | 2854 |
| Cubesmart, L.P. | 18 | 650 |
| Digital Realty Trust, Inc. | 24 | 3774 |
| EastGroup Properties, Inc. | 4 | 694 |
| EPR Properties | 5 | 251 |
| Equinix, Inc. | 8 | 5758 |
| Equity Lifestyle Properties, Inc. | 15 | 937 |
| Equity Residential | 26 | 1660 |
| Essential Properties Realty Trust, Inc. | 16 | 484 |
| Essex Property Trust, Inc. | 5 | 1204 |
| Extra Space Storage Inc. | 16 | 2053 |
| Federal Realty Investment Trust | 6 | 650 |
| First Industrial Realty Trust, Inc. | 9 | 525 |
| Gaming and Leisure Properties, Inc. | 19 | 828 |
| Healthcare Realty Trust Incorporated - Class A | 28 | 481 |
| Healthpeak OP, LLC | 53 | 856 |
| Host Hotels & Resorts, Inc. | 55 | 982 |
| Howard Hughes Holdings Inc. (a) | 1 | 114 |
| Independence Realty Trust, Inc. | 20 | 357 |
| Invitation Homes Inc. | 44 | 1235 |
| Iron Mountain Incorporated | 22 | 1798 |
| Jones Lang LaSalle Incorporated (a) | 4 | 1198 |
| Kilroy Realty Corporation (b) | 8 | 293 |
| Kimco Realty OP, LLC | 48 | 973 |
| Kite Realty Naperville, LLC | 18 | 424 |
| Lamar Advertising Company - Class A | 6 | 790 |
| Lineage, Inc. | 5 | 184 |
| Macerich Company, The | 21 | 389 |
| Mid-America Apartment Communities, Inc. | 9 | 1282 |
| Millrose Properties, Inc. - Class A | 10 | 290 |
| National Health Investors, Inc. | 4 | 267 |
| NNN REIT, Inc. | 13 | 509 |
| Omega Healthcare Investors, Inc. | 21 | 946 |
| Open Doors Technology Inc. - Class A (a) | 43 | 253 |
| Phillips Edison & Company, Inc. | 9 | 318 |
| ProLogis Inc. | 71 | 9040 |
| Public Storage Operating Company | 12 | 3047 |
| Rayonier Inc. | 10 | 218 |
| Realty Income Corporation | 67 | 3776 |
| Regency Centers Corporation | 12 | 800 |
| Rexford Industrial Realty, Inc. | 19 | 730 |
| Ryman Hospitality Properties, Inc. | 5 | 488 |
| Sabra Health Care REIT, Inc. | 15 | 279 |
| SBA Communications Corporation - Class A | 8 | 1578 |
| Simon Property Group, Inc. | 25 | 4612 |
| SL Green Realty Corp. | 6 | 261 |
| STAG Industrial, Inc. | 15 | 568 |
| Sun Communities, Inc. | 8 | 1029 |
| Tanger Inc. | 9 | 312 |
| Terreno Realty Corporation | 7 | 437 |
| UDR, Inc. | 22 | 793 |
| Ventas, Inc. | 34 | 2619 |
| VICI Properties Inc. | 80 | 2259 |
| Vornado Realty Trust | 14 | 462 |
| W.P. Carey Inc. | 17 | 1107 |
| Welltower Inc. | 52 | 9659 |
| Weyerhaeuser Company | 55 | 1296 |
| Zillow Group, Inc. - Class A (a) | 4 | 273 |
| Zillow Group, Inc. - Class C (a) | 13 | 906 |
|  |  | 102809 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Air Products and Chemicals, Inc. | 17 | 4144 |
| Albemarle Corporation | 9 | 1284 |
| Alcoa Corporation | 20 | 1060 |
| Amcor Pty Ltd | 181 | 1508 |
| AptarGroup, Inc. | 5 | 660 |
| Avery Dennison Corporation | 6 | 1131 |
| Axalta Coating Systems Ltd. (a) | 16 | 511 |
| Balchem Corporation | 2 | 376 |
| Ball Corporation | 19 | 1018 |
| Cabot Corporation | 3 | 209 |
| Celanese Corporation - Class A | 8 | 319 |
| CF Industries Holdings, Inc. | 12 | 919 |
| Cleveland-Cliffs Inc. (a) | 44 | 579 |
| Coeur Mining, Inc. (a) | 47 | 833 |
| Commercial Metals Company | 8 | 583 |
| Corteva, Inc. | 53 | 3567 |
| CRH Public Limited Company | 51 | 6321 |
| Crown Holdings, Inc. | 9 | 890 |
| Dow Inc. | 56 | 1303 |
| DuPont de Nemours, Inc. | 33 | 1336 |
| Eagle Materials Inc. | 2 | 503 |
| Eastman Chemical Company | 9 | 603 |
| Ecolab Inc. | 19 | 4990 |
| Element Solutions Inc. | 17 | 431 |
| Freeport-McMoRan Inc. | 109 | 5519 |
| Graphic Packaging Holding Company (b) | 18 | 272 |
| Hecla Mining Company | 47 | 892 |
| International Flavors & Fragrances Inc. | 19 | 1272 |
| International Paper Company | 40 | 1577 |
| KRC Materials, Inc. (a) | 5 | 333 |
| Linde Public Limited Company | 36 | 15282 |
| Louisiana-Pacific Corporation (W VA) | 5 | 429 |
| LyondellBasell Industries N.V. - Class A | 20 | 875 |
| Martin Marietta Materials, Inc. | 5 | 2801 |
| Mosaic Company, The | 20 | 482 |
| MP Materials Corp. - Class A (a) (b) | 9 | 476 |
| NewMarket Corporation | 1 | 406 |
| Newmont Corporation | 84 | 8430 |
| Nucor Corporation | 18 | 2868 |
| Packaging Corporation of America | 7 | 1454 |
| PPG Industries, Inc. | 17 | 1779 |
| Reliance, Inc. | 4 | 1102 |
| Royal Gold, Inc. | 6 | 1312 |
| RPM International Inc. | 10 | 1071 |
| Sealed Air Corporation | 9 | 387 |
| Sensient Technologies Corporation | 3 | 313 |
| Sherwin-Williams Company, The | 18 | 5742 |
| Silgan Holdings Inc. | 7 | 278 |
| Smurfit Westrock Public Limited Company | 41 | 1584 |
| Solstice Advanced Materials US, Inc. (a) | 8 | 407 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sonoco Products Company | 8 | 354 |
| Southern Copper Corporation | 7 | 1036 |
| Steel Dynamics, Inc. | 10 | 1708 |
| Vulcan Materials Company | 10 | 2901 |
| Westlake Corporation | 2 | 181 |
| | | 98601 |
| Total Common Stocks (cost $3,046,187) | Total Common Stocks (cost $3,046,187) | 4866559 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Akero Therapeutics Inc. (a) (d) | 5 | 4 |
| Total Rights (cost $0) | Total Rights (cost $0) | 4 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (e) | 9066 | 9066 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (e) | 7245 | 7245 |
| Total Short Term Investments (cost $16,311) | Total Short Term Investments (cost $16,311) | 16311 |
| **Total Investments 99.6% (cost $3,062,498)** | **Total Investments 99.6% (cost $3,062,498)** | **4882874** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (85) |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **20144** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4902933** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

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

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 5194 |  | 1587 | 118 | 733 | 1544 | 5884 | 0.1 |
| Jackson Financial Inc. - Class A | 516 |  |  | 19 |  | 115 | 631 |  |
| JNL Government Money Market Fund, 3.74% - Class SL | 7221 | 174713 | 172868 | 217 |  |  | 9066 | 0.2 |
| JNL Government Money Market Fund, 3.64% - Class I | 11959 | 746637 | 751351 | 836 |  |  | 7245 | 0.2 |
|  | 24890 | 921350 | 925806 | 1190 | 733 | 1659 | 22826 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 38 | March 2026 | 4754 | (10) | (8) |
| S&P 500 Index | 106 | March 2026 | 36367 | (75) | 164 |
|  |  |  |  | (85) | 156 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4866559 |  |  | 4866559 |
| &nbsp;&nbsp;Rights |  |  | 4 | 4 |
| &nbsp;&nbsp;Short Term Investments | 16311 |  |  | 16311 |
|  | 4882870 |  | 4 | 4882874 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 164 |  |  | 164 |
|  | 164 |  |  | 164 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (8) |  |  | (8) |
|  | (8) |  |  | (8) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Utilities 99.7%** | **Utilities 99.7%** | **Utilities 99.7%** |
| AES Corporation, The | 376 | 5393 |
| Alliant Energy Corporation | 135 | 8759 |
| Ameren Corporation | 143 | 14240 |
| American Electric Power Company, Inc. | 272 | 31422 |
| American Water Works Company, Inc. | 103 | 13439 |
| Atmos Energy Corporation | 84 | 14046 |
| Black Hills Corporation | 38 | 2642 |
| CenterPoint Energy, Inc. | 345 | 13222 |
| Clearway Energy, Inc. - Class A | 18 | 563 |
| Clearway Energy, Inc. - Class C | 43 | 1447 |
| CMS Energy Corporation | 158 | 11022 |
| Consolidated Edison, Inc. | 191 | 18928 |
| Constellation Energy Group, Inc. | 165 | 58336 |
| Dominion Energy, Inc. | 451 | 26409 |
| DTE Energy Company | 109 | 14051 |
| Duke Energy Corporation | 411 | 48199 |
| Edison International | 203 | 12176 |
| Entergy Corporation | 235 | 21760 |
| Essential Utilities, Inc. | 133 | 5094 |
| Evergy, Inc. | 121 | 8789 |
| Eversource Energy | 186 | 12501 |
| Exelon Corporation | 534 | 23276 |
| FirstEnergy Corp. | 273 | 12214 |
| IDACORP, Inc. | 27 | 3452 |
| MDU Resources Group, Inc. | 103 | 2005 |
| New Jersey Resources Corporation | 51 | 2371 |
| NextEra Energy, Inc. | 1101 | 88361 |
| NiSource Inc. | 247 | 10297 |
| NorthWestern Corporation | 30 | 1964 |
| NRG Energy, Inc. | 102 | 16239 |
| OGE Energy Corp. | 106 | 4537 |
| Oklo Inc. - Class A (a) (b) | 49 | 3509 |
| One Gas, Inc. | 30 | 2351 |
| Ormat Technologies, Inc. | 30 | 3362 |
| PG&E Corporation | 1158 | 18610 |
| Pinnacle West Capital Corporation (b) | 63 | 5577 |
| Portland General Electric Company | 58 | 2773 |
| PPL Corporation | 373 | 13065 |
| Public Service Enterprise Group Incorporated | 263 | 21146 |
| Sempra | 345 | 30449 |
| Southwest Gas Holdings, Inc. | 31 | 2510 |
| Spire Inc. | 31 | 2553 |
| Talen Energy Corporation (a) | 22 | 8284 |
| The Southern Company | 582 | 50750 |
| TXNM Energy, Inc. | 50 | 2942 |
| UGI Corporation | 114 | 4267 |
| Vistra Corp. | 179 | 28818 |
| WEC Energy Group Inc. | 166 | 17505 |
| XCEL Energy Inc. | 313 | 23110 |
| Total Common Stocks (cost $665,759) | Total Common Stocks (cost $665,759) | 748735 |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 6977 | 6977 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 1368 | 1368 |
| Total Short Term Investments (cost $8,345) | Total Short Term Investments (cost $8,345) | 8345 |
| **Total Investments 100.8% (cost $674,104)** | **Total Investments 100.8% (cost $674,104)** | **757080** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (16) |
| **Other Assets and Liabilities, Net (0.8)%** | **Other Assets and Liabilities, Net (0.8)%** | **(5635)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **751429** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** | **JNL/Mellon Utilities Sector Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 1557 | 214851 | 215040 | 130 |  |  | 1368 | 0.2 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 21170 | 14193 | 21 |  |  | 6977 | 0.9 |
|  | 1557 | 236021 | 229233 | 151 |  |  | 8345 | 1.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Utilities Select Sector Index | 30 | March 2026 | 2601 | (16) | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 748735 |  |  | 748735 |
| &nbsp;&nbsp;Short Term Investments | 8345 |  |  | 8345 |
|  | 757080 |  |  | 757080 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1 |  |  | 1 |
|  | 1 |  |  | 1 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **United States of America 71.2%** | **United States of America 71.2%** | **United States of America 71.2%** |
| 3M Company | 6 | 918 |
| Abbott Laboratories | 19 | 2397 |
| AbbVie Inc. | 19 | 4393 |
| Accenture Public Limited Company - Class A | 7 | 1817 |
| Adobe Inc. (a) | 5 | 1611 |
| Advanced Micro Devices, Inc. (a) | 18 | 3800 |
| AFLAC Incorporated | 5 | 585 |
| Agilent Technologies, Inc. | 3 | 415 |
| Air Products and Chemicals, Inc. | 2 | 577 |
| Airbnb, Inc. - Class A (a) | 5 | 614 |
| Allegion Public Limited Company | 1 | 139 |
| Alliant Energy Corporation | 3 | 194 |
| Allstate Corporation, The | 3 | 592 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 550 |
| Alphabet Inc. - Class A | 63 | 19868 |
| Alphabet Inc. - Class C | 55 | 17325 |
| Altria Group, Inc. | 19 | 1073 |
| Amazon.com, Inc. (a) | 106 | 24532 |
| Ameren Corporation | 3 | 315 |
| American Electric Power Company, Inc. | 6 | 668 |
| American Express Company | 6 | 2207 |
| American International Group, Inc. | 6 | 510 |
| American Tower Corporation | 5 | 898 |
| American Water Works Company, Inc. | 2 | 276 |
| Ameriprise Financial, Inc. | 1 | 517 |
| AMETEK, Inc. | 3 | 517 |
| Amgen Inc. | 6 | 1918 |
| Amphenol Corporation - Class A | 13 | 1800 |
| Analog Devices, Inc. | 5 | 1475 |
| Annaly Capital Management, Inc. | 8 | 175 |
| AON Public Limited Company - Class A | 2 | 838 |
| Apollo Global Management, Inc. | 5 | 653 |
| Apple Inc. | 162 | 44026 |
| Applied Materials, Inc. | 9 | 2256 |
| AppLovin Corporation - Class A (a) | 2 | 1577 |
| Arch Capital Group Ltd. (a) | 4 | 392 |
| Archer-Daniels-Midland Company | 5 | 290 |
| Ares Management Corporation - Class A | 2 | 365 |
| Arista Networks, Inc. (a) | 11 | 1479 |
| Arthur J. Gallagher & Co. | 3 | 730 |
| Ashtead Group Public Limited Company | 5 | 316 |
| Astera Labs, Inc. (a) | 1 | 236 |
| AT&T Inc. | 78 | 1946 |
| Atmos Energy Corporation | 2 | 300 |
| Autodesk, Inc. (a) | 2 | 671 |
| Automatic Data Processing, Inc. | 4 | 1118 |
| AutoZone, Inc. (a) |  | 617 |
| AvalonBay Communities, Inc. | 2 | 275 |
| Avery Dennison Corporation | 1 | 144 |
| Axon Enterprise, Inc. (a) | 1 | 460 |
| Baker Hughes Company - Class A | 11 | 481 |
| Bank of America Corporation | 73 | 4003 |
| Bank of New York Mellon Corporation, The (b) | 7 | 847 |
| Becton, Dickinson and Company | 3 | 605 |
| Bentley Systems, Incorporated - Class B | 1 | 53 |
| Berkshire Hathaway Inc. - Class B (a) | 20 | 10076 |
| Best Buy Co., Inc. | 2 | 129 |
| Biogen Inc. (a) | 2 | 291 |
| BlackRock, Inc. | 2 | 1628 |
| Blackstone Inc. - Class A | 8 | 1242 |
| Block, Inc. - Class A (a) | 6 | 405 |
| Bloom Energy Corporation - Class A (a) | 2 | 206 |
| Boeing Company, The (a) | 8 | 1841 |
| Booking Holdings Inc. |  | 1880 |
| Boston Scientific Corporation (a) | 16 | 1523 |
| Bristol-Myers Squibb Company | 22 | 1205 |
| Broadcom Inc. | 50 | 17424 |
| Broadridge Financial Solutions, Inc. | 1 | 281 |
| Brookfield Asset Management Ltd. - Class A | 4 | 200 |
| Brown & Brown, Inc. | 3 | 237 |
| Burlington Stores, Inc. (a) | 1 | 184 |
| Cadence Design Systems, Inc. (a) | 3 | 938 |
| Capital One Financial Corporation | 7 | 1695 |
| Cardinal Health, Inc. | 3 | 520 |
| Carlyle Group Inc., The | 2 | 143 |
| Carnival Corporation | 12 | 365 |
| Carrier Global Corporation | 9 | 458 |
| Carvana Co. - Class A (a) | 2 | 649 |
| Caterpillar Inc. | 5 | 2951 |
| CBRE Group, Inc. - Class A (a) | 3 | 514 |
| CDW Corp. | 1 | 202 |
| Cencora, Inc. | 2 | 684 |
| Centene Corporation (a) | 5 | 218 |
| CenterPoint Energy, Inc. | 7 | 261 |
| Charles Schwab Corporation, The | 19 | 1850 |
| Cheniere Energy, Inc. | 2 | 470 |
| Chevron Corporation | 20 | 3096 |
| Chipotle Mexican Grill, Inc. (a) | 15 | 542 |
| Chubb Limited | 4 | 1253 |
| Church & Dwight Co., Inc. | 3 | 222 |
| Cigna Group, The | 3 | 786 |
| Cincinnati Financial Corporation | 2 | 288 |
| Cintas Corporation | 4 | 714 |
| Circle Internet Group, Inc. - Class A (a) |  | 37 |
| Cisco Systems, Inc. | 43 | 3330 |
| Citigroup Inc. | 19 | 2273 |
| Citizens Financial Group, Inc. | 5 | 294 |
| Clorox Company, The | 1 | 144 |
| Cloudflare, Inc. - Class A (a) | 3 | 659 |
| CME Group Inc. - Class A | 4 | 1077 |
| CMS Energy Corporation | 4 | 250 |
| Coca-Cola Company, The | 43 | 2993 |
| Cognizant Technology Solutions Corporation - Class A | 6 | 458 |
| Coinbase Global, Inc. - Class A (a) | 2 | 555 |
| Colgate-Palmolive Company | 9 | 712 |
| Comcast Corporation - Class A | 39 | 1171 |
| Comfort Systems USA, Inc. |  | 357 |
| ConocoPhillips | 14 | 1281 |
| Consolidated Edison, Inc. | 4 | 377 |
| Constellation Brands, Inc. - Class A | 2 | 232 |
| Constellation Energy Group, Inc. | 3 | 1207 |
| Cooper Companies, Inc., The (a) | 2 | 186 |
| Copart, Inc. (a) | 9 | 362 |
| Corebridge Financial, Inc. | 3 | 83 |
| Coreweave, Inc. - Class A (a) | 3 | 195 |
| Corning Incorporated | 8 | 715 |
| Corpay Inc. (a) | 1 | 207 |
| Corteva, Inc. | 8 | 512 |
| CoStar Group, Inc. (a) | 4 | 291 |
| Costco Wholesale Corporation | 5 | 4196 |
| Coterra Energy Inc. | 8 | 210 |
| Credo Technology Group Holding Ltd (a) | 2 | 232 |
| CrowdStrike Holdings, Inc. - Class A (a) | 3 | 1240 |
| Crown Castle Inc. | 5 | 419 |
| CSX Corporation | 20 | 738 |
| Cummins Inc. | 1 | 757 |
| CVS Health Corporation | 14 | 1090 |
| D.R. Horton, Inc. | 3 | 428 |
| Danaher Corporation | 7 | 1615 |
| Darden Restaurants, Inc. | 1 | 234 |
| Datadog, Inc. - Class A (a) | 3 | 473 |
| Deere & Company | 3 | 1269 |
| Dell Technologies Inc. - Class C | 3 | 431 |
| Delta Air Lines, Inc. | 7 | 494 |
| Devon Energy Corporation | 7 | 241 |
| DexCom, Inc. (a) | 4 | 261 |
| Diamondback Energy, Inc. | 2 | 315 |
| Digital Realty Trust, Inc. | 3 | 537 |
| DocuSign, Inc. (a) | 2 | 152 |
| Dollar General Corporation | 2 | 303 |
| Dollar Tree, Inc. (a) | 2 | 269 |
| Dominion Energy, Inc. | 9 | 553 |
| Domino's Pizza, Inc. |  | 142 |
| DoorDash, Inc. - Class A (a) | 4 | 895 |
| Dover Corporation | 1 | 280 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dow Inc. | 8 | 178 |
| DTE Energy Company | 2 | 291 |
| Duke Energy Corporation | 9 | 999 |
| DuPont de Nemours, Inc. | 5 | 187 |
| Dynatrace, Inc. (a) | 3 | 152 |
| East West Bancorp, Inc. | 2 | 174 |
| Eaton Corporation Public Limited Company | 4 | 1357 |
| eBay Inc. | 5 | 453 |
| Ecolab Inc. | 3 | 731 |
| Edison International | 4 | 264 |
| Edwards Lifesciences Corporation (a) | 6 | 533 |
| Electronic Arts Inc. | 3 | 516 |
| Elevance Health, Inc. | 2 | 842 |
| Eli Lilly and Company | 9 | 9348 |
| EMCOR Group, Inc. |  | 293 |
| Emerson Electric Co. | 6 | 806 |
| Entegris, Inc. | 2 | 149 |
| Entergy Corporation | 5 | 439 |
| EOG Resources, Inc. | 6 | 638 |
| EQT Corporation | 7 | 357 |
| Equifax, Inc. | 1 | 294 |
| Equinix, Inc. | 1 | 817 |
| Equitable Holdings, Inc. | 3 | 140 |
| Equity Residential | 4 | 234 |
| Essex Property Trust, Inc. | 1 | 173 |
| Estee Lauder Companies Inc., The - Class A | 3 | 279 |
| Evergy, Inc. | 2 | 166 |
| Eversource Energy | 4 | 261 |
| Exelon Corporation | 11 | 466 |
| Expand Energy Corporation | 3 | 280 |
| Expedia Group, Inc. | 1 | 369 |
| Expeditors International of Washington, Inc. - Class A | 2 | 228 |
| Extra Space Storage Inc. | 2 | 270 |
| Exxon Mobil Corporation | 46 | 5527 |
| F&G Annuities & Life, Inc. |  | 5 |
| F5, Inc. (a) | 1 | 168 |
| Fair Isaac Corporation (a) |  | 416 |
| Fastenal Company | 13 | 510 |
| FedEx Corporation | 2 | 680 |
| Ferguson Enterprises Inc. | 2 | 505 |
| Fidelity National Financial, Inc. - Class A | 3 | 156 |
| Fidelity National Information Services, Inc. | 6 | 393 |
| Fifth Third Bancorp | 7 | 336 |
| First Citizens BancShares, Inc. - Class A |  | 225 |
| First Solar, Inc. (a) | 1 | 306 |
| FirstEnergy Corp. | 5 | 245 |
| Fiserv, Inc. (a) | 6 | 396 |
| Flex Ltd. (a) | 4 | 234 |
| Flutter Entertainment Public Limited Company (a) | 2 | 382 |
| Ford Motor Company | 44 | 574 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 185 |
| Fortinet, Inc. (a) | 7 | 549 |
| Fortive Corporation | 4 | 196 |
| Fox Corporation - Class A | 2 | 161 |
| Fox Corporation - Class B | 2 | 109 |
| Freeport-McMoRan Inc. | 16 | 795 |
| Garmin Ltd. | 2 | 340 |
| Gartner, Inc. (a) | 1 | 210 |
| GE HealthCare Technologies Inc. | 5 | 422 |
| GE Vernova Inc. | 3 | 1969 |
| Gen Digital Inc. | 6 | 156 |
| General Dynamics Corporation | 3 | 899 |
| General Electric Company | 12 | 3544 |
| General Mills, Inc. | 6 | 281 |
| General Motors Company | 10 | 844 |
| Genuine Parts Company | 1 | 174 |
| Gilead Sciences, Inc. | 14 | 1658 |
| Global Payments Inc. | 3 | 203 |
| GoDaddy Inc. - Class A (a) | 1 | 173 |
| Goldman Sachs Group, Inc., The | 3 | 2873 |
| Halliburton Company | 9 | 259 |
| Hartford Insurance Group, Inc., The | 3 | 410 |
| HCA Healthcare, Inc. | 2 | 827 |
| HEICO Corporation |  | 142 |
| HEICO Corporation - Class A | 1 | 207 |
| Hershey Company, The | 2 | 289 |
| Hewlett Packard Enterprise Company | 14 | 344 |
| Hilton Worldwide Holdings Inc. | 2 | 675 |
| Hologic, Inc. (a) | 3 | 197 |
| Home Depot, Inc., The | 11 | 3723 |
| Honeywell International Inc. | 7 | 1365 |
| Howmet Aerospace Inc. | 4 | 872 |
| HP, Inc. | 10 | 234 |
| Hubbell Incorporated | 1 | 246 |
| HubSpot, Inc. (a) | 1 | 245 |
| Humana Inc. | 1 | 312 |
| Huntington Bancshares Incorporated | 17 | 288 |
| IDEXX Laboratories, Inc. (a) | 1 | 566 |
| Illinois Tool Works Inc. | 3 | 760 |
| Illumina, Inc. (a) | 2 | 229 |
| Incyte Corporation (a) | 2 | 180 |
| Ingersoll Rand Inc. | 4 | 351 |
| Insmed Incorporated (a) | 2 | 397 |
| Insulet Corporation (a) | 1 | 213 |
| Intel Corporation (a) | 47 | 1739 |
| Interactive Brokers Group, Inc. - Class A | 5 | 308 |
| Intercontinental Exchange, Inc. | 6 | 995 |
| International Business Machines Corporation | 10 | 2991 |
| International Flavors & Fragrances Inc. | 3 | 200 |
| International Paper Company | 6 | 221 |
| Intuit Inc. | 3 | 1968 |
| Intuitive Surgical, Inc. (a) | 4 | 2162 |
| Invitation Homes Inc. | 6 | 161 |
| IQVIA Holdings Inc. (a) | 2 | 407 |
| Iron Mountain Incorporated | 3 | 268 |
| J.B. Hunt Transport Services, Inc. | 1 | 153 |
| Jacobs Solutions Inc. | 1 | 193 |
| James Hardie Industries Public Limited Company - CHESS | 6 | 132 |
| Johnson & Johnson | 26 | 5430 |
| Johnson Controls International Public Limited Company | 7 | 799 |
| JPMorgan Chase & Co. | 30 | 9648 |
| Kenvue Inc. | 20 | 345 |
| Keurig Dr Pepper Inc. | 13 | 378 |
| KeyCorp | 10 | 203 |
| Keysight Technologies, Inc. (a) | 2 | 384 |
| Kimberly-Clark Corporation | 4 | 373 |
| Kimco Realty OP, LLC | 6 | 130 |
| Kinder Morgan, Inc. | 21 | 586 |
| KKR & Co. Inc. - Class A | 7 | 946 |
| KLA Corporation | 1 | 1761 |
| Kraft Heinz Company, The | 10 | 250 |
| Kroger Co., The | 7 | 411 |
| L3Harris Technologies, Inc. | 2 | 588 |
| Labcorp Holdings Inc. | 1 | 231 |
| Lam Research Corporation | 14 | 2339 |
| Las Vegas Sands Corp. | 4 | 228 |
| Leidos Holdings, Inc. | 1 | 241 |
| Lennar Corporation - Class A | 2 | 237 |
| Lennar Corporation - Class B |  | 19 |
| Lennox International Inc. |  | 164 |
| Liberty Media Corporation - Series A (a) |  | 10 |
| Liberty Media Corporation - Series C (a) | 2 | 240 |
| Linde Public Limited Company | 5 | 2178 |
| Live Nation Entertainment, Inc. (a) | 2 | 226 |
| Lockheed Martin Corporation | 2 | 1037 |
| Loews Corporation | 2 | 225 |
| Lowe`s Companies, Inc. | 6 | 1485 |
| LPL Financial Holdings Inc. | 1 | 309 |
| LyondellBasell Industries N.V. - Class A | 3 | 131 |
| M&T Bank Corporation | 2 | 342 |
| Marathon Petroleum Corporation | 3 | 517 |
| Markel Group Inc. (a) |  | 292 |
| Marriott International, Inc. - Class A | 2 | 746 |
| Marsh & Mclennan Companies, Inc. | 5 | 1009 |
| Martin Marietta Materials, Inc. | 1 | 418 |
| Marvell Technology, Inc. | 9 | 778 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Masco Corporation | 2 | 142 |
| MasterCard Incorporated - Class A | 9 | 5124 |
| McCormick & Company, Incorporated | 3 | 201 |
| McDonald's Corporation | 8 | 2386 |
| McKesson Corporation | 1 | 1107 |
| Medtronic, Inc. | 14 | 1362 |
| Merck & Co., Inc. | 27 | 2855 |
| Meta Platforms, Inc. - Class A | 24 | 15636 |
| MetLife, Inc. | 6 | 461 |
| Mettler-Toledo International Inc. (a) |  | 319 |
| Microchip Technology Incorporated | 6 | 374 |
| Micron Technology, Inc. | 12 | 3496 |
| Microsoft Corporation | 81 | 39224 |
| Mid-America Apartment Communities, Inc. | 1 | 185 |
| Mondelez International, Inc. - Class A | 14 | 753 |
| MongoDB, Inc. - Class A (a) | 1 | 358 |
| Monolithic Power Systems, Inc. |  | 444 |
| Monster Beverage 1990 Corporation (a) | 8 | 587 |
| Moody's Corporation | 2 | 858 |
| Morgan Stanley | 13 | 2372 |
| Motorola Solutions, Inc. | 2 | 707 |
| MSCI Inc. - Class A | 1 | 457 |
| Nasdaq, Inc. | 4 | 413 |
| NetApp, Inc. | 2 | 211 |
| Netflix, Inc. (a) | 46 | 4341 |
| Newmont Corporation | 12 | 1189 |
| News Corporation - Class A | 4 | 111 |
| News Corporation - Class B | 1 | 19 |
| NextEra Energy, Inc. | 23 | 1823 |
| Nike, Inc. - Class B | 12 | 779 |
| NiSource Inc. | 5 | 202 |
| Norfolk Southern Corporation | 2 | 708 |
| Northern Trust Corporation | 2 | 285 |
| Northrop Grumman Corporation | 2 | 859 |
| NRG Energy, Inc. | 2 | 351 |
| Nucor Corporation | 3 | 418 |
| NVIDIA Corporation | 256 | 47836 |
| NVR, Inc. (a) |  | 204 |
| Occidental Petroleum Corporation | 7 | 272 |
| Okta, Inc. - Class A (a) | 2 | 160 |
| Old Dominion Freight Line, Inc. | 2 | 309 |
| Omnicom Group Inc. | 4 | 284 |
| ON Semiconductor Corporation (a) | 5 | 256 |
| ONEOK, Inc. | 7 | 487 |
| Oracle Corporation | 18 | 3582 |
| O'Reilly Automotive, Inc. (a) | 9 | 832 |
| Otis Worldwide Corporation | 4 | 360 |
| PACCAR Inc. | 6 | 631 |
| Packaging Corporation of America | 1 | 198 |
| Palantir Technologies Inc. - Class A (a) | 24 | 4224 |
| Palo Alto Networks, Inc. (a) | 8 | 1383 |
| Parker-Hannifin Corporation | 1 | 1167 |
| Paychex, Inc. | 4 | 408 |
| PayPal Holdings, Inc. | 10 | 587 |
| PepsiCo, Inc. | 15 | 2149 |
| Pfizer Inc. | 62 | 1550 |
| PG&E Corporation | 24 | 379 |
| Philip Morris International Inc. | 17 | 2723 |
| Phillips 66 | 4 | 572 |
| Pinterest, Inc. - Class A (a) | 7 | 171 |
| PPG Industries, Inc. | 2 | 239 |
| PPL Corporation | 8 | 274 |
| Principal Financial Group, Inc. | 2 | 214 |
| Procter & Gamble Company, The | 26 | 3682 |
| Progressive Corporation, The | 6 | 1473 |
| ProLogis Inc. | 10 | 1277 |
| Prudential Financial, Inc. | 4 | 432 |
| PTC Inc. (a) | 1 | 226 |
| Public Service Enterprise Group Incorporated | 5 | 423 |
| Public Storage Operating Company | 2 | 457 |
| PulteGroup, Inc. | 2 | 232 |
| Pure Storage, Inc. - Class A (a) | 3 | 223 |
| Qualcomm Incorporated | 12 | 2026 |
| Quanta Services, Inc. | 2 | 666 |
| Quest Diagnostics Incorporated | 1 | 222 |
| Raymond James Financial, Inc. | 2 | 293 |
| Realty Income Corporation | 10 | 540 |
| Regeneron Pharmaceuticals, Inc. | 1 | 850 |
| Regions Financial Corporation | 9 | 239 |
| Republic Services, Inc. | 2 | 485 |
| ResMed Inc. | 2 | 375 |
| Robinhood Markets, Inc. - Class A (a) | 8 | 924 |
| Roblox Corporation - Class A (a) | 7 | 546 |
| Rocket Lab Usa, Inc. (a) | 5 | 319 |
| Rockwell Automation, Inc. | 1 | 468 |
| Rollins, Inc. | 3 | 199 |
| Roper Technologies, Inc. | 1 | 524 |
| Ross Stores, Inc. | 3 | 623 |
| Royal Caribbean Cruises Ltd. | 3 | 766 |
| Royalty Pharma PLC - Class A | 4 | 149 |
| RTX Corporation | 15 | 2663 |
| S&P Global Inc. | 3 | 1721 |
| Salesforce, Inc. | 10 | 2679 |
| SBA Communications Corporation - Class A | 1 | 226 |
| Schlumberger Limited | 16 | 631 |
| Seagate Technology Holdings Public Limited Company | 2 | 612 |
| Sempra | 7 | 623 |
| ServiceNow, Inc. (a) | 11 | 1730 |
| Sherwin-Williams Company, The | 3 | 813 |
| Simon Property Group, Inc. | 4 | 674 |
| Snap-on Incorporated | 1 | 189 |
| Snowflake Inc. - Class A (a) | 4 | 779 |
| SoFi Technologies, Inc. (a) | 13 | 336 |
| Southwest Airlines Co. | 5 | 211 |
| SS&C Technologies Holdings, Inc. | 2 | 216 |
| Starbucks Corporation | 12 | 1028 |
| State Street Corporation | 3 | 394 |
| Steel Dynamics, Inc. | 2 | 256 |
| Steris Public Limited Company | 1 | 258 |
| Strategy Inc - Class A (a) | 3 | 441 |
| Stryker Corporation | 4 | 1379 |
| Sun Communities, Inc. | 1 | 157 |
| Super Micro Computer, Inc. (a) | 6 | 172 |
| Synchrony Financial | 4 | 321 |
| Synopsys, Inc. (a) | 2 | 946 |
| Sysco Corporation | 5 | 368 |
| T. Rowe Price Group, Inc. | 2 | 253 |
| Take-Two Interactive Software, Inc. (a) | 2 | 497 |
| Targa Resources Corp. | 2 | 443 |
| Target Corporation | 5 | 492 |
| TE Connectivity Public Limited Company | 3 | 730 |
| Teledyne Technologies Incorporated (a) | 1 | 257 |
| Teradyne, Inc. | 2 | 327 |
| Tesla, Inc. (a) | 30 | 13712 |
| Texas Instruments Incorporated | 10 | 1709 |
| Texas Pacific Land Corporation | 1 | 180 |
| Textron Inc. | 2 | 170 |
| The PNC Financial Services Group, Inc. | 4 | 909 |
| The Southern Company | 12 | 1045 |
| Thermo Fisher Scientific Inc. | 4 | 2397 |
| TJX Companies, Inc., The | 12 | 1875 |
| T-Mobile US, Inc. | 5 | 1057 |
| Tractor Supply Company | 5 | 269 |
| Trade Desk, Inc., The - Class A (a) | 5 | 196 |
| Trane Technologies Public Limited Company | 2 | 961 |
| TransDigm Group Incorporated | 1 | 757 |
| TransUnion | 2 | 176 |
| Travelers Companies, Inc., The | 2 | 714 |
| Trimble Inc. (a) | 2 | 195 |
| Truist Financial Corporation | 14 | 707 |
| Twilio Inc. - Class A (a) | 2 | 219 |
| Tyler Technologies, Inc. (a) |  | 194 |
| Tyson Foods, Inc. - Class A | 3 | 163 |
| U.S. Bancorp | 17 | 904 |
| Uber Technologies, Inc. (a) | 22 | 1803 |
| Ulta Beauty, Inc. (a) |  | 301 |
| Union Pacific Corporation | 6 | 1495 |
| United Airlines Holdings, Inc. (a) | 4 | 401 |
| United Parcel Service, Inc. - Class B | 8 | 820 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| United Rentals, Inc. | 1 | 559 |
| UnitedHealth Group Incorporated | 10 | 3252 |
| Universal Music Group N.V. | 10 | 263 |
| Valero Energy Corporation | 3 | 550 |
| Veeva Systems Inc. - Class A (a) | 2 | 345 |
| Ventas, Inc. | 5 | 363 |
| Veralto Corporation | 2 | 248 |
| VeriSign, Inc. | 1 | 210 |
| Verisk Analytics, Inc. | 2 | 336 |
| Verizon Communications Inc. | 46 | 1867 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1253 |
| Vertiv Holdings Co - Class A | 4 | 672 |
| VICI Properties Inc. | 12 | 327 |
| Visa Inc. - Class A | 19 | 6495 |
| Vistra Corp. | 4 | 593 |
| Vulcan Materials Company | 1 | 425 |
| W. R. Berkley Corporation | 3 | 229 |
| W.P. Carey Inc. | 2 | 145 |
| W.W. Grainger, Inc. |  | 504 |
| Walmart Inc. | 47 | 5218 |
| Walt Disney Company, The | 20 | 2221 |
| Warner Bros. Discovery, Inc. - Series A (a) | 25 | 713 |
| Waste Connections, Inc. | 3 | 509 |
| Waste Management, Inc. | 4 | 875 |
| Waters Corporation (a) | 1 | 239 |
| Watsco, Inc. |  | 121 |
| WEC Energy Group Inc. | 3 | 359 |
| Wells Fargo & Company | 34 | 3190 |
| Welltower Inc. | 7 | 1391 |
| West Pharmaceutical Services, Inc. | 1 | 214 |
| Western Digital Corporation | 4 | 632 |
| Westinghouse Air Brake Technologies Corporation | 2 | 407 |
| Weyerhaeuser Company | 7 | 154 |
| Williams Companies, Inc., The | 13 | 781 |
| Willis Towers Watson Public Limited Company | 1 | 314 |
| Workday, Inc. - Class A (a) | 2 | 489 |
| XCEL Energy Inc. | 7 | 482 |
| Xylem Inc. | 3 | 360 |
| Yum! Brands, Inc. | 3 | 475 |
| Zebra Technologies Corporation - Class A (a) | 1 | 127 |
| Zillow Group, Inc. - Class A (a) | 1 | 59 |
| Zillow Group, Inc. - Class C (a) | 2 | 104 |
| Zimmer Biomet Holdings, Inc. | 2 | 178 |
| Zoetis Inc. - Class A | 5 | 597 |
| Zoom Communications, Inc. - Class A (a) | 3 | 240 |
| Zscaler, Inc. (a) | 1 | 237 |
| | | 639683 |
| **Japan 5.8%** | **Japan 5.8%** | **Japan 5.8%** |
| Advantest Corporation | 8 | 940 |
| AEON Co., Ltd. | 29 | 453 |
| AGC Inc. | 2 | 76 |
| Aisin Corporation | 7 | 134 |
| Ajinomoto Co., Inc. | 11 | 237 |
| ANA Holdings Inc. | 2 | 36 |
| Asahi Group Holdings, Ltd. | 16 | 166 |
| Asahi Kasei Corporation | 13 | 118 |
| ASICS Corporation | 7 | 175 |
| Astellas Pharma Inc. | 19 | 251 |
| Bandai Namco Holdings Inc. | 6 | 171 |
| Bridgestone Corporation (c) | 12 | 274 |
| Canon Inc. (c) | 9 | 270 |
| Capcom Co., Ltd. | 4 | 89 |
| Central Japan Railway Company | 11 | 293 |
| Chubu Electric Power Co., Ltd. | 10 | 151 |
| Chugai Pharmaceutical Co., Ltd. | 7 | 378 |
| Dai Nippon Printing Co., Ltd. | 4 | 72 |
| Daifuku Co., Ltd. | 4 | 119 |
| Dai-ichi Life Holdings, Inc. | 40 | 331 |
| Daiichi Sankyo Company, Limited | 20 | 432 |
| Daikin Industries, Ltd. | 3 | 411 |
| Daito Trust Construction Co., Ltd. | 4 | 76 |
| Daiwa House Industry Co., Ltd. | 8 | 252 |
| Daiwa Securities Group Inc. | 13 | 117 |
| DENSO Corporation | 20 | 272 |
| DISCO Corporation | 1 | 309 |
| East Japan Railway Company | 11 | 296 |
| Eisai Co., Ltd. | 3 | 89 |
| ENEOS Holdings, Inc. | 32 | 230 |
| FANUC Corporation | 10 | 401 |
| Fast Retailing Co., Ltd. | 2 | 730 |
| Fuji Electric Co., Ltd. | 1 | 106 |
| FUJIFILM Holdings Corporation | 13 | 276 |
| Fujikura Ltd. | 3 | 335 |
| Fujitsu Limited | 20 | 549 |
| Hankyu Hanshin Holdings, Inc. | 2 | 58 |
| Hikari Tsushin, Inc. |  | 56 |
| Hitachi Construction Machinery Co., Ltd. |  | 12 |
| Hitachi, Ltd. | 50 | 1560 |
| Honda Motor Co., Ltd. | 42 | 416 |
| HOYA Corporation | 4 | 546 |
| Hulic Co., Ltd. | 7 | 71 |
| IBIDEN Co., Ltd. | 3 | 129 |
| Idemitsu Kosan Co., Ltd. | 11 | 86 |
| IHI Corporation | 10 | 184 |
| Inpex Corporation (c) | 11 | 209 |
| Isuzu Motors Limited | 6 | 91 |
| ITOCHU Corporation | 76 | 959 |
| Japan Airlines Co., Ltd. | 2 | 35 |
| Japan Exchange Group, Inc. | 13 | 141 |
| Japan Post Bank Co., Ltd. | 21 | 295 |
| Japan Post Holdings Co., Ltd. | 17 | 181 |
| Japan Post Insurance Co., Ltd. | 2 | 51 |
| Japan Real Estate Investment Corporation |  | 44 |
| Japan Tobacco Inc. | 13 | 468 |
| JFE Holdings, Inc. | 5 | 67 |
| Kajima Corporation | 5 | 175 |
| Kao Corporation (c) | 5 | 196 |
| Kawasaki Heavy Industries, Ltd. | 2 | 106 |
| Kawasaki Kisen Kaisha, Ltd. | 5 | 72 |
| KDDI Corporation | 31 | 536 |
| Keyence Corporation | 2 | 760 |
| Kikkoman Corporation | 8 | 68 |
| Kioxia Holdings Corporation (a) | 2 | 107 |
| Kirin Holdings Company, Limited | 8 | 123 |
| Komatsu Ltd. | 10 | 316 |
| Konami Group Corporation | 1 | 150 |
| Kubota Corporation | 14 | 202 |
| KYOCERA Corporation | 16 | 219 |
| Kyowa Kirin Co., Ltd. (c) | 3 | 53 |
| Lasertec Co., Ltd. | 1 | 170 |
| LY Corporation | 34 | 90 |
| M3, Inc. | 5 | 72 |
| Makita Corporation | 3 | 82 |
| Marubeni Corporation | 18 | 516 |
| MatsukiyoCocokara & Co. | 4 | 68 |
| Minebeamitsumi Inc. | 4 | 72 |
| Mitsubishi Chemical Group Corporation | 18 | 107 |
| Mitsubishi Corporation | 42 | 966 |
| Mitsubishi Electric Corporation | 22 | 648 |
| Mitsubishi Estate Co., Ltd. | 13 | 320 |
| Mitsubishi HC Capital Inc. | 10 | 85 |
| Mitsubishi Heavy Industries, Ltd. | 36 | 894 |
| Mitsubishi UFJ Financial Group, Inc. | 125 | 2000 |
| Mitsui & Co., Ltd. | 28 | 825 |
| Mitsui Fudosan Co., Ltd. | 31 | 350 |
| Mitsui O.S.K. Lines, Ltd. (c) | 3 | 96 |
| Mizuho Financial Group, Inc. | 27 | 993 |
| MonotaRO Co., Ltd. | 3 | 45 |
| MS&AD Insurance Group Holdings, Inc. | 14 | 338 |
| Murata Manufacturing Co., Ltd. | 21 | 428 |
| Nec Corporation | 13 | 456 |
| NEXON Co., Ltd. (c) | 4 | 102 |
| Nidec Corporation | 12 | 161 |
| Nintendo Co., Ltd. | 13 | 879 |
| Nippon Building Fund Inc. (c) |  | 95 |
| Nippon Paint Holdings Co., Ltd. (c) | 9 | 62 |
| Nippon Sanso Holdings Corporation | 2 | 69 |
| Nippon Steel Corporation | 62 | 253 |
| Nippon Telegraph and Telephone Corporation | 289 | 292 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nippon Yusen Kabushiki Kaisha | 5 | 175 |
| Nissan Motor Co., Ltd. (a) | 24 | 60 |
| Niterra Co., Ltd. | 3 | 115 |
| Nitori Holdings Co., Ltd. | 3 | 52 |
| Nitto Denko Corporation | 7 | 155 |
| Nomura Holdings, Inc. | 30 | 254 |
| Nomura Research Institute, Ltd. | 5 | 177 |
| Obayashi Corporation | 8 | 176 |
| OBIC Co., Ltd. | 4 | 113 |
| Olympus Corporation | 13 | 169 |
| Oracle Corporation Japan |  | 34 |
| Oriental Land Co., Ltd. | 12 | 228 |
| ORIX Corporation | 12 | 344 |
| Osaka Gas Co., Ltd. | 4 | 132 |
| Otsuka Corporation | 3 | 62 |
| Otsuka Holdings Co., Ltd. | 5 | 260 |
| Pan Pacific International Holdings Corporation | 32 | 190 |
| Panasonic Holdings Corporation | 23 | 292 |
| Rakuten Group, Inc. (a) | 15 | 97 |
| Recruit Holdings Co., Ltd. | 15 | 873 |
| Renesas Electronics Corporation | 19 | 263 |
| Resona Holdings, Inc. | 24 | 233 |
| SBI Holdings, Inc. | 7 | 147 |
| SCREEN Holdings Co., Ltd. | 1 | 68 |
| SCSK Corporation | 2 | 61 |
| Secom Co., Ltd. | 4 | 146 |
| Sekisui Chemical Co., Ltd. | 6 | 101 |
| Sekisui House, Ltd. | 8 | 167 |
| Seven & I Holdings Co., Ltd. | 25 | 353 |
| Shimadzu Corporation | 3 | 69 |
| Shimano Inc. (c) | 1 | 63 |
| Shimizu Corporation | 7 | 111 |
| Shin-Etsu Chemical Co., Ltd. | 21 | 647 |
| Shionogi & Co., Ltd. | 8 | 145 |
| Shiseido Company, Limited (c) | 4 | 51 |
| SMC Corporation | 1 | 209 |
| SoftBank Corp. | 297 | 408 |
| SoftBank Group Corp. | 42 | 1168 |
| Sompo Holdings, Inc. | 9 | 317 |
| Sony Group Corporation | 65 | 1677 |
| Square Enix Holdings Co., Ltd. | 2 | 44 |
| Subaru Corporation. | 7 | 141 |
| Sumitomo Corporation | 13 | 464 |
| Sumitomo Electric Industries, Ltd. | 8 | 336 |
| Sumitomo Metal Mining Co., Ltd. | 3 | 114 |
| Sumitomo Mitsui Financial Group, Inc. (c) | 42 | 1349 |
| Sumitomo Mitsui Trust Group, Inc. | 7 | 226 |
| Sumitomo Realty & Development Co., Ltd. | 11 | 276 |
| Suntory Beverage & Food Limited | 1 | 24 |
| Suzuki Motor Corporation | 18 | 274 |
| Sysmex Corporation (c) | 6 | 55 |
| T&D Holdings, Inc. | 6 | 136 |
| Taisei Corporation | 2 | 152 |
| Takeda Pharmaceutical Company Limited (c) | 18 | 543 |
| TDK Corporation | 20 | 284 |
| Terumo Corporation | 17 | 249 |
| The Chiba Bank, Ltd. | 9 | 104 |
| The Kansai Electric Power Company, Incorporated | 11 | 165 |
| TIS Inc. | 3 | 91 |
| Toho Co., Ltd. | 1 | 56 |
| Tokio Marine Holdings, Inc. | 21 | 783 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 13 | 54 |
| Tokyo Electron Limited | 5 | 1060 |
| Tokyo Gas Co., Ltd. | 3 | 131 |
| Tokyu Corporation | 5 | 55 |
| TOPPAN Holdings Inc. | 3 | 95 |
| Toray Industries, Inc. | 18 | 117 |
| Toyo Suisan Kaisha, Ltd. | 1 | 62 |
| Toyota Industries Corporation | 2 | 215 |
| Toyota Motor Corporation | 125 | 2688 |
| Toyota Tsusho Corporation | 8 | 280 |
| Trend Micro Incorporated | 2 | 62 |
| Unicharm Corporation | 15 | 83 |
| West Japan Railway Company | 6 | 120 |
| Yamaha Motor Co., Ltd. (c) | 11 | 84 |
| Yaskawa Electric Corporation | 3 | 86 |
| Yokogawa Electric Corporation | 3 | 96 |
| Yokohama Financial Group, Inc. | 13 | 103 |
| Zensho Holdings Co., Ltd. | 1 | 63 |
| ZOZO, Inc. | 6 | 47 |
| | | 51620 |
| **United Kingdom 3.5%** | **United Kingdom 3.5%** | **United Kingdom 3.5%** |
| 3i Group PLC | 11 | 482 |
| Admiral Group PLC | 2 | 107 |
| Anglo American PLC | 11 | 461 |
| Associated British Foods PLC | 3 | 85 |
| AstraZeneca PLC | 17 | 3156 |
| Auto Trader Group PLC | 10 | 78 |
| Aviva PLC | 31 | 290 |
| BAE Systems PLC | 32 | 742 |
| Barclays PLC | 149 | 953 |
| Barratt Redrow PLC | 17 | 89 |
| BP P.L.C. | 165 | 966 |
| British American Tobacco P.L.C. | 21 | 1217 |
| BT Group PLC | 61 | 150 |
| Bunzl Public Limited Company | 3 | 90 |
| Centrica PLC | 50 | 114 |
| Coca-Cola Europacific Partners PLC | 2 | 220 |
| Compass Group PLC | 19 | 595 |
| CVC Capital Partners PLC | 8 | 140 |
| Diageo PLC | 24 | 522 |
| Entain PLC | 7 | 76 |
| Experian PLC | 10 | 445 |
| Fiat Chrysler Automobiles N.V. | 22 | 245 |
| GSK PLC | 45 | 1108 |
| Haleon PLC | 102 | 513 |
| Halma Public Limited Company | 4 | 204 |
| HSBC Holdings PLC | 187 | 2960 |
| ICG PLC | 3 | 80 |
| Imperial Brands PLC | 9 | 359 |
| Informa PLC | 15 | 175 |
| InterContinental Hotels Group PLC | 2 | 230 |
| International Consolidated Airlines Group S.A. | 37 | 204 |
| Intertek Group PLC | 2 | 112 |
| J Sainsbury PLC | 15 | 66 |
| Kingfisher PLC | 19 | 81 |
| Legal & General Group PLC | 63 | 222 |
| Lloyds Banking Group PLC | 649 | 860 |
| London Stock Exchange Group PLC | 5 | 605 |
| M&G PLC | 24 | 93 |
| Melrose Industries PLC | 11 | 88 |
| National Grid PLC | 55 | 845 |
| NatWest Group PLC | 83 | 730 |
| Next PLC | 1 | 235 |
| Pearson PLC | 7 | 106 |
| Pentair Public Limited Company | 2 | 203 |
| Phoenix Group Holdings PLC | 8 | 77 |
| Prudential Public Limited Company | 28 | 431 |
| Reckitt Benckiser Group PLC | 7 | 577 |
| Relx PLC | 20 | 809 |
| Rentokil Initial PLC | 25 | 147 |
| Rightmove PLC | 8 | 55 |
| Rolls-Royce Holdings PLC | 91 | 1414 |
| Schroders PLC | 10 | 56 |
| SEGRO Public Limited Company | 11 | 105 |
| Severn Trent PLC | 3 | 108 |
| Shell PLC - Class A | 63 | 2335 |
| Smith & Nephew PLC | 10 | 163 |
| Smiths Group PLC | 4 | 129 |
| Spirax Group PLC | 1 | 65 |
| SSE PLC | 12 | 341 |
| Standard Chartered PLC | 20 | 488 |
| Tesco PLC | 70 | 416 |
| The Sage Group PLC | 10 | 141 |
| Unilever PLC | 24 | 1544 |
| United Utilities PLC | 7 | 116 |
| Vodafone Group Public Limited Company | 226 | 302 |
| Weir Group PLC(The) | 3 | 128 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wise PLC - Class A (a) | 7 | 83 |
| | | 31332 |
| **Canada 3.3%** | **Canada 3.3%** | **Canada 3.3%** |
| Agnico Eagle Mines Limited | 6 | 942 |
| Alimentation Couche-Tard Inc. | 7 | 408 |
| AltaGas Ltd. | 3 | 85 |
| ARC Resources Ltd. | 6 | 111 |
| Bank of Montreal | 8 | 1012 |
| Bank of Nova Scotia, The | 14 | 998 |
| Banque Nationale Du Canada | 4 | 547 |
| Barrick Mining Corporation | 19 | 827 |
| BCE Inc. | 3 | 83 |
| Bombardier Inc. - Class B (a) | 1 | 158 |
| Brookfield Corporation - Class A | 20 | 933 |
| CAE Inc. (a) (c) | 3 | 92 |
| Cameco Corporation | 5 | 435 |
| Canadian Imperial Bank of Commerce | 10 | 940 |
| Canadian National Railway Company | 6 | 596 |
| Canadian Natural Resources Limited | 22 | 755 |
| Canadian Pacific Kansas City Limited | 10 | 724 |
| Canadian Tire Corporation, Limited - Class A | 1 | 93 |
| CCL Industries Inc. - Class B | 1 | 88 |
| Celestica Inc. (a) | 1 | 368 |
| Cenovus Energy Inc. | 15 | 258 |
| Chorus Limited - Class A | 2 | 196 |
| Constellation Software Inc. |  | 534 |
| Dollarama Inc. | 3 | 469 |
| Emera Incorporated (d) | 3 | 159 |
| Enbridge Inc. | 23 | 1115 |
| Fairfax Financial Holdings Limited |  | 414 |
| FirstService Corporation (c) | 1 | 78 |
| Fortis Inc. | 6 | 291 |
| Franco-Nevada Corporation | 2 | 421 |
| George Weston Limited | 2 | 129 |
| GFL Environmental Inc. | 3 | 118 |
| Great-West Lifeco Inc. | 3 | 138 |
| Groupe WSP Global Inc. | 1 | 264 |
| Hydro One Limited | 4 | 142 |
| iA Societe Financiere Inc. | 1 | 121 |
| IGM Financial Inc. | 1 | 43 |
| Imperial Oil Limited | 2 | 140 |
| Intact Financial Corporation | 2 | 424 |
| Keyera Corp. (d) | 3 | 83 |
| Kinross Gold Corporation | 13 | 370 |
| Les Vetements de Sport Gildan Inc. - Class A | 2 | 124 |
| Loblaw Companies Limited | 6 | 280 |
| Lululemon Athletica Canada Inc. (a) | 1 | 235 |
| Lundin Gold Inc. (d) | 1 | 89 |
| Magna International Inc. | 3 | 161 |
| Manulife Financial Corporation | 19 | 675 |
| Metro Inc. - Class A | 2 | 163 |
| Nutrien Ltd. (c) | 6 | 345 |
| Open Text Corporation | 3 | 86 |
| Pan American Silver Corp. | 5 | 239 |
| Pembina Pipeline Corporation | 6 | 235 |
| Power Corporation of Canada (c) | 6 | 308 |
| Quebecor Inc. - Class B | 2 | 78 |
| RB Global, Inc. | 2 | 183 |
| Restaurant Brands International Limited Partnership | 3 | 212 |
| Rogers Communications Inc. - Class B | 5 | 172 |
| Royal Bank of Canada | 15 | 2638 |
| Saputo Inc. | 3 | 91 |
| Shopify Inc. - Class A (a) | 13 | 2135 |
| Stantec Inc. | 1 | 110 |
| Sun Life Financial Inc. | 6 | 380 |
| Suncor Energy Inc. | 13 | 569 |
| TC Energy Corporation (c) | 11 | 617 |
| Teck Resources Limited - Class B | 6 | 268 |
| TELUS Corporation | 6 | 75 |
| TFI International Inc. | 1 | 77 |
| Thomson Reuters Corporation | 2 | 212 |
| TMX Group Limited | 3 | 116 |
| Toronto-Dominion Bank, The | 19 | 1786 |
| Tourmaline Oil Corp | 4 | 175 |
| Wheaton Precious Metals Corp. | 5 | 569 |
|  |  | 29505 |
| **France 2.5%** | **France 2.5%** | **France 2.5%** |
| Aeroports de Paris (c) |  | 55 |
| Airbus SE | 6 | 1512 |
| Amundi (d) | 1 | 68 |
| AXA | 18 | 885 |
| Biomerieux S.A. | 1 | 76 |
| BNP Paribas | 11 | 1061 |
| Bollore SE | 7 | 41 |
| Bouygues | 2 | 112 |
| Bureau Veritas | 3 | 100 |
| Capgemini France | 2 | 307 |
| Compagnie de Saint-Gobain | 5 | 499 |
| Compagnie Generale des Etablissements Michelin | 7 | 244 |
| Credit Agricole S.A. | 12 | 239 |
| Danone | 7 | 659 |
| Dassault Aviation |  | 65 |
| Dassault Systemes | 7 | 204 |
| Engie | 20 | 529 |
| EssilorLuxottica | 3 | 1085 |
| Hermes International |  | 906 |
| Kering | 1 | 293 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 6 | 1187 |
| Legrand | 3 | 433 |
| L'Oreal | 3 | 1141 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 2123 |
| Orange | 20 | 332 |
| Pernod Ricard | 2 | 194 |
| Publicis Groupe S.A. | 2 | 256 |
| Safran | 4 | 1311 |
| Sanofi | 12 | 1184 |
| Sartorius Stedim Biotech |  | 72 |
| Schneider Electric SE | 6 | 1621 |
| Societe Generale | 7 | 582 |
| Thales | 1 | 286 |
| TotalEnergies SE | 22 | 1422 |
| Veolia Environnement | 7 | 243 |
| VINCI | 6 | 778 |
|  |  | 22105 |
| **Germany 2.1%** | **Germany 2.1%** | **Germany 2.1%** |
| Adidas AG - Class N | 2 | 386 |
| Allianz SE | 4 | 1932 |
| BASF SE - Class N | 10 | 524 |
| Bayer Aktiengesellschaft - Class N | 10 | 429 |
| Bayerische Motoren Werke Aktiengesellschaft | 3 | 337 |
| Beiersdorf Aktiengesellschaft | 1 | 109 |
| BioNTech SE - ADR (a) | 1 | 102 |
| COMMERZBANK Aktiengesellschaft | 10 | 409 |
| Continental Aktiengesellschaft | 1 | 85 |
| Daimler Truck Holding AG | 5 | 205 |
| Deutsche Bank Aktiengesellschaft - Class N | 19 | 747 |
| Deutsche Borse Aktiengesellschaft - Class N | 2 | 516 |
| Deutsche Post AG - Class N | 10 | 548 |
| Deutsche Telekom AG - Class N | 37 | 1191 |
| E.ON SE - Class N | 23 | 444 |
| Elia Group |  | 56 |
| Fresenius SE & Co. KGaA | 4 | 251 |
| Hannover Ruck SE - Class N | 1 | 197 |
| Heidelberg Materials AG | 1 | 354 |
| Henkel AG & Co. KGaA | 1 | 92 |
| Infineon Technologies AG - Class N | 13 | 586 |
| Mercedes-Benz Group AG - Class N | 8 | 531 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 212 |
| MTU Aero Engines AG - Class N | 1 | 254 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 1 | 926 |
| Rheinmetall Aktiengesellschaft |  | 895 |
| RWE Aktiengesellschaft | 7 | 364 |
| SAP SE | 11 | 2724 |
| Siemens Aktiengesellschaft - Class N | 8 | 2236 |
| Siemens Energy AG (a) | 7 | 1031 |
| Siemens Healthineers AG (d) | 3 | 148 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Talanx Aktiengesellschaft | 1 | 90 |
| Vonovia SE | 9 | 253 |
| | | 19164 |
| **Switzerland 2.0%** | **Switzerland 2.0%** | **Switzerland 2.0%** |
| ABB Ltd - Class N | 17 | 1253 |
| Alcon AG | 6 | 436 |
| Amrize AG (a) | 6 | 311 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 147 |
| Coca-Cola HBC AG | 2 | 110 |
| Compagnie Financiere Richemont S.A. | 6 | 1253 |
| EMS-Chemie Holding AG |  | 37 |
| Galderma Group AG | 1 | 298 |
| Geberit AG - Class N |  | 263 |
| Givaudan S.A. - Class N |  | 344 |
| Glencore PLC | 103 | 565 |
| Holcim AG | 5 | 535 |
| Julius Bar Gruppe AG - Class N | 2 | 178 |
| Kuhne & Nagel International AG | 1 | 125 |
| Lonza Group AG | 1 | 509 |
| Nestle S.A. - Class N | 28 | 2763 |
| Novartis AG - Class N | 20 | 2787 |
| Partners Group Holding AG |  | 300 |
| Roche Holding AG |  | 111 |
| Sandoz Group AG | 4 | 323 |
| Schindler Holding AG - Class N |  | 73 |
| SGS S.A. | 2 | 203 |
| Sika AG | 2 | 375 |
| Sonova Holding AG | 1 | 133 |
| Straumann Holding AG - Class N | 1 | 153 |
| Swiss Life Holding AG - Class N |  | 350 |
| Swiss Re AG | 3 | 530 |
| Swisscom AG - Class N |  | 209 |
| UBS Group AG | 34 | 1571 |
| Zurich Insurance Group AG - Class N | 2 | 1186 |
|  |  | 17431 |
| **Australia 1.8%** | **Australia 1.8%** | **Australia 1.8%** |
| Amcor Pty Ltd | 24 | 202 |
| ANZ Group Holdings Limited | 33 | 789 |
| Aristocrat Leisure Limited | 7 | 262 |
| ASX Limited | 2 | 82 |
| Atlassian Corporation - Class A (a) | 2 | 278 |
| Australian Pipeline Trust | 19 | 112 |
| BHP Group Limited | 54 | 1614 |
| BlueScope Steel Limited | 4 | 72 |
| Brambles Limited | 15 | 233 |
| Cochlear Limited | 1 | 125 |
| Coles Group Limited | 15 | 222 |
| Commonwealth Bank of Australia | 18 | 1954 |
| Computershare Limited | 6 | 130 |
| CSL Limited | 5 | 596 |
| Evolution Mining Limited | 22 | 185 |
| Fortescue Ltd | 18 | 261 |
| Goodman Funding Pty Ltd | 21 | 437 |
| GPT Management Holdings Limited | 25 | 91 |
| Insurance Australia Group Limited | 25 | 135 |
| Lottery Corporation Limited, The | 23 | 78 |
| Macquarie Group Limited | 4 | 541 |
| Medibank Private Limited | 26 | 83 |
| Mirvac Limited | 28 | 38 |
| National Australia Bank Limited | 34 | 935 |
| Northern Star Resources Ltd | 16 | 275 |
| Orica Limited | 5 | 89 |
| Origin Energy Limited | 20 | 151 |
| Pro Medicus Limited | 1 | 106 |
| Qantas Airways Limited | 7 | 47 |
| QBE Insurance Group Limited | 16 | 217 |
| REA Group Ltd |  | 55 |
| Rio Tinto Limited | 4 | 367 |
| Rio Tinto PLC | 12 | 979 |
| Santos Limited | 35 | 142 |
| Scentre Group Limited | 50 | 140 |
| SEEK Limited | 5 | 73 |
| SGH Limited | 2 | 55 |
| Sigma Healthcare Ltd | 67 | 132 |
| Sonic Healthcare Limited | 6 | 83 |
| South32 Limited | 45 | 106 |
| Stockland Corporation Ltd | 24 | 92 |
| Suncorp Group Limited | 11 | 134 |
| Telstra Group Limited | 41 | 134 |
| TPG Corporation Limited | 7 | 17 |
| Transurban Holdings Limited | 36 | 345 |
| Vicinity Centres RE Ltd | 34 | 58 |
| Wesfarmers Limited | 12 | 667 |
| Westpac Banking Corporation | 37 | 955 |
| WHSP Holdings Ltd | 3 | 78 |
| WiseTech Global Limited (c) | 2 | 95 |
| Woodside Energy Group Ltd | 21 | 329 |
| Woolworths Group Limited | 14 | 266 |
|  |  | 15642 |
| **Netherlands 1.1%** | **Netherlands 1.1%** | **Netherlands 1.1%** |
| Adyen N.V. (a) (d) |  | 529 |
| ASM International N.V. |  | 297 |
| ASML Holding N.V. | 4 | 4585 |
| DSM-Firmenich AG | 3 | 219 |
| Exor Nederland N.V. | 1 | 91 |
| HAL Trust |  | 62 |
| Heineken Holding N.V. | 2 | 114 |
| Heineken N.V. | 3 | 241 |
| ING Groep N.V. | 32 | 891 |
| JDE Peet's N.V. | 2 | 67 |
| Koninklijke Ahold Delhaize N.V. | 9 | 386 |
| Koninklijke KPN N.V. | 41 | 191 |
| Koninklijke Philips N.V. | 9 | 237 |
| NN Group N.V. | 3 | 207 |
| NXP Semiconductors N.V. | 3 | 557 |
| Prosus N.V. - Class N | 14 | 865 |
| STMicroelectronics N.V. | 7 | 193 |
| Wolters Kluwer N.V. - Class C | 3 | 264 |
|  |  | 9996 |
| **Spain 0.9%** | **Spain 0.9%** | **Spain 0.9%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 2 | 240 |
| AENA, S.M.E., S.A. | 9 | 245 |
| Amadeus IT Holding, S.A. (d) | 5 | 333 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 63 | 1475 |
| Banco Santander, S.A. | 160 | 1888 |
| CaixaBank, S.A. | 40 | 493 |
| Cellnex Telecom, S.A. (d) | 7 | 217 |
| EDP Renovaveis, S.A. (c) | 3 | 45 |
| Endesa, S.A. | 3 | 99 |
| Ferrovial SE | 5 | 333 |
| Iberdrola, Sociedad Anonima | 68 | 1466 |
| Industria de Diseno Textil, S.A. | 12 | 794 |
| Naturgy Energy Group S.A. | 1 | 39 |
| Repsol S.A. | 11 | 214 |
| Telefonica, S.A. (c) | 50 | 206 |
|  |  | 8087 |
| **Sweden 0.9%** | **Sweden 0.9%** | **Sweden 0.9%** |
| AB Sagax - Class B | 2 | 46 |
| AB Sagax - Class D | 7 | 27 |
| Aktiebolaget Industrivarden - Class A | 1 | 58 |
| Aktiebolaget Industrivarden - Class C | 2 | 73 |
| Aktiebolaget SKF - Class B | 4 | 116 |
| Aktiebolaget Volvo - Class A | 2 | 59 |
| Aktiebolaget Volvo - Class B | 17 | 553 |
| Alfa Laval AB | 3 | 171 |
| ASSA ABLOY AB - Class B | 11 | 431 |
| Atlas Copco Aktiebolag - Class A | 27 | 474 |
| Atlas Copco Aktiebolag - Class B | 18 | 293 |
| Axfood AB | 1 | 42 |
| Boliden AB (a) | 3 | 165 |
| Epiroc Aktiebolag - Class A | 6 | 133 |
| Epiroc Aktiebolag - Class B | 5 | 104 |
| EQT AB (d) | 8 | 295 |
| Essity Aktiebolag (publ) - Class B | 7 | 206 |
| Evolution AB (publ) (d) | 2 | 144 |
| Fastighets AB Balder - Class B (a) | 9 | 63 |
| G&L Beijer Ref AB - Class B (c) | 4 | 63 |
| H & M Hennes & Mauritz AB - Class B (c) | 4 | 86 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hexagon Aktiebolag - Class B | 23 | 268 |
| Holmen Aktiebolag - Class B | 1 | 22 |
| Indutrade Aktiebolag | 2 | 57 |
| Investmentaktiebolaget Latour - Class B | 1 | 16 |
| Investor Aktiebolag - Class A | 6 | 210 |
| Investor Aktiebolag - Class B | 20 | 715 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B | 1 | 55 |
| Lifco AB (Publ) - Class B | 3 | 98 |
| NIBE Industrier AB - Class B | 17 | 64 |
| Nordnet AB | 2 | 53 |
| SAAB Aktiebolag - Class B | 4 | 244 |
| Sandvik Aktiebolag | 11 | 358 |
| Securitas AB - Class B | 7 | 105 |
| Skandinaviska Enskilda Banken AB - Class A | 14 | 299 |
| Skanska AB - Class B | 4 | 100 |
| SSAB AB - Class A |  | 2 |
| SSAB AB - Class B | 8 | 63 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 5 | 61 |
| Svenska Handelsbanken AB - Class A | 14 | 211 |
| Swedbank AB - Class A | 10 | 365 |
| Swedish Orphan Biovitrum AB (Publ) (a) | 2 | 76 |
| Tele2 AB - Class B | 6 | 107 |
| Telefonaktiebolaget LM Ericsson - Class B | 30 | 291 |
| Telia Company AB | 29 | 126 |
| Trelleborg AB - Class B | 3 | 110 |
| | | 7678 |
| **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** |
| A2a S..A. | 20 | 55 |
| Assicurazioni Generali Societa' Per Azioni | 10 | 402 |
| Banca Mediolanum SpA | 2 | 40 |
| Banca Monte dei Paschi di Siena S.p.A. | 21 | 224 |
| Banco BPM Societa' Per Azioni | 14 | 218 |
| Bper Banca S.p.A. | 14 | 192 |
| Buzzi S.p.A. | 1 | 47 |
| Davide Campari-Milano N.V. (c) | 7 | 44 |
| ENEL - SpA | 85 | 886 |
| Eni S.p.A. | 20 | 372 |
| Ferrari N.V. | 1 | 506 |
| Finecobank Banca Fineco S.p.A. | 7 | 174 |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (c) (d) | 1 | 12 |
| Intesa Sanpaolo SpA | 172 | 1190 |
| Leonardo S.p.A. | 4 | 252 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 1 | 26 |
| Moncler S.p.A. | 2 | 159 |
| Poste Italiane - Societa' Per Azioni (d) | 4 | 111 |
| Prysmian S.p.A. | 3 | 329 |
| Recordati Industria Chimica E Farmaceutica S.p.A. In Breve Recordati S.p.A. | 1 | 58 |
| Snam S.p.A. | 22 | 147 |
| Telecom Italia S.p.A. | 126 | 76 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 15 | 156 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. | 17 | 1375 |
|  |  | 7051 |
| **Denmark 0.5%** | **Denmark 0.5%** | **Denmark 0.5%** |
| A.P. Moller - Maersk A/S - Class A |  | 87 |
| A.P. Moller - Maersk A/S - Class B (c) |  | 66 |
| Carlsberg A/S - Class B | 1 | 121 |
| Coloplast A/S - Class B | 1 | 128 |
| Danske Bank A/S | 7 | 362 |
| DSV A/S | 2 | 535 |
| Genmab A/S (a) | 1 | 205 |
| Novo Nordisk A/S - Class B | 35 | 1785 |
| Novozymes A/S - Class B | 4 | 239 |
| Orsted A/S (a) (d) | 5 | 87 |
| Pandora A/S | 1 | 75 |
| Tryg A/S | 3 | 89 |
| Vestas Wind Systems A/S | 11 | 295 |
|  |  | 4074 |
| **Hong Kong 0.4%** | **Hong Kong 0.4%** | **Hong Kong 0.4%** |
| AIA Group Limited | 116 | 1186 |
| Budweiser Brewing Company APAC Limited (c) (d) | 24 | 23 |
| CK Asset Holdings Limited | 15 | 73 |
| CK Hutchison Holdings Limited | 30 | 207 |
| CK Infrastructure Holdings Limited | 4 | 26 |
| CLP Holdings Limited | 22 | 197 |
| Hang Seng Bank, Limited | 8 | 154 |
| Henderson Land Development Company Limited | 17 | 63 |
| HKT Trust | 50 | 74 |
| Hong Kong And China Gas Company Limited - The- | 103 | 92 |
| Hong Kong Exchanges and Clearing Limited | 13 | 678 |
| Jardine Matheson Holdings Limited | 2 | 130 |
| Link Real Estate Investment Trust | 31 | 137 |
| MTR Corporation Limited (c) | 14 | 53 |
| Power Assets Holdings Limited | 14 | 99 |
| Sino Land Company Limited | 22 | 28 |
| Sun Hung Kai Properties Limited | 19 | 231 |
| Swire Pacific Limited - Class A | 4 | 34 |
| Swire Properties Limited | 15 | 41 |
| Techtronic Industries Company Limited | 16 | 179 |
| WH Group Limited (d) | 75 | 84 |
| Wharf (Holdings) Limited, The | 8 | 22 |
| Wharf Real Estate Investment Company Limited | 12 | 38 |
|  |  | 3849 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Capitaland Ascendas REIT | 43 | 96 |
| Capitaland Group Pte. Ltd. | 51 | 95 |
| Capitaland Investment Limited | 15 | 32 |
| DBS Group Holdings Ltd | 22 | 976 |
| Genting Singapore Limited | 78 | 44 |
| Jardine Cycle & Carriage Limited |  | 3 |
| Keppel Ltd. | 17 | 138 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (c) (d) | 25 | 28 |
| Oversea-Chinese Banking Corporation Limited | 35 | 536 |
| Singapore Airlines Limited (c) | 16 | 82 |
| Singapore Exchange Limited | 10 | 129 |
| Singapore Technologies Engineering Ltd | 16 | 102 |
| Singapore Telecommunications Limited | 92 | 326 |
| United Overseas Bank Limited | 16 | 430 |
| Wilmar International Limited | 15 | 36 |
|  |  | 3053 |
| **Finland 0.3%** | **Finland 0.3%** | **Finland 0.3%** |
| Elisa Oyj | 1 | 55 |
| Fortum Oyj | 4 | 87 |
| Kesko Oyj - Class A (c) | 1 | 27 |
| Kesko Oyj - Class B | 2 | 49 |
| Kone Corporation - Class B | 4 | 263 |
| Metso Oyj | 9 | 149 |
| Neste Oyj | 4 | 97 |
| Nokia Oyj | 55 | 355 |
| Nordea Bank Abp | 36 | 670 |
| Orion Oyj - Class B | 2 | 123 |
| Sampo Oyj - Class A | 29 | 344 |
| Stora Enso Oyj - Class R (c) | 8 | 96 |
| UPM-Kymmene Oyj | 6 | 167 |
| Wartsila Oyj Abp | 5 | 179 |
|  |  | 2661 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Ackermans |  | 52 |
| Ageas SA/NV | 2 | 135 |
| Anheuser-Busch InBev | 11 | 685 |
| Argenx SE (a) | 1 | 569 |
| D'Ieteren Group |  | 20 |
| Groep Brussel Lambert | 1 | 89 |
| KBC Groep | 3 | 349 |
| Lotus Bakeries |  | 65 |
| Sofina |  | 53 |
| Syensqo | 1 | 64 |
| UCB | 1 | 368 |
| Warehouses De Pauw | 2 | 47 |
|  |  | 2496 |
| **Israel 0.2%** | **Israel 0.2%** | **Israel 0.2%** |
| Azrieli Group Ltd. |  | 53 |
| Bank Hapoalim B.M. | 15 | 335 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank Leumi Le-Israel B.M. | 16 | 347 |
| Elbit Systems Ltd. |  | 155 |
| ICL Group Ltd | 11 | 65 |
| Israel Discount Bank Limited | 14 | 145 |
| Mizrahi Tefahot Bank Ltd | 2 | 108 |
| Nice Ltd (a) | 1 | 83 |
| Teva Pharmaceutical Industries Ltd (a) | 12 | 384 |
| | | 1675 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| CRH Public Limited Company | 7 | 926 |
| Kerry Group Public Limited Company - Class A | 2 | 140 |
| Kingspan Group Public Limited Company | 2 | 138 |
| Smurfit Westrock Public Limited Company | 5 | 202 |
|  |  | 1406 |
| **Norway 0.2%** | **Norway 0.2%** | **Norway 0.2%** |
| Aker BP ASA | 4 | 97 |
| DNB Bank ASA | 8 | 225 |
| Equinor ASA | 7 | 167 |
| Gjensidige Forsikring ASA | 3 | 80 |
| Kongsberg Gruppen ASA | 5 | 130 |
| Mowi ASA | 5 | 119 |
| Norsk Hydro ASA | 13 | 103 |
| Orkla ASA | 8 | 85 |
| SalMar ASA | 1 | 69 |
| Storebrand ASA | 4 | 74 |
| Telenor ASA | 6 | 94 |
| Var Energi ASA | 8 | 26 |
| Vend Marketplaces ASA - Class B | 3 | 77 |
| Yara International ASA | 1 | 56 |
|  |  | 1402 |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| MercadoLibre, Inc. (a) | 1 | 1025 |
| Tenaris S.A. | 3 | 62 |
|  |  | 1087 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (a) (d) | 5 | 42 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 2 | 127 |
| Dino Polska Spolka Akcyjna (a) (d) | 6 | 67 |
| ING Bank Slaski Spolka Akcyjna |  | 40 |
| KGHM Polska Miedz Spolka Akcyjna (a) | 2 | 119 |
| LPP Spolka Akcyjna |  | 75 |
| Orlen S A | 7 | 183 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 9 | 218 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 7 | 125 |
| Santander Bank Polska Spolka Akcyjna |  | 62 |
|  |  | 1058 |
| **Austria 0.1%** | **Austria 0.1%** | **Austria 0.1%** |
| Andritz AG |  | 36 |
| BAWAG Group AG (d) | 1 | 105 |
| Erste Group Bank AG | 3 | 397 |
| OMV Aktiengesellschaft | 2 | 102 |
| Raiffeisen Bank International AG | 2 | 75 |
| Telekom Austria Aktiengesellschaft | 2 | 19 |
| Verbund AG | 1 | 57 |
|  |  | 791 |
| **South Korea 0.0%** | **South Korea 0.0%** | **South Korea 0.0%** |
| Coupang, Inc. - Class A (a) | 15 | 344 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 4 | 163 |
| Lundin Mining Corporation | 7 | 145 |
|  |  | 308 |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP, S.A. | 32 | 146 |
| Galp Energia, SGPS, S.A. - Class B | 6 | 95 |
| Jeronimo Martins, SGPS S.A. | 2 | 56 |
|  |  | 297 |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 2 | 92 |
| Southern Copper Corporation | 1 | 139 |
|  |  | 231 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited | 17 | 81 |
| Fisher & Paykel Healthcare Corporation Limited | 6 | 119 |
| Meridian Energy Limited | 9 | 31 |
|  |  | 231 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Galaxy Entertainment Group Limited | 27 | 133 |
| Sands China Ltd. | 30 | 77 |
|  |  | 210 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| ArcelorMittal | 4 | 201 |
| **Zambia 0.0%** | **Zambia 0.0%** | **Zambia 0.0%** |
| First Quantum Minerals Ltd (a) | 7 | 194 |
| **Jersey 0.0%** | **Jersey 0.0%** | **Jersey 0.0%** |
| Aptiv PLC (a) | 2 | 182 |
| **China 0.0%** | **China 0.0%** | **China 0.0%** |
| WuXi Biologics (Cayman) Inc. (a) (d) | 38 | 153 |
| **Democratic Republic of the Congo 0.0%** | **Democratic Republic of the Congo 0.0%** | **Democratic Republic of the Congo 0.0%** |
| Ivanhoe Mines Ltd - Class A (a) (c) | 8 | 94 |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Zijin Gold International Company Limited (a) | 4 | 77 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (a) (d) (e) | 3 |  |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| NMC Health PLC (e) | 1 |  |
| Total Common Stocks (cost $564,709) | Total Common Stocks (cost $564,709) | 885368 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Switzerland 0.4%** | **Switzerland 0.4%** | **Switzerland 0.4%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 161 |
| Roche Holding AG | 8 | 3096 |
| Schindler Holding AG |  | 171 |
|  |  | 3428 |
| **Germany 0.0%** | **Germany 0.0%** | **Germany 0.0%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 72 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 1 | 71 |
| Henkel AG & Co. KGaA (f) | 2 | 132 |
| Sartorius Aktiengesellschaft |  | 63 |
| Volkswagen Aktiengesellschaft (f) | 2 | 263 |
|  |  | 601 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 51 | 37 |
| Total Preferred Stocks (cost $2,850) | Total Preferred Stocks (cost $2,850) | 4066 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software Inc. (a) (e) |  |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) |  |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (g) | 4798 | 4798 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (g) | 2905 | 2905 |
| Total Short Term Investments (cost $7,703) | Total Short Term Investments (cost $7,703) | 7703 |
| **Total Investments 99.9% (cost $575,262)** | **Total Investments 99.9% (cost $575,262)** | **897137** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (29) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1054** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **898162** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of December 31, 2025.

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

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

(f) Convertible security.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** | **JNL/Mellon World Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 369 | 314 | 145 | 12 | 65 | 244 | 847 | 0.1 |
| JNL Government Money Market Fund, 3.64% - Class I | 2415 | 97647 | 95264 | 186 |  |  | 4798 | 0.6 |
| JNL Government Money Market Fund, 3.74% - Class SL | 872 | 25642 | 23609 | 41 |  |  | 2905 | 0.3 |
|  | 3656 | 123603 | 119018 | 239 | 65 | 244 | 8550 | 1.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 05/29/20 | 603 | 529 | 0.1 |
| Allegro.eu | 12/15/23 | 43 | 42 |  |
| Amadeus IT Holding, S.A. | 09/22/17 | 330 | 333 | 0.1 |
| Amundi | 11/30/17 | 68 | 68 |  |
| BAWAG Group AG | 04/23/21 | 58 | 105 |  |
| Budweiser Brewing Company APAC Limited | 10/15/19 | 60 | 23 |  |
| Cellnex Telecom, S.A. | 05/28/19 | 281 | 217 |  |
| Dino Polska Spolka Akcyjna | 06/18/21 | 60 | 67 |  |
| Emera Incorporated | 09/22/17 | 138 | 159 |  |
| EQT AB | 12/16/22 | 203 | 295 | 0.1 |
| Evolution AB (publ) | 05/29/20 | 177 | 144 |  |
| Evraz PLC | 05/28/19 | 25 |  |  |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. | 04/23/25 | 15 | 12 |  |
| Keyera Corp. | 09/22/17 | 80 | 83 |  |
| Lundin Gold Inc. | 12/19/25 | 88 | 89 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 11/26/19 | 34 | 28 |  |
| Orsted A/S | 09/25/17 | 96 | 87 |  |
| Poste Italiane - Societa' Per Azioni | 09/22/17 | 67 | 111 |  |
| Siemens Healthineers AG | 06/18/21 | 150 | 148 |  |
| WH Group Limited | 09/26/17 | 61 | 84 |  |
| WuXi Biologics (Cayman) Inc. | 12/17/21 | 144 | 153 |  |
|  |  | 2781 | 2777 | 0.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro STOXX 50 Price Index | 6 | March 2026 | EUR | 346 |  | 5 |
| FTSE 100 Index | 2 | March 2026 | GBP | 195 | (1) | 5 |
| S&P 500 Index | 13 | March 2026 |  | 4490 | (34) | (10) |
| S&P/ASX 200 Index | 1 | March 2026 | AUD | 216 |  | 1 |
| Topix Index | 2 | March 2026 | JPY | 67823 |  | 3 |
|  |  |  |  |  | (35) | 4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | HSB | 03/18/26 | AUD | 7 | 5 |  |
| CAD/USD | BCL | 03/18/26 | CAD | 202 | 148 | 1 |
| EUR/USD | HSB | 03/18/26 | EUR | 506 | 596 | 5 |
| JPY/USD | BCL | 03/18/26 | JPY | 25004 | 161 |  |
| USD/GBP | HSB | 03/18/26 | GBP | (27) | (37) |  |
|  |  |  |  |  | 873 | 6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 673290 | 212078 |  | 885368 |
| &nbsp;&nbsp;Preferred Stocks |  | 4066 |  | 4066 |
| &nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 7703 |  |  | 7703 |
|  | 680993 | 216144 |  | 897137 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 14 |  |  | 14 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 6 |  | 6 |
|  | 14 | 6 |  | 20 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (10) |  |  | (10) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
|  | (10) |  |  | (10) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |
| **COMMON STOCKS 97.9%** | **COMMON STOCKS 97.9%** | **COMMON STOCKS 97.9%** |
| **Industrials 18.7%** | **Industrials 18.7%** | **Industrials 18.7%** |
| AGCO Corporation | 134 | 14006 |
| Alaska Air Group, Inc. (a) | 215 | 10835 |
| Allegion Public Limited Company | 120 | 19070 |
| Builders FirstSource, Inc. (a) | 70 | 7197 |
| Delta Air Lines, Inc. | 228 | 15841 |
| FedEx Corporation | 40 | 11495 |
| Ferguson Enterprises Inc. | 46 | 10264 |
| Flowserve Corporation | 172 | 11909 |
| Generac Holdings Inc. (a) | 45 | 6164 |
| GFL Environmental Inc. | 312 | 13380 |
| Hubbell Incorporated | 26 | 11342 |
| Ingersoll Rand Inc. | 137 | 10873 |
| ITT Inc. | 51 | 8759 |
| J.B. Hunt Transport Services, Inc. | 57 | 11084 |
| Jacobs Solutions Inc. | 115 | 15259 |
| KBR, Inc. | 208 | 8345 |
| L3Harris Technologies, Inc. | 56 | 16545 |
| Leidos Holdings, Inc. | 81 | 14636 |
| Nordson Corporation | 46 | 11031 |
| Nvent Electric Public Limited Company | 146 | 14883 |
| Otis Worldwide Corporation | 139 | 12164 |
| PACCAR Inc. | 105 | 11512 |
| Pentair Public Limited Company | 156 | 16229 |
| Regal Rexnord Corporation | 93 | 13025 |
| Southwest Airlines Co. | 294 | 12162 |
| StandardAero, Inc. (a) | 134 | 3853 |
| Stanley Black & Decker, Inc. | 143 | 10636 |
| TransUnion | 166 | 14270 |
| Westinghouse Air Brake Technologies Corporation | 91 | 19508 |
|  |  | 356277 |
| **Financials 18.6%** | **Financials 18.6%** | **Financials 18.6%** |
| American International Group, Inc. | 188 | 16105 |
| Assurant, Inc. | 74 | 17899 |
| Carlyle Group Inc., The | 197 | 11672 |
| Columbia Banking System, Inc. | 330 | 9223 |
| Corebridge Financial, Inc. | 446 | 13456 |
| East West Bancorp, Inc. | 131 | 14703 |
| Equitable Holdings, Inc. | 173 | 8256 |
| Everest Group, Ltd. | 34 | 11658 |
| Fidelity National Information Services, Inc. | 227 | 15085 |
| Fifth Third Bancorp | 289 | 13505 |
| Global Payments Inc. | 165 | 12801 |
| Hanover Insurance Group Inc., The | 82 | 15012 |
| Hartford Insurance Group, Inc., The | 182 | 25052 |
| Lincoln National Corporation | 339 | 15109 |
| M&T Bank Corporation | 91 | 18254 |
| Northern Trust Corporation | 148 | 20235 |
| Prosperity Bancshares, Inc. | 124 | 8571 |
| Raymond James Financial, Inc. | 137 | 21923 |
| Regions Financial Corporation | 585 | 15844 |
| SLM Corporation | 473 | 12786 |
| Synchrony Financial | 143 | 11943 |
| TPG Inc. - Class A | 171 | 10900 |
| Voya Financial, Inc. | 192 | 14274 |
| Willis Towers Watson Public Limited Company | 65 | 21425 |
|  |  | 355691 |
| **Consumer Discretionary 9.0%** | **Consumer Discretionary 9.0%** | **Consumer Discretionary 9.0%** |
| Aptiv PLC (a) | 239 | 18206 |
| Aramark | 410 | 15114 |
| Brightstar Lottery PLC | 504 | 7794 |
| Brunswick Corporation | 208 | 15454 |
| Darden Restaurants, Inc. | 49 | 9097 |
| Group 1 Automotive, Inc. | 10 | 3977 |
| Hyatt Hotels Corporation - Class A | 96 | 15375 |
| LKQ Corporation | 392 | 11839 |
| Mattel, Inc. (a) | 446 | 8858 |
| Mohawk Industries, Inc. (a) | 89 | 9740 |
| Newell Brands Inc. | 1047 | 3893 |
| PulteGroup, Inc. | 157 | 18430 |
| Ross Stores, Inc. | 103 | 18611 |
| Viking Holdings Ltd (a) | 213 | 15233 |
|  |  | 171621 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| Agilent Technologies, Inc. | 167 | 22768 |
| Avantor, Inc. (a) | 606 | 6946 |
| Becton, Dickinson and Company | 73 | 14148 |
| Biogen Inc. (a) | 49 | 8674 |
| Cencora, Inc. | 48 | 16223 |
| Cooper Companies, Inc., The (a) | 111 | 9135 |
| GE HealthCare Technologies Inc. | 110 | 9009 |
| Humana Inc. | 59 | 15200 |
| Icon Public Limited Company (a) | 51 | 9310 |
| Labcorp Holdings Inc. | 48 | 12135 |
| Medline Inc. - Class A (a) | 122 | 5126 |
| Organon & Co. | 420 | 3012 |
| Revvity, Inc. | 92 | 8891 |
| Steris Public Limited Company | 53 | 13387 |
| Universal Health Services, Inc. - Class B | 63 | 13772 |
|  |  | 167736 |
| **Information Technology 8.5%** | **Information Technology 8.5%** | **Information Technology 8.5%** |
| CDW Corp. | 80 | 10852 |
| Check Point Software Technologies Ltd (a) | 61 | 11285 |
| Cognizant Technology Solutions Corporation - Class A | 116 | 9627 |
| Coherent Corp. (a) | 47 | 8746 |
| Corning Incorporated | 275 | 24056 |
| Entegris, Inc. | 121 | 10207 |
| Flex Ltd. (a) | 407 | 24587 |
| NXP Semiconductors N.V. | 57 | 12305 |
| Pegasystems Inc. | 102 | 6118 |
| Qnity Electronics, Inc. | 107 | 8740 |
| Seagate Technology Holdings Public Limited Company | 32 | 8892 |
| Skyworks Solutions, Inc. | 103 | 6509 |
| TE Connectivity Public Limited Company | 46 | 10463 |
| Zebra Technologies Corporation - Class A (a) | 40 | 9622 |
|  |  | 162009 |
| **Utilities 7.7%** | **Utilities 7.7%** | **Utilities 7.7%** |
| Alliant Energy Corporation | 272 | 17673 |
| Atmos Energy Corporation | 79 | 13168 |
| CenterPoint Energy, Inc. | 388 | 14874 |
| CMS Energy Corporation | 254 | 17777 |
| Evergy, Inc. | 131 | 9518 |
| PG&E Corporation | 1345 | 21616 |
| Pinnacle West Capital Corporation | 161 | 14238 |
| Public Service Enterprise Group Incorporated | 240 | 19292 |
| Sempra | 171 | 15056 |
| Talen Energy Corporation (a) | 11 | 4266 |
|  |  | 147478 |
| **Real Estate 7.3%** | **Real Estate 7.3%** | **Real Estate 7.3%** |
| Brixmor Property Group Inc. | 560 | 14681 |
| Equity Lifestyle Properties, Inc. | 230 | 13916 |
| Essex Property Trust, Inc. | 48 | 12678 |
| Extra Space Storage Inc. | 120 | 15576 |
| Jones Lang LaSalle Incorporated (a) | 50 | 16701 |
| Mid-America Apartment Communities, Inc. | 89 | 12307 |
| Rexford Industrial Realty, Inc. | 231 | 8937 |
| Ventas, Inc. | 194 | 14997 |
| VICI Properties Inc. | 520 | 14620 |
| W.P. Carey Inc. | 226 | 14555 |
|  |  | 138968 |
| **Energy 7.0%** | **Energy 7.0%** | **Energy 7.0%** |
| Baker Hughes Company - Class A | 126 | 5735 |
| Chord Energy Corporation | 75 | 6930 |
| Diamondback Energy, Inc. | 102 | 15302 |
| Expand Energy Corporation | 165 | 18222 |
| Peabody Energy Corporation | 193 | 5740 |
| Permian Resources Corporation - Class A | 1111 | 15584 |
| Plains GP Holdings, L.P. - Class A (a) | 618 | 11819 |
| Targa Resources Corp. | 116 | 21423 |
| TechnipFMC PLC | 322 | 14340 |
| Valero Energy Corporation | 109 | 17736 |
|  |  | 132831 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Consumer Staples 5.8%** | **Consumer Staples 5.8%** | **Consumer Staples 5.8%** |
| Albertsons Companies, Inc. - Class A | 621 | 10669 |
| BJ's Wholesale Club Holdings, Inc. (a) | 100 | 9000 |
| Brown-Forman Corporation - Class B (b) | 198 | 5165 |
| Campbell's Company, The | 200 | 5586 |
| Coca-Cola Europacific Partners PLC | 130 | 11808 |
| Hershey Company, The | 60 | 10847 |
| Ingredion Incorporated | 95 | 10453 |
| Kenvue Inc. | 912 | 15726 |
| Sysco Corporation | 172 | 12656 |
| US Foods Holding Corp. (a) | 254 | 19099 |
|  |  | 111009 |
| **Materials 5.5%** | **Materials 5.5%** | **Materials 5.5%** |
| Amcor Pty Ltd | 1219 | 10169 |
| Ashland Inc. | 186 | 10886 |
| Avery Dennison Corporation | 68 | 12371 |
| DuPont de Nemours, Inc. | 214 | 8606 |
| Eastman Chemical Company | 187 | 11943 |
| Graphic Packaging Holding Company | 788 | 11861 |
| International Flavors & Fragrances Inc. | 154 | 10400 |
| International Paper Company | 242 | 9537 |
| James Hardie Industries Public Limited Company (a) | 396 | 8218 |
| Nucor Corporation | 72 | 11787 |
|  |  | 105778 |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| Nexstar Media Group, Inc. - Class A | 38 | 7701 |
| Omnicom Group Inc. | 132 | 10621 |
|  |  | 18322 |
| Total Common Stocks (cost $1,542,978) | Total Common Stocks (cost $1,542,978) | 1867720 |
| **PREFERRED STOCKS 0.7%** | **PREFERRED STOCKS 0.7%** | **PREFERRED STOCKS 0.7%** |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| Boeing Company, The, 6.00%, 10/15/27 (c) | 182 | 12552 |
| Total Preferred Stocks (cost $9,088) | Total Preferred Stocks (cost $9,088) | 12552 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Investment Companies 1.3%** | **Investment Companies 1.3%** | **Investment Companies 1.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 25291 | 25291 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (d) (e) | 3374 | 3374 |
| Total Short Term Investments (cost $28,665) | Total Short Term Investments (cost $28,665) | 28665 |
| **Total Investments 100.1% (cost $1,580,731)** | **Total Investments 100.1% (cost $1,580,731)** | **1908937** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1502)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1907435** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Convertible security.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 26606 | 371833 | 373148 | 900 |  |  | 25291 | 1.3 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 97673 | 94299 | 66 |  |  | 3374 | 0.2 |
|  | 26606 | 469506 | 467447 | 966 |  |  | 28665 | 1.5 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1867720 |  |  | 1867720 |
| &nbsp;&nbsp;Preferred Stocks | 12552 |  |  | 12552 |
| &nbsp;&nbsp;Short Term Investments | 28665 |  |  | 28665 |
|  | 1908937 |  |  | 1908937 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |
| **COMMON STOCKS 94.9%** | **COMMON STOCKS 94.9%** | **COMMON STOCKS 94.9%** |
| **Financials 88.3%** | **Financials 88.3%** | **Financials 88.3%** |
| 3i Group PLC | 19 | 828 |
| Alaris Royalty Corp. (a) |  | 2 |
| Antin Infrastructure Partners | 11 | 152 |
| Apollo Global Management, Inc. | 9 | 1267 |
| Ares Management Corporation - Class A | 5 | 881 |
| B. Riley & Co., LLC (b) (c) | 5 | 22 |
| B.P.Marsh & Partners PLC | 2 | 22 |
| Blackstone Inc. - Class A | 12 | 1820 |
| Blue Owl Capital Inc. - Class A (c) | 22 | 322 |
| Bridgepoint Group PLC (a) | 65 | 249 |
| Brookfield Asset Management Ltd. - Class A | 17 | 878 |
| Carlyle Group Inc., The | 10 | 565 |
| China Merchants China Direct Investments Limited | 12 | 24 |
| Chrysalis Investments Limited (b) | 1 | 2 |
| Compass Diversified Holdings | 16 | 78 |
| Creades AB (publ) - Class A | 6 | 45 |
| CVC Capital Partners PLC | 35 | 589 |
| Deutsche Beteiligungs AG | 2 | 62 |
| DigitalBridge Group, Inc. - Class A | 10 | 154 |
| Dream Incubator Inc. (c) |  | 5 |
| EQT AB (a) | 23 | 903 |
| Eurazeo | 2 | 150 |
| Exor Nederland N.V. | 1 | 97 |
| Fairfax India Holdings Corporation (b) (d) | 1 | 25 |
| Flat Capital AB (publ) - Class B (b) | 10 | 16 |
| Foresight Group Holdings Limited | 19 | 112 |
| GCM Grosvenor Inc. - Class A |  | 6 |
| Georgia Capital PLC (b) | 5 | 207 |
| Gimv | 3 | 170 |
| Hamilton Lane Incorporated - Class A | 1 | 123 |
| ICG PLC | 15 | 406 |
| Integral Corporation (c) | 2 | 51 |
| IP Group PLC | 67 | 53 |
| JAFCO Group Co., Ltd. (c) | 9 | 138 |
| Japan Investment Adviser Co., Ltd. (c) | 6 | 73 |
| Kinnevik AB - Class B (b) | 6 | 57 |
| KKR & Co. Inc. - Class A | 14 | 1749 |
| Linc AB (b) (c) | 2 | 17 |
| Mivtach Shamir Holdings Ltd |  | 5 |
| Molten Ventures PLC (b) |  | 2 |
| Mutares SE & Co. KGaA | 3 | 105 |
| ONEX Corporation | 4 | 314 |
| Partners Group Holding AG | 1 | 790 |
| Patria Investments Ltd - Class A | 7 | 115 |
| Ratos AB - Class B | 41 | 169 |
| Roko AB (publ) - Class B (b) | 1 | 157 |
| SBI Holdings, Inc. | 19 | 401 |
| Sofina |  | 76 |
| StepStone Group Inc. - Class A | 4 | 239 |
| T. Rowe Price Group, Inc. | 7 | 671 |
| Tamburi Investment Partners S.P.A. In Via Breve T.I.P. S.p.A. Ov Vero Tip S.p.A. | 3 | 29 |
| Tikehau Capital (c) | 6 | 108 |
| TPG Inc. - Class A | 5 | 306 |
| Vinci Partners Investimentos Ltda - Class A | 5 | 70 |
| VNV Global AB (publ) (b) | 2 | 5 |
| Wendel | 2 | 235 |
|  |  | 16117 |
| **Industrials 4.6%** | **Industrials 4.6%** | **Industrials 4.6%** |
| Ackermans | 1 | 335 |
| Brookfield Business Partners L.P. | 6 | 197 |
| Investmentaktiebolaget Latour - Class B | 9 | 213 |
| Italmobiliare Societa' Per Azioni O In Forma Abbreviata Italmobiliare SpA (c) | 3 | 89 |
|  |  | 834 |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| MedCap AB (publ) (b) | 2 | 144 |
| Puretech Health PLC (b) | 43 | 73 |
|  |  | 217 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| Stagwell, Inc. - Class A (b) | 21 | 104 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Smaregi Inc. (c) | 2 | 31 |
| Total Common Stocks (cost $16,637) | Total Common Stocks (cost $16,637) | 17303 |
| **INVESTMENT COMPANIES 4.9%** | **INVESTMENT COMPANIES 4.9%** | **INVESTMENT COMPANIES 4.9%** |
| 3i Infrastructure PLC | 33 | 165 |
| Augmentum Fintech PLC | 2 | 2 |
| HBM Healthcare Investments AG |  | 2 |
| HgCapital Trust PLC | 30 | 203 |
| ICG Enterprise Trust PLC | 5 | 102 |
| NB Private Equity Partners Limited | 5 | 101 |
| Oakley Capital Investments Limited | 15 | 112 |
| Pantheon International PLC | 28 | 145 |
| RIT Capital Partners PLC | 1 | 46 |
| Syncona Limited | 19 | 25 |
| Total Investment Companies (cost $795) | Total Investment Companies (cost $795) | 903 |
| **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** |
| **Securities Lending Collateral 2.3%** | **Securities Lending Collateral 2.3%** | **Securities Lending Collateral 2.3%** |
| JNL Government Money Market Fund - Class SL, 3.74% (e) (f) | 414 | 414 |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (e) (f) | 95 | 95 |
| Total Short Term Investments (cost $509) | Total Short Term Investments (cost $509) | 509 |
| **Total Investments 102.6% (cost $17,941)** | **Total Investments 102.6% (cost $17,941)** | **18715** |
| **Other Assets and Liabilities, Net (2.6)%** | **Other Assets and Liabilities, Net (2.6)%** | (476) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **18239** |

---

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

(b) Non-income producing security.

(c) All or a portion of the security was on loan as of December 31, 2025.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $25 and 0.1% of the Fund.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I |  | 3956 | 3861 | 1 |  |  | 95 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL | 64 | 4557 | 4207 | 5 |  |  | 414 | 2.3 |
|  | 64 | 8513 | 8068 | 6 |  |  | 509 | 2.8 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 52.2% |
| **United Kingdom** | 18.5 |
| **Sweden** | 9.3 |
| **Switzerland** | 4.2 |
| **Japan** | 3.8 |
| **France** | 3.5 |
| **Belgium** | 3.1 |
| **Canada** | 2.9 |
| **Germany** | 0.9 |
| **Italy** | 0.6 |
| **Netherlands** | 0.5 |
| **Brazil** | 0.4 |
| **Hong Kong** | 0.1 |
| **Israel** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alaris Royalty Corp. | 07/02/25 | 2 | 2 |  |
| Bridgepoint Group PLC | 06/21/24 | 249 | 249 | 1.4 |
| EQT AB | 12/20/24 | 744 | 903 | 4.9 |
|  |  | 995 | 1154 | 6.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Forward Foreign Currency Contracts** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Forward Foreign Currency Contracts** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Forward Foreign Currency Contracts** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Forward Foreign Currency Contracts** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Forward Foreign Currency Contracts** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Forward Foreign Currency Contracts** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| JPY/USD | CIT | 01/05/26 | JPY | 1871 | 12 |  |
| SEK/USD | BOA | 01/02/26 | SEK | 21 | 2 |  |
|  |  |  |  |  | 14 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 9607 | 6510 |  | 16117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 197 | 637 |  | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 217 |  | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 104 |  |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 31 |  | 31 |
| &nbsp;&nbsp;Investment Companies | 903 |  |  | 903 |
| &nbsp;&nbsp;Short Term Investments | 509 |  |  | 509 |
|  | 11320 | 7395 |  | 18715 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Industrials 20.2%** | **Industrials 20.2%** | **Industrials 20.2%** |
| Acuity Brands, Inc. | 3 | 1048 |
| Allegion Public Limited Company | 3 | 508 |
| Allison Systems, Inc. | 6 | 557 |
| Broadridge Financial Solutions, Inc. | 4 | 967 |
| Chart Industries, Inc. (a) | 3 | 543 |
| CNH Industrial N.V. | 46 | 428 |
| Copart, Inc. (a) | 11 | 427 |
| Equifax, Inc. | 2 | 522 |
| Generac Holdings Inc. (a) | 3 | 422 |
| Huntington Ingalls Industries, Inc. | 3 | 1181 |
| L3Harris Technologies, Inc. | 2 | 524 |
| Masco Corporation | 15 | 958 |
| Nordson Corporation | 4 | 1084 |
| Oshkosh Corporation | 4 | 494 |
| Otis Worldwide Corporation | 12 | 1039 |
| PACCAR Inc. | 10 | 1092 |
| Sensata Technologies Holding PLC | 31 | 1041 |
| SS&C Technologies Holdings, Inc. | 12 | 1031 |
| TransUnion | 12 | 1025 |
| WESCO International, Inc. | 2 | 595 |
|  |  | 15486 |
| **Health Care 14.8%** | **Health Care 14.8%** | **Health Care 14.8%** |
| Agilent Technologies, Inc. | 4 | 567 |
| Becton, Dickinson and Company | 3 | 515 |
| Biogen Inc. (a) | 3 | 494 |
| BioMarin Pharmaceutical Inc. (a) | 9 | 564 |
| Bio-Techne Corporation | 8 | 494 |
| Cigna Group, The | 2 | 529 |
| DexCom, Inc. (a) | 8 | 508 |
| Edwards Lifesciences Corporation (a) | 7 | 568 |
| Elevance Health, Inc. | 2 | 537 |
| GE HealthCare Technologies Inc. | 13 | 1065 |
| Humana Inc. | 4 | 940 |
| Ionis Pharmaceuticals, Inc. (a) | 9 | 683 |
| Labcorp Holdings Inc. | 2 | 488 |
| ResMed Inc. | 4 | 951 |
| Royalty Pharma PLC - Class A | 28 | 1087 |
| Veeva Systems Inc. - Class A (a) | 2 | 422 |
| Zimmer Biomet Holdings, Inc. | 11 | 948 |
|  |  | 11360 |
| **Information Technology 14.6%** | **Information Technology 14.6%** | **Information Technology 14.6%** |
| Akamai Technologies, Inc. (a) | 6 | 514 |
| Atlassian Corporation - Class A (a) | 3 | 490 |
| Cognizant Technology Solutions Corporation - Class A | 7 | 613 |
| Datadog, Inc. - Class A (a) | 3 | 447 |
| Dynatrace, Inc. (a) | 22 | 941 |
| Elastic N.V. (a) | 6 | 426 |
| EPAM Systems, Inc. (a) | 3 | 655 |
| Fortinet, Inc. (a) | 6 | 478 |
| HubSpot, Inc. (a) | 1 | 415 |
| Littelfuse, Inc. | 2 | 508 |
| Marvell Technology, Inc. | 5 | 464 |
| NXP Semiconductors N.V. | 5 | 982 |
| Tyler Technologies, Inc. (a) | 1 | 428 |
| Vontier Corporation | 26 | 981 |
| Workday, Inc. - Class A (a) | 5 | 975 |
| Zebra Technologies Corporation - Class A (a) | 2 | 409 |
| Zoom Communications, Inc. - Class A (a) | 12 | 1013 |
| Zscaler, Inc. (a) | 2 | 462 |
|  |  | 11201 |
| **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** |
| Airbnb, Inc. - Class A (a) | 8 | 1144 |
| Asbury Automotive Group, Inc. (a) | 4 | 972 |
| Bath & Body Works, Inc. | 18 | 353 |
| Carnival Corporation | 36 | 1098 |
| DK Crown Holdings Inc. - Class A (a) | 11 | 372 |
| ETSY, Inc. (a) | 18 | 1005 |
| Expedia Group, Inc. | 2 | 683 |
| Flutter Entertainment Public Limited Company (a) | 2 | 379 |
| Gentex Corporation | 18 | 427 |
| Hasbro, Inc. | 13 | 1053 |
| Lithia Motors, Inc. - Class A | 3 | 1035 |
| Mattel, Inc. (a) | 54 | 1073 |
| Nike, Inc. - Class B | 8 | 508 |
| Norwegian Cruise Line Holdings Ltd. (a) | 21 | 475 |
|  |  | 10577 |
| **Materials 10.5%** | **Materials 10.5%** | **Materials 10.5%** |
| Air Products and Chemicals, Inc. | 2 | 526 |
| Albemarle Corporation | 10 | 1453 |
| Amcor Pty Ltd | 61 | 508 |
| AptarGroup, Inc. | 4 | 472 |
| Ball Corporation | 11 | 562 |
| CF Industries Holdings, Inc. | 13 | 990 |
| Corteva, Inc. | 15 | 1009 |
| Crown Holdings, Inc. | 6 | 583 |
| DuPont de Nemours, Inc. | 19 | 772 |
| International Flavors & Fragrances Inc. | 8 | 522 |
| Sealed Air Corporation | 16 | 662 |
|  |  | 8059 |
| **Financials 6.7%** | **Financials 6.7%** | **Financials 6.7%** |
| FactSet Research Systems Inc. | 1 | 409 |
| Fidelity National Information Services, Inc. | 15 | 1021 |
| Jack Henry & Associates, Inc. | 6 | 1101 |
| LPL Financial Holdings Inc. | 3 | 1044 |
| T. Rowe Price Group, Inc. | 10 | 1001 |
| U.S. Bancorp | 10 | 526 |
|  |  | 5102 |
| **Consumer Staples 5.7%** | **Consumer Staples 5.7%** | **Consumer Staples 5.7%** |
| Estee Lauder Companies Inc., The - Class A | 6 | 634 |
| Hershey Company, The | 6 | 1022 |
| Kenvue Inc. | 29 | 494 |
| Kimberly-Clark Corporation | 5 | 502 |
| Kraft Heinz Company, The | 21 | 501 |
| Lamb Weston Holdings, Inc. | 18 | 739 |
| Mondelez International, Inc. - Class A | 9 | 494 |
|  |  | 4386 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| Essential Utilities, Inc. | 27 | 1050 |
| Evergy, Inc. | 7 | 501 |
| FirstEnergy Corp. | 11 | 503 |
| Portland General Electric Company | 23 | 1107 |
|  |  | 3161 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| Devon Energy Corporation | 13 | 490 |
| Diamondback Energy, Inc. | 3 | 484 |
| EOG Resources, Inc. | 5 | 477 |
| ONEOK, Inc. | 7 | 553 |
| Schlumberger Limited | 28 | 1073 |
|  |  | 3077 |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| Crown Castle Inc. | 11 | 983 |
| SBA Communications Corporation - Class A | 5 | 1038 |
|  |  | 2021 |
| **Communication Services 1.8%** | **Communication Services 1.8%** | **Communication Services 1.8%** |
| Pinterest, Inc. - Class A (a) | 32 | 835 |
| Warner Music Group Corp. - Class A | 16 | 494 |
|  |  | 1329 |
| Total Common Stocks (cost $72,759) | Total Common Stocks (cost $72,759) | 75759 |
| **INVESTMENT COMPANIES 0.7%** | **INVESTMENT COMPANIES 0.7%** | **INVESTMENT COMPANIES 0.7%** |
| iShares Core S&P Mid-Cap ETF | 9 | 567 |
| Total Investment Companies (cost $567) | Total Investment Companies (cost $567) | 567 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 216 | 216 |
| Total Short Term Investments (cost $216) | Total Short Term Investments (cost $216) | 216 |
| **Total Investments 99.9% (cost $73,542)** | **Total Investments 99.9% (cost $73,542)** | **76542** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (4) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **56** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **76594** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** | **JNL/Morningstar SMID Moat Focus Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 510 | 16557 | 16851 | 14 |  |  | 216 | 0.3 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 8129 | 8129 | 3 |  |  |  |  |
|  | 510 | 24686 | 24980 | 17 |  |  | 216 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** | **JNL/Morningstar SMID Moat Focus Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Midcap 400 Index | 1 | March 2026 | 338 | (4) | (5) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 75759 |  |  | 75759 |
| &nbsp;&nbsp;Investment Companies | 567 |  |  | 567 |
| &nbsp;&nbsp;Short Term Investments | 216 |  |  | 216 |
|  | 76542 |  |  | 76542 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (5) |  |  | (5) |
|  | (5) |  |  | (5) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Information Technology 32.2%** | **Information Technology 32.2%** | **Information Technology 32.2%** |
| Accenture Public Limited Company - Class A | 10 | 2583 |
| Adobe Inc. (a) | 7 | 2267 |
| Advanced Micro Devices, Inc. (a) | 25 | 5352 |
| Applied Materials, Inc. | 12 | 3188 |
| AppLovin Corporation - Class A (a) | 3 | 2220 |
| Arista Networks, Inc. (a) | 16 | 2070 |
| Bentley Systems, Incorporated - Class B | 2 | 79 |
| Cadence Design Systems, Inc. (a) | 4 | 1315 |
| CDW Corp. | 2 | 277 |
| Cisco Systems, Inc. | 61 | 4707 |
| Dell Technologies Inc. - Class C | 5 | 599 |
| Dynatrace, Inc. (a) | 5 | 199 |
| Fabrinet (a) | 1 | 256 |
| Flex Ltd. (a) | 5 | 330 |
| Hewlett Packard Enterprise Company | 20 | 488 |
| HP, Inc. | 15 | 324 |
| International Business Machines Corporation | 14 | 4257 |
| Intuit Inc. | 4 | 2793 |
| Jabil Inc. | 2 | 351 |
| Keysight Technologies, Inc. (a) | 3 | 541 |
| KLA Corporation | 2 | 2473 |
| Lam Research Corporation | 19 | 3323 |
| Microsoft Corporation | 79 | 38236 |
| NetApp, Inc. | 3 | 319 |
| NVIDIA Corporation | 239 | 44539 |
| Oracle Corporation | 26 | 5068 |
| Palo Alto Networks, Inc. (a) | 11 | 1968 |
| Pure Storage, Inc. - Class A (a) | 5 | 318 |
| Qualcomm Incorporated | 17 | 2860 |
| Seagate Technology Holdings Public Limited Company | 3 | 869 |
| TE Connectivity Public Limited Company | 5 | 1043 |
| Trimble Inc. (a) | 4 | 289 |
| Western Digital Corporation | 5 | 905 |
| Zebra Technologies Corporation - Class A (a) | 1 | 191 |
|  |  | 136597 |
| **Financials 16.4%** | **Financials 16.4%** | **Financials 16.4%** |
| AFLAC Incorporated | 7 | 804 |
| Allstate Corporation, The | 4 | 852 |
| American Express Company | 8 | 3079 |
| Ameriprise Financial, Inc. | 1 | 704 |
| AON Public Limited Company - Class A | 3 | 1174 |
| Arch Capital Group Ltd. (a) | 6 | 553 |
| Ares Management Corporation - Class A | 3 | 508 |
| Arthur J. Gallagher & Co. | 4 | 1019 |
| Bank of America Corporation | 103 | 5674 |
| Bank of New York Mellon Corporation, The (b) | 10 | 1205 |
| BlackRock, Inc. | 2 | 2301 |
| Brown & Brown, Inc. | 4 | 343 |
| Capital One Financial Corporation | 10 | 2382 |
| Carlyle Group Inc., The | 3 | 197 |
| Citigroup Inc. | 28 | 3215 |
| CME Group Inc. - Class A | 6 | 1520 |
| Equitable Holdings, Inc. | 4 | 212 |
| Fifth Third Bancorp | 10 | 482 |
| Global Payments Inc. | 4 | 292 |
| Hartford Insurance Group, Inc., The | 4 | 603 |
| Huntington Bancshares Incorporated | 24 | 412 |
| Intercontinental Exchange, Inc. | 9 | 1433 |
| JPMorgan Chase & Co. | 9 | 2955 |
| KeyCorp | 15 | 301 |
| KKR & Co. Inc. - Class A | 10 | 1312 |
| LPL Financial Holdings Inc. | 1 | 442 |
| Marsh & Mclennan Companies, Inc. | 8 | 1415 |
| MasterCard Incorporated - Class A | 13 | 7248 |
| MetLife, Inc. | 8 | 663 |
| Moody's Corporation | 2 | 1227 |
| Morgan Stanley | 19 | 3377 |
| MSCI Inc. - Class A | 1 | 645 |
| Nasdaq, Inc. | 6 | 560 |
| PayPal Holdings, Inc. | 14 | 844 |
| Principal Financial Group, Inc. | 3 | 306 |
| Progressive Corporation, The | 9 | 2046 |
| Prudential Financial, Inc. | 5 | 611 |
| Regions Financial Corporation | 13 | 360 |
| S&P Global Inc. | 5 | 2435 |
| SoFi Technologies, Inc. (a) | 18 | 480 |
| State Street Corporation | 4 | 556 |
| Synchrony Financial | 6 | 464 |
| T. Rowe Price Group, Inc. | 3 | 343 |
| The PNC Financial Services Group, Inc. | 6 | 1257 |
| Travelers Companies, Inc., The | 4 | 1009 |
| Visa Inc. - Class A | 26 | 9192 |
| W. R. Berkley Corporation | 4 | 311 |
| Willis Towers Watson Public Limited Company | 1 | 467 |
|  |  | 69790 |
| **Consumer Discretionary 12.5%** | **Consumer Discretionary 12.5%** | **Consumer Discretionary 12.5%** |
| Airbnb, Inc. - Class A (a) | 6 | 876 |
| Amazon.com, Inc. (a) | 110 | 25401 |
| AutoZone, Inc. (a) |  | 865 |
| Best Buy Co., Inc. | 3 | 201 |
| Booking Holdings Inc. | 1 | 2678 |
| Burlington Stores, Inc. (a) | 1 | 280 |
| Carnival Corporation | 17 | 510 |
| Carvana Co. - Class A (a) | 2 | 901 |
| D.R. Horton, Inc. | 4 | 589 |
| eBay Inc. | 7 | 609 |
| Expedia Group, Inc. | 2 | 511 |
| Genuine Parts Company | 2 | 264 |
| Hilton Worldwide Holdings Inc. | 3 | 969 |
| Home Depot, Inc., The | 15 | 5279 |
| Las Vegas Sands Corp. | 5 | 313 |
| Lowe`s Companies, Inc. | 9 | 2090 |
| Lululemon Athletica Canada Inc. (a) | 2 | 339 |
| Marriott International, Inc. - Class A | 3 | 1060 |
| MercadoLibre, Inc. (a) | 1 | 1466 |
| Nike, Inc. - Class B | 17 | 1111 |
| O'Reilly Automotive, Inc. (a) | 13 | 1187 |
| PulteGroup, Inc. | 3 | 353 |
| Royal Caribbean Cruises Ltd. | 4 | 1078 |
| Somnigroup International Inc. | 3 | 258 |
| Tapestry, Inc. | 3 | 409 |
| TJX Companies, Inc., The | 17 | 2636 |
| Ulta Beauty, Inc. (a) | 1 | 422 |
| Williams-Sonoma, Inc. | 2 | 339 |
|  |  | 52994 |
| **Health Care 12.2%** | **Health Care 12.2%** | **Health Care 12.2%** |
| Abbott Laboratories | 27 | 3358 |
| Agilent Technologies, Inc. | 4 | 600 |
| Amgen Inc. | 8 | 2709 |
| Becton, Dickinson and Company | 4 | 862 |
| Biogen Inc. (a) | 2 | 385 |
| Boston Scientific Corporation (a) | 23 | 2168 |
| Bristol-Myers Squibb Company | 32 | 1698 |
| Cardinal Health, Inc. | 4 | 758 |
| Cencora, Inc. | 3 | 956 |
| Centene Corporation (a) | 7 | 298 |
| Cigna Group, The | 4 | 1098 |
| Cooper Companies, Inc., The (a) | 3 | 251 |
| CVS Health Corporation | 20 | 1552 |
| Danaher Corporation | 10 | 2269 |
| DexCom, Inc. (a) | 6 | 400 |
| Edwards Lifesciences Corporation (a) | 9 | 772 |
| Elevance Health, Inc. | 3 | 1203 |
| GE HealthCare Technologies Inc. | 7 | 577 |
| Gilead Sciences, Inc. | 19 | 2354 |
| Hologic, Inc. (a) | 3 | 258 |
| Humana Inc. | 2 | 477 |
| IDEXX Laboratories, Inc. (a) | 1 | 802 |
| Illumina, Inc. (a) | 2 | 310 |
| Insulet Corporation (a) | 1 | 307 |
| Intuitive Surgical, Inc. (a) | 5 | 3078 |
| IQVIA Holdings Inc. (a) | 3 | 588 |
| McKesson Corporation | 2 | 1554 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Medtronic, Inc. | 20 | 1894 |
| Merck & Co., Inc. | 38 | 4030 |
| Mettler-Toledo International Inc. (a) |  | 449 |
| Pfizer Inc. | 88 | 2183 |
| Quest Diagnostics Incorporated | 2 | 298 |
| Regeneron Pharmaceuticals, Inc. | 2 | 1203 |
| ResMed Inc. | 2 | 548 |
| Stryker Corporation | 6 | 1965 |
| Thermo Fisher Scientific Inc. | 6 | 3371 |
| United Therapeutics Corporation (a) | 1 | 299 |
| Veeva Systems Inc. - Class A (a) | 2 | 517 |
| Vertex Pharmaceuticals Incorporated (a) | 4 | 1765 |
| Waters Corporation (a) | 1 | 348 |
| West Pharmaceutical Services, Inc. | 1 | 306 |
| Zoetis Inc. - Class A | 7 | 869 |
| | | 51687 |
| **Industrials 7.6%** | **Industrials 7.6%** | **Industrials 7.6%** |
| Allegion Public Limited Company | 1 | 212 |
| AMETEK, Inc. | 4 | 732 |
| Carlisle Companies Incorporated | 1 | 214 |
| Carrier Global Corporation | 12 | 643 |
| Cintas Corporation | 5 | 995 |
| Copart, Inc. (a) | 13 | 509 |
| CSX Corporation | 29 | 1046 |
| Cummins Inc. | 2 | 1086 |
| Deere & Company | 4 | 1797 |
| Delta Air Lines, Inc. | 10 | 686 |
| Eaton Corporation Public Limited Company | 6 | 1929 |
| Emerson Electric Co. | 9 | 1157 |
| Equifax, Inc. | 2 | 413 |
| Expeditors International of Washington, Inc. - Class A | 2 | 307 |
| Fastenal Company | 18 | 709 |
| FedEx Corporation | 3 | 986 |
| Ferguson Enterprises Inc. | 3 | 691 |
| GE Vernova Inc. | 4 | 2747 |
| Hubbell Incorporated | 1 | 367 |
| Illinois Tool Works Inc. | 5 | 1102 |
| Ingersoll Rand Inc. | 6 | 483 |
| J.B. Hunt Transport Services, Inc. | 1 | 231 |
| Johnson Controls International Public Limited Company | 9 | 1132 |
| Lennox International Inc. | 1 | 245 |
| Norfolk Southern Corporation | 4 | 1010 |
| Old Dominion Freight Line, Inc. | 3 | 443 |
| Otis Worldwide Corporation | 6 | 533 |
| Pentair Public Limited Company | 3 | 266 |
| Republic Services, Inc. | 3 | 667 |
| Rockwell Automation, Inc. | 2 | 668 |
| Rollins, Inc. | 5 | 273 |
| Trane Technologies Public Limited Company | 3 | 1330 |
| TransUnion | 3 | 257 |
| Union Pacific Corporation | 9 | 2108 |
| United Parcel Service, Inc. - Class B | 11 | 1134 |
| United Rentals, Inc. | 1 | 783 |
| Verisk Analytics, Inc. | 2 | 486 |
| Waste Management, Inc. | 6 | 1249 |
| Watsco, Inc. (c) | 1 | 181 |
| Xylem Inc. | 4 | 508 |
|  |  | 32315 |
| **Communication Services 5.7%** | **Communication Services 5.7%** | **Communication Services 5.7%** |
| AT&T Inc. | 110 | 2735 |
| Comcast Corporation - Class A | 56 | 1668 |
| Electronic Arts Inc. | 4 | 720 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 291 |
| Fox Corporation - Class A | 3 | 227 |
| Fox Corporation - Class B | 2 | 133 |
| Liberty Media Corporation - Series A (a) |  | 32 |
| Liberty Media Corporation - Series C (a) | 3 | 323 |
| Live Nation Entertainment, Inc. (a) | 2 | 316 |
| Netflix, Inc. (a) | 66 | 6152 |
| News Corporation - Class A | 6 | 153 |
| News Corporation - Class B | 2 | 50 |
| Omnicom Group Inc. | 5 | 403 |
| Paramount Skydance Corporation - Class B | 14 | 183 |
| Pinterest, Inc. - Class A (a) | 9 | 238 |
| Reddit, Inc. - Class A (a) | 2 | 441 |
| Roblox Corporation - Class A (a) | 10 | 787 |
| Take-Two Interactive Software, Inc. (a) | 3 | 673 |
| TKO Group Holdings Inc. - Class A | 1 | 221 |
| T-Mobile US, Inc. | 7 | 1494 |
| Trade Desk, Inc., The - Class A (a) | 7 | 262 |
| Verizon Communications Inc. | 65 | 2657 |
| Walt Disney Company, The | 28 | 3152 |
| Warner Bros. Discovery, Inc. - Series A (a) | 35 | 1011 |
|  |  | 24322 |
| **Consumer Staples 3.9%** | **Consumer Staples 3.9%** | **Consumer Staples 3.9%** |
| Church & Dwight Co., Inc. | 4 | 312 |
| Clorox Company, The | 2 | 189 |
| Colgate-Palmolive Company | 13 | 991 |
| Dollar General Corporation | 3 | 450 |
| Dollar Tree, Inc. (a) | 3 | 376 |
| Estee Lauder Companies Inc., The - Class A | 4 | 394 |
| Hershey Company, The | 2 | 415 |
| Kenvue Inc. | 27 | 463 |
| Mondelez International, Inc. - Class A | 20 | 1079 |
| PepsiCo, Inc. | 21 | 3027 |
| Performance Food Group Company (a) | 2 | 216 |
| Sysco Corporation | 7 | 544 |
| Target Corporation | 7 | 686 |
| US Foods Holding Corp. (a) | 4 | 267 |
| Walmart Inc. | 66 | 7389 |
|  |  | 16798 |
| **Real Estate 3.7%** | **Real Estate 3.7%** | **Real Estate 3.7%** |
| American Tower Corporation | 7 | 1266 |
| AvalonBay Communities, Inc. | 2 | 384 |
| CBRE Group, Inc. - Class A (a) | 5 | 739 |
| CoStar Group, Inc. (a) | 6 | 414 |
| Crown Castle Inc. | 6 | 568 |
| Digital Realty Trust, Inc. | 5 | 762 |
| Equinix, Inc. | 2 | 1147 |
| Equity Residential | 5 | 335 |
| Essex Property Trust, Inc. | 1 | 248 |
| Extra Space Storage Inc. | 3 | 412 |
| Invitation Homes Inc. | 9 | 240 |
| Iron Mountain Incorporated | 5 | 379 |
| Kimco Realty OP, LLC | 11 | 213 |
| Mid-America Apartment Communities, Inc. | 2 | 250 |
| ProLogis Inc. | 14 | 1812 |
| Public Storage Operating Company | 2 | 635 |
| Realty Income Corporation | 14 | 777 |
| SBA Communications Corporation - Class A | 2 | 323 |
| Simon Property Group, Inc. | 5 | 917 |
| Sun Communities, Inc. | 2 | 212 |
| Ventas, Inc. | 7 | 535 |
| VICI Properties Inc. | 16 | 459 |
| W.P. Carey Inc. | 3 | 214 |
| Welltower Inc. | 11 | 1971 |
| Weyerhaeuser Company | 11 | 254 |
| Zillow Group, Inc. - Class A (a) | 1 | 52 |
| Zillow Group, Inc. - Class C (a) | 3 | 177 |
|  |  | 15695 |
| **Materials 2.4%** | **Materials 2.4%** | **Materials 2.4%** |
| Air Products and Chemicals, Inc. | 3 | 849 |
| Amcor Pty Ltd | 35 | 294 |
| CRH Public Limited Company | 10 | 1286 |
| Dow Inc. | 11 | 253 |
| Ecolab Inc. | 4 | 1032 |
| International Flavors & Fragrances Inc. | 4 | 266 |
| Linde Public Limited Company | 7 | 3090 |
| LyondellBasell Industries N.V. - Class A | 4 | 172 |
| Newmont Corporation | 17 | 1695 |
| Packaging Corporation of America | 1 | 284 |
| PPG Industries, Inc. | 4 | 360 |
| Reliance, Inc. | 1 | 235 |
| Royal Gold, Inc. | 1 | 277 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Smurfit Westrock Public Limited Company | 2 | 80 |
| | | 10173 |
| **Energy 2.0%** | **Energy 2.0%** | **Energy 2.0%** |
| Baker Hughes Company - Class A | 15 | 697 |
| Cheniere Energy, Inc. | 3 | 646 |
| Halliburton Company | 13 | 376 |
| Kinder Morgan, Inc. | 30 | 836 |
| Marathon Petroleum Corporation | 4 | 714 |
| ONEOK, Inc. | 10 | 706 |
| Phillips 66 | 6 | 803 |
| Schlumberger Limited | 23 | 881 |
| Targa Resources Corp. | 3 | 618 |
| Texas Pacific Land Corporation | 1 | 253 |
| Valero Energy Corporation | 5 | 766 |
| Williams Companies, Inc., The | 19 | 1117 |
|  |  | 8413 |
| **Utilities 1.2%** | **Utilities 1.2%** | **Utilities 1.2%** |
| Alliant Energy Corporation | 4 | 256 |
| American Electric Power Company, Inc. | 8 | 906 |
| American Water Works Company, Inc. | 3 | 393 |
| Consolidated Edison, Inc. | 6 | 554 |
| Edison International | 2 | 135 |
| Eversource Energy | 5 | 366 |
| Exelon Corporation | 16 | 681 |
| NiSource Inc. | 7 | 301 |
| Public Service Enterprise Group Incorporated | 8 | 619 |
| Sempra | 10 | 891 |
|  |  | 5102 |
| Total Common Stocks (cost $350,466) | Total Common Stocks (cost $350,466) | 423886 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (d) | 771 | 771 |
| Total Short Term Investments (cost $771) | Total Short Term Investments (cost $771) | 771 |
| **Total Investments 100.0% (cost $351,237)** | **Total Investments 100.0% (cost $351,237)** | **424657** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (8) |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **13** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **424662** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of December 31, 2025.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 1101 | 56 | 436 | 25 | 235 | 249 | 1205 | 0.3 |
| JNL Government Money Market Fund, 3.64% - Class I | 1166 | 67243 | 67638 | 32 |  |  | 771 | 0.2 |
| JNL Government Money Market Fund, 3.74% - Class SL | 270 | 21820 | 22090 | 8 |  |  |  |  |
|  | 2537 | 89119 | 90164 | 65 | 235 | 249 | 1976 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 3 | March 2026 | 1033 | (8) |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 423886 |  |  | 423886 |
| &nbsp;&nbsp;Short Term Investments | 771 |  |  | 771 |
|  | 424657 |  |  | 424657 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Information Technology 24.4%** | **Information Technology 24.4%** | **Information Technology 24.4%** |
| Adobe Inc. (a) | 58 | 20195 |
| Applied Materials, Inc. | 61 | 15536 |
| Entegris, Inc. | 119 | 10060 |
| Fortinet, Inc. (a) | 248 | 19685 |
| Microsoft Corporation | 40 | 19315 |
| Motorola Solutions, Inc. | 27 | 10427 |
| NVIDIA Corporation | 54 | 10155 |
| NXP Semiconductors N.V. | 87 | 18969 |
| Oracle Corporation | 46 | 8924 |
| Salesforce, Inc. | 78 | 20648 |
| ServiceNow, Inc. (a) | 59 | 9062 |
| Tyler Technologies, Inc. (a) | 40 | 17983 |
| Workday, Inc. - Class A (a) | 88 | 18859 |
|  |  | 199818 |
| **Industrials 23.5%** | **Industrials 23.5%** | **Industrials 23.5%** |
| Boeing Company, The (a) | 91 | 19655 |
| Broadridge Financial Solutions, Inc. | 84 | 18712 |
| Copart, Inc. (a) | 204 | 7966 |
| Deere & Company | 21 | 9652 |
| Equifax, Inc. | 48 | 10426 |
| Huntington Ingalls Industries, Inc. | 67 | 22785 |
| IDEX Corporation | 118 | 20939 |
| Masco Corporation | 162 | 10266 |
| Northrop Grumman Corporation | 18 | 10408 |
| Otis Worldwide Corporation | 230 | 20086 |
| TransUnion | 231 | 19837 |
| United Parcel Service, Inc. - Class B | 221 | 21938 |
|  |  | 192670 |
| **Health Care 18.4%** | **Health Care 18.4%** | **Health Care 18.4%** |
| Agilent Technologies, Inc. | 78 | 10633 |
| Amgen Inc. | 36 | 11759 |
| Bristol-Myers Squibb Company | 407 | 21971 |
| Danaher Corporation | 95 | 21690 |
| GE HealthCare Technologies Inc. | 251 | 20554 |
| Merck & Co., Inc. | 118 | 12368 |
| Thermo Fisher Scientific Inc. | 20 | 11741 |
| West Pharmaceutical Services, Inc. | 40 | 11095 |
| Zimmer Biomet Holdings, Inc. | 204 | 18353 |
| Zoetis Inc. - Class A | 86 | 10759 |
|  |  | 150923 |
| **Consumer Staples 16.6%** | **Consumer Staples 16.6%** | **Consumer Staples 16.6%** |
| Brown-Forman Corporation - Class B (b) | 693 | 18069 |
| Clorox Company, The | 181 | 18256 |
| Constellation Brands, Inc. - Class A | 138 | 19099 |
| Estee Lauder Companies Inc., The - Class A | 211 | 22112 |
| Hershey Company, The | 56 | 10170 |
| Kenvue Inc. | 1140 | 19668 |
| Mondelez International, Inc. - Class A | 343 | 18474 |
| PepsiCo, Inc. | 69 | 9956 |
|  |  | 135804 |
| **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** |
| Airbnb, Inc. - Class A (a) | 163 | 22117 |
| Amazon.com, Inc. (a) | 42 | 9702 |
| Chipotle Mexican Grill, Inc. (a) | 301 | 11124 |
| Nike, Inc. - Class B | 296 | 18861 |
|  |  | 61804 |
| **Financials 6.3%** | **Financials 6.3%** | **Financials 6.3%** |
| Charles Schwab Corporation, The | 104 | 10429 |
| Jack Henry & Associates, Inc. | 61 | 11049 |
| LPL Financial Holdings Inc. | 27 | 9792 |
| MarketAxess Holdings Inc. | 53 | 9618 |
| U.S. Bancorp | 201 | 10720 |
|  |  | 51608 |
| **Communication Services 2.5%** | **Communication Services 2.5%** | **Communication Services 2.5%** |
| Meta Platforms, Inc. - Class A | 15 | 10003 |
| Walt Disney Company, The | 94 | 10681 |
|  |  | 20684 |
| Total Common Stocks (cost $791,477) | Total Common Stocks (cost $791,477) | 813311 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 4359 | 4359 |
| Total Short Term Investments (cost $4,359) | Total Short Term Investments (cost $4,359) | 4359 |
| **Total Investments 99.9% (cost $795,836)** | **Total Investments 99.9% (cost $795,836)** | **817670** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (41) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1150** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **818779** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** | **JNL/Morningstar Wide Moat Index Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 5062 | 166269 | 166972 | 129 |  |  | 4359 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 24364 | 24364 | 8 |  |  |  |  |
|  | 5062 | 190633 | 191336 | 137 |  |  | 4359 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 16 | March 2026 | 5522 | (41) | (8) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 813311 |  |  | 813311 |
| &nbsp;&nbsp;Short Term Investments | 4359 |  |  | 4359 |
|  | 817670 |  |  | 817670 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (8) |  |  | (8) |
|  | (8) |  |  | (8) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |
| **CORPORATE BONDS AND NOTES 57.7%** | **CORPORATE BONDS AND NOTES 57.7%** | **CORPORATE BONDS AND NOTES 57.7%** |
| **Financials 33.6%** | **Financials 33.6%** | **Financials 33.6%** |
| AIG Global Funding |  |  |
| 5.35%, (SOFR + 1.30%), 09/25/26 (a) (b) | 454 | 457 |
| American Express Company |  |  |
| 4.87%, (SOFR + 1.00%), 02/16/28 (a) | 655 | 658 |
| Athene Global Funding |  |  |
| 4.84%, (SOFR + 0.83%), 01/07/27 (a) (b) | 305 | 306 |
| 4.70%, (SOFR + 1.00%), 09/18/28 (a) (b) | 250 | 250 |
| Bank of America Corporation |  |  |
| 5.05%, (SOFR + 1.35%), 09/15/27 (a) | 965 | 971 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.43%, (SOFR + 0.68%), 06/09/28 (a) | 835 | 836 |
| Caterpillar Financial Services Corporation |  |  |
| 4.39%, (SOFR + 0.52%), 05/14/27 (a) | 710 | 712 |
| 4.45%, (SOFR + 0.58%), 11/14/28 (a) | 165 | 165 |
| Citigroup Inc. |  |  |
| 4.56%, (SOFR + 0.71%), 11/19/27 (a) | 415 | 416 |
| 5.02%, (SOFR + 1.14%), 05/07/28 (a) | 355 | 357 |
| Fifth Third Bank, National Association |  |  |
| 4.74%, (SOFR + 0.81%), 01/28/28 (a) | 380 | 381 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 | 365 | 366 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.55%, (SOFR + 0.82%), 09/10/27 (a) | 185 | 185 |
| 5.55%, (SOFR + 1.85%), 03/15/28 (a) | 755 | 766 |
| John Deere Capital Corporation |  |  |
| 4.23%, (SOFR + 0.44%), 03/06/26 (a) | 635 | 635 |
| 4.36%, (SOFR + 0.60%), 06/11/27 (a) | 150 | 151 |
| JPMorgan Chase & Co. |  |  |
| 4.46%, (SOFR + 0.77%), 09/22/27 (a) | 580 | 581 |
| 5.16%, (SOFR + 1.20%), 01/23/28 (a) | 315 | 317 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 4.58%, (SOFR + 0.70%), 11/08/27 (a) | 315 | 317 |
| MasterCard Incorporated |  |  |
| 4.14%, (SOFR + 0.44%), 03/15/28 (a) | 155 | 155 |
| Morgan Stanley Bank |  |  |
| 4.66%, (SOFR + 0.69%), 10/15/27 (a) | 150 | 150 |
| 4.70%, (SOFR + 0.86%), 05/26/28 (a) (c) | 710 | 712 |
| New York Life Global Funding |  |  |
| 4.34%, (SOFR + 0.58%), 08/28/26 (a) (b) | 400 | 401 |
| 4.18%, (SOFR + 0.41%), 02/05/27 (a) (b) | 340 | 340 |
| Nordea Bank Abp |  |  |
| 4.44%, (SOFR + 0.74%), 03/19/27 (a) (b) | 267 | 268 |
| PayPal Holdings, Inc. |  |  |
| 4.43%, (SOFR + 0.67%), 03/06/28 (a) | 335 | 336 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.43%, (SOFR + 0.56%), 02/16/27 (a) | 225 | 226 |
| PNC Bank, National Association |  |  |
| 4.69%, (SOFR + 0.73%), 07/21/28 (a) | 250 | 250 |
| Principal Life Global Funding II |  |  |
| 4.66%, (SOFR + 0.81%), 08/18/28 (a) (b) | 300 | 300 |
| State Street Corporation |  |  |
| 4.73%, (SOFR + 0.84%), 08/03/26 (a) | 115 | 115 |
| 4.59%, (SOFR + 0.64%), 10/22/27 (a) | 460 | 462 |
| Truist Bank |  |  |
| 4.71%, (SOFR + 0.77%), 07/24/28 (a) | 805 | 805 |
| U.S. Bank National Association |  |  |
| 4.64%, (SOFR + 0.69%), 10/22/27 (a) (c) | 785 | 786 |
| UBS Group AG |  |  |
| 1.31%, 02/02/27 (b) | 205 | 204 |
| Wells Fargo & Company |  |  |
| 4.73%, (SOFR + 0.78%), 01/24/28 (a) | 840 | 841 |
|  |  | 15178 |
| **Health Care 6.9%** | **Health Care 6.9%** | **Health Care 6.9%** |
| Bristol-Myers Squibb Company |  |  |
| 4.35%, (SOFR + 0.49%), 02/20/26 (a) | 419 | 419 |
| CVS Health Corporation |  |  |
| 5.00%, 02/20/26 | 170 | 170 |
| Eli Lilly and Company |  |  |
| 4.66%, (SOFR + 0.53%), 10/15/28 (a) | 230 | 232 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.21%, (SOFR + 0.50%), 03/12/27 (a) | 475 | 476 |
| Novartis Capital Corporation |  |  |
| 4.41%, (SOFR + 0.52%), 11/05/28 (a) | 435 | 437 |
| Pfizer Inc. |  |  |
| 4.35%, (SOFR + 0.50%), 11/15/27 (a) | 225 | 226 |
| Sanofi |  |  |
| 4.37%, (SOFR + 0.46%), 11/03/27 (a) | 515 | 517 |
| UnitedHealth Group Incorporated |  |  |
| 4.49%, (SOFR + 0.50%), 07/15/26 (a) | 633 | 634 |
|  |  | 3111 |
| **Communication Services 3.9%** | **Communication Services 3.9%** | **Communication Services 3.9%** |
| Alphabet Inc. |  |  |
| 4.40%, (SOFR + 0.52%), 11/15/28 (a) | 455 | 458 |
| AT&T Inc. |  |  |
| 1.70%, 03/25/26 | 860 | 856 |
| TCI Communications, Inc. |  |  |
| 7.88%, 02/15/26 | 325 | 327 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 65 | 65 |
| 2.63%, 04/15/26 | 30 | 30 |
|  |  | 1736 |
| **Energy 3.7%** | **Energy 3.7%** | **Energy 3.7%** |
| Chevron U.S.A. Inc. |  |  |
| 4.20%, (SOFR + 0.36%), 02/26/27 (a) | 470 | 471 |
| 4.45%, (SOFR + 0.57%), 08/13/28 (a) | 285 | 288 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 465 | 472 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 440 | 440 |
|  |  | 1671 |
| **Industrials 3.0%** | **Industrials 3.0%** | **Industrials 3.0%** |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (d) | 525 | 524 |
| General Electric Company |  |  |
| 4.54%, (3 Month Term SOFR + 0.64%), 05/05/26 (a) (e) | 443 | 444 |
| Siemens Funding B.V. |  |  |
| 4.48%, (SOFR + 0.64%), 05/26/28 (a) (b) | 395 | 396 |
|  |  | 1364 |
| **Information Technology 2.8%** | **Information Technology 2.8%** | **Information Technology 2.8%** |
| Intel Corporation |  |  |
| 4.88%, 02/10/26 | 495 | 495 |
| Oracle Corporation |  |  |
| 1.65%, 03/25/26 | 620 | 616 |
| 4.67%, (SOFR + 0.76%), 08/03/28 (a) | 170 | 168 |
|  |  | 1279 |
| **Utilities 2.8%** | **Utilities 2.8%** | **Utilities 2.8%** |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.39%, (SOFR + 0.52%), 11/18/27 (a) | 350 | 351 |
| Georgia Power Company |  |  |
| 3.98%, (SOFR + 0.28%), 09/15/26 (a) | 360 | 360 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, (SOFR + 0.76%), 01/29/26 (a) | 384 | 384 |
| 4.71%, (SOFR + 0.80%), 02/04/28 (a) | 180 | 181 |
|  |  | 1276 |
| **Consumer Staples 1.0%** | **Consumer Staples 1.0%** | **Consumer Staples 1.0%** |
| Philip Morris International Inc. |  |  |
| 4.77%, (SOFR + 0.83%), 04/28/28 (a) | 460 | 462 |
| Total Corporate Bonds And Notes (cost $26,037) | Total Corporate Bonds And Notes (cost $26,037) | 26077 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 15.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 15.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 15.4%** |
| Amur Equipment Finance Receivables XIII LLC |  |  |
| Series 2024-A2-1A, 5.38%, 07/20/27 | 74 | 75 |
| Auxilior Term Funding 2024-1, LLC |  |  |
| Series 2024-A2-1A, 5.84%, 03/15/27 | 13 | 13 |
| BMW Vehicle Lease Trust 2024-2 |  |  |
| Series 2024-A2A-2, 4.29%, 06/25/26 | 59 | 60 |
| Capital One Prime Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2A-1, 3.88%, 01/16/29 | 375 | 375 |
| CarMax Auto Owner Trust 2024-4 |  |  |
| Series 2024-A2A-4, 4.67%, 12/15/27 | 42 | 42 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CarMax Auto Owner Trust 2025-3 |  |  |
| Series 2025-A2A-3, 4.42%, 08/15/28 | 126 | 126 |
| CCG Receivables Trust 2023-1 |  |  |
| Series 2023-A2-1, 5.82%, 09/16/30 | 21 | 22 |
| CNH Equipment Trust 2024-A |  |  |
| Series 2024-A2B-B, 4.38%, (SOFR 30-Day Average + 0.40%), 03/16/26 (a) | 21 | 21 |
| CNH Equipment Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.30%, 08/15/28 | 157 | 157 |
| DLLAA 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.70%, 10/20/27 | 44 | 44 |
| DLLAD 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.46%, 09/20/27 | 100 | 101 |
| Ford Credit Auto Lease Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.57%, 08/15/27 | 160 | 161 |
| Ford Credit Auto Owner Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.40%, 02/15/26 | 35 | 35 |
| Ford Credit Auto Owner Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.47%, 11/15/26 | 263 | 264 |
| Ford Credit Auto Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.88%, 04/15/27 | 279 | 279 |
| GM Financial Automobile Leasing Trust 2024-3 |  |  |
| Series 2024-A2A-3, 4.29%, 04/20/26 | 60 | 60 |
| GM Financial Consumer Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-A2A-3, 5.35%, 02/16/26 | 39 | 39 |
| GM Financial Consumer Automobile Receivables Trust 2025-3 |  |  |
| Series 2025-A2A-3, 4.32%, 03/16/27 | 170 | 170 |
| GM Financial Consumer Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-A2A-4, 3.88%, 07/16/27 | 375 | 375 |
| Honda Auto Receivables 2025-3 Owner Trust |  |  |
| Series 2025-A2A-3, 4.19%, 03/22/27 | 359 | 360 |
| HPEFS Equipment Trust 2025-1 |  |  |
| Series 2025-A2-1A, 4.49%, 02/20/27 | 100 | 100 |
| Hyundai Auto Lease Securitization Trust 2025-C |  |  |
| Series 2025-A2A-C, 4.37%, 04/15/27 | 137 | 138 |
| Hyundai Auto Receivables Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.15%, 06/15/27 | 16 | 16 |
| Hyundai Auto Receivables Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.33%, 09/15/26 | 128 | 129 |
| Hyundai Auto Receivables Trust 2025-D |  |  |
| Series 2025-A2A-D, 4.03%, 07/15/27 | 75 | 75 |
| John Deere Owner Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.42%, 05/17/27 | 44 | 44 |
| John Deere Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 4.28%, 07/17/28 | 168 | 169 |
| Kubota Credit Owner Trust 2025-2 |  |  |
| Series 2025-A2-2A, 4.48%, 07/15/27 | 146 | 147 |
| M&T Bank Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2A-1A, 4.63%, 05/15/28 | 66 | 66 |
| Mercedes-Benz Auto Lease Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.86%, 03/15/28 | 169 | 169 |
| PenFed Auto Receivables Owner Trust 2025-A |  |  |
| Series 2025-A2-A, 4.12%, 09/15/28 | 100 | 100 |
| Porsche Financial Auto Securitization Trust 2024-1 |  |  |
| Series 2024-A2A-1A, 4.45%, 07/22/26 | 24 | 24 |
| Porsche Innovative Lease Owner Trust 2024-2 |  |  |
| Series 2024-A2A-2A, 4.47%, 01/20/26 | 34 | 34 |
| SBNA Auto Lease Trust 2025-A |  |  |
| Series 2025-A2-A, 4.68%, 04/20/27 | 51 | 51 |
| SFS Auto Receivables Securitization Trust 2025-2 |  |  |
| Series 2025-A2-2A, 4.52%, 03/20/27 | 78 | 78 |
| SFS Auto Receivables Securitization Trust 2025-3 |  |  |
| Series 2025-A2-3A, 4.11%, 03/20/29 | 352 | 353 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-A2-BA, 4.31%, 04/20/27 | 48 | 48 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-C |  |  |
| Series 2025-A2-CA, 4.06%, 09/20/27 | 315 | 315 |
| Toyota Auto Receivables 2025-A Owner Trust |  |  |
| Series 2025-A2A-A, 4.48%, 11/15/27 | 181 | 182 |
| Toyota Auto Receivables 2025-C Owner Trust |  |  |
| Series 2025-A2A-C, 4.29%, 03/15/27 | 340 | 341 |
| Toyota Lease Owner Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.58%, 12/21/26 | 164 | 164 |
| Toyota Lease Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.91%, 09/20/27 | 126 | 126 |
| USAA Auto Owner Trust 2025-A |  |  |
| Series 2025-A2-A, 3.98%, 03/15/27 | 244 | 244 |
| Verizon Master Trust |  |  |
| Series 2024-A1B-4, 4.47%, (SOFR 30-Day Average + 0.55%), 06/20/26 (a) | 50 | 50 |
| Series 2024-A1B-3, REMIC, 4.50%, (SOFR 30-Day Average + 0.58%), 04/20/27 (a) | 307 | 307 |
| Volkswagen Auto Lease Trust 2024-A |  |  |
| Series 2024-A2A-A, 5.40%, 01/20/26 | 14 | 14 |
| Volkswagen Auto Lease Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.97%, 04/20/27 | 215 | 215 |
| Volkswagen Auto Loan Enhanced Trust 2025-1 |  |  |
| Series 2025-A2A-1, 4.51%, 10/20/26 | 226 | 227 |
| Volvo Financial Equipment LLC, Series 2025-2 |  |  |
| Series 2025-A2-2A, 3.96%, 06/15/28 | 100 | 100 |
| World Omni Auto Receivables Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.49%, 11/16/26 | 92 | 92 |
| World Omni Automobile Lease Securitization Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.35%, 02/16/27 | 47 | 47 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,931) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,931) | 6944 |
| **SHORT TERM INVESTMENTS 19.0%** | **SHORT TERM INVESTMENTS 19.0%** | **SHORT TERM INVESTMENTS 19.0%** |
| **Investment Companies 12.9%** | **Investment Companies 12.9%** | **Investment Companies 12.9%** |
| JNL Government Money Market Fund - Class I, 3.64% (f) (g) | 5864 | 5864 |
| **U.S. Treasury Bill 6.1%** | **U.S. Treasury Bill 6.1%** | **U.S. Treasury Bill 6.1%** |
| Treasury, United States Department of |  |  |
| 3.42%, 01/06/26 | 755 | 755 |
| 3.90%, 01/08/26 | 1000 | 999 |
| 3.60%, 01/29/26 | 1000 | 997 |
|  |  | 2751 |
| Total Short Term Investments (cost $8,615) | Total Short Term Investments (cost $8,615) | 8615 |
| **Total Investments 92.1% (cost $41,583)** | **Total Investments 92.1% (cost $41,583)** | **41636** |
| **Other Derivative Instruments (0.8)%** | **Other Derivative Instruments (0.8)%** | (348) |
| **Other Assets and Liabilities, Net 8.7%** | **Other Assets and Liabilities, Net 8.7%** | **3898** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **45186** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $2,922 and 6.5% of the Fund.

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

(d) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(f) Investment in affiliate.

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

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Commodity Strategy Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 5510 | 46487 | 46133 | 232 |  |  | 5864 | 13.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Commodity Strategy Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Morgan Stanley Bank, 4.70%, 05/26/28 | 10/17/25 | 712 | 712 | 1.6 |
| U.S. Bank National Association, 4.64%, 10/22/27 | 10/17/24 | 785 | 786 | 1.7 |
|  |  | 1497 | 1498 | 3.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Aluminum | 29 | March 2026 |  | 2102 | 69 | 69 |
| Brent Crude | 48 | January 2026 |  | 3073 | (23) | (152) |
| Canola | 10 | March 2026 | CAD | 132 | (1) | (8) |
| Carbon Emission | 2 | December 2026 | EUR | 166 |  | 11 |
| Cattle Feeder | 2 | March 2026 |  | 323 | 1 | 22 |
| Cocoa | 4 | March 2026 | GBP | 167 | 1 | 11 |
| Cocoa | 3 | March 2026 |  | 196 |  | (14) |
| Coffee C | 7 | March 2026 |  | 992 | (4) | (77) |
| Copper | 3 | March 2026 |  | 812 | 151 | 121 |
| Copper | 25 | May 2026 |  | 3293 | (62) | 293 |
| Corn | 74 | July 2026 |  | 1695 |  | (14) |
| Cotton No. 2 | 4 | July 2026 |  | 133 |  |  |
| Crude Oil, WTI | 34 | March 2026 |  | 1972 | (18) | (27) |
| Gasoline, RBOB | 26 | March 2026 |  | 2029 | (17) | (128) |
| Gold, 100 Oz. | 25 | February 2026 |  | 10153 | (113) | 700 |
| Iron Ore | 20 | March 2026 |  | 201 |  | 8 |
| KC HRW Wheat | 12 | May 2026 |  | 325 | (4) | (8) |
| Lead | 7 | March 2026 |  | 358 | (11) | (7) |
| Lean Hogs | 17 | February 2026 |  | 557 | (2) | 22 |
| Live Cattle | 11 | March 2026 |  | 1010 | 5 | 9 |
| Low Sulfur Gasoil | 23 | March 2026 |  | 1490 | (11) | (73) |
| Natural Gas | 110 | March 2026 |  | 4497 | (240) | (1054) |
| New York Harbor ULSD | 11 | March 2026 |  | 1045 | (15) | (73) |
| Nickel | 6 | March 2026 |  | 546 | 53 | 53 |
| Palladium | 2 | March 2026 |  | 297 | (15) | 34 |
| Platinum | 4 | April 2026 |  | 335 | (42) | 74 |
| Rapeseed | 1 | February 2026 | EUR | 23 |  | (1) |
| Red Wheat | 7 | March 2026 |  | 204 | (2) | (3) |
| Robusta Coffee | 1 | March 2026 |  | 43 |  | (3) |
| Silver | 12 | March 2026 |  | 2983 | (439) | 1253 |
| Soybean | 40 | May 2026 |  | 2114 | (27) | 8 |
| Soybean Meal | 66 | March 2026 |  | 2116 | (19) | (139) |
| Soybean Oil | 63 | May 2026 |  | 1979 | (32) | (123) |
| Sugar No. 11 | 30 | May 2026 |  | 536 | 6 | (32) |
| Tin | 3 | March 2026 |  | 578 | 31 | 31 |
| Wheat | 9 | May 2026 |  | 246 | (2) | (13) |
| White Sugar | 8 | April 2026 |  | 187 | 1 | (16) |
| Zinc | 20 | March 2026 |  | 1542 | 17 | 17 |
|  |  |  |  |  | (764) | 771 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Milling Wheat No. 2 | (6) | March 2026 | EUR | (56) |  |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 26077 |  | 26077 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 6944 |  | 6944 |
| &nbsp;&nbsp;Short Term Investments | 5864 | 2751 |  | 8615 |
|  | 5864 | 35772 |  | 41636 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2736 |  |  | 2736 |
|  | 2736 |  |  | 2736 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1965) |  |  | (1965) |
|  | (1965) |  |  | (1965) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |
| **CORPORATE BONDS AND NOTES 45.9%** | **CORPORATE BONDS AND NOTES 45.9%** | **CORPORATE BONDS AND NOTES 45.9%** |
| **Financials 27.1%** | **Financials 27.1%** | **Financials 27.1%** |
| AIG Global Funding |  |  |
| 5.35%, (SOFR + 1.30%), 09/25/26 (a) (b) | 690 | 694 |
| American Express Company |  |  |
| 4.87%, (SOFR + 1.00%), 02/16/28 (a) | 1683 | 1691 |
| Athene Global Funding |  |  |
| 4.84%, (SOFR + 0.83%), 01/07/27 (a) (b) | 550 | 551 |
| 4.70%, (SOFR + 1.00%), 09/18/28 (a) (b) | 550 | 551 |
| Bank of America Corporation |  |  |
| 5.05%, (SOFR + 1.35%), 09/15/27 (a) | 2220 | 2234 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.43%, (SOFR + 0.68%), 06/09/28 (a) | 1960 | 1962 |
| Caterpillar Financial Services Corporation |  |  |
| 4.45%, (SOFR + 0.58%), 11/14/28 (a) | 1410 | 1413 |
| Citigroup Inc. |  |  |
| 4.56%, (SOFR + 0.71%), 11/19/27 (a) | 1055 | 1057 |
| 5.02%, (SOFR + 1.14%), 05/07/28 (a) | 820 | 825 |
| Fifth Third Bank, National Association |  |  |
| 4.74%, (SOFR + 0.81%), 01/28/28 (a) | 630 | 631 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 | 795 | 798 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.55%, (SOFR + 0.82%), 09/10/27 (a) | 380 | 381 |
| 5.55%, (SOFR + 1.85%), 03/15/28 (a) | 1370 | 1390 |
| John Deere Capital Corporation |  |  |
| 4.23%, (SOFR + 0.44%), 03/06/26 (a) | 690 | 690 |
| 4.36%, (SOFR + 0.60%), 06/11/27 (a) | 230 | 231 |
| JPMorgan Chase & Co. |  |  |
| 4.46%, (SOFR + 0.77%), 09/22/27 (a) | 930 | 932 |
| 5.16%, (SOFR + 1.20%), 01/23/28 (a) | 850 | 856 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 4.58%, (SOFR + 0.70%), 11/08/27 (a) | 470 | 472 |
| MasterCard Incorporated |  |  |
| 4.14%, (SOFR + 0.44%), 03/15/28 (a) | 230 | 231 |
| Morgan Stanley Bank |  |  |
| 4.66%, (SOFR + 0.69%), 10/15/27 (a) | 165 | 165 |
| 4.70%, (SOFR + 0.86%), 05/26/28 (a) (c) | 1685 | 1690 |
| New York Life Global Funding |  |  |
| 4.34%, (SOFR + 0.58%), 08/28/26 (a) (b) | 680 | 681 |
| 4.18%, (SOFR + 0.41%), 02/05/27 (a) (b) | 485 | 485 |
| Nordea Bank Abp |  |  |
| 4.44%, (SOFR + 0.74%), 03/19/27 (a) (b) | 270 | 271 |
| PayPal Holdings, Inc. |  |  |
| 4.43%, (SOFR + 0.67%), 03/06/28 (a) | 680 | 682 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.43%, (SOFR + 0.56%), 02/16/27 (a) | 530 | 532 |
| PNC Bank, National Association |  |  |
| 4.69%, (SOFR + 0.73%), 07/21/28 (a) | 1260 | 1261 |
| Principal Life Global Funding II |  |  |
| 4.66%, (SOFR + 0.81%), 08/18/28 (a) (b) | 605 | 606 |
| State Street Corporation |  |  |
| 4.73%, (SOFR + 0.84%), 08/03/26 (a) | 195 | 196 |
| 4.59%, (SOFR + 0.64%), 10/22/27 (a) | 1220 | 1226 |
| Toyota Motor Credit Corporation |  |  |
| 4.45%, (SOFR + 0.45%), 04/10/26 (a) | 285 | 285 |
| 4.65%, (SOFR + 0.77%), 08/07/26 (a) | 600 | 602 |
| Truist Bank |  |  |
| 4.71%, (SOFR + 0.77%), 07/24/28 (a) | 1610 | 1610 |
| U.S. Bank National Association |  |  |
| 4.64%, (SOFR + 0.69%), 10/22/27 (a) (c) | 1985 | 1988 |
| UBS Group AG |  |  |
| 1.31%, 02/02/27 (b) | 340 | 339 |
| Wells Fargo & Company |  |  |
| 4.73%, (SOFR + 0.78%), 01/24/28 (a) | 1670 | 1672 |
|  |  | 31881 |
| **Health Care 5.2%** | **Health Care 5.2%** | **Health Care 5.2%** |
| Bristol-Myers Squibb Company |  |  |
| 4.35%, (SOFR + 0.49%), 02/20/26 (a) | 695 | 695 |
| CVS Health Corporation |  |  |
| 5.00%, 02/20/26 | 300 | 300 |
| Eli Lilly and Company |  |  |
| 4.66%, (SOFR + 0.53%), 10/15/28 (a) | 495 | 498 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.21%, (SOFR + 0.50%), 03/12/27 (a) | 1000 | 1003 |
| Novartis Capital Corporation |  |  |
| 4.41%, (SOFR + 0.52%), 11/05/28 (a) | 1010 | 1014 |
| Pfizer Inc. |  |  |
| 4.35%, (SOFR + 0.50%), 11/15/27 (a) | 530 | 531 |
| Sanofi |  |  |
| 4.37%, (SOFR + 0.46%), 11/03/27 (a) | 1250 | 1255 |
| UnitedHealth Group Incorporated |  |  |
| 4.49%, (SOFR + 0.50%), 07/15/26 (a) | 888 | 889 |
|  |  | 6185 |
| **Communication Services 3.7%** | **Communication Services 3.7%** | **Communication Services 3.7%** |
| Alphabet Inc. |  |  |
| 4.40%, (SOFR + 0.52%), 11/15/28 (a) | 1065 | 1073 |
| AT&T Inc. |  |  |
| 1.70%, 03/25/26 | 1725 | 1716 |
| TCI Communications, Inc. |  |  |
| 7.88%, 02/15/26 | 540 | 543 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 100 | 100 |
| 2.63%, 04/15/26 | 885 | 881 |
|  |  | 4313 |
| **Energy 2.6%** | **Energy 2.6%** | **Energy 2.6%** |
| Chevron U.S.A. Inc. |  |  |
| 4.20%, (SOFR + 0.36%), 02/26/27 (a) | 780 | 782 |
| 4.45%, (SOFR + 0.57%), 08/13/28 (a) | 575 | 580 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 920 | 934 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 730 | 729 |
|  |  | 3025 |
| **Industrials 2.1%** | **Industrials 2.1%** | **Industrials 2.1%** |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (d) | 1160 | 1158 |
| General Electric Company |  |  |
| 4.54%, (3 Month Term SOFR + 0.64%), 05/05/26 (a) (e) | 693 | 694 |
| Siemens Funding B.V. |  |  |
| 4.48%, (SOFR + 0.64%), 05/26/28 (a) (b) | 660 | 662 |
|  |  | 2514 |
| **Utilities 2.1%** | **Utilities 2.1%** | **Utilities 2.1%** |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.39%, (SOFR + 0.52%), 11/18/27 (a) | 865 | 867 |
| Georgia Power Company |  |  |
| 3.98%, (SOFR + 0.28%), 09/15/26 (a) | 744 | 744 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, (SOFR + 0.76%), 01/29/26 (a) | 405 | 405 |
| 4.71%, (SOFR + 0.80%), 02/04/28 (a) | 415 | 417 |
|  |  | 2433 |
| **Information Technology 2.0%** | **Information Technology 2.0%** | **Information Technology 2.0%** |
| Intel Corporation |  |  |
| 4.88%, 02/10/26 | 895 | 896 |
| Oracle Corporation |  |  |
| 1.65%, 03/25/26 | 1130 | 1123 |
| 4.67%, (SOFR + 0.76%), 08/03/28 (a) | 385 | 380 |
|  |  | 2399 |
| **Consumer Staples 1.1%** | **Consumer Staples 1.1%** | **Consumer Staples 1.1%** |
| PepsiCo, Inc. |  |  |
| 4.28%, (SOFR + 0.40%), 02/13/26 (a) | 250 | 250 |
| Philip Morris International Inc. |  |  |
| 4.77%, (SOFR + 0.83%), 04/28/28 (a) | 1050 | 1055 |
|  |  | 1305 |
| Total Corporate Bonds And Notes (cost $53,985) | Total Corporate Bonds And Notes (cost $53,985) | 54055 |
| **INVESTMENT COMPANIES 3.0%** | **INVESTMENT COMPANIES 3.0%** | **INVESTMENT COMPANIES 3.0%** |
| iShares Bitcoin Trust ETF | 72 | 3570 |
| Total Investment Companies (cost $3,925) | Total Investment Companies (cost $3,925) | 3570 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 45.8%** | **SHORT TERM INVESTMENTS 45.8%** | **SHORT TERM INVESTMENTS 45.8%** |
| **U.S. Treasury Bill 32.0%** | **U.S. Treasury Bill 32.0%** | **U.S. Treasury Bill 32.0%** |
| Treasury, United States Department of |  |  |
| 3.42%, 01/06/26 | 20140 | 20132 |
| 3.90%, 01/08/26 | 7500 | 7496 |
| 3.60%, 01/29/26 | 10000 | 9973 |
|  |  | 37601 |
| **Investment Companies 13.8%** | **Investment Companies 13.8%** | **Investment Companies 13.8%** |
| JNL Government Money Market Fund - Class I, 3.64% (f) (g) | 16234 | 16234 |
| Total Short Term Investments (cost $53,830) | Total Short Term Investments (cost $53,830) | 53835 |
| **Total Investments 94.7% (cost $111,740)** | **Total Investments 94.7% (cost $111,740)** | **111460** |
| **Other Derivative Instruments (1.5)%** | **Other Derivative Instruments (1.5)%** | **(1791)** |
| **Other Assets and Liabilities, Net 6.8%** | **Other Assets and Liabilities, Net 6.8%** | **7986** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **117655** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $4,840 and 4.1% of the Fund.

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

(d) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 2901 | 205356 | 192023 | 497 |  |  | 16234 | 13.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Morgan Stanley Bank, 4.70%, 05/26/28 | 10/17/25 | 1691 | 1690 | 1.4 |
| U.S. Bank National Association, 4.64%, 10/22/27 | 10/17/24 | 1986 | 1988 | 1.7 |
|  |  | 3677 | 3678 | 3.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Gold, 100 Oz. | 244 | February 2026 | 99385 | (1103) | 6538 |
| Palladium | 16 | March 2026 | 2405 | (121) | 238 |
| Platinum | 26 | April 2026 | 2180 | (274) | 477 |
| Silver | 8 | March 2026 | 1959 | (293) | 865 |
|  |  |  |  | (1791) | 8118 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 54055 |  | 54055 |
| &nbsp;&nbsp;Investment Companies | 3570 |  |  | 3570 |
| &nbsp;&nbsp;Short Term Investments | 16234 | 37601 |  | 53835 |
|  | 19804 | 91656 |  | 111460 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 8118 |  |  | 8118 |
|  | 8118 |  |  | 8118 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 41.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 41.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 41.9%** |
| **Mortgage-Backed Securities 25.4%** | **Mortgage-Backed Securities 25.4%** | **Mortgage-Backed Securities 25.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 11/01/50 - 10/01/55 | 17010 | 17498 |
| 3.00%, 12/01/51 - 09/01/52 | 4512 | 4013 |
| 2.50%, 04/01/52 - 10/01/52 | 2570 | 2179 |
| 3.50%, 06/01/52 - 11/01/54 | 2008 | 1858 |
| 4.50%, 06/01/52 - 12/01/54 | 7367 | 7221 |
| 4.00%, 08/01/52 - 12/01/54 | 6305 | 6011 |
| 5.00%, 10/01/52 - 12/01/54 | 10093 | 10121 |
| 5.50%, 11/01/52 - 10/01/55 | 16196 | 16482 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 06/01/50 - 07/01/52 | 9656 | 8578 |
| 2.50%, 08/01/51 - 07/01/53 | 9921 | 8447 |
| 3.50%, 03/01/52 - 04/01/53 | 10012 | 9291 |
| 4.00%, 06/01/52 - 07/01/55 | 7270 | 6934 |
| 4.50%, 08/01/52 - 06/01/55 | 6949 | 6809 |
| 5.00%, 08/01/52 - 01/01/55 | 20608 | 20670 |
| 5.50%, 12/01/52 - 11/01/55 | 29623 | 30153 |
| 6.00%, 01/01/53 - 07/01/55 | 21083 | 21716 |
| TBA, 2.50%, 01/15/56 (a) | 3145 | 2658 |
| TBA, 3.50%, 01/15/56 (a) | 9600 | 8868 |
| TBA, 4.00%, 01/15/56 (a) | 23215 | 22016 |
| TBA, 4.50%, 01/15/56 (a) | 14525 | 14176 |
| TBA, 5.00%, 01/15/56 (a) | 5385 | 5372 |
| TBA, 5.50%, 01/15/56 (a) | 13745 | 13937 |
| Government National Mortgage Association |  |  |
| TBA, 5.00%, 01/15/56 (a) | 14715 | 14679 |
| TBA, 5.50%, 01/15/56 (a) | 13620 | 13751 |
|  |  | 273438 |
| **Collateralized Mortgage Obligations 8.6%** | **Collateralized Mortgage Obligations 8.6%** | **Collateralized Mortgage Obligations 8.6%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1B1-R01, REMIC, 6.97%, (SOFR 30-Day Average + 3.10%), 10/25/41 (b) | 960 | 975 |
| Connecticut Avenue Securities Trust 2021-R03 |  |  |
| Series 2021-1M2-R03, REMIC, 5.52%, (SOFR 30-Day Average + 1.65%), 12/25/41 (b) | 311 | 313 |
| Series 2021-1B1-R03, REMIC, 6.62%, (SOFR 30-Day Average + 2.75%), 12/25/41 (b) | 750 | 762 |
| Connecticut Avenue Securities Trust 2022-R02 |  |  |
| Series 2022-2B1-R02, REMIC, 8.37%, (SOFR 30-Day Average + 4.50%), 01/27/42 (b) | 2035 | 2103 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1M2-R03, REMIC, 7.37%, (SOFR 30-Day Average + 3.50%), 03/25/42 (b) | 2252 | 2315 |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 6.97%, (SOFR 30-Day Average + 3.10%), 03/25/42 (b) | 2733 | 2799 |
| Connecticut Avenue Securities Trust 2022-R08 |  |  |
| Series 2022-1M2-R08, REMIC, 7.47%, (SOFR 30-Day Average + 3.60%), 07/25/42 (b) | 552 | 573 |
| Series 2022-1B1-R08, REMIC, 9.47%, (SOFR 30-Day Average + 5.60%), 07/25/42 (b) | 2146 | 2287 |
| Connecticut Avenue Securities Trust 2023-R01 |  |  |
| Series 2023-1M2-R01, REMIC, 7.62%, (SOFR 30-Day Average + 3.75%), 12/26/42 (b) | 1526 | 1601 |
| Connecticut Avenue Securities Trust 2023-R02 |  |  |
| Series 2023-1M2-R02, REMIC, 7.22%, (SOFR 30-Day Average + 3.35%), 01/25/43 (b) | 964 | 1003 |
| Series 2023-1B1-R02, REMIC, 9.42%, (SOFR 30-Day Average + 5.55%), 01/25/43 (b) | 270 | 291 |
| Connecticut Avenue Securities Trust 2023-R05 |  |  |
| Series 2023-1M2-R05, REMIC, 6.97%, (SOFR 30-Day Average + 3.10%), 06/25/29 (b) | 670 | 694 |
| Connecticut Avenue Securities Trust 2025-R01 |  |  |
| Series 2025-1B1-R01, REMIC, 5.57%, (SOFR 30-Day Average + 1.70%), 01/25/45 (b) | 743 | 744 |
| Connecticut Avenue Securities Trust 2025-R02 |  |  |
| Series 2025-1M2-R02, REMIC, 5.47%, (SOFR 30-Day Average + 1.60%), 02/27/45 (b) | 899 | 902 |
| Series 2025-1B1-R02, REMIC, 5.82%, (SOFR 30-Day Average + 1.95%), 02/27/45 (b) | 624 | 627 |
| Connecticut Avenue Securities Trust 2025-R04 |  |  |
| Series 2025-1M2-R04, REMIC, 5.37%, (SOFR 30-Day Average + 1.50%), 05/25/45 (b) | 2600 | 2604 |
| Connecticut Avenue Securities Trust 2025-R05 |  |  |
| Series 2025-2M2-R05, REMIC, 5.47%, (SOFR 30-Day Average + 1.60%), 07/25/45 (b) | 2304 | 2312 |
| Connecticut Avenue Securities Trust 2025-R06 |  |  |
| Series 2025-1B1-R06, REMIC, 5.72%, (SOFR 30-Day Average + 1.85%), 09/25/45 (b) | 1431 | 1436 |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series 2020-X1-RR03, REMIC, 1.71%, 07/27/28 (b) | 18440 | 654 |
| Interest Only, Series 2020-DX-RR02, REMIC, 1.82%, 09/27/28 (b) | 8100 | 330 |
| Series 2022-M2-DNA1, REMIC, 6.37%, (SOFR 30-Day Average + 2.50%), 01/25/29 (b) | 897 | 910 |
| Interest Only, Series 2020-X-RR04, REMIC, 2.13%, 02/27/29 (b) | 19720 | 976 |
| Interest Only, Series 2020-CX-RR02, REMIC, 1.27%, 03/27/29 (b) | 5615 | 190 |
| Series 2021-B1-DNA6, REMIC, 7.27%, (SOFR 30-Day Average + 3.40%), 10/25/41 (b) | 1482 | 1508 |
| Series 2022-M2-DNA2, REMIC, 7.62%, (SOFR 30-Day Average + 3.75%), 02/25/42 (b) | 3799 | 3914 |
| Series 2022-M2-HQA1, REMIC, 9.12%, (SOFR 30-Day Average + 5.25%), 03/25/42 (b) | 2460 | 2579 |
| Series 2022-B1-HQA1, REMIC, 10.87%, (SOFR 30-Day Average + 7.00%), 03/25/42 (b) | 1550 | 1652 |
| Series 2022-M2-DNA3, REMIC, 8.22%, (SOFR 30-Day Average + 4.35%), 04/25/42 (b) | 1869 | 1946 |
| Series 2022-M1B-DNA5, REMIC, 8.37%, (SOFR 30-Day Average + 4.50%), 06/25/42 (b) | 1265 | 1329 |
| Series 2022-M1B-HQA3, REMIC, 7.42%, (SOFR 30-Day Average + 3.55%), 08/25/42 (b) | 1457 | 1515 |
| Series 2022-M1B-DNA6, REMIC, 7.57%, (SOFR 30-Day Average + 3.70%), 09/25/42 (b) | 3266 | 3405 |
| Series 2022-M2-DNA6, REMIC, 9.62%, (SOFR 30-Day Average + 5.75%), 09/25/42 (b) | 420 | 452 |
| Series 2024-M2-DNA1, REMIC, 5.82%, (SOFR 30-Day Average + 1.95%), 02/25/44 (b) | 593 | 599 |
| Series 2024-M2-HQA1, REMIC, 5.87%, (SOFR 30-Day Average + 2.00%), 03/25/44 (b) | 1613 | 1626 |
| Interest Only, Series LI-4994, REMIC, 4.00%, 12/25/48 | 1508 | 290 |
| Series FK-5471, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 08/25/54 (b) | 1499 | 1498 |
| Series FA-5475, REMIC, 4.97%, (SOFR 30-Day Average + 1.10%), 11/25/54 (b) | 452 | 452 |
| Series FB-5474, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 11/25/54 (b) | 1855 | 1855 |
| Series FH-5473, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 11/25/54 (b) | 1893 | 1898 |
| Series FB-5468, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 11/25/54 (b) | 2619 | 2625 |
| Series FJ-5513, REMIC, 5.67%, (SOFR 30-Day Average + 1.80%), 11/25/54 (b) | 1590 | 1603 |
| Series FC-5481, REMIC, 5.37%, (SOFR 30-Day Average + 1.50%), 12/25/54 (b) | 2514 | 2535 |
| Series FB-5505, REMIC, 5.37%, (SOFR 30-Day Average + 1.50%), 02/25/55 (b) | 837 | 844 |
| Series FB-5521, REMIC, 5.57%, (SOFR 30-Day Average + 1.70%), 03/25/55 (b) | 1613 | 1625 |
| Series FD-5518, REMIC, 5.57%, (SOFR 30-Day Average + 1.70%), 03/25/55 (b) | 1703 | 1716 |
| Series FB-5551, REMIC, 5.37%, (SOFR 30-Day Average + 1.50%), 06/25/55 (b) | 2512 | 2536 |
| Series 2019-M-1, REMIC, 4.75%, 07/25/58 (b) | 627 | 612 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C24-418, 4.00%, 08/01/43 | 1896 | 332 |
| Interest Only, Series 2018-ST-18, REMIC, 2.11%, (5.99% - (SOFR 30-Day Average \* 1)), 12/25/44 (b) | 1500 | 163 |
| Interest Only, Series 2021-AI-76, REMIC, 3.50%, 11/25/51 | 2745 | 472 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2024-FD-61, REMIC, 4.87%, (SOFR 30-Day Average + 1.00%), 03/25/53 (b) | 1114 | 1111 |
| Series 2024-FA-40, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 03/25/54 (b) | 1354 | 1357 |
| Series 2024-FA-67, REMIC, 5.04%, (SOFR 30-Day Average + 1.17%), 09/25/54 (b) | 1609 | 1613 |
| Series 2024-JF-76, REMIC, 5.12%, (SOFR 30-Day Average + 1.25%), 11/25/54 (b) | 1443 | 1449 |
| Series 2025-FC-6, REMIC, 5.47%, (SOFR 30-Day Average + 1.60%), 02/25/55 (b) | 2605 | 2620 |
| Series 2025-LF-6, REMIC, 5.67%, (SOFR 30-Day Average + 1.80%), 02/25/55 (b) | 1618 | 1635 |
| Series 2025-FB-6, REMIC, 5.87%, (SOFR 30-Day Average + 2.00%), 02/25/55 (b) | 2806 | 2840 |
| Series 2025-HF-35, REMIC, 5.57%, (SOFR 30-Day Average + 1.70%), 05/25/55 (b) | 2506 | 2522 |
| Freddie Mac STACR REMIC Trust 2025-DNA4 |  |  |
| Series 2025-M2-DNA4, REMIC, 5.42%, (SOFR 30-Day Average + 1.55%), 10/25/31 (b) | 1221 | 1223 |
| Series 2025-M2-DNA3, REMIC, 5.37%, (SOFR 30-Day Average + 1.50%), 09/25/45 (b) | 1070 | 1071 |
| Government National Mortgage Association |  |  |
| Series 2020-KA-112, REMIC, 1.00%, 08/20/50 | 699 | 544 |
| Interest Only, Series 2020-CI-162, REMIC, 2.00%, 10/20/50 | 4591 | 576 |
| Interest Only, Series 2020-MI-151, REMIC, 2.50%, 10/20/50 | 3419 | 489 |
| Series 2021-HE-103, REMIC, 2.00%, 06/20/51 | 1223 | 1029 |
| Series 2021-NC-119, REMIC, 1.50%, 07/20/51 | 1256 | 1038 |
| Series 2024-FA-61, REMIC, 5.07%, (SOFR 30-Day Average + 1.15%), 04/20/54 (b) | 571 | 573 |
| Government National Mortgage Association Guaranteed Remic Pass-Through Securities, The |  |  |
| Series 2025-FY-4, REMIC, 5.52%, (SOFR 30-Day Average + 1.60%), 01/20/55 (b) | 947 | 953 |
| Government National Mortgage Association REMIC Trust 2020-095 |  |  |
| Series 2020-WK-86, REMIC, 1.00%, 06/20/50 | 1410 | 1096 |
| | | 92721 |
| **Sovereign 7.9%** | **Sovereign 7.9%** | **Sovereign 7.9%** |
| Arab Republic of Egypt |  |  |
| 3.88%, 02/16/26 (c) | 1350 | 1343 |
| 7.05%, 01/15/32 (c) | 805 | 837 |
| 9.45%, 02/04/33 (c) | 719 | 823 |
| 8.50%, 01/31/47 (c) | 895 | 879 |
| 8.88%, 05/29/50 (c) | 170 | 172 |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 02/01/30 - 02/01/36 (c) (d) | 313 | 167 |
| 4.50%, 02/01/34 - 02/01/36 (c) (d) | 542 | 322 |
| Cabinet Office, Government of Japan |  |  |
| 3.20%, 09/20/55, JPY | 1712600 | 10601 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.15%, 08/12/32, PEN | 8562 | 2754 |
| 5.40%, 08/12/34, PEN | 355 | 105 |
| 6.90%, 08/12/37, PEN (e) | 4837 | 1501 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 8.38%, 11/07/54 | 280 | 297 |
| Federal Government of Nigeria |  |  |
| 7.38%, 09/28/33 (c) | 400 | 406 |
| 8.25%, 09/28/51 (c) | 230 | 225 |
| Ghana, Government of |  |  |
| 5.00%, 07/03/29 (c) (d) | 525 | 516 |
| Gobierno de la Republica de Costa Rica |  |  |
| 6.55%, 04/03/34 (c) | 2070 | 2259 |
| 7.16%, 03/12/45 (e) | 240 | 266 |
| Gobierno de la Republica de Guatemala |  |  |
| 6.25%, 08/15/36 (c) | 515 | 539 |
| 6.88%, 08/15/55 (c) | 140 | 150 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (c) (d) | 210 | 208 |
| 6.90%, 07/31/35 (c) (d) | 280 | 247 |
| Gobierno de La Republica del Paraguay |  |  |
| 5.40%, 03/30/50 (c) | 265 | 249 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.10%, 06/18/50 | 340 | 320 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.50%, 06/03/27, MXN | 19090 | 1059 |
| 7.75%, 05/29/31, MXN | 14097 | 754 |
| 5.38%, 03/22/33 | 410 | 406 |
| 7.75%, 11/23/34, MXN (f) | 147569 | 7594 |
| 6.34%, 05/04/53 | 590 | 561 |
| 6.40%, 05/07/54 | 115 | 110 |
| 7.38%, 05/13/55 | 200 | 215 |
| Gosudarstvennoe Uchrezhdenie Apparat Pravitelstva Respubliki Kazakhstan |  |  |
| 5.50%, 07/01/37 (c) | 1525 | 1558 |
| Government of Saudi Arabia |  |  |
| 5.63%, 01/13/35 (c) | 275 | 291 |
| 3.25%, 11/17/51 (c) | 440 | 288 |
| 3.75%, 01/21/55 (c) | 335 | 235 |
| Government of the Province of Alberta |  |  |
| 3.45%, 12/01/43, CAD | 1220 | 775 |
| 3.10%, 06/01/50, CAD | 1225 | 693 |
| Government of the Republic of Panama |  |  |
| 6.40%, 02/14/35 | 690 | 730 |
| Government of the Republic of Serbia |  |  |
| 6.00%, 06/12/34 (c) | 390 | 403 |
| Government of the Sultanate of Oman |  |  |
| 6.00%, 08/01/29 (c) | 1475 | 1544 |
| 6.25%, 01/25/31 (c) | 780 | 833 |
| 6.50%, 03/08/47 (c) | 140 | 150 |
| 7.00%, 01/25/51 (c) | 310 | 351 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 7.00%, 06/30/32, COP | 3917500 | 777 |
| 7.25%, 10/18/34, COP | 5873800 | 1107 |
| Ministerul Finantelor Publice |  |  |
| 5.75%, 09/16/30 (c) | 180 | 185 |
| 6.63%, 05/16/36 (c) | 60 | 62 |
| Morocco, Kingdom of |  |  |
| 6.50%, 09/08/33 (c) | 3300 | 3581 |
| Ontario, Government of |  |  |
| 2.90%, 06/02/49, CAD | 1465 | 807 |
| 1.90%, 12/02/51, CAD | 1710 | 742 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 7.63%, 01/30/33 (c) | 200 | 216 |
| 6.13%, 06/15/33 (c) | 560 | 559 |
| 8.08%, 04/01/36 (c) | 280 | 302 |
| 8.25%, 01/30/37 (c) | 50 | 54 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/29 - 01/01/35, BRL | 21344 | 3260 |
| 7.25%, 01/12/56 | 440 | 436 |
| Presidencia De La Nacion |  |  |
| 4.13%, 07/09/35 (d) | 740 | 549 |
| Presidencia de la Republica de El Salvador |  |  |
| 9.50%, 07/15/52 (c) | 135 | 152 |
| Presidencia de la Republica Dominicana |  |  |
| 7.05%, 02/03/31 (c) | 315 | 339 |
| 5.88%, 10/28/35 - 01/30/60 (c) | 450 | 427 |
| 6.95%, 03/15/37 (c) | 1420 | 1527 |
| 5.30%, 01/21/41 (c) | 190 | 172 |
| 6.85%, 01/27/45 (c) | 220 | 230 |
| 7.15%, 02/24/55 (c) | 260 | 279 |
| Qatar, The Amiri Diwan of The State of |  |  |
| 4.88%, 02/27/35 (c) | 985 | 1029 |
| Republic of Indonesia, The Government of, The |  |  |
| 5.50%, 04/15/26, IDR | 1062000 | 64 |
| 6.50%, 02/15/31, IDR | 15241000 | 944 |
| 7.00%, 02/15/33, IDR | 7626000 | 483 |
| 6.63%, 02/15/34, IDR | 11056000 | 686 |
| 6.75%, 07/15/35, IDR | 35178000 | 2213 |
| 4.63%, 04/15/43 (c) | 495 | 459 |
| Republica de Angola |  |  |
| 8.00%, 11/26/29 (c) (f) | 425 | 414 |
| 9.88%, 10/15/35 (c) | 190 | 188 |
| 9.38%, 05/08/48 (c) | 640 | 562 |
| 9.13%, 11/26/49 (c) | 175 | 151 |
| Romania, Government of |  |  |
| 4.85%, 07/25/29, RON | 2860 | 622 |
| 8.25%, 09/29/32, RON | 5140 | 1278 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.10%, 07/31/34, RON | 8250 | 1940 |
| Sandor-Palota |  |  |
| 3.25%, 10/22/31, HUF | 428520 | 1112 |
| 2.25%, 06/22/34, HUF | 804990 | 1765 |
| 5.50%, 03/26/36 (c) | 230 | 229 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 12672 | 783 |
| 8.25%, 03/31/32, ZAR | 47 | 3 |
| 8.88%, 02/28/35, ZAR | 6186 | 390 |
| 7.10%, 11/19/36 (c) | 850 | 911 |
| 8.50%, 01/31/37, ZAR | 3050 | 183 |
| 6.13%, 12/11/37 (c) | 405 | 399 |
| 6.50%, 02/28/41, ZAR | 24789 | 1191 |
| 8.75%, 01/31/44, ZAR | 4262 | 248 |
| 5.65%, 09/27/47 | 505 | 425 |
| 5.75%, 09/30/49 | 2310 | 1946 |
| 7.95%, 11/19/54 (c) (f) | 625 | 672 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 7.13%, 02/12/32 | 225 | 238 |
| 5.75%, 05/11/47 | 345 | 283 |
| Urzad Rady Ministrow |  |  |
| 4.75%, 07/25/29, PLN | 1286 | 365 |
| 1.75%, 04/25/32, PLN | 3733 | 876 |
| 6.00%, 10/25/33, PLN | 4134 | 1232 |
| 5.00%, 10/25/34, PLN | 3204 | 890 |
| | | 84673 |
| Total Government And Agency Obligations (cost $444,836) | Total Government And Agency Obligations (cost $444,836) | 450832 |
| **CORPORATE BONDS AND NOTES 39.7%** | **CORPORATE BONDS AND NOTES 39.7%** | **CORPORATE BONDS AND NOTES 39.7%** |
| **Financials 13.5%** | **Financials 13.5%** | **Financials 13.5%** |
| ABN AMRO Bank N.V. |  |  |
| 5.52%, 12/03/35 (c) | 900 | 930 |
| Abu Dhabi Developmental Holding Company PJSC |  |  |
| 4.38%, 10/02/31 (c) | 600 | 599 |
| Acrisure, LLC |  |  |
| 8.25%, 02/01/29 (c) | 15 | 16 |
| 8.50%, 06/15/29 (c) | 130 | 136 |
| 7.50%, 11/06/30 (c) | 370 | 385 |
| 6.75%, 07/01/32 (c) | 390 | 401 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.95%, 03/10/55 | 900 | 945 |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (c) | 505 | 523 |
| 6.50%, 10/01/31 (c) | 50 | 52 |
| Allianz SE |  |  |
| 3.20%, (100, 10/30/27) (e) (g) | 2200 | 2073 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (g) | 241 | 229 |
| 5.54%, 01/17/31 | 445 | 455 |
| Athene Holding Ltd |  |  |
| 6.88%, 06/28/55 | 1195 | 1192 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (c) | 215 | 227 |
| 7.25%, 01/15/31 (c) | 265 | 277 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 7.75%, (100, 01/14/32) (g) (h) | 960 | 1030 |
| Banco de Sabadell, S.A. |  |  |
| 6.00%, 08/16/33, EUR (e) | 200 | 249 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 8.75%, (100, 05/20/35) (c) (g) | 115 | 123 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 5.62%, 12/10/29 (c) | 85 | 88 |
| Banco Santander, S.A. |  |  |
| 4.75%, (100, 11/12/26) (g) (h) | 600 | 594 |
| Bangkok Bank Public Company Limited |  |  |
| 5.65%, 07/05/34 (c) | 190 | 199 |
| Bank of America Corporation |  |  |
| 4.38%, (100, 01/27/27) (g) | 1345 | 1331 |
| 6.63%, (100, 05/01/30) (g) | 1110 | 1155 |
| 5.82%, 09/15/29 | 1920 | 2003 |
| 5.29%, 04/25/34 | 880 | 909 |
| 5.52%, 10/25/35 | 305 | 313 |
| 5.46%, 05/09/36 | 2720 | 2833 |
| Bank of New York Mellon Corporation, The |  |  |
| 3.75%, (100, 12/20/26) (g) | 2655 | 2613 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (g) (h) | 710 | 687 |
| 7.63%, (100, 03/15/35) (g) (h) | 395 | 421 |
| 8.00%, (100, 03/15/29) (g) (h) | 880 | 938 |
| 9.63%, (100, 12/15/29) (g) (h) | 645 | 729 |
| 7.12%, 06/27/34 | 680 | 762 |
| Benteler International Aktiengesellschaft |  |  |
| 7.25%, 06/15/31, EUR (e) | 365 | 460 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (c) | 380 | 405 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32 | 754 | 765 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (c) | 90 | 92 |
| 6.50%, 05/15/32 | 470 | 489 |
| 6.00%, 08/15/33 (c) | 95 | 97 |
| BLU Income Fund SICAV IC PLC, The |  |  |
| 7.13%, 05/15/31 (c) | 295 | 305 |
| BNP Paribas |  |  |
| 4.50%, (100, 02/25/30) (c) (g) (h) | 155 | 145 |
| 4.63%, (100, 02/25/31) (c) (g) | 2075 | 1916 |
| 9.25%, (100, 11/17/27) (c) (g) (h) | 135 | 144 |
| 5.91%, 11/19/35 (c) (h) | 540 | 561 |
| Boots Group Finco LP |  |  |
| 5.38%, 08/31/32, EUR (e) | 275 | 333 |
| BPCE |  |  |
| 5.94%, 05/30/35 (c) | 805 | 840 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (c) | 320 | 319 |
| Capital One Financial Corporation |  |  |
| 6.18%, 01/30/36 | 540 | 564 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 12/01/30) (g) | 3182 | 3026 |
| 5.00%, (100, 06/01/27) (g) | 405 | 407 |
| Citigroup Inc. |  |  |
| 3.88%, (100, 02/18/26) (g) | 1081 | 1077 |
| 4.15%, (100, 11/15/26) (g) | 935 | 922 |
| 6.63%, (100, 02/15/31) (g) | 540 | 548 |
| 7.00%, (100, 08/15/34) (g) | 650 | 683 |
| 4.79%, 03/04/29 | 1920 | 1948 |
| 4.50%, 09/11/31 | 1570 | 1575 |
| 6.02%, 01/24/36 | 450 | 472 |
| 5.17%, 09/11/36 | 3175 | 3205 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (g) | 215 | 213 |
| 7.20%(3 Month Term SOFR + 3.26%), (b) (g) | 275 | 274 |
| Credit Agricole S.A. |  |  |
| 6.25%, 01/10/35 (c) | 545 | 579 |
| CrossCountry Intermediate HoldCo, LLC |  |  |
| 6.50%, 10/01/30 (c) | 270 | 275 |
| 6.75%, 12/01/32 (c) | 95 | 96 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.95%, 08/04/31 | 1180 | 1191 |
| Doha Finance Limited |  |  |
| 4.50%, 03/16/31 (e) | 600 | 589 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (c) | 1270 | 1293 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 1195 | 1246 |
| Fifth Third Bancorp |  |  |
| 7.30%(3 Month Term SOFR + 3.29%), (b) (g) | 547 | 547 |
| 4.34%, 04/25/33 | 945 | 925 |
| Focus Financial Partners, LLC |  |  |
| 6.75%, 09/15/31 (c) | 195 | 201 |
| GA Global Funding Trust |  |  |
| 5.20%, 12/09/31 (c) | 2055 | 2084 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (c) | 685 | 707 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (c) | 270 | 279 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.65%, (100, 08/10/26) (g) | 1535 | 1511 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.80%, (100, 05/10/26) (g) | 185 | 183 |
| 4.13%, (100, 11/10/26) (g) | 260 | 256 |
| 4.82%(3 Month Term SOFR + 1.03%), (b) (g) | 540 | 440 |
| 6.13%, (100, 11/10/34) (f) (g) | 570 | 580 |
| 7.50%, (100, 05/10/29) (g) | 1220 | 1288 |
| 6.48%, 10/24/29 | 1920 | 2037 |
| 4.37%, 10/21/31 | 1585 | 1580 |
| 4.94%, 10/21/36 | 5230 | 5196 |
| 6.75%, 10/01/37 | 450 | 503 |
| Grupo Aval Acciones y Valores S.A. |  |  |
| 4.38%, 02/04/30 (c) | 390 | 365 |
| Gulf International Bank B.S.C. |  |  |
| 5.75%, 06/05/29 (e) | 990 | 1030 |
| Howden UK Refinance 2 PLC |  |  |
| 8.13%, 02/15/32 (c) | 140 | 144 |
| Howden UK Refinance PLC |  |  |
| 7.25%, 02/15/31 (c) | 200 | 206 |
| HSBC Holdings PLC |  |  |
| 4.00%, (100, 03/09/26) (g) (h) | 450 | 450 |
| 4.70%, (100, 03/09/31) (f) (g) (h) | 410 | 390 |
| 5.74%, 09/10/36 | 540 | 556 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (c) | 610 | 639 |
| 7.38%, 01/31/32 (c) | 60 | 63 |
| Huntington Bancshares Incorporated |  |  |
| 4.45%, (100, 10/15/27) (g) | 383 | 376 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (g) (h) | 1045 | 1012 |
| 4.25%, (100, 05/16/31) (g) (h) | 1005 | 899 |
| 5.75%, (100, 11/16/26) (g) (h) | 846 | 850 |
| Intesa Sanpaolo SpA |  |  |
| 6.38%, (100, 03/30/28), EUR (e) (g) | 265 | 325 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (c) | 235 | 246 |
| 6.13%, 11/01/32 (c) | 50 | 51 |
| 6.75%, 05/01/33 (c) | 100 | 104 |
| Jerrold Finco PLC |  |  |
| 7.50%, 06/15/31, GBP (e) | 274 | 377 |
| Jones Deslauriers Insurance Management Inc. |  |  |
| 8.50%, 03/15/30 (c) | 75 | 78 |
| 6.88%, 10/01/33 (c) | 245 | 237 |
| JPMorgan Chase & Co. |  |  |
| 3.65%, (100, 06/01/26) (g) | 65 | 65 |
| 6.70%, (3 Month Term SOFR + 2.84%), (100, 02/01/26) (b) (g) | 159 | 160 |
| 6.88%, (100, 06/01/29) (g) | 540 | 570 |
| 5.30%, 07/24/29 | 1920 | 1978 |
| 5.58%, 07/23/36 | 300 | 311 |
| 4.81%, 10/22/36 | 3560 | 3536 |
| Liberty Mutual Group Inc. |  |  |
| 4.13%, 12/15/51 (c) | 690 | 678 |
| Lloyds Banking Group PLC |  |  |
| 8.00%, (100, 09/27/29) (g) (h) | 640 | 690 |
| 6.07%, 06/13/36 | 1955 | 2056 |
| M&T Bank Corporation |  |  |
| 3.50%, (100, 09/01/26) (g) | 1095 | 1063 |
| MDGH GMTN (RSC) Ltd. |  |  |
| 4.63%, 10/16/35 (c) | 440 | 437 |
| MetLife, Inc. |  |  |
| 6.35%, 03/15/55 | 460 | 485 |
| Morgan Stanley |  |  |
| 1.51%, 07/20/27 | 1920 | 1893 |
| 5.32%, 07/19/35 | 975 | 1004 |
| 4.89%, 10/22/36 | 3765 | 3733 |
| Nationwide Building Society |  |  |
| 4.13%, 10/18/32 (c) | 1115 | 1107 |
| 5.54%, 07/14/36 (c) | 1225 | 1266 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (g) (h) | 2530 | 2343 |
| Navient Corporation |  |  |
| 5.50%, 03/15/29 (f) | 155 | 153 |
| 7.88%, 06/15/32 (f) | 335 | 350 |
| NBK SPC Limited |  |  |
| 5.50%, 06/06/30 (c) | 590 | 611 |
| Nordea Bank Abp |  |  |
| 3.75%, (100, 03/01/29) (c) (f) (g) (h) | 1015 | 958 |
| OneMain Finance Corporation |  |  |
| 6.63%, 05/15/29 | 220 | 228 |
| 6.13%, 05/15/30 | 235 | 239 |
| 7.50%, 05/15/31 | 145 | 153 |
| 7.13%, 11/15/31 - 09/15/32 | 405 | 420 |
| 6.50%, 03/15/33 | 120 | 121 |
| 6.75%, 09/15/33 | 90 | 91 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (c) | 290 | 296 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (c) | 245 | 254 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 (c) | 155 | 165 |
| 6.88%, 05/15/32 - 02/15/33 (c) | 490 | 511 |
| 6.75%, 02/15/34 (c) | 200 | 206 |
| Progroup AG |  |  |
| 5.38%, 04/15/31, EUR (e) (f) | 301 | 360 |
| Provident Funding Mortgage Loan Trust 2005-1 |  |  |
| 9.75%, 09/15/29 (c) | 290 | 306 |
| Rocket Companies, Inc. |  |  |
| 6.50%, 08/01/29 (c) | 110 | 114 |
| 6.13%, 08/01/30 (c) | 110 | 114 |
| 6.38%, 08/01/33 (c) | 230 | 240 |
| Rocket Mortgage, LLC |  |  |
| 4.00%, 10/15/33 (c) | 120 | 111 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (c) | 410 | 423 |
| 5.50%, 05/15/33, EUR (e) | 270 | 325 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 305 | 315 |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/28 (c) | 120 | 121 |
| 7.25%, 04/01/29 (c) | 75 | 79 |
| 6.50%, 07/01/30 (c) | 530 | 553 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.01%, 10/19/26 | 455 | 452 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.40%, (100, 09/15/26) (g) | 1990 | 1948 |
| 5.00%, (100, 11/01/26) (g) | 30 | 30 |
| 6.25%, (100, 03/15/30) (g) | 915 | 944 |
| 4.90%, 05/13/31 | 1550 | 1586 |
| 4.63%, 06/06/33 | 360 | 357 |
| 5.37%, 07/21/36 | 2010 | 2070 |
| Truist Financial Corporation |  |  |
| 5.10%, (100, 03/01/30) (g) | 360 | 362 |
| 4.87%, 01/26/29 | 1920 | 1949 |
| 4.92%, 07/28/33 | 205 | 206 |
| Turkiye Vakiflar Bankasi T.A.O. |  |  |
| 8.99%, 10/05/34 (c) | 300 | 319 |
| U.S. Bancorp |  |  |
| 3.70%, (100, 01/15/27) (g) | 3760 | 3667 |
| 6.79%, 10/26/27 | 1920 | 1962 |
| 5.08%, 05/15/31 | 1845 | 1901 |
| 4.97%, 07/22/33 | 205 | 206 |
| 5.42%, 02/12/36 (f) | 1500 | 1558 |
| UBS Group AG |  |  |
| 7.00%, (100, 02/10/30) (c) (g) (h) | 625 | 639 |
| 9.25%, (100, 11/13/33) (c) (g) (h) | 1415 | 1659 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. |  |  |
| 5.38%, 04/16/34, EUR (e) | 450 | 559 |
| USI, Inc. |  |  |
| 7.50%, 01/15/32 (c) | 165 | 173 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (c) | 205 | 207 |
| 6.25%, 03/15/31 (c) | 85 | 85 |
| VistaJet Malta Finance P.L.C. |  |  |
| 6.38%, 02/01/30 (c) (f) | 325 | 309 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (c) | 195 | 200 |
| Wells Fargo & Company |  |  |
| 3.90%, (100, 03/15/26) (g) | 625 | 623 |
| 6.85%, (100, 09/15/29) (g) | 630 | 659 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.97%, 04/23/29 | 1920 | 1955 |
| 5.15%, 04/23/31 | 1530 | 1579 |
| 5.39%, 04/24/34 | 1040 | 1083 |
| 5.56%, 07/25/34 | 2365 | 2483 |
| 4.89%, 09/15/36 | 3110 | 3102 |
| XP Inc. |  |  |
| 6.75%, 07/02/29 (c) | 280 | 288 |
| | | 145498 |
| **Energy 4.6%** | **Energy 4.6%** | **Energy 4.6%** |
| 3R Lux |  |  |
| 9.75%, 02/05/31 (c) | 235 | 242 |
| Antero Midstream Partners LP |  |  |
| 6.63%, 02/01/32 (c) | 710 | 735 |
| Archrock Partners, L.P. |  |  |
| 6.63%, 09/01/32 (c) | 365 | 376 |
| Ascent Resources - Utica, LLC |  |  |
| 5.88%, 06/30/29 (c) | 415 | 416 |
| 6.63%, 10/15/32 (c) | 285 | 295 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (c) | 315 | 311 |
| BKV Upstream Midstream, LLC |  |  |
| 7.50%, 10/15/30 (c) | 330 | 334 |
| Boland Holdings, LLC |  |  |
| 6.25%, 12/01/30 (c) | 295 | 301 |
| BP Capital Markets P.L.C. |  |  |
| 3.25%, (100, 03/22/26), EUR (e) (g) | 700 | 824 |
| 4.38%, (100, 08/19/31), EUR (e) (f) (g) | 100 | 120 |
| Buckeye Partners, L.P. |  |  |
| 6.75%, 02/01/30 (c) | 380 | 398 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 (c) | 40 | 41 |
| 8.63%, 11/01/30 (c) | 330 | 345 |
| 8.75%, 07/01/31 (c) | 30 | 31 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (c) | 200 | 201 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (c) | 401 | 401 |
| ConocoPhillips Company |  |  |
| 5.50%, 01/15/55 | 900 | 862 |
| CQP Holdco LP |  |  |
| 7.50%, 12/15/33 (c) | 65 | 70 |
| Crescent Energy Finance LLC |  |  |
| 7.63%, 04/01/32 (c) | 435 | 422 |
| 7.38%, 01/15/33 (c) | 120 | 114 |
| Devon Energy Corporation |  |  |
| 5.75%, 09/15/54 | 675 | 620 |
| Diamondback Energy, Inc. |  |  |
| 5.55%, 04/01/35 | 1325 | 1363 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 395 | 352 |
| 8.88%, 01/13/33 | 1030 | 1096 |
| 8.38%, 01/19/36 | 170 | 174 |
| 5.88%, 05/28/45 - 11/02/51 | 300 | 219 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (e) | 570 | 529 |
| Enbridge Inc. |  |  |
| 5.55%, 06/20/35 | 1015 | 1051 |
| 8.25%, 01/15/84 (h) | 300 | 319 |
| Energy Transfer LP |  |  |
| 5.60%, 09/01/34 | 1920 | 1977 |
| 8.00%, 05/15/54 | 565 | 602 |
| 7.13%, 10/01/54 | 30 | 31 |
| 6.50%, 02/15/56 | 145 | 144 |
| 6.75%, 02/15/56 | 110 | 110 |
| Enterprise Products Operating LLC |  |  |
| 5.20%, 01/15/36 | 1325 | 1348 |
| EOG Resources, Inc. |  |  |
| 5.35%, 01/15/36 | 1125 | 1157 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (c) | 470 | 496 |
| Expand Energy Corporation |  |  |
| 5.70%, 01/15/35 | 1100 | 1139 |
| FS Luxembourg S.a r.l. |  |  |
| 8.63%, 06/25/33 (c) | 185 | 190 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.63%, 03/31/36 (c) | 1190 | 1051 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 05/15/33 | 520 | 539 |
| Geopark Limited |  |  |
| 8.75%, 01/31/30 (c) | 90 | 84 |
| Global Partners LP |  |  |
| 7.13%, 07/01/33 (c) | 155 | 158 |
| Golar LNG Limited |  |  |
| 7.50%, 10/02/30 (c) | 375 | 360 |
| Gran Tierra Energy Inc. |  |  |
| 9.50%, 10/15/29 (c) | 340 | 236 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (c) | 190 | 192 |
| 7.50%, 05/15/32 (c) | 350 | 364 |
| Hilcorp Energy I, L.P. |  |  |
| 5.75%, 02/01/29 (c) | 80 | 79 |
| 6.00%, 04/15/30 (c) | 260 | 252 |
| 8.38%, 11/01/33 (c) | 125 | 127 |
| 6.88%, 05/15/34 (c) | 220 | 206 |
| 7.25%, 02/15/35 (c) | 15 | 14 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (c) | 525 | 553 |
| Joint Stock Company National Company Kazmunaygas |  |  |
| 5.38%, 04/24/30 (c) | 980 | 1002 |
| Kimmeridge Texas Gas, LLC |  |  |
| 8.50%, 02/15/30 (c) | 430 | 447 |
| Kinder Morgan, Inc. |  |  |
| 5.55%, 06/01/45 | 1575 | 1523 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (c) | 280 | 282 |
| Kodiak Gas Services, LLC |  |  |
| 7.25%, 02/15/29 (c) | 55 | 57 |
| 6.50%, 10/01/33 (c) | 240 | 245 |
| 6.75%, 10/01/35 (c) | 240 | 247 |
| Matador Resources Company |  |  |
| 6.50%, 04/15/32 (c) | 210 | 213 |
| 6.25%, 04/15/33 (c) | 130 | 130 |
| MPLX LP |  |  |
| 5.95%, 04/01/55 | 2140 | 2067 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (c) | 153 | 151 |
| Nabors Industries, Inc. |  |  |
| 7.63%, 11/15/32 (c) | 205 | 201 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (c) | 490 | 508 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (c) | 275 | 285 |
| Northern Oil and Gas Incorporated |  |  |
| 7.88%, 10/15/33 (c) | 215 | 209 |
| Occidental Petroleum Corporation |  |  |
| 5.38%, 01/01/32 | 675 | 690 |
| ONEOK, Inc. |  |  |
| 5.40%, 10/15/35 | 1325 | 1339 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (c) | 175 | 182 |
| 6.25%, 02/01/33 (c) | 170 | 174 |
| Petroleos Mexicanos |  |  |
| 4.75%, 02/26/29, EUR (e) | 335 | 395 |
| 6.70%, 02/16/32 | 185 | 184 |
| 6.35%, 02/12/48 | 505 | 397 |
| 7.69%, 01/23/50 | 1725 | 1547 |
| 6.95%, 01/28/60 | 440 | 357 |
| PT. Pertamina (Persero) |  |  |
| 6.45%, 05/30/44 (c) | 260 | 277 |
| Raizen Fuels Finance S.A. |  |  |
| 6.95%, 03/05/54 (c) | 225 | 171 |
| Rockcliff Energy II LLC |  |  |
| 5.50%, 10/15/29 (c) | 345 | 341 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 (c) | 320 | 338 |
| 6.88%, 04/15/40 (c) | 290 | 299 |
| Saudi Arabian Oil Company |  |  |
| 5.38%, 06/02/35 (c) | 1530 | 1578 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.75%, 07/17/54 (c) | 240 | 234 |
| SM Energy Company |  |  |
| 7.00%, 08/01/32 (c) | 190 | 186 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 - 09/01/31 (c) | 465 | 465 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (c) | 985 | 929 |
| TotalEnergies SE |  |  |
| 4.50%, (100, 08/19/34), EUR (e) (g) | 300 | 357 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (c) | 240 | 241 |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (c) | 155 | 156 |
| 8.50%, 05/15/31 (c) | 155 | 153 |
| Transocean International Limited |  |  |
| 7.88%, 10/15/32 (c) | 215 | 222 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (c) | 680 | 703 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (c) | 215 | 217 |
| 7.00%, 01/15/30 (c) (f) | 90 | 87 |
| 8.38%, 06/01/31 (c) | 610 | 606 |
| 9.88%, 02/01/32 (c) | 70 | 72 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (c) | 200 | 204 |
| 7.50%, 05/01/33 (c) | 192 | 207 |
| 6.50%, 01/15/34 - 06/15/34 (c) | 305 | 312 |
| 7.75%, 05/01/35 (c) | 128 | 140 |
| 6.75%, 01/15/36 (c) | 180 | 184 |
| WBI Operations LLC |  |  |
| 6.25%, 10/15/30 (c) | 415 | 416 |
| 6.50%, 10/15/33 (c) | 175 | 174 |
| Western Midstream Operating, LP |  |  |
| 5.50%, 08/15/48 | 665 | 586 |
| 5.25%, 02/01/50 (d) (i) | 1840 | 1577 |
| Williams Companies, Inc., The |  |  |
| 5.30%, 09/30/35 | 1100 | 1120 |
| Wintershall Dea GmbH |  |  |
| 3.00%, (100, 07/20/28), EUR (e) (g) | 300 | 338 |
| | | 49693 |
| **Utilities 3.9%** | **Utilities 3.9%** | **Utilities 3.9%** |
| A2a S.p.A. |  |  |
| 5.00%, (100, 06/11/29), EUR (e) (g) | 326 | 395 |
| Abu Dhabi National Energy Company PJSC |  |  |
| 4.75%, 03/09/37 (c) | 405 | 397 |
| Alliant Energy Corporation |  |  |
| 5.75%, 04/01/56 | 1145 | 1142 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (c) | 895 | 926 |
| American Electric Power Company, Inc. |  |  |
| 7.05%, 12/15/54 | 1585 | 1657 |
| 6.05%, 03/15/56 | 745 | 732 |
| APA Infrastructure Limited |  |  |
| 7.13%, 11/09/83, EUR (e) | 595 | 763 |
| AusNet Services Holdings Pty Ltd |  |  |
| 1.63%, 03/11/81, EUR (e) | 543 | 628 |
| CenterPoint Energy, Inc. |  |  |
| 6.70%, 05/15/55 | 1840 | 1890 |
| 5.95%, 04/01/56 (f) | 2025 | 2040 |
| CMS Energy Corporation |  |  |
| 6.50%, 06/01/55 | 1945 | 1999 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 5.70%, 01/24/30 (c) | 225 | 228 |
| Dominion Energy, Inc. |  |  |
| 6.63%, 05/15/55 | 2280 | 2346 |
| 6.20%, 02/15/56 | 440 | 442 |
| EDP, S.A. |  |  |
| 4.75%, 05/29/54, EUR (e) | 500 | 604 |
| 4.63%, 09/16/54, EUR (e) | 600 | 722 |
| Electricite de France |  |  |
| 2.63%, (100, 12/01/27), EUR (e) (g) | 1000 | 1146 |
| 3.38%, (100, 06/15/30), EUR (e) (f) (g) | 400 | 448 |
| 7.50%, (100, 09/06/28), EUR (e) (g) | 1200 | 1535 |
| Elia Group |  |  |
| 5.85%, (100, 03/15/28), EUR (e) (g) | 300 | 369 |
| ENEL - SpA |  |  |
| 4.50%, (100, 10/14/32), EUR (e) (g) | 324 | 383 |
| 6.38%, (100, 04/16/28), EUR (e) (g) | 450 | 563 |
| Energia Group Roi Financeco Designated Activity Company |  |  |
| 6.88%, 07/31/28, EUR (c) | 207 | 252 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (c) | 270 | 273 |
| Holding D'infrastructures Des Metiers De L'environnement |  |  |
| 4.88%, 10/24/29, EUR (e) | 483 | 588 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 6.38%, 08/15/55 | 540 | 558 |
| NiSource Inc. |  |  |
| 5.75%, 07/15/56 | 1215 | 1224 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (c) (g) | 215 | 234 |
| 5.75%, 07/15/29 - 01/15/34 (c) | 700 | 702 |
| 6.00%, 02/01/33 - 01/15/36 (c) | 270 | 274 |
| Orsted A/S |  |  |
| 5.13%, (100, 09/14/29), EUR (e) (g) | 490 | 589 |
| 5.25%, 12/08/22, EUR (e) | 300 | 360 |
| PG&E Company |  |  |
| 5.70%, 03/01/35 | 485 | 499 |
| 4.95%, 07/01/50 | 542 | 458 |
| 6.15%, 03/01/55 | 633 | 627 |
| 6.10%, 10/15/55 | 2020 | 1989 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (c) | 195 | 211 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 1885 | 1915 |
| 6.38%, 04/01/56 | 660 | 674 |
| Spire Inc. |  |  |
| 6.25%, 06/01/56 | 490 | 487 |
| 6.45%, 06/01/56 | 735 | 735 |
| SSE PLC |  |  |
| 4.00%, (100, 01/21/28), EUR (e) (g) | 400 | 475 |
| Stedin Holding N.V. |  |  |
| 1.50%, (100, 12/31/26), EUR (e) (g) | 200 | 230 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (c) | 235 | 239 |
| 6.50%, 02/01/36 (c) | 230 | 238 |
| The Southern Company |  |  |
| 4.00%, 01/15/51 | 1760 | 1760 |
| 1.88%, 09/15/81, EUR | 536 | 611 |
| UGI International, LLC |  |  |
| 2.50%, 12/01/29, EUR (e) | 362 | 406 |
| Vattenfall AB |  |  |
| 6.88%, 08/17/83, GBP (e) | 300 | 414 |
| Veolia Environnement |  |  |
| 2.50%, (100, 01/20/29), EUR (e) (g) | 600 | 677 |
| 4.37%, (100, 05/20/30), EUR (e) (g) | 200 | 239 |
| 5.99%, (100, 11/22/28), EUR (e) (g) | 500 | 624 |
| Vistra Corp. |  |  |
| 7.00%, (100, 12/15/26) (c) (g) | 430 | 435 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (c) | 265 | 281 |
| 6.95%, 10/15/33 (c) | 155 | 172 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/30 (c) | 410 | 406 |
| WEC Energy Group Inc. |  |  |
| 5.63%, 05/15/56 | 385 | 387 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.75%, 04/15/34 (c) | 225 | 228 |
|  |  | 41826 |
| **Communication Services 3.8%** | **Communication Services 3.8%** | **Communication Services 3.8%** |
| Altice France |  |  |
| 6.88%, 10/15/30 (c) | 154 | 149 |
| 5.50%, 10/15/31, EUR (e) | 764 | 851 |
| Arqiva Broadcast Finance PLC |  |  |
| 8.63%, 07/01/30, GBP (e) (f) | 237 | 329 |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | 1920 | 1830 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 840 | 868 |
| 7.00%, 09/15/55 | 440 | 461 |
| British Telecommunications Public Limited Company |  |  |
| 8.38%, 12/20/83, GBP (e) | 1119 | 1618 |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (c) | 350 | 346 |
| 6.38%, 09/01/29 (c) | 245 | 247 |
| 4.75%, 03/01/30 (c) | 330 | 315 |
| 4.25%, 02/01/31 (c) | 360 | 330 |
| 4.50%, 05/01/32 | 2740 | 2456 |
| 4.50%, 06/01/33 (c) | 65 | 57 |
| 4.25%, 01/15/34 (c) (f) | 75 | 64 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 | 895 | 637 |
| 5.75%, 04/01/48 | 595 | 511 |
| 4.80%, 03/01/50 | 620 | 467 |
| 6.70%, 12/01/55 | 1555 | 1495 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (c) | 180 | 184 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (c) | 75 | 75 |
| 7.50%, 06/01/29 - 03/15/33 (c) | 355 | 369 |
| 7.13%, 02/15/31 (c) | 380 | 398 |
| CommScope, LLC. |  |  |
| 9.50%, 12/15/31 (c) (f) | 445 | 449 |
| CSC Holdings, LLC |  |  |
| 5.38%, 02/01/28 (c) | 105 | 75 |
| 11.25%, 05/15/28 (c) (f) | 515 | 404 |
| 11.75%, 01/31/29 (c) | 175 | 129 |
| 6.50%, 02/01/29 (c) | 265 | 173 |
| 4.50%, 11/15/31 (c) | 30 | 18 |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 645 | 622 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 475 | 526 |
| 6.75%, 11/30/30 (j) | 275 | 282 |
| Engineering S.R.L. |  |  |
| 11.13%, 05/15/28, EUR (e) | 200 | 248 |
| Eutelsat S.A. |  |  |
| 2.25%, 07/13/27, EUR (e) | 500 | 582 |
| Koninklijke KPN N.V. |  |  |
| 4.88%, (100, 06/18/29), EUR (e) (g) | 326 | 396 |
| Level 3 Financing, Inc. |  |  |
| 4.88%, 06/15/29 (c) | 200 | 195 |
| 6.88%, 06/30/33 (c) | 235 | 240 |
| 7.00%, 03/31/34 (c) | 405 | 417 |
| 8.50%, 01/15/36 (c) | 185 | 190 |
| Lumen Technologies, Inc. |  |  |
| 4.50%, 01/15/29 (c) | 90 | 83 |
| Maya |  |  |
| 5.63%, 10/15/28, EUR (e) | 698 | 831 |
| 7.00%, 10/15/28 - 04/15/32 (c) | 375 | 383 |
| 8.50%, 04/15/31 (c) | 95 | 102 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (c) | 160 | 169 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (c) | 400 | 410 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (c) | 2268 | 2262 |
| Ooredoo International Finance Limited |  |  |
| 4.63%, 10/10/34 (e) | 830 | 830 |
| Optics BidCo S.p.A. |  |  |
| 6.88%, 02/15/28, EUR (e) | 620 | 772 |
| 7.88%, 07/31/28, EUR | 508 | 651 |
| 6.38%, 11/15/33 (c) | 450 | 446 |
| 7.20%, 07/18/36 (c) | 110 | 110 |
| Proximus |  |  |
| 4.75%, (100, 07/02/31), EUR (e) (f) (g) | 400 | 477 |
| Rogers Communications Inc. |  |  |
| 7.00%, 04/15/55 | 1020 | 1067 |
| 7.13%, 04/15/55 | 430 | 454 |
| SoftBank Group Corp. |  |  |
| 5.25%, 10/10/29, EUR (e) | 235 | 280 |
| 5.88%, 07/10/31, EUR (e) | 310 | 372 |
| Sunrise HoldCo IV B.V. |  |  |
| 3.88%, 06/15/29, EUR (e) | 340 | 398 |
| Telecom Italia S.p.A. |  |  |
| 7.88%, 07/31/28, EUR (e) | 239 | 313 |
| 3.63%, 09/30/30, EUR (e) | 250 | 295 |
| Telefonica Europe B.V. |  |  |
| 2.88%, (100, 06/24/27), EUR (e) (g) | 600 | 695 |
| 5.75%, (100, 01/15/32), EUR (e) (g) | 200 | 249 |
| 6.14%, (100, 02/03/30), EUR (e) (g) | 200 | 250 |
| 6.75%, (100, 06/07/31), EUR (e) (g) | 300 | 390 |
| 7.13%, (100, 08/23/28), EUR (e) (g) | 200 | 254 |
| TELUS Corporation |  |  |
| 6.63%, 06/09/56 | 1070 | 1068 |
| TMNL Holding BV |  |  |
| 3.75%, 01/15/29, EUR (e) | 480 | 563 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 1975 | 1940 |
| United Group B.V. |  |  |
| 4.63%, 08/15/28, EUR (e) | 180 | 212 |
| 5.25%, 02/01/30, EUR (c) | 100 | 117 |
| 6.75%, 02/15/31, EUR (e) | 100 | 120 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (c) | 225 | 216 |
| Virgin Media Vendor Financing Notes III Designated Activity Company |  |  |
| 4.88%, 07/15/28, GBP (e) | 705 | 924 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (e) | 500 | 598 |
| Vodafone Group Public Limited Company |  |  |
| 5.75%, 06/28/54 | 740 | 718 |
| 3.00%, 08/27/80, EUR (e) | 804 | 909 |
| 6.50%, 08/30/84, EUR (e) | 500 | 638 |
| VZ Secured Financing B.V. |  |  |
| 5.25%, 01/15/33, EUR (e) | 135 | 155 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (c) | 160 | 167 |
| 6.75%, 11/15/32 (c) | 325 | 334 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (c) | 325 | 341 |
| 7.50%, 10/15/33 (c) | 195 | 200 |
| Zayo Group Holdings, Inc. |  |  |
| 6.25%, 03/09/30 (c) (f) (j) | 262 | 249 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29, EUR (e) | 230 | 284 |
| Ziggo B.V. |  |  |
| 2.88%, 01/15/30, EUR (e) | 135 | 150 |
| | | 41449 |
| **Consumer Discretionary 3.7%** | **Consumer Discretionary 3.7%** | **Consumer Discretionary 3.7%** |
| Accor |  |  |
| 4.88%, (100, 06/06/30), EUR (e) (g) | 500 | 603 |
| Acushnet Company |  |  |
| 5.63%, 12/01/33 (c) | 300 | 303 |
| Allison Transmission, Inc. |  |  |
| 5.88%, 12/01/33 (c) | 210 | 213 |
| Azelis Finance |  |  |
| 4.75%, 09/25/29, EUR (c) | 310 | 373 |
| B&M European Value Retail S.A. |  |  |
| 4.00%, 11/15/28, GBP (e) (f) | 200 | 258 |
| 8.13%, 11/15/30, GBP (e) | 115 | 161 |
| 6.50%, 11/27/31, GBP (e) | 190 | 252 |
| Beach Acquisition Bidco, LLC |  |  |
| 5.25%, 07/15/32, EUR (e) | 375 | 449 |
| 10.00%, 07/15/33 (c) (j) | 400 | 441 |
| Beazer Homes USA, Inc. |  |  |
| 7.50%, 03/15/31 (c) (f) | 235 | 237 |
| Bubbles BidCo S.p.A. |  |  |
| 6.50%, 09/30/31, EUR (e) | 200 | 241 |
| Carnival Corporation |  |  |
| 6.13%, 02/15/33 (c) | 650 | 671 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29, GBP (e) | 180 | 254 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (c) | 380 | 384 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Champ Acquisition Corporation |  |  |
| 8.38%, 12/01/31 (c) | 145 | 156 |
| Churchill Downs Incorporated |  |  |
| 6.75%, 05/01/31 (c) | 345 | 358 |
| Cirsa Finance International S.a r.l. |  |  |
| 7.88%, 07/31/28, EUR (e) | 401 | 492 |
| 6.50%, 03/15/29, EUR (e) | 295 | 360 |
| Clarios Global LP |  |  |
| 6.75%, 09/15/32 (c) | 505 | 523 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (c) | 440 | 470 |
| CPUK Mortgage Finance Limited |  |  |
| 4.50%, 08/28/27, GBP (d) (e) | 260 | 344 |
| CT Investment GmbH |  |  |
| 6.38%, 04/15/30, EUR (c) | 420 | 512 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 8.50%, 07/15/31, EUR (e) | 223 | 280 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (c) | 215 | 214 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (c) (f) | 190 | 164 |
| Discovery Communications, LLC |  |  |
| 4.13%, 05/15/29 | 115 | 111 |
| Dufry One B.V. |  |  |
| 4.50%, 05/23/32, EUR (e) | 475 | 570 |
| Essendi S.A. |  |  |
| 5.50%, 11/15/31, EUR (e) | 400 | 480 |
| Flutter Treasury Designated Activity Company |  |  |
| 4.00%, 06/04/31, EUR (e) | 205 | 240 |
| 6.13%, 06/04/31, GBP (e) | 200 | 272 |
| FNAC Darty |  |  |
| 6.00%, 04/01/29, EUR (e) | 325 | 395 |
| Food Service Project SL |  |  |
| 5.50%, 01/21/27, EUR (e) | 110 | 129 |
| Forvia |  |  |
| 3.75%, 06/15/28, EUR (e) | 135 | 158 |
| 5.63%, 06/15/30, EUR (e) | 509 | 622 |
| 5.38%, 03/15/31, EUR (e) | 130 | 157 |
| 6.75%, 09/15/33 (c) | 335 | 344 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31, EUR (e) | 546 | 639 |
| Gates Corporation |  |  |
| 6.88%, 07/01/29 (c) | 115 | 119 |
| Gestamp Automocion Sociedad Anonima |  |  |
| 4.38%, 10/15/30, EUR (e) | 400 | 474 |
| Goldstory |  |  |
| 6.75%, 02/01/30, EUR (e) | 140 | 170 |
| 6.75%, 02/01/30, EUR (c) | 100 | 122 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (c) | 110 | 108 |
| 6.38%, 01/15/30 (c) | 205 | 210 |
| IHO Verwaltungs GmbH |  |  |
| 8.75%, 05/15/28, EUR (e) (j) | 415 | 509 |
| IHOL-Verwaltungs-GmbH |  |  |
| 7.75%, 11/15/30 (c) (j) | 300 | 313 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 07/15/28, EUR (e) | 211 | 250 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.00%, 04/01/31 (c) | 185 | 188 |
| 8.38%, 10/01/33 (c) | 90 | 91 |
| K2016470219 (South Africa) Ltd |  |  |
| 8.00%, 05/07/49, EUR (c) (j) (k) (l) | 4042 | 5 |
| LCM Investments Holdings II, LLC |  |  |
| 4.88%, 05/01/29 (c) | 115 | 113 |
| 8.25%, 08/01/31 (c) | 285 | 301 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 (c) (f) | 200 | 191 |
| Light and Wonder International, Inc. |  |  |
| 6.25%, 10/01/33 (c) | 535 | 541 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (c) | 375 | 391 |
| Lottomatica S.p.A. |  |  |
| 5.38%, 06/01/30, EUR (e) | 180 | 218 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (c) | 135 | 130 |
| 7.88%, 05/01/29 (c) (f) | 155 | 142 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 145 | 135 |
| Maison Finco PLC |  |  |
| 6.00%, 10/31/27, GBP (e) | 199 | 266 |
| Mattamy Homes Limited |  |  |
| 6.00%, 12/15/33 (c) | 355 | 352 |
| MCE Finance Limited |  |  |
| 5.63%, 07/17/27 (c) | 595 | 594 |
| MercadoLibre, Inc. |  |  |
| 3.13%, 01/14/31 | 2280 | 2113 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (c) | 465 | 457 |
| Miller Homes Group (Finco) PLC |  |  |
| 7.00%, 05/15/29, GBP (e) | 200 | 271 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (c) | 270 | 281 |
| 11.88%, 04/15/31 (c) | 50 | 53 |
| Motel One GmbH |  |  |
| 7.75%, 04/02/31, EUR (e) | 180 | 226 |
| Motion Finco S.a r.l. |  |  |
| 7.38%, 06/15/30, EUR (e) | 120 | 128 |
| NCL Corporation Ltd. |  |  |
| 7.75%, 02/15/29 (c) | 85 | 90 |
| 5.88%, 01/15/31 (c) | 60 | 60 |
| 6.75%, 02/01/32 (c) | 370 | 379 |
| 6.25%, 09/15/33 (c) | 35 | 35 |
| Newell Brands Inc. |  |  |
| 6.63%, 09/15/29 | 115 | 114 |
| Next Group PLC |  |  |
| 3.63%, 05/18/28, GBP (e) | 300 | 399 |
| Nissan Motor Acceptance Company LLC |  |  |
| 7.05%, 09/15/28 (c) | 50 | 52 |
| 5.63%, 09/29/28 (c) | 50 | 50 |
| 5.55%, 09/13/29 (c) | 20 | 20 |
| 6.13%, 09/30/30 (c) | 40 | 40 |
| Nissan Motor Co., Ltd. |  |  |
| 5.25%, 07/17/29, EUR (e) | 395 | 476 |
| 7.50%, 07/17/30 (c) | 75 | 78 |
| 4.81%, 09/17/30 (c) | 215 | 202 |
| 7.75%, 07/17/32 (c) | 60 | 64 |
| 8.13%, 07/17/35 (c) | 40 | 43 |
| Patrick Industries, Inc. |  |  |
| 6.38%, 11/01/32 (c) | 435 | 446 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (c) | 325 | 330 |
| 10.00%, 09/15/33 (c) | 100 | 103 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30, GBP (c) | 405 | 547 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28, GBP (c) | 651 | 924 |
| Punch Finance PLC |  |  |
| 7.88%, 12/30/30, GBP (e) | 335 | 460 |
| Rakuten Group, Inc. |  |  |
| 4.25%, (100, 04/22/27), EUR (e) (g) | 200 | 227 |
| RCI Banque |  |  |
| 5.50%, 10/09/34, EUR (e) | 100 | 124 |
| Renault |  |  |
| 3.88%, 09/30/30, EUR (e) | 300 | 354 |
| Resideo Funding Inc. |  |  |
| 6.50%, 07/15/32 (c) | 335 | 343 |
| S&S Holdings LLC |  |  |
| 8.38%, 10/01/31 (c) | 220 | 211 |
| Schaeffler AG |  |  |
| 4.75%, 08/14/29, EUR (e) | 100 | 121 |
| 4.50%, 03/28/30, EUR (e) | 1000 | 1202 |
| 5.38%, 04/01/31, EUR (e) | 100 | 124 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (c) (f) | 295 | 283 |
| 6.63%, 05/01/32 (c) | 345 | 347 |
| TAP–Transportes Aereos Portugueses, SGPS, S.A. |  |  |
| 5.13%, 11/15/29, EUR (e) | 500 | 609 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 11/15/32 (c) | 420 | 432 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 | 65 | 63 |
| 5.25%, 04/30/31 (f) | 80 | 76 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (c) | 215 | 217 |
| 10.50%, 05/15/29 (c) | 135 | 138 |
| Travel + Leisure Co. |  |  |
| 6.13%, 09/01/33 (c) | 160 | 162 |
| TUI Cruises GmbH |  |  |
| 5.00%, 05/15/30, EUR (e) | 250 | 301 |
| TVL Finance PLC |  |  |
| 10.25%, 04/28/28, GBP (e) | 115 | 158 |
| United Parks And Resorts Inc. |  |  |
| 5.25%, 08/15/29 (c) | 430 | 417 |
| V.F. Corporation |  |  |
| 2.95%, 04/23/30 | 175 | 158 |
| Valeo |  |  |
| 4.50%, 04/11/30, EUR (e) | 300 | 360 |
| 5.13%, 05/20/31, EUR (e) | 400 | 484 |
| 4.63%, 03/23/32, EUR (e) | 100 | 117 |
| Verde Purchaser, LLC |  |  |
| 10.50%, 11/30/30 (c) | 320 | 344 |
| Viking Cruises Limited |  |  |
| 5.88%, 10/15/33 (c) | 570 | 578 |
| Volkswagen International Finance N.V. |  |  |
| 3.75%, (100, 12/28/27), EUR (e) (g) | 500 | 586 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 | 380 | 333 |
| 5.05%, 03/15/42 | 160 | 113 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 105 | 105 |
| 6.50%, 06/15/33 | 105 | 102 |
| White Cap Supply Holdings, LLC |  |  |
| 7.38%, 11/15/30 (c) | 425 | 439 |
| Windsor Holdings III, LLC |  |  |
| 8.50%, 06/15/30 (c) | 560 | 592 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (c) | 50 | 51 |
| ZF Friedrichshafen AG |  |  |
| 6.13%, 03/13/29, EUR (e) | 300 | 365 |
| 3.00%, 10/23/29, EUR (e) | 800 | 880 |
| 7.00%, 06/12/30, EUR (e) | 100 | 124 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 (c) | 105 | 107 |
| 6.75%, 04/23/30 (c) | 375 | 369 |
| 7.50%, 03/24/31 (c) | 155 | 157 |
| | | 39477 |
| **Industrials 2.8%** | **Industrials 2.8%** | **Industrials 2.8%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (c) | 315 | 326 |
| Abertis Infraestructuras Finance B.V. |  |  |
| 4.75%, (100, 11/23/30), EUR (e) (g) | 100 | 120 |
| 4.87%, (100, 11/28/29), EUR (e) (g) | 500 | 604 |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (c) | 360 | 365 |
| Aeropuertos Dominicanos Siglo XXI, S.A. |  |  |
| 7.00%, 06/30/34 (c) | 580 | 610 |
| Air France - KLM |  |  |
| 4.63%, 05/23/29, EUR (e) | 300 | 365 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (c) | 415 | 422 |
| Amsted Industries Incorporated |  |  |
| 6.38%, 03/15/33 (c) | 670 | 688 |
| Amynta Agency Borrower Inc. |  |  |
| 7.50%, 07/15/33 (c) | 315 | 320 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 4.00%, 09/01/29 (c) | 585 | 549 |
| 6.25%, 01/30/31 (c) | 90 | 92 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (c) (f) | 185 | 154 |
| Assemblin Caverion Group AB |  |  |
| 6.25%, 07/01/30, EUR (e) | 301 | 367 |
| Ats Consolidated, Inc. |  |  |
| 5.50%, 04/15/29 (c) | 405 | 403 |
| Boeing Company, The |  |  |
| 5.81%, 05/01/50 (i) | 3045 | 3002 |
| Bombardier Inc. |  |  |
| 7.00%, 06/01/32 (c) | 255 | 269 |
| 6.75%, 06/15/33 (c) | 470 | 496 |
| Brand Industrial Services, Inc. |  |  |
| 10.38%, 08/01/30 (c) | 110 | 108 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (c) | 125 | 129 |
| 6.75%, 05/15/35 (c) | 440 | 460 |
| Caci International Inc. |  |  |
| 6.38%, 06/15/33 (c) | 190 | 196 |
| Calderys Financing II, LLC |  |  |
| 11.75%, 06/01/28 (c) (d) (j) | 356 | 370 |
| Carpenter Technology Corporation |  |  |
| 5.63%, 03/01/34 (c) | 205 | 208 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (c) | 290 | 298 |
| CMA CGM |  |  |
| 5.00%, 01/15/31, EUR (e) | 293 | 344 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (c) | 185 | 144 |
| Corporation De Securite Garda World |  |  |
| 6.00%, 06/01/29 (c) | 90 | 88 |
| 6.50%, 01/15/31 (c) | 245 | 250 |
| 8.25%, 08/01/32 (c) | 335 | 340 |
| 8.38%, 11/15/32 (c) | 185 | 188 |
| CTEC II GmbH |  |  |
| 5.25%, 02/15/30, EUR (e) (f) | 385 | 422 |
| Deutsche Lufthansa Aktiengesellschaft |  |  |
| 5.25%, 01/15/55, EUR (e) | 300 | 366 |
| Dovalue S.p.A. |  |  |
| 7.00%, 02/28/30, EUR (e) (f) | 328 | 410 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31, GBP (e) | 260 | 372 |
| EMRLD Borrower LP |  |  |
| 6.75%, 07/15/31 (c) | 490 | 516 |
| Energizer Gamma Acquisition B.V. |  |  |
| 3.50%, 06/30/29, EUR (e) | 350 | 397 |
| EnerSys |  |  |
| 6.63%, 01/15/32 (c) | 200 | 208 |
| Enpro Inc. |  |  |
| 6.13%, 06/01/33 (c) | 330 | 340 |
| Equipmentshare.Com Inc. |  |  |
| 8.00%, 03/15/33 (c) | 270 | 283 |
| Fedrigoni S.p.A. |  |  |
| 6.13%, 06/15/31, EUR (e) (f) | 200 | 229 |
| Fiber Midco S.p.A. |  |  |
| 10.00%, 06/15/29, EUR (e) (j) | 149 | 133 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.88%, 12/01/30 (c) | 60 | 64 |
| 7.00%, 06/15/32 (c) | 255 | 267 |
| Global Infrastructure Solutions Inc. |  |  |
| 5.63%, 06/01/29 (c) | 240 | 240 |
| 7.50%, 04/15/32 (c) | 135 | 144 |
| Goat Holdco, LLC |  |  |
| 6.75%, 02/01/32 (c) | 325 | 333 |
| Graham Packaging Company Europe LLC |  |  |
| 7.13%, 08/15/28 (c) | 170 | 170 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (c) | 305 | 321 |
| 5.75%, 03/15/31 (c) | 40 | 41 |
| 7.25%, 06/15/33 (c) | 417 | 442 |
| 6.00%, 03/15/34 (c) | 50 | 51 |
| James Hardie International Finance Designated Activity Company |  |  |
| 5.00%, 01/15/28 (c) | 280 | 279 |
| JELD-WEN Holding, Inc. |  |  |
| 4.88%, 12/15/27 (c) (f) | 65 | 56 |
| 7.00%, 09/01/32 (c) (f) | 175 | 119 |
| Kier Group PLC |  |  |
| 9.00%, 02/15/29, GBP (e) | 215 | 307 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (c) | 415 | 441 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Luna 1.5 S.a r.l. |  |  |
| 12.00%, 07/01/32 (c) (j) | 230 | 241 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/29 (c) | 630 | 624 |
| Manitowoc Company, Inc., The |  |  |
| 9.25%, 10/01/31 (c) | 280 | 301 |
| Masterbrand, Inc. |  |  |
| 7.00%, 07/15/32 (c) | 215 | 222 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (c) | 410 | 409 |
| 9.25%, 04/15/30 (c) | 550 | 528 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (c) | 110 | 112 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (c) | 350 | 339 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (c) | 490 | 491 |
| 10.38%, 05/15/31 (c) | 35 | 36 |
| Nexans |  |  |
| 4.25%, 03/11/30, EUR (e) | 400 | 484 |
| Paprec Holding |  |  |
| 4.50%, 07/15/32, EUR (e) | 335 | 399 |
| Prysmian S.p.A. |  |  |
| 5.25%, (100, 05/21/30), EUR (e) (g) | 389 | 476 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (c) | 475 | 496 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (c) | 235 | 245 |
| 6.75%, 03/01/33 (c) | 410 | 428 |
| Science Applications International Corporation |  |  |
| 5.88%, 11/01/33 (c) | 205 | 208 |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/32 (c) | 390 | 408 |
| SPX Flow, Inc. |  |  |
| 8.75%, 04/01/30 (c) | 320 | 330 |
| Standard Building Solutions Inc. |  |  |
| 4.38%, 07/15/30 (c) | 545 | 525 |
| 6.25%, 08/01/33 (c) | 85 | 87 |
| 5.88%, 03/15/34 (c) | 25 | 25 |
| Terex Corporation |  |  |
| 5.00%, 05/15/29 (c) | 115 | 114 |
| 6.25%, 10/15/32 (c) | 460 | 472 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 - 05/31/33 (c) | 505 | 519 |
| 7.13%, 12/01/31 (c) | 140 | 147 |
| 6.63%, 03/01/32 (c) | 175 | 182 |
| 6.75%, 01/31/34 (c) | 320 | 333 |
| Trivium Packaging Finance B.V. |  |  |
| 6.63%, 07/15/30, EUR (e) | 205 | 253 |
| 8.25%, 07/15/30 (c) | 235 | 251 |
| 12.25%, 01/15/31 (c) | 195 | 212 |
| Wesco Distribution, Inc. |  |  |
| 6.63%, 03/15/32 (c) | 110 | 115 |
| 6.38%, 03/15/33 (c) | 270 | 281 |
| XPO, Inc. |  |  |
| 7.13%, 02/01/32 (c) | 540 | 567 |
| | | 30086 |
| **Health Care 2.1%** | **Health Care 2.1%** | **Health Care 2.1%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (c) | 640 | 667 |
| Acadia Healthcare Company, Inc. |  |  |
| 5.00%, 04/15/29 (c) | 165 | 159 |
| AdaptHealth LLC |  |  |
| 6.13%, 08/01/28 (c) | 215 | 216 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (c) | 430 | 449 |
| Bausch Health Companies Inc. |  |  |
| 5.00%, 01/30/28 - 02/15/29 (c) | 285 | 235 |
| 11.00%, 09/30/28 (c) | 290 | 301 |
| 5.25%, 01/30/30 (c) | 140 | 98 |
| Bayer Aktiengesellschaft |  |  |
| 5.38%, 03/25/82, EUR (e) (f) | 600 | 722 |
| CAB |  |  |
| 3.38%, 02/01/28, EUR (e) (f) | 385 | 437 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 4.38%, 01/15/28, EUR (e) | 100 | 117 |
| 7.50%, 05/15/30, EUR (e) | 425 | 517 |
| Cigna Group, The |  |  |
| 4.80%, 08/15/38 | 680 | 652 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (c) | 120 | 120 |
| 10.88%, 01/15/32 (c) | 50 | 55 |
| 9.75%, 01/15/34 (c) | 120 | 126 |
| CVS Health Corporation |  |  |
| 5.05%, 03/25/48 | 2275 | 2008 |
| 5.63%, 02/21/53 | 315 | 296 |
| 7.00%, 03/10/55 | 1295 | 1359 |
| Ephios Subco 3 S.a r.l. |  |  |
| 7.88%, 01/31/31, EUR (e) | 300 | 374 |
| Eurofins Scientific SE |  |  |
| 6.75%, (100, 04/24/28), EUR (e) (g) | 501 | 625 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32 (c) | 115 | 118 |
| 7.25%, 12/15/33 (c) | 75 | 79 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (c) | 480 | 499 |
| Grifols Escrow Issuer S.A. |  |  |
| 3.88%, 10/15/28, EUR (e) | 200 | 232 |
| Grifols, S.A. |  |  |
| 2.25%, 11/15/27, EUR (e) | 140 | 163 |
| 7.50%, 05/01/30, EUR (e) (f) | 881 | 1086 |
| Grunenthal GmbH |  |  |
| 4.63%, 11/15/31, EUR (e) | 683 | 809 |
| IQVIA Inc. |  |  |
| 6.50%, 05/15/30 (c) | 155 | 161 |
| 6.25%, 06/01/32 (c) | 150 | 157 |
| Lifepoint Health, Inc. |  |  |
| 9.88%, 08/15/30 (c) | 235 | 253 |
| 8.38%, 02/15/32 (c) | 105 | 114 |
| 10.00%, 06/01/32 (c) | 410 | 435 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (c) | 275 | 285 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32, EUR (e) | 315 | 375 |
| Molina Healthcare, Inc. |  |  |
| 6.25%, 01/15/33 (c) | 615 | 627 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.63%, 02/21/30, EUR (e) | 521 | 628 |
| Ray Financing LLC |  |  |
| 6.50%, 07/15/31, EUR (c) | 650 | 773 |
| Rossini S.a r.l. |  |  |
| 5.87%, (3 Month EURIBOR + 3.88%), 12/31/29, EUR (b) (e) | 210 | 251 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (c) (f) | 340 | 332 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (c) | 560 | 598 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (c) | 495 | 501 |
| Team Health Holdings, Inc. |  |  |
| 8.38%, 06/30/28 (c) | 285 | 288 |
| 13.50%, 06/30/28 (c) (j) | 165 | 174 |
| Tenet Healthcare Corporation |  |  |
| 6.00%, 11/15/33 (c) | 635 | 652 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 1.63%, 10/15/28, EUR (e) | 250 | 283 |
| 7.38%, 09/15/29, EUR | 286 | 378 |
| 4.38%, 05/09/30, EUR (e) | 802 | 966 |
| 4.13%, 06/01/31, EUR | 100 | 119 |
| UnitedHealth Group Incorporated |  |  |
| 4.65%, 01/15/31 | 1235 | 1255 |
| 5.30%, 06/15/35 | 320 | 331 |
|  |  | 22455 |
| **Consumer Staples 2.0%** | **Consumer Staples 2.0%** | **Consumer Staples 2.0%** |
| AA Bond Co Limited |  |  |
| 8.45%, 01/31/28, GBP (d) (e) | 199 | 285 |
| Albertsons Companies, Inc. |  |  |
| 5.50%, 03/31/31 (c) | 180 | 182 |
| 6.25%, 03/15/33 (c) | 20 | 21 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.75%, 03/31/34 (c) | 270 | 271 |
| Albion Financing 1 S.a r.l. |  |  |
| 5.38%, 05/21/30, EUR (e) | 276 | 334 |
| 7.00%, 05/21/30 (c) | 305 | 318 |
| Allied Universal Holdco LLC |  |  |
| 4.88%, 06/01/28, GBP (e) | 275 | 361 |
| 6.00%, 06/01/29 (c) | 260 | 257 |
| 7.88%, 02/15/31 (c) | 110 | 116 |
| Amber FinCo PLC |  |  |
| 6.63%, 07/15/29, EUR (e) | 195 | 240 |
| Atlas LuxCo 4 S.a r.l. |  |  |
| 4.63%, 06/01/28 (c) | 400 | 393 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (e) | 323 | 409 |
| BCP V Modular Services Finance PLC |  |  |
| 6.75%, 11/30/29, EUR (e) | 100 | 91 |
| Bellis Acquisition Company PLC |  |  |
| 8.13%, 05/14/30, GBP (e) | 100 | 125 |
| Champions Financing, Inc. |  |  |
| 8.75%, 02/15/29 (c) (f) | 335 | 329 |
| Co-operative Group Limited |  |  |
| 7.50%, 07/08/26, GBP (d) (e) (i) | 100 | 136 |
| Currenta Group Holdings S.a r.l. |  |  |
| 5.50%, 05/15/30, EUR (e) | 376 | 445 |
| Darling Global Finance B.V. |  |  |
| 4.50%, 07/15/32, EUR (e) | 476 | 566 |
| Flora Food Management B.V. |  |  |
| 6.88%, 07/02/29, EUR (e) | 369 | 431 |
| Froneri Lux Topco S.a r.l. |  |  |
| 4.75%, 08/01/32, EUR (e) | 280 | 332 |
| 6.00%, 08/01/32 (c) | 255 | 258 |
| Imperial Brands Finance PLC |  |  |
| 5.88%, 07/01/34 (c) | 1920 | 2008 |
| 5.63%, 07/01/35 (c) | 710 | 729 |
| 6.38%, 07/01/55 (c) | 630 | 645 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 5.95%, 04/20/35 (c) | 225 | 237 |
| 6.38%, 02/25/55 (c) | 3530 | 3599 |
| Kroger Co., The |  |  |
| 5.00%, 09/15/34 | 505 | 508 |
| Mavis Tire Express Services TopCo, Corp. |  |  |
| 6.50%, 05/15/29 (c) (f) | 175 | 173 |
| Minerva Luxembourg S.A. |  |  |
| 8.88%, 09/13/33 (c) | 165 | 180 |
| Ontex Group |  |  |
| 5.25%, 04/15/30, EUR (e) | 235 | 273 |
| Pachelbel BidCo S.p.A. |  |  |
| 7.13%, 05/17/31, EUR (e) | 397 | 498 |
| Performance Food Group, Inc. |  |  |
| 4.25%, 08/01/29 (c) | 110 | 108 |
| 6.13%, 09/15/32 (c) | 115 | 118 |
| Perrigo Finance Unlimited Company |  |  |
| 5.38%, 09/30/32, EUR | 135 | 161 |
| Primo Water Holdings Inc. |  |  |
| 3.88%, 10/31/28, EUR (e) | 341 | 401 |
| Q-Park Holding I B.V. |  |  |
| 5.13%, 03/01/29, EUR (c) | 208 | 251 |
| 5.13%, 02/15/30, EUR (e) (f) | 402 | 487 |
| RAC Bond Co PLC |  |  |
| 5.25%, 11/04/27, GBP (e) | 200 | 268 |
| Raven Acquisition Holding LLC |  |  |
| 6.88%, 11/15/31 (c) | 410 | 423 |
| RB Global Holdings Inc. |  |  |
| 7.75%, 03/15/31 (c) | 220 | 230 |
| Sudzucker International Finance B.V. |  |  |
| 5.95%, (100, 05/28/30), EUR (e) (g) | 300 | 338 |
| Techem Verwaltungsgesellschaft 675 mbH |  |  |
| 5.38%, 07/15/29, EUR (e) | 586 | 709 |
| U.S. Foods Inc. |  |  |
| 4.75%, 02/15/29 (c) | 55 | 55 |
| 5.75%, 04/15/33 (c) | 460 | 468 |
| United Rentals (North America), Inc. |  |  |
| 5.38%, 11/15/33 (c) | 505 | 505 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (e) | 771 | 910 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (c) | 400 | 423 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 04/15/30 (c) | 225 | 232 |
| 7.38%, 10/01/31 (c) | 190 | 198 |
| | | 21035 |
| **Materials 1.9%** | **Materials 1.9%** | **Materials 1.9%** |
| Ahlstrom Holding 3 Oy |  |  |
| 3.63%, 02/04/28, EUR (e) (f) | 402 | 468 |
| Avient Corporation |  |  |
| 7.13%, 08/01/30 (c) | 65 | 67 |
| 6.25%, 11/01/31 (c) | 310 | 318 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 7.25%, 02/15/31 (c) | 60 | 63 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/33 (c) | 425 | 440 |
| Celanese US Holdings LLC |  |  |
| 7.05%, 11/15/30 (b) (d) (i) | 55 | 58 |
| 7.00%, 02/15/31 | 55 | 56 |
| 5.00%, 04/15/31, EUR | 245 | 281 |
| 6.88%, 07/15/32 (d) (i) | 25 | 26 |
| 7.20%, 11/15/33 (b) (d) (i) | 25 | 26 |
| 7.38%, 02/15/34 | 55 | 56 |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 4.20%, 01/29/30 (c) | 340 | 325 |
| Century Aluminum Company |  |  |
| 6.88%, 08/01/32 (c) | 535 | 550 |
| Champion Iron Canada Inc. |  |  |
| 7.88%, 07/15/32 (c) | 255 | 270 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (c) | 165 | 171 |
| 7.50%, 09/15/31 (c) | 160 | 168 |
| 7.00%, 03/15/32 (c) | 160 | 164 |
| Constellium SE |  |  |
| 5.38%, 08/15/32, EUR (e) (f) | 355 | 435 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.15%, 01/14/30 (c) | 805 | 764 |
| 6.33%, 01/13/35 (c) | 690 | 736 |
| First Quantum Minerals Ltd |  |  |
| 7.25%, 02/15/34 (c) | 275 | 289 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 1520 | 1474 |
| Glencore Finance (Canada) Limited |  |  |
| 6.00%, 11/15/41 (e) | 1865 | 1929 |
| Guala Closures S.p.A. |  |  |
| 3.25%, 06/15/28, EUR (e) | 230 | 266 |
| Inversion Escrow Issuer, LLC |  |  |
| 6.75%, 08/01/32 (c) | 300 | 298 |
| Kaiser Aluminum Corporation |  |  |
| 5.88%, 03/01/34 (c) | 360 | 361 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29, EUR (e) | 400 | 434 |
| Lune Holdings S.a r.l. |  |  |
| 5.63%, 11/15/28, EUR (e) | 200 | 27 |
| LYB International Finance III, LLC |  |  |
| 5.13%, 01/15/31 | 255 | 256 |
| 5.88%, 01/15/36 | 725 | 723 |
| Metinvest B.V. |  |  |
| 7.65%, 10/01/27 (c) | 105 | 85 |
| 7.75%, 10/17/29 (c) | 565 | 421 |
| Mineral Resources Limited |  |  |
| 7.00%, 04/01/31 (c) | 625 | 649 |
| Nexa Resources S.A. |  |  |
| 6.60%, 04/08/37 (c) | 110 | 113 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (c) | 290 | 280 |
| 6.88%, 01/30/30 (c) | 280 | 290 |
| 6.38%, 08/15/33 (c) | 170 | 172 |
| Olympus Water US Holding Corporation |  |  |
| 3.88%, 10/01/28, EUR (e) | 262 | 304 |
| 5.38%, 10/01/29, EUR (e) | 145 | 158 |
| 6.25%, 10/01/29 (c) | 365 | 354 |
| 7.25%, 06/15/31 (c) | 230 | 235 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (e) | 290 | 291 |
| SCIH Salt Holdings Inc. |  |  |
| 6.63%, 05/01/29 (c) | 155 | 155 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (c) | 25 | 26 |
| 6.50%, 07/15/32 (c) | 185 | 192 |
| Silgan Holdings Inc. |  |  |
| 4.25%, 02/15/31, EUR (e) | 267 | 317 |
| Snf Group |  |  |
| 4.50%, 03/15/32, EUR (e) | 235 | 284 |
| Sociedad Quimica Y Minera De Chile S.A. |  |  |
| 6.50%, 11/07/33 (c) | 250 | 271 |
| 5.50%, 09/10/34 (c) | 170 | 172 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 950 | 951 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 370 | 367 |
| Taseko Mines Limited |  |  |
| 8.25%, 05/01/30 (c) | 370 | 393 |
| Trident TPI Holdings, Inc. |  |  |
| 12.75%, 12/31/28 (c) | 275 | 281 |
| Vale Overseas Ltd |  |  |
| 6.40%, 06/28/54 | 115 | 117 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (c) | 345 | 326 |
| 7.38%, 03/01/31 (c) | 225 | 230 |
| 6.63%, 08/15/32 (c) | 200 | 202 |
| Westlake Corporation |  |  |
| 5.55%, 11/15/35 | 505 | 506 |
| 6.38%, 11/15/55 (f) | 580 | 572 |
| | | 20213 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| ADLER Financing S.a r.l. |  |  |
| 8.25%, 12/31/28, EUR (j) | 447 | 574 |
| Alexandrite Monnet UK HoldCo PLC |  |  |
| 10.50%, 05/15/29, EUR (e) | 200 | 253 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (c) | 183 | 192 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.88%, 04/12/29 | 205 | 221 |
| 6.13%, 01/15/31 | 30 | 29 |
| CFE Fibra E |  |  |
| 5.88%, 09/23/40 (c) | 248 | 247 |
| Country Garden Holdings Company Limited |  |  |
| 0.00%, 08/06/30 (e) (k) (l) | 365 | 33 |
| CPI Property Group |  |  |
| 7.50%, (100, 03/24/31), EUR (e) (g) | 204 | 222 |
| 4.00%, 01/22/28, GBP (d) (e) (i) | 100 | 128 |
| 1.75%, 01/14/30, EUR (e) | 195 | 195 |
| 6.00%, 01/27/32, EUR (e) | 568 | 670 |
| Ellington Financial Operating Partnership LLC |  |  |
| 7.38%, 09/30/30 (c) | 190 | 192 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/33 | 435 | 439 |
| Globalworth Real Estate Investments Limited |  |  |
| 6.25%, 03/31/29, EUR (e) | 329 | 393 |
| Heimstaden AB |  |  |
| 8.38%, 01/29/30, EUR (e) | 670 | 835 |
| Heimstaden Bostad AB |  |  |
| 2.63%, (100, 02/01/27), EUR (e) (g) | 100 | 114 |
| 3.00%, (100, 10/29/27), EUR (e) (g) | 253 | 287 |
| 6.25%, (100, 12/04/29), EUR (e) (g) | 400 | 491 |
| 1.63%, 10/13/31, EUR (e) | 360 | 372 |
| Iron Mountain Incorporated |  |  |
| 4.75%, 01/15/34, EUR (e) | 244 | 278 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 7.00%, 07/15/31 (c) | 45 | 48 |
| MPT Operating Partnership, L.P. |  |  |
| 7.00%, 02/15/32, EUR (e) | 330 | 401 |
| New Immo Holding |  |  |
| 6.00%, 03/22/29, EUR (e) | 300 | 367 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (c) | 505 | 504 |
| Pebblebrook Hotel Trust |  |  |
| 6.38%, 10/15/29 (c) | 255 | 261 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (c) | 195 | 203 |
| RLJ III-EM Columbus Lessee, LLC |  |  |
| 4.00%, 09/15/29 (c) | 320 | 303 |
| Star Holdings |  |  |
| 8.75%, 08/01/31 (c) | 360 | 345 |
| Unibail-Rodamco-Westfield SE |  |  |
| 4.75%, (100, 06/11/31), EUR (e) (g) | 500 | 598 |
| XHR LP |  |  |
| 6.63%, 05/15/30 (c) | 110 | 113 |
|  |  | 9308 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Ahead DB Holdings, LLC |  |  |
| 6.63%, 05/01/28 (c) | 375 | 377 |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (c) | 550 | 579 |
| Amkor Technology, Inc. |  |  |
| 5.88%, 10/01/33 (c) | 460 | 471 |
| Athenahealth Group Inc. |  |  |
| 6.50%, 02/15/30 (c) | 425 | 425 |
| Atos SE |  |  |
| 9.36%, 12/18/29, EUR (d) (e) | 427 | 573 |
| 5.20%, 12/18/30, EUR (d) (e) | 175 | 203 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/30 (c) | 420 | 432 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (c) | 310 | 314 |
| 9.00%, 09/30/29 (c) | 490 | 510 |
| 8.25%, 06/30/32 (c) | 200 | 209 |
| 6.63%, 08/15/33 (c) | 105 | 104 |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/29 (c) | 150 | 153 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (c) | 230 | 236 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/31 (c) | 330 | 344 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33 (c) | 385 | 396 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (c) | 530 | 545 |
|  |  | 5871 |
| Total Corporate Bonds And Notes (cost $421,007) | Total Corporate Bonds And Notes (cost $421,007) | 426911 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.2%** |
| 1211 Avenue of The Americas |  |  |
| Series 2015-B-1211, REMIC, 4.09%, 08/10/35 (b) | 912 | 868 |
| 522 Funding CLO 2019-5, Ltd. |  |  |
| Series 2019-DR-5A, 7.15%, (3 Month Term SOFR + 3.25%), 04/16/35 (b) | 2850 | 2765 |
| Ally Bank |  |  |
| Series 2024-C-A, 6.02%, 02/15/28 | 142 | 144 |
| Series 2024-D-A, 6.32%, 02/15/28 | 142 | 145 |
| Series 2024-E-A, 7.92%, 02/15/28 | 142 | 145 |
| Series 2025-C-A, 4.84%, 11/15/29 | 997 | 1003 |
| Series 2025-D-A, 4.99%, 12/15/29 | 722 | 725 |
| Series 2024-E-B, 6.68%, 09/15/32 | 267 | 270 |
| Angel Oak Mortgage Trust 2022-3 |  |  |
| Series 2022-A3-3, REMIC, 4.12%, 04/25/26 (b) | 841 | 798 |
| AOA Trust 2025-1301 |  |  |
| Series 2025-D-1301, 6.22%, 08/11/30 (b) | 1129 | 1145 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2025-C-3A, 4.95%, 02/20/29 | 727 | 728 |
| Series 2024-C-1A, 6.48%, 06/20/29 | 650 | 672 |
| Series 2025-B-2A, 5.51%, 08/20/30 | 495 | 504 |
| Series 2025-C-2A, 6.24%, 08/20/30 | 299 | 308 |
| BAHA Trust 2024-MAR |  |  |
| Series 2024-A-MAR, REMIC, 6.17%, 12/13/29 (b) | 1025 | 1061 |
| Balboa Bay Loan Funding 2024-1 Ltd |  |  |
| Series 2024-D1-1A, 7.08%, (3 Month Term SOFR + 3.20%), 07/20/37 (b) | 3000 | 3010 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BAMLL Trust 2024-BHP |  |  |
| Series 2024-B-BHP, REMIC, 6.65%, (1 Month Term SOFR + 2.90%), 08/17/26 (b) | 656 | 662 |
| Bank 2019-BNK17 |  |  |
| Series 2019-C-BN17, REMIC, 4.51%, 04/17/29 (b) | 455 | 403 |
| Bank 2021-BNK38 |  |  |
| Series 2021-C-BN38, REMIC, 3.22%, 12/17/31 (b) | 343 | 281 |
| Bank5 2023-5YR3 |  |  |
| Series 2023-C-5YR3, REMIC, 7.32%, 09/15/28 (b) | 331 | 343 |
| Bank5 2024-5YR5 |  |  |
| Series 2024-B-5YR5, REMIC, 6.54%, 02/16/29 (b) | 394 | 411 |
| Bank5 2024-5Yr7 |  |  |
| Series 2024-C-5YR7, REMIC, 7.10%, 06/15/29 (b) | 433 | 455 |
| Bank5 2025-5YR17 |  |  |
| Series 2025-D-5YR17, REMIC, 4.50%, 10/18/30 | 459 | 407 |
| Series 2025-C-5YR17, REMIC, 5.89%, 10/18/30 (b) | 494 | 495 |
| Battalion CLO XXI Ltd. |  |  |
| Series 2021-D-21A, 7.47%, (3 Month Term SOFR + 3.56%), 07/17/34 (b) | 1000 | 960 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-C-CAR1, 5.37%, (SOFR 30-Day Average + 1.50%), 12/26/31 (b) | 98 | 99 |
| Series 2024-D-CAR1, 5.92%, (SOFR 30-Day Average + 2.05%), 12/26/31 (b) | 98 | 99 |
| Bayview Opportunity Master Fund VII 2024-EDU1, LLC |  |  |
| Series 2024-C-EDU1, 5.67%, (SOFR 30-Day Average + 1.80%), 06/25/47 (b) | 257 | 257 |
| Series 2024-D-EDU1, 6.62%, (SOFR 30-Day Average + 2.75%), 06/25/47 (b) | 109 | 111 |
| Bayview Opportunity Master Fund VII 2025-EDU1 LLC |  |  |
| Series 2025-A-EDU1, REMIC, 5.17%, (SOFR 30-Day Average + 1.30%), 07/27/48 (b) | 866 | 868 |
| Series 2025-B-EDU1, REMIC, 5.57%, (SOFR 30-Day Average + 1.70%), 07/27/48 (b) | 1279 | 1277 |
| Series 2025-C-EDU1, REMIC, 5.67%, (SOFR 30-Day Average + 1.80%), 07/27/48 (b) | 494 | 494 |
| Series 2025-D-EDU1, REMIC, 6.12%, (SOFR 30-Day Average + 2.25%), 07/27/48 (b) | 451 | 451 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-A-TALL, REMIC, 4.67%, (1 Month Term SOFR + 0.92%), 03/16/37 (b) (d) | 680 | 643 |
| Series 2018-B-TALL, REMIC, 4.92%, (1 Month Term SOFR + 1.17%), 03/16/37 (b) (d) | 433 | 393 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Interest Only, Series 2022-XA-C17, REMIC, 1.15%, 09/17/55 (b) | 8171 | 513 |
| BBCMS Mortgage Trust 2024-5C31 |  |  |
| Series 2024-C-5C31, REMIC, 5.76%, 12/17/29 | 279 | 280 |
| Benchmark 2020-B16 Mortgage Trust |  |  |
| Series 2020-C-B16, REMIC, 3.52%, 01/17/30 (b) | 391 | 329 |
| Benchmark 2023-B40 Mortgage Trust |  |  |
| Series 2023-C-B40, REMIC, 7.41%, 12/16/33 (b) | 321 | 336 |
| Benchmark 2024-V6 Mortgage Trust |  |  |
| Series 2024-D-V6, REMIC, 4.00%, 03/16/29 | 225 | 203 |
| Series 2024-E-V6, REMIC, 4.00%, 03/16/29 | 544 | 474 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-B-V8, REMIC, 6.95%, 07/15/29 (b) | 1088 | 1152 |
| BLP Commercial Mortgage Trust 2025-IND |  |  |
| Series 2025-A-IND, REMIC, 4.95%, (1 Month Term SOFR + 1.20%), 03/15/27 (b) | 1021 | 1016 |
| Series 2025-C-IND, REMIC, 5.55%, (1 Month Term SOFR + 1.80%), 03/15/27 (b) | 202 | 201 |
| BLP Commercial Mortgage Trust 2025-IND2 |  |  |
| Series 2025-D-IND2, REMIC, 6.61%, (1 Month Term SOFR + 2.65%), 12/15/42 (b) | 1168 | 1169 |
| Blue Stream Issuer, LLC |  |  |
| Series 2024-A2-1A, REMIC, 5.41%, 11/20/29 | 842 | 851 |
| BMO 2024-5C3 Mortgage Trust |  |  |
| Series 2024-B-5C3, REMIC, 6.56%, 02/16/29 (b) | 203 | 212 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-C-5C8, REMIC, 5.74%, 12/17/29 (b) | 168 | 168 |
| BRAVO Residential Funding Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.80%, 02/25/65 (d) | 874 | 879 |
| Series 2025-M1-NQM5, REMIC, 6.34%, 02/25/65 (b) | 1117 | 1135 |
| Business Jet Securities 2024-1, LLC |  |  |
| Series 2024-A-1A, 6.20%, 05/15/30 | 577 | 590 |
| Series 2024-C-1A, 9.13%, 05/15/30 | 295 | 300 |
| Business Jet Securities 2024-2, LLC |  |  |
| Series 2024-B-2A, 5.75%, 09/15/30 | 379 | 374 |
| BX Commercial Mortgage Trust 2023-XL3 |  |  |
| Series 2023-D-XL3, REMIC, 7.34%, (1 Month Term SOFR + 3.59%), 12/15/40 (b) | 304 | 304 |
| BX Commercial Mortgage Trust 2024-GPA2 |  |  |
| Series 2024-C-GPA2, 5.94%, (1 Month Term SOFR + 2.19%), 11/15/26 (b) | 979 | 977 |
| BX Commercial Mortgage Trust 2024-KING |  |  |
| Series 2024-C-KING, REMIC, 5.69%, (1 Month Term SOFR + 1.94%), 05/15/26 (b) | 815 | 816 |
| Series 2024-D-KING, REMIC, 6.24%, (1 Month Term SOFR + 2.49%), 05/15/26 (b) | 931 | 933 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-C-XL4, REMIC, 5.94%, (1 Month Term SOFR + 2.19%), 02/17/26 (b) | 391 | 390 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-D-XL5, REMIC, 6.44%, (1 Month Term SOFR + 2.69%), 03/15/26 (b) | 873 | 874 |
| BX Trust |  |  |
| Series 2024-C-MF, REMIC, 5.69%, (1 Month Term SOFR + 1.94%), 02/17/26 (b) | 336 | 336 |
| Series 2024-D-MF, REMIC, 6.44%, (1 Month Term SOFR + 2.69%), 02/17/26 (b) | 768 | 769 |
| Series 2024-C-BIO, REMIC, 6.39%, (1 Month Term SOFR + 2.64%), 02/15/29 (b) | 1086 | 1076 |
| Series 2025-C-ARIA, REMIC, 5.52%, 12/13/30 (b) | 1552 | 1564 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (b) | 775 | 738 |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (b) | 923 | 852 |
| BX Trust 2024-VLT4 |  |  |
| Series 2024-E-VLT4, REMIC, 6.64%, (1 Month Term SOFR + 2.89%), 06/15/26 (b) | 1070 | 1067 |
| BX Trust 2025-DELC |  |  |
| Series 2025-E-DELC, REMIC, 7.01%, (1 Month Term SOFR + 3.05%), 12/15/27 (b) | 622 | 624 |
| BX Trust 2025-GW |  |  |
| Series 2025-D-GW, REMIC, 6.71%, (1 Month Term SOFR + 2.75%), 07/15/42 (b) | 1196 | 1196 |
| BX Trust 2025-LIFE |  |  |
| Series 2025-A-LIFE, REMIC, 5.88%, 06/14/35 (b) | 2080 | 2112 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-D-ROIC, REMIC, 5.74%, (1 Month Term SOFR + 1.99%), 03/15/27 (b) | 1614 | 1606 |
| BX Trust 2025-VLT7 |  |  |
| Series 2025-D-VLT7, REMIC, 7.00%, (1 Month Term SOFR + 3.25%), 07/15/30 (b) | 1600 | 1605 |
| BX Trust 2025-VOLT |  |  |
| Series 2025-D-VOLT, REMIC, 6.75%, (1 Month Term SOFR + 3.00%), 12/16/30 (b) | 1395 | 1393 |
| Castlelake Aircraft Structured Trust 2025-1 |  |  |
| Series 2025-C-1A, 7.75%, 08/15/30 (d) | 550 | 538 |
| Castlelake Aircraft Structured Trust 2025-2 |  |  |
| Series 2025-A-2A, 5.47%, 08/15/32 (d) | 1612 | 1612 |
| CCG Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.22%, 04/14/28 | 362 | 367 |
| Series 2024-D-1, 5.80%, 04/14/28 | 560 | 570 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CCG Receivables Trust 2025-1 |  |  |
| Series 2025-B-1, 4.69%, 10/14/32 | 135 | 137 |
| Series 2025-C-1, 4.89%, 10/14/32 | 275 | 277 |
| Series 2025-D-1, 5.28%, 10/14/32 | 185 | 186 |
| Chase Home Lending Mortgage Trust 2024-11 |  |  |
| Series 2024-A4-11, REMIC, 6.00%, 03/25/32 (b) | 896 | 905 |
| Series 2024-A9A-11, REMIC, 6.00%, 05/25/46 (b) | 337 | 342 |
| Series 2024-A9-11, REMIC, 6.30%, 05/25/46 (b) | 146 | 149 |
| Chase Home Lending Mortgage Trust 2025-10 |  |  |
| Series 2025-A9B-10, REMIC, 5.50%, 01/25/48 (b) | 1163 | 1165 |
| Chase Home Lending Mortgage Trust Series 2024-2 |  |  |
| Series 2024-A6-3, REMIC, 6.00%, 02/25/29 (b) | 831 | 836 |
| Series 2024-A6A-2, REMIC, 6.00%, 02/25/55 (b) | 514 | 517 |
| Chase Home Lending Mortgage Trust Series 2024-4 |  |  |
| Series 2024-A6-4, REMIC, 6.00%, 03/25/29 (b) | 921 | 927 |
| CHI Commercial Mortgage Trust 2025-SFT |  |  |
| Series 2025-D-110W, REMIC, 6.63%, 12/13/30 (b) | 1682 | 1690 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2023-C-SMRT, REMIC, 5.85%, 06/12/28 (b) (m) | 635 | 644 |
| Citigroup Commercial Mortgage Trust 2023-PRM3 |  |  |
| Series 2023-C-PRM3, REMIC, 6.36%, 07/10/28 (b) | 532 | 546 |
| CLI Funding VI LLC |  |  |
| Series 2020-B-1A, 3.62%, 09/18/30 | 1081 | 1034 |
| Cloud Capital Holdco LP |  |  |
| Series 2024-A2-1A, 5.78%, 11/23/29 | 984 | 991 |
| Series 2024-A2-2A, 5.92%, 11/24/31 | 638 | 646 |
| COLT 2025-6 Mortgage Loan Trust |  |  |
| Series 2025-M1-6, 6.27%, 08/25/70 (b) | 763 | 770 |
| COMM 2024-277P Mortgage Trust |  |  |
| Series 2024-B-277P, REMIC, 7.00%, 08/06/29 (b) | 1000 | 1064 |
| COMM 2024-CBM Mortgage Trust |  |  |
| Series 2024-D-CBM, REMIC, 7.93%, 12/12/29 (b) | 472 | 488 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2024-A1-1A, 5.25%, 02/26/29 | 520 | 522 |
| Series 2024-A2-1A, 5.75%, 02/26/29 | 315 | 318 |
| Series 2024-B-1A, 7.00%, 02/26/29 | 485 | 499 |
| Series 2024-A1-2A, 5.02%, 08/27/29 | 1257 | 1262 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-A-DFW1, REMIC, 5.39%, (1 Month Term SOFR + 1.64%), 08/15/41 (b) | 416 | 415 |
| Series 2024-D-DFW1, REMIC, 6.79%, (1 Month Term SOFR + 3.04%), 08/15/41 (b) | 446 | 445 |
| Consolidated Communications LLC/Fidium Fiber Finance |  |  |
| Series 2025-A2-1A, 6.00%, 05/20/30 | 1648 | 1687 |
| Series 2025-C-1A, 9.41%, 05/20/30 | 1150 | 1205 |
| Crockett Partners Equipment Company IIA LLC |  |  |
| Series 2024-A-1C, 6.05%, 01/20/30 | 580 | 587 |
| Cross 2024-H8 Mortgage Trust |  |  |
| Series 2024-A1-H8, REMIC, 5.55%, 12/25/69 (b) | 336 | 339 |
| Series 2024-A3-H8, REMIC, 5.96%, 12/25/69 (d) | 256 | 258 |
| Series 2024-M1-H8, REMIC, 6.32%, 12/25/69 (b) | 175 | 177 |
| Crown Communication Inc. |  |  |
| Series 2018-C-2, 4.24%, 07/15/28 | 616 | 612 |
| CSAIL 2016-C7 Commercial Mortgage Trust |  |  |
| Series 2016-C-C7, REMIC, 4.29%, 11/18/26 (b) | 930 | 853 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2023-A2-1A, 4.30%, 04/20/28 | 576 | 564 |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 2160 | 2107 |
| DC Office Trust 2019-MTC |  |  |
| Series 2019-D-MTC, REMIC, 3.07%, 11/17/29 (b) | 725 | 621 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-D-1, 6.12%, 12/22/26 | 400 | 405 |
| EFMT 2024-INV2 |  |  |
| Series 2024-M1-INV2, REMIC, 5.73%, 10/25/69 (b) | 495 | 495 |
| EFMT 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.03%, 11/25/70 (b) (d) | 2626 | 2627 |
| ELFI Graduate Loan Program 2024-A LLC |  |  |
| Series 2024-A-A, 5.56%, 08/25/49 | 564 | 576 |
| Ellington Financial Mortgage Trust 2020-1 |  |  |
| Series 2020-B1-1, REMIC, 5.06%, 05/25/65 (b) | 870 | 881 |
| ELM Trust 2024-ELM |  |  |
| Series 2024-D10-ELM, REMIC, 6.85%, 06/11/27 (b) | 900 | 905 |
| Series 2024-D15-ELM, REMIC, 6.90%, 06/11/27 (b) | 628 | 631 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.91%, 09/15/29 | 752 | 759 |
| Foundation Finance Trust 2024-2 |  |  |
| Series 2024-B-2A, 4.93%, 03/15/50 | 169 | 170 |
| Series 2024-D-2A, 6.59%, 03/15/50 | 476 | 487 |
| Foundation Finance Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.95%, 04/15/50 | 604 | 611 |
| Frontier Issuer LLC |  |  |
| Series 2023-A2-1, 6.60%, 07/20/28 | 1237 | 1249 |
| Series 2024-B-1, 7.02%, 05/20/31 | 1091 | 1136 |
| GLS Auto Select Receivables Trust 2024-1 |  |  |
| Series 2024-D-1A, 5.95%, 12/17/29 | 468 | 478 |
| GLS Auto Select Receivables Trust 2024-4 |  |  |
| Series 2024-C-4A, 4.75%, 11/15/30 | 255 | 256 |
| Series 2024-D-4A, 5.28%, 10/15/31 | 272 | 277 |
| GLS Auto Select Receivables Trust 2025-1 |  |  |
| Series 2025-B-1A, 5.04%, 09/15/28 | 269 | 275 |
| Series 2025-C-1A, 5.26%, 04/15/29 | 318 | 324 |
| Gracie Point International Funding 2024-1, LLC |  |  |
| Series 2024-A-1A, 5.90%, (SOFR 90-Day Average + 1.70%), 03/02/26 (b) | 1365 | 1365 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |
| Series 2025-B-1A, 5.39%, 03/25/60 | 497 | 504 |
| Series 2025-C-1A, 5.69%, 03/25/60 | 388 | 395 |
| GreenSky Home Improvement Issuer Trust 2025-2 |  |  |
| Series 2025-B-2A, 5.07%, 06/25/60 | 525 | 531 |
| Series 2025-C-2A, 5.26%, 06/25/60 | 401 | 405 |
| Series 2025-D-2A, 5.56%, 06/25/60 | 315 | 319 |
| GS Mortgage Securities Trust 2016-GS2 |  |  |
| Series 2016-C-GS2, REMIC, 4.69%, 05/12/26 (b) | 540 | 529 |
| GS Mortgage Securities Trust 2019-GC42 |  |  |
| Series 2019-C-GC42, REMIC, 3.70%, 09/12/29 (b) | 823 | 715 |
| GS Mortgage-Backed Securities Trust 2025-PJ8 |  |  |
| Series 2025-A19-PJ8, REMIC, 6.00%, 02/25/56 (b) | 540 | 547 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-D-1D, 6.79%, 06/20/34 | 179 | 179 |
| Hilton Grand Vacations Trust 2022-2 |  |  |
| Series 2022-B-2A, 4.74%, 08/27/29 | 179 | 178 |
| Hilton Grand Vacations Trust 2024-1B |  |  |
| Series 2024-B-1B, 5.99%, 09/15/39 | 75 | 76 |
| Series 2024-D-1B, 8.85%, 09/15/39 | 163 | 167 |
| Hilton Grand Vacations Trust 2024-2 |  |  |
| Series 2024-C-2A, 5.99%, 03/25/38 | 462 | 472 |
| Series 2024-D-2A, 6.91%, 03/25/38 | 114 | 117 |
| Hilton Grand Vacations Trust 2025-2 |  |  |
| Series 2025-B-2A, 4.73%, 05/25/44 | 1410 | 1418 |
| Series 2025-C-2A, 5.12%, 05/25/44 | 632 | 634 |
| Hilton USA Trust 2016-HHV |  |  |
| Series 2016-D-HHV, REMIC, 4.19%, 11/05/26 (b) | 1081 | 1070 |
| HPEFS Equipment Trust 2024-2 |  |  |
| Series 2024-D-2A, 5.82%, 04/20/32 | 886 | 905 |
| Hudson Yards 2025-SPRL Mortgage Trust |  |  |
| Series 2025-C-SPRL, REMIC, 5.95%, 01/15/30 (b) | 913 | 940 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2025-D-SPRL, REMIC, 6.34%, 01/15/30 (b) | 330 | 343 |
| Series 2025-E-SPRL, REMIC, 6.68%, 01/15/30 (b) | 329 | 342 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (c) | 637 | 647 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 258 | 261 |
| Series 2024-C-2, 6.33%, (SOFR 30-Day Average + 2.60%), 10/20/32 (b) | 184 | 185 |
| INTOWN 2025-STAY Mortgage Trust |  |  |
| Series 2025-C-STAY, REMIC, 6.00%, (1 Month Term SOFR + 2.25%), 03/15/27 (b) | 1052 | 1053 |
| IP 2025-IP Mortgage Trust |  |  |
| Series 2025-A-IP, REMIC, 5.25%, 06/12/30 (b) | 515 | 524 |
| Series 2025-D-IP, REMIC, 6.31%, 06/12/30 (b) | 672 | 685 |
| Series 2025-E-IP, REMIC, 6.85%, 06/12/30 (b) | 384 | 392 |
| IRV Trust 2025-200P |  |  |
| Series 2025-C-200P, REMIC, 5.73%, 02/14/35 (b) | 1094 | 1095 |
| Island Finance Trust 2025-1 |  |  |
| Series 2025-A-1A, 6.54%, 03/19/35 | 981 | 993 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-D-OPO, REMIC, 3.45%, 01/08/27 (b) | 935 | 748 |
| J.P. Morgan Mortgage Trust 2023-HE3 |  |  |
| Series 2023-A1-HE3, REMIC, 5.34%, (SOFR 30-Day Average + 1.60%), 06/20/31 (b) (m) | 315 | 316 |
| J.P. Morgan Mortgage Trust 2024-4 |  |  |
| Series 2024-A6A-4, REMIC, 6.00%, 01/25/29 (b) | 209 | 209 |
| J.P. Morgan Mortgage Trust 2024-HE1 |  |  |
| Series 2024-M1-HE1, REMIC, 5.72%, (SOFR 30-Day Average + 2.00%), 04/21/31 (b) (m) | 340 | 343 |
| Series 2024-M2-HE1, REMIC, 6.09%, (SOFR 30-Day Average + 2.40%), 04/21/31 (b) (m) | 258 | 261 |
| J.P. Morgan Mortgage Trust 2025-NQM3 |  |  |
| Series 2025-A2-NQM3, REMIC, 5.65%, 07/25/29 (b) (d) | 1225 | 1233 |
| JPMBB Commercial Mortgage Securities Trust 2015-C30 |  |  |
| Series 2015-AS-C30, REMIC, 4.12%, 07/17/48 (b) (m) | 1000 | 981 |
| LHOME Mortgage Trust 2024-RTL4 |  |  |
| Series 2024-A1-RTL4, REMIC, 5.92%, 01/25/27 (d) | 1690 | 1705 |
| LV Trust 2024-SHOW |  |  |
| Series 2024-C-SHOW, REMIC, 6.28%, 10/10/29 (b) | 1016 | 1024 |
| Lyra Music Assets Delaware LP |  |  |
| Series 2025-A2-1A, REMIC, 5.60%, 09/20/30 | 2416 | 2431 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-D-11MD, REMIC, 6.36%, 10/18/30 (b) (m) | 1760 | 1769 |
| Series 2025-E-11MD, REMIC, 7.33%, 10/18/30 (b) (m) | 994 | 1000 |
| Magnetite XXIV, Limited |  |  |
| Series 2019-DR-24A, 6.95%, (3 Month Term SOFR + 3.05%), 04/15/35 (b) | 5200 | 5201 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-D-OMW, REMIC, 2.33%, 09/10/27 (b) (m) | 458 | 435 |
| MED Commercial Mortgage Trust 2024-MOB |  |  |
| Series 2024-C-MOB, REMIC, 6.04%, (1 Month Term SOFR + 2.29%), 05/15/26 (b) | 760 | 752 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-A2-2A, 5.40%, 08/20/30 | 2167 | 2190 |
| Series 2025-C-2A, 7.83%, 08/20/30 | 1306 | 1339 |
| MFA 2025-NQM5 Trust |  |  |
| Series 2025-A1-NQM5, REMIC, 5.19%, 11/25/70 (b) (d) | 1676 | 1679 |
| Series 2025-A2-NQM5, REMIC, 5.34%, 11/25/70 (d) | 936 | 937 |
| Milos CLO, Ltd. |  |  |
| Series 2017-DR-1A, 6.90%, (3 Month Term SOFR + 3.01%), 10/21/30 (b) | 1750 | 1754 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 |  |  |
| Series 2025-C-C35, REMIC, 6.35%, 07/15/35 | 956 | 985 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33 |  |  |
| Series 2017-C-C33, REMIC, 4.56%, 05/17/27 (b) | 256 | 243 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-B-H1, REMIC, 4.08%, 05/17/27 | 240 | 235 |
| Series 2017-C-H1, REMIC, 4.28%, 05/17/27 (b) | 387 | 367 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-C-H4, REMIC, 5.06%, 12/15/28 (b) | 324 | 303 |
| Morgan Stanley Capital I Trust 2018-L1 |  |  |
| Series 2018-AS-L1, REMIC, 4.64%, 09/15/28 (b) | 669 | 665 |
| Morgan Stanley Residential Mortgage Loan Trust 202 |  |  |
| Series 2024-A2-3, REMIC, 6.00%, 09/25/29 (b) | 406 | 407 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3 |  |  |
| Series 2024-A3-NQM3, REMIC, 5.40%, 07/25/69 (d) | 370 | 370 |
| Series 2024-M1-NQM3, REMIC, 5.61%, 07/25/69 (b) | 316 | 315 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5 |  |  |
| Series 2024-A3-NQM5, 6.00%, 10/25/69 (d) | 77 | 78 |
| Series 2024-M1-NQM5, 6.51%, 10/25/69 (b) | 114 | 116 |
| MSWF Commercial Mortgage Trust 2023-1 |  |  |
| Series 2023-C-1, REMIC, 6.68%, 05/17/33 (b) | 329 | 342 |
| MSWF Commercial Mortgage Trust 2023-2 |  |  |
| Series 2023-A5-2, REMIC, 6.01%, 11/18/33 (b) | 1080 | 1165 |
| Series 2023-C-2, REMIC, 7.02%, 12/16/33 (b) | 240 | 254 |
| MVW 2021-1W LLC |  |  |
| Series 2021-C-1WA, 1.94%, 01/22/41 | 250 | 242 |
| MVW 2022-1 LLC |  |  |
| Series 2022-B-1A, 4.40%, 11/21/39 | 374 | 367 |
| MVW 2023-2 LLC |  |  |
| Series 2023-C-2A, 7.06%, 11/20/40 | 227 | 232 |
| MVW 2024-1 LLC |  |  |
| Series 2024-C-1A, 6.20%, 02/20/43 | 238 | 242 |
| MVW 2024-2 LLC |  |  |
| Series 2024-B-2A, 4.58%, 03/20/42 | 773 | 772 |
| Series 2024-C-2A, 4.92%, 03/20/42 | 490 | 490 |
| MVW 2025-1 LLC |  |  |
| Series 2025-B-1A, 5.21%, 09/22/42 | 455 | 462 |
| Series 2025-C-1A, 5.75%, 09/22/42 | 367 | 371 |
| Navient Private Education Refi Loan Trust 2019-F |  |  |
| Series 2019-B-FA, 3.12%, 09/15/32 | 1225 | 1114 |
| Navient Private Education Refi Loan Trust 2021-A |  |  |
| Series 2021-A-A, 0.84%, 05/15/69 | 1004 | 926 |
| Navient Private Education Refi Loan Trust 2021-B |  |  |
| Series 2021-A-BA, 0.94%, 06/15/28 | 238 | 217 |
| Navient Private Education Refi Loan Trust 2021-E |  |  |
| Series 2021-A-EA, REMIC, 0.97%, 12/15/28 | 1217 | 1095 |
| Navient Private Education Refi Loan Trust 2021-F |  |  |
| Series 2021-A-FA, 1.11%, 05/15/29 | 934 | 834 |
| Navient Private Education Refi Loan Trust 2021-G |  |  |
| Series 2021-A-GA, 1.58%, 06/15/29 | 1084 | 990 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2024-A-A, 5.66%, 12/15/34 | 1356 | 1389 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-D-CA, 4.44%, 04/20/62 | 1400 | 1246 |
| New Residential Mortgage LLC |  |  |
| Series 2024-A-FNT1, 7.40%, 11/25/29 (d) | 824 | 832 |
| New Residential Mortgage Loan Trust 2024-RTL2 |  |  |
| Series 2024-A1-RTL2, REMIC, 5.44%, 10/25/27 (d) | 929 | 939 |
| New Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-M1-NQM3, REMIC, 6.32%, 08/25/30 (b) | 670 | 683 |
| NRZ FHT Excess LLC |  |  |
| Series 2025-A-FHT1, 6.55%, 03/25/32 (c) (d) | 929 | 944 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-C-3BP, REMIC, 5.64%, (1 Month Term SOFR + 1.95%), 02/16/27 (b) | 553 | 552 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2025-D-3BP, REMIC, 6.19%, (1 Month Term SOFR + 2.50%), 02/16/27 (b) | 635 | 632 |
| NYMT Loan Trust 2024-INV1 |  |  |
| Series 2024-A1-INV1, REMIC, 5.38%, 10/25/28 (d) | 330 | 332 |
| Series 2024-A3-INV1, REMIC, 5.83%, 10/25/28 (d) | 658 | 663 |
| OBX 2021-NQM4 Trust |  |  |
| Series 2021-A1-NQM4, 1.96%, 10/25/61 | 1624 | 1403 |
| OBX 2024-NQM1 Trust |  |  |
| Series 2024-A1-NQM1, REMIC, 5.93%, 12/25/27 (d) | 569 | 573 |
| OBX 2024-NQM14 Trust |  |  |
| Series 2024-M1-NQM14, REMIC, 5.58%, 09/25/28 (b) | 715 | 716 |
| OBX 2025-HE1 Trust |  |  |
| Series 2025-A1-HE1, 5.67%, (SOFR 30-Day Average + 1.60%), 02/25/55 (b) | 1139 | 1144 |
| Series 2025-M1-HE1, 5.97%, (SOFR 30-Day Average + 1.90%), 02/25/55 (b) | 244 | 240 |
| OBX 2025-NQM7 Trust |  |  |
| Series 2025-A3-NQM7, REMIC, 5.86%, 05/25/55 (d) | 602 | 609 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-E-PARK, REMIC, 5.61%, (1 Month Term SOFR + 1.86%), 03/15/28 (b) | 776 | 733 |
| Series 2021-D-PARK, REMIC, 5.36%, (1 Month Term SOFR + 1.61%), 03/15/36 (b) | 278 | 266 |
| One Market Plaza Trust 2017-1MKT |  |  |
| Series 2017-A-1MKT, REMIC, 3.61%, 02/10/32 | 224 | 215 |
| Series 2017-B-1MKT, REMIC, 3.85%, 02/10/32 | 451 | 427 |
| Series 2017-C-1MKT, REMIC, 4.02%, 02/10/32 | 449 | 423 |
| OneMain Financial Issuance Trust 2023-1 |  |  |
| Series 2023-B-1A, 5.94%, 12/14/29 | 417 | 436 |
| ONNI Commercial Mortgage Trust 2024-APT |  |  |
| Series 2024-C-APT, REMIC, 6.64%, 07/20/29 (b) | 1053 | 1076 |
| ORL 2024-GLKS Mortgage Trust |  |  |
| Series 2024-D-GLKS, REMIC, 6.54%, (1 Month Term SOFR + 2.79%), 12/15/26 (b) | 697 | 699 |
| OWN Equipment Fund I LLC |  |  |
| Series 2024-A-2M, 5.70%, 12/20/32 | 1089 | 1105 |
| PFS Financing Corp. |  |  |
| Series 2025-A-B, 4.85%, 02/15/28 | 708 | 721 |
| Pk Alift Loan Funding 6 LP |  |  |
| Series 2025-A-1, 5.37%, 12/15/31 | 1486 | 1494 |
| Prestige Auto Receivables Trust 2021-1 |  |  |
| Series 2021-D-1A, 2.08%, 02/15/28 | 475 | 472 |
| PRKCM 2025-AFC1 Trust |  |  |
| Series 2025-A3-AFC1, REMIC, 5.36%, 10/25/60 (d) | 960 | 961 |
| PRM Trust 2025-PRM6 |  |  |
| Series 2025-E-PRM6, REMIC, 6.58%, 07/05/28 (b) | 1565 | 1568 |
| RCKT Mortgage Trust 2025-CES10 |  |  |
| Series 2025-A1A-CES10, REMIC, 4.89%, 10/25/55 (d) | 341 | 341 |
| Series 2025-A2-CES10, REMIC, 5.16%, 10/25/55 (d) | 353 | 352 |
| Series 2025-A3-CES10, REMIC, 5.31%, 10/25/55 (d) | 856 | 853 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-B-CNTR, REMIC, 5.93%, 11/15/29 | 800 | 827 |
| Series 2024-D-CNTR, REMIC, 7.11%, 11/15/41 | 1689 | 1765 |
| Santander Drive Auto Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.45%, 07/15/27 | 379 | 383 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-D-1, 5.43%, 04/16/29 | 1939 | 1969 |
| SCCU Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A4-1A, 4.68%, 07/16/29 | 608 | 617 |
| Series 2025-B-1A, 4.78%, 07/16/29 | 556 | 560 |
| Series 2025-C-1A, 5.08%, 07/16/29 | 363 | 367 |
| SDAL Trust 2025-DAL |  |  |
| Series 2025-C-DAL, REMIC, 7.69%, 04/15/30 (b) | 1087 | 1096 |
| Sequoia Mortgage Trust 2024-4 |  |  |
| Series 2024-A10-4, REMIC, 6.00%, 02/25/29 (b) | 557 | 558 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-C-555, REMIC, 5.67%, (1 Month Term SOFR + 1.91%), 05/15/28 (b) | 415 | 412 |
| Series 2021-D-555, REMIC, 6.27%, (1 Month Term SOFR + 2.51%), 05/15/28 (b) | 880 | 875 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.51%, 01/20/32 | 520 | 533 |
| Sierra Timeshare 2021-1 Receivables Funding LLC |  |  |
| Series 2021-B-1A, REMIC, 1.34%, 11/20/37 | 139 | 138 |
| Sierra Timeshare 2021-2 Receivables Funding LLC |  |  |
| Series 2021-C-2A, 1.95%, 09/20/38 | 95 | 94 |
| Series 2021-D-2A, 3.23%, 09/20/38 | 81 | 80 |
| Sierra Timeshare 2023-1 Receivables Funding LLC |  |  |
| Series 2023-C-1A, 7.00%, 01/20/40 | 123 | 125 |
| Sierra Timeshare 2023-2 Receivables Funding LLC |  |  |
| Series 2023-C-2A, 7.30%, 04/20/40 | 104 | 108 |
| Series 2023-D-2A, 9.72%, 04/20/40 | 176 | 184 |
| Series 2023-D-3A, 9.44%, 09/20/40 | 325 | 337 |
| Sierra Timeshare 2024-1 Receivables Funding LLC |  |  |
| Series 2024-C-1A, 5.94%, 09/20/31 | 279 | 282 |
| Series 2024-D-1A, 8.02%, 09/20/31 | 84 | 85 |
| Sierra Timeshare 2024-2 Receivables Funding LLC |  |  |
| Series 2024-C-2A, 5.83%, 06/20/41 | 397 | 402 |
| Sierra Timeshare 2024-3 Receivables Funding LLC |  |  |
| Series 2024-C-3A, 5.32%, 08/20/41 | 577 | 579 |
| Series 2024-D-3A, 6.93%, 08/20/41 | 244 | 244 |
| Sierra Timeshare 2025-1 Receivables Funding LLC |  |  |
| Series 2025-D-1A, 6.86%, 01/21/42 | 590 | 593 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-B-2A, 4.93%, 04/20/44 | 494 | 498 |
| Series 2025-C-2A, 5.32%, 04/20/44 | 374 | 378 |
| Series 2025-D-2A, 6.79%, 04/20/44 | 446 | 449 |
| Signal Peak CLO 4, Ltd. |  |  |
| Series 2024-D1-11A, 6.98%, (3 Month Term SOFR + 3.10%), 07/18/37 (b) | 2000 | 2007 |
| Sixth Street CLO XIX, Ltd. |  |  |
| Series 2020-D1R-15A, 7.02%, (3 Month Term SOFR + 3.15%), 10/26/37 (b) | 500 | 504 |
| SMRT 2022-MINI |  |  |
| Series 2022-E-MINI, REMIC, 6.45%, (1 Month Term SOFR + 2.70%), 01/18/39 (b) | 1070 | 1064 |
| SoFi Professional Loan Program 2020-A Trust |  |  |
| Series 2020-BFX-A, REMIC, 3.12%, 05/15/46 | 403 | 366 |
| Sotheby's Artfi Master Trust |  |  |
| Series 2024-D-1A, 7.91%, 03/22/27 | 1045 | 1047 |
| Stack Infrastructure Issuer, LLC |  |  |
| Series 2023-A2-3A, 5.90%, 10/25/28 | 1101 | 1111 |
| Series 2025-A2-1A, 5.00%, 05/28/30 | 1265 | 1246 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (b) | 3824 | 3389 |
| Summit Issuer, LLC |  |  |
| Series 2025-A2-1A, 5.21%, 11/20/30 | 2096 | 2105 |
| TCO Commercial Mortgage Trust 2024-DPM |  |  |
| Series 2024-C-DPM, REMIC, 5.80%, (1 Month Term SOFR + 2.05%), 12/17/29 (b) | 375 | 375 |
| TICP CLO VII, Ltd. |  |  |
| Series 2017-DR-7A, 7.37%, (3 Month Term SOFR + 3.46%), 04/15/33 (b) | 1000 | 1001 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/31 | 1120 | 1079 |
| Towd Point Mortgage Trust 2024-CES1 |  |  |
| Series 2024-A1A-CES1, REMIC, 5.85%, 09/25/31 (b) | 962 | 965 |
| Series 2024-A1B-CES1, REMIC, 6.05%, 09/25/31 (b) | 114 | 115 |
| Towd Point Mortgage Trust 2024-CES2 |  |  |
| Series 2024-A1A-CES2, REMIC, 6.13%, 04/25/31 (b) | 955 | 961 |
| Trafigura Securitisation Finance Public Limited Company |  |  |
| Series 2024-A2-1A, 5.98%, 05/15/27 (c) | 477 | 483 |
| Series 2024-B2-1A, 7.29%, 05/15/27 (c) | 996 | 1010 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TRESTLES CLO III LTD |  |  |
| Series 2020-D1R-3A, 7.03%, (3 Month Term SOFR + 3.15%), 10/20/37 (b) | 1000 | 1004 |
| Trestles CLO IX Ltd |  |  |
| Series 2025-D1-9A, 6.50%, (3 Month Term SOFR + 2.65%), 01/15/39 (b) | 2000 | 2008 |
| TRTX 2025-FL6 Issuer, Ltd. |  |  |
| Series 2025-A-FL6, 5.31%, (1 Month Term SOFR + 1.54%), 09/18/42 (b) (d) | 1078 | 1080 |
| TRTX 2025-FL7 Issuer, Ltd. |  |  |
| Series 2025-C-FL7, REMIC, 5.93%, (1 Month Term SOFR + 2.20%), 06/18/43 (b) (d) | 725 | 725 |
| Series 2025-D-FL7, REMIC, 6.38%, (1 Month Term SOFR + 2.65%), 06/18/43 (b) (d) | 693 | 693 |
| Series 2025-E-FL7, REMIC, 6.98%, (1 Month Term SOFR + 3.25%), 06/18/43 (b) (d) | 307 | 308 |
| U.S. Bank National Association |  |  |
| Series 2025-C-SUP1, 5.77%, (SOFR 30-Day Average + 1.90%), 02/25/32 (b) | 486 | 484 |
| Series 2025-D-SUP1, 6.57%, (SOFR 30-Day Average + 2.70%), 02/25/32 (b) | 363 | 362 |
| Series 2023-B-1, 6.79%, 08/25/32 | 296 | 298 |
| Uniti Fiber Abs Issuer Llc |  |  |
| Series 2025-B-1A, 6.37%, 04/22/30 | 944 | 970 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2025-A2-1A, 5.13%, 08/15/30 | 3718 | 3690 |
| Verus Securitization Trust 2021-6 |  |  |
| Series 2021-A1-6, REMIC, 1.63%, 10/25/66 (b) | 3164 | 2805 |
| Series 2021-A3-6, REMIC, 1.89%, 10/25/66 (b) | 1138 | 1014 |
| Verus Securitization Trust 2024-4 |  |  |
| Series 2024-M1-4, REMIC, 6.70%, 06/25/69 (b) | 310 | 314 |
| Verus Securitization Trust 2024-7 |  |  |
| Series 2024-A1-7, REMIC, 5.10%, 09/25/69 (b) | 752 | 754 |
| Series 2024-A3-7, REMIC, 5.40%, 09/25/69 (b) (d) | 523 | 523 |
| Verus Securitization Trust 2025-3 |  |  |
| Series 2025-M1-3, REMIC, 6.65%, 05/25/70 (b) | 360 | 369 |
| Verus Securitization Trust 2025-4 |  |  |
| Series 2025-A3-4, REMIC, 5.75%, 05/25/70 (d) | 579 | 584 |
| Series 2025-M1-4, REMIC, 6.30%, 05/25/70 (b) | 305 | 310 |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-A3-6, 5.72%, 07/25/70 (d) | 1571 | 1582 |
| Volofin Finance (Ireland) Designated Activity Company |  |  |
| Series 2024-A-1A, 5.94%, 03/17/31 | 604 | 611 |
| Series 2024-B-1A, 6.21%, 11/17/31 | 249 | 256 |
| Wells Fargo Commercial Mortgage Securities, Inc. |  |  |
| Series 2024-C-1CHI, REMIC, 6.43%, 07/15/27 (b) | 579 | 585 |
| Series 2024-D-1CHI, REMIC, 6.93%, 07/15/27 (b) | 454 | 459 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Series 2017-C-C39, REMIC, 4.12%, 08/17/27 | 301 | 280 |
| Westlake Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-D-1A, 5.54%, 01/18/28 | 966 | 980 |
| Westlake Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2A, 4.85%, 01/15/31 | 1054 | 1059 |
| Series 2025-D-2A, 5.08%, 05/15/31 | 1535 | 1543 |
| Willis Engine Structured Trust VIII |  |  |
| Series 2025-B-A, 6.07%, 06/16/31 (d) | 527 | 529 |
| Wireless Propco Funding LLC |  |  |
| Series 2025-B-1A, 4.30%, 06/25/30 | 285 | 275 |
| Series 2025-C-1A, 8.51%, 06/25/30 | 1000 | 1023 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $238,344) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $238,344) | 238602 |
| **INVESTMENT COMPANIES 1.0%** | **INVESTMENT COMPANIES 1.0%** | **INVESTMENT COMPANIES 1.0%** |
| VanEck J. P. Morgan EM Local Currency Bond ETF (f) | 423 | 10914 |
| Total Investment Companies (cost $10,445) | Total Investment Companies (cost $10,445) | 10914 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 02/16/28 (b) | 2419 | 2426 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Grifols Worldwide Operations USA, Inc. |  |  |
| 2019 USD Term Loan B, 5.92%, (3 Month Term SOFR + 2.00%), 11/15/27 (b) | 933 | 932 |
| Total Senior Floating Rate Instruments (cost $3,332) | Total Senior Floating Rate Instruments (cost $3,332) | 3358 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Edcon Holdings Ltd. (e) (n) | 14399 |  |
| Edcon Holdings Ltd. (e) (n) | 124902 |  |
| Total Common Stocks (cost $106) | Total Common Stocks (cost $106) |  |
| **SHORT TERM INVESTMENTS 3.3%** | **SHORT TERM INVESTMENTS 3.3%** | **SHORT TERM INVESTMENTS 3.3%** |
| **Investment Companies 2.1%** | **Investment Companies 2.1%** | **Investment Companies 2.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (o) (p) | 22596 | 22596 |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (o) (p) | 12802 | 12802 |
| Total Short Term Investments (cost $35,398) | Total Short Term Investments (cost $35,398) | 35398 |
| **Total Investments 108.4% (cost $1,153,468)** | **Total Investments 108.4% (cost $1,153,468)** | **1166015** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **46** |
| **Other Assets and Liabilities, Net (8.4)%** | **Other Assets and Liabilities, Net (8.4)%** | **(90391)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1075670** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $95,286.

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $176,867 and 16.4% of the Fund.

(d) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(f) All or a portion of the security was on loan as of December 31, 2025.

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

(h) Convertible security.

(i) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(k) Non-income producing security.

(l) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

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

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** | **JNL/Neuberger Berman Strategic Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 10405 | 480263 | 468072 | 767 |  |  | 22596 | 2.1 |
| JNL Government Money Market Fund, 3.74% - Class SL | 6851 | 120327 | 114376 | 437 |  |  | 12802 | 1.2 |
|  | 17256 | 600590 | 582448 | 1204 |  |  | 35398 | 3.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| A2a S.p.A., 5.00% (callable at 100, 06/11/29) | 11/12/25 | 393 | 395 |  |
| AA Bond Co Limited, 8.45%, 01/31/28 | 12/05/23 | 258 | 285 |  |
| Abertis Infraestructuras Finance B.V., 4.75% (callable at 100, 11/23/30) | 07/23/25 | 120 | 120 |  |
| Abertis Infraestructuras Finance B.V., 4.87% (callable at 100, 11/28/29) | 05/21/25 | 587 | 604 | 0.1 |
| Accor, 4.88% (callable at 100, 06/06/30) | 05/29/25 | 584 | 603 | 0.1 |
| Ahlstrom Holding 3 Oy, 3.63%, 02/04/28 | 09/24/24 | 448 | 468 | 0.1 |
| Air France - KLM, 4.63%, 05/23/29 | 09/24/24 | 348 | 365 |  |
| Albion Financing 1 S.a r.l., 5.38%, 05/21/30 | 07/23/25 | 334 | 334 |  |
| Alexandrite Monnet UK HoldCo PLC, 10.50%, 05/15/29 | 07/09/24 | 220 | 253 |  |
| Allianz SE, 3.20% (callable at 100, 10/30/27) | 04/27/22 | 1818 | 2073 | 0.2 |
| Allied Universal Holdco LLC, 4.88%, 06/01/28 | 01/05/24 | 336 | 361 |  |
| Altice France, 5.50%, 10/15/31 | 10/13/25 | 827 | 851 | 0.1 |
| Amber FinCo PLC, 6.63%, 07/15/29 | 09/24/24 | 225 | 240 |  |
| APA Infrastructure Limited, 7.13%, 11/09/83 | 01/16/24 | 713 | 763 | 0.1 |
| Arqiva Broadcast Finance PLC, 8.63%, 07/01/30 | 08/14/25 | 331 | 329 |  |
| Assemblin Caverion Group AB, 6.25%, 07/01/30 | 09/05/24 | 363 | 367 |  |
| Atos SE, 9.36%, 12/18/29 | 05/21/25 | 501 | 573 | 0.1 |
| Atos SE, 5.20%, 12/18/30 | 05/21/25 | 173 | 203 |  |
| AusNet Services Holdings Pty Ltd, 1.63%, 03/11/81 | 12/11/23 | 537 | 628 | 0.1 |
| B&M European Value Retail S.A., 4.00%, 11/15/28 | 07/02/24 | 240 | 258 |  |
| B&M European Value Retail S.A., 8.13%, 11/15/30 | 09/24/24 | 163 | 161 |  |
| B&M European Value Retail S.A., 6.50%, 11/27/31 | 02/12/25 | 236 | 252 |  |
| Banco de Sabadell, S.A., 6.00%, 08/16/33 | 09/12/25 | 249 | 249 |  |
| Bayer Aktiengesellschaft, 5.38%, 03/25/82 | 12/06/23 | 630 | 722 | 0.1 |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 12/09/21 | 423 | 409 |  |
| BCP V Modular Services Finance PLC, 6.75%, 11/30/29 | 03/14/24 | 101 | 91 |  |
| Beach Acquisition Bidco, LLC, 5.25%, 07/15/32 | 09/12/25 | 450 | 449 | 0.1 |
| Bellis Acquisition Company PLC, 8.13%, 05/14/30 | 06/24/24 | 126 | 125 |  |
| Benteler International Aktiengesellschaft, 7.25%, 06/15/31 | 08/27/25 | 452 | 460 | 0.1 |
| Boots Group Finco LP, 5.38%, 08/31/32 | 09/12/25 | 332 | 333 |  |
| BP Capital Markets P.L.C., 3.25% (callable at 100, 03/22/26) | 01/10/24 | 741 | 824 | 0.1 |
| BP Capital Markets P.L.C., 4.38% (callable at 100, 08/19/31) | 04/30/25 | 111 | 120 |  |
| British Telecommunications Public Limited Company, 8.38%, 12/20/83 | 09/08/23 | 1493 | 1618 | 0.2 |
| Bubbles BidCo S.p.A., 6.50%, 09/30/31 | 12/05/24 | 216 | 241 |  |
| CAB, 3.38%, 02/01/28 | 07/22/25 | 436 | 437 | 0.1 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29 | 04/14/25 | 239 | 254 |  |
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 | 07/19/22 | 97 | 117 |  |
| Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30 | 09/19/23 | 495 | 517 | 0.1 |
| Cirsa Finance International S.a r.l., 7.88%, 07/31/28 | 12/05/23 | 442 | 492 | 0.1 |
| Cirsa Finance International S.a r.l., 6.50%, 03/15/29 | 09/24/24 | 345 | 360 |  |
| CMA CGM, 5.00%, 01/15/31 | 09/12/25 | 352 | 344 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.90%, 08/12/37 | 05/10/22 | 1236 | 1501 | 0.2 |
| Constellium SE, 5.38%, 08/15/32 | 09/24/24 | 419 | 435 | 0.1 |
| Co-operative Group Limited, 7.50%, 07/08/26 | 10/05/23 | 121 | 136 |  |
| Country Garden Holdings Company Limited, 0.00%, 08/06/30 | 02/22/21 | 382 | 33 |  |
| CPI Property Group, 7.50% (callable at 100, 03/24/31) | 06/25/25 | 231 | 222 |  |
| CPI Property Group, 4.00%, 01/22/28 | 10/21/24 | 122 | 128 |  |
| CPI Property Group, 1.75%, 01/14/30 | 05/02/24 | 177 | 195 |  |
| CPI Property Group, 6.00%, 01/27/32 | 05/21/25 | 666 | 670 | 0.1 |
| CPUK Mortgage Finance Limited, 4.50%, 08/28/27 | 05/13/25 | 340 | 344 |  |
| CTEC II GmbH, 5.25%, 02/15/30 | 03/13/24 | 399 | 422 |  |
| Currenta Group Holdings S.a r.l., 5.50%, 05/15/30 | 07/23/25 | 452 | 445 | 0.1 |
| Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31 | 12/05/23 | 255 | 280 |  |
| Darling Global Finance B.V., 4.50%, 07/15/32 | 08/11/25 | 564 | 566 | 0.1 |
| Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55 | 04/14/25 | 332 | 366 |  |
| Doha Finance Limited, 4.50%, 03/16/31 | 11/05/25 | 593 | 589 | 0.1 |
| Dovalue S.p.A., 7.00%, 02/28/30 | 11/28/25 | 404 | 410 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Dufry One B.V., 4.50%, 05/23/32 | 07/15/25 | 561 | 570 | 0.1 |
| Edcon Holdings Ltd. | 02/28/17 | 95 |  |  |
| Edcon Holdings Ltd. | 02/27/17 | 11 |  |  |
| Edge Finco PLC, 8.13%, 08/15/31 | 12/05/24 | 338 | 372 |  |
| EDP, S.A., 4.75%, 05/29/54 | 05/13/25 | 584 | 604 | 0.1 |
| EDP, S.A., 4.63%, 09/16/54 | 04/01/25 | 700 | 722 | 0.1 |
| EIG Pearl Holdings S.a r.l., 3.55%, 08/31/36 | 11/05/25 | 530 | 529 | 0.1 |
| Electricite de France, 2.63% (callable at 100, 12/01/27) | 01/24/23 | 990 | 1146 | 0.1 |
| Electricite de France, 3.38% (callable at 100, 06/15/30) | 09/24/24 | 410 | 448 | 0.1 |
| Electricite de France, 7.50% (callable at 100, 09/06/28) | 12/11/23 | 1448 | 1535 | 0.2 |
| Elia Group, 5.85% (callable at 100, 03/15/28) | 12/11/23 | 326 | 369 |  |
| ENEL - SpA, 4.50% (callable at 100, 10/14/32) | 11/12/25 | 381 | 383 |  |
| ENEL - SpA, 6.38% (callable at 100, 04/16/28) | 01/04/24 | 506 | 563 | 0.1 |
| Energizer Gamma Acquisition B.V., 3.50%, 06/30/29 | 10/31/23 | 332 | 397 |  |
| Engineering S.R.L., 11.13%, 05/15/28 | 03/17/25 | 227 | 248 |  |
| Ephios Subco 3 S.a r.l., 7.88%, 01/31/31 | 05/21/25 | 368 | 374 |  |
| Essendi S.A., 5.50%, 11/15/31 | 08/13/25 | 480 | 480 | 0.1 |
| Eurofins Scientific SE, 6.75% (callable at 100, 04/24/28) | 05/14/24 | 600 | 625 | 0.1 |
| Eutelsat S.A., 2.25%, 07/13/27 | 03/04/25 | 535 | 582 | 0.1 |
| Fedrigoni S.p.A., 6.13%, 06/15/31 | 07/09/24 | 216 | 229 |  |
| Fiber Midco S.p.A., 10.00%, 06/15/29 | 03/17/25 | 164 | 133 |  |
| Flora Food Management B.V., 6.88%, 07/02/29 | 11/01/24 | 404 | 431 | 0.1 |
| Flutter Treasury Designated Activity Company, 4.00%, 06/04/31 | 11/20/25 | 235 | 240 |  |
| Flutter Treasury Designated Activity Company, 6.13%, 06/04/31 | 09/12/25 | 274 | 272 |  |
| FNAC Darty, 6.00%, 04/01/29 | 10/16/25 | 394 | 395 |  |
| Food Service Project SL, 5.50%, 01/21/27 | 09/26/24 | 123 | 129 |  |
| Forvia, 3.75%, 06/15/28 | 12/10/25 | 158 | 158 |  |
| Forvia, 5.63%, 06/15/30 | 05/21/25 | 596 | 622 | 0.1 |
| Forvia, 5.38%, 03/15/31 | 11/20/25 | 153 | 157 |  |
| Fressnapf Holding SE, 5.25%, 10/31/31 | 05/15/25 | 636 | 639 | 0.1 |
| Froneri Lux Topco S.a r.l., 4.75%, 08/01/32 | 09/12/25 | 333 | 332 |  |
| Gestamp Automocion Sociedad Anonima, 4.38%, 10/15/30 | 11/28/25 | 472 | 474 | 0.1 |
| Glencore Finance (Canada) Limited, 6.00%, 11/15/41 | 04/27/22 | 1972 | 1929 | 0.2 |
| Globalworth Real Estate Investments Limited, 6.25%, 03/31/29 | 05/29/25 | 380 | 393 |  |
| Gobierno de la Republica de Costa Rica, 7.16%, 03/12/45 | 08/08/24 | 254 | 266 |  |
| Goldstory, 6.75%, 02/01/30 | 05/13/24 | 153 | 170 |  |
| Grifols Escrow Issuer S.A., 3.88%, 10/15/28 | 04/25/24 | 186 | 232 |  |
| Grifols, S.A., 2.25%, 11/15/27 | 12/02/25 | 162 | 163 |  |
| Grifols, S.A., 7.50%, 05/01/30 | 10/31/24 | 1032 | 1086 | 0.1 |
| Grunenthal GmbH, 4.63%, 11/15/31 | 02/17/25 | 786 | 809 | 0.1 |
| Guala Closures S.p.A., 3.25%, 06/15/28 | 11/04/24 | 241 | 266 |  |
| Gulf International Bank B.S.C., 5.75%, 06/05/29 | 11/04/25 | 1031 | 1030 | 0.1 |
| Heimstaden AB, 8.38%, 01/29/30 | 03/17/25 | 767 | 835 | 0.1 |
| Heimstaden Bostad AB, 2.63% (callable at 100, 02/01/27) | 10/29/24 | 96 | 114 |  |
| Heimstaden Bostad AB, 3.00% (callable at 100, 10/29/27) | 06/04/24 | 236 | 287 |  |
| Heimstaden Bostad AB, 6.25% (callable at 100, 12/04/29) | 05/20/25 | 451 | 491 | 0.1 |
| Heimstaden Bostad AB, 1.63%, 10/13/31 | 09/08/23 | 300 | 372 |  |
| Holding D'infrastructures Des Metiers De L'environnement, 4.88%, 10/24/29 | 12/09/24 | 573 | 588 | 0.1 |
| IHO Verwaltungs GmbH, 8.75%, 05/15/28 | 10/31/24 | 465 | 509 | 0.1 |
| Intesa Sanpaolo SpA, 6.38% (callable at 100, 03/30/28) | 09/12/25 | 327 | 325 |  |
| Iron Mountain Incorporated, 4.75%, 01/15/34 | 10/28/25 | 286 | 278 |  |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28 | 01/11/24 | 243 | 250 |  |
| Jerrold Finco PLC, 7.50%, 06/15/31 | 08/14/25 | 382 | 377 |  |
| Kier Group PLC, 9.00%, 02/15/29 | 12/09/24 | 284 | 307 |  |
| Koninklijke KPN N.V., 4.88% (callable at 100, 06/18/29) | 11/12/25 | 393 | 396 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 02/22/24 | 474 | 434 | 0.1 |
| Lottomatica S.p.A., 5.38%, 06/01/30 | 09/24/24 | 206 | 218 |  |
| Lune Holdings S.a r.l., 5.63%, 11/15/28 | 06/06/23 | 183 | 27 |  |
| Maison Finco PLC, 6.00%, 10/31/27 | 02/16/24 | 254 | 266 |  |
| Maya, 5.63%, 10/15/28 | 12/05/23 | 793 | 831 | 0.1 |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32 | 09/12/25 | 376 | 375 |  |
| Miller Homes Group (Finco) PLC, 7.00%, 05/15/29 | 01/16/24 | 243 | 271 |  |
| Motel One GmbH, 7.75%, 04/02/31 | 07/09/24 | 201 | 226 |  |
| Motion Finco S.a r.l., 7.38%, 06/15/30 | 12/02/25 | 126 | 128 |  |
| MPT Operating Partnership, L.P., 7.00%, 02/15/32 | 05/21/25 | 391 | 401 |  |
| New Immo Holding, 6.00%, 03/22/29 | 05/29/25 | 330 | 367 |  |
| Nexans, 4.25%, 03/11/30 | 09/02/25 | 481 | 484 | 0.1 |
| Next Group PLC, 3.63%, 05/18/28 | 09/25/18 | 395 | 399 |  |
| Nidda Healthcare Holding GmbH, 5.63%, 02/21/30 | 02/05/25 | 592 | 628 | 0.1 |
| Nissan Motor Co., Ltd., 5.25%, 07/17/29 | 09/12/25 | 474 | 476 | 0.1 |
| Olympus Water US Holding Corporation, 3.88%, 10/01/28 | 11/01/24 | 278 | 304 |  |
| Olympus Water US Holding Corporation, 5.38%, 10/01/29 | 11/12/25 | 157 | 158 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Ontex Group, 5.25%, 04/15/30 | 05/21/25 | 272 | 273 |  |
| Ooredoo International Finance Limited, 4.63%, 10/10/34 | 11/05/25 | 836 | 830 | 0.1 |
| Optics BidCo S.p.A., 6.88%, 02/15/28 | 05/22/24 | 739 | 772 | 0.1 |
| Orsted A/S, 5.13% (callable at 100, 09/14/29) | 05/15/25 | 562 | 589 | 0.1 |
| Orsted A/S, 5.25%, 12/08/22 | 04/22/24 | 330 | 360 |  |
| Pachelbel BidCo S.p.A., 7.13%, 05/17/31 | 05/13/25 | 477 | 498 | 0.1 |
| Paprec Holding, 4.50%, 07/15/32 | 10/06/25 | 400 | 399 |  |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 05/05/21 | 291 | 291 |  |
| Petroleos Mexicanos, 4.75%, 02/26/29 | 10/16/24 | 360 | 395 |  |
| Primo Water Holdings Inc., 3.88%, 10/31/28 | 02/14/25 | 355 | 401 |  |
| Progroup AG, 5.38%, 04/15/31 | 10/31/24 | 333 | 360 |  |
| Proximus, 4.75% (callable at 100, 07/02/31) | 05/13/25 | 467 | 477 | 0.1 |
| Prysmian S.p.A., 5.25% (callable at 100, 05/21/30) | 07/24/25 | 471 | 476 | 0.1 |
| Punch Finance PLC, 7.88%, 12/30/30 | 07/23/25 | 466 | 460 | 0.1 |
| Q-Park Holding I B.V., 5.13%, 02/15/30 | 07/16/25 | 483 | 487 | 0.1 |
| RAC Bond Co PLC, 5.25%, 11/04/27 | 05/17/23 | 246 | 268 |  |
| Rakuten Group, Inc., 4.25% (callable at 100, 04/22/27) | 03/20/25 | 205 | 227 |  |
| RCI Banque, 5.50%, 10/09/34 | 12/02/25 | 122 | 124 |  |
| Renault, 3.88%, 09/30/30 | 11/12/25 | 349 | 354 |  |
| Rossini S.a r.l., 5.87%, 12/31/29 | 11/01/24 | 228 | 251 |  |
| Schaeffler AG, 4.75%, 08/14/29 | 04/14/25 | 112 | 121 |  |
| Schaeffler AG, 4.50%, 03/28/30 | 05/23/24 | 1117 | 1202 | 0.1 |
| Schaeffler AG, 5.38%, 04/01/31 | 10/02/25 | 123 | 124 |  |
| Shift4 Payments, LLC, 5.50%, 05/15/33 | 09/12/25 | 330 | 325 |  |
| Silgan Holdings Inc., 4.25%, 02/15/31 | 10/28/25 | 315 | 317 |  |
| Snf Group, 4.50%, 03/15/32 | 05/21/25 | 272 | 284 |  |
| SoftBank Group Corp., 5.25%, 10/10/29 | 09/12/25 | 284 | 280 |  |
| SoftBank Group Corp., 5.88%, 07/10/31 | 09/11/25 | 380 | 372 |  |
| SSE PLC, 4.00% (callable at 100, 01/21/28) | 12/11/23 | 415 | 475 | 0.1 |
| Stedin Holding N.V., 1.50% (callable at 100, 12/31/26) | 12/11/23 | 196 | 230 |  |
| Sudzucker International Finance B.V., 5.95% (callable at 100, 05/28/30) | 07/23/25 | 349 | 338 |  |
| Sunrise HoldCo IV B.V., 3.88%, 06/15/29 | 11/20/25 | 389 | 398 |  |
| TAP–Transportes Aereos Portugueses, SGPS, S.A., 5.13%, 11/15/29 | 03/04/25 | 578 | 609 | 0.1 |
| Techem Verwaltungsgesellschaft 675 mbH, 5.38%, 07/15/29 | 07/17/25 | 702 | 709 | 0.1 |
| Telecom Italia S.p.A., 7.88%, 07/31/28 | 12/05/23 | 277 | 313 |  |
| Telecom Italia S.p.A., 3.63%, 09/30/30 | 11/12/25 | 292 | 295 |  |
| Telefonica Europe B.V., 2.88% (callable at 100, 06/24/27) | 05/04/23 | 646 | 695 | 0.1 |
| Telefonica Europe B.V., 5.75% (callable at 100, 01/15/32) | 05/15/25 | 230 | 249 |  |
| Telefonica Europe B.V., 6.14% (callable at 100, 02/03/30) | 05/21/25 | 236 | 250 |  |
| Telefonica Europe B.V., 6.75% (callable at 100, 06/07/31) | 04/18/24 | 339 | 390 |  |
| Telefonica Europe B.V., 7.13% (callable at 100, 08/23/28) | 01/27/23 | 224 | 254 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.63%, 10/15/28 | 11/10/21 | 263 | 283 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 4.38%, 05/09/30 | 12/05/23 | 869 | 966 | 0.1 |
| TMNL Holding BV, 3.75%, 01/15/29 | 05/06/22 | 477 | 563 | 0.1 |
| TotalEnergies SE, 4.50% (callable at 100, 08/19/34) | 04/30/25 | 335 | 357 |  |
| Trivium Packaging Finance B.V., 6.63%, 07/15/30 | 07/23/25 | 250 | 253 |  |
| TUI Cruises GmbH, 5.00%, 05/15/30 | 05/21/25 | 291 | 301 |  |
| TVL Finance PLC, 10.25%, 04/28/28 | 12/03/25 | 158 | 158 |  |
| UGI International, LLC, 2.50%, 12/01/29 | 05/08/24 | 383 | 406 |  |
| Unibail-Rodamco-Westfield SE, 4.75% (callable at 100, 06/11/31) | 11/17/25 | 594 | 598 | 0.1 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A., 5.38%, 04/16/34 | 09/12/25 | 559 | 559 | 0.1 |
| United Group B.V., 4.63%, 08/15/28 | 07/04/23 | 176 | 212 |  |
| United Group B.V., 6.75%, 02/15/31 | 11/25/25 | 118 | 120 |  |
| Valeo, 4.50%, 04/11/30 | 07/25/25 | 353 | 360 |  |
| Valeo, 5.13%, 05/20/31 | 09/04/25 | 477 | 484 | 0.1 |
| Valeo, 4.63%, 03/23/32 | 11/20/25 | 115 | 117 |  |
| Vattenfall AB, 6.88%, 08/17/83 | 12/11/23 | 378 | 414 |  |
| Veolia Environnement, 2.50% (callable at 100, 01/20/29) | 06/11/25 | 667 | 677 | 0.1 |
| Veolia Environnement, 4.37% (callable at 100, 05/20/30) | 08/13/25 | 240 | 239 |  |
| Veolia Environnement, 5.99% (callable at 100, 11/22/28) | 01/10/24 | 566 | 624 | 0.1 |
| Verisure Midholding AB, 5.25%, 02/15/29 | 12/05/23 | 814 | 910 | 0.1 |
| Virgin Media Vendor Financing Notes III Designated Activity Company, 4.88%, 07/15/28 | 10/29/21 | 923 | 924 | 0.1 |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 05/06/22 | 562 | 598 | 0.1 |
| Vodafone Group Public Limited Company, 3.00%, 08/27/80 | 05/21/25 | 891 | 909 | 0.1 |
| Vodafone Group Public Limited Company, 6.50%, 08/30/84 | 12/11/23 | 568 | 638 | 0.1 |
| Volkswagen International Finance N.V., 3.75% (callable at 100, 12/28/27) | 12/11/23 | 504 | 586 | 0.1 |
| VZ Secured Financing B.V., 5.25%, 01/15/33 | 11/18/25 | 155 | 155 |  |
| Wintershall Dea GmbH, 3.00% (callable at 100, 07/20/28) | 10/11/23 | 275 | 338 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 12/09/24 | 254 | 284 |  |
| ZF Friedrichshafen AG, 6.13%, 03/13/29 | 05/21/25 | 338 | 365 |  |
| ZF Friedrichshafen AG, 3.00%, 10/23/29 | 12/05/23 | 826 | 880 | 0.1 |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 09/24/25 | 123 | 124 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Ziggo B.V., 2.88%, 01/15/30 | 05/19/25 | 141 | 150 |  |
|  |  | 84153 | 88088 | 8.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro BOBL | 7 | March 2026 | EUR | 817 |  | (4) |
| Euro Bund | 81 | March 2026 | EUR | 10416 |  | (96) |
| Euro Schatz | 54 | March 2026 | EUR | 5773 |  | (7) |
| Italy Government BTP Bond | 1 | March 2026 | EUR | 120 |  |  |
| United States 10 Year Note | 175 | March 2026 |  | 19821 | (35) | (144) |
| United States 10 Year Ultra Bond | 131 | March 2026 |  | 15100 | (25) | (33) |
| United States 2 Year Note | 20 | April 2026 |  | 4178 | (1) | (3) |
| United States 5 Year Note | 383 | April 2026 |  | 41996 | (45) | (132) |
| United States Ultra Bond | 74 | March 2026 |  | 8745 | (28) | (13) |
|  |  |  |  |  | (134) | (432) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro Buxl 30 Year Bond | (1) | March 2026 | EUR | (112) |  | 2 |
| Euro OAT | (96) | March 2026 | EUR | (11630) |  | 62 |
| Long Gilt | (1) | March 2026 | GBP | (91) |  | (1) |
| United States Long Bond | (19) | March 2026 |  | (2211) | 4 | 14 |
|  |  |  |  |  | 4 | 77 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRAZIBOR (A) | Paying | 13.25<br> (A) | 01/02/31 | BRL | 13986 | 2 | (2) |
| BRAZIBOR (A) | Paying | 13.42<br> (A) | 01/02/31 | BRL | 14172 | 2 | 9 |
| BRAZIBOR (A) | Paying | 13.32<br> (A) | 01/02/31 | BRL | 23522 | 3 | 5 |
| BRAZIBOR (A) | Paying | 13.35<br> (A) | 01/02/31 | BRL | 23557 | 3 | 7 |
| BRAZIBOR (A) | Paying | 13.39<br> (A) | 01/02/31 | BRL | 23587 | 3 | 12 |
| BRAZIBOR (A) | Paying | 13.45<br> (A) | 01/02/31 | BRL | 57168 | 7 | 17 |
| U.S. CPURNSA (A) | Receiving | 2.47<br> (A) | 12/02/29 |  | 1535 | 2 | 2 |
| U.S. CPURNSA (A) | Paying | 2.58<br> (A) | 12/02/26 |  | 3700 | 1 | (10) |
|  |  |  |  |  |  | 23 | 40 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | GSC | 01/15/26 | AUD | 2400 | 1602 | 12 |
| BRL/USD | CIT | 04/17/26 | BRL | 2076 | 370 | (4) |
| BRL/USD | GSC | 04/17/26 | BRL | 2887 | 514 | (4) |
| CAD/USD | CIT | 01/15/26 | CAD | 510 | 372 | 5 |
| CAD/USD | GSC | 01/15/26 | CAD | 730 | 532 |  |
| CLP/USD | CIT | 01/15/26 | CLP | 1011000 | 1123 | 21 |
| CLP/USD | GSC | 03/18/26 | CLP | 685695 | 762 | 21 |
| CLP/USD | SSB | 03/18/26 | CLP | 405112 | 450 | 5 |
| CNY/USD | GSC | 03/18/26 | CNY | 5185 | 744 | 6 |
| COP/USD | GSC | 01/16/26 | COP | 971145 | 256 | 1 |
| CZK/EUR | GSC | 03/18/26 | EUR | (6) | (8) |  |
| EUR/HUF | GSC | 01/16/26 | HUF | (148551) | (454) | (2) |
| EUR/HUF | GSC | 01/16/26 | HUF | (278809) | (852) | 2 |
| EUR/HUF | JPM | 01/16/26 | HUF | (99668) | (305) | (1) |
| EUR/HUF | JPM | 01/16/26 | HUF | (25877) | (79) |  |
| EUR/HUF | SSB | 01/16/26 | HUF | (246720) | (754) | (3) |
| EUR/PLN | JPM | 01/29/26 | PLN | (773) | (215) | (1) |
| EUR/RON | JPM | 04/17/26 | RON | (909) | (209) |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| EUR/USD | CIT | 01/05/26 | EUR | 285 | 335 | (1) |
| EUR/USD | JPM | 01/05/26 | EUR | 1813 | 2131 | (1) |
| EUR/USD | JPM | 01/05/26 | EUR | 521 | 612 | 6 |
| EUR/USD | CIT | 01/15/26 | EUR | 17674 | 20781 | 133 |
| EUR/USD | GSC | 01/15/26 | EUR | 1950 | 2293 | (4) |
| EUR/USD | GSC | 01/15/26 | EUR | 8617 | 10131 | 63 |
| GBP/USD | CIT | 01/15/26 | GBP | 2165 | 2919 | 14 |
| HUF/EUR | GSC | 01/16/26 | EUR | (884) | (1039) | 19 |
| HUF/EUR | SSB | 01/16/26 | EUR | (253) | (297) | 5 |
| IDR/USD | GSC | 03/17/26 | IDR | 1202389 | 72 |  |
| JPY/USD | CIT | 01/15/26 | JPY | 427006 | 2729 | (139) |
| KRW/USD | SCB | 01/20/26 | KRW | 1098689 | 763 | 19 |
| MXN/USD | CIT | 01/15/26 | MXN | 29300 | 1626 | 24 |
| MXN/USD | SCB | 03/18/26 | MXN | 1157 | 64 | 1 |
| MYR/USD | GSC | 02/19/26 | MYR | 3066 | 756 | 9 |
| NOK/USD | JPM | 01/15/26 | NOK | 5000 | 496 |  |
| PEN/USD | CIT | 04/17/26 | PEN | 2940 | 871 | 3 |
| PLN/EUR | CIT | 01/29/26 | EUR | (208) | (245) | 2 |
| PLN/EUR | GSC | 01/29/26 | EUR | (751) | (884) | 4 |
| PLN/EUR | SSB | 01/29/26 | EUR | (386) | (454) | 2 |
| RON/EUR | GSC | 04/17/26 | EUR | (1065) | (1258) | 3 |
| SGD/USD | CIT | 02/19/26 | SGD | 959 | 749 | 5 |
| TRY/USD | JPM | 01/27/26 | TRY | 10639 | 244 | 8 |
| TRY/USD | CIT | 05/22/26 | TRY | 64223 | 1350 | 160 |
| USD/AUD | CIT | 01/15/26 | AUD | (53) | (36) |  |
| USD/CAD | BCL | 01/15/26 | CAD | (1984) | (1446) | (1) |
| USD/CAD | SCB | 01/15/26 | CAD | (2195) | (1600) | (4) |
| USD/COP | GSC | 01/16/26 | COP | (658682) | (173) | (4) |
| USD/EUR | CIT | 01/05/26 | EUR | (737) | (866) | (5) |
| USD/EUR | JPM | 01/05/26 | EUR | (1376) | (1616) | (28) |
| USD/EUR | JPM | 01/05/26 | EUR | (507) | (596) | 1 |
| USD/EUR | CIT | 01/15/26 | EUR | (78918) | (92790) | (248) |
| USD/EUR | JPM | 02/03/26 | EUR | (1813) | (2134) | 1 |
| USD/GBP | CIT | 01/15/26 | GBP | (13167) | (17748) | (58) |
| USD/GBP | SSB | 01/15/26 | GBP | (37) | (50) |  |
| USD/HUF | CIT | 01/15/26 | HUF | (733243) | (2241) | (57) |
| USD/IDR | SCB | 03/17/26 | IDR | (1166776) | (70) |  |
| USD/JPY | BCL | 01/15/26 | JPY | (415000) | (2652) | 10 |
| USD/JPY | GSC | 01/15/26 | JPY | (994606) | (6356) | 259 |
| USD/JPY | JPM | 01/15/26 | JPY | (437407) | (2795) | 27 |
| USD/JPY | SCB | 01/15/26 | JPY | (291000) | (1859) | 14 |
| USD/KRW | JPM | 01/20/26 | KRW | (1098689) | (763) | 3 |
| USD/MXN | GSC | 01/15/26 | MXN | (39622) | (2198) | (72) |
| USD/MYR | GSC | 02/19/26 | MYR | (3065) | (756) | (13) |
| USD/PEN | SCB | 04/17/26 | PEN | (397) | (118) |  |
| USD/SGD | GSC | 02/19/26 | SGD | (960) | (749) | (6) |
| USD/ZAR | GSC | 01/15/26 | ZAR | (36387) | (2196) | (103) |
| USD/ZAR | GSC | 03/18/26 | ZAR | (12230) | (735) | (20) |
| ZAR/USD | GSC | 03/18/26 | ZAR | 12933 | 778 | 13 |
| ZAR/USD | JPM | 03/18/26 | ZAR | 10947 | 658 | 18 |
|  |  |  |  |  | (92513) | 120 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR +0.45% (A) | GSC | 01/20/26 | 8791 |  | 38 |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR +0.30% (A) | GSC | 01/12/26 | 10981 |  | 17 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (MT) | OBFR -0.15% (A) | JPM | 01/21/26 | 7157 |  | (22) |
|  |  |  |  |  |  | 33 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 450832 |  | 450832 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 426911 |  | 426911 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 238602 |  | 238602 |
| &nbsp;&nbsp;Investment Companies | 10914 |  |  | 10914 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 3358 |  | 3358 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 35398 |  |  | 35398 |
|  | 46312 | 1119703 |  | 1166015 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 78 |  |  | 78 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 52 |  | 52 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 899 |  | 899 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 55 |  | 55 |
|  | 78 | 1006 |  | 1084 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (433) |  |  | (433) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (12) |  | (12) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (779) |  | (779) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (22) |  | (22) |
|  | (433) | (813) |  | (1246) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |
| **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** |
| **Financials 29.5%** | **Financials 29.5%** | **Financials 29.5%** |
| American International Group, Inc. | 417 | 35711 |
| AON Public Limited Company - Class A | 217 | 76566 |
| Assurant, Inc. | 504 | 121273 |
| Bank of America Corporation | 1894 | 104194 |
| Berkshire Hathaway Inc. - Class B (a) | 284 | 142703 |
| Capital One Financial Corporation | 212 | 51264 |
| Charles Schwab Corporation, The | 252 | 25162 |
| Citigroup Inc. | 621 | 72485 |
| CME Group Inc. - Class A | 99 | 26941 |
| Columbia Banking System, Inc. | 986 | 27560 |
| Comerica Incorporated | 472 | 41070 |
| First Horizon Corporation | 2298 | 54920 |
| Goldman Sachs Group, Inc., The | 55 | 48516 |
| JPMorgan Chase & Co. | 417 | 134503 |
| Morgan Stanley | 286 | 50841 |
| Old Republic International Corporation | 876 | 39988 |
| Truist Financial Corporation | 581 | 28579 |
| Voya Financial, Inc. | 606 | 45151 |
|  |  | 1127427 |
| **Health Care 16.2%** | **Health Care 16.2%** | **Health Care 16.2%** |
| Alcon AG | 247 | 19483 |
| Bristol-Myers Squibb Company | 1042 | 56227 |
| Danaher Corporation | 94 | 21487 |
| Elevance Health, Inc. | 124 | 43388 |
| Gilead Sciences, Inc. | 271 | 33223 |
| Humana Inc. | 162 | 41395 |
| Johnson & Johnson | 743 | 153792 |
| Medtronic, Inc. | 767 | 73656 |
| Pfizer Inc. | 1180 | 29379 |
| Thermo Fisher Scientific Inc. | 97 | 56303 |
| UnitedHealth Group Incorporated | 283 | 93501 |
|  |  | 621834 |
| **Industrials 13.8%** | **Industrials 13.8%** | **Industrials 13.8%** |
| Carlisle Companies Incorporated | 87 | 27962 |
| Caterpillar Inc. | 55 | 31429 |
| CSX Corporation | 1958 | 70974 |
| Delta Air Lines, Inc. | 836 | 58053 |
| Dover Corporation | 257 | 50170 |
| Emerson Electric Co. | 153 | 20265 |
| FedEx Corporation | 75 | 21528 |
| Ferguson Enterprises Inc. | 80 | 17880 |
| Fortune Brands Innovations, Inc. | 456 | 22806 |
| Honeywell International Inc. | 140 | 27403 |
| Howmet Aerospace Inc. | 99 | 20328 |
| Hubbell Incorporated | 105 | 46529 |
| L3Harris Technologies, Inc. | 299 | 87711 |
| Northrop Grumman Corporation | 46 | 26195 |
|  |  | 529233 |
| **Information Technology 10.3%** | **Information Technology 10.3%** | **Information Technology 10.3%** |
| Applied Materials, Inc. | 301 | 77419 |
| Cisco Systems, Inc. | 2005 | 154438 |
| Dolby Laboratories, Inc. - Class A | 560 | 35966 |
| International Business Machines Corporation | 120 | 35586 |
| TE Connectivity Public Limited Company | 155 | 35341 |
| Texas Instruments Incorporated | 327 | 56813 |
|  |  | 395563 |
| **Energy 9.0%** | **Energy 9.0%** | **Energy 9.0%** |
| Diamondback Energy, Inc. | 261 | 39251 |
| EQT Corporation | 682 | 36572 |
| Exxon Mobil Corporation | 1027 | 123534 |
| Marathon Petroleum Corporation | 207 | 33674 |
| Permian Resources Corporation - Class A | 2918 | 40940 |
| Phillips 66 | 271 | 35014 |
| Schlumberger Limited | 876 | 33602 |
|  |  | 342587 |
| **Materials 5.8%** | **Materials 5.8%** | **Materials 5.8%** |
| Alcoa Corporation | 564 | 29952 |
| CRH Public Limited Company | 449 | 56054 |
| Freeport-McMoRan Inc. | 1139 | 57829 |
| International Paper Company | 494 | 19456 |
| Newmont Corporation | 414 | 41300 |
| Packaging Corporation of America | 86 | 17688 |
|  |  | 222279 |
| **Communication Services 4.5%** | **Communication Services 4.5%** | **Communication Services 4.5%** |
| AT&T Inc. | 1062 | 26378 |
| Omnicom Group Inc. | 1063 | 85869 |
| Vodafone Group Public Limited Company - ADR | 2552 | 33709 |
| Walt Disney Company, The | 243 | 27599 |
|  |  | 173555 |
| **Consumer Discretionary 4.3%** | **Consumer Discretionary 4.3%** | **Consumer Discretionary 4.3%** |
| Amazon.com, Inc. (a) | 381 | 87997 |
| Ford Motor Company | 2052 | 26926 |
| Las Vegas Sands Corp. | 756 | 49177 |
|  |  | 164100 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| Constellation Energy Group, Inc. | 84 | 29715 |
| Dominion Energy, Inc. | 451 | 26403 |
|  |  | 56118 |
| **Consumer Staples 1.3%** | **Consumer Staples 1.3%** | **Consumer Staples 1.3%** |
| Estee Lauder Companies Inc., The - Class A | 481 | 50341 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| Weyerhaeuser Company | 1389 | 32912 |
| Total Common Stocks (cost $3,249,935) | Total Common Stocks (cost $3,249,935) | 3715949 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Investment Companies 3.1%** | **Investment Companies 3.1%** | **Investment Companies 3.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 118025 | 118025 |
| Total Short Term Investments (cost $118,025) | Total Short Term Investments (cost $118,025) | 118025 |
| **Total Investments 100.2% (cost $3,367,960)** | **Total Investments 100.2% (cost $3,367,960)** | **3833974** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(7935)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3826039** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** | **JNL/Newton Equity Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 69370 | 1138247 | 1089592 | 2807 |  |  | 118025 | 3.1 |
| JNL Government Money Market Fund, 3.74% - Class SL | 10463 | 194945 | 205408 | 154 |  |  |  |  |
|  | 79833 | 1333192 | 1295000 | 2961 |  |  | 118025 | 3.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 3715949 |  |  | 3715949 |
| &nbsp;&nbsp;Short Term Investments | 118025 |  |  | 118025 |
|  | 3833974 |  |  | 3833974 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 84.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 84.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 84.1%** |
| **Mortgage-Backed Securities 62.0%** | **Mortgage-Backed Securities 62.0%** | **Mortgage-Backed Securities 62.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 08/01/42 - 02/01/52 | 18794 | 18044 |
| 3.50%, 06/01/48 | 83 | 77 |
| 3.00%, 05/01/52 | 1105 | 979 |
| 5.50%, 01/01/53 - 10/01/53 | 7014 | 7139 |
| 6.00%, 02/01/53 | 38788 | 39991 |
| 4.50%, 05/01/53 - 06/01/53 | 908 | 891 |
| 5.00%, 08/01/54 | 361 | 361 |
| 7.00%, 04/01/55 - 06/01/55 | 8412 | 8851 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 05/01/39 - 03/01/52 | 31326 | 30093 |
| 3.50%, 03/01/48 - 02/01/50 | 3392 | 3177 |
| 3.00%, 03/01/50 - 05/01/52 | 4340 | 3893 |
| 5.50%, 11/01/52 - 10/01/53 | 26330 | 26810 |
| 4.50%, 04/01/53 - 05/01/53 | 497 | 488 |
| 6.00%, 09/01/53 | 210 | 216 |
| 6.50%, 10/01/53 - 01/01/54 | 16290 | 16928 |
| 7.00%, 02/01/55 - 05/01/55 | 7163 | 7535 |
| TBA, 5.00%, 01/15/56 - 02/15/56 (a) | 189845 | 189276 |
| TBA, 6.00%, 01/15/56 - 03/15/56 (a) | 219705 | 225309 |
| TBA, 3.00%, 02/15/56 (a) | 20000 | 17664 |
| TBA, 3.50%, 02/15/56 (a) | 26950 | 24812 |
| TBA, 4.00%, 02/15/56 (a) | 60800 | 57627 |
| TBA, 4.50%, 02/15/56 (a) | 16300 | 15896 |
| TBA, 5.50%, 02/15/56 (a) | 126425 | 128070 |
| TBA, 6.50%, 02/15/56 - 03/15/56 (a) | 237555 | 246803 |
| Government National Mortgage Association |  |  |
| 3.50%, 12/20/54 - 01/20/55 | 1679 | 1528 |
| TBA, 3.00%, 01/15/56 (a) | 4000 | 3595 |
| TBA, 5.00%, 01/15/56 (a) | 4500 | 4489 |
| TBA, 6.50%, 01/15/56 - 02/15/56 (a) | 36400 | 37596 |
| TBA, 3.50%, 02/15/56 (a) | 14270 | 12971 |
| TBA, 4.00%, 02/15/56 (a) | 9200 | 8678 |
| TBA, 4.50%, 02/15/56 (a) | 14400 | 14018 |
| TBA, 5.50%, 02/15/56 (a) | 3000 | 3027 |
| TBA, 6.00%, 02/15/56 (a) | 13600 | 13848 |
|  |  | 1170680 |
| **U.S. Treasury Inflation Indexed Securities 7.3%** | **U.S. Treasury Inflation Indexed Securities 7.3%** | **U.S. Treasury Inflation Indexed Securities 7.3%** |
| Treasury, United States Department of |  |  |
| 0.13%, 07/15/26 - 07/15/31 (b) | 14572 | 14386 |
| 0.38%, 01/15/27 - 07/15/27 (b) | 1247 | 1232 |
| 0.75%, 07/15/28 (b) (c) | 3413 | 3373 |
| 0.88%, 01/15/29 - 02/15/47 (b) | 13767 | 12705 |
| 0.25%, 07/15/29 - 02/15/50 (b) | 19975 | 17926 |
| 1.63%, 04/15/30 (b) | 4398 | 4422 |
| 0.63%, 07/15/32 - 02/15/43 (b) | 13200 | 12311 |
| 1.38%, 07/15/33 - 02/15/44 (b) | 30256 | 29432 |
| 1.75%, 01/15/34 (b) | 3178 | 3162 |
| 1.88%, 07/15/34 (b) | 20235 | 20332 |
| 2.13%, 02/15/40 - 02/15/41 (b) | 598 | 589 |
| 0.75%, 02/15/42 - 02/15/45 (b) | 3964 | 2917 |
| 1.00%, 02/15/46 - 02/15/49 (b) | 15071 | 10941 |
| 1.50%, 02/15/53 (b) | 3943 | 3074 |
|  |  | 136802 |
| **Sovereign 6.6%** | **Sovereign 6.6%** | **Sovereign 6.6%** |
| Arab Republic of Egypt |  |  |
| 21.95%, 03/04/28, EGP | 208400 | 4352 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.95%, 08/12/31, PEN (d) | 10072 | 3327 |
| 6.95%, 08/12/31, PEN (e) | 24000 | 7923 |
| 6.15%, 08/12/32, PEN | 4571 | 1470 |
| 6.15%, 08/12/32, PEN (d) | 6434 | 2064 |
| 7.30%, 08/12/33, PEN | 8800 | 2994 |
| 5.40%, 08/12/34, PEN | 1100 | 326 |
| 5.40%, 08/12/34, PEN (d) | 502 | 148 |
| 5.40%, 08/12/34, PEN (e) | 2400 | 707 |
| 6.90%, 08/12/37, PEN (d) | 3314 | 1028 |
| 7.60%, 08/12/39, PEN | 1000 | 327 |
| 5.35%, 08/12/40, PEN | 400 | 106 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.00%, 09/19/32, EUR | 600 | 675 |
| 13.25%, 02/09/33, COP | 14720700 | 3955 |
| 5.75%, 11/26/34, EUR | 1200 | 1367 |
| 5.63%, 02/19/36, EUR | 700 | 770 |
| 6.50%, 11/26/38, EUR | 1000 | 1137 |
| Gobierno de la Republica de Costa Rica |  |  |
| 6.47%, 11/21/30, EUR (d) | 1500 | 1787 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 8.50%, 03/01/29 - 05/31/29, MXN | 104800 | 5873 |
| 7.75%, 05/29/31 - 11/23/34, MXN | 86500 | 4548 |
| 7.50%, 05/26/33, MXN | 4100 | 211 |
| Israel, State of |  |  |
| 5.63%, 02/19/35 | 1300 | 1351 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 11.00%, 08/22/29, COP | 16863500 | 4343 |
| 11.75%, 01/24/35, COP | 16046000 | 4131 |
| 12.75%, 11/28/40, COP | 17005600 | 4728 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 04/04/42 - 09/16/43 (d) (e) (f) (g) | 3000 | 2025 |
| 0.00%, 04/04/42 - 09/16/43 (e) (f) (g) | 3400 | 2296 |
| 0.00%, 06/23/47 (d) (e) (f) (g) (h) | 400 |  |
| 0.00%, 06/23/47 (e) (f) (g) (h) | 5400 |  |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 450 | 401 |
| 0.75%, 07/09/30 (i) | 4449 | 3597 |
| 4.13%, 07/09/35 - 07/09/46 (i) | 4459 | 3291 |
| 5.00%, 01/09/38 (i) | 3720 | 2892 |
| 3.50%, 07/09/41 (i) | 4210 | 2905 |
| Presidencia de la Republica de Chile |  |  |
| 5.80%, 10/01/29, CLP | 645000 | 733 |
| 4.70%, 09/01/30, CLP | 315000 | 343 |
| 6.00%, 04/01/33, CLP | 215000 | 247 |
| 5.00%, 03/01/35, CLP | 120000 | 129 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 05/07/28 - 12/09/49 (e) (f) (g) | 4258 | 1225 |
| 0.00%, 12/31/34 - 03/31/38 (e) (f) (g) | 1712 | 470 |
| Romania, Government of |  |  |
| 5.38%, 03/22/31, EUR (d) | 1420 | 1733 |
| 5.13%, 09/24/31, EUR (d) | 2900 | 3475 |
| 5.88%, 07/11/32, EUR (d) | 3900 | 4772 |
| 6.25%, 09/10/34, EUR (d) | 2700 | 3327 |
| 5.63%, 05/30/37, EUR (d) | 1300 | 1485 |
| 6.75%, 07/11/39, EUR (d) | 2200 | 2692 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 12600 | 779 |
| 7.00%, 02/28/31, ZAR | 109400 | 6462 |
| 8.88%, 02/28/35, ZAR | 119900 | 7555 |
| 8.50%, 01/31/37, ZAR | 37800 | 2270 |
| 9.00%, 01/31/40, ZAR | 8600 | 521 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 42.56%, 05/20/26 - 05/17/28, TRY | 117900 | 2727 |
| 41.72%, 09/06/28, TRY | 7500 | 175 |
| 6.13%, 10/24/28 | 600 | 620 |
| 7.63%, 04/26/29 | 1330 | 1428 |
| 5.25%, 03/13/30 | 2800 | 2783 |
| 5.75%, 05/11/47 | 800 | 656 |
|  |  | 123662 |
| **U.S. Treasury Note 5.8%** | **U.S. Treasury Note 5.8%** | **U.S. Treasury Note 5.8%** |
| Treasury, United States Department of |  |  |
| 2.63%, 01/31/26 (c) | 10300 | 10288 |
| 4.50%, 04/15/27 | 33800 | 34215 |
| 0.50%, 10/31/27 | 100 | 95 |
| 0.63%, 11/30/27 - 12/31/27 | 1100 | 1042 |
| 0.75%, 01/31/28 | 210 | 199 |
| 2.38%, 03/31/29 | 11900 | 11468 |
| 4.00%, 07/31/32 | 31400 | 31589 |
| 2.75%, 08/15/32 | 19800 | 18470 |
| 4.25%, 08/15/35 | 1393 | 1405 |
|  |  | 108771 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **U.S. Treasury Bond 2.4%** | **U.S. Treasury Bond 2.4%** | **U.S. Treasury Bond 2.4%** |
| Treasury, United States Department of |  |  |
| 4.38%, 08/15/43 | 4700 | 4498 |
| 4.88%, 08/15/45 | 857 | 867 |
| 3.00%, 08/15/48 | 30 | 22 |
| 4.63%, 05/15/54 | 22300 | 21530 |
| 4.25%, 08/15/54 | 3000 | 2720 |
| 4.50%, 11/15/54 | 17400 | 16456 |
|  |  | 46093 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.00%, 12/03/26, MXN (j) | 693 | 38 |
| 4.00%, 11/30/28, MXN (j) | 5806 | 321 |
|  |  | 359 |
| Total Government And Agency Obligations (cost $1,591,203) | Total Government And Agency Obligations (cost $1,591,203) | 1586367 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 28.1%** |
| Accredited Mortgage Loan Trust 2006-2 |  |  |
| Series 2006-A4-2, REMIC, 4.33%, (1 Month Term SOFR + 0.37%), 09/25/36 (i) (k) (l) | 1184 | 1180 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASL1 |  |  |
| Series 2005-M2-AG1, REMIC, 2.18%, (1 Month Term SOFR + 0.80%), 08/25/35 (i) (k) (l) | 5533 | 4813 |
| Aegis Asset Backed Securities Trust |  |  |
| Series 2004-M1-1, REMIC, 5.99%, (1 Month Term SOFR + 1.13%), 04/25/34 (i) (k) (l) | 3351 | 3291 |
| AFC Mortgage Corporation |  |  |
| Series 2000-2A-1, REMIC, 4.49%, (1 Month Term SOFR + 0.75%), 03/25/30 (k) | 975 | 932 |
| Alba 2006-2 PLC |  |  |
| Series 2006-D-2, 4.46%, (SONIA + 0.58%), 12/15/38, GBP (e) (k) | 721 | 906 |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2004-A1-20T1, REMIC, 6.00%, 09/25/34 | 1562 | 1554 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-B1-J4, REMIC, 4.62%, (1 Month Term SOFR + 2.14%), 07/25/35 (i) (k) (l) | 1712 | 1676 |
| Series 2005-A3-38, REMIC, 4.52%, (1 Month Term SOFR + 0.81%), 09/25/35 (i) (k) (l) | 175 | 156 |
| Series 2005-1A1-35CB, REMIC, 5.50%, 09/25/35 | 574 | 416 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A3A-AR1, REMIC, 4.62%, (1 Month Term SOFR + 0.81%), 10/25/35 (i) (k) (l) | 5915 | 5388 |
| Series 2005-1A1-59, REMIC, 3.84%, (1 Month Term SOFR + 0.77%), 11/20/35 (i) (k) (l) | 1182 | 1124 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A1-81, REMIC, 4.22%, (1 Month Term SOFR + 0.67%), 02/25/36 (i) (k) (l) | 579 | 497 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 3.93%, (1 Month Term SOFR + 0.31%), 12/20/46 (i) (k) | 1157 | 1058 |
| Alternative Loan Trust 2007-19 |  |  |
| Series 2007-2A1-19, REMIC, 6.50%, 08/25/37 | 4005 | 1695 |
| American Airlines, Inc. |  |  |
| Series 2015-A-1, 3.38%, 05/01/27 | 1422 | 1394 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 385 | 379 |
| Ameriquest Mortgage Securities Inc. |  |  |
| Series 2005-M5-R10, REMIC, 4.79%, (1 Month Term SOFR + 1.06%), 11/25/35 (i) (k) | 4660 | 4336 |
| Anchorage Credit Funding 11, Ltd. |  |  |
| Series 2020-A-11A, 3.40%, 04/25/38 | 3223 | 3150 |
| Anchorage Credit Funding 12, Ltd. |  |  |
| Series 2020-A1-12A, 3.18%, 10/25/38 | 1000 | 970 |
| Anchorage Credit Funding 13, Ltd. |  |  |
| Series 2021-A1-13A, 2.88%, 07/27/39 | 1000 | 954 |
| Anchorage Credit Funding 14, Ltd. |  |  |
| Series 2021-A-14A, 3.00%, 01/23/40 | 1000 | 950 |
| Attentus CDO III, Ltd. |  |  |
| Series 2007-A2-3A, REMIC, 4.62%, (3 Month Term SOFR + 0.71%), 10/11/42 (d) (k) | 5814 | 5399 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-A-5A, 6.12%, 04/20/26 | 267 | 268 |
| Series 2023-A-3A, 5.44%, 02/20/27 | 150 | 152 |
| Series 2023-A-5A, 5.78%, 04/20/27 | 320 | 326 |
| Series 2024-A-2A, 5.13%, 10/20/27 | 790 | 802 |
| Avon Finance No.4 PLC |  |  |
| Series A-4A, 4.63%, (SONIA + 0.90%), 12/28/49, GBP (d) (i) (k) | 5520 | 7450 |
| Bain Capital Credit CLO 2021-3 Ltd |  |  |
| Series 2021-AR-3A, 4.93%, (3 Month Term SOFR + 1.06%), 07/24/34 (k) | 6400 | 6387 |
| Banc of America Funding Corp |  |  |
| Series 2005-5M1-A, REMIC, 4.06%, (1 Month Term SOFR + 0.79%), 02/20/35 (i) (k) (l) | 2224 | 2153 |
| Series 2005-1A23-3, REMIC, 5.50%, 06/25/35 | 49 | 48 |
| BCAP LLC 2009-RR13-II Trust |  |  |
| Series 2009-17A3-RR13, REMIC, 4.04%, 04/26/37 (k) | 3487 | 1524 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-12A1-8, REMIC, 4.25%, (1 Month Term SOFR + 0.65%), 10/25/35 (i) (k) (l) | 192 | 191 |
| Bear Stearns Asset Backed Securities I Trust 2006-HE1 |  |  |
| Series 2004-M1-HE10, REMIC, 5.02%, (1 Month Term SOFR + 1.09%), 12/25/34 (i) (k) (l) | 2674 | 2715 |
| BHG Securitization Trust 2025-1CON |  |  |
| Series 2025-A-1CON, 4.82%, 04/17/36 | 3189 | 3207 |
| Bombardier Capital Inc. |  |  |
| Series 1999-A5-B, REMIC, 3.80%, 12/15/29 (k) (l) | 6296 | 338 |
| BridgeCrest Lending Auto Securitization Trust 2024-4 |  |  |
| Series 2024-A2-4, 4.84%, 09/15/27 | 464 | 464 |
| BX Trust 2021-RISE |  |  |
| Series 2021-D-RISE, REMIC, 5.61%, (1 Month Term SOFR + 1.86%), 11/17/36 (k) | 773 | 773 |
| Carrington Mortgage Loan Trust, Series 2006-NC3 |  |  |
| Series 2006-A4-NC3, REMIC, 4.92%, (1 Month Term SOFR + 0.35%), 07/25/36 (i) (k) (l) | 7130 | 5802 |
| Carval |  |  |
| Series 2018-AR-1A, 5.12%, (3 Month Term SOFR + 1.23%), 07/16/31 (k) | 8350 | 8356 |
| Carvana Auto Receivables Trust 2023-P3 |  |  |
| Series 2023-A3-P3, 5.82%, 11/10/26 | 3105 | 3126 |
| C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB8 |  |  |
| Series 2006-A2C-CB8, REMIC, 1.76%, (1 Month Term SOFR + 0.41%), 10/25/36 (i) (k) (l) | 4443 | 3845 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A |  |  |
| Series 2004-A1-1A, REMIC, 4.13%, (1 Month Term SOFR + 0.39%), 01/25/35 (d) (i) (k) | 83 | 80 |
| CHL Mortgage Pass-Through Trust 2006-17 |  |  |
| Series 2006-A1-17, REMIC, 6.00%, 12/25/36 | 1187 | 499 |
| CIM Trust 2023-R4 |  |  |
| Series 2023-A1-R4, REMIC, 5.00%, 05/25/62 | 4815 | 4861 |
| Citigroup Commercial Mortgage Trust 2016-C1 |  |  |
| Series 2016-A4-C1, REMIC, 3.21%, 05/12/26 | 5500 | 5478 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2006-2A1A-4, REMIC, 6.00%, 12/25/35 | 1309 | 1317 |
| Citigroup Mortgage Loan Trust 2006-AR9 |  |  |
| Series 2006-1M2-AR9, REMIC, 4.77%, (1 Month Term SOFR + 0.82%), 11/25/36 (i) (k) (l) | 2134 | 2238 |
| Citigroup Mortgage Loan Trust 2013-2 |  |  |
| Series 2013-1A4-2, REMIC, 5.85%, 11/25/37 (k) | 1850 | 1695 |
| CommonBond Student Loan Trust 2020-A-GS |  |  |
| Series 2020-A-AGS, 1.98%, 08/25/50 | 2254 | 2026 |
| Conseco Finance Corp. |  |  |
| Series 1999-A6-5, REMIC, 7.50%, 03/01/30 | 2829 | 618 |
| CPS Auto Receivables Trust 2023-B |  |  |
| Series 2023-C-B, 6.04%, 07/16/29 | 284 | 287 |
| Cross 2023-H1 Mortgage Trust |  |  |
| Series 2023-A1-H1, REMIC, 6.62%, 03/25/68 (i) (k) | 3947 | 3969 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CSMC 2021-RPL3 Trust |  |  |
| Series 2021-M1-RPL3, REMIC, 3.38%, 01/25/60 | 1000 | 833 |
| CSMC Mortgage-Backed Trust |  |  |
| Series 2009-5A9-11R, REMIC, 4.25%, 08/26/36 (k) | 237 | 235 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A11-6, REMIC, 6.00%, 07/25/36 | 453 | 198 |
| CSMC Series 2009-5R |  |  |
| Series 2009-1A2-5R, REMIC, 5.29%, 06/26/36 (k) | 1630 | 1294 |
| CWABS Asset-Backed Certificates Trust 2006-20 |  |  |
| Series 2006-2A4-20, REMIC, 3.61%, (1 Month Term SOFR + 0.34%), 09/25/35 (i) (k) (l) | 12689 | 11540 |
| CWABS Asset-Backed Certificates Trust 2006-21 |  |  |
| Series 2006-1A-21, REMIC, 3.87%, (1 Month Term SOFR + 0.25%), 05/25/35 (i) (k) (l) | 496 | 486 |
| CWABS Asset-Backed Certificates Trust 2007-10 |  |  |
| Series 2007-1M1-10, REMIC, 3.57%, (1 Month Term SOFR + 0.37%), 11/25/36 (i) (k) (l) | 9900 | 8114 |
| CWABS, Inc. |  |  |
| Series 2004-M6-BC5, REMIC, 5.13%, (1 Month Term SOFR + 1.76%), 07/25/34 (i) (k) (l) | 3733 | 3723 |
| Series 2004-M4-AB2, REMIC, 3.75%, (1 Month Term SOFR + 1.39%), 11/25/34 (i) (k) (l) | 2450 | 2147 |
| Series 2005-MV6-7, REMIC, 4.22%, (1 Month Term SOFR + 1.31%), 08/25/35 (i) (k) (l) | 4000 | 3669 |
| CWMBS, Inc. |  |  |
| Series 2006-2A1-OA5, REMIC, 4.07%, (1 Month Term SOFR + 0.51%), 04/25/46 (i) (k) (l) | 2080 | 1793 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2005-2A5-5, REMIC, 5.20%, (1 Month Term SOFR + 1.46%), 11/25/35 (k) | 5233 | 2264 |
| DSLA Mortgage Loan Trust 2004-AR2 |  |  |
| Series 2004-1A1A-AR4, REMIC, 4.38%, (1 Month Term SOFR + 0.83%), 01/19/45 (i) (k) (l) | 968 | 878 |
| Ellington Financial Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 5.90%, 09/25/67 (i) | 8442 | 8423 |
| Ellington Loan Acquisition Trust 2007-1 |  |  |
| Series 2007-M1-1, REMIC, 3.95%, (1 Month Term SOFR + 2.21%), 05/25/37 (i) (k) (l) | 28000 | 24280 |
| Encore Credit Receivables Trust |  |  |
| Series 2005-M5-4, REMIC, 3.44%, (1 Month Term SOFR + 1.09%), 01/25/36 (i) (k) (l) | 8175 | 7439 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-C1A-3X, 4.54%, (SONIA + 0.67%), 06/13/45, GBP (e) (k) | 11954 | 14535 |
| Eurosail-UK 2007-6NC PLC |  |  |
| Series 2007-A3A-6NCX, 4.69%, (SONIA + 0.82%), 09/13/45, GBP (e) (k) | 14 | 18 |
| First Franklin Mortgage Loan Trust 2006FF13 |  |  |
| Series 2006-A2C-FF13, REMIC, 3.36%, (1 Month Term SOFR + 0.43%), 10/25/36 (i) (k) (l) | 6245 | 3964 |
| Fremont Home Loan Trust 2006-E |  |  |
| Series 2006-1A1-E, REMIC, 0.00%, (1 Month Term SOFR + 0.25%), 01/25/37 (i) (k) (l) | 12522 | 6236 |
| GE-WMC Mortgage Securities, L.L.C. |  |  |
| Series 2005-M2-1, REMIC, 2.79%, (1 Month Term SOFR + 0.80%), 10/25/35 (i) (k) (l) | 17749 | 14097 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-2A3-5, REMIC, 1.49%, (1 Month Term SOFR + 0.65%), 03/25/36 (i) (k) (l) | 3475 | 1625 |
| GSMSC Resecuritization Trust 2015-8R |  |  |
| Series 2015-B-8R, REMIC, 3.05%, 04/28/37 (k) | 23904 | 5398 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2004-1AF-4, REMIC, 4.47%, (1 Month Term SOFR + 0.51%), 06/25/34 (k) (l) | 2966 | 2684 |
| Series 2004-M2-10, REMIC, 4.10%, 08/25/34 (i) (k) (l) | 2993 | 2774 |
| HarborView Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-1A1-8, REMIC, 2.00%, (1 Month Term SOFR + 0.51%), 07/21/36 (i) (k) (l) | 4156 | 2032 |
| HITR 2019-2A A1 144A 3MLIB+176BP |  |  |
| Series 2019-A1-2, 5.90%, (3 Month Term SOFR + 2.02%), 05/23/39 (k) | 8559 | 8519 |
| Home Equity Asset Trust |  |  |
| Series 2004-M1-4, REMIC, 4.85%, (1 Month Term SOFR + 0.89%), 10/25/34 (i) (k) (l) | 629 | 624 |
| Honda Auto Receivables 2024-4 Owner Trust |  |  |
| Series 2024-A2-4, 4.56%, 04/15/26 | 2367 | 2370 |
| Series 2024-A3-4, 4.33%, 01/18/28 | 7900 | 7944 |
| IndyMac INDX Mortgage Loan Trust 2006-AR21 |  |  |
| Series 2006-3A1-AR11, REMIC, 3.40%, 06/25/36 (k) | 2029 | 1316 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A5-A5, REMIC, 4.25%, (1 Month Term SOFR + 0.51%), 05/25/35 (k) | 839 | 511 |
| J.P. Morgan Alternative Loan Trust 2006-A2 |  |  |
| Series 2006-1A4-A2, REMIC, 4.11%, (1 Month Term SOFR + 0.65%), 05/25/36 (i) (k) (l) | 785 | 668 |
| J.P. Morgan Alternative Loan Trust 2006-A6 |  |  |
| Series 2006-1A1-A5, REMIC, 4.56%, (1 Month Term SOFR + 0.43%), 10/25/36 (i) (k) (l) | 757 | 704 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-2NU |  |  |
| Series 2021-A-2NU, REMIC, 1.97%, 01/07/28 | 7390 | 6833 |
| J.P. Morgan Mortgage Acquisition Corp. 2005-FLD1 |  |  |
| Series 2005-M6-FLD1, REMIC, 4.93%, (1 Month Term SOFR + 1.19%), 07/25/35 (k) | 3970 | 3914 |
| J.P. Morgan Mortgage Trust 2022-DCS1 |  |  |
| Series 2023-A1-DSC1, REMIC, 4.62%, 12/25/33 (k) | 3690 | 3653 |
| J.P. Morgan Mortgage Trust 2024-VIS1 |  |  |
| Series 2024-A1-VIS1, REMIC, 5.99%, 09/01/54 (k) | 3797 | 3836 |
| J.P. Morgan Seasoned Mortgage Trust 2024-1 |  |  |
| Series 2024-A3-1, REMIC, 4.38%, 04/25/46 (k) | 897 | 863 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Series 2016-A4-JP4, REMIC, 3.65%, 11/18/26 (k) | 2600 | 2584 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 4.03%, (1 Month Term SOFR + 0.61%), 08/25/47 (i) (k) (l) | 1820 | 1724 |
| Lugo Funding Designated Activity Company |  |  |
| Series 2024-A-1A, 3.06%, (3 Month EURIBOR + 1.00%), 05/26/66, EUR (d) (i) (k) | 12047 | 14138 |
| Magnetite XXV, Limited |  |  |
| Series 2020-A-25A, 5.32%, (3 Month Term SOFR + 1.46%), 01/26/32 (k) | 1401 | 1401 |
| Mansard Mortgages 2006-1 PLC |  |  |
| Series 2006-B1-1X, 5.18%, (SONIA + 1.22%), 10/15/48, GBP (e) (k) | 2999 | 3910 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M8-WF1, REMIC, 5.12%, (1 Month Term SOFR + 1.97%), 06/25/35 (i) (k) (l) | 2828 | 2953 |
| Series 2005-A4-NC2, REMIC, 1.09%, (1 Month Term SOFR + 0.81%), 11/25/35 (i) (k) (l) | 7828 | 4406 |
| Meritage Mortgage Corporation |  |  |
| Series 2004-M2-2, REMIC, 1.73%, (1 Month Term SOFR + 1.01%), 01/25/35 (i) (k) (l) | 2198 | 2170 |
| METAL 2017-1 LLC |  |  |
| Series 2017-A-1, 4.58%, 10/15/42 (d) (i) | 868 | 608 |
| MFA 2023-NQM2 Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 4.40%, 03/25/68 (i) | 11374 | 11320 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B3-1, REMIC, 3.67%, 04/25/33 (k) | 1638 | 1387 |
| Morgan Stanley & Co. LLC |  |  |
| Series 2019-A4-L2, REMIC, 4.07%, 02/16/29 | 1700 | 1679 |
| Morgan Stanley Capital I Trust 2021-L7 |  |  |
| Series 2021-D-230P, REMIC, 6.24%, (1 Month Term SOFR + 2.49%), 12/15/38 (k) | 2929 | 2643 |
| Series 2021-E-230P, REMIC, 6.94%, (1 Month Term SOFR + 3.19%), 12/15/38 (k) | 1050 | 933 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mr. Cooper Group Inc. |  |  |
| Series 2007-A1A-OA5, REMIC, 3.55%, (12 Month Treasury Average + 0.84%), 05/25/47 (k) (l) | 1368 | 1163 |
| Navient Funding, LLC |  |  |
| Series 2006-A5-B, REMIC, 4.25%, (3 Month Term SOFR + 0.53%), 12/15/39 (k) | 851 | 831 |
| Navient Student Loan Trust 2020-2 |  |  |
| Series 2020-A1B-2A, REMIC, 4.89%, (SOFR 30-Day Average + 1.01%), 02/25/33 (k) | 4819 | 4818 |
| Nelnet Student Loan Trust 2023-A |  |  |
| Series 2023-AFX-AA, 6.64%, 02/20/41 | 1716 | 1793 |
| Nelnet Student Loan Trust 2025-C |  |  |
| Series 2025-A1A-CA, REMIC, 4.67%, 08/15/36 | 4587 | 4575 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A2-RPL3, REMIC, 3.00%, 07/25/59 (k) | 1500 | 1402 |
| Newgate Funding PLC |  |  |
| Series 2007-A3-2X, 4.27%, (SONIA + 0.28%), 12/15/50, GBP (e) (k) | 2134 | 2820 |
| Nissan Auto Receivables 2024-B Owner Trust |  |  |
| Series 2024-A2A-B, 4.51%, 06/15/27 | 2655 | 2657 |
| Novastar Mortgage Funding Trust, Series 2007-1 |  |  |
| Series 2007-A2C-1, REMIC, 0.19%, (1 Month Term SOFR + 0.29%), 03/25/37 (i) (k) (l) | 34948 | 10772 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 2882 | 2899 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M5-WHQ2, REMIC, 0.00%, (1 Month Term SOFR + 1.15%), 05/25/35 (i) (k) (l) | 4461 | 3520 |
| People's Choice Home Loan Securities Trust Series 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 0.72%, (1 Month Term SOFR + 0.97%), 08/25/35 (i) (k) (l) | 277 | 275 |
| PHH Alternative Mortgage Trust, Series 2007-3 |  |  |
| Series 2007-A3-3, REMIC, 0.00%, (1 Month Term SOFR + 0.71%), 07/25/37 (i) (k) (l) | 2234 | 2188 |
| Preferred Residential Securities 05-2 PLC |  |  |
| Series 2005-C1C-2X, 4.68%, (SONIA + 0.69%), 12/15/40, GBP (e) (i) (k) | 341 | 459 |
| Prospect Mortgage, LLC |  |  |
| Series 2005-M8-2, REMIC, 5.97%, (1 Month Term SOFR + 2.06%), 04/25/35 (i) (k) (l) | 3738 | 3614 |
| RCKT Mortgage Trust 2024-CES5 |  |  |
| Series 2024-A1A-CES5, REMIC, 5.85%, 07/25/28 (i) (k) | 3709 | 3751 |
| RCKT Mortgage Trust 2024-CES7 |  |  |
| Series 2024-A1A-CES7, REMIC, 5.16%, 09/25/28 (i) | 885 | 888 |
| Regional Management Issuance Trust 2024-2 |  |  |
| Series 2024-A-2, 5.11%, 12/15/33 | 4600 | 4631 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-3, REMIC, 5.59%, 11/25/36 (i) | 19851 | 5973 |
| Series 2006-AF5-3, REMIC, 6.12%, 11/25/36 (i) | 2934 | 965 |
| Research-Driven Pagaya Motor Asset Trust 2023-3 |  |  |
| Series 2023-A-3A, 7.13%, 01/26/32 | 2201 | 2205 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A12-S6, REMIC, 6.00%, 07/25/36 | 1406 | 1252 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A5-S4, REMIC, 6.00%, (1 Month Term SOFR + 0.71%), 04/25/37 (k) | 588 | 493 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2004-M1-1, REMIC, 1.43%, (1 Month Term SOFR + 0.91%), 03/25/35 (i) (k) (l) | 225 | 192 |
| Securitized Asset Backed Receivables LLC |  |  |
| Series 2005-M2-FR3, REMIC, 3.17%, (1 Month Term SOFR + 1.09%), 04/25/35 (i) (k) (l) | 818 | 734 |
| SG Mortgage Securities Trust |  |  |
| Series 2005-M3-OPT1, REMIC, 2.91%, (1 Month Term SOFR + 0.82%), 10/25/35 (i) (k) (l) | 4975 | 4649 |
| SLM Student Loan Trust 2012-5 |  |  |
| Series 2012-A3-5, 4.79%, (SOFR 30-Day Average + 0.91%), 03/25/26 (k) | 5124 | 5107 |
| SMB Private Education Loan Trust 2022-B |  |  |
| Series 2022-A1A-B, REMIC, 3.94%, 02/16/55 | 1742 | 1707 |
| Series 2022-A1B-B, REMIC, 5.43%, (SOFR 30-Day Average + 1.45%), 02/16/55 (k) | 1742 | 1749 |
| SMB Private Education Loan Trust 2022-C |  |  |
| Series 2022-A1B-C, 5.83%, (SOFR 30-Day Average + 1.85%), 05/16/50 (k) | 1658 | 1681 |
| SMB Private Education Loan Trust 2024-D |  |  |
| Series 2024-A1B-D, 5.23%, (SOFR 30-Day Average + 1.25%), 07/05/53 (k) | 3216 | 3190 |
| SoFi Consumer Loan Program 2025-4 Trust |  |  |
| Series 2025-A-4, 4.24%, 08/25/35 | 7259 | 7264 |
| Sound Point CLO XVIII Ltd |  |  |
| Series 2017-A1-4A, 5.27%, (3 Month Term SOFR + 1.38%), 01/21/31 (k) | 230 | 231 |
| Sound Point CLO XXVIII, Ltd |  |  |
| Series 2020-A1R-3A, 5.14%, (3 Month Term SOFR + 1.28%), 01/26/32 (k) | 8991 | 8998 |
| Soundview Home Loan Trust |  |  |
| Series 2005-M5-1, REMIC, 3.71%, (1 Month Term SOFR + 1.28%), 04/25/35 (i) (k) (l) | 2810 | 2728 |
| Series 2005-M2-OPT2, REMIC, 2.11%, (1 Month Term SOFR + 0.95%), 08/25/35 (i) (k) (l) | 7190 | 6565 |
| Specialty Underwriting & Residential Finance Trust |  |  |
| Series 2006-A1-AB2, REMIC, 2.36%, (1 Month Term SOFR + 0.41%), 06/25/37 (i) (k) (l) | 15069 | 7786 |
| Spirit Airlines, LLC |  |  |
| Series 2017-AA-1, 0.00%, 02/15/30 (f) (g) | 240 | 210 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2004-M2-5, REMIC, 3.94%, (1 Month Term SOFR + 0.94%), 06/25/34 (i) (k) (l) | 2835 | 2741 |
| Series 2005-M2-HE1, REMIC, 0.36%, (1 Month Term SOFR + 0.83%), 07/25/35 (i) (k) (l) | 774 | 748 |
| Structured Asset Securities Corp Mortgage Loan Trust |  |  |
| Series 2007-M1-GEL2, REMIC, 3.38%, (1 Month Term SOFR + 0.81%), 05/25/37 (i) (k) (l) | 15428 | 12205 |
| Structured Asset Securities Corporation Mortgage Loan Trust 2007-OSI |  |  |
| Series 2007-A4-OSI, REMIC, 1.42%, (1 Month Term SOFR + 0.31%), 06/25/37 (i) (k) (l) | 11693 | 7752 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.29%, 12/22/31 | 1800 | 1812 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/31 | 8956 | 8630 |
| Towd Point Mortgage Trust 2025-CES4 |  |  |
| Series 2025-A1A-CES4, REMIC, 5.09%, 10/25/29 (i) | 4238 | 4241 |
| Toyota Auto Receivables 2024-A Owner Trust |  |  |
| Series 2024-A3-A, 4.83%, 10/16/28 | 6849 | 6895 |
| United Airlines Pass Through Certificates, Series 2018-1 |  |  |
| Series 2018-AA-1, 3.50%, 03/01/30 | 716 | 689 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 918 | 939 |
| Verus Securitization Trust 2023-3 |  |  |
| Series 2023-A1-3, REMIC, 5.93%, 03/25/68 (k) | 4435 | 4435 |
| Washington Mutual Asset-Backed Certificates WaMu Series 2007-HE2 Trust |  |  |
| Series 2007-2A3-HE2, REMIC, 1.34%, (1 Month Term SOFR + 0.36%), 04/25/37 (i) (k) (l) | 34639 | 11860 |
| Washington Mutual Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2005-3M2-WL1, REMIC, 3.49%, (1 Month Term SOFR + 0.89%), 06/25/45 (i) (k) (l) | 472 | 512 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2005-1A3-AR10, REMIC, 4.63%, 09/25/35 (k) | 2314 | 2127 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust |  |  |
| Series 2007-4A2-OA3, REMIC, 3.21%, (12 Month Treasury Average + 0.70%), 04/25/47 (k) (l) | 902 | 802 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Mortgage Backed Securities 2007-AR7 Trust |  |  |
| Series 2007-A1-AR7, REMIC, 6.04%, 12/25/37 (k) | 9403 | 8462 |
| WSTN Trust |  |  |
| Series 2023-A-MAUI, REMIC, 6.52%, 09/08/39 (k) | 800 | 815 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $569,641) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $569,641) | 529903 |
| **CORPORATE BONDS AND NOTES 10.2%** | **CORPORATE BONDS AND NOTES 10.2%** | **CORPORATE BONDS AND NOTES 10.2%** |
| **Financials 3.2%** | **Financials 3.2%** | **Financials 3.2%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (d) | 984 | 954 |
| Banca Monte dei Paschi di Siena S.p.A. |  |  |
| 1.88%, 01/09/26, EUR (e) | 100 | 117 |
| Banco Santander, S.A. |  |  |
| 6.53%, 11/07/27 | 1500 | 1531 |
| 6.61%, 11/07/28 | 1200 | 1281 |
| Barclays PLC |  |  |
| 6.49%, 09/13/29 | 1200 | 1268 |
| BPCE |  |  |
| 6.71%, 10/19/29 (d) | 1650 | 1750 |
| 5.88%, 01/14/31 (d) | 1000 | 1044 |
| 7.00%, 10/19/34 (d) | 1400 | 1559 |
| Credicorp Capital Sociedad Titularizada S.A. |  |  |
| 10.10%, 12/15/43, PEN (d) | 1000 | 319 |
| 9.70%, 03/05/45, PEN (d) | 1700 | 538 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (d) | 8800 | 8960 |
| Ford Motor Credit Company LLC |  |  |
| 4.54%, 08/01/26 | 2400 | 2397 |
| 2.70%, 08/10/26 | 3700 | 3664 |
| 4.13%, 08/17/27 | 3200 | 3177 |
| 3.82%, 11/02/27 | 3067 | 3020 |
| 2.90%, 02/16/28 | 200 | 193 |
| Jane Street Group, LLC |  |  |
| 6.75%, 05/01/33 (d) | 200 | 209 |
| Marex Group PLC |  |  |
| 6.40%, 11/04/29 | 300 | 311 |
| Nationwide Building Society |  |  |
| 4.30%, 03/08/29 (d) | 1000 | 1002 |
| NatWest Group PLC |  |  |
| 5.08%, 01/27/30 | 2800 | 2863 |
| 4.45%, 05/08/30 | 2000 | 2008 |
| Panama Infrastructure Receivable Purchaser PLC |  |  |
| 0.00%, 04/05/32 (d) (m) | 6449 | 5003 |
| Rio Oil Finance Trust |  |  |
| 8.20%, 04/06/28 (d) | 119 | 122 |
| Santander Holdings USA, Inc. |  |  |
| 5.35%, 09/06/30 | 700 | 715 |
| Santander UK Group Holdings PLC |  |  |
| 3.82%, 11/03/28 | 1800 | 1788 |
| 4.86%, 09/11/30 | 800 | 810 |
| 5.69%, 04/15/31 | 1200 | 1251 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (e) (i) (k) (n) | 2701 | 3567 |
| UBS Group AG |  |  |
| 6.33%, 12/22/27 (d) | 4400 | 4491 |
| 6.25%, 09/22/29 (d) | 3000 | 3158 |
| 3.09%, 05/14/32 (d) | 850 | 789 |
|  |  | 59859 |
| **Communication Services 2.4%** | **Communication Services 2.4%** | **Communication Services 2.4%** |
| Altice France |  |  |
| 7.25%, 11/01/29, EUR (d) | 308 | 359 |
| 9.50%, 11/01/29 (d) | 2770 | 2847 |
| 6.88%, 10/15/30 (d) (o) | 308 | 299 |
| 6.50%, 10/15/31 (d) | 539 | 511 |
| 6.50%, 03/15/32 (d) (o) | 126 | 121 |
| 6.88%, 07/15/32 (d) | 144 | 137 |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (d) | 32980 | 34917 |
| DISH DBS Corporation |  |  |
| 5.25%, 12/01/26 (d) | 2590 | 2518 |
| 5.75%, 12/01/28 (d) | 2090 | 2032 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (d) | 507 | 488 |
|  |  | 44229 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| Enbridge Inc. |  |  |
| 4.50%, 02/15/31 | 700 | 699 |
| 5.20%, 11/20/35 | 500 | 504 |
| Energy Transfer LP |  |  |
| 6.10%, 12/01/28 | 1700 | 1786 |
| Gaz Capital S.A. |  |  |
| 0.00%, 03/23/27 (e) (f) (g) | 800 | 680 |
| Gaz Finance PLC |  |  |
| 0.00%, 06/29/27 - 01/27/29 (e) (f) (g) | 6600 | 4643 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 05/16/26 - 04/12/37 (e) (f) (g) | 1290 | 303 |
| 0.00%, 04/12/27 (e) (f) (g) | 300 | 69 |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/32 | 7889 | 7866 |
| 6.95%, 01/28/60 | 1190 | 967 |
| Topaz Solar Farms LLC |  |  |
| 4.88%, 09/30/39 (d) | 51 | 47 |
| 5.75%, 09/30/39 (d) | 563 | 565 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (d) | 2200 | 2058 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (d) | 1600 | 1617 |
| 9.50%, 02/01/29 (d) | 200 | 207 |
| 7.00%, 01/15/30 (d) (o) | 5400 | 5192 |
| 9.88%, 02/01/32 (d) | 3000 | 3097 |
|  |  | 30300 |
| **Utilities 1.0%** | **Utilities 1.0%** | **Utilities 1.0%** |
| Edison International |  |  |
| 6.25%, 03/15/30 | 400 | 418 |
| 5.25%, 03/15/32 | 3600 | 3597 |
| PG&E Company |  |  |
| 3.30%, 03/15/27 - 12/01/27 | 1347 | 1328 |
| 3.00%, 06/15/28 | 3343 | 3241 |
| 3.75%, 07/01/28 | 976 | 963 |
| 4.55%, 07/01/30 | 7255 | 7218 |
| 4.40%, 03/01/32 | 1000 | 977 |
| 6.00%, 08/15/35 | 600 | 630 |
| Pryvatne Aktsionerne Tovarystvo Natsionalna Enerhetychna Kompaniia Ukrenerho |  |  |
| 0.00%, 11/09/28 (e) (f) (g) | 400 | 342 |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.75%, 10/10/27, GBP (e) | 100 | 155 |
| 9.75%, 10/10/27, GBP (d) | 504 | 778 |
|  |  | 19647 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Carvana Co. |  |  |
| 9.00%, 06/01/30 - 06/01/31 (d) (i) (p) | 4281 | 4674 |
| Mitchells & Butlers Finance PLC |  |  |
| 6.01%, 12/15/28, GBP (i) | 74 | 100 |
| Nissan Motor Acceptance Company LLC |  |  |
| 5.75%, (SOFR + 2.05%), 09/13/27 (d) (k) | 2600 | 2584 |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (d) | 4300 | 4226 |
| 7.50%, 07/17/30 (d) | 800 | 836 |
| 4.81%, 09/17/30 (d) | 300 | 282 |
| Stellantis Finance US Inc. |  |  |
| 5.75%, 03/18/30 (d) | 700 | 722 |
|  |  | 13424 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Boeing Company, The |  |  |
| 2.75%, 02/01/26 | 2140 | 2138 |
| 2.20%, 02/04/26 (q) | 6480 | 6468 |
| 6.26%, 05/01/27 (q) | 630 | 646 |
| 6.30%, 05/01/29 (q) | 90 | 96 |
|  |  | 9348 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Bayer US Finance LLC |  |  |
| 6.25%, 01/21/29 (d) | 3700 | 3888 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 700 | 644 |
| 3.00%, 10/15/30 | 1900 | 1699 |
| 2.63%, 08/01/31 | 3000 | 2579 |
| CommonSpirit Health |  |  |
| 4.98%, 09/01/35 | 400 | 396 |
| | | 9206 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| B.A.T. International Finance P.L.C. |  |  |
| 5.93%, 02/02/29 | 3300 | 3464 |
| Cornell University |  |  |
| 4.73%, 06/15/35 | 1100 | 1105 |
| Flora Food Management B.V. |  |  |
| 6.88%, 07/02/29, EUR (d) | 1100 | 1286 |
|  |  | 5855 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Gartner, Inc. |  |  |
| 5.60%, 11/20/35 | 700 | 701 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Country Garden Holdings Company Limited |  |  |
| 0.00%, 01/31/26 - 01/17/49 (e) (f) (g) | 1800 | 163 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 32 | 32 |
| 4.95%, 04/15/28 | 90 | 91 |
| GLP Financing, LLC |  |  |
| 5.30%, 01/15/29 | 268 | 273 |
|  |  | 559 |
| Total Corporate Bonds And Notes (cost $190,757) | Total Corporate Bonds And Notes (cost $190,757) | 193128 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.5%** | **SENIOR FLOATING RATE INSTRUMENTS 2.5%** | **SENIOR FLOATING RATE INSTRUMENTS 2.5%** |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| AMSURG LLC |  |  |
| 2023 First Out Term Loan, 11.86%, (3 Month Term SOFR + 4.75%), 07/20/26 (h) (k) | 2635 | 2635 |
| 2023 Last Out Term Loan, 11.86%, (3 Month Term SOFR + 7.88%), 11/03/28 (h) (k) | 15976 | 16455 |
|  |  | 19090 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| Mercury Aggregator LP |  |  |
| Term Loan, 19.00%, 04/03/26 (h) | 890 | 46 |
| SVF II Finco Cayman LP |  |  |
| Term Loan, 7.65%, (SOFR + 3.65%), 04/25/29 (h) (k) | 3044 | 3061 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.50%, (3 Month Term SOFR + 2.50%), 02/28/31 (k) | 9576 | 9609 |
|  |  | 12716 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Altice France S.A. |  |  |
| 2025 USD Term Loan B14, 0.00%, (3 Month Term SOFR + 6.88%), 05/31/31 (k) (r) | 1000 | 999 |
| 2025 USD Term Loan B11, 8.11%, (SOFR + 4.13%), 04/30/28 (k) | 307 | 303 |
| 2025 USD Term Loan B14, 10.86%, (3 Month Term SOFR + 6.88%), 05/31/31 (k) | 839 | 838 |
| SubCalidora 2 S.a r.l. |  |  |
| 2024 EUR Term Loan, 7.75%, (3 Month EURIBOR + 5.75%), 08/14/29, EUR (k) | 1200 | 1415 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 11.00%, (3 Month Term SOFR + 7.00%), 05/06/27 (k) | 1485 | 1426 |
|  |  | 4981 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 5.82%, (3 Month Term SOFR + 2.00%), 12/10/31 (k) | 300 | 298 |
| Republic of Panama |  |  |
| Term Loan, 4.55%, 04/01/27, EUR (h) (k) | 3900 | 4629 |
|  |  | 4927 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| SCURAlpha 1503 Gmbh |  |  |
| USD Term Loan B1, 9.34%, (3 Month Term SOFR + 5.00%), 01/04/30 (k) | 2438 | 2258 |
| EUR Term Loan B1, 7.57%, (1 Month EURIBOR + 5.50%), 03/30/30, EUR (k) | 1300 | 1484 |
| Westmoreland Coal Co |  |  |
| PIK Term Loan, 8.00%, 03/15/29 (h) (k) (p) | 23 | 9 |
|  |  | 3751 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Poseidon Bidco SASU |  |  |
| 2024 EUR Term Loan B, 7.00%, (EURIBOR + 5.00%), 07/22/30, EUR (k) | 2100 | 848 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 7.03%, (1 Month Term SOFR + 3.00%), 06/30/27 (h) (k) | 21 | 17 |
| 2020 Take Back Term Loan, 8.03%, (1 Month Term SOFR + 4.00%), 12/31/27 (k) (p) | 77 | 59 |
|  |  | 76 |
| Total Senior Floating Rate Instruments (cost $47,499) | Total Senior Floating Rate Instruments (cost $47,499) | 46389 |
| **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Amsurg Corp. (f) (h) | 101 | 4557 |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| Clear Channel Outdoor Holdings, Inc. (f) (o) | 515 | 1138 |
| iHeartMedia, Inc. (f) (h) | 91 | 138 |
| iHeartMedia, Inc. - Class A (f) | 125 | 518 |
| Uniti Group Inc. (f) (h) | 131 | 879 |
| Uniti Group Inc. (f) | 24 | 171 |
|  |  | 2844 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| LuxCo 3 (f) (h) | 21 | 373 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| UBS Group AG | 4 | 190 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| WestMet Group Holdings (f) (h) | 2 | 2 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Westmoreland Coal Company (f) | 1 |  |
| Total Common Stocks (cost $11,866) | Total Common Stocks (cost $11,866) | 7966 |
| **RIGHTS 0.1%** | **RIGHTS 0.1%** | **RIGHTS 0.1%** |
| SES (f) | 124 | 1869 |
| Total Rights (cost $1,456) | Total Rights (cost $1,456) | 1869 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Windstream Holdings, Inc. (h) | 1 | 827 |
| Total Preferred Stocks (cost $832) | Total Preferred Stocks (cost $832) | 827 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Windstream Holdings, Inc. (f) (h) | 25 | 171 |
| Total Warrants (cost $155) | Total Warrants (cost $155) | 171 |
| **SHORT TERM INVESTMENTS 25.8%** | **SHORT TERM INVESTMENTS 25.8%** | **SHORT TERM INVESTMENTS 25.8%** |
| **U.S. Treasury Bill 13.3%** | **U.S. Treasury Bill 13.3%** | **U.S. Treasury Bill 13.3%** |
| Treasury, United States Department of |  |  |
| 3.90%, 01/02/26 - 01/08/26 | 2403 | 2402 |
| 3.42%, 01/06/26 | 3300 | 3299 |
| 3.90%, 01/13/26 | 1200 | 1199 |
| 3.90%, 01/15/26 | 900 | 899 |
| 3.74%, 01/20/26 | 8300 | 8285 |
| 4.01%, 01/22/26 | 13200 | 13174 |
| 0.06%, 01/27/26 (c) | 7000 | 6983 |
| 3.60%, 01/29/26 | 31100 | 31017 |
| 3.61%, 02/03/26 (c) | 1250 | 1246 |
| 3.85%, 02/05/26 | 10900 | 10863 |
| 3.83%, 02/10/26 | 2900 | 2889 |
| 4.03%, 02/12/26 | 4500 | 4482 |
| 3.76%, 02/17/26 | 3100 | 3086 |
| 3.79%, 02/24/26 (c) | 3100 | 3084 |
| 3.63%, 02/26/26 | 6500 | 6464 |
| 3.82%, 03/03/26 (c) | 200 | 199 |
| 3.64%, 03/05/26 | 7900 | 7852 |
| 12.74%, 03/26/26 | 40700 | 40370 |
| 3.67%, 03/31/26 (c) | 1200 | 1190 |
| 3.60%, 04/02/26 | 102200 | 101292 |
| 3.59%, 04/21/26 (c) | 700 | 693 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.60%, 04/28/26 (c) | 400 | 395 |
| | | 251363 |
| **Discount Notes 9.1%** | **Discount Notes 9.1%** | **Discount Notes 9.1%** |
| FHLBanks Office of Finance |  |  |
| 3.91%, 01/09/26 | 1300 | 1299 |
| 3.86%, 01/21/26 | 300 | 299 |
| 3.85%, 01/23/26 | 8400 | 8383 |
| 3.76%, 01/28/26 | 31700 | 31618 |
| 3.87%, 01/30/26 | 1800 | 1795 |
| 3.65%, 02/13/26 | 600 | 598 |
| 3.83%, 02/20/26 | 25650 | 25526 |
| 3.84%, 02/27/26 | 1200 | 1193 |
| 3.69%, 03/04/26 | 7700 | 7653 |
| 3.65%, 03/20/26 | 70825 | 70286 |
| 3.61%, 03/25/26 | 3500 | 3472 |
| 3.64%, 03/27/26 | 4400 | 4364 |
| 3.68%, 04/08/26 | 450 | 446 |
| 3.60%, 04/17/26 | 600 | 594 |
| 3.57%, 05/26/26 | 1600 | 1577 |
| 3.59%, 06/05/26 | 450 | 443 |
| 3.56%, 06/12/26 | 11300 | 11123 |
|  |  | 170669 |
| **Treasury Securities 3.0%** | **Treasury Securities 3.0%** | **Treasury Securities 3.0%** |
| Presidencia da Republica |  |  |
| 13.18%, 04/01/26, BRL | 140400 | 24770 |
| 12.80%, 07/01/26, BRL | 189300 | 32339 |
|  |  | 57109 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (s) (t) | 4394 | 4394 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (s) (t) | 3975 | 3975 |
| Total Short Term Investments (cost $487,795) | Total Short Term Investments (cost $487,795) | 487510 |
| **Total Investments 151.2% (cost $2,901,204)** | **Total Investments 151.2% (cost $2,901,204)** | **2854130** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **1474** |
| **Other Assets and Liabilities, Net (51.3)%** | **Other Assets and Liabilities, Net (51.3)%** | **(968278)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1887326** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $1,001,448.

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

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

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $161,724 and 8.6% of the Fund.

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

(f) Non-income producing security.

(g) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 0.7% of the Fund's net assets.

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

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

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

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

(o) All or a portion of the security was on loan as of December 31, 2025.

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

(q) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(r) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) Investment in affiliate.

(t) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** | **JNL/PIMCO Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 3430 | 348837 | 347873 | 177 |  |  | 4394 | 0.2 |
| JNL Government Money Market Fund, 3.74% - Class SL | 393 | 87832 | 84250 | 126 |  |  | 3975 | 0.2 |
|  | 3823 | 436669 | 432123 | 303 |  |  | 8369 | 0.4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Restricted Securities** | **JNL/PIMCO Income Fund — Restricted Securities** | **JNL/PIMCO Income Fund — Restricted Securities** | **JNL/PIMCO Income Fund — Restricted Securities** | **JNL/PIMCO Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alba 2006-2 PLC, Series 2006-D-2, 4.46%, 12/15/38 | 02/19/20 | 898 | 906 | 0.1 |
| Banca Monte dei Paschi di Siena S.p.A., 1.88%, 01/09/26 | 03/07/23 | 106 | 117 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.95%, 08/12/31 | 09/25/24 | 6768 | 7923 | 0.4 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 5.40%, 08/12/34 | 09/13/24 | 596 | 707 | 0.1 |
| Country Garden Holdings Company Limited, 0.00%, 01/31/26 | 08/10/22 | 36 | 36 |  |
| Country Garden Holdings Company Limited, 0.00%, 07/12/26 | 08/02/22 | 36 | 36 |  |
| Country Garden Holdings Company Limited, 0.00%, 10/22/30 | 08/01/22 | 36 | 36 |  |
| Country Garden Holdings Company Limited, 0.00%, 01/17/49 | 01/13/22 | 55 | 55 |  |
| Eurosail-UK 2007-3BL PLC, Series 2007-C1A-3X, 4.54%, 06/13/45 | 09/02/20 | 14119 | 14535 | 0.8 |
| Eurosail-UK 2007-6NC PLC, Series 2007-A3A-6NCX, 4.69%, 09/13/45 | 10/15/18 | 18 | 18 |  |
| Gaz Capital S.A., 0.00%, 03/23/27 | 01/20/21 | 881 | 680 |  |
| Gaz Finance PLC, 0.00%, 06/29/27 | 02/03/21 | 204 | 163 |  |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 6400 | 4480 | 0.3 |
| Mansard Mortgages 2006-1 PLC, Series 2006-B1-1X, 5.18%, 10/15/48 | 02/19/20 | 3809 | 3910 | 0.2 |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/24/22 | 943 | 1890 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/31/22 | 1016 | 1890 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 09/16/43 | 09/13/22 | 113 | 135 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 09/16/43 | 04/01/22 | 241 | 406 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/47 | 09/13/22 | 225 |  |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/47 | 04/11/22 | 2633 |  |  |
| Newgate Funding PLC, Series 2007-A3-2X, 4.27%, 12/15/50 | 11/28/17 | 2741 | 2820 | 0.2 |
| Petroleos de Venezuela, S.A., 0.00%, 05/16/26 | 11/03/17 | 87 | 115 |  |
| Petroleos de Venezuela, S.A., 0.00%, 11/15/26 | 11/21/18 | 78 | 118 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 09/06/18 | 59 | 69 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/37 | 09/06/18 | 59 | 70 |  |
| Preferred Residential Securities 05-2 PLC, Series 2005-C1C-2X, 4.68%, 12/15/40 | 10/06/22 | 371 | 459 |  |
| Pryvatne Aktsionerne Tovarystvo Natsionalna Enerhetychna Kompaniia Ukrenerho, 0.00%, 11/09/28 | 09/29/22 | 95 | 342 |  |
| Republica Bolivariana de Venezuela, 0.00%, 05/07/28 | 12/13/17 | 88 | 113 |  |
| Republica Bolivariana de Venezuela, 0.00%, 08/05/31 | 09/12/18 | 220 | 281 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/31/34 | 12/13/17 | 346 | 360 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/31/35 | 12/13/17 | 260 | 299 |  |
| Republica Bolivariana de Venezuela, 0.00%, 03/31/38 | 12/13/17 | 93 | 110 |  |
| Republica Bolivariana de Venezuela, 0.00%, 05/07/49 | 12/13/17 | 472 | 516 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/09/49 | 12/13/17 | 15 | 16 |  |
| Stichting AK Rabobank Certificaten II, 6.50% | 02/03/20 | 4004 | 3567 | 0.2 |
| Thames Water Super Senior Issuer PLC, 9.75%, 10/10/27 | 11/12/25 | 149 | 155 |  |
|  |  | 48270 | 47333 | 2.5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Australia 10 Year Bond | 404 | March 2026 | AUD | 44157 | 34 | 51 |
| Long Gilt | 656 | March 2026 | GBP | 59436 | 79 | 669 |
| United States 10 Year Note | 3832 | March 2026 |  | 431469 | (778) | (608) |
| United States 2 Year Note | 15 | April 2026 |  | 3129 | (1) | 3 |
| United States 5 Year Note | 1899 | April 2026 |  | 207803 | (223) | (233) |
| United States Ultra Bond | 54 | March 2026 |  | 6400 | (20) | (28) |
|  |  |  |  |  | (909) | (146) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 3 Month SOFR Index | (31) | March 2026 |  | (7583) |  | 119 |
| 3 Month SOFR Index | (27) | June 2026 |  | (6603) | 1 | 90 |
| Euro BOBL | (129) | March 2026 | EUR | (15100) | 12 | 133 |
| Euro Bund | (265) | March 2026 | EUR | (34257) | 72 | 523 |
| Euro Schatz | (1) | March 2026 | EUR | (107) |  |  |
| United States 10 Year Ultra Bond | (97) | March 2026 |  | (11197) | 18 | 40 |
| United States Long Bond | (581) | March 2026 |  | (67667) | 127 | 507 |
|  |  |  |  |  | 230 | 1412 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 28-Day MEXIBOR (M) | Paying | 9.02<br> (M) | 12/17/29 | MXN | 10400 | 1 | 25 |
| 28-Day MEXIBOR (M) | Paying | 8.99<br> (M) | 12/18/29 | MXN | 7700 | 1 | 18 |
| 28-Day MEXIBOR (M) | Paying | 9.14<br> (M) | 12/27/29 | MXN | 14900 | 1 | 39 |
| 28-Day MEXIBOR (M) | Paying | 9.15<br> (M) | 12/31/29 | MXN | 12800 | 1 | 34 |
| 28-Day MEXIBOR (M) | Paying | 9.11<br> (M) | 03/13/30 | MXN | 39400 | 3 | 104 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 07/31/28 | ZAR | 2000 |  | 6 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 07/31/28 | ZAR | 1600 |  | 4 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 07/31/28 | ZAR | 6000 |  | 17 |
| 3M JIBAR (Q) | Paying | 8.43<br> (Q) | 07/31/28 | ZAR | 4000 |  | 11 |
| 3M JIBAR (Q) | Paying | 8.43<br> (Q) | 08/01/28 | ZAR | 2400 |  | 7 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/01/28 | ZAR | 4100 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/02/28 | ZAR | 4100 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/02/28 | ZAR | 4100 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.55<br> (Q) | 08/03/28 | ZAR | 8400 |  | 25 |
| 3M JIBAR (Q) | Paying | 8.38<br> (Q) | 08/04/28 | ZAR | 4200 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 08/04/28 | ZAR | 10200 |  | 29 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 08/04/28 | ZAR | 4200 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 08/04/28 | ZAR | 4300 |  | 12 |
| 3M JIBAR (Q) | Paying | 8.54<br> (Q) | 08/04/28 | ZAR | 4300 |  | 13 |
| 3M JIBAR (Q) | Paying | 8.36<br> (Q) | 08/07/28 | ZAR | 7700 |  | 21 |
| 3M JIBAR (Q) | Paying | 8.40<br> (Q) | 08/07/28 | ZAR | 7700 |  | 22 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 08/07/28 | ZAR | 2300 |  | 6 |
| 3M JIBAR (Q) | Paying | 8.00<br> (Q) | 01/03/31 | ZAR | 5000 |  | 17 |
| 3M JIBAR (Q) | Paying | 8.00<br> (Q) | 01/06/31 | ZAR | 5000 |  | 17 |
| 3M JIBAR (Q) | Paying | 8.01<br> (Q) | 01/07/31 | ZAR | 4900 |  | 17 |
| 3M JIBAR (Q) | Paying | 8.03<br> (Q) | 01/07/31 | ZAR | 4900 |  | 17 |
| 3M JIBAR (Q) | Paying | 8.05<br> (Q) | 01/07/31 | ZAR | 4900 |  | 17 |
| 3M JIBAR (Q) | Paying | 8.06<br> (Q) | 01/07/31 | ZAR | 4900 |  | 17 |
| 3M JIBAR (Q) | Paying | 8.06<br> (Q) | 01/08/31 | ZAR | 14900 | 1 | 52 |
| 3M JIBAR (Q) | Paying | 8.08<br> (Q) | 01/08/31 | ZAR | 6900 | 1 | 24 |
| 3M JIBAR (Q) | Paying | 8.20<br> (Q) | 01/10/31 | ZAR | 24900 | 2 | 95 |
| 3M New Zealand Bank Bill Forward Rate Agreement (Q) | Paying | 4.75<br> (S) | 06/19/29 | NZD | 9300 | 13 | 215 |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.00<br> (S) | 09/18/29 | AUD | 26300 | (9) | (518) |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.50<br> (S) | 06/18/35 | AUD | 46200 | (22) | (1263) |
| 6M EURIBOR (S) | Receiving | 2.59<br> (A) | 08/19/34 | EUR | 2400 | 4 | 54 |
| 6M EURIBOR (S) | Receiving | 2.51<br> (A) | 04/09/35 | EUR | 1300 | 2 | 46 |
| 6M EURIBOR (S) | Receiving | 0.25<br> (A) | 03/18/50 | EUR | 5400 | 11 | 3543 |
| 6M EURIBOR (S) | Receiving | 0.50<br> (A) | 06/17/50 | EUR | 2500 | 6 | 1745 |
| 6M EURIBOR (S) | Receiving | 0.83<br> (A) | 12/09/52 | EUR | 23200 | 8 | 3164 |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 03/18/56 | EUR | 21630 | 71 | 1478 |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 04/12/27 | EUR | 8200 | 1 | (130) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 05/11/27 | EUR | 8200 | 1 | (132) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/13/27 | EUR | 11200 | 1 | (126) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/18/27 | EUR | 5400 |  | (64) |
| 6M EURIBOR (S) | Paying | 3.37<br> (A) | 10/09/28 | EUR | 3000 | (1) | 86 |
| 6M EURIBOR (S) | Paying | 3.45<br> (A) | 10/20/28 | EUR | 2800 | (1) | 87 |
| 6M EURIBOR (S) | Paying | 2.77<br> (A) | 04/16/29 | EUR | 2400 | (1) | 29 |
| 6M EURIBOR (S) | Paying | 2.86<br> (A) | 04/24/29 | EUR | 3600 | (1) | 54 |
| 6M EURIBOR (S) | Paying | 2.78<br> (A) | 05/02/29 | EUR | 2400 | (1) | 29 |
| 6M EURIBOR (S) | Paying | 2.95<br> (A) | 06/12/29 | EUR | 1800 | (1) | 32 |
| 6M EURIBOR (S) | Paying | 2.50<br> (A) | 03/18/31 | EUR | 76500 | (40) | (729) |
| 6M EURIBOR (S) | Paying | 2.00<br> (A) | 09/21/32 | EUR | 25380 | (25) | (1366) |
| 6M EURIBOR (S) | Paying | 2.55<br> (A) | 03/09/33 | EUR | 5800 | (7) | (74) |
| 6M EURIBOR (S) | Paying | 3.27<br> (A) | 08/21/33 | EUR | 1600 | (2) | 58 |
| 6M EURIBOR (S) | Paying | 2.77<br> (A) | 04/29/34 | EUR | 1600 | (2) | (9) |
| 6M EURIBOR (S) | Paying | 2.41<br> (A) | 11/05/34 | EUR | 2800 | (5) | (112) |
| 6M EURIBOR (S) | Paying | 2.22<br> (A) | 01/08/35 | EUR | 1400 | (2) | (80) |
| 6M EURIBOR (S) | Paying | 2.42<br> (A) | 03/07/35 | EUR | 1300 | (2) | (55) |
| 6M EURIBOR (S) | Paying | 2.52<br> (A) | 03/27/35 | EUR | 1300 | (2) | (44) |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 03/18/36 | EUR | 2500 | (5) | (44) |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | (0.02)<br> (S) | 09/20/28 | JPY | 12430000 | 63 | 3003 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.00<br> (S) | 03/15/29 | JPY | 6580000 | 43 | 2046 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.70<br> (A) | 09/18/29 | JPY | 3190000 | 26 | 469 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.40<br> (A) | 06/15/32 | JPY | 569400 | 7 | 278 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.00<br> (A) | 09/18/34 | JPY | 1640000 | 23 | 570 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.25<br> (A) | 06/18/35 | JPY | 382000 | 6 | 207 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 03/15/42 | JPY | 276000 | 2 | 385 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.71<br> (A) | 04/27/42 | JPY | 130000 | 1 | 194 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 0.18<br> (A) | 04/27/27 | JPY | 520000 | (1) | (33) |
| BRAZIBOR (A) | Paying | 9.87<br> (A) | 01/02/26 | BRL | 6100 | (1) | (67) |
| BRAZIBOR (A) | Paying | 9.91<br> (A) | 01/02/26 | BRL | 9500 | (1) | (102) |
| BRAZIBOR (A) | Paying | 9.84<br> (A) | 01/02/26 | BRL | 12100 | (2) | (134) |
| BRAZIBOR (A) | Paying | 10.07<br> (A) | 01/02/26 | BRL | 18900 | (3) | (191) |
| BRAZIBOR (A) | Paying | 10.05<br> (A) | 01/02/26 | BRL | 19000 | (3) | (192) |
| BRAZIBOR (A) | Paying | 10.02<br> (A) | 01/02/26 | BRL | 19200 | (3) | (197) |
| BRAZIBOR (A) | Paying | 11.70<br> (A) | 01/04/27 | BRL | 100 |  | (1) |
| BRAZIBOR (A) | Paying | 11.26<br> (A) | 01/04/27 | BRL | 300 |  | (3) |
| BRAZIBOR (A) | Paying | 11.25<br> (A) | 01/04/27 | BRL | 300 |  | (4) |
| BRAZIBOR (A) | Paying | 11.72<br> (A) | 01/04/27 | BRL | 600 |  | (5) |
| BRAZIBOR (A) | Paying | 11.22<br> (A) | 01/04/27 | BRL | 600 |  | (7) |
| BRAZIBOR (A) | Paying | 11.87<br> (A) | 01/04/27 | BRL | 1600 |  | (11) |
| BRAZIBOR (A) | Paying | 10.21<br> (A) | 01/04/27 | BRL | 3880 |  | (45) |
| BRAZIBOR (A) | Paying | 10.00<br> (A) | 01/04/27 | BRL | 4300 | (1) | (63) |
| BRAZIBOR (A) | Paying | 10.10<br> (A) | 01/04/27 | BRL | 7300 | (1) | (104) |
| BRAZIBOR (A) | Paying | 10.07<br> (A) | 01/04/27 | BRL | 7530 |  | (92) |
| BRAZIBOR (A) | Paying | 10.18<br> (A) | 01/04/27 | BRL | 11500 |  | (135) |
| BRAZIBOR (A) | Paying | 10.17<br> (A) | 01/04/27 | BRL | 11540 |  | (137) |
| BRAZIBOR (A) | Paying | 10.00<br> (A) | 01/04/27 | BRL | 15600 | (3) | (230) |
| BRAZIBOR (A) | Paying | 9.96<br> (A) | 01/04/27 | BRL | 17500 | (3) | (262) |
| BRAZIBOR (A) | Paying | 10.17<br> (A) | 01/04/27 | BRL | 19260 |  | (227) |
| BRAZIBOR (A) | Paying | 10.33<br> (A) | 01/04/27 | BRL | 20480 |  | (227) |
| BRAZIBOR (A) | Paying | 14.01<br> (A) | 01/04/27 | BRL | 20500 |  | (9) |
| BRAZIBOR (A) | Paying | 10.10<br> (A) | 01/04/27 | BRL | 22760 |  | (276) |
| BRAZIBOR (A) | Paying | 10.18<br> (A) | 01/04/27 | BRL | 23090 |  | (271) |
| BRAZIBOR (A) | Paying | 10.26<br> (A) | 01/04/27 | BRL | 26920 |  | (307) |
| BRAZIBOR (A) | Paying | 10.20<br> (A) | 01/04/27 | BRL | 26950 |  | (314) |
| BRAZIBOR (A) | Paying | 13.93<br> (A) | 01/04/27 | BRL | 28900 |  | (19) |
| BRAZIBOR (A) | Paying | 10.05<br> (A) | 01/04/27 | BRL | 29400 | (5) | (426) |
| BRAZIBOR (A) | Paying | 13.29<br> (A) | 01/02/29 | BRL | 19000 | 1 | (7) |
| BRAZIBOR (A) | Paying | 13.35<br> (A) | 01/02/29 | BRL | 37800 | 3 | (9) |
| BRAZIBOR (A) | Paying | 12.84<br> (A) | 01/02/31 | BRL | 16600 | 2 | (35) |
| BRAZIBOR (A) | Paying | 12.80<br> (A) | 01/02/31 | BRL | 45400 | 6 | (102) |
| Sterling Overnight Index Average Rate (A) | Receiving | 3.70<br> (A) | 03/28/34 | GBP | 1000 | (1) | 15 |
| Sterling Overnight Index Average Rate (A) | Receiving | 4.50<br> (A) | 09/17/55 | GBP | 1540 | (4) | (88) |
| Sterling Overnight Index Average Rate (A) | Paying | 3.75<br> (A) | 09/17/30 | GBP | 60300 | 67 | 621 |
| U.K. Retail Price Index (A) | Paying | 4.06<br> (A) | 09/15/31 | GBP | 1100 |  | (121) |
| U.K. Retail Price Index (A) | Paying | 4.00<br> (A) | 09/15/31 | GBP | 1300 | (1) | (148) |
| U.K. Retail Price Index (A) | Paying | 4.07<br> (A) | 09/15/31 | GBP | 2200 | (1) | (203) |
| U.K. Retail Price Index (A) | Paying | 4.40<br> (A) | 10/15/31 | GBP | 1400 | 1 | (77) |
| U.K. Retail Price Index (A) | Paying | 4.02<br> (A) | 10/15/31 | GBP | 1600 |  | (168) |
| U.K. Retail Price Index (A) | Paying | 4.14<br> (A) | 10/15/31 | GBP | 3100 | 1 | (268) |
| U.K. Retail Price Index (A) | Paying | 4.25<br> (A) | 11/15/31 | GBP | 3100 | 6 | (166) |
| U.S. SOFR (A) | Receiving | 1.60<br> (A) | 01/16/26 |  | 22200 |  | (261) |
| U.S. SOFR (A) | Receiving | 2.30<br> (A) | 01/17/26 |  | 15900 |  | 9 |
| U.S. SOFR (Q) | Receiving | 0.93<br> (S) | 05/06/26 |  | 3500 |  | 36 |
| U.S. SOFR (Q) | Receiving | 0.50<br> (S) | 06/16/26 |  | 35800 | 1 | 233 |
| U.S. SOFR (Q) | Receiving | 3.00<br> (S) | 06/19/26 |  | 59100 | (9) | 8528 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/21/26 |  | 4040 |  | (11) |
| U.S. SOFR (Q) | Receiving | 1.01<br> (S) | 06/24/26 |  | 5700 |  | 78 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 12/15/26 |  | 1200 |  | 54 |
| U.S. SOFR (Q) | Receiving | 1.74<br> (S) | 12/16/26 |  | 2700 |  | 164 |
| U.S. SOFR (Q) | Receiving | 1.35<br> (S) | 01/20/27 |  | 11500 |  | 277 |
| U.S. SOFR (Q) | Receiving | 1.45<br> (S) | 02/17/27 |  | 8300 |  | 203 |
| U.S. SOFR (Q) | Receiving | 1.42<br> (S) | 02/24/27 |  | 6200 |  | 156 |
| U.S. SOFR (A) | Receiving | 1.00<br> (A) | 06/15/27 |  | 8220 | 3 | (4) |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/27 |  | 2100 | 1 | (95) |
| U.S. SOFR (Q) | Receiving | 1.24<br> (S) | 05/12/28 |  | 1800 | 1 | 95 |
| U.S. SOFR (Q) | Receiving | 2.25<br> (S) | 06/20/28 |  | 2000 |  | 220 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/21/28 |  | 2620 | 2 | (35) |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 11/30/28 |  | 1070 | 1 | (5) |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 11/30/28 |  | 1500 | 1 | (7) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/20/28 |  | 18400 | 18 | (443) |
| U.S. SOFR (Q) | Receiving | 1.50<br> (S) | 01/12/29 |  | 1980 | 1 | 120 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 02/28/29 |  | 4340 | 5 | 13 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 03/20/29 |  | 3680 | 4 | 19 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/29 |  | 5570 | 7 | 15 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/29 |  | 53380 | 61 | (255) |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 12/10/29 |  | 1800 | 1 | 301 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 | 460 | 1 | 5 |
| U.S. SOFR (Q) | Receiving | 1.50<br> (S) | 12/18/29 | 3600 | 2 | 508 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 | 95990 | 134 | 162 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/29 | 6470 | 9 | (206) |
| U.S. SOFR (Q) | Receiving | 1.75<br> (S) | 01/15/30 | 5900 | 3 | 920 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 02/12/30 | 3500 | 1 | 597 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 03/10/30 | 1700 | 1 | 293 |
| U.S. SOFR (Q) | Receiving | 1.43<br> (S) | 03/17/30 | 3800 | 3 | 487 |
| U.S. SOFR (A) | Receiving | 3.29<br> (A) | 05/31/30 | 10247 | 17 | 43 |
| U.S. SOFR (A) | Receiving | 3.38<br> (A) | 05/31/30 | 25313 | 41 | 5 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 06/17/30 | 69000 | 69 | 9545 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/30 | 1670 | 3 | 3 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/30 | 65870 | 110 | 486 |
| U.S. SOFR (Q) | Receiving | 0.71<br> (S) | 07/28/30 | 1700 | 2 | 191 |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 | 200 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 10/31/30 | 200 |  | (2) |
| U.S. SOFR (A) | Receiving | 3.73<br> (A) | 10/31/30 | 200 |  | (2) |
| U.S. SOFR (A) | Receiving | 3.74<br> (A) | 10/31/30 | 300 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.66<br> (A) | 10/31/30 | 300 | 1 | (3) |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 10/31/30 | 300 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 10/31/30 | 300 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.73<br> (A) | 10/31/30 | 300 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 10/31/30 | 300 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.74<br> (A) | 10/31/30 | 300 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.61<br> (A) | 10/31/30 | 400 | 1 | (3) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 | 400 | 1 | (2) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 400 | 1 | (3) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 400 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 | 500 | 1 | (2) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 500 | 1 | (5) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 500 | 1 | (3) |
| U.S. SOFR (A) | Receiving | 3.62<br> (A) | 10/31/30 | 500 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.57<br> (A) | 10/31/30 | 500 | 1 | (3) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 | 1 | (5) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 | 1 | (4) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 700 | 1 | (7) |
| U.S. SOFR (A) | Receiving | 3.58<br> (A) | 10/31/30 | 900 | 2 | (5) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/17/30 | 3260 | 6 | 11 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/20/30 | 1630 | 3 | (43) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/20/30 | 51190 | 98 | (1021) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 03/18/31 | 20170 | 40 | 35 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 03/20/31 | 6120 | 13 | 61 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 04/30/31 | 990 | 2 | 8 |
| U.S. SOFR (A) | Receiving | 3.43<br> (A) | 04/30/31 | 1750 | 4 | 5 |
| U.S. SOFR (Q) | Receiving | 0.75<br> (S) | 06/16/31 | 33500 | 52 | 3083 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/31 | 8380 | 18 | (15) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/31 | 16930 | 35 | (83) |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 06/30/31 | 3140 | 7 | 33 |
| U.S. SOFR (Q) | Receiving | 1.45<br> (S) | 07/16/31 | 33100 | 37 | 3857 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 05/15/32 | 33644 | 77 | (324) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/32 | 2570 | 6 | 15 |
| U.S. SOFR (A) | Receiving | 3.59<br> (A) | 11/15/32 | 5850 | 14 |  |
| U.S. SOFR (A) | Receiving | 3.58<br> (A) | 11/15/32 | 8850 | 21 | 5 |
| U.S. SOFR (A) | Receiving | 3.57<br> (A) | 11/15/32 | 11710 | 28 | 15 |
| U.S. SOFR (A) | Receiving | 3.54<br> (A) | 11/15/32 | 14600 | 35 | 43 |
| U.S. SOFR (A) | Receiving | 3.59<br> (A) | 11/15/32 | 17670 | 43 |  |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/17/32 | 8510 | 21 | 39 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/32 | 5540 | 14 | 12 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 03/18/33 | 46390 | 115 | 64 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 05/22/33 | 107380 | 269 | (82) |
| U.S. SOFR (A) | Receiving | 3.70<br> (A) | 06/06/33 | 63690 | 161 | 262 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/33 | 2820 | 7 | 45 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/33 | 9880 | 26 | 296 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 11/22/33 | 2400 | 6 | (96) |
| U.S. SOFR (A) | Receiving | 4.03<br> (A) | 12/15/33 | 2400 | 6 | (59) |
| U.S. SOFR (A) | Receiving | 3.84<br> (A) | 12/26/33 | 1300 | 3 | (15) |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 12/29/33 | 1200 | 3 | (15) |
| U.S. SOFR (A) | Receiving | 3.81<br> (A) | 01/02/34 | 1200 | 3 | (11) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 01/02/34 | 1200 | 3 | (6) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 01/03/34 | 1200 | 3 | (1) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 01/08/34 | 2300 | 6 | 5 |
| U.S. SOFR (A) | Receiving | 3.59<br> (A) | 01/09/34 | 2400 | 6 | 14 |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 01/17/34 | 1200 | 3 | 7 |
| U.S. SOFR (A) | Receiving | 3.99<br> (A) | 07/02/34 | 3300 | 9 | (69) |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 08/05/34 | 4000 | 11 | (40) |
| U.S. SOFR (A) | Receiving | 3.80<br> (A) | 08/06/34 | 3800 | 10 | (22) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 08/07/34 | 3800 | 10 | 20 |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 08/13/34 | 3800 | 10 | 11 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 08/20/34 | 3800 | 10 | 52 |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 08/21/34 | 4300 | 12 | 51 |
| U.S. SOFR (A) | Receiving | 3.61<br> (A) | 08/22/34 | 3800 | 10 | 29 |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 09/04/34 | 2200 | 6 | 34 |
| U.S. SOFR (A) | Receiving | 3.47<br> (A) | 09/04/34 | 2600 | 7 | 48 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 09/04/34 | 2700 | 7 | 39 |
| U.S. SOFR (A) | Receiving | 3.41<br> (A) | 09/05/34 | 2400 | 7 | 55 |
| U.S. SOFR (A) | Receiving | 3.24<br> (A) | 09/16/34 | 1200 | 3 | 43 |
| U.S. SOFR (A) | Receiving | 3.28<br> (A) | 09/16/34 | 4800 | 13 | 159 |
| U.S. SOFR (A) | Receiving | 3.23<br> (A) | 09/18/34 | 3700 | 10 | 136 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 09/18/34 | 3700 | 10 | 131 |
| U.S. SOFR (A) | Receiving | 3.91<br> (A) | 03/04/35 | 2200 | 6 | (27) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/35 | 1620 | 5 | 27 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 11/15/49 | 270 | 1 | 28 |
| U.S. SOFR (A) | Receiving | 3.37<br> (A) | 11/15/49 | 410 | 2 | 52 |
| U.S. SOFR (A) | Receiving | 3.46<br> (A) | 11/15/49 | 680 | 3 | 77 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 01/15/50 | 500 |  | 276 |
| U.S. SOFR (Q) | Receiving | 1.63<br> (S) | 01/16/50 | 900 |  | 462 |
| U.S. SOFR (Q) | Receiving | 1.75<br> (S) | 01/22/50 | 2300 | 1 | 1211 |
| U.S. SOFR (Q) | Receiving | 1.63<br> (S) | 02/03/50 | 11500 | 5 | 5911 |
| U.S. SOFR (Q) | Receiving | 1.88<br> (S) | 02/07/50 | 4300 |  | 2320 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 06/16/51 | 4800 | 4 | 1554 |
| U.S. SOFR (Q) | Receiving | 1.04<br> (S) | 06/28/52 | 600 | 1 | 331 |
| U.S. SOFR (A) | Receiving | 2.75<br> (A) | 06/21/53 | 24300 | 93 | 3444 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 11/15/53 | 1010 | 4 | 156 |
| U.S. SOFR (A) | Receiving | 4.14<br> (A) | 11/15/53 | 2080 | 9 | 15 |
| U.S. SOFR (A) | Receiving | 3.98<br> (A) | 11/15/53 | 2700 | 12 | 41 |
| U.S. SOFR (A) | Receiving | 4.16<br> (A) | 11/15/53 | 5250 | 24 | 23 |
| U.S. SOFR (A) | Receiving | 4.14<br> (A) | 11/15/53 | 5260 | 24 | 40 |
| U.S. SOFR (A) | Receiving | 4.09<br> (A) | 11/15/53 | 7713 | 35 | 127 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 09/17/55 | 6600 | 27 | 101 |
| U.S. SOFR (Q) | Paying | 1.38<br> (S) | 01/04/27 | 34000 |  | (778) |
| U.S. SOFR (Q) | Paying | 1.43<br> (S) | 01/18/27 | 3400 |  | (79) |
| U.S. SOFR (Q) | Paying | 1.44<br> (S) | 01/18/27 | 3600 |  | (83) |
| U.S. SOFR (Q) | Paying | 1.55<br> (S) | 01/20/27 | 50900 | 3 | (943) |
| U.S. SOFR (Q) | Paying | 1.58<br> (S) | 02/16/27 | 3500 |  | (80) |
| U.S. SOFR (Q) | Paying | 1.70<br> (S) | 02/17/27 | 33200 | 3 | (595) |
| U.S. SOFR (Q) | Paying | 1.65<br> (S) | 02/24/27 | 20600 | 2 | (391) |
| U.S. SOFR (A) | Paying | 1.57<br> (A) | 02/28/27 | 2200 | (1) | (46) |
| U.S. SOFR (A) | Paying | 1.79<br> (A) | 05/03/27 | 2700 | (1) | (56) |
| U.S. SOFR (A) | Paying | 2.85<br> (A) | 08/30/27 | 3300 | (1) | (26) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/07/27 | 1600 | (1) | (8) |
| U.S. SOFR (A) | Paying | 2.96<br> (A) | 10/04/27 | 2460 | (1) | (16) |
| U.S. SOFR (Q) | Paying | 0.50<br> (S) | 06/16/28 | 19903 | (12) | (332) |
| U.S. SOFR (A) | Paying | 3.25<br> (A) | 06/21/28 | 13500 | (11) | 156 |
| U.S. SOFR (Q) | Paying | 1.50<br> (S) | 12/15/28 | 10460 | (4) | (854) |
| U.S. SOFR (Q) | Paying | 1.70<br> (S) | 01/12/29 | 7200 | (2) | (365) |
| U.S. SOFR (Q) | Paying | 1.52<br> (S) | 01/20/29 | 1000 |  | (60) |
| U.S. SOFR (Q) | Paying | 1.63<br> (S) | 01/26/29 | 1700 | (1) | (98) |
| U.S. SOFR (A) | Paying | 3.94<br> (A) | 02/22/29 | 6800 | (7) | 119 |
| U.S. SOFR (A) | Paying | 3.97<br> (A) | 02/27/29 | 2300 | (2) | 42 |
| U.S. SOFR (A) | Paying | 1.00<br> (A) | 06/15/29 | 127110 | (142) | (4567) |
| U.S. SOFR (A) | Paying | 1.75<br> (A) | 06/15/29 | 1230 | (1) | 69 |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/08/29 | 1600 | (2) | (18) |
| U.S. SOFR (A) | Paying | 3.10<br> (A) | 09/09/29 | 1600 | (2) | (16) |
| U.S. SOFR (A) | Paying | 3.47<br> (A) | 02/22/30 | 4500 | (7) | 10 |
| U.S. SOFR (A) | Paying | 3.34<br> (A) | 02/23/30 | 3800 | (6) | (10) |
| U.S. SOFR (A) | Paying | 3.53<br> (A) | 03/02/30 | 1600 | (2) | 7 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 06/22/30 | 12600 | (21) | 34 |
| U.S. SOFR (Q) | Paying | 1.00<br> (S) | 12/16/30 | 14824 | (19) | (2116) |
| U.S. SOFR (Q) | Paying | 0.75<br> (S) | 06/16/31 | 59600 | (94) | (3825) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (Q) | Paying | 1.50<br> (S) | 10/05/31 | 2100 | (2) | (250) |
| U.S. SOFR (Q) | Paying | 1.54<br> (S) | 10/15/31 | 2000 | (2) | (235) |
| U.S. SOFR (Q) | Paying | 1.54<br> (S) | 10/22/31 | 1400 | (1) | (165) |
| U.S. SOFR (Q) | Paying | 1.74<br> (S) | 01/12/32 | 1300 | (1) | (146) |
| U.S. SOFR (Q) | Paying | 1.66<br> (S) | 01/24/32 | 1700 | (2) | (199) |
| U.S. SOFR (Q) | Paying | 2.00<br> (S) | 02/18/32 | 3100 | (2) | (308) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/06/32 | 2500 | (6) | (80) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 09/17/32 | 60 |  | (1) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 02/23/33 | 2810 | (7) | (39) |
| U.S. SOFR (A) | Paying | 3.45<br> (A) | 03/07/33 | 4500 | (11) | (49) |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 06/21/33 | 8400 | (21) | (78) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 07/12/33 | 4200 | (11) | 29 |
| U.S. SOFR (A) | Paying | 3.73<br> (A) | 08/03/33 | 1400 | (4) | 7 |
| U.S. SOFR (A) | Paying | 3.76<br> (A) | 08/23/33 | 4600 | (12) | 33 |
| U.S. SOFR (A) | Paying | 3.80<br> (A) | 08/30/33 | 2300 | (6) | 22 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 08/30/33 | 2200 | (6) | 36 |
| U.S. SOFR (A) | Paying | 4.03<br> (A) | 10/04/33 | 4700 | (12) | 118 |
| U.S. SOFR (A) | Paying | 4.18<br> (A) | 10/10/33 | 2300 | (6) | 80 |
| U.S. SOFR (A) | Paying | 4.15<br> (A) | 10/12/33 | 2300 | (6) | 76 |
| U.S. SOFR (A) | Paying | 4.22<br> (A) | 10/20/33 | 2300 | (6) | 87 |
| U.S. SOFR (A) | Paying | 4.45<br> (A) | 10/31/33 | 1400 | (4) | 75 |
| U.S. SOFR (A) | Paying | 4.45<br> (A) | 11/01/33 | 3500 | (9) | 188 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 12/20/33 | 900 | (2) | 14 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 12/20/33 | 8320 | (22) | 221 |
| U.S. SOFR (A) | Paying | 3.74<br> (A) | 01/23/34 | 1200 | (3) | 5 |
| U.S. SOFR (A) | Paying | 3.74<br> (A) | 01/23/34 | 700 | (2) | 3 |
| U.S. SOFR (A) | Paying | 3.67<br> (A) | 01/24/34 | 2300 | (6) | (2) |
| U.S. SOFR (A) | Paying | 3.69<br> (A) | 01/24/34 | 2300 | (6) | 1 |
| U.S. SOFR (A) | Paying | 3.62<br> (A) | 01/31/34 | 1200 | (3) | (5) |
| U.S. SOFR (A) | Paying | 3.73<br> (A) | 02/07/34 | 1100 | (3) | 3 |
| U.S. SOFR (A) | Paying | 3.86<br> (A) | 02/21/34 | 4600 | (12) | 57 |
| U.S. SOFR (A) | Paying | 3.70<br> (A) | 03/05/34 | 1200 | (3) | 1 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 04/10/34 | 2300 | (6) | 34 |
| U.S. SOFR (A) | Paying | 3.95<br> (A) | 04/16/34 | 2500 | (7) | 46 |
| U.S. SOFR (A) | Paying | 4.08<br> (A) | 04/17/34 | 2300 | (6) | 63 |
| U.S. SOFR (A) | Paying | 4.09<br> (A) | 04/22/34 | 2300 | (6) | 64 |
| U.S. SOFR (A) | Paying | 4.13<br> (A) | 05/03/34 | 2200 | (6) | 68 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/20/34 | 5530 | (16) | 175 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/20/34 | 11230 | (31) | 327 |
| U.S. SOFR (A) | Paying | 3.45<br> (A) | 10/11/34 | 3800 | (10) | (79) |
| U.S. SOFR (A) | Paying | 3.38<br> (A) | 10/15/34 | 3800 | (10) | (101) |
| U.S. SOFR (A) | Paying | 3.39<br> (A) | 10/17/34 | 2500 | (7) | (64) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 10/17/34 | 5200 | (14) | (130) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 10/17/34 | 2100 | (6) | (52) |
| U.S. SOFR (A) | Paying | 3.52<br> (A) | 11/06/34 | 7600 | (21) | (124) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 12/18/34 | 460 | (1) | (7) |
| U.S. SOFR (A) | Paying | 3.85<br> (A) | 01/08/35 | 1100 | (3) | 9 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 01/08/35 | 2200 | (6) | 27 |
| U.S. SOFR (A) | Paying | 3.97<br> (A) | 01/15/35 | 2100 | (6) | 37 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 01/15/35 | 3500 | (10) | 89 |
| U.S. SOFR (A) | Paying | 4.10<br> (A) | 01/21/35 | 1800 | (5) | 50 |
| U.S. SOFR (A) | Paying | 4.09<br> (A) | 01/22/35 | 4900 | (14) | 131 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 05/07/35 | 4500 | (12) | (4) |
| U.S. SOFR (Q) | Paying | 1.59<br> (S) | 02/09/51 | 12800 | (6) | (5751) |
| U.S. SOFR (Q) | Paying | 1.82<br> (S) | 01/24/52 | 300 |  | (126) |
| U.S. SOFR (Q) | Paying | 1.87<br> (S) | 01/26/52 | 300 |  | (124) |
| U.S. SOFR (A) | Paying | 3.08<br> (A) | 02/23/53 | 1200 | (5) | (217) |
| U.S. SOFR (A) | Paying | 3.37<br> (A) | 07/12/53 | 2900 | (12) | (389) |
| U.S. SOFR (A) | Paying | 3.83<br> (A) | 10/12/53 | 700 | (3) | (41) |
| U.S. SOFR (A) | Paying | 3.88<br> (A) | 10/16/53 | 700 | (3) | (35) |
| U.S. SOFR (A) | Paying | 3.87<br> (A) | 10/17/53 | 800 | (3) | (41) |
|  |  |  |  |  | 1569 | 32662 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| AT&T Inc. (Q) | 0.41 | 1.00 | 06/20/28 | (3700) | 52 | (1) | 90 |
| Bank of America Corporation (Q) | 0.30 | 1.00 | 12/20/26 | (3500) | 24 |  | (20) |
| Boeing Company, The (Q) | 0.65 | 1.00 | 12/20/30 | (3700) | 59 |  | (3) |
| CDX.EM.36.V3 (Q) | 0.40 | 1.00 | 12/20/26 | (12236) | 71 | (1) | 616 |
| CDX.EM.38 (Q) | 0.59 | 1.00 | 12/20/27 | (1600) | 13 | (1) | 148 |
| CDX.EM.39 (Q) | 0.70 | 1.00 | 06/20/28 | (300) | 2 |  | 23 |
| CDX.EM.40 (Q) | 0.80 | 1.00 | 12/20/28 | (3800) | 22 | (1) | 201 |
| CDX.EM.41 (Q) | 0.90 | 1.00 | 06/20/29 | (1200) | 4 |  | 50 |
| CDX.EM.42 (Q) | 0.99 | 1.00 | 12/20/29 | (1700) | 1 |  | 50 |
| CDX.EM.43 (Q) | 1.13 | 1.00 | 06/20/30 | (100) | (1) |  | 3 |
| CDX.EM.44 (Q) | 1.24 | 1.00 | 12/20/30 | (1100) | (12) |  | 12 |
| CDX.NA.HY.36.V5 (Q) | 1.81 | 5.00 | 06/20/26 | (9024) | 134 | (2) | (709) |
| CDX.NA.HY.37.V5 (Q) | 1.62 | 5.00 | 12/20/26 | (2688) | 86 | (3) | (61) |
| CDX.NA.HY.39.V4 (Q) | 1.92 | 5.00 | 12/20/27 | (485) | 28 |  | 34 |
| CDX.NA.HY.40.V3 (Q) | 2.10 | 5.00 | 06/20/28 | (294) | 20 |  | 14 |
| CDX.NA.HY.41.V2 (Q) | 2.28 | 5.00 | 12/20/28 | (99) | 7 |  | 1 |
| CDX.NA.HY.43 (Q) | 2.81 | 5.00 | 12/20/29 | (5300) | 403 | (4) | 15 |
| CDX.NA.HY.44 (Q) | 2.92 | 5.00 | 06/20/30 | (1500) | 119 | (1) | 8 |
| CDX.NA.HY.45 (Q) | 3.16 | 5.00 | 12/20/30 | (40500) | 3086 | (28) | (9) |
| CDX.NA.IG.45 (Q) | 0.50 | 1.00 | 12/20/30 | (25860) | 586 | (1) | 8 |
| Credit Agricole SA (Q) | 0.62 | 1.00 | 12/20/30 | (3900) | 82 | 2 | 12 |
| EADS Finance (Q) | 0.08 | 1.00 | 06/20/26 | (6500) | 33 |  | (137) |
| General Electric Company (Q) | 0.05 | 1.00 | 06/20/26 | (4500) | 20 |  | (33) |
| ITRAXX.EUR.44 (Q) | 0.51 | 1.00 | 12/20/30 | (9770) | 265 | 2 | 12 |
| Morgan Stanley (Q) | 0.23 | 1.00 | 06/20/26 | (7800) | 28 |  | (18) |
| Oracle Corporation (Q) | 1.37 | 1.00 | 06/20/30 | (1100) | (16) |  | (40) |
| Rolls-Royce Group Limited (Q) | 0.11 | 1.00 | 12/20/26 | (1300) | 13 |  | 69 |
| Rolls-Royce Group Limited (Q) | 0.14 | 1.00 | 06/20/27 | (1500) | 22 |  | 168 |
| Verizon Communications Inc. (Q) | 0.39 | 1.00 | 06/20/28 | (3900) | 56 |  | 62 |
| Verizon Communications Inc. (Q) | 0.42 | 1.00 | 12/20/28 | (900) | 15 |  | 17 |
|  |  |  |  |  | 5222 | (39) | 583 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | BCL | 01/14/26 | AUD | 1750 | 1168 | 5 |
| BRL/USD | GSC | 01/02/26 | BRL | 8430 | 1538 | 27 |
| BRL/USD | GSC | 01/05/26 | BRL | 3721 | 679 | (5) |
| BRL/USD | JPM | 02/03/26 | BRL | 3721 | 674 | 11 |
| BRL/USD | GSC | 03/03/26 | BRL | 82944 | 14942 | (95) |
| COP/USD | CIT | 01/02/26 | COP | 2863608 | 758 | (2) |
| EUR/USD | CIT | 01/14/26 | EUR | 1646 | 1935 | 27 |
| GBP/USD | DUB | 01/14/26 | GBP | 868 | 1171 | 20 |
| GBP/USD | GSC | 01/14/26 | GBP | 39 | 52 | 1 |
| IDR/USD | BCL | 01/22/26 | IDR | 780237 | 47 |  |
| JPY/USD | CIT | 01/14/26 | JPY | 346792 | 2216 | (12) |
| JPY/USD | HSB | 01/14/26 | JPY | 3456000 | 22082 | (115) |
| JPY/USD | HSB | 01/14/26 | JPY | 444600 | 2841 | 9 |
| MXN/USD | DUB | 01/29/26 | MXN | 31402 | 1740 | 49 |
| MXN/USD | JPM | 03/18/26 | MXN | 4040 | 223 | 4 |
| NZD/USD | CIT | 01/14/26 | NZD | 6246 | 3598 | 11 |
| PEN/USD | CIT | 03/16/26 | PEN | 7397 | 2195 | 91 |
| TRY/USD | BCL | 01/12/26 | TRY | 15932 | 369 | 15 |
| TRY/USD | BCL | 01/13/26 | TRY | 16645 | 385 | 16 |
| TRY/USD | BCL | 01/14/26 | TRY | 37652 | 871 | 25 |
| TRY/USD | BCL | 01/15/26 | TRY | 81717 | 1889 | 78 |
| TRY/USD | BCL | 01/16/26 | TRY | 39276 | 907 | 38 |
| TRY/USD | BCL | 01/22/26 | TRY | 32602 | 749 | 31 |
| TRY/USD | BCL | 01/23/26 | TRY | 34377 | 790 | 28 |
| TRY/USD | BCL | 01/27/26 | TRY | 64170 | 1469 | 48 |
| TRY/USD | JPM | 01/28/26 | TRY | 41204 | 943 | 30 |
| TRY/USD | BCL | 02/02/26 | TRY | 18543 | 423 | 12 |
| TRY/USD | BCL | 02/03/26 | TRY | 17361 | 395 | 11 |
| TRY/USD | BCL | 02/09/26 | TRY | 20712 | 470 | 13 |
| TRY/USD | GSC | 02/18/26 | TRY | 15355 | 346 | 9 |
| TRY/USD | BCL | 02/20/26 | TRY | 24874 | 560 | 15 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| TRY/USD | BCL | 02/24/26 | TRY | 13216 | 297 | 8 |
| TRY/USD | BCL | 03/04/26 | TRY | 18194 | 406 | 6 |
| TRY/USD | BCL | 03/11/26 | TRY | 68457 | 1519 | 20 |
| TRY/USD | BCL | 03/12/26 | TRY | 938 | 21 |  |
| TRY/USD | BOA | 03/19/26 | TRY | 40386 | 891 | 9 |
| TRY/USD | BCL | 03/26/26 | TRY | 34991 | 768 | 7 |
| USD/AUD | HSB | 01/14/26 | AUD | (940) | (627) | (6) |
| USD/AUD | JPM | 01/14/26 | AUD | (2350) | (1568) | (33) |
| USD/BRL | JPM | 01/05/26 | BRL | (3721) | (679) | (11) |
| USD/BRL | GSC | 03/03/26 | BRL | (86) | (15) |  |
| USD/BRL | GSC | 04/02/26 | BRL | (57700) | (10312) | (319) |
| USD/BRL | GSC | 04/02/26 | BRL | (66600) | (11903) | 58 |
| USD/BRL | JPM | 04/02/26 | BRL | (16100) | (2877) | (161) |
| USD/BRL | BOA | 07/02/26 | BRL | (7100) | (1241) | (14) |
| USD/BRL | GSC | 07/02/26 | BRL | (79000) | (13809) | (200) |
| USD/BRL | GSC | 07/02/26 | BRL | (34200) | (5979) | 68 |
| USD/BRL | JPM | 07/02/26 | BRL | (70000) | (12236) | (43) |
| USD/CHF | GSC | 01/14/26 | CHF | (573) | (724) | (9) |
| USD/CLP | BOA | 03/18/26 | CLP | (989905) | (1101) | (37) |
| USD/CNY | GSC | 01/21/26 | CNY | (77) | (11) |  |
| USD/CNY | JPM | 01/21/26 | CNY | (322) | (46) |  |
| USD/COP | CIT | 01/02/26 | COP | (2863608) | (758) | 14 |
| USD/COP | BOA | 01/20/26 | COP | (3202707) | (841) |  |
| USD/COP | BOA | 01/26/26 | COP | (271804) | (71) |  |
| USD/COP | CIT | 01/26/26 | COP | (5623479) | (1471) | (3) |
| USD/COP | CIT | 01/26/26 | COP | (5677634) | (1485) | 8 |
| USD/COP | GSC | 01/26/26 | COP | (270737) | (71) |  |
| USD/COP | BOA | 02/05/26 | COP | (8) |  |  |
| USD/COP | GSC | 02/05/26 | COP | (11) |  |  |
| USD/COP | BOA | 02/26/26 | COP | (515868) | (134) | 1 |
| USD/COP | CIT | 02/27/26 | COP | (2894360) | (751) | 9 |
| USD/COP | CIT | 03/02/26 | COP | (4750401) | (1232) | 22 |
| USD/COP | JPM | 03/05/26 | COP | (1019313) | (264) |  |
| USD/COP | BOA | 03/26/26 | COP | (3479738) | (898) | 9 |
| USD/COP | CIT | 04/06/26 | COP | (2515670) | (647) | 9 |
| USD/EUR | HSB | 01/14/26 | EUR | (32849) | (38621) | (495) |
| USD/GBP | BOA | 01/14/26 | GBP | (25145) | (33894) | (788) |
| USD/MXN | HSB | 02/25/26 | MXN | (146) | (8) |  |
| USD/MXN | JPM | 03/09/26 | MXN | (4) |  |  |
| USD/PEN | CIT | 02/02/26 | PEN | (10687) | (3176) | (8) |
| USD/PEN | CIT | 02/09/26 | PEN | (3964) | (1178) | (99) |
| USD/PEN | DUB | 02/17/26 | PEN | (2996) | (890) | (47) |
| USD/PEN | BOA | 03/18/26 | PEN | (43688) | (12963) | (4) |
| USD/PEN | BOA | 03/18/26 | PEN | (284) | (84) |  |
| USD/PEN | CIT | 03/18/26 | PEN | (4101) | (1217) | (43) |
| USD/PEN | CIT | 03/18/26 | PEN | (77) | (23) |  |
| USD/PEN | GSC | 03/18/26 | PEN | (1392) | (413) | (2) |
| USD/PEN | GSC | 03/18/26 | PEN | (34) | (10) |  |
| USD/PEN | CIT | 08/19/26 | PEN | (3253) | (959) | (57) |
| USD/PEN | CIT | 11/30/26 | PEN | (12561) | (3687) | (15) |
| USD/TRY | DUB | 02/24/26 | TRY | (1866) | (42) | (1) |
| USD/TWD | BOA | 01/22/26 | TWD | (39254) | (1251) | 36 |
| USD/TWD | CIT | 01/22/26 | TWD | (137394) | (4379) | 130 |
| USD/TWD | CIT | 03/18/26 | TWD | (25281) | (808) | 4 |
| USD/ZAR | BCL | 01/26/26 | ZAR | (10044) | (606) | (26) |
| USD/ZAR | DUB | 01/26/26 | ZAR | (11932) | (719) | (35) |
| USD/ZAR | GSC | 01/26/26 | ZAR | (9229) | (556) | (21) |
| USD/ZAR | JPM | 01/26/26 | ZAR | (15797) | (952) | (32) |
| ZAR/USD | DUB | 01/22/26 | ZAR | 48968 | 2953 | 41 |
| ZAR/USD | BCL | 01/26/26 | ZAR | 27355 | 1650 | 26 |
| ZAR/USD | CIT | 01/26/26 | ZAR | 43430 | 2619 | 31 |
| ZAR/USD | GSC | 01/26/26 | ZAR | 32663 | 1969 | 27 |
| ZAR/USD | HSB | 01/26/26 | ZAR | 36477 | 2199 | 31 |
|  |  |  |  |  | (94470) | (1540) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| Presidencia da Republica (Q)  | CIT | 0.49 | 1.00 | 06/20/26  | (7200)  | 19  | (245)  | 264  |
| Presidencia da Republica (Q)  | GSC | 0.49 | 1.00 | 06/20/26  | (10600)  | 29  | (360)  | 389  |
| ITRAXX.EUR.XO.44 (Q)  | BOA | 0.58 | 5.00 | 12/20/30  | (3882)  | 777  | 753  | 24  |
| ITRAXX.EUR.XO.44 (Q)  | CIT | 0.58 | 5.00 | 12/20/30  | (588)  | 117  | 113  | 4  |
| ITRAXX.EUR.XO.44 (Q)  | JPM | 0.58 | 5.00 | 12/20/30  | (2824)  | 565  | 557  | 8  |
| CMBX.NA.AAA.10 (M)  | GSC | 0.00 | 0.50 | 11/17/59  | (36300)  | 109  | (325)  | 434  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.00 | 0.50 | 11/18/54  | (7797)  | 45  | 60  | (15)  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.00 | 0.50 | 11/18/54  | (7497)  | 44  | (41)  | 85  |
| CMBX.NA.AAA.13 (M)  | GSC | 0.00 | 0.50 | 12/16/72  | (79500)  | 418  | (1365)  | 1783  |
| CMBX.NA.AAA.6 (M)  | GSC | 0.00 | 0.50 | 05/11/63  | (16)  | —  | —  | —  |
| CMBX.NA.AAA.9 (M)  | GSC | 0.00 | 0.50 | 09/17/58  | (700)  | —  | 1  | (1)  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | BCL | 0.90 | 1.00 | 12/20/26  | (1000)  | 2  | (46)  | 48  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | CIT | 1.08 | 1.00 | 06/20/27  | (200)  | —  | (7)  | 7  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | GSC | 1.08 | 1.00 | 06/20/27  | (300)  | —  | (11)  | 11  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | GSC | 1.16 | 1.00 | 12/20/27  | (100)  | —  | (9)  | 9  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | JPM | 1.08 | 1.00 | 06/20/27  | (300)  | (1)  | (12)  | 11  |
| Ministry of Finance (Q)  | GSC | 0.57 | 1.00 | 12/20/29  | (800)  | 13  | (22)  | 35  |
| Ministry of Finance (Q)  | GSC | 0.25 | 1.00 | 12/20/26  | (6400)  | 48  | 28  | 20  |
| Ministry of Finance (Q)  | JPM | 0.57 | 1.00 | 12/20/29  | (200)  | 3  | (6)  | 9  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 3.91 | 4.75 | 07/06/26  | (1812)  | (3)  | —  | (3)  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 3.91 | 4.85 | 07/06/26  | (865)  | (1)  | —  | (1)  |
| SoftBank Group Corp. (Q)  | GSC | 1.71 | 1.00 | 06/20/26  | (1200)  | (3)  | (10)  | 7  |
| South Africa, Parliament of (Q)  | DUB | 0.27 | 1.00 | 12/20/26  | (1200)  | 9  | (53)  | 62  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | JPM | 2.03 | 1.00 | 12/20/30  | (600)  | (27)  | (38)  | 11  |
|  |  |  |  |  | (171881) | 2163 | (1038) | 3201 |

---

‡Credit Default Swap fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1586367 |  | 1586367 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 529903 |  | 529903 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 193128 |  | 193128 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 19537 | 26852 | 46389 |
| &nbsp;&nbsp;Common Stocks | 1827 | 190 | 5949 | 7966 |
| &nbsp;&nbsp;Rights | 1869 |  |  | 1869 |
| &nbsp;&nbsp;Preferred Stocks |  |  | 827 | 827 |
| &nbsp;&nbsp;Warrants |  |  | 171 | 171 |
| &nbsp;&nbsp;Short Term Investments | 8369 | 479141 |  | 487510 |
|  | 12065 | 2808266 | 33799 | 2854130 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2135 |  |  | 2135 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 70432 |  | 70432 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 1613 |  | 1613 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1198 |  | 1198 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 3221 |  | 3221 |
|  | 2135 | 76464 |  | 78599 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (869) |  |  | (869) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (37770) |  | (37770) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (1030) |  | (1030) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (2738) |  | (2738) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (16) | (4) | (20) |
|  | (869) | (41554) | (4) | (42427) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |
| **CORPORATE BONDS AND NOTES 79.8%** | **CORPORATE BONDS AND NOTES 79.8%** | **CORPORATE BONDS AND NOTES 79.8%** |
| **Financials 30.6%** | **Financials 30.6%** | **Financials 30.6%** |
| ABN AMRO Bank N.V. |  |  |
| 6.38%, (100, 09/22/34), EUR (a) (b) | 600 | 752 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.30%, 01/30/32 | 3700 | 3420 |
| Ally Financial Inc. |  |  |
| 6.99%, 06/13/29 | 500 | 528 |
| American Express Company |  |  |
| 5.44%, 01/30/36 | 1300 | 1352 |
| Antares Holdings LP |  |  |
| 3.95%, 07/15/26 (c) | 300 | 299 |
| 3.75%, 07/15/27 (c) | 630 | 616 |
| 7.95%, 08/11/28 (c) | 600 | 635 |
| 6.50%, 02/08/29 (c) | 500 | 511 |
| Apollo Debt Solutions BDC |  |  |
| 6.70%, 07/29/31 | 1200 | 1267 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | 615 | 457 |
| Ares Capital Corporation |  |  |
| 5.95%, 07/15/29 | 600 | 615 |
| Ares Finance Co. II LLC |  |  |
| 3.25%, 06/15/30 (c) | 1200 | 1137 |
| Ares Finance Co. III LLC |  |  |
| 4.13%, 06/30/51 (c) | 500 | 489 |
| Ares Strategic Income Fund |  |  |
| 5.60%, 02/15/30 | 200 | 201 |
| 5.15%, 01/15/31 (c) | 600 | 589 |
| 6.20%, 03/21/32 | 200 | 205 |
| Assured Guaranty US Holdings Inc. |  |  |
| 6.13%, 09/15/28 | 400 | 420 |
| 3.60%, 09/15/51 | 1700 | 1199 |
| Aviation Capital Group LLC |  |  |
| 3.50%, 11/01/27 (c) | 1400 | 1379 |
| 6.25%, 04/15/28 (c) | 600 | 623 |
| 5.38%, 07/15/29 (c) | 400 | 410 |
| Aviva PLC |  |  |
| 7.75%, (100, 09/30/32), GBP (a) (b) (d) | 300 | 426 |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (c) | 922 | 894 |
| 4.95%, 10/15/32 (c) | 100 | 99 |
| Banco Santander, S.A. |  |  |
| 4.88%, 10/18/31, EUR (b) (d) | 2700 | 3409 |
| Bank of America Corporation |  |  |
| 3.82%, 01/20/28 | 2750 | 2744 |
| 3.97%, 02/07/30 | 6950 | 6915 |
| 1.90%, 07/23/31 | 3900 | 3505 |
| 2.69%, 04/22/32 | 2300 | 2112 |
| 4.57%, 04/27/33 | 800 | 799 |
| 5.29%, 04/25/34 | 3200 | 3306 |
| Barclays PLC |  |  |
| 8.38%, (100, 09/15/31), GBP (a) (b) | 600 | 867 |
| 5.69%, 03/12/30 | 2000 | 2082 |
| 6.22%, 05/09/34 | 2900 | 3121 |
| BGC Group, Inc. |  |  |
| 8.00%, 05/25/28 (e) | 600 | 641 |
| 6.15%, 04/02/30 | 300 | 310 |
| Blackstone Holdings Finance Co. L.L.C. |  |  |
| 1.50%, 04/10/29, EUR (c) | 800 | 897 |
| Blackstone Inc. |  |  |
| 2.50%, 01/10/30 (c) | 5700 | 5336 |
| 5.00%, 06/15/44 (c) | 300 | 279 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 | 1000 | 1021 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (c) | 300 | 306 |
| Blue Owl Finance LLC |  |  |
| 4.13%, 10/07/51 | 3400 | 2389 |
| BNP Paribas |  |  |
| 7.00%, (100, 08/16/28) (a) (c) (d) | 200 | 204 |
| 8.50%, (100, 08/14/28) (a) (c) (d) | 1200 | 1276 |
| Boral Finance Pty Limited |  |  |
| 3.75%, 05/01/28 (c) | 338 | 332 |
| BPCE |  |  |
| 6.61%, 10/19/27 (c) | 900 | 917 |
| 7.00%, 10/19/34 (c) | 400 | 446 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 300 | 321 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 | 1400 | 1396 |
| 5.68%, 01/15/35 | 1400 | 1450 |
| CaixaBank, S.A. |  |  |
| 5.88%, (100, 10/09/27), EUR (a) (b) (d) | 1200 | 1460 |
| Cantor Fitzgerald, L.P. |  |  |
| 7.20%, 12/12/28 (c) | 1000 | 1058 |
| Capital Farm Credit ACA |  |  |
| 5.00%, (100, 03/15/26) (a) | 3200 | 3152 |
| Capital One Financial Corporation |  |  |
| 3.95%, (100, 09/01/26) (a) | 1100 | 1086 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 12/01/30) (a) | 2300 | 2147 |
| 5.00%, (100, 12/01/27) (a) | 900 | 881 |
| 1.65%, 03/11/31 | 3700 | 3244 |
| CI Financial Corp. |  |  |
| 7.50%, 05/30/29 (c) | 500 | 531 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/30 (c) | 1000 | 1021 |
| Citadel Limited Partnership |  |  |
| 6.38%, 01/23/32 (c) (e) | 900 | 953 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (a) | 900 | 919 |
| 6.95%, (100, 02/15/30) (a) | 875 | 900 |
| 5.57%, 04/30/34 | 700 | 741 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (a) | 800 | 794 |
| CNA Financial Corporation |  |  |
| 2.05%, 08/15/30 | 300 | 270 |
| CoBank, ACB |  |  |
| 4.25%, (100, 01/01/27) (a) (c) | 2200 | 2155 |
| COMMERZBANK Aktiengesellschaft |  |  |
| 7.88%, (100, 07/02/29), EUR (a) (b) | 1400 | 1851 |
| Cooperatieve Rabobank U.A. |  |  |
| 4.38%, (100, 06/29/27), EUR (a) (b) | 800 | 944 |
| 3.75%, 07/21/26 | 1000 | 998 |
| Corebridge Financial, Inc. |  |  |
| 3.85%, 04/05/29 | 1900 | 1872 |
| Credit Agricole S.A. |  |  |
| 7.25%, (100, 09/23/28), EUR (a) (d) | 600 | 754 |
| DrillCo Holding Lux S.A. |  |  |
| 7.50%, 06/15/30 (b) | 13 | 13 |
| 7.50%, 06/15/30 (c) | 51 | 50 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (c) | 1800 | 1833 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 (c) | 300 | 321 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 1000 | 1043 |
| Erste Group Bank AG |  |  |
| 4.25%, (100, 10/15/27), EUR (a) (b) | 2000 | 2345 |
| Essent Group Ltd. |  |  |
| 6.25%, 07/01/29 | 500 | 522 |
| Export-Import Bank of India |  |  |
| 3.25%, 01/15/30 (c) | 600 | 574 |
| Fairfax Financial Holdings Limited |  |  |
| 2.75%, 03/29/28, EUR (c) | 600 | 701 |
| 4.63%, 04/29/30 (f) | 1900 | 1906 |
| Fidelity National Financial, Inc. |  |  |
| 3.20%, 09/17/51 | 400 | 254 |
| First American Financial Corporation |  |  |
| 5.45%, 09/30/34 | 400 | 401 |
| Ford Motor Credit Company LLC |  |  |
| 5.85%, 05/17/27 | 500 | 508 |
| 4.13%, 08/17/27 | 300 | 298 |
| 3.82%, 11/02/27 | 1653 | 1628 |
| 5.92%, 03/20/28 (f) | 1300 | 1331 |
| 5.80%, 03/08/29 | 500 | 511 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.11%, 05/03/29 | 256 | 256 |
| 5.30%, 09/06/29 | 544 | 548 |
| Fortitude Group Holdings, LLC |  |  |
| 6.25%, 04/01/30 (c) (f) | 300 | 313 |
| Franklin Resources, Inc. |  |  |
| 2.95%, 08/12/51 | 1480 | 935 |
| FS KKR Capital Corp. |  |  |
| 7.88%, 01/15/29 | 1400 | 1450 |
| GE Capital Funding LLC |  |  |
| 4.55%, 05/15/32 | 537 | 542 |
| Global Atlantic Financial Company |  |  |
| 6.75%, 03/15/54 (c) | 200 | 205 |
| Global Payments Inc. |  |  |
| 2.90%, 05/15/30 | 400 | 370 |
| 4.88%, 11/15/30 | 1400 | 1401 |
| 4.15%, 08/15/49 (f) | 500 | 373 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.13%, (100, 11/10/34) (a) | 1000 | 1018 |
| 7.50%, (100, 05/10/29) (a) | 1700 | 1797 |
| 4.22%, 05/01/29 | 1100 | 1102 |
| 1.99%, 01/27/32 | 3900 | 3465 |
| 2.38%, 07/21/32 | 2000 | 1792 |
| 5.02%, 10/23/35 | 2800 | 2814 |
| 5.54%, 01/28/36 | 1700 | 1766 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 1300 | 1339 |
| 6.38%, 07/01/34 | 1000 | 1022 |
| Hanover Insurance Group Inc., The |  |  |
| 2.50%, 09/01/30 | 500 | 455 |
| HPS Corporate Lending Fund |  |  |
| 5.95%, 04/14/32 | 600 | 609 |
| HSBC Holdings PLC |  |  |
| 7.39%, 11/03/28 | 800 | 846 |
| Intesa Sanpaolo SpA |  |  |
| 6.63%, 06/20/33 (c) | 300 | 330 |
| 7.20%, 11/28/33 (c) | 1100 | 1256 |
| 7.80%, 11/28/53 (c) | 600 | 734 |
| Itau Unibanco Holding S.A. |  |  |
| 6.00%, 02/27/30 (c) | 1300 | 1344 |
| JAB Holdings B.V. |  |  |
| 2.20%, 11/23/30 (c) | 686 | 611 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (a) | 1400 | 1453 |
| 6.73%, (3 Month Term SOFR + 2.75%), (100, 01/01/26) (a) (g) | 4700 | 4701 |
| 6.88%, (100, 06/01/29) (a) | 1000 | 1055 |
| 3.78%, 02/01/28 | 2350 | 2345 |
| 5.58%, 04/22/30 | 2600 | 2713 |
| 2.74%, 10/15/30 | 2900 | 2753 |
| 4.60%, 10/22/30 (f) | 1000 | 1013 |
| 5.14%, 01/24/31 | 100 | 103 |
| 1.95%, 02/04/32 | 1800 | 1600 |
| 5.35%, 06/01/34 | 1500 | 1560 |
| 6.25%, 10/23/34 | 3000 | 3296 |
| 5.29%, 07/22/35 | 100 | 103 |
| KBC Groep |  |  |
| 6.25%, (100, 09/17/31), EUR (a) (b) (d) | 400 | 492 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/28 | 1200 | 1209 |
| 4.38%, 03/11/29 | 278 | 279 |
| Lloyds Banking Group PLC |  |  |
| 4.98%, 08/11/33 | 2300 | 2339 |
| 5.68%, 01/05/35 | 1500 | 1580 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | 200 | 203 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.00%, 03/15/35 | 900 | 912 |
| Meiji Yasuda Life Insurance Company |  |  |
| 6.10%, 06/11/55 (c) | 600 | 622 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.19%, 09/12/36 | 3600 | 3660 |
| Mizuho Financial Group, Inc. |  |  |
| 1.98%, 09/08/31 (d) | 1900 | 1702 |
| 5.59%, 07/10/35 (d) | 900 | 940 |
| Morgan Stanley |  |  |
| 5.88%, (100, 09/15/26) (a) | 700 | 695 |
| 5.12%, 02/01/29 | 4550 | 4644 |
| 6.41%, 11/01/29 | 2400 | 2543 |
| 5.17%, 01/16/30 | 1600 | 1642 |
| 4.65%, 10/18/30 | 600 | 607 |
| 5.23%, 01/15/31 | 200 | 206 |
| 3.62%, 04/01/31 | 3500 | 3397 |
| 1.79%, 02/13/32 | 900 | 790 |
| 2.24%, 07/21/32 | 1600 | 1421 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 500 | 507 |
| MSCI Inc. |  |  |
| 3.63%, 11/01/31 (c) | 800 | 752 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 2.40%, 03/15/30 | 1500 | 1399 |
| Nationwide Building Society |  |  |
| 6.56%, 10/18/27 (c) | 1450 | 1477 |
| Nationwide Financial Services, Inc. |  |  |
| 3.90%, 11/30/49 (c) | 500 | 379 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (a) (d) | 800 | 741 |
| 5.58%, 03/01/28 | 1500 | 1527 |
| 5.08%, 01/27/30 | 2800 | 2863 |
| Nomura Holdings, Inc. |  |  |
| 7.00%, (100, 07/15/30) (a) | 600 | 615 |
| 5.84%, 01/18/28 | 1800 | 1856 |
| 2.17%, 07/14/28 | 1900 | 1808 |
| 5.78%, 07/03/34 | 200 | 211 |
| North American Company for Life and Health Insurance |  |  |
| 6.88%, 04/15/34 (c) | 1500 | 1643 |
| Nykredit Realkredit A/S |  |  |
| 1.00%, 10/01/50, DKK (b) | 87 | 11 |
| 1.50%, 10/01/53, DKK (b) | 4351 | 539 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 900 | 950 |
| Protective Life Corporation |  |  |
| 4.30%, 09/30/28 (c) | 500 | 501 |
| Rio Oil Finance Trust |  |  |
| 9.75%, 01/06/27 (c) (h) | 38 | 39 |
| Santander Holdings USA, Inc. |  |  |
| 3.24%, 10/05/26 | 2100 | 2087 |
| Santander UK Group Holdings PLC |  |  |
| 5.69%, 04/15/31 | 600 | 625 |
| SB Capital S.A. |  |  |
| 0.00%, 05/23/49 - 10/29/49 (b) (i) (j) (k) | 5700 |  |
| SBL Holdings, Inc. |  |  |
| 5.90%, 09/26/28 (c) | 200 | 199 |
| Sixth Street Lending Partners |  |  |
| 6.50%, 03/11/29 | 600 | 622 |
| 5.75%, 01/15/30 | 100 | 101 |
| State Street Corporation |  |  |
| 6.70%, (100, 03/15/29) (a) | 600 | 623 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (a) (b) (g) (h) | 630 | 832 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.13%, 07/08/30 | 2700 | 2459 |
| 5.42%, 07/09/31 | 2700 | 2827 |
| 5.56%, 07/09/34 | 800 | 841 |
| UBS Group AG |  |  |
| 6.60%, (100, 08/05/30) (a) (c) (d) | 400 | 405 |
| 6.85%, (100, 09/10/29) (a) (c) (d) | 600 | 615 |
| 7.00%, (100, 02/10/30) (a) (c) (d) | 800 | 818 |
| 9.25%, (100, 11/13/28) (a) (b) (d) | 400 | 439 |
| 4.15%, 12/23/29 (c) | 900 | 899 |
| 5.96%, 01/12/34 (c) | 1900 | 2024 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. |  |  |
| 7.30%, 04/02/34 (c) | 1000 | 1072 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 15.00%, 12/31/44 (c) (i) (j) (l) | 394 | 9 |
| Wells Fargo & Company |  |  |
| 6.85%, (100, 09/15/29) (a) | 1000 | 1046 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.63%, (100, 09/15/28) (a) | 400 | 426 |
| 3.58%, 05/22/28 | 4800 | 4769 |
| 2.39%, 06/02/28 | 4400 | 4300 |
| 5.57%, 07/25/29 | 500 | 517 |
| 5.20%, 01/23/30 (f) | 1700 | 1750 |
| 2.57%, 02/11/31 | 3700 | 3457 |
| 5.56%, 07/25/34 | 300 | 315 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | 1500 | 1428 |
| | | 241468 |
| **Energy 9.4%** | **Energy 9.4%** | **Energy 9.4%** |
| ADNOC Murban RSC Ltd |  |  |
| 4.25%, 09/11/29 (c) | 1500 | 1509 |
| Aker BP ASA |  |  |
| 4.00%, 01/15/31 (c) | 2950 | 2846 |
| Canadian Natural Resources Limited |  |  |
| 6.45%, 06/30/33 (f) | 500 | 539 |
| 6.25%, 03/15/38 | 1100 | 1168 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 1400 | 1414 |
| 3.70%, 11/15/29 | 800 | 782 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.75%, 08/15/34 | 800 | 835 |
| 5.55%, 10/30/35 (c) | 1850 | 1892 |
| Cheniere Energy, Inc. |  |  |
| 5.65%, 04/15/34 | 100 | 104 |
| Columbia Pipelines Holding Company LLC |  |  |
| 5.10%, 10/01/31 (c) | 300 | 305 |
| Devon Energy Corporation |  |  |
| 5.20%, 09/15/34 | 400 | 399 |
| DT Midstream, Inc. |  |  |
| 5.80%, 12/15/34 (c) | 350 | 364 |
| Enbridge Inc. |  |  |
| 6.20%, 11/15/30 (f) | 1500 | 1611 |
| 5.70%, 03/08/33 | 1700 | 1792 |
| Energy Transfer LP |  |  |
| 4.20%, 04/15/27 | 700 | 700 |
| 6.55%, 12/01/33 | 650 | 713 |
| 4.90%, 03/15/35 | 554 | 541 |
| 6.05%, 06/01/41 | 1300 | 1318 |
| Energy Transfer Operating, L.P. |  |  |
| 6.25%, 04/15/49 | 3000 | 2973 |
| Eni S.p.A. |  |  |
| 5.95%, 05/15/54 (c) | 700 | 695 |
| Enterprise Products Operating LLC |  |  |
| 4.95%, 02/15/35 | 2300 | 2329 |
| 5.20%, 01/15/36 | 900 | 916 |
| 7.10%, (3 Month Term SOFR + 3.25%), 08/16/77 (g) | 250 | 249 |
| EQT Corporation |  |  |
| 4.50%, 01/15/29 | 370 | 371 |
| Flex Intermediate Holdco, LLC |  |  |
| 3.36%, 06/30/31 (c) | 2200 | 2028 |
| Florida Gas Transmission Company, LLC |  |  |
| 2.55%, 07/01/30 (c) | 800 | 739 |
| Gaz Finance PLC |  |  |
| 0.00%, 01/27/29 (b) (i) (j) | 1800 | 1260 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (c) | 1500 | 1570 |
| Kinder Morgan, Inc. |  |  |
| 5.95%, 08/01/54 | 900 | 896 |
| Midwest Connector Capital Company LLC |  |  |
| 4.63%, 04/01/29 (c) | 500 | 501 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | 3500 | 3243 |
| 5.20%, 12/01/47 | 1638 | 1460 |
| 4.90%, 04/15/58 | 300 | 247 |
| Occidental Petroleum Corporation |  |  |
| 7.88%, 09/15/31 | 2050 | 2345 |
| 6.20%, 03/15/40 | 10 | 10 |
| ONEOK, Inc. |  |  |
| 4.75%, 10/15/31 | 3575 | 3588 |
| 4.95%, 07/13/47 | 2250 | 1975 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 2200 | 2158 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/30 | 400 | 406 |
| 6.70%, 02/16/32 | 100 | 100 |
| QatarEnergy LNG |  |  |
| 5.84%, 09/30/27 (c) | 96 | 98 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.90%, 09/15/37 | 972 | 1024 |
| Santos Finance Ltd |  |  |
| 3.65%, 04/29/31 (c) | 400 | 374 |
| 6.88%, 09/19/33 (c) | 2300 | 2510 |
| Saudi Arabian Oil Company |  |  |
| 2.25%, 11/24/30 (c) | 200 | 181 |
| 5.75%, 07/17/54 (c) | 400 | 390 |
| Schlumberger Holdings Corporation |  |  |
| 5.00%, 06/01/34 (c) | 500 | 506 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | 1300 | 1245 |
| 6.13%, 03/15/33 | 1100 | 1178 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (c) | 5100 | 4812 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 (c) | 500 | 573 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (c) | 2400 | 2155 |
| 6.25%, 01/15/30 (c) | 600 | 608 |
| 4.13%, 08/15/31 (c) | 300 | 273 |
| Venture Global LNG, Inc. |  |  |
| 9.88%, 02/01/32 (c) | 1100 | 1135 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (c) | 300 | 302 |
| Viper Energy Partners LLC |  |  |
| 5.70%, 08/01/35 | 1400 | 1425 |
| Weatherford International Ltd |  |  |
| 6.75%, 10/15/33 (c) | 200 | 205 |
| Western Midstream Operating, LP |  |  |
| 5.45%, 11/15/34 | 300 | 302 |
| Williams Companies, Inc., The |  |  |
| 5.60%, 03/15/35 | 1400 | 1455 |
| 5.30%, 09/30/35 | 1700 | 1730 |
| Woodside Finance Limited |  |  |
| 4.50%, 03/04/29 (c) | 2000 | 2001 |
| 5.10%, 09/12/34 | 500 | 494 |
|  |  | 73867 |
| **Utilities 9.2%** | **Utilities 9.2%** | **Utilities 9.2%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (c) | 524 | 489 |
| AES Corporation, The |  |  |
| 5.45%, 06/01/28 (f) | 2900 | 2970 |
| 6.95%, 07/15/55 | 700 | 686 |
| Anglian Water Services Financing PLC |  |  |
| 6.00%, 06/20/39, GBP (b) | 100 | 131 |
| Arizona Public Service Company |  |  |
| 2.20%, 12/15/31 | 1700 | 1493 |
| Black Hills Corporation |  |  |
| 2.50%, 06/15/30 | 1400 | 1297 |
| 6.00%, 01/15/35 | 325 | 347 |
| Cameron LNG, LLC |  |  |
| 3.40%, 01/15/38 (c) | 1300 | 1128 |
| Capital Power (US Holdings) Inc. |  |  |
| 6.19%, 06/01/35 (c) | 400 | 419 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 5.05%, 03/01/35 | 100 | 101 |
| Connecticut Light and Power Company, The |  |  |
| 4.90%, 07/01/33 | 400 | 406 |
| DTE Electric Company |  |  |
| 2.25%, 03/01/30 | 1200 | 1115 |
| DTE Energy Company |  |  |
| 2.95%, 03/01/30 | 500 | 474 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 1700 | 1732 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (c) | 1000 | 986 |
| Edison International |  |  |
| 5.45%, 06/15/29 | 1500 | 1525 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Electricite de France |  |  |
| 4.88%, 09/21/38 (c) | 1100 | 1029 |
| Entergy Corporation |  |  |
| 2.80%, 06/15/30 (f) | 2600 | 2434 |
| Entergy Texas, Inc. |  |  |
| 5.25%, 04/15/35 | 700 | 718 |
| EPH Financing International, a.s. |  |  |
| 5.88%, 11/30/29, EUR (b) | 700 | 877 |
| Evergy Metro, Inc. |  |  |
| 2.25%, 06/01/30 | 1000 | 922 |
| Eversource Energy |  |  |
| 4.45%, 12/15/30 | 800 | 797 |
| Florida Power & Light Company |  |  |
| 4.80%, 05/15/33 | 2000 | 2040 |
| Georgia Power Company |  |  |
| 3.70%, 01/30/50 | 400 | 299 |
| 3.25%, 03/15/51 | 2300 | 1571 |
| IPALCO Enterprises, Inc. |  |  |
| 5.75%, 04/01/34 | 200 | 204 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (c) | 1750 | 1652 |
| Mid-Atlantic Interstate Transmission, LLC |  |  |
| 4.10%, 05/15/28 (c) | 1200 | 1201 |
| Mississippi Power Company |  |  |
| 3.95%, 03/30/28 | 2200 | 2199 |
| National Grid Electricity Transmission PLC |  |  |
| 2.00%, 04/17/40, GBP (b) | 1400 | 1200 |
| National Grid PLC |  |  |
| 5.81%, 06/12/33 | 900 | 957 |
| New York State Electric & Gas Corporation |  |  |
| 3.30%, 09/15/49 (c) | 100 | 67 |
| Oklahoma Gas and Electric Company |  |  |
| 5.40%, 01/15/33 | 400 | 419 |
| PacifiCorp |  |  |
| 5.30%, 02/15/31 | 900 | 926 |
| 6.25%, 10/15/37 | 1087 | 1135 |
| 7.38%, 09/15/55 | 700 | 713 |
| PECO Energy Company |  |  |
| 3.00%, 09/15/49 | 800 | 526 |
| PG&E Company |  |  |
| 3.30%, 03/15/27 - 08/01/40 | 5100 | 4512 |
| 3.75%, 07/01/28 | 250 | 247 |
| 3.25%, 06/01/31 | 1400 | 1304 |
| 6.00%, 08/15/35 | 400 | 420 |
| 4.60%, 06/15/43 | 600 | 501 |
| 4.30%, 03/15/45 | 200 | 159 |
| 4.25%, 03/15/46 | 1200 | 941 |
| 4.95%, 07/01/50 (f) | 500 | 423 |
| 5.25%, 03/01/52 | 2300 | 2003 |
| Public Service Company of Colorado |  |  |
| 1.88%, 06/15/31 | 2700 | 2376 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 (f) | 1650 | 1692 |
| Public Service Electric And Gas Company |  |  |
| 4.85%, 08/01/34 | 500 | 505 |
| San Diego Gas & Electric Company |  |  |
| 5.40%, 04/15/35 | 1500 | 1554 |
| 4.10%, 06/15/49 | 200 | 158 |
| Southern California Edison Company |  |  |
| 5.35%, 03/01/26 | 700 | 702 |
| 5.30%, 03/01/28 | 4200 | 4289 |
| 5.65%, 10/01/28 | 1100 | 1139 |
| 5.25%, 03/15/30 | 700 | 718 |
| 6.05%, 03/15/39 | 400 | 410 |
| 3.60%, 02/01/45 | 400 | 288 |
| 4.00%, 04/01/47 | 1100 | 827 |
| Southern California Gas Company |  |  |
| 2.55%, 02/01/30 | 1500 | 1414 |
| 5.20%, 06/01/33 | 1800 | 1857 |
| SPP - distribucia , a.s. |  |  |
| 1.00%, 06/09/31, EUR (b) | 300 | 305 |
| SW (Finance) I PLC |  |  |
| 7.00%, 04/16/40, GBP (b) | 1000 | 1348 |
| System Energy Resources, Inc. |  |  |
| 5.30%, 12/15/34 | 700 | 708 |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.75%, 10/10/27, GBP (c) | 151 | 233 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (c) | 2870 | 2824 |
| Vistra Operations Company LLC |  |  |
| 6.00%, 04/15/34 (c) | 900 | 945 |
| Yorkshire Water Finance PLC |  |  |
| 1.75%, 10/27/32, GBP (b) | 700 | 747 |
| | | 72734 |
| **Real Estate 7.8%** | **Real Estate 7.8%** | **Real Estate 7.8%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 2.75%, 12/15/29 | 1900 | 1784 |
| American Assets Trust, L.P. |  |  |
| 3.38%, 02/01/31 | 2600 | 2370 |
| American Homes 4 Rent, L.P. |  |  |
| 4.25%, 02/15/28 | 1200 | 1203 |
| American Tower Corporation |  |  |
| 5.65%, 03/15/33 | 1200 | 1265 |
| 5.90%, 11/15/33 | 1700 | 1818 |
| 3.70%, 10/15/49 | 2100 | 1560 |
| Broadstone Net Lease, LLC |  |  |
| 5.00%, 11/01/32 | 200 | 200 |
| Canary Wharf Group Investment Holdings PLC |  |  |
| 1.75%, 04/07/26, EUR (b) | 637 | 743 |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29 | 200 | 207 |
| COPT Defense Properties |  |  |
| 2.25%, 03/15/26 | 400 | 398 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (c) | 1100 | 1009 |
| Crown Castle Inc. |  |  |
| 2.50%, 07/15/31 | 500 | 447 |
| 5.20%, 09/01/34 | 1700 | 1719 |
| Digital Dutch Finco B.V. |  |  |
| 1.50%, 03/15/30, EUR (b) | 1400 | 1533 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 200 | 201 |
| 3.60%, 11/15/31 | 1800 | 1668 |
| Equinix, Inc. |  |  |
| 2.15%, 07/15/30 | 1700 | 1541 |
| Essex Portfolio, L.P. |  |  |
| 2.65%, 03/15/32 | 3862 | 3446 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | 900 | 814 |
| Fideicomiso Fibra Uno |  |  |
| 7.38%, 02/13/34 (c) | 231 | 254 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 300 | 308 |
| 5.30%, 01/15/29 | 700 | 712 |
| 4.00%, 01/15/31 | 5600 | 5358 |
| Goodman US Finance Six, LLC |  |  |
| 5.13%, 10/07/34 (c) | 2000 | 2010 |
| Highwoods Realty Limited Partnership |  |  |
| 3.05%, 02/15/30 | 400 | 372 |
| Host Hotels & Resorts, L.P. |  |  |
| 3.38%, 12/15/29 | 3600 | 3454 |
| 3.50%, 09/15/30 (e) (f) | 3400 | 3243 |
| Hudson Pacific Properties, L.P. |  |  |
| 5.95%, 02/15/28 | 500 | 493 |
| Invitation Homes Operating Partnership LP |  |  |
| 4.15%, 04/15/32 | 3100 | 3014 |
| Kaisa Group Holdings Ltd. |  |  |
| 0.00%, 12/31/26 - 12/31/32 (c) (d) (m) | 2154 | 11 |
| 5.00%, 11/30/27 (b) | 52 | 4 |
| 6.72%, 12/28/27 (b) (h) (l) | 155 | 3 |
| 5.25%, 12/28/28 (b) (l) | 227 | 5 |
| 5.50%, 12/28/29 (b) (l) | 366 | 7 |
| 5.75%, 12/28/30 (b) (l) | 458 | 9 |
| 6.00%, 12/28/31 (b) (l) | 663 | 13 |
| 6.25%, 12/28/32 (b) (l) | 649 | 13 |
| Kilroy Realty, L.P. |  |  |
| 3.05%, 02/15/30 | 1000 | 930 |
| 6.25%, 01/15/36 | 700 | 725 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Newmark Group, Inc. |  |  |
| 7.50%, 01/12/29 (e) | 700 | 749 |
| Next Properties Trust 2401 |  |  |
| 7.38%, 02/13/34 (c) | 569 | 631 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.25%, 04/15/33 | 2100 | 1867 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 5.25%, 08/15/32 | 925 | 946 |
| ProLogis, L.P. |  |  |
| 4.20%, 02/15/33, CAD (b) | 700 | 513 |
| Realty Income Corporation |  |  |
| 3.88%, 06/20/35, EUR | 700 | 811 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.13%, 12/01/30 | 800 | 715 |
| Safehold GL Holdings LLC |  |  |
| 5.65%, 01/15/35 | 300 | 308 |
| Store Capital LLC |  |  |
| 5.40%, 04/30/30 (c) | 800 | 815 |
| Sunac China Holdings Limited |  |  |
| 0.00%, 06/23/26 - 06/23/28 (c) (d) (m) | 643 | 95 |
| VICI Properties Inc. |  |  |
| 5.75%, 02/01/27 (c) | 400 | 405 |
| 3.88%, 02/15/29 (c) | 2500 | 2451 |
| 4.13%, 08/15/30 (c) (f) | 1300 | 1260 |
| Welltower OP LLC |  |  |
| 4.50%, 07/01/30 | 1300 | 1314 |
| Weyerhaeuser Company |  |  |
| 4.00%, 11/15/29 - 04/15/30 | 4000 | 3952 |
| Yango Justice International Limited |  |  |
| 0.00%, 04/15/49 (b) (i) (j) | 600 |  |
| | | 61696 |
| **Health Care 7.0%** | **Health Care 7.0%** | **Health Care 7.0%** |
| AbbVie Inc. |  |  |
| 5.20%, 03/15/35 | 800 | 828 |
| 4.40%, 11/06/42 | 1381 | 1233 |
| Adventist Health System/West |  |  |
| 2.95%, 03/01/29 | 1000 | 949 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (c) | 700 | 651 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 - 03/02/33 | 3000 | 3108 |
| 5.60%, 03/02/43 | 2700 | 2717 |
| 5.65%, 03/02/53 | 800 | 784 |
| AstraZeneca Finance LLC |  |  |
| 4.90%, 02/26/31 | 1200 | 1242 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (c) | 270 | 280 |
| 14.00%, 10/15/30 (c) | 53 | 53 |
| Bayer US Finance LLC |  |  |
| 6.38%, 11/21/30 (c) | 4800 | 5132 |
| 6.50%, 11/21/33 (c) | 800 | 866 |
| Becton, Dickinson and Company |  |  |
| 5.08%, 06/07/29 | 200 | 205 |
| 1.96%, 02/11/31 | 2600 | 2315 |
| Boston Scientific Corporation |  |  |
| 4.70%, 03/01/49 | 1483 | 1334 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 1100 | 1030 |
| 3.00%, 10/15/30 | 3700 | 3308 |
| 2.50%, 03/01/31 | 300 | 259 |
| Cigna Group, The |  |  |
| 2.40%, 03/15/30 | 1041 | 968 |
| CommonSpirit Health |  |  |
| 4.35%, 09/01/30 | 400 | 398 |
| 4.98%, 09/01/35 | 100 | 99 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 1400 | 1404 |
| 5.00%, 01/30/29 | 500 | 511 |
| 7.51%, 01/10/32 (c) | 30 | 32 |
| 5.25%, 02/21/33 | 1100 | 1133 |
| 4.78%, 03/25/38 | 1700 | 1607 |
| 5.05%, 03/25/48 | 1300 | 1147 |
| 5.88%, 06/01/53 | 500 | 486 |
| 6.05%, 06/01/54 | 100 | 100 |
| 6.20%, 09/15/55 | 100 | 102 |
| Elevance Health, Inc. |  |  |
| 4.10%, 05/15/32 | 200 | 195 |
| 4.75%, 02/15/33 | 3400 | 3415 |
| 6.10%, 10/15/52 | 900 | 928 |
| Grifols, S.A. |  |  |
| 7.50%, 05/01/30, EUR (b) | 800 | 986 |
| HCA Inc. |  |  |
| 3.63%, 03/15/32 | 4900 | 4633 |
| 5.50%, 06/01/33 - 06/15/47 | 2600 | 2621 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 100 | 103 |
| 2.55%, 03/23/31 (f) | 200 | 181 |
| INTEGRIS Baptist Medical Center, Inc. |  |  |
| 3.88%, 08/15/50 | 700 | 507 |
| Mars, Incorporated |  |  |
| 5.65%, 05/01/45 (c) | 1300 | 1311 |
| Stryker Corporation |  |  |
| 4.85%, 12/08/28 | 2000 | 2048 |
| 4.63%, 09/11/34 | 500 | 497 |
| Sutter Health |  |  |
| 5.16%, 08/15/33 | 300 | 309 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 01/15/32 | 1643 | 1684 |
| 5.50%, 07/15/44 | 500 | 496 |
| 5.63%, 07/15/54 | 1000 | 982 |
|  |  | 55177 |
| **Industrials 3.9%** | **Industrials 3.9%** | **Industrials 3.9%** |
| Air Lease Corporation |  |  |
| 5.30%, 06/25/26 | 1100 | 1106 |
| Aircastle Limited |  |  |
| 2.85%, 01/26/28 (c) | 2700 | 2623 |
| Amrize Finance US LLC |  |  |
| 5.40%, 04/07/35 | 1300 | 1341 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (c) | 300 | 290 |
| Berry Global, Inc. |  |  |
| 1.57%, 01/15/26 | 4700 | 4696 |
| Boeing Company, The |  |  |
| 6.13%, 02/15/33 (f) | 300 | 325 |
| 3.60%, 05/01/34 | 1525 | 1387 |
| 5.81%, 05/01/50 (e) | 4100 | 4042 |
| 6.86%, 05/01/54 (e) | 900 | 1012 |
| 5.93%, 05/01/60 (e) | 2000 | 1965 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.20%, 04/15/54 | 3700 | 3487 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.13%, 06/01/26 | 500 | 498 |
| Equifax, Inc. |  |  |
| 5.10%, 06/01/28 | 1000 | 1021 |
| GATX Corporation |  |  |
| 3.50%, 03/15/28 | 500 | 493 |
| Heathrow Finance PLC |  |  |
| 4.13%, 09/01/29, GBP (b) (e) (h) | 300 | 379 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.75%, 01/15/35 (f) | 1125 | 1192 |
| IRB Infrastructure Developers Limited |  |  |
| 7.11%, 03/11/32 (c) | 400 | 413 |
| Lockheed Martin Corporation |  |  |
| 4.80%, 08/15/34 | 900 | 910 |
| RTX Corporation |  |  |
| 6.10%, 03/15/34 | 1000 | 1094 |
| 5.38%, 02/27/53 | 900 | 864 |
| Textron Inc. |  |  |
| 3.38%, 03/01/28 | 1000 | 986 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/29 | 400 | 399 |
|  |  | 30523 |
| **Communication Services 3.6%** | **Communication Services 3.6%** | **Communication Services 3.6%** |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (c) | 7129 | 7548 |
| Charter Communications Operating, LLC |  |  |
| 5.85%, 12/01/35 | 300 | 300 |
| 3.50%, 03/01/42 | 3000 | 2079 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.75%, 04/01/48 | 300 | 258 |
| 4.80%, 03/01/50 | 2000 | 1505 |
| 3.85%, 04/01/61 | 200 | 119 |
| 3.95%, 06/30/62 | 1500 | 904 |
| Comcast Corporation |  |  |
| 5.50%, 05/15/64 | 700 | 626 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 900 | 993 |
| Live Nation Entertainment, Inc. |  |  |
| 3.75%, 01/15/28 (c) | 200 | 197 |
| Netflix, Inc. |  |  |
| 3.88%, 11/15/29, EUR (b) | 1400 | 1696 |
| NTT Finance Corporation |  |  |
| 5.17%, 07/16/32 (c) | 1000 | 1026 |
| Oi S.A. – Em Recuperacao Judicial |  |  |
| 10.00%, 06/30/27 (c) (l) | 129 | 58 |
| 8.50%, 12/31/28 (c) (l) | 268 | 3 |
| Paramount Global |  |  |
| 3.70%, 06/01/28 | 800 | 784 |
| T-Mobile USA, Inc. |  |  |
| 5.15%, 04/15/34 | 100 | 102 |
| 4.70%, 01/15/35 (f) | 2300 | 2261 |
| 4.95%, 11/15/35 | 2000 | 1989 |
| 3.30%, 02/15/51 | 3500 | 2349 |
| 5.75%, 01/15/54 | 2100 | 2063 |
| Verizon Communications Inc. |  |  |
| 5.00%, 01/15/36 | 1900 | 1887 |
| | | 28747 |
| **Consumer Discretionary 3.5%** | **Consumer Discretionary 3.5%** | **Consumer Discretionary 3.5%** |
| BMW US Capital, LLC |  |  |
| 4.62%, (SOFR + 0.92%), 03/21/28 (c) (g) | 1700 | 1708 |
| Burberry Group PLC |  |  |
| 5.75%, 06/20/30, GBP (b) | 400 | 551 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (c) | 1100 | 1083 |
| 5.13%, 05/01/29 (c) | 100 | 101 |
| Choice Hotels International, Inc. |  |  |
| 5.85%, 08/01/34 | 400 | 408 |
| Ferguson Finance PLC |  |  |
| 3.25%, 06/02/30 (c) | 3900 | 3723 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 5.88%, 04/01/29 (c) | 500 | 512 |
| Hyatt Hotels Corporation |  |  |
| 5.38%, 12/15/31 | 500 | 518 |
| Hyundai Capital America |  |  |
| 5.10%, 06/24/30 (c) | 1300 | 1329 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 600 | 596 |
| 3.90%, 08/08/29 | 1100 | 1072 |
| 6.00%, 08/15/29 | 3225 | 3368 |
| 6.20%, 08/15/34 (f) | 1100 | 1157 |
| Marriott International, Inc. |  |  |
| 5.45%, 09/15/26 | 1000 | 1009 |
| 4.63%, 06/15/30 (e) | 200 | 203 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (c) | 1400 | 1364 |
| NVR, Inc. |  |  |
| 3.00%, 05/15/30 | 4400 | 4164 |
| Royal Caribbean Cruises Ltd. |  |  |
| 3.70%, 03/15/28 | 800 | 791 |
| 5.50%, 04/01/28 (c) | 400 | 407 |
| 5.63%, 09/30/31 (c) | 400 | 409 |
| 5.38%, 01/15/36 | 400 | 402 |
| Spectrum Management Holding Company, LLC |  |  |
| 4.50%, 09/15/42 | 300 | 231 |
| Tapestry, Inc. |  |  |
| 5.50%, 03/11/35 | 400 | 409 |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.05%, 03/27/28 (c) | 1300 | 1319 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 1700 | 1105 |
|  |  | 27939 |
| **Information Technology 3.1%** | **Information Technology 3.1%** | **Information Technology 3.1%** |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33 | 600 | 626 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35 (c) | 1622 | 1398 |
| 3.19%, 11/15/36 (c) | 1093 | 928 |
| 4.93%, 05/15/37 (c) | 2858 | 2822 |
| CDW Finance Corporation |  |  |
| 3.25%, 02/15/29 | 800 | 769 |
| 3.57%, 12/01/31 | 1400 | 1303 |
| Chorus Limited |  |  |
| 4.95%, 03/14/30 (c) | 400 | 405 |
| Gartner, Inc. |  |  |
| 4.95%, 03/20/31 | 1200 | 1207 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 1100 | 1113 |
| NXP B.V. |  |  |
| 3.40%, 05/01/30 | 899 | 867 |
| Oracle Corporation |  |  |
| 2.30%, 03/25/28 | 6000 | 5717 |
| 5.20%, 09/26/35 | 1800 | 1728 |
| 4.00%, 07/15/46 | 900 | 626 |
| 6.00%, 08/03/55 | 600 | 531 |
| Synopsys, Inc. |  |  |
| 5.00%, 04/01/32 | 1300 | 1327 |
| VMware LLC |  |  |
| 4.70%, 05/15/30 (e) | 3100 | 3150 |
|  |  | 24517 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (c) | 400 | 396 |
| 5.80%, 04/15/34 (c) | 1100 | 1154 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.50%, 07/10/31, EUR (c) | 500 | 546 |
| Conagra Brands, Inc. |  |  |
| 5.00%, 08/01/30 | 300 | 304 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | 950 | 868 |
| Greene King Finance PLC |  |  |
| 5.32%, 09/15/31, GBP (b) (h) | 260 | 353 |
| Haleon US Capital LLC |  |  |
| 3.63%, 03/24/32 | 1250 | 1189 |
| JDE Peet's N.V. |  |  |
| 1.13%, 06/16/33, EUR (b) | 100 | 96 |
| Kraft Heinz Foods Company |  |  |
| 6.88%, 01/26/39 | 1200 | 1342 |
| Massachusetts Institute of Technology |  |  |
| 4.68%, 07/01/14 | 200 | 169 |
| Philip Morris International Inc. |  |  |
| 4.13%, 04/28/28 | 500 | 502 |
| 1.75%, 11/01/30 | 200 | 178 |
| 5.38%, 02/15/33 | 1500 | 1569 |
| Transurban Finance Company Pty Ltd |  |  |
| 2.45%, 03/16/31 (c) | 950 | 865 |
|  |  | 9531 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Joint Stock Company Alrosa (Public Joint Stock Company) |  |  |
| 0.00%, 04/09/49 (b) (c) (i) (j) (k) | 900 |  |
| Synthos Spolka Akcyjna |  |  |
| 2.50%, 06/07/28, EUR (b) | 400 | 437 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (c) (i) (j) (l) | 160 | 110 |
| 11.00%, 12/31/28 (c) (i) (j) (l) | 411 | 51 |
| Vale Overseas Ltd |  |  |
| 6.13%, 06/12/33 | 3100 | 3317 |
|  |  | 3915 |
| Total Corporate Bonds And Notes (cost $646,245) | Total Corporate Bonds And Notes (cost $646,245) | 630114 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 17.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 17.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 17.1%** |
| **Mortgage-Backed Securities 7.1%** | **Mortgage-Backed Securities 7.1%** | **Mortgage-Backed Securities 7.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 10/01/39 - 06/01/48 | 366 | 348 |
| 4.50%, 09/01/48 - 09/01/53 | 882 | 867 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.00%, 05/01/52 | 430 | 382 |
| 6.50%, 02/01/54 | 2422 | 2517 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 07/01/43 - 08/01/43 | 164 | 151 |
| 4.50%, 08/01/48 - 01/01/49 | 178 | 175 |
| 4.00%, 03/01/49 - 05/01/50 | 1353 | 1300 |
| 6.00%, 11/01/53 | 303 | 312 |
| TBA, 5.00%, 01/15/56 (n) | 18500 | 18454 |
| TBA, 4.00%, 02/15/56 (n) | 11900 | 11279 |
| Government National Mortgage Association |  |  |
| 4.00%, 07/20/55 | 4671 | 4409 |
| TBA, 5.00%, 01/15/56 (n) | 2900 | 2893 |
| TBA, 6.00%, 01/15/56 (n) | 1600 | 1630 |
| TBA, 4.00%, 02/15/56 (n) | 9000 | 8490 |
| TBA, 4.50%, 02/15/56 (n) | 2600 | 2531 |
| | | 55738 |
| **Sovereign 5.2%** | **Sovereign 5.2%** | **Sovereign 5.2%** |
| Cabinet of Ministers of Ukraine |  |  |
| 4.50%, 02/01/29 - 02/01/34 (c) (h) | 144 | 101 |
| 0.00%, 02/01/30 - 02/01/36 (c) (h) | 83 | 45 |
| Cabinet Office, Government of Japan |  |  |
| 2.00%, 12/20/44, JPY | 390000 | 2167 |
| 2.40%, 03/20/45 - 03/20/55, JPY | 274800 | 1604 |
| 3.20%, 09/20/55, JPY | 100000 | 619 |
| 2.20%, 03/20/64, JPY | 164000 | 762 |
| Cassa Depositi E Prestiti Societa Per Azioni |  |  |
| 5.88%, 04/30/29 (c) | 1000 | 1049 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.95%, 08/12/31, PEN (b) | 2543 | 839 |
| 6.15%, 08/12/32, PEN (b) | 100 | 32 |
| 6.15%, 08/12/32, PEN (c) | 1922 | 616 |
| 7.30%, 08/12/33, PEN | 5400 | 1837 |
| 5.40%, 08/12/34, PEN (b) | 12600 | 3713 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.50%, 03/19/34, EUR | 1500 | 1756 |
| 6.00%, 05/07/36 | 700 | 708 |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (c) | 1800 | 1836 |
| 4.75%, 01/16/30 (c) | 200 | 203 |
| 2.25%, 02/02/33 (c) | 5100 | 4372 |
| 3.75%, 03/05/37, EUR (c) | 300 | 346 |
| HM Treasury |  |  |
| 4.38%, 07/31/54, GBP (b) | 1227 | 1451 |
| Israel, State of |  |  |
| 5.38%, 03/12/29 - 02/19/30 | 3100 | 3185 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 06/24/28 (b) (i) (j) | 200 | 205 |
| 0.00%, 04/04/42 (b) (c) (i) (j) | 200 | 135 |
| Presidencia da Republica |  |  |
| 7.25%, 01/12/56 | 700 | 694 |
| Queensland Treasury Corporation |  |  |
| 1.50%, 08/20/32, AUD (c) | 1300 | 700 |
| Romania, Government of |  |  |
| 2.13%, 03/07/28, EUR (c) | 200 | 231 |
| 5.38%, 03/22/31, EUR (c) | 500 | 610 |
| 5.25%, 05/30/32, EUR (c) | 1000 | 1199 |
| 3.75%, 02/07/34, EUR (c) | 800 | 844 |
| South Africa, Parliament of |  |  |
| 8.88%, 02/28/35, ZAR | 82390 | 5191 |
| 8.50%, 01/31/37, ZAR | 73200 | 4395 |
|  |  | 41445 |
| **U.S. Treasury Note 2.2%** | **U.S. Treasury Note 2.2%** | **U.S. Treasury Note 2.2%** |
| Treasury, United States Department of |  |  |
| 2.75%, 08/15/32 (o) | 3800 | 3545 |
| 4.13%, 11/15/32 (o) | 2500 | 2530 |
| 4.00%, 02/15/34 (o) | 11000 | 10979 |
| 4.25%, 08/15/35 (n) (o) | 654 | 660 |
|  |  | 17714 |
| **U.S. Treasury Bond 2.0%** | **U.S. Treasury Bond 2.0%** | **U.S. Treasury Bond 2.0%** |
| Treasury, United States Department of |  |  |
| 4.38%, 05/15/41 - 08/15/43 | 5224 | 5059 |
| 4.00%, 11/15/42 | 2014 | 1849 |
| 4.88%, 08/15/45 | 3543 | 3585 |
| 4.63%, 11/15/55 | 5200 | 5023 |
|  |  | 15516 |
| **U.S. Treasury Inflation Indexed Securities 0.3%** | **U.S. Treasury Inflation Indexed Securities 0.3%** | **U.S. Treasury Inflation Indexed Securities 0.3%** |
| Treasury, United States Department of |  |  |
| 1.00%, 02/15/46 (p) | 412 | 311 |
| 2.13%, 02/15/54 (p) | 1369 | 1231 |
| 2.38%, 02/15/55 (p) | 1073 | 1018 |
|  |  | 2560 |
| **Municipal 0.2%** | **Municipal 0.2%** | **Municipal 0.2%** |
| GC Education, Inc. |  |  |
| 7.38%, 10/01/29 | 500 | 525 |
| Texas Natural Gas Securitization Finance Corporation |  |  |
| 5.10%, 04/01/35 | 1005 | 1031 |
|  |  | 1556 |
| **Treasury Inflation Indexed Securities 0.1%** | **Treasury Inflation Indexed Securities 0.1%** | **Treasury Inflation Indexed Securities 0.1%** |
| Presidencia da Republica |  |  |
| 6.00%, 08/15/60, BRL (g) (q) | 900 | 647 |
| Total Government And Agency Obligations (cost $132,848) | Total Government And Agency Obligations (cost $132,848) | 135176 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.4%** |
| Air Canada |  |  |
| Series 2015-A-1, 3.60%, 03/15/27 | 105 | 103 |
| Series 2020-A-2, 5.25%, 04/01/29 | 42 | 43 |
| Series 2017-A-1, 3.55%, 01/15/30 | 321 | 300 |
| Alaska Air Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 4.80%, 08/15/27 | 669 | 669 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A6-25T1, REMIC, 5.75%, 07/25/35 | 1592 | 973 |
| Series 2005-2A1-27, REMIC, 4.34%, (12 Month Treasury Average + 1.35%), 08/25/35 (g) (r) | 44 | 36 |
| Series 2005-A14-46CB, REMIC, 5.50%, 10/25/35 | 1193 | 837 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A11-23CB, REMIC, 6.00%, 08/25/36 | 686 | 682 |
| Alternative Loan Trust 2006-43CB |  |  |
| Series 2006-1A10-43CB, REMIC, 6.00%, 02/25/37 | 480 | 237 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A4-86CB, REMIC, 5.50%, 02/25/36 | 2899 | 1630 |
| American Airlines, Inc. |  |  |
| Series 2014-A-1, 3.70%, 10/01/26 | 439 | 436 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 550 | 541 |
| Series 2016-AA-1, 3.58%, 01/15/28 | 172 | 169 |
| Series 2016-AA-2, 3.20%, 06/15/28 | 1111 | 1078 |
| Series 2017-AA-2, 3.35%, 10/15/29 | 1604 | 1548 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 140 | 132 |
| American Home Mortgage Assets Trust 2006-3 |  |  |
| Series 2006-2A11-3, REMIC, 3.52%, (12 Month Treasury Average + 0.94%), 10/25/46 (g) (h) (r) | 292 | 208 |
| Apidos CLO XXXIV LLC |  |  |
| Series 2021-A-35A, 5.20%, (3 Month Term SOFR + 1.31%), 04/20/34 (g) | 2500 | 2502 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-4A1-10, REMIC, 5.75%, 11/25/35 | 8 | 6 |
| Banc of America Mortgage 2006-B Trust |  |  |
| Series 2006-4A2-B, REMIC, 3.52%, 11/20/36 (g) | 1202 | 1038 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-2A3-2, REMIC, 4.99%, 04/25/35 (g) | 217 | 202 |
| Bear Stearns ARM Trust 2005-6 |  |  |
| Series 2005-2A2-3, REMIC, 4.84%, 06/25/35 (g) | 196 | 180 |
| Bear Stearns ARM Trust 2006-2 |  |  |
| Series 2006-4A1-2, REMIC, 3.83%, 07/25/36 (g) | 504 | 444 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bear Stearns Asset Backed Securities I Trust 2006-HE9 |  |  |
| Series 2006-1A3-HE9, REMIC, 4.53%, (1 Month Term SOFR + 0.34%), 11/25/36 (g) (h) (r) | 1000 | 970 |
| Bluemountain CLO XXX Ltd |  |  |
| Series 2018-A1R-3A, 4.79%, (3 Month Term SOFR + 1.19%), 10/25/30 (g) | 858 | 859 |
| British Airways PLC |  |  |
| Series 2021-A-1, 2.90%, 03/15/35 | 1198 | 1090 |
| BRSP 2021-FL1, Ltd. |  |  |
| Series 2021-A-FL1, 5.00%, (1 Month Term SOFR + 1.26%), 08/19/38 (g) (h) | 256 | 255 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 4.76%, (1 Month Term SOFR + 1.01%), 02/15/39 (g) | 155 | 155 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF4-CB1, REMIC, 0.81%, 01/25/37 (g) (h) (r) | 541 | 148 |
| Centex Corporation |  |  |
| Series 2004-MV1-D, REMIC, 4.70%, (1 Month Term SOFR + 1.04%), 09/25/34 (g) (h) (r) | 16 | 15 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A2-13, REMIC, 6.00%, 08/25/37 | 549 | 255 |
| Countrywide Home Loans, Inc. |  |  |
| Series 2004-1AF2-R2, REMIC, 5.10%, (1 Month Term SOFR + 0.53%), 11/25/34 (g) (r) | 245 | 228 |
| CSMC 2021-ADV |  |  |
| Series 2021-A-ADV, REMIC, 5.26%, (1 Month Term SOFR + 1.51%), 07/15/38 (g) | 1700 | 1510 |
| CSWF Trust 2021-SOP2 |  |  |
| Series 2021-A-SOP2, 4.93%, (1 Month Term SOFR + 1.18%), 06/15/34 (g) (h) | 65 | 64 |
| CWABS Asset-Backed Certificates Trust 2006-24 |  |  |
| Series 2006-1A-24, REMIC, 3.99%, (1 Month Term SOFR + 0.25%), 07/25/35 (g) (h) | 45 | 41 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 4.22%, (1 Month Term SOFR + 0.85%), 06/25/37 (g) (h) (r) | 391 | 387 |
| CWABS, Inc. |  |  |
| Series 2004-M1-4, REMIC, 4.75%, (1 Month Term SOFR + 0.83%), 07/25/34 (g) (h) (r) | 1 | 1 |
| Series 2005-1A-AB4, REMIC, 3.35%, (1 Month Term SOFR + 0.59%), 03/25/36 (g) (h) (r) | 15 | 14 |
| DC Office Trust 2019-MTC |  |  |
| Series 2019-A-MTC, REMIC, 2.97%, 10/15/29 | 2250 | 2044 |
| Delta Air Lines, Inc. |  |  |
| Series 2020-1, 2.00%, 06/10/28 | 537 | 516 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2004-M3-FF8, REMIC, 5.49%, (1 Month Term SOFR + 1.54%), 10/25/34 (g) (h) (r) | 350 | 344 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-1A1-15, REMIC, 1.40%, (1 Month Term SOFR + 0.62%), 01/25/36 (g) (h) (r) | 241 | 201 |
| GSAMP Trust 2006-FM2 |  |  |
| Series 2006-A1-FM2, REMIC, 1.11%, (1 Month Term SOFR + 0.39%), 09/25/36 (g) (h) (r) | 2483 | 804 |
| HarborView Mortgage Loan Trust 2006-12 |  |  |
| Series 2006-1A1A-12, REMIC, 3.64%, (1 Month Term SOFR + 0.52%), 12/19/36 (g) (h) (r) | 359 | 301 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-2A1A-AR12, REMIC, 3.44%, (1 Month Term SOFR + 0.59%), 07/25/35 (g) (h) (r) | 211 | 193 |
| J.P. Morgan Mortgage Acquisition Trust 2006-CW2 |  |  |
| Series 2006-AF3-CW2, REMIC, 2.39%, 08/25/36 (g) (h) (r) | 941 | 557 |
| J.P. Morgan Mortgage Acquisition Trust 2006-NC2 |  |  |
| Series 2006-M1-NC2, REMIC, 3.78%, (1 Month Term SOFR + 0.52%), 07/25/36 (g) (h) (r) | 123 | 121 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 216 | 192 |
| Series 2020-1A-1, 4.00%, 11/15/32 | 1951 | 1840 |
| LCM 35 Ltd. |  |  |
| Series A1R-35A, 4.98%, (3 Month Term SOFR + 1.08%), 10/15/34 (g) | 1900 | 1900 |
| Long Beach Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-2A3-8, REMIC, 0.98%, (1 Month Term SOFR + 0.43%), 09/25/36 (g) (h) (r) | 875 | 217 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-NC1, REMIC, 3.62%, (1 Month Term SOFR + 0.83%), 12/25/34 (g) (h) (r) | 564 | 531 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-M1-WMC1, REMIC, 4.82%, (1 Month Term SOFR + 0.86%), 09/25/35 (g) (h) (r) | 478 | 460 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.28%, (1 Month Term SOFR + 1.35%), 02/20/37 (g) | 649 | 649 |
| Morgan Stanley Home Equity Loan Trust 2007-2 |  |  |
| Series 2007-A1-2, REMIC, 1.75%, (1 Month Term SOFR + 0.21%), 04/25/37 (g) (h) (r) | 8 | 4 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2006-1A2-1, REMIC, 4.41%, (1 Month Term SOFR + 0.51%), 04/25/36 (g) (h) (r) | 254 | 196 |
| Neuberger Berman Loan Advisers CLO 42, Ltd. |  |  |
| Series 2021-AR-43A, 4.93%, (3 Month Term SOFR + 1.05%), 07/17/36 (g) | 2400 | 2402 |
| New Century Home Equity Loan Trust |  |  |
| Series 2005-M2-D, REMIC, 3.05%, (1 Month Term SOFR + 0.82%), 02/25/36 (g) (h) (r) | 300 | 253 |
| New Century Home Equity Loan Trust 2006-2 |  |  |
| Series 2006-A2B-2, REMIC, 4.22%, (1 Month Term SOFR + 0.27%), 08/25/36 (g) (h) (r) | 132 | 132 |
| New Residential Mortgage Loan Trust 2018-3 |  |  |
| Series 2018-A1-3A, REMIC, 4.50%, 05/25/58 (g) | 291 | 287 |
| Northwoods Capital 25 Ltd |  |  |
| Series 2021-AR-25A, 4.74%, (3 Month Term SOFR + 0.86%), 07/20/34 (g) | 1000 | 998 |
| RALI Series 2007-QS3 Trust |  |  |
| Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37 | 28 | 23 |
| Renaissance Home Equity Loan Trust 2007-3 |  |  |
| Series 2007-AF3-3, REMIC, 2.97%, 09/25/37 (g) (h) (r) | 135 | 51 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35 | 21 | 19 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2005-A2-EFC7, REMIC, 4.08%, (1 Month Term SOFR + 0.57%), 12/25/35 (g) (h) (r) | 123 | 96 |
| SMRT 2022-MINI |  |  |
| Series 2022-A-MINI, REMIC, 4.75%, (1 Month Term SOFR + 1.00%), 01/15/27 (g) | 1600 | 1597 |
| Spirit Airlines, LLC |  |  |
| Series 2015-A-1, 0.00%, 04/01/28 (i) (j) | 467 | 443 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-2A4-2, REMIC, 4.80%, 08/25/35 (g) (r) | 1 | 1 |
| Tesco Property Finance 5 PLC |  |  |
| Series BN-5, 5.66%, 10/13/41, GBP (b) | 540 | 726 |
| United Airlines 2014-2 Pass-Through Trust |  |  |
| Series 2014-A-2, 3.75%, 09/03/26 | 45 | 44 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2024-AA-1, 5.45%, 02/15/37 | 772 | 795 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-AA-2, REMIC, 2.70%, 05/01/32 | 3364 | 3082 |
| United Airlines, Inc. |  |  |
| Series 2014-A-1, 4.00%, 04/11/26 | 386 | 384 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $45,673) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $45,673) | 42389 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Bausch & Lomb Corporation |  |  |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.25%), 12/17/30 (g) | 2090 | 2108 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Republic of Panama |  |  |
| Term Loan, 3.84%, (3 Month EURIBOR + 1.75%), 03/07/27, EUR (g) (k) | 1400 | 1649 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Live Nation Entertainment, Inc. |  |  |
| 2025 Term Loan B, 5.73%, (1 Month Term SOFR + 2.00%), 10/19/32 (g) | 1000 | 1000 |
| Total Senior Floating Rate Instruments (cost $4,584) | Total Senior Floating Rate Instruments (cost $4,584) | 4757 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Morgan Stanley, 6.50%, (25, 10/15/27) (a) | 35 | 881 |
| Total Preferred Stocks (cost $865) | Total Preferred Stocks (cost $865) | 881 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| DrillCo Holding Lux S.A. (i) (k) |  | 3 |
| DrillCo Holding Lux S.A. (i) (k) | 1 | 26 |
| DrillCo Holding Lux S.A. (i) (k) |  | 8 |
| DrillCo Holding Lux S.A. (i) (k) | 3 | 76 |
| Stichting Administratiekantoor Unigel Creditors (i) (k) | 1 |  |
| SVB Financial Group (i) | 104 | 8 |
|  |  | 121 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Kaisa Group Holdings Ltd. (i) | 3728 | 46 |
| Total Common Stocks (cost $81) | Total Common Stocks (cost $81) | 167 |
| **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** |
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (s) (t) | 7545 | 7545 |
| **U.S. Treasury Bill 0.2%** | **U.S. Treasury Bill 0.2%** | **U.S. Treasury Bill 0.2%** |
| Treasury, United States Department of |  |  |
| 3.82%, 03/03/26 (o) | 1100 | 1093 |
| 3.66%, 04/14/26 (o) | 557 | 551 |
|  |  | 1644 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (s) (t) | 198 | 198 |
| Total Short Term Investments (cost $9,387) | Total Short Term Investments (cost $9,387) | 9387 |
| **Total Investments 104.2% (cost $839,683)** | **Total Investments 104.2% (cost $839,683)** | **822871** |
| **Total Purchased Options 0.0% (cost $73)** | **Total Purchased Options 0.0% (cost $73)** | **59** |
| **Other Derivative Instruments (0.1)%** | **Other Derivative Instruments (0.1)%** | (488) |
| **Other Assets and Liabilities, Net (4.1)%** | **Other Assets and Liabilities, Net (4.1)%** | **(32503)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **789939** |

---

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

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

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $145,004 and 18.4% of the Fund.

(d) Convertible security.

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(f) All or a portion of the security was on loan as of December 31, 2025.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(i) Non-income producing security.

(j) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

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

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

(n) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $49,081.

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

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

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

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

(s) Investment in affiliate.

(t) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** | **JNL/PIMCO Investment Grade Credit Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 2876 | 123521 | 126199 | 45 |  |  | 198 |  |
| JNL Government Money Market Fund, 3.74% - Class SL | 3752 | 109187 | 105394 | 179 |  |  | 7545 | 1.0 |
|  | 6628 | 232708 | 231593 | 224 |  |  | 7743 | 1.0 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 77.0% |
| **United Kingdom** | 4.0 |
| **Japan** | 2.9 |
| **Canada** | 1.8 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Germany** | 1.3 |
| **South Africa** | 1.2 |
| **Australia** | 1.1 |
| **Saudi Arabia** | 1.1 |
| **Brazil** | 1.0 |
| **Switzerland** | 0.9 |
| **Peru** | 0.9 |
| **Spain** | 0.7 |
| **Mexico** | 0.7 |
| **Italy** | 0.6 |
| **France** | 0.6 |
| **Netherlands** | 0.5 |
| **Ireland** | 0.5 |
| **Cayman Islands** | 0.5 |
| **Norway** | 0.4 |
| **Israel** | 0.4 |
| **Romania** | 0.3 |
| **Austria** | 0.3 |
| **Multi-National** | 0.2 |
| **Russian Federation** | 0.2 |
| **United Arab Emirates** | 0.2 |
| **India** | 0.2 |
| **Czech Republic** | 0.1 |
| **Luxembourg** | 0.1 |
| **Denmark** | 0.1 |
| **Belgium** | 0.1 |
| **Poland** | 0.1 |
| **Slovakia** |  |
| **China** |  |
| **Ukraine** |  |
| **Qatar** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| ABN AMRO Bank N.V., 6.38% (callable at 100, 09/22/34) | 01/22/25 | 642 | 752 | 0.1 |
| Anglian Water Services Financing PLC, 6.00%, 06/20/39 | 07/10/24 | 130 | 131 |  |
| Aviva PLC, 7.75% (callable at 100, 09/30/32) | 03/24/25 | 388 | 426 | 0.1 |
| Banco Santander, S.A., 4.88%, 10/18/31 | 09/25/24 | 3216 | 3409 | 0.4 |
| Barclays PLC, 8.38% (callable at 100, 09/15/31) | 09/25/25 | 844 | 867 | 0.1 |
| Burberry Group PLC, 5.75%, 06/20/30 | 07/30/25 | 533 | 551 | 0.1 |
| CaixaBank, S.A., 5.88% (callable at 100, 10/09/27) | 01/22/25 | 1276 | 1460 | 0.2 |
| Canary Wharf Group Investment Holdings PLC, 1.75%, 04/07/26 | 06/25/25 | 739 | 743 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.95%, 08/12/31 | 04/19/24 | 711 | 839 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.15%, 08/12/32 | 02/26/25 | 28 | 32 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 5.40%, 08/12/34 | 10/23/24 | 3112 | 3713 | 0.5 |
| COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29) | 01/22/25 | 1583 | 1851 | 0.2 |
| Cooperatieve Rabobank U.A., 4.38% (callable at 100, 06/29/27) | 03/10/25 | 862 | 944 | 0.1 |
| Digital Dutch Finco B.V., 1.50%, 03/15/30 | 10/08/24 | 1416 | 1533 | 0.2 |
| DrillCo Holding Lux S.A., 7.50%, 06/15/30 | 06/12/23 | 12 | 13 |  |
| EPH Financing International, a.s., 5.88%, 11/30/29 | 03/05/25 | 797 | 877 | 0.1 |
| Erste Group Bank AG, 4.25% (callable at 100, 10/15/27) | 01/27/21 | 2450 | 2345 | 0.3 |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 1800 | 1260 | 0.2 |
| Greene King Finance PLC, 5.32%, 09/15/31 | 04/02/19 | 369 | 353 |  |
| Grifols, S.A., 7.50%, 05/01/30 | 08/20/25 | 977 | 986 | 0.1 |
| Heathrow Finance PLC, 4.13%, 09/01/29 | 03/05/25 | 359 | 379 |  |
| HM Treasury, 4.38%, 07/31/54 | 03/21/25 | 1382 | 1451 | 0.2 |
| JDE Peet's N.V., 1.13%, 06/16/33 | 02/21/24 | 88 | 96 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company), 0.00%, 04/09/49 | 04/02/19 | 900 |  |  |
| Kaisa Group Holdings Ltd., 5.00%, 11/30/27 | 09/24/25 |  | 4 |  |
| Kaisa Group Holdings Ltd., 6.72%, 12/28/27 | 09/24/25 | 24 | 3 |  |
| Kaisa Group Holdings Ltd., 5.25%, 12/28/28 | 09/24/25 | 33 | 5 |  |
| Kaisa Group Holdings Ltd., 5.50%, 12/28/29 | 09/24/25 | 39 | 7 |  |
| Kaisa Group Holdings Ltd., 5.75%, 12/28/30 | 09/24/25 | 12 | 9 |  |
| Kaisa Group Holdings Ltd., 6.00%, 12/28/31 | 09/24/25 | 12 | 13 |  |
| Kaisa Group Holdings Ltd., 6.25%, 12/28/32 | 09/24/25 | 10 | 13 |  |
| KBC Groep, 6.25% (callable at 100, 09/17/31) | 03/06/25 | 446 | 492 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Ministry of Finance of the Russian Federation, 0.00%, 06/24/28 | 04/04/22 | 87 | 205 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/24/22 | 58 | 135 |  |
| National Grid Electricity Transmission PLC, 2.00%, 04/17/40 | 07/30/24 | 1185 | 1200 | 0.2 |
| Netflix, Inc., 3.88%, 11/15/29 | 04/24/19 | 1796 | 1696 | 0.2 |
| Nykredit Realkredit A/S, 1.00%, 10/01/50 | 11/10/21 | 13 | 11 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/15/21 | 244 | 200 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/13/21 | 417 | 339 |  |
| ProLogis, L.P., 4.20%, 02/15/33 | 01/28/25 | 485 | 513 | 0.1 |
| SB Capital S.A., 0.00%, 05/23/49 | 09/19/19 | 615 |  |  |
| SB Capital S.A., 0.00%, 10/29/49 | 11/23/20 | 5165 |  |  |
| SPP - distribucia , a.s., 1.00%, 06/09/31 | 07/10/24 | 268 | 305 |  |
| Stichting AK Rabobank Certificaten II, 6.50% | 01/17/17 | 756 | 832 | 0.1 |
| SW (Finance) I PLC, 7.00%, 04/16/40 | 07/09/24 | 1204 | 1348 | 0.2 |
| Synthos Spolka Akcyjna, 2.50%, 06/07/28 | 03/06/25 | 406 | 437 | 0.1 |
| Tesco Property Finance 5 PLC, Series BN-5, 5.66%, 10/13/41 | 01/31/17 | 666 | 726 | 0.1 |
| UBS Group AG, 9.25% (callable at 100, 11/13/28) | 03/11/25 | 436 | 439 | 0.1 |
| Yango Justice International Limited, 0.00%, 04/15/49 | 11/05/21 | 119 |  |  |
| Yango Justice International Limited, 0.00%, 04/15/49 | 12/10/20 | 203 |  |  |
| Yorkshire Water Finance PLC, 1.75%, 10/27/32 | 07/10/24 | 699 | 747 | 0.1 |
|  |  | 40012 | 34690 | 4.4 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3 Month SOFR Index | 330 | December 2027 |  | 79217 | (25) | 647 |
| 3 Month SOFR Index | 231 | March 2028 |  | 55400 | (17) | 470 |
| Australia 10 Year Bond | 37 | March 2026 | AUD | 4043 | 3 | 5 |
| Euro BOBL | 4 | March 2026 | EUR | 468 |  | (4) |
| Euro Bund | 2 | March 2026 | EUR | 259 | (1) | (4) |
| United States 10 Year Note | 400 | March 2026 |  | 45127 | (81) | (152) |
| United States 2 Year Note | 747 | April 2026 |  | 155993 | (53) | (27) |
| United States Ultra Bond | 902 | March 2026 |  | 108143 | (338) | (1707) |
|  |  |  |  |  | (512) | (772) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 5 Year Note | (632) | April 2026 |  | (69323) | 74 | 242 |
| United States Long Bond | (44) | March 2026 |  | (5112) | 10 | 26 |
|  |  |  |  |  | 84 | 268 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.25<br> (S) | 03/19/30 | AUD | 31200 | (13) | (404) |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.00<br> (S) | 12/17/35 | AUD | 7200 | (1) | (208) |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 03/18/56 | EUR | 4660 | 15 | 368 |
| 6M EURIBOR (S) | Paying | 2.50<br> (A) | 03/18/31 | EUR | 10 |  |  |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 03/18/36 | EUR | 100 |  | (2) |
| BRAZIBOR (A) | Paying | 12.03<br> (A) | 01/04/27 | BRL | 60600 | 1 | (266) |
| BRAZIBOR (A) | Paying | 13.32<br> (A) | 01/02/29 | BRL | 3400 |  | (1) |
| BRAZIBOR (A) | Paying | 13.36<br> (A) | 01/02/29 | BRL | 20100 | 2 | 2 |
| BRAZIBOR (A) | Paying | 13.29<br> (A) | 01/02/29 | BRL | 32000 | 2 | (13) |
| BRAZIBOR (A) | Paying | 13.40<br> (A) | 01/02/29 | BRL | 45000 | 3 | 7 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.75<br> (A) | 09/17/30 | GBP | 22800 | 25 | 260 |
| U.S. SOFR (A) | Receiving | 4.14<br> (A) | 01/03/26 |  | 8200 | (17) |  |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 |  | 36700 | 51 | 343 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 03/19/30 |  | 13400 | 20 | 10 |
| U.S. SOFR (A) | Receiving | 3.29<br> (A) | 05/31/30 |  | 10602 | 17 | 48 |
| U.S. SOFR (A) | Receiving | 3.38<br> (A) | 05/31/30 |  | 13996 | 23 | 3 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/30 |  | 10700 | 18 | (72) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 08/19/34 |  | 20 |  |  |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 08/28/34 |  | 1300 | 3 | 16 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 09/04/34 |  | 200 |  | 3 |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 09/04/34 |  | 1400 | 4 | 21 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Receiving | 3.87<br> (A) | 03/05/35 | 10600 | 30 | (69) |
| U.S. SOFR (A) | Receiving | 3.93<br> (A) | 03/24/35 | 1400 | 4 | (19) |
| U.S. SOFR (A) | Receiving | 3.64<br> (A) | 08/15/35 | 3700 | 11 | 33 |
| U.S. SOFR (A) | Receiving | 3.70<br> (A) | 08/15/35 | 3700 | 11 | 26 |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 08/15/35 | 6432 | 18 | 15 |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 09/17/35 | 600 | 2 | 11 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/20/54 | 12110 | 50 | 1180 |
|  |  |  |  |  | 279 | 1292 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| General Motors Company (Q) | N/A | 5.00 | 06/20/30 | 1400 | (234) | 1 | (2) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| AES Corporation, The (Q) | 0.65 | 5.00 | 12/20/28 | (300) | 37 |  |  |
| American International Group, Inc. (Q) | 0.16 | 1.00 | 12/20/26 | (1000) | 8 |  | (13) |
| AT&T Inc. (Q) | 0.25 | 1.00 | 06/20/26 | (2100) | 7 |  | (24) |
| AT&T Inc. (Q) | 0.30 | 1.00 | 12/20/26 | (800) | 5 |  | (4) |
| AT&T Inc. (Q) | 0.41 | 1.00 | 06/20/28 | (500) | 7 |  | 9 |
| Bank of America Corporation (Q) | 0.30 | 1.00 | 12/20/26 | (200) | 1 |  | (1) |
| Boeing Company, The (Q) | 0.33 | 1.00 | 06/20/27 | (1000) | 10 |  | 45 |
| CDX.NA.IG.44 (Q) | 0.46 | 1.00 | 06/20/30 | (30200) | 677 | (1) | 54 |
| CDX.NA.IG.45 (Q) | 0.50 | 1.00 | 12/20/30 | (136660) | 3094 | (6) | 19 |
| Credit Agricole SA (Q) | 0.62 | 1.00 | 12/20/30 | (1400) | 29 | 1 | 5 |
| Electricite de France (Q) | 0.55 | 1.00 | 06/20/30 | (700) | 16 |  | 5 |
| General Electric Company (Q) | 0.05 | 1.00 | 06/20/26 | (1000) | 4 |  | (4) |
| General Motors Company (Q) | 0.28 | 5.00 | 12/20/26 | (320) | 15 |  | (38) |
| Glencore Finance (Europe) S.A. (Q) | 0.92 | 5.00 | 06/20/31 | (600) | 146 | (1) | (3) |
| Hess Corporation (Q) | 0.09 | 1.00 | 12/20/26 | (1800) | 16 |  | 40 |
| MetLife, Inc. (Q) | 0.34 | 1.00 | 06/20/28 | (800) | 12 |  | 28 |
| Morgan Stanley (Q) | 0.23 | 1.00 | 06/20/26 | (1700) | 6 |  | (3) |
| Oracle Corporation (Q) | 1.37 | 1.00 | 06/20/30 | (400) | (6) |  | (15) |
| Tesco PLC (Q) | 0.18 | 1.00 | 12/20/27 | (1700) | 32 |  | 33 |
| Verizon Communications Inc. (Q) | 0.29 | 1.00 | 12/20/26 | (1400) | 10 |  | (23) |
|  |  |  |  |  | 4126 | (7) | 110 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Futures Options** |
| **Reference Entity** | **Notional** | **Notional** | **Purchased**<br>(Written)<br>**Contracts<sup>1</sup>** | **Exercise**<br>**Price** | **Exercise**<br>**Price** | **Expiration** | **Variation**<br>**Margin Receivable (Payable) ($)** | **Unrealized**<br>**Appreciation (Depreciation) ($)** |
| **Interest Options** | **Interest Options** | **Interest Options** |  |  |  |  |  |  |
| Euro Bund Future, Feb. 2026 | EUR | (638) | (5) | EUR | 127.50 | 01/23/26 | (1) | (1) |
| Euro Bund Future, Feb. 2026 | EUR | (653) | (5) | EUR | 130.50 | 01/23/26 |  | 3 |
|  |  |  |  |  |  |  | (1) | 2 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| USD/KRW Spot Rate | BCL | Put | KRW | 1412.00 | 02/24/26 | 1017000 | 1017 | 5 |
| USD/KRW Spot Rate | BOA | Put | KRW | 1415.00 | 02/19/26 | 1409000 | 1409 | 8 |
| USD/KRW Spot Rate | BOA | Put | KRW | 1413.00 | 02/27/26 | 2691000 | 2691 | 16 |
| USD/KRW Spot Rate | BOA | Put | KRW | 1410.00 | 02/27/26 | 5530000 | 5530 | 30 |
|  |  |  |  |  |  |  |  | 59 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** |
| United States 10 Year Note Future, Mar. 2026 | Call | 113.50 | 01/23/26 | 65 | 7378 | (8) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| United States 10 Year Note Future, Mar. 2026 | Put | 112.00 | 01/23/26 | 18 | 2016 | (5) |
| United States 10 Year Note Future, Mar. 2026 | Put | 111.50 | 01/23/26 | 47 | 5241 | (6) |
|  |  |  |  |  |  | (19) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| USD/KRW Spot Rate | BCL | Put | KRW | 1372.00 | 02/24/26 | 928000 | 928 | (1) |
| USD/KRW Spot Rate | BNP | Put | KRW | 1372.00 | 02/24/26 | 89000 | 89 |  |
| USD/KRW Spot Rate | BOA | Put | KRW | 1375.00 | 02/19/26 | 1409000 | 1409 | (2) |
| USD/KRW Spot Rate | BOA | Put | KRW | 1375.00 | 02/27/26 | 5530000 | 5530 | (10) |
| USD/KRW Spot Rate | BOA | Put | KRW | 1375.00 | 02/27/26 | 2691000 | 2691 | (5) |
|  |  |  |  |  |  |  |  | (18) |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| U.S. SOFR, 01/07/36 | BPC | Call |  | 3.55 | 01/05/26 | 1000000 | 1000 |  |
| U.S. SOFR, 01/12/36 | BPC | Call |  | 3.63 | 01/08/26 | 500000 | 500 |  |
| U.S. SOFR, 02/02/36 | BPC | Call |  | 3.62 | 01/29/26 | 1000000 | 1000 | (1) |
| U.S. SOFR, 01/06/36 | GSC | Call |  | 3.55 | 01/02/26 | 1000000 | 1000 |  |
| U.S. SOFR, 01/12/36 | GSC | Call |  | 3.63 | 01/08/26 | 1100000 | 1100 |  |
| U.S. SOFR, 01/14/36 | GSC | Call |  | 3.64 | 01/12/26 | 1100000 | 1100 |  |
| U.S. SOFR, 01/14/36 | GSC | Call |  | 3.58 | 01/12/26 | 1000000 | 1000 | (2) |
| U.S. SOFR, 01/20/36 | GSC | Call |  | 3.65 | 01/15/26 | 1000000 | 1000 | (1) |
| U.S. SOFR, 01/07/36 | BPC | Put |  | 3.83 | 01/05/26 | 1000000 | 1000 | (1) |
| U.S. SOFR, 01/12/36 | BPC | Put |  | 3.93 | 01/08/26 | 500000 | 500 |  |
| U.S. SOFR, 02/02/36 | BPC | Put |  | 3.88 | 01/29/26 | 1000000 | 1000 | (3) |
| U.S. SOFR, 01/06/36 | GSC | Put |  | 3.85 | 01/02/26 | 1000000 | 1000 |  |
| U.S. SOFR, 01/12/36 | GSC | Put |  | 3.93 | 01/08/26 | 1100000 | 1100 |  |
| U.S. SOFR, 01/14/36 | GSC | Put |  | 3.88 | 01/12/26 | 1000000 | 1000 |  |
| U.S. SOFR, 01/14/36 | GSC | Put |  | 3.92 | 01/12/26 | 1100000 | 1100 | (1) |
| U.S. SOFR, 01/20/36 | GSC | Put |  | 3.93 | 01/15/26 | 1000000 | 1000 | (1) |
|  |  |  |  |  |  |  |  | (10) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRL/USD | BNP | 01/05/26 | BRL | 27200 | 4964 | (56) |
| BRL/USD | CIT | 02/03/26 | BRL | 27262 | 4936 | 62 |
| BRL/USD | GSC | 03/03/26 | BRL | 22258 | 4010 | (7) |
| CNY/USD | BNP | 01/05/26 | CNY | 2167 | 310 |  |
| CNY/USD | BNP | 01/06/26 | CNY | 1640 | 235 |  |
| CNY/USD | BNP | 01/21/26 | CNY | 2189 | 314 | 3 |
| CNY/USD | CIT | 01/21/26 | CNY | 3848 | 551 |  |
| CNY/USD | GSC | 01/21/26 | CNY | 2897 | 415 | 4 |
| CNY/USD | JPM | 01/21/26 | CNY | 3656 | 524 | 4 |
| EUR/USD | BNP | 01/14/26 | EUR | 377 | 443 | 5 |
| GBP/USD | DUB | 01/14/26 | GBP | 1835 | 2473 | 42 |
| GBP/USD | UBS | 01/14/26 | GBP | 81 | 110 | 2 |
| ILS/USD | DUB | 01/15/26 | ILS | 1009 | 317 | 1 |
| INR/USD | BNP | 01/30/26 | INR | 8131 | 90 |  |
| INR/USD | CIT | 01/30/26 | INR | 437577 | 4858 | 40 |
| INR/USD | BNP | 02/02/26 | INR | 18378 | 204 |  |
| JPY/USD | ANZ | 01/14/26 | JPY | 176184 | 1126 | (8) |
| JPY/USD | MSC | 01/14/26 | JPY | 974 | 6 |  |
| MXN/USD | DUB | 01/29/26 | MXN | 586 | 32 | 1 |
| MXN/USD | HSB | 02/25/26 | MXN | 3 |  |  |
| MXN/USD | GSC | 03/02/26 | MXN | 67457 | 3726 | 90 |
| MXN/USD | HSB | 03/09/26 | MXN | 2437 | 135 | 2 |
| MXN/USD | JPM | 03/09/26 | MXN | 5822 | 321 | 4 |
| MXN/USD | JPM | 04/09/26 | MXN | 1676 | 92 | 1 |
| MXN/USD | GSC | 04/10/26 | MXN | 2906 | 160 | 3 |
| MXN/USD | JPM | 04/10/26 | MXN | 1697 | 93 | 1 |
| MXN/USD | BOA | 04/13/26 | MXN | 1041 | 57 | 1 |
| MXN/USD | GSC | 04/13/26 | MXN | 2600 | 143 | 2 |
| MXN/USD | GSC | 04/15/26 | MXN | 3487 | 192 | 3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| MXN/USD | HSB | 04/15/26 | MXN | 2718 | 149 | 2 |
| NZD/USD | CIT | 01/14/26 | NZD | 4295 | 2474 | (12) |
| NZD/USD | HSB | 01/14/26 | NZD | 2969 | 1710 | 5 |
| PLN/USD | BNP | 01/16/26 | PLN | 1307 | 364 | 1 |
| PLN/USD | BOA | 01/16/26 | PLN | 8276 | 2305 | 42 |
| PLN/USD | CIT | 01/16/26 | PLN | 216 | 60 |  |
| PLN/USD | UBS | 01/22/26 | PLN | 1043 | 290 |  |
| TRY/USD | GSC | 01/08/26 | TRY | 97172 | 2259 | 92 |
| TRY/USD | BNP | 01/14/26 | TRY | 85430 | 1976 | 37 |
| TRY/USD | BCL | 02/02/26 | TRY | 377 | 9 |  |
| TRY/USD | BCL | 02/03/26 | TRY | 39523 | 900 | 26 |
| TRY/USD | BCL | 03/05/26 | TRY | 72332 | 1613 | 22 |
| TWD/USD | BNP | 01/12/26 | TWD | 7166 | 228 | (2) |
| TWD/USD | BNP | 01/20/26 | TWD | 26534 | 845 | 3 |
| TWD/USD | BOA | 01/20/26 | TWD | 1344 | 43 |  |
| TWD/USD | CIT | 01/20/26 | TWD | 1556 | 50 |  |
| TWD/USD | HSB | 01/20/26 | TWD | 2074 | 66 |  |
| TWD/USD | BNP | 01/30/26 | TWD | 7548 | 241 | 1 |
| TWD/USD | BNP | 02/02/26 | TWD | 8733 | 278 |  |
| TWD/USD | CIT | 02/02/26 | TWD | 405 | 13 |  |
| TWD/USD | DUB | 02/02/26 | TWD | 547 | 18 |  |
| TWD/USD | BNP | 02/05/26 | TWD | 6933 | 221 |  |
| USD/AUD | BNP | 01/14/26 | AUD | (2263) | (1510) | (19) |
| USD/AUD | CIT | 01/14/26 | AUD | (2567) | (1713) | (10) |
| USD/AUD | HSB | 01/14/26 | AUD | (305) | (204) | (2) |
| USD/AUD | JPM | 01/14/26 | AUD | (8745) | (5836) | (122) |
| USD/BRL | CIT | 01/05/26 | BRL | (27060) | (4938) | (64) |
| USD/BRL | GSC | 03/03/26 | BRL | (121) | (22) |  |
| USD/CAD | CIT | 01/14/26 | CAD | (3841) | (2799) | (69) |
| USD/CAD | HSB | 01/14/26 | CAD | (3797) | (2768) | (70) |
| USD/CHF | BNP | 01/05/26 | CHF | (94) | (119) |  |
| USD/CHF | BNP | 01/06/26 | CHF | (69) | (87) |  |
| USD/CHF | GSC | 01/14/26 | CHF | (255) | (322) | (4) |
| USD/CHF | HSB | 01/14/26 | CHF | (102) | (129) | (1) |
| USD/CHF | HSB | 01/14/26 | CHF | (56) | (71) |  |
| USD/CNY | BNP | 01/21/26 | CNY | (9027) | (1293) | (12) |
| USD/CNY | GSC | 01/21/26 | CNY | (4498) | (644) | (5) |
| USD/CNY | JPM | 01/21/26 | CNY | (18731) | (2682) | (23) |
| USD/CNY | SCB | 01/21/26 | CNY | (8972) | (1285) | (12) |
| USD/DKK | BCL | 01/14/26 | DKK | (3427) | (540) | (8) |
| USD/EUR | HSB | 01/14/26 | EUR | (25863) | (30408) | (390) |
| USD/GBP | BOA | 01/14/26 | GBP | (6216) | (8379) | (195) |
| USD/GBP | HSB | 01/14/26 | GBP | (665) | (896) | (3) |
| USD/ILS | BCL | 01/15/26 | ILS | (291) | (91) | (1) |
| USD/ILS | BNP | 01/15/26 | ILS | (1063) | (334) | (4) |
| USD/ILS | JPM | 01/15/26 | ILS | (3376) | (1060) | (30) |
| USD/ILS | DUB | 01/22/26 | ILS | (482) | (151) | (1) |
| USD/ILS | BCL | 02/19/26 | ILS | (288) | (91) | (1) |
| USD/ILS | BOA | 02/19/26 | ILS | (643) | (202) |  |
| USD/ILS | CIT | 02/19/26 | ILS | (513) | (161) |  |
| USD/ILS | DUB | 02/19/26 | ILS | (1009) | (317) |  |
| USD/ILS | MSC | 02/19/26 | ILS | (1063) | (334) | (4) |
| USD/INR | BNP | 01/08/26 | INR | (4507) | (50) |  |
| USD/INR | BNP | 01/12/26 | INR | (13523) | (150) |  |
| USD/INR | BOA | 01/20/26 | INR | (913) | (10) |  |
| USD/INR | SCB | 01/20/26 | INR | (2729) | (30) |  |
| USD/JPY | BNP | 01/05/26 | JPY | (3126) | (20) |  |
| USD/JPY | BNP | 01/06/26 | JPY | (6523) | (41) |  |
| USD/JPY | BCL | 01/14/26 | JPY | (600) | (4) |  |
| USD/JPY | BNP | 01/14/26 | JPY | (314200) | (2008) | (7) |
| USD/JPY | BNP | 01/14/26 | JPY | (114100) | (729) | 9 |
| USD/JPY | HSB | 01/14/26 | JPY | (120720) | (771) | 5 |
| USD/JPY | SCB | 01/14/26 | JPY | (121740) | (778) | 4 |
| USD/MXN | JPM | 01/30/26 | MXN | (589) | (33) | (1) |
| USD/NZD | BNP | 01/05/26 | NZD | (349) | (201) | 1 |
| USD/NZD | BNP | 01/06/26 | NZD | (252) | (145) |  |
| USD/NZD | CIT | 01/14/26 | NZD | (2120) | (1221) | (4) |
| USD/NZD | CIT | 01/14/26 | NZD | (381) | (219) | 1 |
| USD/NZD | HSB | 01/14/26 | NZD | (380) | (219) | 1 |
| USD/NZD | JPM | 01/14/26 | NZD | (535) | (308) | 2 |
| USD/PEN | DUB | 01/26/26 | PEN | (2421) | (720) | (44) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/PEN | CIT | 02/09/26 | PEN | (2971) | (883) | (74) |
| USD/PEN | CIT | 03/02/26 | PEN | (3615) | (1073) | (57) |
| USD/PEN | CIT | 03/12/26 | PEN | (654) | (194) | (1) |
| USD/PEN | CIT | 03/18/26 | PEN | (2611) | (775) | (33) |
| USD/PEN | CIT | 05/26/26 | PEN | (8815) | (2609) | (136) |
| USD/PEN | CIT | 08/03/26 | PEN | (1991) | (588) | (8) |
| USD/PLN | MSC | 01/16/26 | PLN | (1) |  |  |
| USD/SGD | MSC | 01/14/26 | SGD | (6507) | (5066) | (36) |
| USD/TWD | BNP | 01/08/26 | TWD | (1880) | (60) |  |
| USD/TWD | CIT | 01/22/26 | TWD | (123656) | (3940) | 21 |
| USD/ZAR | BNP | 01/22/26 | ZAR | (2691) | (162) | (1) |
| USD/ZAR | BCL | 01/26/26 | ZAR | (14692) | (886) | (38) |
| USD/ZAR | DUB | 01/26/26 | ZAR | (26182) | (1579) | (76) |
| USD/ZAR | GSC | 01/26/26 | ZAR | (13500) | (814) | (31) |
| USD/ZAR | JPM | 01/26/26 | ZAR | (23107) | (1393) | (47) |
| USD/ZAR | UBS | 01/26/26 | ZAR | (25647) | (1546) | (72) |
| ZAR/USD | DUB | 01/22/26 | ZAR | 2685 | 162 | 2 |
| ZAR/USD | BNP | 01/26/26 | ZAR | 6066 | 366 | 2 |
| ZAR/USD | BOA | 01/26/26 | ZAR | 2668 | 161 | 1 |
| ZAR/USD | CIT | 01/26/26 | ZAR | 3546 | 214 | 3 |
|  |  |  |  |  | (50759) | (1247) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| ITRAXX.EUR.XO.44 (Q)  | BOA | 0.58 | 5.00 | 12/20/30  | (2000)  | 400  | 385  | 15  |
| ITRAXX.EUR.XO.44 (Q)  | BPC | 0.58 | 5.00 | 12/20/30  | (706)  | 141  | 138  | 3  |
| ITRAXX.EUR.XO.44 (Q)  | CIT | 0.58 | 5.00 | 12/20/30  | (235)  | 47  | 45  | 2  |
| ITRAXX.EUR.XO.44 (Q)  | JPM | 0.58 | 5.00 | 12/20/30  | (706)  | 142  | 138  | 4  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 3.91 | 4.75 | 07/06/26  | (535)  | (1)  | —  | (1)  |
| SoftBank Group Corp. (Q)  | GSC | 1.71 | 1.00 | 06/20/26  | (200)  | (1)  | (2)  | 1  |
|  |  |  |  |  | (4382) | 728 | 704 | 24 |

---

‡Credit Default Swap fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 630114 |  | 630114 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 135176 |  | 135176 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 42389 |  | 42389 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 3108 | 1649 | 4757 |
| &nbsp;&nbsp;Preferred Stocks | 881 |  |  | 881 |
| &nbsp;&nbsp;Common Stocks | 8 | 46 | 113 | 167 |
| &nbsp;&nbsp;Short Term Investments | 7743 | 1644 |  | 9387 |
|  | 8632 | 812477 | 1762 | 822871 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1390 |  |  | 1390 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 2346 |  | 2346 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 238 |  | 238 |
| &nbsp;&nbsp;Exchange Traded Futures Options | 3 |  |  | 3 |
| &nbsp;&nbsp;OTC Purchased Options |  | 59 |  | 59 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 554 |  | 554 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 25 |  | 25 |
|  | 1393 | 3222 |  | 4615 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund (continued)** |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1894) |  |  | (1894) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (1054) |  | (1054) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (130) |  | (130) |
| &nbsp;&nbsp;Exchange Traded Futures Options | (1) |  |  | (1) |
| &nbsp;&nbsp;Exchange Traded Written Options | (19) |  |  | (19) |
| &nbsp;&nbsp;OTC Written Options |  | (28) |  | (28) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1801) |  | (1801) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  |  | (1) | (1) |
|  | (1914) | (3013) | (1) | (4928) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 128.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 128.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 128.0%** |
| **U.S. Treasury Inflation Indexed Securities 104.9%** | **U.S. Treasury Inflation Indexed Securities 104.9%** | **U.S. Treasury Inflation Indexed Securities 104.9%** |
| Treasury, United States Department of |  |  |
| 0.13%, 04/15/26 - 02/15/51 (a) | 65350 | 56981 |
| 0.13%, 10/15/26 - 01/15/32 (a) (b) | 107185 | 100982 |
| 0.38%, 01/15/27 - 07/15/27 (a) (b) | 67794 | 66990 |
| 2.38%, 01/15/27 (a) (c) | 420 | 423 |
| 0.13%, 04/15/27 - 02/15/52 (a) (c) | 17385 | 14258 |
| 1.63%, 10/15/27 - 04/15/30 (a) (b) | 123597 | 124572 |
| 0.50%, 01/15/28 (a) (b) | 53331 | 52398 |
| 1.75%, 01/15/28 (a) | 15053 | 15166 |
| 1.25%, 04/15/28 (a) (c) | 18997 | 18923 |
| 3.63%, 04/15/28 (a) (b) | 37672 | 39535 |
| 0.75%, 07/15/28 - 02/15/45 (a) (b) | 80966 | 67191 |
| 2.38%, 10/15/28 - 02/15/55 (a) (b) | 53585 | 54080 |
| 0.88%, 01/15/29 - 02/15/47 (a) | 35706 | 29419 |
| 2.50%, 01/15/29 (a) (b) | 17739 | 18316 |
| 2.13%, 04/15/29 - 01/15/35 (a) (b) | 56752 | 57868 |
| 3.88%, 04/15/29 (a) | 14564 | 15696 |
| 0.25%, 07/15/29 (a) (b) | 28573 | 27542 |
| 1.13%, 10/15/30 (a) | 17012 | 16763 |
| 0.63%, 07/15/32 (a) (b) | 88980 | 83544 |
| 1.13%, 01/15/33 (a) (b) | 42193 | 40512 |
| 1.38%, 07/15/33 - 02/15/44 (a) (b) | 73390 | 68515 |
| 1.75%, 01/15/34 (a) (b) | 45971 | 45745 |
| 1.88%, 07/15/34 - 07/15/35 (a) (b) | 77456 | 77601 |
| 2.13%, 02/15/40 - 02/15/54 (a) | 32699 | 31005 |
| 0.63%, 02/15/43 (a) | 5580 | 4150 |
| 1.00%, 02/15/46 - 02/15/49 (a) | 35780 | 26531 |
| 0.25%, 02/15/50 (a) | 11018 | 6340 |
| 1.50%, 02/15/53 (a) | 6353 | 4952 |
|  |  | 1165998 |
| **Mortgage-Backed Securities 15.1%** | **Mortgage-Backed Securities 15.1%** | **Mortgage-Backed Securities 15.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.40%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.79%), 07/01/36 (d) | 38 | 39 |
| 6.19%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.45%), 09/01/36 (d) | 12 | 13 |
| 6.18%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.60%), 10/01/36 (d) | 13 | 14 |
| Federal National Mortgage Association, Inc. |  |  |
| 5.93%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.27%), 11/01/35 (d) | 10 | 10 |
| 6.75%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.81%), 03/01/36 (d) | 22 | 23 |
| 4.50%, 09/01/52 - 11/01/52 | 834 | 818 |
| 5.00%, 06/01/53 | 327 | 328 |
| 6.50%, 12/01/53 | 577 | 600 |
| TBA, 4.50%, 01/15/56 - 02/15/56 (b) | 44800 | 43708 |
| TBA, 5.50%, 02/15/56 (b) | 17100 | 17322 |
| TBA, 6.00%, 02/15/56 (b) | 39800 | 40837 |
| TBA, 6.50%, 03/15/56 (b) | 19000 | 19737 |
| Government National Mortgage Association |  |  |
| 3.50%, 10/20/54 - 05/20/55 | 37453 | 34095 |
| TBA, 3.50%, 02/15/56 (b) | 7000 | 6363 |
| Government National Mortgage Association II |  |  |
| 3.50%, 05/20/52 - 08/20/54 | 4878 | 4491 |
|  |  | 168398 |
| **Treasury Inflation Indexed Securities 5.0%** | **Treasury Inflation Indexed Securities 5.0%** | **Treasury Inflation Indexed Securities 5.0%** |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 03/10/28 - 03/10/29, JPY (a) | 3541030 | 22986 |
| 0.01%, 03/10/34 - 03/10/35, JPY (a) | 861598 | 5370 |
| Gouvernement De France |  |  |
| 0.10%, 07/25/38, EUR (a) | 121 | 114 |
| Government of Canada |  |  |
| 4.25%, 12/01/26, CAD (a) | 7156 | 5382 |
| Republique Francaise Presidence |  |  |
| 0.10%, 03/01/26, EUR (a) (e) | 12891 | 15095 |
| 0.10%, 07/25/31, EUR (a) | 2459 | 2733 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 0.40%, 05/15/30, EUR (a) (e) | 2119 | 2423 |
| 1.80%, 05/15/36, EUR (a) (f) | 834 | 977 |
|  |  | 55080 |
| **Collateralized Mortgage Obligations 2.9%** | **Collateralized Mortgage Obligations 2.9%** | **Collateralized Mortgage Obligations 2.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series F1-278, 4.55%, (SOFR 30-Day Average + 0.56%), 09/15/42 (d) | 832 | 821 |
| Series WF-4779, REMIC, 4.67%, (SOFR 30-Day Average + 0.46%), 07/15/44 (d) | 464 | 459 |
| Series T-1A1-62, REMIC, 5.28%, (12 Month Treasury Average + 1.20%), 10/25/44 (d) | 73 | 66 |
| Series T-1A1-63, REMIC, 5.28%, (12 Month Treasury Average + 1.20%), 02/25/45 (d) | 56 | 52 |
| Series MF-5513, REMIC, 4.81%, (SOFR 30-Day Average + 0.94%), 11/25/54 (d) | 2677 | 2685 |
| Series FG-5511, REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 03/25/55 (d) | 1037 | 1041 |
| REMIC, 5.02%, (SOFR 30-Day Average + 1.15%), 08/25/55 (d) | 1134 | 1141 |
| Series PF-4851, REMIC, 4.50%, (SOFR 30-Day Average + 0.51%), 08/15/57 (d) | 3958 | 3765 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-A1-73, REMIC, 4.05%, (SOFR 30-Day Average + 0.17%), 07/25/37 (d) | 16 | 16 |
| Government National Mortgage Association |  |  |
| Series 2017-FB-H10, REMIC, 5.59%, (12 Month Term SOFR + 1.47%), 04/20/67 (d) | 587 | 594 |
| Series 2018-FG-H15, REMIC, 4.31%, (12 Month Term SOFR + 0.87%), 08/20/68 (d) (g) | 1404 | 1411 |
| Series 2022-F-H22, REMIC, 4.82%, (SOFR 30-Day Average + 0.90%), 10/20/72 (d) | 2233 | 2245 |
| Government National Mortgage Association Guaranteed Remic Pass-Through Securities, The |  |  |
| Series 2025-FJ-47, REMIC, 4.90%, (SOFR 30-Day Average + 1.03%), 06/25/55 (d) | 5142 | 5171 |
| Series 2033-F-53, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 07/25/55 (d) | 1744 | 1755 |
| Series 2025-FK-66, REMIC, 5.05%, (SOFR 30-Day Average + 1.18%), 08/25/55 (d) | 867 | 872 |
| Series 2025-F-H22, REMIC, 4.88%, (SOFR 30-Day Average + 0.78%), 10/20/75 (d) (g) | 10574 | 10608 |
|  |  | 32702 |
| **Sovereign 0.1%** | **Sovereign 0.1%** | **Sovereign 0.1%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.85%, 07/02/32 | 300 | 308 |
| 6.63%, 01/29/38 | 300 | 313 |
|  |  | 621 |
| **U.S. Treasury Note 0.0%** | **U.S. Treasury Note 0.0%** | **U.S. Treasury Note 0.0%** |
| Treasury, United States Department of |  |  |
| 4.25%, 08/15/35 (c) | 129 | 130 |
| **U.S. Treasury Bond 0.0%** | **U.S. Treasury Bond 0.0%** | **U.S. Treasury Bond 0.0%** |
| Treasury, United States Department of |  |  |
| 4.88%, 08/15/45 (c) | 91 | 92 |
| **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** |
| U.S. Small Business Administration |  |  |
| 5.29%, 12/01/27 | 27 | 27 |
| Total Government And Agency Obligations (cost $1,437,924) | Total Government And Agency Obligations (cost $1,437,924) | 1423048 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.4%** |
| 522 Funding CLO 2018-3(A), Ltd. |  |  |
| Series 2018-AR-3A, 5.19%, (3 Month Term SOFR + 1.30%), 10/20/31 (d) | 92 | 92 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP1 |  |  |
| Series 2007-A2B-ASP1, REMIC, 0.00%, (1 Month Term SOFR + 0.51%), 03/25/37 (d) (g) (h) | 314 | 119 |
| AG Trust 2024-NLP |  |  |
| Series 2024-A-NLP, REMIC, 5.77%, (1 Month Term SOFR + 2.02%), 08/15/29 (d) | 428 | 430 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A4-29CB, REMIC, 5.00%, 07/25/35 | 60 | 31 |
| Alternative Loan Trust 2006-HY11 |  |  |
| Series 2006-A1-HY11, REMIC, 4.10%, (1 Month Term SOFR + 0.35%), 06/25/36 (d) (h) | 209 | 196 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alternative Loan Trust 2007-1T1 |  |  |
| Series 2007-1A1-1T1, REMIC, 6.00%, 03/25/37 | 2163 | 726 |
| Alternative Loan Trust 2007-4CB |  |  |
| Series 2007-1A35-4CB, REMIC, 6.00%, 04/25/37 | 187 | 158 |
| Anchorage Capital CLO 20, Ltd. |  |  |
| Series 2021-A1R-20A, 4.98%, (3 Month Term SOFR + 1.10%), 01/22/35 (d) | 900 | 900 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl1, Ltd. |  |  |
| Series 2022-A-FL1, 5.43%, (SOFR 30-Day Average + 1.45%), 01/15/37 (d) | 525 | 525 |
| Arbour CLO VI Designated Activity Company |  |  |
| Series AR-6A, 3.21%, 11/15/37, EUR (d) (f) | 1000 | 1177 |
| Atlas Senior Loan Fund XV Ltd |  |  |
| Series 2019-A1R-15A, 5.08%, (3 Month Term SOFR + 1.22%), 10/23/32 (d) | 332 | 332 |
| Bain Capital Credit |  |  |
| Series 2021-A1R-2A, REMIC, 5.12%, (3 Month Term SOFR + 1.23%), 07/17/34 (d) | 600 | 601 |
| Banc of America Mortgage Securities, Inc. |  |  |
| Series 2005-2A1-E, REMIC, 5.32%, 06/25/35 (d) | 8 | 8 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.46%, 03/26/37 (d) (g) | 82 | 81 |
| BDS 2022-FL11 LLC |  |  |
| Series 2022-ATS-FL11, 5.53%, (1 Month Term SOFR + 1.80%), 03/21/39 (d) | 790 | 790 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-24A1-10, REMIC, 5.04%, 01/25/36 (d) | 65 | 61 |
| Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Series 2006-4 |  |  |
| Series 2006-21A1-4, REMIC, 4.56%, 08/25/36 (d) | 76 | 44 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2003-3A2-3, REMIC, 6.50%, 05/25/33 (d) | 4 | 4 |
| Series 2003-2A1-9, REMIC, 5.55%, 02/25/34 (d) | 26 | 25 |
| Series 2004-22A1-9, REMIC, 5.71%, 11/25/34 (d) | 20 | 20 |
| Series 2004-22A1-10, REMIC, 5.12%, 01/25/35 (d) | 23 | 20 |
| Bear Stearns ARM Trust 2005-6 |  |  |
| Series 2005-2A1-1, REMIC, 4.78%, 03/25/35 (d) | 55 | 51 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-2A1-R6, REMIC, 4.51%, 12/26/46 (d) | 154 | 121 |
| Black Diamond CLO 2019-1 Designated Activity Company |  |  |
| Series 2019-A1R-1A, 3.02%, (3 Month EURIBOR + 0.98%), 05/15/32, EUR (d) (f) | 125 | 147 |
| BlueMountain CLO XXII Ltd |  |  |
| Series 2018-A1-22A, 5.25%, (3 Month Term SOFR + 1.34%), 07/15/31 (d) | 272 | 272 |
| Bosphorus CLO VI Designated Activity Company |  |  |
| Series A-6A, 2.90%, (3 Month EURIBOR + 0.85%), 05/25/34, EUR (d) (f) | 4960 | 5821 |
| Capital Four CLO X Designated Activity Company |  |  |
| Series A-10A, 3.28%, (3 Month EURIBOR + 1.25%), 10/25/38, EUR (d) (f) | 2400 | 2821 |
| Capital Four US CLO II Ltd. |  |  |
| Series 2022-AR-1A, 5.78%, (3 Month Term SOFR + 1.90%), 01/21/37 (d) | 500 | 500 |
| Carlyle Global Market Strategies Euro CLO 2014-2 Designated Activity Company |  |  |
| Series 2014-AR1-2A, 2.81%, (3 Month EURIBOR + 0.75%), 11/15/31, EUR (d) (e) | 160 | 188 |
| C-Bass Mortgage Loan Asset Backed Certificates Series 2002-CB2 |  |  |
| Series 2005-M4-CB3, REMIC, 3.49%, (1 Month Term SOFR + 1.16%), 08/25/34 (d) (g) (h) | 158 | 154 |
| Cedar Funding V CLO Ltd |  |  |
| Series 2016-A1R-5A, 5.24%, (3 Month Term SOFR + 1.36%), 07/17/31 (d) | 317 | 317 |
| Chase Mortgage Finance Trust Series 2007-A1 |  |  |
| Series 2007-5A1-A1, REMIC, 6.01%, 02/25/37 (d) | 6 | 6 |
| CHL Mortgage Pass-Through Trust 2007-1 |  |  |
| Series 2007-A1-1, REMIC, 6.00%, 03/25/37 | 698 | 312 |
| CIFC European Funding CLO III Designated Activity Company |  |  |
| Series A-3A, 3.08%, (3 Month EURIBOR + 1.05%), 01/15/34, EUR (d) (f) | 4000 | 4703 |
| CIT Mortgage Loan Trust 2007-1 |  |  |
| Series 2007-1M1-1, REMIC, 6.10%, (1 Month Term SOFR + 1.61%), 10/26/37 (d) | 1212 | 1214 |
| Citigroup Mortgage Loan Trust 2006-AMC1 |  |  |
| Series 2006-A1-AMC1, REMIC, 3.34%, (1 Month Term SOFR + 0.40%), 09/25/36 (d) (g) (h) | 1023 | 1005 |
| Citigroup Mortgage Loan Trust 2007-10 |  |  |
| Series 2007-22AA-10, REMIC, 4.45%, 09/25/37 (d) | 192 | 180 |
| Citigroup Mortgage Loan Trust 2007-AMC2 |  |  |
| Series 2007-A3A-AMC2, REMIC, 3.87%, (1 Month Term SOFR + 0.19%), 01/25/37 (d) (g) (h) | 39 | 29 |
| Citigroup Mortgage Loan Trust 2007-AMC3 |  |  |
| Series 2007-A2B-AMC3, REMIC, 2.18%, (1 Month Term SOFR + 0.29%), 03/25/37 (d) (g) (h) | 895 | 792 |
| Citigroup Mortgage Loan Trust 2007-AMC4 |  |  |
| Series 2007-M1-AMC4, REMIC, 4.35%, (1 Month Term SOFR + 0.38%), 05/25/37 (d) (g) (h) | 1200 | 1115 |
| Citigroup Mortgage Loan Trust 2007-AR4 |  |  |
| Series 2007-1A1A-AR4, REMIC, 4.56%, 03/25/37 (d) | 774 | 676 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2004-1CB1-NCM2, REMIC, 5.50%, 08/25/34 | 4 | 4 |
| Series 2005-2A2B-3, REMIC, 5.40%, 08/25/35 (d) | 16 | 17 |
| Series 2005-A1-6, REMIC, 5.78%, (1 Year Treasury + 2.10%), 09/25/35 (d) | 3 | 3 |
| Series 2005-A2-6, REMIC, 6.18%, (1 Year Treasury + 2.15%), 09/25/35 (d) | 2 | 2 |
| Series 2005-M3-HE4, REMIC, 2.99%, (1 Month Term SOFR + 0.80%), 10/25/35 (d) (g) (h) | 3422 | 3186 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 2.62%, (1 Month Term SOFR + 0.17%), 07/25/45 (d) (g) (h) | 81 | 56 |
| Credit-Based Asset Servicing and Securitization LLC |  |  |
| Series 2007-A1-CB6, REMIC, 1.37%, (1 Month Term SOFR + 0.23%), 07/25/37 (d) (g) (h) | 61 | 41 |
| Series 2007-A3-CB6, REMIC, 1.37%, (1 Month Term SOFR + 0.33%), 07/25/37 (d) (g) (h) | 1794 | 1205 |
| CSMC Mortgage-Backed Trust 2007-1 |  |  |
| Series 2007-1A6A-1, REMIC, 0.67%, 02/25/37 (d) (g) (h) | 568 | 122 |
| CSMC Series 2015-12R |  |  |
| Series 2015-2A2-12R, REMIC, 3.52%, 12/03/37 (d) | 1606 | 1482 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 4.22%, (1 Month Term SOFR + 0.85%), 06/25/37 (d) (g) (h) | 54 | 53 |
| CWABS Asset-Backed Certificates Trust 2007-8 |  |  |
| Series 2007-1A1-8, REMIC, 3.71%, (1 Month Term SOFR + 0.30%), 02/25/36 (d) (g) (h) | 2783 | 2651 |
| Dryden 44 Euro CLO 2015 B.V. |  |  |
| Series 2015-A1RR-44A, 2.91%, (3 Month EURIBOR + 0.88%), 04/17/34, EUR (d) (f) | 478 | 560 |
| Dryden 52 Euro CLO 2017 B.V. In Liquidatie |  |  |
| Series 2017-AR-52A, 2.92%, (3 Month EURIBOR + 0.86%), 05/15/34, EUR (d) (f) | 212 | 250 |
| Dryden 64 CLO, Ltd. |  |  |
| Series 2018-A-64A, 5.12%, (3 Month Term SOFR + 1.23%), 04/18/31 (d) | 203 | 203 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Elevation CLO 2022-16 Ltd |  |  |
| Series 2022-A1AR-16A, 4.99%, (3 Month Term SOFR + 1.13%), 07/25/34 (d) | 600 | 600 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-A3A-3X, 4.95%, (SONIA + 1.07%), 06/13/45, GBP (d) (e) | 159 | 214 |
| Series 2007-A3C-3A, 4.95%, (SONIA + 1.07%), 06/13/45, GBP (d) (f) | 55 | 74 |
| First Franklin Mortgage Loan Trust 2006-FF10 |  |  |
| Series 2006-A5-FF10, REMIC, 4.04%, (1 Month Term SOFR + 0.42%), 07/25/36 (d) (h) | 973 | 952 |
| First Franklin Mortgage Loan Trust 2006-FF17 |  |  |
| Series 2006-A2-FF17, REMIC, 3.92%, (1 Month Term SOFR + 0.23%), 12/25/36 (d) (g) (h) | 4389 | 3982 |
| First NLC Trust |  |  |
| Series 2007-A1-1, REMIC, 3.92%, (1 Month Term SOFR + 0.18%), 08/25/37 (d) | 180 | 87 |
| Gallatin CLO VIII 2017-1 Ltd |  |  |
| Series 2017-A1R-1A, 5.26%, (3 Month Term SOFR + 1.35%), 07/15/31 (d) | 506 | 506 |
| GCBSL 2020-50A A1R2 TSFR3 |  |  |
| Series 2020-A-50, 4.99%, (3 Month Term SOFR + 1.11%), 04/20/35 (d) | 3600 | 3596 |
| Greenpoint M F T S 2006-AR4 |  |  |
| Series 2006-A-A6, REMIC, 4.18%, (1 Month Term SOFR + 0.47%), 09/25/46 (d) (g) (h) | 186 | 173 |
| Grifonas Finance No.1 PLC |  |  |
| Series A-1, 2.34%, (6 Month EURIBOR + 0.28%), 08/28/39, EUR (d) (e) (h) | 215 | 248 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF4A-7, REMIC, 1.72%, 03/25/46 (d) (g) (h) | 203 | 108 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2005-1A1-AR1, REMIC, 6.45%, 01/25/35 (d) | 13 | 12 |
| HarborView Mortgage Loan Trust |  |  |
| Series 2004-2A-1, REMIC, 5.83%, 04/19/34 (d) | 51 | 49 |
| HarborView Mortgage Loan Trust 2007-5 |  |  |
| Series 2007-A1A-5, REMIC, 2.85%, (1 Month Term SOFR + 0.49%), 09/19/37 (d) (g) (h) | 13 | 11 |
| Harvest CLO XXI Designated Activity Company |  |  |
| Series A1R-21A, 2.77%, (3 Month EURIBOR + 0.76%), 07/15/31, EUR (d) (f) | 302 | 355 |
| Henley CLO VII Designated Activity Company |  |  |
| Series AR-7A, 3.05%, (3 Month EURIBOR + 0.99%), 04/25/34, EUR (d) (e) | 1158 | 1362 |
| Home Equity Asset Trust |  |  |
| Series 2005-M2-8, REMIC, 3.85%, (1 Month Term SOFR + 0.56%), 02/25/36 (d) (g) (h) | 639 | 625 |
| IndyMac MBS, Inc. |  |  |
| Series 2003-A2-A5, REMIC, 5.50%, 06/25/33 | 6 | 6 |
| Series 2005-2A1-AR1, REMIC, 5.06%, 11/25/35 (d) | 9 | 11 |
| Series 2005-A1-16IP, REMIC, 4.81%, (1 Month Term SOFR + 0.75%), 07/25/45 (d) (g) (h) | 55 | 42 |
| J.P. Morgan Mortgage Acquisition Trust 2006-Ch2 |  |  |
| Series 2006-AV5-CH2, REMIC, 3.74%, (1 Month Term SOFR + 0.32%), 10/25/36 (d) (h) | 6 | 6 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-7A1-A6, REMIC, 5.10%, 08/25/35 (d) | 35 | 33 |
| Series 2005-2A1-A6, REMIC, 6.02%, 08/25/35 (d) | 24 | 24 |
| Series 2005-4A1-A6, REMIC, 5.19%, 09/25/35 (d) | 4 | 3 |
| J.P. Morgan Mortgage Trust 2007-A1 |  |  |
| Series 2007-1A1-A1, REMIC, 6.23%, 07/25/35 (d) | 5 | 5 |
| J.P. Morgan Mortgage Trust, Series 2008-R2 |  |  |
| Series 2008-1A1-R2, REMIC, 4.05%, 07/27/37 (d) | 120 | 111 |
| KKR CLO 11 Ltd |  |  |
| Series AR-11, 5.35%, (3 Month Term SOFR + 1.44%), 01/15/31 (d) | 128 | 128 |
| LCM 36 Ltd |  |  |
| Series A1R-36A, 4.97%, (3 Month Term SOFR + 1.07%), 01/15/34 (d) | 2000 | 1998 |
| LCM Loan Income Fund I Ltd. |  |  |
| Series A-1A, 5.18%, (3 Month Term SOFR + 1.29%), 04/21/31 (d) | 81 | 81 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 4.03%, (1 Month Term SOFR + 0.61%), 08/25/47 (d) (g) (h) | 274 | 260 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.49%, (SOFR 30-Day Average + 1.55%), 01/21/37 (d) | 463 | 462 |
| Long Beach Mortgage Loan Trust 2006-7 |  |  |
| Series 2006-2A2-7, REMIC, 1.42%, (1 Month Term SOFR + 0.35%), 08/25/36 (d) (g) (h) | 366 | 144 |
| Man GLG Euro CLO V Designated Activity Company |  |  |
| Series A1R-5A, 2.79%, (3 Month EURIBOR + 0.69%), 12/15/31, EUR (d) (f) | 49 | 58 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2003-2A1-6, REMIC, 5.09%, 12/25/33 (d) | 30 | 29 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-FRE1, REMIC, 1.70%, (1 Month Term SOFR + 0.86%), 10/25/35 (d) (g) (h) | 40 | 38 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2004-2A2-A1, REMIC, 6.12%, 02/25/34 (d) | 29 | 28 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A1-A2, REMIC, 6.04%, 02/25/33 (d) | 15 | 15 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 5.88%, (1 Month Term SOFR + 2.15%), 06/22/37 (d) | 1241 | 1241 |
| Mill City Mortgage Loan Trust 2019-GS2 |  |  |
| Series 2019-A1-GS2, REMIC, 2.75%, 08/25/59 (d) | 133 | 130 |
| Morgan Stanley ABS Capital I Inc. Trust 2006-HE8 |  |  |
| Series 2006-A2D-HE8, REMIC, 1.15%, (1 Month Term SOFR + 0.33%), 10/25/36 (d) (g) (h) | 1126 | 483 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE6 |  |  |
| Series 2007-A1-HE6, REMIC, 2.88%, (1 Month Term SOFR + 0.17%), 05/25/37 (d) (g) (h) | 30 | 28 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2004-M3-NC7, REMIC, 3.84%, (1 Month Term SOFR + 1.09%), 07/25/34 (d) (g) (h) | 234 | 250 |
| Series 2005-M2-HE2, REMIC, 3.56%, (1 Month Term SOFR + 0.77%), 01/25/35 (d) (g) (h) | 664 | 648 |
| Series 2005-M3-HE5, REMIC, 3.25%, (1 Month Term SOFR + 0.79%), 09/25/35 (d) (g) (h) | 943 | 907 |
| Mortgageit Trust 2004-2 |  |  |
| Series 2004-M2-2, REMIC, 5.07%, (1 Month Term SOFR + 1.12%), 12/25/34 (d) (g) (h) | 88 | 86 |
| New Century Home Equity Loan Trust |  |  |
| Series 2004-M1-4, REMIC, 4.61%, (1 Month Term SOFR + 0.88%), 02/25/35 (d) | 179 | 176 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A1-RPL3, REMIC, 2.75%, 07/25/59 (d) | 895 | 869 |
| Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-FM1 |  |  |
| Series 2005-M3-FM1, REMIC, 4.44%, (1 Month Term SOFR + 0.88%), 05/25/35 (d) (g) (h) | 1477 | 1454 |
| Octagon Investment Partners 18-R Ltd. |  |  |
| Series 2018-A1A-18A, 5.12%, (3 Month Term SOFR + 1.22%), 04/16/31 (d) | 101 | 101 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-A1RR-1A, 4.92%, (3 Month Term SOFR + 1.04%), 01/20/35 (d) | 700 | 700 |
| OZLM XXIV, Ltd. |  |  |
| Series 2019-A1AR-24A, 5.31%, (3 Month Term SOFR + 1.42%), 07/20/32 (d) | 196 | 196 |
| Palmer Square European Loan Funding 2023-3 Designated Activity Company |  |  |
| Series 2023-AR-3A, 3.03%, (3 Month EURIBOR + 0.97%), 05/15/33, EUR (d) (f) | 388 | 456 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Palmer Square European Loan Funding 2024-1 Designated Activity Company |  |  |
| Series 2024-AR-1A, 3.03%, (3 Month EURIBOR + 0.97%), 08/15/33, EUR (d) (f) | 908 | 1067 |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company |  |  |
| Series 2024-A-2A, 3.05%, (3 Month EURIBOR + 0.99%), 05/15/34, EUR (d) (f) | 1146 | 1347 |
| Project Cashmere |  |  |
| 4.54%, 12/30/57, AUD (i) | 17200 | 11478 |
| Providus CLO IV Designated Activity Company |  |  |
| Series AR-4A, 2.82%, (3 Month EURIBOR + 0.82%), 04/20/34, EUR (d) (f) | 1900 | 2232 |
| RALI Series 2007-QH8 Trust |  |  |
| Series 2007-A-QH8, REMIC, 4.92%, 10/25/37 (d) | 392 | 334 |
| RASC Series 2006-EMX1 Trust |  |  |
| Series 2006-A4-EMX4, REMIC, 4.53%, (1 Month Term SOFR + 0.57%), 06/25/36 (d) (g) (h) | 1773 | 1737 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2004-MII1-RS2, REMIC, 4.94%, (1 Month Term SOFR + 0.98%), 02/25/34 (d) (h) | 113 | 116 |
| Residential Asset Securities Corporation |  |  |
| Series 2006-M1-KS3, REMIC, 4.34%, (1 Month Term SOFR + 0.61%), 04/25/36 (d) (h) | 63 | 63 |
| Residential Asset Securitization Trust 2006-A10 |  |  |
| Series 2006-A5-A10, REMIC, 6.50%, 09/25/36 | 186 | 55 |
| RMRK 2021-5A AR 144A TSFR3M+119BP |  |  |
| Series 2021-AR-5A, 5.09%, 01/15/35 (d) | 4100 | 4103 |
| Romark CLO Ltd |  |  |
| Series 2017-A1R-1A, REMIC, 5.15%, (3 Month Term SOFR + 1.29%), 10/23/30 (d) | 23 | 23 |
| Romark Credit Funding Ltd |  |  |
| Series 2025-A-4A, 5.42%, 07/22/43 | 1000 | 1004 |
| Sandstone Peak Ltd. |  |  |
| Series 2021-A1R-1A, 4.92%, (3 Month Term SOFR + 1.02%), 10/15/34 (d) | 600 | 600 |
| Saranac CLO VI Limited |  |  |
| Series 2018-A1R-6A, 5.12%, (3 Month Term SOFR + 1.40%), 08/13/31 (d) | 136 | 136 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2005-M3-4, REMIC, 3.09%, (1 Month Term SOFR + 0.59%), 11/25/37 (d) (g) (h) | 2000 | 1735 |
| Saxon Asset Securities Trust 2007-3 |  |  |
| Series 2007-1A-3, REMIC, 3.30%, (1 Month Term SOFR + 0.42%), 09/25/47 (d) (g) (h) | 227 | 220 |
| Sculptor CLO XXVII Ltd |  |  |
| Series A1R-27A, 4.94%, (3 Month Term SOFR + 1.06%), 07/20/34 (d) | 900 | 900 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE1 |  |  |
| Series 2006-A2C-HE1, REMIC, 0.67%, (1 Month Term SOFR + 0.43%), 07/25/36 (d) (g) (h) | 2453 | 812 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE2 |  |  |
| Series 2006-A2C-HE2, REMIC, 0.40%, (1 Month Term SOFR + 0.41%), 07/25/36 (d) (g) (h) | 344 | 126 |
| Shackleton 2019-XIV CLO Ltd |  |  |
| Series 2019-A1RR-14A, 5.08%, (3 Month Term SOFR + 1.20%), 07/20/34 (d) | 1000 | 999 |
| SLM Student Loan Trust 2004-1 |  |  |
| Series 2004-A6B-3A, 5.12%, (SOFR 90-Day Average + 0.81%), 10/25/64 (d) | 1097 | 1080 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.30%, (3 Month Term SOFR + 1.41%), 04/18/31 (d) (f) | 93 | 93 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-ARRR-2A, 5.36%, (3 Month Term SOFR + 1.47%), 07/20/32 (d) | 720 | 720 |
| Sound Point CLO XXVIII, Ltd |  |  |
| Series 2020-A1R-3A, 5.14%, (3 Month Term SOFR + 1.28%), 01/26/32 (d) | 708 | 709 |
| Soundview Home Loan Trust 2007-OPT1 |  |  |
| Series 2007-1A1-OPT1, REMIC, 1.96%, (1 Month Term SOFR + 0.31%), 06/25/37 (d) (g) (h) | 1242 | 865 |
| St. Paul's CLO II Designated Activity Company |  |  |
| Series AR4-2A, 3.04%, 10/25/35, EUR (d) (f) | 600 | 703 |
| St. Paul's CLO X Designated Activity Company |  |  |
| Series AR-10A, 2.81%, (3 Month EURIBOR + 0.80%), 04/22/35, EUR (d) (f) | 595 | 697 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2004-1A1-AR5, REMIC, 4.73%, (1 Month Term SOFR + 0.77%), 10/19/34 (d) (g) (h) | 3 | 3 |
| Structured Asset Securities Corporation |  |  |
| Series 2004-4A1-1, REMIC, 6.29%, 02/25/34 (d) | 39 | 37 |
| SYMP 2021-29A AR TSFR3M+1 |  |  |
| Series 2021-AR-29A, 5.47%, (3 Month Term SOFR + 1.15%), 10/15/35 (d) | 1200 | 1200 |
| TBW Mortgage-Backed Trust Series 2006-4 |  |  |
| Series 2006-A6-4, REMIC, 0.63%, 09/25/36 (d) (g) (h) | 473 | 13 |
| TCW CLO 2019-1 AMR Ltd |  |  |
| Series 2019-ASNR-1A, 5.33%, (3 Month Term SOFR + 1.30%), 08/16/34 (d) | 600 | 600 |
| Thornburg Mortgage Securities Trust |  |  |
| Series 2006-A2B-4, REMIC, 3.97%, (1 Month Term SOFR + 0.23%), 07/25/36 (d) | 1476 | 1220 |
| Series 2005-A3-1, REMIC, 5.47%, 04/25/45 (d) | 30 | 29 |
| Toro European CLO 7 Designated Activity Company |  |  |
| Series ARE-7A, 2.87%, (3 Month EURIBOR + 0.81%), 02/15/34, EUR (d) (f) | 1449 | 1701 |
| Towd Point Mortgage Trust 2019-HY3 |  |  |
| Series 2019-A1A-HY3, REMIC, 5.07%, (1 Month Term SOFR + 1.11%), 07/25/27 (d) (g) | 257 | 257 |
| Trinitas CLO XIX Ltd |  |  |
| Series 2022-A1R-19A, 4.99%, (3 Month Term SOFR + 1.11%), 10/20/33 (d) | 1367 | 1367 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.59%, (1 Month Term SOFR + 1.65%), 02/17/39 (d) (h) | 178 | 178 |
| Vibrant CLO XI Ltd |  |  |
| Series 2019-A1R1-11A, 5.27%, (3 Month Term SOFR + 1.38%), 07/20/32 (d) | 393 | 393 |
| Voya CLO 2012-4, Ltd. |  |  |
| Series 2012-A1R3-4A, 5.17%, (3 Month Term SOFR + 1.26%), 10/15/30 (d) | 32 | 32 |
| Voya CLO 2019-2 Ltd |  |  |
| Series 2019-AR-2A, 5.08%, (3 Month Term SOFR + 1.20%), 07/20/32 (d) | 346 | 346 |
| Voya Euro CLO IV Designated Activity Company |  |  |
| Series AR-4A, 2.98%, (3 Month EURIBOR + 0.97%), 10/15/34, EUR (d) (f) | 1600 | 1876 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR17 Trust |  |  |
| Series 2003-A7-AR5, REMIC, 5.73%, 06/25/33 (d) (g) | 28 | 26 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2003-2A-AR9, REMIC, 5.64%, 09/25/33 (d) | 13 | 13 |
| Series 2005-2A1-AR14, REMIC, 4.69%, 12/25/35 (d) | 20 | 19 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA4 Trust |  |  |
| Series 2007-1A-OA4, REMIC, 3.38%, (12 Month Treasury Average + 0.77%), 05/25/47 (d) (g) | 128 | 111 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 3.75%, (12 Month Treasury Average + 1.00%), 08/25/46 (d) (g) | 605 | 578 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2003-A5-AR1, REMIC, 5.78%, 03/25/33 (d) | 13 | 13 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $106,568) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $106,568) | 104726 |
| **CORPORATE BONDS AND NOTES 0.8%** | **CORPORATE BONDS AND NOTES 0.8%** | **CORPORATE BONDS AND NOTES 0.8%** |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (f) | 5700 | 6035 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (f) | 40 | 39 |
| Bank of America Corporation |  |  |
| 5.88%, (100, 03/15/28) (j) | 1160 | 1172 |
| Credicorp Capital Sociedad Titularizada S.A. |  |  |
| 9.70%, 03/05/45, PEN (f) | 700 | 222 |
| Credit Suisse Group AG |  |  |
| 1.00%, 06/24/27, EUR (e) | 100 | 117 |
| 7.00%, 09/30/27, GBP (e) | 100 | 137 |
|  |  | 1687 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (f) | 300 | 295 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | 200 | 200 |
| Total Corporate Bonds And Notes (cost $7,824) | Total Corporate Bonds And Notes (cost $7,824) | 8217 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Wells Fargo & Company - Series A, 7.50% (j) (k) |  | 606 |
| Total Preferred Stocks (cost $500) | Total Preferred Stocks (cost $500) | 606 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Discount Notes 2.4%** | **Discount Notes 2.4%** | **Discount Notes 2.4%** |
| FHLBanks Office of Finance |  |  |
| 3.55%, 01/02/26 | 26800 | 26800 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (l) (m) | 1485 | 1485 |
| **U.S. Treasury Bill 0.1%** | **U.S. Treasury Bill 0.1%** | **U.S. Treasury Bill 0.1%** |
| Treasury, United States Department of |  |  |
| 3.79%, 02/24/26 (c) | 23 | 23 |
| 3.82%, 03/03/26 (c) | 438 | 435 |
| 3.67%, 03/31/26 (c) | 274 | 272 |
| 3.59%, 04/21/26 (c) | 314 | 311 |
|  |  | 1041 |
| Total Short Term Investments (cost $29,323) | Total Short Term Investments (cost $29,323) | 29326 |
| **Total Investments 140.9% (cost $1,582,139)** | **Total Investments 140.9% (cost $1,582,139)** | **1565923** |
| **Total Forward Sales Commitments (2.8)% (proceeds $31,062)** | **Total Forward Sales Commitments (2.8)% (proceeds $31,062)** | **(31047)** |
| **Other Derivative Instruments (0.1)%** | **Other Derivative Instruments (0.1)%** | **(1465)** |
| **Other Assets and Liabilities, Net (38.0)%** | **Other Assets and Liabilities, Net (38.0)%** | **(421928)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1111483** |

---

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

(b) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $1,044,191.

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

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $33,706 and 3.0% of the Fund.

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

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

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

(k) Convertible security.

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (2.8%)** | **FORWARD SALES COMMITMENTS (2.8%)** | **FORWARD SALES COMMITMENTS (2.8%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (2.8%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (2.8%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (2.8%)** |
| **Treasury Inflation Indexed Securities (2.8%)** | **Treasury Inflation Indexed Securities (2.8%)** | **Treasury Inflation Indexed Securities (2.8%)** |
| Treasury, United States Department of |  |  |
| 0.13%, 10/15/26 (a) | (31338) | (31047) |
| Total Government And Agency Obligations (proceeds $31,062) | Total Government And Agency Obligations (proceeds $31,062) | (31047) |
| **Total Forward Sales Commitments (2.8%) (proceeds $31,062)** | **Total Forward Sales Commitments (2.8%) (proceeds $31,062)** | **(31047)** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** | **JNL/PIMCO Real Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 5203 | 162536 | 166254 | 42 |  |  | 1485 | 0.1 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 2385 | 2385 | 1 |  |  |  |  |
|  | 5203 | 164921 | 168639 | 43 |  |  | 1485 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Carlyle Global Market Strategies Euro CLO 2014-2 Designated Activity Company, Series 2014-AR1-2A, 2.81%, 11/15/31 | 04/21/22 | 167 | 188 |  |
| Credit Suisse Group AG, 1.00%, 06/24/27 | 03/21/23 | 102 | 117 |  |
| Credit Suisse Group AG, 7.00%, 09/30/27 | 03/21/23 | 121 | 137 |  |
| Eurosail-UK 2007-3BL PLC, Series 2007-A3A-3X, 4.95%, 06/13/45 | 06/29/16 | 197 | 214 |  |
| Grifonas Finance No.1 PLC, Series A-1, 2.34%, 08/28/39 | 02/10/15 | 195 | 248 |  |
| Henley CLO VII Designated Activity Company, Series AR-7A, 3.05%, 04/25/34 | 08/02/24 | 1264 | 1362 | 0.2 |
| Republique Francaise Presidence, 0.10%, 03/01/26 | 05/17/22 | 13632 | 15095 | 1.4 |
| Segretariato Generale Della Presidenza Della Repubblica, 0.40%, 05/15/30 | 09/24/21 | 2570 | 2423 | 0.2 |
|  |  | 18248 | 19784 | 1.8 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro BOBL | 227 | March 2026 | EUR | 26557 | (21) | (219) |
| Euro Buxl 30 Year Bond | 99 | March 2026 | EUR | 11129 | (40) | (264) |
| Italy Government BTP Bond | 139 | March 2026 | EUR | 16769 | (59) | (72) |
| United States 10 Year Ultra Bond | 202 | March 2026 |  | 23347 | (38) | (114) |
| United States Ultra Bond | 134 | March 2026 |  | 15878 | (79) | (66) |
|  |  |  |  |  | (237) | (735) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro Bund | (339) | March 2026 | EUR | (43823) | 92 | 669 |
| Euro OAT | (344) | March 2026 | EUR | (41906) | 117 | 490 |
| Japan 10 Year Bond | (5) | March 2026 | JPY | (666351) | 6 | 27 |
| United States 10 Year Note | (79) | March 2026 |  | (8942) | 16 | 60 |
| United States 2 Year Note | (1044) | April 2026 |  | (217827) | 73 | (149) |
| United States 5 Year Note | (147) | April 2026 |  | (16045) | 17 | (23) |
| United States Long Bond | (153) | March 2026 |  | (17778) | 34 | 92 |
|  |  |  |  |  | 355 | 1166 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 6M EURIBOR (S) | Receiving | 0.19<br> (A) | 11/04/52 | EUR | 4600 | 11 | 2597 |
| 6M EURIBOR (S) | Receiving | 0.20<br> (A) | 11/08/52 | EUR | 13300 | 31 | 7670 |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 03/18/56 | EUR | 17000 | 56 | 1242 |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 03/18/36 | EUR | 84690 | (156) | (1760) |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.30<br> (S) | 03/20/28 | JPY | 60000 |  | 8 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.55<br> (A) | 09/14/28 | JPY | 1400000 | 7 | 184 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.45<br> (S) | 03/20/29 | JPY | 792690 | 5 | 169 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 12/15/31 | JPY | 1021000 | 12 | 390 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 1.64<br> (A) | 06/15/27 | EUR | 13700 | (3) | 22 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.05<br> (A) | 08/15/34 | EUR | 8500 | (8) | (141) |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.03<br> (A) | 09/15/34 | EUR | 5000 | (4) | (60) |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.70<br> (A) | 04/15/53 | EUR | 1700 | 4 | 239 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.76<br> (A) | 09/15/53 | EUR | 800 | 2 | 129 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.68<br> (A) | 10/15/53 | EUR | 900 | 2 | 129 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.74<br> (A) | 10/15/53 | EUR | 1300 | 3 | 195 |
| France CPI Excluding Tobacco (A) | Paying | 1.91<br> (A) | 01/15/38 | EUR | 410 |  | (15) |
| HICP (A) | Receiving | 3.00<br> (A) | 05/15/27 | EUR | 2700 | (1) | 38 |
| HICP (A) | Receiving | 3.13<br> (A) | 05/15/27 | EUR | 1100 |  | 7 |
| HICP (A) | Paying | 1.38<br> (A) | 03/15/31 | EUR | 8920 | 15 | (1749) |
| HICP (A) | Paying | 2.49<br> (A) | 05/15/37 | EUR | 10 |  |  |
| HICP (A) | Paying | 2.58<br> (A) | 03/15/52 | EUR | 800 | 2 | 42 |
| HICP (A) | Paying | 2.59<br> (A) | 03/15/52 | EUR | 1000 | 3 | 82 |
| HICP (A) | Paying | 2.55<br> (A) | 04/15/52 | EUR | 300 | 1 | 16 |
| HICP (A) | Paying | 2.42<br> (A) | 05/15/52 | EUR | 570 | 1 | 13 |
| HICP (A) | Paying | 2.59<br> (A) | 12/15/52 | EUR | 2000 | 4 | 211 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.75<br> (A) | 09/17/30 | GBP | 42500 | 47 | 477 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.75<br> (A) | 03/18/31 | GBP | 19500 | 23 | 15 |
| U.K. Retail Price Index (A) | Receiving | 3.37<br> (A) | 09/15/27 | GBP | 5100 | (2) | (69) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

500

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.K. Retail Price Index (A) | Paying | 3.50<br> (A) | 08/15/34 | GBP | 5800 | 6 | 250 |
| U.K. Retail Price Index (A) | Paying | 3.47<br> (A) | 09/15/34 | GBP | 2400 |  | 104 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/26/26 |  | 1400 |  | 172 |
| U.S. CPURNSA (A) | Receiving | 2.42<br> (A) | 03/05/26 |  | 8700 | (1) | 1017 |
| U.S. CPURNSA (A) | Receiving | 2.77<br> (A) | 05/13/26 |  | 6500 |  | 618 |
| U.S. CPURNSA (A) | Receiving | 2.81<br> (A) | 05/14/26 |  | 3000 |  | 278 |
| U.S. CPURNSA (A) | Receiving | 2.70<br> (A) | 05/25/26 |  | 4850 | 1 | 473 |
| U.S. CPURNSA (A) | Receiving | 2.69<br> (A) | 06/01/26 |  | 900 |  | 88 |
| U.S. CPURNSA (A) | Receiving | 1.80<br> (A) | 08/25/27 |  | 3700 |  | 644 |
| U.S. CPURNSA (A) | Receiving | 1.89<br> (A) | 08/27/27 |  | 4500 | 1 | 751 |
| U.S. CPURNSA (A) | Receiving | 2.57<br> (A) | 08/26/28 |  | 800 | 1 | 62 |
| U.S. CPURNSA (A) | Receiving | 2.65<br> (A) | 09/10/28 |  | 1900 | 2 | 130 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/24/31 |  | 16800 | 31 | 2022 |
| U.S. CPURNSA (A) | Paying | 2.70<br> (A) | 01/14/26 |  | 9100 | (7) | (25) |
| U.S. CPURNSA (A) | Paying | 2.82<br> (A) | 02/05/26 |  | 5400 | (1) | 4 |
| U.S. CPURNSA (A) | Paying | 2.84<br> (A) | 02/13/26 |  | 5600 | (1) | 6 |
| U.S. CPURNSA (A) | Paying | 3.04<br> (A) | 02/21/26 |  | 3300 |  | 10 |
| U.S. CPURNSA (A) | Paying | 3.30<br> (A) | 06/04/26 |  | 5600 |  | 30 |
| U.S. CPURNSA (A) | Paying | 3.44<br> (A) | 08/01/26 |  | 6800 |  | 38 |
| U.S. CPURNSA (A) | Paying | 3.43<br> (A) | 08/27/26 |  | 11200 | 2 | 73 |
| U.S. CPURNSA (A) | Paying | 2.34<br> (A) | 02/05/28 |  | 10040 | 6 | (1142) |
| U.S. CPURNSA (A) | Paying | 2.37<br> (A) | 06/06/28 |  | 8700 | (3) | (923) |
| U.S. CPURNSA (A) | Paying | 2.38<br> (A) | 07/09/28 |  | 7900 | (5) | (817) |
| U.S. CPURNSA (A) | Paying | 2.00<br> (A) | 07/25/29 |  | 6100 | (10) | (899) |
| U.S. CPURNSA (A) | Paying | 1.76<br> (A) | 11/04/29 |  | 14500 | (23) | (2506) |
| U.S. CPURNSA (A) | Paying | 1.28<br> (A) | 05/19/30 |  | 2200 | (4) | (488) |
| U.S. SOFR (A) | Receiving | 3.29<br> (A) | 05/31/30 |  | 20395 | 33 | 78 |
| U.S. SOFR (A) | Receiving | 3.38<br> (A) | 05/31/30 |  | 26711 | 44 | 6 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 05/15/32 |  | 29167 | 67 | (281) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/34 |  | 7700 | 21 | (86) |
| U.S. SOFR (A) | Receiving | 4.08<br> (A) | 11/15/53 |  | 7443 | 33 | 82 |
| U.S. SOFR (A) | Receiving | 4.01<br> (A) | 11/15/53 |  | 8300 | 37 | 125 |
| U.S. SOFR (Q) | Receiving | 2.24<br> (S) | 11/21/53 |  | 10490 | 41 | 3868 |
| U.S. SOFR (A) | Receiving | 2.87<br> (A) | 02/13/54 |  | 21700 | 83 | 4306 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/20/54 |  | 7700 | 33 | 683 |
| U.S. SOFR (Q) | Paying | 2.34<br> (S) | 11/21/28 |  | 50860 | (50) | (1791) |
|  |  |  |  |  |  | 392 | 17041 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 6M EURIBOR, 01/27/29<br> BCL | Call | 2.44 | 01/25/27 | 51900000 | EUR | 51900 | (211) |
| 6M EURIBOR, 01/27/29<br> BCL | Put | 2.44 | 01/25/27 | 51900000 | EUR | 51900 | (287) |
|  |  |  |  |  |  |  | (498) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | BCL | 01/14/26 | AUD | 1559 | 1040 | (1) |
| BRL/USD | GSC | 02/03/26 | BRL | 71358 | 12921 | (61) |
| CHF/USD | GSC | 01/14/26 | CHF | 470 | 594 | 8 |
| CNY/USD | BNP | 01/05/26 | CNY | 5921 | 848 |  |
| CNY/USD | BNP | 01/06/26 | CNY | 4642 | 664 |  |
| CNY/USD | BNP | 01/21/26 | CNY | 5932 | 850 | 7 |
| CNY/USD | CIT | 01/21/26 | CNY | 4691 | 672 | (1) |
| CNY/USD | CIT | 01/21/26 | CNY | 5921 | 848 |  |
| CNY/USD | GSC | 01/21/26 | CNY | 7845 | 1124 | 11 |
| CNY/USD | JPM | 01/21/26 | CNY | 9634 | 1380 | 8 |
| GBP/USD | SGS | 01/14/26 | GBP | 4576 | 6168 | 175 |
| IDR/USD | BNP | 01/22/26 | IDR | 428872 | 26 |  |
| IDR/USD | SCB | 01/22/26 | IDR | 713361 | 43 |  |
| ILS/USD | BNP | 01/15/26 | ILS | 417 | 131 | 1 |
| ILS/USD | DUB | 01/15/26 | ILS | 2654 | 833 | 1 |
| INR/USD | BNP | 01/30/26 | INR | 22585 | 251 | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

501

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| INR/USD | CIT | 01/30/26 | INR | 619106 | 6874 | (77) |
| INR/USD | CIT | 01/30/26 | INR | 192554 | 2138 | 8 |
| INR/USD | DUB | 01/30/26 | INR | 245517 | 2726 | (31) |
| INR/USD | HSB | 01/30/26 | INR | 16026 | 178 | 1 |
| INR/USD | JPM | 01/30/26 | INR | 98538 | 1094 | (12) |
| INR/USD | SCB | 01/30/26 | INR | 14237 | 158 |  |
| INR/USD | BNP | 02/02/26 | INR | 50130 | 556 |  |
| JPY/USD | BOA | 01/14/26 | JPY | 169000 | 1080 | (14) |
| KRW/USD | BOA | 01/08/26 | KRW | 1323018 | 919 | (3) |
| KRW/USD | DUB | 01/08/26 | KRW | 3541797 | 2459 | 48 |
| KRW/USD | JPM | 01/08/26 | KRW | 2403617 | 1669 | (6) |
| KRW/USD | DUB | 02/13/26 | KRW | 3541797 | 2462 | (10) |
| MXN/USD | DUB | 01/29/26 | MXN | 85435 | 4733 | 133 |
| MXN/USD | JPM | 02/23/26 | MXN | 20014 | 1106 | 26 |
| MXN/USD | BOA | 02/24/26 | MXN | 29326 | 1621 | 35 |
| MXN/USD | JPM | 02/27/26 | MXN | 6622 | 366 | 9 |
| MXN/USD | UBS | 02/27/26 | MXN | 6561 | 363 | 9 |
| MXN/USD | GSC | 03/02/26 | MXN | 11673 | 645 | 15 |
| MXN/USD | HSB | 03/09/26 | MXN | 6531 | 361 | 6 |
| MXN/USD | JPM | 03/09/26 | MXN | 15602 | 861 | 10 |
| MXN/USD | BCL | 03/18/26 | MXN | 24807 | 1368 | 28 |
| MXN/USD | SGS | 03/18/26 | MXN | 2 |  |  |
| MXN/USD | JPM | 04/09/26 | MXN | 4481 | 247 | 3 |
| MXN/USD | GSC | 04/10/26 | MXN | 7768 | 427 | 7 |
| MXN/USD | JPM | 04/10/26 | MXN | 4535 | 249 | 3 |
| MXN/USD | BOA | 04/13/26 | MXN | 2863 | 157 | 2 |
| MXN/USD | GSC | 04/13/26 | MXN | 7149 | 393 | 5 |
| MXN/USD | GSC | 04/15/26 | MXN | 9334 | 513 | 7 |
| MXN/USD | HSB | 04/15/26 | MXN | 7274 | 400 | 6 |
| PLN/USD | BNP | 01/16/26 | PLN | 11260 | 3136 | 55 |
| PLN/USD | BOA | 01/16/26 | PLN | 6515 | 1815 | 34 |
| PLN/USD | CIT | 01/16/26 | PLN | 574 | 160 |  |
| PLN/USD | GSC | 01/16/26 | PLN | 1163 | 324 | 5 |
| PLN/USD | HSB | 01/16/26 | PLN | 1570 | 437 | 9 |
| PLN/USD | JPM | 01/16/26 | PLN | 4104 | 1143 | 26 |
| PLN/USD | UBS | 01/22/26 | PLN | 2805 | 781 |  |
| PLN/USD | BCL | 01/23/26 | PLN | 4264 | 1188 | 17 |
| PLN/USD | GSC | 01/23/26 | PLN | 3233 | 900 | 16 |
| PLN/USD | JPM | 01/23/26 | PLN | 2356 | 656 | 18 |
| PLN/USD | UBS | 01/23/26 | PLN | 2218 | 618 | 12 |
| THB/USD | CIT | 01/21/26 | THB | 9 |  |  |
| THB/USD | GSC | 01/21/26 | THB | 6645 | 211 | 2 |
| THB/USD | HSB | 01/21/26 | THB | 9302 | 295 | 9 |
| TRY/USD | BCL | 03/27/26 | TRY | 268754 | 5891 | 50 |
| TWD/USD | BNP | 01/12/26 | TWD | 19317 | 615 | (5) |
| TWD/USD | BNP | 01/20/26 | TWD | 70796 | 2255 | 8 |
| TWD/USD | BOA | 01/20/26 | TWD | 3603 | 115 | 1 |
| TWD/USD | CIT | 01/20/26 | TWD | 4169 | 133 | 1 |
| TWD/USD | HSB | 01/20/26 | TWD | 5557 | 177 | 1 |
| TWD/USD | BNP | 01/22/26 | TWD | 16435 | 524 | (3) |
| TWD/USD | CIT | 01/22/26 | TWD | 31358 | 999 | (5) |
| TWD/USD | BNP | 01/30/26 | TWD | 21072 | 672 | 2 |
| TWD/USD | BNP | 02/02/26 | TWD | 23895 | 762 |  |
| TWD/USD | CIT | 02/02/26 | TWD | 1093 | 35 |  |
| TWD/USD | DUB | 02/02/26 | TWD | 1475 | 47 |  |
| TWD/USD | BNP | 02/05/26 | TWD | 19614 | 626 | 1 |
| USD/AUD | BNP | 01/14/26 | AUD | (6980) | (4659) | (121) |
| USD/AUD | JPM | 01/14/26 | AUD | (6419) | (4284) | (89) |
| USD/BRL | GSC | 03/03/26 | BRL | (253) | (46) |  |
| USD/CAD | HSB | 01/14/26 | CAD | (19740) | (14388) | (362) |
| USD/CHF | BNP | 01/05/26 | CHF | (263) | (332) | 1 |
| USD/CHF | BNP | 01/06/26 | CHF | (191) | (241) |  |
| USD/CHF | BNP | 01/14/26 | CHF | (232) | (293) | (4) |
| USD/CHF | BNP | 01/14/26 | CHF | (205) | (259) | 1 |
| USD/CHF | HSB | 01/14/26 | CHF | (1128) | (1426) | (14) |
| USD/CHF | HSB | 01/14/26 | CHF | (159) | (201) |  |
| USD/CHF | UBS | 01/14/26 | CHF | (233) | (294) | (4) |
| USD/CNY | BNP | 01/21/26 | CNY | (16049) | (2298) | (21) |
| USD/CNY | GSC | 01/21/26 | CNY | (7998) | (1145) | (9) |
| USD/CNY | JPM | 01/21/26 | CNY | (33302) | (4769) | (40) |
| USD/CNY | SCB | 01/21/26 | CNY | (15951) | (2284) | (21) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

502

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/EUR | SGS | 01/14/26 | EUR | (42074) | (49468) | (756) |
| USD/GBP | BNP | 01/14/26 | GBP | (432) | (582) | 2 |
| USD/ILS | BCL | 01/15/26 | ILS | (805) | (253) | (2) |
| USD/ILS | BNP | 01/15/26 | ILS | (1213) | (381) | (5) |
| USD/ILS | CIT | 01/15/26 | ILS | (1836) | (577) | (15) |
| USD/ILS | GSC | 01/15/26 | ILS | (544) | (171) | (2) |
| USD/ILS | JPM | 01/15/26 | ILS | (8459) | (2658) | (56) |
| USD/ILS | DUB | 01/22/26 | ILS | (1301) | (409) | (4) |
| USD/ILS | BCL | 02/19/26 | ILS | (778) | (244) | (3) |
| USD/ILS | BOA | 02/19/26 | ILS | (1801) | (566) |  |
| USD/ILS | CIT | 02/19/26 | ILS | (1442) | (453) | 1 |
| USD/ILS | DUB | 02/19/26 | ILS | (2654) | (833) | (1) |
| USD/ILS | MSC | 02/19/26 | ILS | (2866) | (900) | (10) |
| USD/INR | BNP | 01/08/26 | INR | (12620) | (140) |  |
| USD/INR | BNP | 01/12/26 | INR | (36063) | (401) | (1) |
| USD/INR | BOA | 01/20/26 | INR | (1826) | (20) |  |
| USD/INR | SCB | 01/20/26 | INR | (7278) | (80) |  |
| USD/INR | JPM | 01/30/26 | INR | (46856) | (520) | 6 |
| USD/JPY | BNP | 01/05/26 | JPY | (7815) | (50) |  |
| USD/JPY | BNP | 01/06/26 | JPY | (135411) | (865) | (1) |
| USD/JPY | BNP | 01/06/26 | JPY | (17061) | (109) |  |
| USD/JPY | ANZ | 01/14/26 | JPY | (22167) | (142) | 1 |
| USD/JPY | BNP | 01/14/26 | JPY | (196300) | (1254) | 16 |
| USD/JPY | HSB | 01/14/26 | JPY | (765781) | (4893) | 28 |
| USD/JPY | MSC | 01/14/26 | JPY | (123) | (1) |  |
| USD/JPY | SCB | 01/14/26 | JPY | (1105434) | (7063) | 37 |
| USD/JPY | SGS | 01/14/26 | JPY | (2411927) | (15411) | 11 |
| USD/KRW | BOA | 01/08/26 | KRW | (1323018) | (918) | (11) |
| USD/KRW | DUB | 01/08/26 | KRW | (3541797) | (2459) | 9 |
| USD/KRW | JPM | 01/08/26 | KRW | (2403617) | (1669) | (28) |
| USD/KRW | BOA | 02/13/26 | KRW | (1323018) | (920) | 3 |
| USD/KRW | JPM | 02/13/26 | KRW | (2403617) | (1671) | 6 |
| USD/MXN | JPM | 01/30/26 | MXN | (397) | (22) | (1) |
| USD/NOK | CIT | 01/14/26 | NOK | (2821) | (280) | (3) |
| USD/NZD | BNP | 01/05/26 | NZD | (975) | (561) | 5 |
| USD/NZD | BNP | 01/06/26 | NZD | (719) | (413) |  |
| USD/NZD | BNP | 01/14/26 | NZD | (3004) | (1730) | (23) |
| USD/NZD | CIT | 01/14/26 | NZD | (2577) | (1484) | (4) |
| USD/NZD | CIT | 01/14/26 | NZD | (1039) | (598) | 1 |
| USD/NZD | DUB | 01/14/26 | NZD | (815) | (469) | 2 |
| USD/NZD | HSB | 01/14/26 | NZD | (1020) | (587) | 2 |
| USD/NZD | JPM | 01/14/26 | NZD | (1484) | (854) | 6 |
| USD/PEN | SGS | 03/18/26 | PEN | (705) | (209) | (1) |
| USD/PEN | CIT | 05/26/26 | PEN | (2831) | (838) | (44) |
| USD/PLN | BNP | 01/16/26 | PLN | (2609) | (727) | (12) |
| USD/PLN | BOA | 01/16/26 | PLN | (2014) | (561) | (10) |
| USD/PLN | CIT | 01/16/26 | PLN | (2014) | (561) | (9) |
| USD/PLN | CIT | 01/16/26 | PLN | (13) | (4) |  |
| USD/PLN | JPM | 01/16/26 | PLN | (4750) | (1323) | (27) |
| USD/SGD | HSB | 01/14/26 | SGD | (16967) | (13208) | (132) |
| USD/THB | BOA | 01/21/26 | THB | (6818) | (217) | (6) |
| USD/TWD | BNP | 01/08/26 | TWD | (4700) | (150) |  |
| USD/TWD | BNP | 01/22/26 | TWD | (102327) | (3262) | 112 |
| USD/TWD | BOA | 01/22/26 | TWD | (31652) | (1009) | 29 |
| USD/TWD | CIT | 01/22/26 | TWD | (161938) | (5159) | 167 |
| USD/TWD | SCB | 01/22/26 | TWD | (34316) | (1093) | 33 |
| USD/TWD | BNP | 03/18/26 | TWD | (20249) | (648) | 4 |
| USD/TWD | CIT | 03/18/26 | TWD | (22008) | (704) | 3 |
| USD/ZAR | BNP | 01/22/26 | ZAR | (7060) | (426) | (4) |
| USD/ZAR | BCL | 01/26/26 | ZAR | (335) | (20) | (1) |
| USD/ZAR | DUB | 01/26/26 | ZAR | (596) | (36) | (2) |
| USD/ZAR | GSC | 01/26/26 | ZAR | (307) | (19) | (1) |
| USD/ZAR | JPM | 01/26/26 | ZAR | (526) | (32) | (1) |
| USD/ZAR | UBS | 01/26/26 | ZAR | (584) | (35) | (2) |
| ZAR/USD | DUB | 01/22/26 | ZAR | 7047 | 425 | 6 |
| ZAR/USD | BNP | 01/26/26 | ZAR | 16520 | 996 | 6 |
| ZAR/USD | BOA | 01/26/26 | ZAR | 7335 | 442 | 2 |
| ZAR/USD | CIT | 01/26/26 | ZAR | 9620 | 581 | 9 |
|  |  |  |  |  | (78764) | (743) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

503

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** | **U.S. Treasury Inflation Indexed Securities** |
| Treasury, United States Department of (S) | SOFR +0.18% (S) | MSC | 01/15/26 | 66631 |  | (251) |
| Treasury, United States Department of (S) | SOFR +0.18% (S) | MSC | 01/15/26 | 29493 |  | (71) |
| Treasury, United States Department of (S) | SOFR +0.18% (S) | MSC | 01/15/26 | 56564 |  | (412) |
|  |  |  |  |  |  | (734) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1423048 |  | 1423048 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 93248 | 11478 | 104726 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 8217 |  | 8217 |
| &nbsp;&nbsp;Preferred Stocks | 606 |  |  | 606 |
| &nbsp;&nbsp;Short Term Investments | 1485 | 27841 |  | 29326 |
|  | 2091 | 1552354 | 11478 | 1565923 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (31047) |  | (31047) |
|  |  | (31047) |  | (31047) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1338 |  |  | 1338 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 29793 |  | 29793 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1349 |  | 1349 |
|  | 1338 | 31142 |  | 32480 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (907) |  |  | (907) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (12752) |  | (12752) |
| &nbsp;&nbsp;OTC Written Options |  | (498) |  | (498) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (2092) |  | (2092) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (734) |  | (734) |
|  | (907) | (16076) |  | (16983) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

504

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |
| **CORPORATE BONDS AND NOTES 87.4%** | **CORPORATE BONDS AND NOTES 87.4%** | **CORPORATE BONDS AND NOTES 87.4%** |
| **Financials 15.0%** | **Financials 15.0%** | **Financials 15.0%** |
| Acrisure, LLC |  |  |
| 8.25%, 02/01/29 (a) | 6408 | 6638 |
| 6.00%, 08/01/29 (a) (b) | 2778 | 2744 |
| 7.50%, 11/06/30 (a) | 1968 | 2047 |
| 6.75%, 07/01/32 (a) | 7989 | 8211 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.50%, 10/01/31 (a) | 4379 | 4513 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (b) (c) | 6530 | 6357 |
| 6.65%, 01/17/40 | 2786 | 2805 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (a) | 3301 | 3552 |
| Aretec Group, Inc. |  |  |
| 7.50%, 04/01/29 (a) (b) | 3573 | 3581 |
| Barclays PLC |  |  |
| 9.63%, (100, 12/15/29) (b) (c) (d) | 2361 | 2668 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (a) | 3530 | 3588 |
| Bread Financial Payments, Inc. |  |  |
| 6.75%, 05/15/31 (a) | 2399 | 2484 |
| 8.38%, 06/15/35 (a) | 3372 | 3484 |
| Citadel Securities Global Holdings LLC |  |  |
| 6.20%, 06/18/35 (a) | 3645 | 3838 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (c) | 4620 | 4718 |
| Credit Acceptance Corporation |  |  |
| 9.25%, 12/15/28 (a) | 485 | 507 |
| 6.63%, 03/15/30 (a) | 11394 | 11423 |
| CrossCountry Intermediate HoldCo, LLC |  |  |
| 6.50%, 10/01/30 (a) | 7598 | 7726 |
| 6.75%, 12/01/32 (a) | 2004 | 2035 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.73%, 01/14/32 | 3269 | 3085 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (a) | 3160 | 3332 |
| Ford Motor Credit Company LLC |  |  |
| 7.35%, 11/04/27 | 2138 | 2233 |
| Freedom Mortgage Corporation |  |  |
| 6.63%, 01/15/27 (a) | 1455 | 1456 |
| 12.25%, 10/01/30 (a) | 2962 | 3280 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (a) | 4707 | 4930 |
| 8.38%, 04/01/32 (a) | 2934 | 3093 |
| 7.88%, 04/01/33 (a) | 3553 | 3677 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (a) | 4005 | 4135 |
| 7.25%, 03/01/56 (a) | 4620 | 4636 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (a) | 6572 | 6788 |
| Goldman Sachs Group, Inc., The |  |  |
| 7.50%, (100, 05/10/29) (c) | 4640 | 4898 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (a) | 6743 | 7063 |
| 6.13%, 11/01/32 (a) | 2809 | 2848 |
| 6.75%, 05/01/33 (a) | 2759 | 2877 |
| OneMain Finance Corporation |  |  |
| 5.38%, 11/15/29 | 1944 | 1944 |
| 6.13%, 05/15/30 (b) | 3521 | 3587 |
| 4.00%, 09/15/30 (b) | 1759 | 1649 |
| 7.13%, 09/15/32 (b) | 3866 | 4014 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (a) | 2596 | 2710 |
| 8.00%, 08/01/33 (a) | 5521 | 5707 |
| PennyMac Financial Services, Inc. |  |  |
| 5.75%, 09/15/31 (a) | 4646 | 4668 |
| 6.88%, 05/15/32 (a) | 4998 | 5222 |
| PRA Group, Inc. |  |  |
| 8.38%, 02/01/28 (a) | 2951 | 3013 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (a) | 2883 | 2976 |
| 6.38%, 08/01/33 (a) | 3321 | 3463 |
| Toronto-Dominion Bank, The |  |  |
| 8.13%, 10/31/82 (d) | 4407 | 4624 |
| UBS Group AG |  |  |
| 4.88%, (100, 02/12/27) (a) (c) | 5602 | 5551 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (a) (b) | 7307 | 7563 |
| Washington Mutual Bank, FA |  |  |
| 0.00%, 06/15/11 (e) (f) | 1500 |  |
|  |  | 197941 |
| **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (a) | 1843 | 1846 |
| 7.38%, 08/01/33 (a) | 1843 | 1849 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (a) (g) | 5783 | 6369 |
| BRE RC Pitney Road PA LP |  |  |
| 6.63%, 01/15/32 (a) | 4237 | 4331 |
| Brightstar Lottery PLC |  |  |
| 5.75%, 01/15/33 (a) | 3469 | 3444 |
| Caesars Entertainment, Inc. |  |  |
| 6.50%, 02/15/32 (a) | 3370 | 3449 |
| 6.00%, 10/15/32 (a) (b) | 3620 | 3514 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (a) | 23444 | 23080 |
| 5.13%, 05/01/29 (a) | 2988 | 3021 |
| 5.75%, 08/01/32 (a) | 11068 | 11359 |
| 6.13%, 02/15/33 (a) | 2708 | 2796 |
| Champ Acquisition Corporation |  |  |
| 8.38%, 12/01/31 (a) | 2819 | 3042 |
| Dana Incorporated |  |  |
| 4.50%, 02/15/32 (b) | 3840 | 3686 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (a) | 6115 | 6630 |
| Ford Motor Company |  |  |
| 9.63%, 04/22/30 | 1826 | 2115 |
| IHOL-Verwaltungs-GmbH |  |  |
| 6.38%, 05/15/29 (a) (g) | 1573 | 1580 |
| 7.75%, 11/15/30 (a) (g) | 2657 | 2773 |
| Jacobs Entertainment, Inc. |  |  |
| 6.75%, 02/15/29 (a) | 4344 | 4260 |
| Las Vegas Sands Corp. |  |  |
| 6.00%, 06/14/30 | 2293 | 2404 |
| 6.20%, 08/15/34 | 494 | 520 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (a) | 3488 | 3638 |
| Macy's Retail Holdings, LLC |  |  |
| 4.50%, 12/15/34 | 1179 | 1070 |
| Magic Mergeco, Inc. |  |  |
| 7.88%, 05/01/29 (a) | 1480 | 1359 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (a) (b) | 3699 | 2654 |
| MCE Finance Limited |  |  |
| 5.38%, 12/04/29 (a) | 3003 | 2967 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 01/15/31 (a) | 648 | 645 |
| 6.75%, 02/01/32 (a) | 3062 | 3135 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (a) | 4650 | 4728 |
| 10.00%, 09/15/33 (a) | 3634 | 3727 |
| Resorts World Las Vegas LLC |  |  |
| 4.63%, 04/16/29 (a) | 1608 | 1425 |
| 8.45%, 07/27/30 (a) | 3093 | 3056 |
| Rivers Enterprise Borrower, LLC |  |  |
| 6.25%, 10/15/30 (a) | 3472 | 3537 |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.00%, 02/01/33 (a) | 2957 | 3040 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 - 03/15/30 (a) | 2736 | 2275 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (a) | 5815 | 5784 |
| Tenneco, Inc. |  |  |
| 8.00%, 11/17/28 (a) | 4093 | 4094 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (a) | 3661 | 3688 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

505

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 10.50%, 05/15/29 (a) | 2788 | 2853 |
| Univision Communications Inc. |  |  |
| 8.50%, 07/31/31 (a) | 5502 | 5737 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (a) | 6361 | 6746 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 (b) | 5143 | 4513 |
| 5.05%, 03/15/42 | 4660 | 3291 |
| Wynn Macau, Limited |  |  |
| 5.13%, 12/15/29 (a) | 4848 | 4804 |
| 6.75%, 02/15/34 (a) | 5399 | 5475 |
| ZF North America Capital, Inc. |  |  |
| 6.75%, 04/23/30 (a) | 4479 | 4411 |
| 7.50%, 03/24/31 (a) | 2054 | 2076 |
| | | 182796 |
| **Energy 11.0%** | **Energy 11.0%** | **Energy 11.0%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (a) | 4428 | 4639 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (a) | 6663 | 6581 |
| Borr IHC Limited |  |  |
| 10.00%, 11/15/28 (a) | 3445 | 3464 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (a) | 12023 | 12483 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (a) | 9164 | 9091 |
| Enerflex Inc. |  |  |
| 6.88%, 01/15/31 (a) | 4948 | 5059 |
| Energy Transfer LP |  |  |
| 8.00%, 05/15/54 | 2518 | 2685 |
| 6.75%, 02/15/56 | 3500 | 3512 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (a) | 4317 | 4557 |
| Hilcorp Energy I, L.P. |  |  |
| 6.25%, 11/01/28 (a) | 6710 | 6749 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (a) | 7108 | 6814 |
| Kimmeridge Texas Gas, LLC |  |  |
| 8.50%, 02/15/30 (a) | 6685 | 6947 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (a) | 3351 | 3372 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (a) | 3249 | 3315 |
| 6.75%, 10/01/35 (a) | 3504 | 3600 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (a) | 5078 | 5266 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (a) | 3388 | 3528 |
| 6.25%, 02/01/33 (a) | 2573 | 2638 |
| Phillips 66 |  |  |
| 5.88%, 03/15/56 | 5044 | 4975 |
| 6.20%, 03/15/56 | 1895 | 1887 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (a) (c) | 6017 | 6152 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (a) | 9588 | 9647 |
| Transocean Aquila Limited |  |  |
| 8.00%, 09/30/28 (a) | 712 | 728 |
| Transocean Titan Financing Limited |  |  |
| 8.38%, 02/01/28 (a) | 755 | 769 |
| Transportadora de Gas del Sur S.A. |  |  |
| 7.75%, 11/20/35 (a) | 4608 | 4546 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (a) (b) (c) | 4499 | 3554 |
| 8.13%, 06/01/28 (a) | 2720 | 2749 |
| 9.50%, 02/01/29 (a) | 5404 | 5598 |
| 9.88%, 02/01/32 (a) (b) | 5109 | 5274 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (a) | 1011 | 1029 |
| 7.50%, 05/01/33 (a) | 1335 | 1438 |
| 6.50%, 01/15/34 (a) (b) | 1659 | 1699 |
| 7.75%, 05/01/35 (a) | 1462 | 1601 |
|  |  | 145946 |
| **Industrials 10.5%** | **Industrials 10.5%** | **Industrials 10.5%** |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (a) | 4674 | 4736 |
| Air Canada |  |  |
| 3.88%, 08/15/26 (a) | 6407 | 6372 |
| Boeing Company, The |  |  |
| 7.01%, 05/01/64 (h) | 3105 | 3525 |
| Bombardier Inc. |  |  |
| 8.75%, 11/15/30 (a) | 2904 | 3129 |
| 7.25%, 07/01/31 (a) | 2852 | 3037 |
| 7.00%, 06/01/32 (a) (b) | 3356 | 3545 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| 7.50%, 02/01/32 (a) | 6862 | 6994 |
| Cimpress NV |  |  |
| 7.38%, 09/15/32 (a) (b) | 6317 | 6443 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.00%, 05/01/31 - 06/15/32 (a) | 4323 | 4536 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (a) | 4229 | 4364 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (a) | 1942 | 2043 |
| 7.25%, 06/15/33 (a) | 2243 | 2375 |
| 6.00%, 03/15/34 (a) | 1985 | 2012 |
| Icahn Enterprises L.P. |  |  |
| 6.25%, 05/15/26 | 1364 | 1357 |
| JH North America Holdings Inc. |  |  |
| 5.88%, 01/31/31 (a) | 211 | 215 |
| 6.13%, 07/31/32 (a) | 306 | 314 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (a) | 4805 | 5107 |
| Manitowoc Company, Inc., The |  |  |
| 9.25%, 10/01/31 (a) | 4220 | 4533 |
| Maxam Prill S.a r.l. |  |  |
| 7.75%, 07/15/30 (a) | 6101 | 6307 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (a) | 3895 | 4154 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (a) | 3093 | 3232 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (a) (b) | 6829 | 7109 |
| Regal Rexnord Corporation |  |  |
| 6.40%, 04/15/33 (h) | 3831 | 4125 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (a) (b) | 7974 | 8525 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (a) | 1236 | 1239 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/32 (a) | 3674 | 3886 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (a) | 1833 | 1867 |
| 6.38%, 03/01/29 (a) | 3751 | 3869 |
| 6.63%, 03/01/32 (a) | 4281 | 4447 |
| 6.00%, 01/15/33 (a) | 860 | 880 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (a) | 2552 | 2728 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (a) | 1721 | 1713 |
| Watco Companies, L.L.C. |  |  |
| 7.13%, 08/01/32 (a) | 3361 | 3512 |
| Weekley Homes, LLC |  |  |
| 6.75%, 01/15/34 (a) | 4580 | 4638 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/29 - 03/15/33 (a) | 5472 | 5677 |
| 6.63%, 03/15/32 (a) | 2813 | 2941 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (a) | 3365 | 3438 |
|  |  | 138924 |
| **Communication Services 10.0%** | **Communication Services 10.0%** | **Communication Services 10.0%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (a) | 3633 | 3542 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

506

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Altice Financing S.A. |  |  |
| 5.75%, 08/15/29 (a) (b) | 8238 | 5736 |
| Altice France |  |  |
| 9.50%, 11/01/29 (a) (b) | 4640 | 4770 |
| 6.50%, 03/15/32 (a) (b) | 3297 | 3163 |
| 10.00%, 01/15/33 (a) | 1598 | 1466 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/30 (a) (b) | 8123 | 6265 |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (a) | 5267 | 5204 |
| 4.25%, 02/01/31 (a) | 3973 | 3647 |
| 4.75%, 02/01/32 (a) (b) | 2844 | 2599 |
| 4.50%, 05/01/32 | 1355 | 1214 |
| 4.25%, 01/15/34 (a) (b) | 9233 | 7854 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (a) | 6925 | 7062 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 03/15/33 (a) | 2835 | 2995 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (a) (b) | 8855 | 7604 |
| Connect Finco S.a r.l. |  |  |
| 9.00%, 09/15/29 (a) | 3254 | 3452 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (a) | 6025 | 5121 |
| 11.25%, 05/15/28 (a) (b) | 2961 | 2324 |
| 11.75%, 01/31/29 (a) | 3925 | 2904 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 4796 | 4819 |
| 8.88%, 02/01/30 (a) | 3234 | 3276 |
| 10.00%, 02/15/31 (a) | 3146 | 3213 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (a) | 2065 | 2156 |
| 8.63%, 03/15/31 (a) | 2570 | 2701 |
| Frontier Communications Parent, Inc. |  |  |
| 6.75%, 05/01/29 (a) | 4132 | 4160 |
| Gray Media, Inc. |  |  |
| 5.38%, 11/15/31 (a) | 5592 | 4193 |
| 7.25%, 08/15/33 (a) | 2103 | 2149 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (a) | 3521 | 3603 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 5487 | 265 |
| Maya |  |  |
| 7.00%, 10/15/28 - 04/15/32 (a) | 3146 | 3213 |
| 8.50%, 04/15/31 (a) | 2277 | 2445 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (a) | 1768 | 1771 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (a) (b) | 505 | 501 |
| Telesat Canada |  |  |
| 5.63%, 12/06/26 (a) | 5533 | 4436 |
| Wayfair LLC |  |  |
| 6.75%, 11/15/32 (a) | 4672 | 4797 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (a) | 6682 | 6887 |
| | | 131507 |
| **Information Technology 8.5%** | **Information Technology 8.5%** | **Information Technology 8.5%** |
| Ahead DB Holdings, LLC |  |  |
| 6.63%, 05/01/28 (a) | 7010 | 7041 |
| AMS-Osram AG |  |  |
| 12.25%, 03/30/29 (a) | 4525 | 4785 |
| Athenahealth Group Inc. |  |  |
| 6.50%, 02/15/30 (a) | 6349 | 6355 |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (a) (b) | 7409 | 6419 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (a) | 6850 | 6940 |
| 9.00%, 09/30/29 (a) | 8876 | 9242 |
| 8.25%, 06/30/32 (a) | 2757 | 2886 |
| 6.63%, 08/15/33 (a) | 2682 | 2655 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (a) | 1909 | 1912 |
| 5.95%, 06/15/30 (a) | 7036 | 7177 |
| Entegris, Inc. |  |  |
| 4.38%, 04/15/28 (a) | 4302 | 4262 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/31 (a) | 6417 | 6682 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/33 (a) | 3275 | 3435 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (a) | 9039 | 8926 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 (a) | 705 | 732 |
| 3.88%, 02/15/28 (a) | 5998 | 5868 |
| 4.13%, 02/15/30 (a) | 5173 | 4947 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/32 (a) | 2535 | 2594 |
| Rocket Software, Inc. |  |  |
| 9.00%, 11/28/28 (a) | 2624 | 2697 |
| 6.50%, 02/15/29 (a) | 8642 | 8464 |
| ViaSat, Inc. |  |  |
| 6.50%, 07/15/28 (a) (b) | 2880 | 2797 |
| 7.50%, 05/30/31 (a) (b) | 5701 | 5403 |
|  |  | 112219 |
| **Health Care 6.0%** | **Health Care 6.0%** | **Health Care 6.0%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (a) | 5815 | 6058 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28 (a) | 1227 | 1095 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (a) | 3920 | 3919 |
| 6.13%, 04/01/30 (a) | 2605 | 2088 |
| 10.88%, 01/15/32 (a) | 6171 | 6740 |
| 9.75%, 01/15/34 (a) | 2100 | 2205 |
| CVS Health Corporation |  |  |
| 7.00%, 03/10/55 | 3178 | 3335 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (a) | 7021 | 7293 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (a) (b) | 5349 | 5280 |
| Lifepoint Health, Inc. |  |  |
| 5.38%, 01/15/29 (a) (b) | 2871 | 2815 |
| 9.88%, 08/15/30 (a) | 6185 | 6649 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (a) | 7007 | 6842 |
| MPH Acquisition Holdings LLC |  |  |
| 5.75%, 12/31/30 (a) | 3700 | 3261 |
| Organon & Co. |  |  |
| 6.75%, 05/15/34 (a) | 2265 | 2040 |
| Radiology Partners, Inc. |  |  |
| 8.50%, 07/15/32 (a) | 6615 | 6880 |
| Tenet Healthcare Corporation |  |  |
| 4.25%, 06/01/29 | 1858 | 1831 |
| 4.38%, 01/15/30 | 2480 | 2436 |
| 6.13%, 06/15/30 | 1738 | 1777 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 2488 | 2455 |
| 4.75%, 05/09/27 | 3567 | 3558 |
|  |  | 78557 |
| **Consumer Staples 4.8%** | **Consumer Staples 4.8%** | **Consumer Staples 4.8%** |
| Allied Universal Holdco LLC |  |  |
| 4.63%, 06/01/28 (a) | 3610 | 3549 |
| 6.88%, 06/15/30 (a) | 4751 | 4943 |
| 7.88%, 02/15/31 (a) | 3351 | 3531 |
| Coty Inc. |  |  |
| 4.75%, 01/15/29 (a) | 1172 | 1154 |
| 6.63%, 07/15/30 (a) (b) | 3646 | 3737 |
| 5.60%, 01/15/31 (a) | 4057 | 4088 |
| Grupo Nutresa S.A. |  |  |
| 8.00%, 05/12/30 (a) | 2590 | 2802 |
| 9.00%, 05/12/35 (a) | 2513 | 2841 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 2970 | 3314 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (a) | 12721 | 11508 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 | 5298 | 5174 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

507

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.50%, 03/01/32 | 1488 | 1375 |
| Raven Acquisition Holding LLC |  |  |
| 6.88%, 11/15/31 (a) (b) | 4774 | 4920 |
| Synergy Infrastructure Holdings, LLC |  |  |
| 7.88%, 12/01/30 (a) | 3372 | 3494 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (a) | 6944 | 6934 |
| | | 63364 |
| **Materials 3.6%** | **Materials 3.6%** | **Materials 3.6%** |
| Celanese US Holdings LLC |  |  |
| 7.00%, 02/15/31 | 2770 | 2833 |
| 7.38%, 02/15/34 | 2247 | 2285 |
| Commercial Metals Company |  |  |
| 5.75%, 11/15/33 (a) | 1583 | 1620 |
| 6.00%, 12/15/35 (a) | 5223 | 5354 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (a) | 6755 | 7103 |
| 7.25%, 02/15/34 (a) | 1461 | 1535 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 4.38%, 04/01/31 (a) | 3274 | 3157 |
| Mineral Resources Limited |  |  |
| 9.25%, 10/01/28 (a) | 8936 | 9384 |
| NOVA Chemicals Corporation |  |  |
| 4.25%, 05/15/29 (a) | 4168 | 4068 |
| 7.00%, 12/01/31 (a) | 5646 | 6006 |
| Trinseo Luxco Finance SPV S.a r.l. |  |  |
| 7.63%, 05/03/29 (a) (g) | 69 | 4 |
| Vale Overseas Ltd |  |  |
| 6.00%, 02/25/56 (a) | 4576 | 4570 |
|  |  | 47919 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| Edison International |  |  |
| 4.13%, 03/15/28 | 527 | 521 |
| 6.25%, 03/15/30 | 698 | 730 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 5027 | 5108 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (a) | 4472 | 4557 |
| 6.50%, 02/01/36 (a) | 3808 | 3938 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (a) (c) | 4328 | 4418 |
| 8.88%, (100, 01/15/29) (c) (i) | 3150 | 3458 |
| Vistra Operations Company LLC |  |  |
| 5.00%, 07/31/27 (a) | 2859 | 2856 |
| 4.38%, 05/01/29 (a) | 1018 | 1004 |
| 6.88%, 04/15/32 (a) | 6596 | 6943 |
|  |  | 33533 |
| **Real Estate 1.7%** | **Real Estate 1.7%** | **Real Estate 1.7%** |
| Five Point Operating Company, LP |  |  |
| 8.00%, 10/01/30 (a) | 6458 | 6716 |
| Greystar Real Estate Partners, LLC |  |  |
| 7.75%, 09/01/30 (a) | 4361 | 4576 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 04/01/32 - 06/15/33 (a) | 6254 | 6477 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (a) (j) | 4477 | 4013 |
|  |  | 21782 |
| Total Corporate Bonds And Notes (cost $1,133,812) | Total Corporate Bonds And Notes (cost $1,133,812) | 1154488 |
| **SENIOR FLOATING RATE INSTRUMENTS 5.2%** | **SENIOR FLOATING RATE INSTRUMENTS 5.2%** | **SENIOR FLOATING RATE INSTRUMENTS 5.2%** |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 01/31/32 (k) | 7040 | 6987 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (1 Month Term SOFR + 4.75%), 03/12/30 (k) (l) | 1405 | 1390 |
| 2024 Extended Term Loan B, 8.67%, (1 Month Term SOFR + 4.75%), 03/12/30 (k) | 1928 | 1907 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.74%, (3 Month Term SOFR + 2.75%), 09/24/32 (k) | 3750 | 3361 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 03/27/31 (k) | 5003 | 5045 |
|  |  | 18690 |
| **Communication Services 1.3%** | **Communication Services 1.3%** | **Communication Services 1.3%** |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.32%, (3 Month Term SOFR + 5.50%), 02/10/27 (g) (k) | 2952 | 2058 |
| AMC Entertainment Holdings, Inc. |  |  |
| 2024 Term Loan, 10.73%, (1 Month Term SOFR + 7.00%), 01/04/29 (k) | 6983 | 6984 |
| Aventiv Technologies, LLC |  |  |
| 2024 Incremental Second Out Term Loan, 11.76%, (3 Month Term SOFR + 7.50%), 03/25/26 (k) (m) | 169 | 169 |
| 2024 Bridge Term Loan, 13.96%, (3 Month Term SOFR + 10.00%), 03/25/26 (k) | 134 | 140 |
| 2025 5th Amendment Incremental Bridge Loan, 14.16%, (3 Month Term SOFR + 10.00%), 03/25/26 (k) | 70 | 73 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.60%, (3 Month Term SOFR + 3.50%), 06/18/29 (k) | 4865 | 4527 |
| Gray Television, Inc. |  |  |
| 2024 Term Loan B, 9.12%, (1 Month Term SOFR + 5.25%), 05/22/29 (k) | 81 | 81 |
| Iridium Satellite LLC |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.25%), 09/20/30 (k) | 3540 | 3440 |
|  |  | 17472 |
| **Information Technology 0.8%** | **Information Technology 0.8%** | **Information Technology 0.8%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 6.50%, (3 Month Term SOFR + 2.50%), 01/24/31 (k) | 3464 | 3457 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 7.67%, (1 Month Term SOFR + 3.75%), 11/28/28 (k) | 4220 | 4218 |
| ViaSat, Inc. |  |  |
| 2023 Term Loan, 8.35%, (1 Month Term SOFR + 4.50%), 05/30/30 (k) | 3372 | 3357 |
|  |  | 11032 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Autokiniton US Holdings, Inc. |  |  |
| 2024 Term Loan B, 8.03%, (1 Month Term SOFR + 4.00%), 04/06/28 (k) | 3619 | 3583 |
| First Brands Group, LLC |  |  |
| 2025 DIP Term Loan, 5.39%, (1 Month Term SOFR + 1.55%), 06/29/26 (k) | 592 | 107 |
| 2025 DIP Term Loan, 0.00%, (3 Month Term SOFR + 5.00%), 03/22/27 (e) (f) (k) (m) | 1661 | 15 |
| 2022 Incremental Term Loan, 0.00%, (3 Month Term SOFR + 5.00%), 03/30/27 (e) (f) (k) (m) | 1303 | 7 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 04/08/28 (k) (l) | 1895 | 1829 |
| 2021 Term Loan B, 8.51%, (3 Month Term SOFR + 4.25%), 04/08/28 (k) | 3775 | 3643 |
| Sabre GLBL Inc. |  |  |
| 2024 Term Loan B1, 10.02%, (1 Month Term SOFR + 6.00%), 11/15/29 (k) | 2015 | 1773 |
|  |  | 10957 |
| **Energy 0.4%** | **Energy 0.4%** | **Energy 0.4%** |
| Blackfin Pipeline LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 09/29/32 (k) | 4463 | 4467 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Aretec Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 08/09/30 (k) | 3440 | 3451 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Amneal Pharmaceuticals LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.50%), 07/24/32 (k) | 2578 | 2598 |
| Total Senior Floating Rate Instruments (cost $71,813) | Total Senior Floating Rate Instruments (cost $71,813) | 68667 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

508

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 0.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.8%** |
| **Sovereign 0.8%** | **Sovereign 0.8%** | **Sovereign 0.8%** |
| Federal Government of Nigeria |  |  |
| 8.63%, 01/13/36 (a) | 3054 | 3287 |
| Government of Commonwealth of the Bahamas |  |  |
| 8.25%, 06/24/36 (a) | 3852 | 4300 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 8.08%, 04/01/36 (a) | 3044 | 3280 |
| Total Government And Agency Obligations (cost $10,134) | Total Government And Agency Obligations (cost $10,134) | 10867 |
| **COMMON STOCKS 0.6%** | **COMMON STOCKS 0.6%** | **COMMON STOCKS 0.6%** |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| MPLX LP | 87 | 4654 |
| Prairie Provident Resources Inc. (e) | 224 | 5 |
| Vantage Drilling International (b) (m) | 2 | 15 |
|  |  | 4674 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| LuxCo 3 (e) (m) | 118 | 2081 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Clear Channel Outdoor Holdings, Inc. (e) | 335 | 741 |
| iHeartMedia, Inc. - Class A (e) | 141 | 586 |
|  |  | 1327 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Smurfit Westrock Public Limited Company |  | 4 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| New Cotai LLC (e) (m) |  |  |
| Total Common Stocks (cost $9,321) | Total Common Stocks (cost $9,321) | 8086 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Altice Financing S.A. (e) (m) | 7 | 107 |
| Total Rights (cost $68) | Total Rights (cost $68) | 107 |
| **SHORT TERM INVESTMENTS 10.1%** | **SHORT TERM INVESTMENTS 10.1%** | **SHORT TERM INVESTMENTS 10.1%** |
| **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** |
| JNL Government Money Market Fund - Class SL, 3.74% (n) (o) | 76204 | 76204 |
| **Investment Companies 4.3%** | **Investment Companies 4.3%** | **Investment Companies 4.3%** |
| JNL Government Money Market Fund - Class I, 3.64% (n) (o) | 57537 | 57537 |
| Total Short Term Investments (cost $133,741) | Total Short Term Investments (cost $133,741) | 133741 |
| **Total Investments 104.1% (cost $1,358,889)** | **Total Investments 104.1% (cost $1,358,889)** | **1375956** |
| **Other Assets and Liabilities, Net (4.1)%** | **Other Assets and Liabilities, Net (4.1)%** | **(53898)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1322058** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $1,041,439 and 78.8% of the Fund.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

(d) Convertible security.

(e) Non-income producing security.

(f) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(h) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

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

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(l) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

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

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** | **JNL/PPM America High Yield Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 48944 | 543601 | 535008 | 2715 |  |  | 57537 | 4.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 79197 | 465104 | 468097 | 3133 |  |  | 76204 | 5.8 |
|  | 128141 | 1008705 | 1003105 | 5848 |  |  | 133741 | 10.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Vistra Corp., 8.88% (callable at 100, 01/15/29) | 06/11/24 | 3256 | 3458 | 0.3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

509

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 1154488 |  | 1154488 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 68476 | 191 | 68667 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 10867 |  | 10867 |
| &nbsp;&nbsp;Common Stocks | 5990 |  | 2096 | 8086 |
| &nbsp;&nbsp;Rights |  |  | 107 | 107 |
| &nbsp;&nbsp;Short Term Investments | 133741 |  |  | 133741 |
|  | 139731 | 1233831 | 2394 | 1375956 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

510

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** |
| **CORPORATE BONDS AND NOTES 87.8%** | **CORPORATE BONDS AND NOTES 87.8%** | **CORPORATE BONDS AND NOTES 87.8%** |
| **Financials 34.5%** | **Financials 34.5%** | **Financials 34.5%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.00%, 10/29/28 | 700 | 679 |
| AIG Global Funding |  |  |
| 5.20%, 06/24/29 (a) | 500 | 514 |
| American Express Company |  |  |
| 4.35%, 07/20/29 | 600 | 604 |
| AON North America, Inc. |  |  |
| 5.75%, 03/01/54 | 300 | 299 |
| Athene Holding Ltd |  |  |
| 6.63%, 05/19/55 | 150 | 153 |
| Avolon Holdings Funding Limited |  |  |
| 4.95%, 01/15/28 (a) | 400 | 405 |
| Banco Santander, S.A. |  |  |
| 6.53%, 11/07/27 | 880 | 898 |
| Bank of America Corporation |  |  |
| 3.71%, 04/24/28 | 830 | 826 |
| 5.82%, 09/15/29 | 2240 | 2337 |
| 2.97%, 02/04/33 | 1180 | 1080 |
| 5.47%, 01/23/35 | 950 | 991 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.32%, 10/25/29 | 450 | 478 |
| 5.83%, 10/25/33 | 800 | 864 |
| 5.32%, 06/06/36 | 400 | 415 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27 | 500 | 492 |
| 5.86%, 08/11/46 | 430 | 441 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (a) | 100 | 102 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.20%, 08/15/48 | 280 | 234 |
| 3.85%, 03/15/52 | 260 | 200 |
| BlackRock Finance, Inc. |  |  |
| 2.10%, 02/25/32 | 380 | 336 |
| BlackRock, Inc. |  |  |
| 5.25%, 03/14/54 | 160 | 153 |
| 5.35%, 01/08/55 | 438 | 427 |
| Blue Owl Credit Income Corp. |  |  |
| 6.60%, 09/15/29 | 160 | 165 |
| Brookfield Asset Management Ltd. |  |  |
| 5.80%, 04/24/35 | 324 | 339 |
| 6.08%, 09/15/55 | 120 | 123 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/32 | 145 | 148 |
| 5.55%, 06/23/35 | 50 | 51 |
| Citigroup Inc. |  |  |
| 6.95%, (100, 02/15/30) (b) | 500 | 514 |
| 4.50%, 09/11/31 | 570 | 572 |
| 3.79%, 03/17/33 | 900 | 858 |
| 6.02%, 01/24/36 | 200 | 210 |
| 5.17%, 09/11/36 | 300 | 303 |
| CNO Financial Group, Inc. |  |  |
| 6.45%, 06/15/34 | 180 | 191 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/34 | 380 | 398 |
| 4.40%, 04/05/52 | 240 | 194 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.55%, 09/18/31 | 500 | 477 |
| Equitable Financial Life Global Funding |  |  |
| 4.95%, 06/09/30 (a) | 1540 | 1569 |
| European Bank for Reconstruction and Development |  |  |
| 4.13%, 01/25/29 | 1040 | 1054 |
| European Investment Bank |  |  |
| 4.00%, 02/15/29 | 1340 | 1357 |
| 4.25%, 08/16/32 (c) | 718 | 729 |
| First Citizens BancShares, Inc. |  |  |
| 5.60%, 09/05/35 | 650 | 649 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (a) | 500 | 471 |
| Ford Motor Credit Company LLC |  |  |
| 5.92%, 03/20/28 | 300 | 307 |
| 6.80%, 11/07/28 | 190 | 199 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.69%, 10/23/30 | 580 | 588 |
| 4.37%, 10/21/31 | 1600 | 1595 |
| 5.56%, 11/19/45 | 500 | 501 |
| Golub Capital Private Credit Fund |  |  |
| 5.88%, 05/01/30 | 330 | 337 |
| Guardian Life Insurance Co. |  |  |
| 4.33%, 10/06/30 (a) | 330 | 330 |
| Guardian Life Insurance Company of America, The |  |  |
| 3.70%, 01/22/70 (a) | 200 | 135 |
| HSBC Holdings PLC |  |  |
| 5.13%, 11/19/28 | 300 | 306 |
| 6.16%, 03/09/29 | 600 | 625 |
| Inter-American Development Bank |  |  |
| 4.50%, 05/15/26 | 1400 | 1404 |
| International Bank for Reconstruction and Development |  |  |
| 3.88%, 10/16/29 - 02/14/30 | 2900 | 2926 |
| 4.00%, 07/25/30 | 600 | 608 |
| 4.50%, 04/10/31 | 520 | 537 |
| 4.38%, 08/27/35 | 800 | 811 |
| JPMorgan Chase & Co. |  |  |
| 5.04%, 01/23/28 | 1000 | 1010 |
| 4.51%, 10/22/28 | 1640 | 1656 |
| 2.07%, 06/01/29 | 1223 | 1168 |
| 5.35%, 06/01/34 | 460 | 479 |
| 4.95%, 10/22/35 | 500 | 507 |
| 5.57%, 04/22/36 | 180 | 189 |
| 5.58%, 07/23/36 | 300 | 311 |
| 3.11%, 04/22/41 | 300 | 236 |
| 5.53%, 11/29/45 | 800 | 812 |
| 3.96%, 11/15/48 | 450 | 362 |
| KfW |  |  |
| 4.63%, 08/07/26 | 700 | 704 |
| 3.50%, 08/27/27 | 2000 | 1999 |
| Lloyds Banking Group PLC |  |  |
| 5.72%, 06/05/30 | 360 | 377 |
| LPL Holdings, Inc. |  |  |
| 5.65%, 03/15/35 | 60 | 62 |
| Manulife Financial Corporation |  |  |
| 4.99%, 12/11/35 | 300 | 300 |
| MET Tower Global Funding |  |  |
| 4.85%, 01/16/27 (a) | 1000 | 1009 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 4.53%, 09/12/31 | 538 | 541 |
| 5.57%, 01/16/36 | 1400 | 1466 |
| Morgan Stanley |  |  |
| 5.66%, 04/18/30 | 830 | 864 |
| 4.65%, 10/18/30 | 1500 | 1517 |
| 5.19%, 04/17/31 | 1350 | 1391 |
| 5.25%, 04/21/34 | 1290 | 1329 |
| 5.59%, 01/18/36 | 300 | 314 |
| 5.95%, 01/19/38 | 280 | 295 |
| 5.52%, 11/19/55 | 580 | 574 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.47%, 07/06/28 | 660 | 664 |
| 4.20%, 11/17/28 | 711 | 713 |
| 4.47%, 11/19/31 | 1130 | 1132 |
| NatWest Group PLC |  |  |
| 5.12%, 05/23/31 | 450 | 462 |
| North Haven Private Income Fund LLC |  |  |
| 5.13%, 09/25/28 (a) | 110 | 110 |
| Northwestern Mutual Life Foundation, Inc. |  |  |
| 6.17%, 05/29/55 (a) | 210 | 223 |
| Protective Life Corporation |  |  |
| 4.70%, 01/15/31 (a) | 371 | 372 |
| Royal Bank of Canada |  |  |
| 4.97%, 08/02/30 | 800 | 820 |
| 6.35%, 11/24/84 (d) | 150 | 147 |
| S&P Global Inc. |  |  |
| 5.25%, 09/15/33 (c) | 400 | 420 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

511

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.50%, 09/03/30 (a) | 400 | 402 |
| State Street Corporation |  |  |
| 4.78%, 10/23/36 | 300 | 298 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 685 | 740 |
| 5.58%, 01/29/36 | 300 | 313 |
| U.S. Bancorp |  |  |
| 5.08%, 05/15/31 | 300 | 309 |
| 5.42%, 02/12/36 (c) | 200 | 208 |
| U.S. Bank National Association |  |  |
| 4.73%, 05/15/28 (e) | 600 | 606 |
| UBS Group AG |  |  |
| 6.25%, 09/22/29 (a) | 500 | 526 |
| Wells Fargo & Company |  |  |
| 2.88%, 10/30/30 | 400 | 380 |
| 5.24%, 01/24/31 | 600 | 621 |
| 5.15%, 04/23/31 | 850 | 877 |
| | | 64324 |
| **Health Care 10.3%** | **Health Care 10.3%** | **Health Care 10.3%** |
| 180 Medical, Inc. |  |  |
| 5.30%, 10/08/35 (a) | 200 | 199 |
| AbbVie Inc. |  |  |
| 4.80%, 03/15/29 | 800 | 819 |
| 4.25%, 11/21/49 | 1000 | 825 |
| Advocate Health and Hospitals Corporation |  |  |
| 3.01%, 06/15/50 | 200 | 132 |
| Alcon Finance Corporation |  |  |
| 3.00%, 09/23/29 (a) | 300 | 288 |
| 2.60%, 05/27/30 (a) | 480 | 446 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 | 970 | 1006 |
| 5.65%, 03/02/53 | 570 | 558 |
| AstraZeneca Finance LLC |  |  |
| 5.00%, 02/26/34 | 500 | 518 |
| Bayer US Finance II LLC |  |  |
| 4.63%, 06/25/38 (a) | 270 | 247 |
| Bristol-Myers Squibb Company |  |  |
| 4.13%, 06/15/39 | 290 | 264 |
| Cencora, Inc. |  |  |
| 5.15%, 02/15/35 | 400 | 409 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 400 | 368 |
| Cigna Group, The |  |  |
| 2.38%, 03/15/31 | 340 | 308 |
| 5.25%, 01/15/36 | 660 | 672 |
| CVS Health Corporation |  |  |
| 4.78%, 03/25/38 | 780 | 737 |
| Elevance Health, Inc. |  |  |
| 5.00%, 01/15/36 | 724 | 720 |
| 6.10%, 10/15/52 | 100 | 103 |
| Eli Lilly and Company |  |  |
| 5.05%, 08/14/54 | 500 | 469 |
| EMD Finance LLC |  |  |
| 4.38%, 10/15/30 (a) | 600 | 601 |
| 4.63%, 10/15/32 (a) | 243 | 243 |
| Gilead Sciences, Inc. |  |  |
| 4.80%, 04/01/44 | 400 | 369 |
| HCA Inc. |  |  |
| 4.60%, 11/15/32 | 200 | 198 |
| 5.45%, 09/15/34 | 326 | 336 |
| 4.63%, 03/15/52 | 400 | 326 |
| 6.20%, 03/01/55 | 470 | 480 |
| Humana Inc. |  |  |
| 5.75%, 04/15/54 | 150 | 141 |
| Indiana University Health, Inc. |  |  |
| 2.85%, 11/01/51 | 200 | 126 |
| Johnson & Johnson |  |  |
| 4.85%, 03/01/32 | 350 | 363 |
| Kaiser Foundation Hospitals |  |  |
| 4.15%, 05/01/47 | 100 | 83 |
| Labcorp Holdings Inc. |  |  |
| 4.35%, 04/01/30 | 960 | 961 |
| Mars, Incorporated |  |  |
| 3.88%, 04/01/39 (a) | 610 | 536 |
| 5.65%, 05/01/45 (a) | 260 | 262 |
| 5.70%, 05/01/55 (a) | 70 | 70 |
| McKesson Corporation |  |  |
| 4.65%, 05/30/30 | 800 | 814 |
| Merck & Co., Inc. |  |  |
| 5.50%, 03/15/46 | 688 | 687 |
| 5.00%, 05/17/53 | 140 | 129 |
| Pfizer Investment Enterprises Pte. Ltd |  |  |
| 5.30%, 05/19/53 | 340 | 321 |
| Roche Holdings, Inc. |  |  |
| 5.59%, 11/13/33 (a) | 300 | 321 |
| Royalty Pharma PLC |  |  |
| 5.20%, 09/25/35 | 120 | 121 |
| 3.30%, 09/02/40 | 900 | 697 |
| STERIS Irish FinCo Unlimited Company |  |  |
| 3.75%, 03/15/51 | 240 | 178 |
| Takeda Pharmaceutical Company Limited |  |  |
| 5.30%, 07/05/34 | 560 | 578 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 01/15/32 | 500 | 512 |
| 4.25%, 06/15/48 | 720 | 590 |
|  |  | 19131 |
| **Utilities 8.1%** | **Utilities 8.1%** | **Utilities 8.1%** |
| American Water Capital Corp. |  |  |
| 5.70%, 09/01/55 | 220 | 221 |
| Arizona Public Service Company |  |  |
| 5.70%, 08/15/34 | 300 | 316 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.45%, 03/15/44 | 350 | 304 |
| Constellation Energy Generation, LLC |  |  |
| 6.50%, 10/01/53 | 180 | 196 |
| Duke Energy Corporation |  |  |
| 4.25%, 12/15/41 | 290 | 255 |
| Duke Energy Florida, LLC |  |  |
| 5.95%, 11/15/52 | 390 | 403 |
| Duke Energy Progress, LLC |  |  |
| 5.10%, 03/15/34 | 210 | 216 |
| 4.10%, 03/15/43 | 320 | 270 |
| 5.55%, 03/15/55 | 540 | 533 |
| Entergy Corporation |  |  |
| 5.88%, 06/15/56 | 750 | 750 |
| 6.10%, 06/15/56 | 330 | 330 |
| Entergy Utility Assets, LLC |  |  |
| 5.15%, 09/15/34 | 200 | 205 |
| Essential Utilities, Inc. |  |  |
| 2.70%, 04/15/30 | 500 | 469 |
| Exelon Corporation |  |  |
| 5.60%, 03/15/53 | 210 | 204 |
| 6.50%, 03/15/55 | 700 | 728 |
| Florida Power & Light Company |  |  |
| 5.30%, 06/15/34 | 510 | 534 |
| 3.95%, 03/01/48 | 610 | 488 |
| 5.60%, 02/15/66 | 272 | 268 |
| Interstate Power and Light Company |  |  |
| 5.60%, 06/29/35 | 354 | 369 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/27 (f) | 760 | 770 |
| Niagara Mohawk Power Corporation |  |  |
| 6.00%, 07/03/55 (a) | 230 | 233 |
| NiSource Inc. |  |  |
| 5.85%, 04/01/55 | 400 | 399 |
| NSTAR Electric Company |  |  |
| 1.95%, 08/15/31 | 250 | 220 |
| Oncor Electric Delivery Company LLC |  |  |
| 3.10%, 09/15/49 | 430 | 286 |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 320 | 199 |
| PG&E Company |  |  |
| 4.50%, 07/01/40 | 500 | 436 |
| 6.75%, 01/15/53 | 330 | 351 |
| 6.70%, 04/01/53 | 230 | 243 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

512

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Piedmont Natural Gas Company, Inc. |  |  |
| 5.05%, 05/15/52 | 210 | 188 |
| Public Service Company of Colorado |  |  |
| 5.15%, 09/15/35 | 1000 | 1014 |
| Public Service Electric And Gas Company |  |  |
| 5.45%, 03/01/54 | 250 | 245 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 400 | 413 |
| 5.88%, 10/15/28 | 500 | 522 |
| San Diego Gas & Electric Company |  |  |
| 5.35%, 04/01/53 | 360 | 341 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 650 | 660 |
| Southern California Edison Company |  |  |
| 4.88%, 02/01/27 | 250 | 252 |
| 5.20%, 06/01/34 | 170 | 171 |
| 4.65%, 10/01/43 | 350 | 298 |
| 5.88%, 12/01/53 | 210 | 201 |
| Southern California Gas Company |  |  |
| 6.00%, 06/15/55 | 491 | 505 |
| Virginia Electric and Power Company |  |  |
| 2.45%, 12/15/50 | 290 | 167 |
| | | 15173 |
| **Industrials 6.5%** | **Industrials 6.5%** | **Industrials 6.5%** |
| Aircastle Limited |  |  |
| 6.50%, 07/18/28 (a) | 250 | 263 |
| Amcor Finance (USA), Inc. |  |  |
| 5.63%, 05/26/33 | 280 | 293 |
| Amrize Finance US LLC |  |  |
| 4.95%, 04/07/30 | 391 | 400 |
| Boeing Company, The |  |  |
| 6.30%, 05/01/29 (g) | 660 | 701 |
| 6.53%, 05/01/34 (g) | 370 | 409 |
| 5.81%, 05/01/50 (g) | 330 | 325 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.40%, 06/01/41 | 340 | 345 |
| 5.20%, 04/15/54 | 700 | 660 |
| 5.50%, 03/15/55 | 330 | 325 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.10%, 12/02/51 | 170 | 113 |
| CRH America Finance, Inc. |  |  |
| 4.40%, 02/09/31 | 612 | 612 |
| 5.00%, 02/09/36 | 216 | 217 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/30 (a) | 460 | 470 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 290 | 325 |
| 5.50%, 06/15/35 | 150 | 154 |
| Norfolk Southern Corporation |  |  |
| 3.16%, 05/15/55 | 580 | 374 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 448 | 461 |
| 5.35%, 04/15/32 | 345 | 357 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 04/15/28 (g) | 400 | 414 |
| 6.40%, 04/15/33 (g) | 350 | 377 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 100 | 102 |
| RTX Corporation |  |  |
| 6.00%, 03/15/31 | 500 | 538 |
| 6.10%, 03/15/34 | 400 | 438 |
| 5.38%, 02/27/53 | 220 | 211 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.78%, 04/03/54 | 200 | 201 |
| Smurfit Westrock Financing Designated Activity Company |  |  |
| 5.19%, 01/15/36 (c) | 500 | 504 |
| UL Solutions Inc. |  |  |
| 6.50%, 10/20/28 | 700 | 740 |
| Union Pacific Corporation |  |  |
| 3.60%, 09/15/37 | 440 | 392 |
| 3.95%, 08/15/59 | 170 | 126 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (a) | 157 | 156 |
| Waste Connections, Inc. |  |  |
| 5.00%, 03/01/34 | 510 | 522 |
| Waste Management, Inc. |  |  |
| 4.80%, 03/15/32 | 550 | 562 |
|  |  | 12087 |
| **Communication Services 6.3%** | **Communication Services 6.3%** | **Communication Services 6.3%** |
| Alphabet Inc. |  |  |
| 4.38%, 11/15/32 | 299 | 300 |
| 4.50%, 05/15/35 | 200 | 199 |
| 4.70%, 11/15/35 | 300 | 300 |
| 1.90%, 08/15/40 | 270 | 183 |
| 5.45%, 11/15/55 | 70 | 69 |
| 5.30%, 05/15/65 | 112 | 105 |
| AT&T Inc. |  |  |
| 5.25%, 03/01/37 | 870 | 881 |
| 4.85%, 03/01/39 | 740 | 704 |
| 4.30%, 12/15/42 | 290 | 245 |
| 3.65%, 06/01/51 | 1150 | 810 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 - 03/01/42 | 680 | 479 |
| 5.38%, 05/01/47 | 300 | 247 |
| Comcast Corporation |  |  |
| 3.75%, 04/01/40 | 530 | 438 |
| 2.89%, 11/01/51 | 390 | 229 |
| Cox Communications, Inc. |  |  |
| 5.95%, 09/01/54 (a) | 300 | 263 |
| Meta Platforms, Inc. |  |  |
| 4.60%, 11/15/32 | 100 | 101 |
| 4.88%, 11/15/35 | 450 | 449 |
| 5.50%, 11/15/45 | 650 | 632 |
| 5.60%, 05/15/53 | 200 | 191 |
| 5.55%, 08/15/64 | 210 | 195 |
| SoftBank Corp. |  |  |
| 5.33%, 07/09/35 (a) | 620 | 621 |
| T-Mobile USA, Inc. |  |  |
| 4.95%, 03/15/28 | 660 | 673 |
| 2.25%, 11/15/31 | 330 | 293 |
| 5.75%, 01/15/34 | 710 | 753 |
| 5.65%, 01/15/53 | 200 | 194 |
| 5.70%, 01/15/56 (c) | 280 | 273 |
| Verizon Communications Inc. |  |  |
| 4.75%, 01/15/33 | 283 | 283 |
| 4.40%, 11/01/34 | 830 | 801 |
| 5.75%, 11/30/45 | 350 | 348 |
| 5.88%, 11/30/55 | 420 | 416 |
|  |  | 11675 |
| **Consumer Staples 6.1%** | **Consumer Staples 6.1%** | **Consumer Staples 6.1%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 1190 | 1232 |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (a) | 350 | 346 |
| B.A.T Capital Corporation |  |  |
| 7.08%, 08/02/53 | 330 | 375 |
| Bimbo Bakeries USA, Inc. |  |  |
| 5.38%, 01/09/36 (a) | 470 | 479 |
| Bunge Limited Finance Corp. |  |  |
| 5.15%, 08/04/35 | 622 | 632 |
| Cargill, Incorporated |  |  |
| 2.13%, 11/10/31 (a) | 460 | 407 |
| 5.38%, 10/23/55 (a) | 329 | 317 |
| Coca-Cola Company, The |  |  |
| 5.30%, 05/13/54 | 350 | 344 |
| Constellation Brands, Inc. |  |  |
| 2.25%, 08/01/31 | 360 | 319 |
| CSL Finance PLC |  |  |
| 4.25%, 04/27/32 (a) | 200 | 197 |
| 5.11%, 04/03/34 (a) | 300 | 308 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 6.25%, 03/01/56 (a) | 525 | 524 |
| 6.38%, 04/15/66 (a) | 520 | 517 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 270 | 301 |
| Keurig Dr Pepper Inc. |  |  |
| 3.95%, 04/15/29 | 560 | 554 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

513

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nestle Capital Corporation |  |  |
| 4.88%, 03/12/34 (a) | 210 | 216 |
| Philip Morris International Inc. |  |  |
| 4.00%, 10/29/30 | 800 | 793 |
| 4.75%, 11/01/31 | 700 | 715 |
| Procter & Gamble Company, The |  |  |
| 4.05%, 05/01/30 | 760 | 764 |
| Southern California, University of |  |  |
| 3.84%, 10/01/47 | 450 | 361 |
| Trustees of Columbia University In The City of New York, The |  |  |
| 4.36%, 10/01/35 | 447 | 439 |
| Tyson Foods, Inc. |  |  |
| 5.70%, 03/15/34 | 360 | 380 |
| Unilever Capital Corporation |  |  |
| 5.00%, 12/08/33 | 300 | 311 |
| University of Chicago, The |  |  |
| 2.76%, 04/01/45 | 350 | 270 |
| Walmart Inc. |  |  |
| 4.50%, 04/15/53 | 420 | 371 |
| | | 11472 |
| **Information Technology 5.7%** | **Information Technology 5.7%** | **Information Technology 5.7%** |
| Apple Inc. |  |  |
| 3.45%, 02/09/45 | 330 | 257 |
| 4.38%, 05/13/45 | 120 | 107 |
| 4.65%, 02/23/46 | 420 | 386 |
| 3.95%, 08/08/52 (c) | 500 | 397 |
| Applied Materials, Inc. |  |  |
| 4.60%, 01/15/36 | 625 | 616 |
| AppLovin Corporation |  |  |
| 5.38%, 12/01/31 | 580 | 601 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 908 | 935 |
| 4.35%, 02/15/30 | 470 | 473 |
| 4.60%, 07/15/30 | 456 | 464 |
| 4.90%, 07/15/32 | 456 | 465 |
| 3.47%, 04/15/34 | 420 | 383 |
| Cisco Systems, Inc. |  |  |
| 4.85%, 02/26/29 | 460 | 472 |
| 5.30%, 02/26/54 | 260 | 250 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (a) | 470 | 499 |
| Intel Corporation |  |  |
| 4.80%, 10/01/41 | 200 | 177 |
| Microsoft Corporation |  |  |
| 2.53%, 06/01/50 | 830 | 508 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 570 | 564 |
| Oracle Corporation |  |  |
| 3.65%, 03/25/41 | 450 | 328 |
| 5.88%, 09/26/45 | 310 | 280 |
| 4.00%, 11/15/47 | 340 | 234 |
| 6.00%, 08/03/55 | 200 | 177 |
| 6.10%, 09/26/65 | 490 | 433 |
| Synopsys, Inc. |  |  |
| 4.85%, 04/01/30 | 968 | 988 |
| Texas Instruments Incorporated |  |  |
| 5.15%, 02/08/54 | 170 | 160 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (a) | 400 | 395 |
|  |  | 10549 |
| **Energy 5.4%** | **Energy 5.4%** | **Energy 5.4%** |
| BP Capital Markets America Inc. |  |  |
| 2.94%, 06/04/51 | 300 | 191 |
| Chevron U.S.A. Inc. |  |  |
| 4.30%, 10/15/30 (c) | 400 | 404 |
| ConocoPhillips Company |  |  |
| 5.30%, 05/15/53 | 220 | 205 |
| Energy Transfer LP |  |  |
| 5.70%, 04/01/35 (c) | 210 | 217 |
| 5.80%, 06/15/38 | 270 | 276 |
| 5.00%, 05/15/50 | 500 | 419 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/15/31 | 313 | 317 |
| 5.20%, 01/15/36 | 170 | 173 |
| 5.70%, 02/15/42 | 550 | 561 |
| Exxon Mobil Corporation |  |  |
| 4.23%, 03/19/40 | 400 | 367 |
| MPLX LP |  |  |
| 5.50%, 06/01/34 | 380 | 388 |
| 6.20%, 09/15/55 | 460 | 457 |
| ONEOK, Inc. |  |  |
| 5.05%, 11/01/34 | 105 | 104 |
| Ovintiv Canada ULC |  |  |
| 5.65%, 05/15/28 | 280 | 288 |
| 6.25%, 07/15/33 | 70 | 74 |
| Pioneer Natural Resources Company |  |  |
| 1.90%, 08/15/30 | 300 | 272 |
| Repsol E&P Capital Markets US LLC |  |  |
| 5.20%, 09/16/30 (a) | 200 | 203 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.00%, 03/15/27 | 570 | 574 |
| 4.50%, 05/15/30 | 850 | 854 |
| Shell Finance US Inc. |  |  |
| 3.00%, 11/26/51 (a) | 250 | 161 |
| Targa Resources Corp. |  |  |
| 6.15%, 03/01/29 | 850 | 895 |
| Targa Resources Partners LP |  |  |
| 4.00%, 01/15/32 | 610 | 582 |
| TotalEnergies SE |  |  |
| 5.64%, 04/05/64 | 300 | 290 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (a) | 600 | 563 |
| 6.25%, 01/15/30 (a) | 500 | 507 |
| Williams Companies, Inc., The |  |  |
| 5.30%, 09/30/35 - 08/15/52 | 840 | 822 |
|  |  | 10164 |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| Amcor Flexibles North America, Inc. |  |  |
| 5.50%, 03/17/35 | 250 | 259 |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (a) | 340 | 350 |
| AptarGroup, Inc. |  |  |
| 4.75%, 03/30/31 | 174 | 175 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 6.78%, 01/13/55 (a) | 430 | 462 |
| Ecolab Inc. |  |  |
| 5.00%, 09/01/35 | 150 | 153 |
| Glencore Funding LLC |  |  |
| 5.19%, 04/01/30 (a) | 164 | 168 |
| 5.67%, 04/01/35 (a) | 150 | 157 |
| Mosaic Company, The |  |  |
| 4.35%, 01/15/29 | 650 | 652 |
| Newmont Corporation |  |  |
| 5.35%, 03/15/34 | 800 | 838 |
| Nutrien Ltd. |  |  |
| 5.40%, 06/21/34 | 500 | 516 |
| Sonoco Products Company |  |  |
| 4.45%, 09/01/26 | 143 | 143 |
| 4.60%, 09/01/29 | 370 | 373 |
|  |  | 4246 |
| **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** |
| Amazon.com, Inc. |  |  |
| 3.88%, 08/22/37 | 700 | 643 |
| 2.50%, 06/03/50 | 200 | 120 |
| Flutter Treasury Designated Activity Company |  |  |
| 5.88%, 06/04/31 (a) | 330 | 334 |
| General Motors Company |  |  |
| 5.63%, 04/15/30 | 490 | 511 |
| Honda Motor Co., Ltd. |  |  |
| 5.34%, 07/08/35 | 300 | 307 |
| Hyundai Capital America |  |  |
| 4.88%, 11/01/27 (a) | 400 | 405 |
| Lowe`s Companies, Inc. |  |  |
| 3.00%, 10/15/50 | 300 | 191 |
| McDonald's Corporation |  |  |
| 5.45%, 08/14/53 | 180 | 175 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

514

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/36 | 260 | 261 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 120 | 121 |
| | | 3068 |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| American Tower Corporation |  |  |
| 2.90%, 01/15/30 | 370 | 351 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (a) | 480 | 440 |
| ERP Operating Limited Partnership |  |  |
| 4.95%, 06/15/32 | 140 | 143 |
| National Health Investors, Inc. |  |  |
| 5.35%, 02/01/33 | 250 | 249 |
| ProLogis, L.P. |  |  |
| 5.25%, 06/15/53 | 170 | 162 |
| VICI Properties Inc. |  |  |
| 4.13%, 08/15/30 (a) | 450 | 436 |
|  |  | 1781 |
| Total Corporate Bonds And Notes (cost $160,715) | Total Corporate Bonds And Notes (cost $160,715) | 163670 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.1%** |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 234 | 227 |
| Series 2016-A-2, 3.65%, 06/15/28 | 193 | 186 |
| British Airways PLC |  |  |
| Series 2018-AA-1, 3.80%, 09/20/31 | 213 | 208 |
| Series 2019-1, 3.30%, 12/15/32 | 287 | 271 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2025-A1-2A, 4.93%, 11/25/30 | 661 | 659 |
| Consolidated Communications LLC/Fidium Fiber Finance |  |  |
| Series 2025-A2-4A, 5.52%, 12/20/55 | 710 | 716 |
| DLLAD 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.50%, 06/20/26 | 406 | 408 |
| GreatAmerica Financial Services Corporation |  |  |
| Series 2025-A2-2, 4.22%, 11/15/27 | 665 | 667 |
| Greatamerica Leasing Receivables Funding, L.L.C. |  |  |
| Series 2025-A2-1, 4.52%, 04/15/27 | 904 | 907 |
| J.P. Morgan Mortgage Trust 2025-NQM1 |  |  |
| Series 2025-A1-NQM4, REMIC, 4.95%, 10/25/29 (h) | 564 | 564 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-A2-4A, 5.16%, 12/22/55 | 582 | 583 |
| OBX 2025-NQM13 Trust |  |  |
| Series 2025-A1-NQM13, REMIC, 5.44%, 05/25/65 (f) | 430 | 434 |
| OBX 2025-NQM20 Trust |  |  |
| Series 2025-A1-NQM20, REMIC, 5.02%, 10/25/65 (h) | 520 | 520 |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-A2-1A, 5.44%, 05/28/30 | 690 | 694 |
| RIDE 2025-SHRE |  |  |
| Series 2025-A-SHRE, REMIC, 5.62%, 02/14/30 (h) | 210 | 216 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| Series 2023-1, 5.80%, 01/15/36 | 1353 | 1413 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2024-AA-1, 5.45%, 02/15/37 | 615 | 633 |
| United Airlines Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, 4.15%, 08/25/31 | 273 | 268 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $9,440) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $9,440) | 9574 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 4.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 4.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 4.3%** |
| **Sovereign 2.2%** | **Sovereign 2.2%** | **Sovereign 2.2%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.38%, 03/22/33 | 513 | 509 |
| 6.34%, 05/04/53 | 460 | 438 |
| Israel, State of |  |  |
| 5.50%, 03/12/34 | 520 | 537 |
| Republic of Indonesia, The Government of, The |  |  |
| 4.30%, 04/16/31 | 800 | 796 |
| ROP Sukuk Trust |  |  |
| 5.05%, 06/06/29 (a) | 960 | 983 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 3.88%, 05/06/51 | 200 | 143 |
| The Philippines, Government of |  |  |
| 5.95%, 10/13/47 | 250 | 262 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 03/18/54 | 400 | 381 |
|  |  | 4049 |
| **U.S. Treasury Bond 0.8%** | **U.S. Treasury Bond 0.8%** | **U.S. Treasury Bond 0.8%** |
| Treasury, United States Department of |  |  |
| 4.13%, 08/15/44 | 250 | 230 |
| 3.00%, 05/15/45 | 1050 | 809 |
| 2.75%, 08/15/47 | 800 | 572 |
|  |  | 1611 |
| **U.S. Treasury Note 0.8%** | **U.S. Treasury Note 0.8%** | **U.S. Treasury Note 0.8%** |
| Treasury, United States Department of |  |  |
| 3.88%, 07/31/27 | 1500 | 1509 |
| **Municipal 0.5%** | **Municipal 0.5%** | **Municipal 0.5%** |
| Metropolitan Transportation Authority |  |  |
| 6.81%, 11/15/40 | 125 | 139 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 292 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 234 | 240 |
| The University of Texas System |  |  |
| 4.79%, 08/15/46 | 230 | 218 |
|  |  | 889 |
| Total Government And Agency Obligations (cost $8,007) | Total Government And Agency Obligations (cost $8,007) | 8058 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| JNL Government Money Market Fund - Class SL, 3.74% (i) (j) | 2846 | 2846 |
| **U.S. Treasury Bill 1.1%** | **U.S. Treasury Bill 1.1%** | **U.S. Treasury Bill 1.1%** |
| Treasury, United States Department of |  |  |
| 3.60%, 01/29/26 | 2000 | 1995 |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (i) (j) | 910 | 910 |
| Total Short Term Investments (cost $5,750) | Total Short Term Investments (cost $5,750) | 5751 |
| **Total Investments 100.3% (cost $183,912)** | **Total Investments 100.3% (cost $183,912)** | **187053** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (9) |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | (566) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **186478** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $20,761 and 11.1% of the Fund.

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

(c) All or a portion of the security was on loan as of December 31, 2025.

(d) Convertible security.

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

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(g) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

515

***JNL Series Trust***

December 31, 2025

In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** | **JNL/PPM America Investment Grade Credit Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 925 | 122050 | 122065 | 129 |  |  | 910 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL | 2289 | 24333 | 23776 | 42 |  |  | 2846 | 1.5 |
|  | 3214 | 146383 | 145841 | 171 |  |  | 3756 | 2.0 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 77.8% |
| **Multi-National** | 5.1 |
| **United Kingdom** | 2.7 |
| **Germany** | 2.3 |
| **Japan** | 1.9 |
| **Ireland** | 1.4 |
| **Switzerland** | 1.3 |
| **Canada** | 1.3 |
| **Mexico** | 0.8 |
| **Brazil** | 0.7 |
| **Philippines** | 0.7 |
| **Belgium** | 0.7 |
| **Spain** | 0.6 |
| **Australia** | 0.5 |
| **Chile** | 0.4 |
| **Indonesia** | 0.4 |
| **Netherlands** | 0.3 |
| **Israel** | 0.3 |
| **Sweden** | 0.2 |
| **India** | 0.2 |
| **Poland** | 0.2 |
| **France** | 0.1 |
| **Italy** | 0.1 |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** | **JNL/PPM America Investment Grade Credit Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| U.S. Bank National Association, 4.73%, 05/15/28 | 05/12/25 | 600 | 606 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** | **JNL/PPM America Investment Grade Credit Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 8 | March 2026 | 898 | (1) | 2 |
| United States 2 Year Note | 11 | April 2026 | 2298 | (1) | (2) |
| United States Long Bond | 31 | March 2026 | 3612 | (7) | (28) |
| United States Ultra Bond | 5 | March 2026 | 596 | (2) | (6) |
|  |  |  |  | (11) | (34) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 5 Year Note | (16) | April 2026 | (1754) | 2 | 5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

516

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PPM America Investment Grade Credit Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PPM America Investment Grade Credit Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PPM America Investment Grade Credit Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PPM America Investment Grade Credit Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PPM America Investment Grade Credit Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PPM America Investment Grade Credit Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PPM America Investment Grade Credit Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| CDX.NA.IG.45 (Q) | N/A | 1.00 | 12/20/30 | 2000 | (45) |  |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 163670 |  | 163670 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 9574 |  | 9574 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 8058 |  | 8058 |
| &nbsp;&nbsp;Short Term Investments | 3756 | 1995 |  | 5751 |
|  | 3756 | 183297 |  | 187053 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 7 |  |  | 7 |
|  | 7 |  |  | 7 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (36) |  |  | (36) |
|  | (36) |  |  | (36) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

517

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 59.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 59.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 59.4%** |
| **U.S. Treasury Note 27.7%** | **U.S. Treasury Note 27.7%** | **U.S. Treasury Note 27.7%** |
| Treasury, United States Department of |  |  |
| 3.75%, 08/15/27 - 11/30/32 | 104910 | 104995 |
| 4.63%, 04/30/29 - 09/30/30 | 11400 | 11803 |
| 4.13%, 11/30/29 - 05/31/32 | 36730 | 37334 |
| 3.50%, 04/30/30 - 11/30/30 | 46360 | 45943 |
| 3.88%, 06/30/30 - 08/15/33 | 78453 | 78823 |
| 4.88%, 10/31/30 | 3750 | 3941 |
| 2.88%, 05/15/32 | 45388 | 42821 |
| 4.38%, 05/15/34 | 23655 | 24202 |
| 4.25%, 08/15/35 | 26980 | 27209 |
|  |  | 377071 |
| **Mortgage-Backed Securities 18.6%** | **Mortgage-Backed Securities 18.6%** | **Mortgage-Backed Securities 18.6%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 2.50%, 08/01/31 - 11/01/51 | 2870 | 2495 |
| 3.00%, 05/01/34 - 06/01/52 | 12754 | 11488 |
| 2.00%, 04/01/36 - 09/01/51 | 18231 | 15806 |
| 4.00%, 10/01/37 - 06/01/48 | 6398 | 6223 |
| 5.00%, 02/01/38 - 03/01/55 | 14223 | 14235 |
| 4.50%, 07/01/38 - 09/01/52 | 7846 | 7720 |
| 3.50%, 04/01/42 - 05/01/48 | 6762 | 6351 |
| 5.50%, 10/01/53 - 09/01/54 | 22769 | 23115 |
| 6.00%, 11/01/53 - 03/01/54 | 9348 | 9614 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/31 - 01/01/52 | 11669 | 10448 |
| 3.00%, 04/01/31 - 05/01/53 | 24190 | 21926 |
| 5.00%, 06/01/35 - 04/01/53 | 9913 | 9954 |
| 2.00%, 10/01/35 - 03/01/52 | 30790 | 25316 |
| 4.00%, 10/01/37 - 09/01/49 | 9678 | 9371 |
| 4.50%, 05/01/38 - 09/01/52 | 5476 | 5444 |
| 3.50%, 11/01/42 - 08/01/49 | 7639 | 7195 |
| 5.50%, 02/01/53 | 2483 | 2537 |
| 6.00%, 10/01/53 | 2314 | 2383 |
| Government National Mortgage Association |  |  |
| 5.00%, 08/20/41 - 01/20/55 | 2531 | 2532 |
| 3.50%, 06/20/43 - 03/20/50 | 7857 | 7310 |
| 4.00%, 05/20/44 - 03/20/50 | 3976 | 3824 |
| 3.00%, 07/20/45 - 04/20/50 | 4059 | 3685 |
| 4.50%, 12/20/48 - 05/20/49 | 1196 | 1187 |
| 2.50%, 08/20/50 - 09/20/50 | 7106 | 6139 |
| Government National Mortgage Association II |  |  |
| 2.50%, 03/20/51 - 04/20/52 | 9427 | 8135 |
| 3.00%, 03/20/51 - 06/20/52 | 5247 | 4724 |
| 2.00%, 10/20/51 - 01/20/52 | 6022 | 4988 |
| 3.50%, 05/20/52 | 385 | 355 |
| 4.50%, 08/20/52 - 06/20/53 | 12124 | 11892 |
| 4.00%, 10/20/52 - 04/20/53 | 3267 | 3110 |
| 5.00%, 10/20/52 - 04/20/53 | 4726 | 4746 |
|  |  | 254248 |
| **U.S. Treasury Bond 12.4%** | **U.S. Treasury Bond 12.4%** | **U.S. Treasury Bond 12.4%** |
| Treasury, United States Department of |  |  |
| 3.75%, 08/15/41 - 11/15/43 | 18998 | 16950 |
| 3.13%, 11/15/41 | 11200 | 9275 |
| 4.13%, 08/15/44 | 19330 | 17778 |
| 2.50%, 02/15/45 - 02/15/46 | 51398 | 36216 |
| 4.75%, 02/15/45 - 05/15/55 | 32890 | 32576 |
| 3.00%, 02/15/48 | 16488 | 12295 |
| 2.88%, 05/15/49 | 20310 | 14603 |
| 2.25%, 08/15/49 | 23095 | 14521 |
| 4.00%, 11/15/52 | 16510 | 14354 |
|  |  | 168568 |
| **U.S. Government Agency Obligations 0.7%** | **U.S. Government Agency Obligations 0.7%** | **U.S. Government Agency Obligations 0.7%** |
| Federal National Mortgage Association, Inc. |  |  |
| 0.88%, 08/05/30 (a) | 7104 | 6254 |
| Tennessee Valley Authority |  |  |
| 4.88%, 05/15/35 (a) | 3530 | 3632 |
|  |  | 9886 |
| Total Government And Agency Obligations (cost $839,546) | Total Government And Agency Obligations (cost $839,546) | 809773 |
| **CORPORATE BONDS AND NOTES 25.9%** | **CORPORATE BONDS AND NOTES 25.9%** | **CORPORATE BONDS AND NOTES 25.9%** |
| **Financials 11.7%** | **Financials 11.7%** | **Financials 11.7%** |
| American Express Company |  |  |
| 4.88%, (SOFR + 0.93%), 07/26/28 (b) | 2694 | 2706 |
| 5.67%, 04/25/36 | 3477 | 3671 |
| 4.80%, 10/24/36 | 2778 | 2748 |
| Athene Holding Ltd |  |  |
| 6.63%, 05/19/55 | 2074 | 2113 |
| Bank of America Corporation |  |  |
| 2.97%, 02/04/33 | 2908 | 2661 |
| 5.52%, 10/25/35 | 4205 | 4313 |
| Barclays PLC |  |  |
| 7.63%, (100, 03/15/35) (c) (d) | 1772 | 1889 |
| Blackstone Reg Finance Co. L.L.C. |  |  |
| 4.95%, 02/15/36 | 1136 | 1128 |
| Blue Owl Technology Finance Corp. |  |  |
| 6.10%, 03/15/28 (e) | 1958 | 1970 |
| Brookfield Asset Management Ltd. |  |  |
| 4.65%, 11/15/30 | 2810 | 2831 |
| Capital One Financial Corporation |  |  |
| 6.38%, 06/08/34 | 1732 | 1873 |
| 6.18%, 01/30/36 | 2627 | 2746 |
| Citadel Limited Partnership |  |  |
| 6.38%, 01/23/32 (e) (f) | 2402 | 2545 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (c) | 3550 | 3626 |
| 7.13%, (100, 08/15/29) (c) | 2750 | 2833 |
| 6.02%, 01/24/36 | 2776 | 2911 |
| Daimler Trucks Finance North America LLC |  |  |
| 4.66%, (SOFR + 0.96%), 09/25/27 (b) (e) | 3995 | 4010 |
| Ford Motor Credit Company LLC |  |  |
| 4.13%, 08/17/27 | 632 | 627 |
| 7.35%, 11/04/27 | 3456 | 3610 |
| 6.05%, 03/05/31 | 1100 | 1131 |
| 6.05%, 11/05/31 | 1340 | 1372 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32 (e) | 1859 | 1960 |
| General Motors Financial Company, Inc. |  |  |
| 5.23%, (SOFR + 1.35%), 05/08/27 (b) | 4700 | 4727 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (e) | 4874 | 5033 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.56%, 11/19/45 | 2724 | 2729 |
| 5.73%, 01/28/56 | 1681 | 1703 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 (e) | 967 | 973 |
| 5.80%, 09/12/29 | 3890 | 3933 |
| Henneman Trust |  |  |
| 6.58%, 05/15/55 (e) | 1646 | 1715 |
| HPS Corporate Lending Fund |  |  |
| 4.90%, 09/11/28 (e) | 2174 | 2162 |
| Jane Street Group, LLC |  |  |
| 6.75%, 05/01/33 (e) | 2366 | 2467 |
| JPMorgan Chase & Co. |  |  |
| 5.50%, 01/24/36 | 2743 | 2870 |
| 5.57%, 04/22/36 | 8605 | 9031 |
| 5.58%, 07/23/36 | 2571 | 2662 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (e) | 4199 | 4402 |
| MassMutual Global Funding II |  |  |
| 4.74%, (SOFR + 0.74%), 04/09/27 (b) (e) | 7690 | 7719 |
| Morgan Stanley |  |  |
| 5.00%, (SOFR + 1.02%), 04/13/28 (b) | 6000 | 6028 |
| 5.19%, 04/17/31 | 2532 | 2609 |
| 6.63%, 11/01/34 | 2880 | 3222 |
| 5.66%, 04/17/36 | 4122 | 4333 |
| 5.52%, 11/19/55 | 2769 | 2741 |
| Morgan Stanley Bank |  |  |
| 4.70%, (SOFR + 0.86%), 05/26/28 (b) (g) | 2005 | 2011 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 4993 | 5059 |
| New York Life Global Funding |  |  |
| 5.00%, 01/09/34 (e) | 4628 | 4706 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

518

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| North Haven Private Income Fund LLC |  |  |
| 5.13%, 09/25/28 (e) (h) | 1211 | 1209 |
| Northern Trust Corporation |  |  |
| 5.12%, 11/19/40 | 4831 | 4832 |
| Protective Life Corporation |  |  |
| 4.70%, 01/15/31 (e) | 2079 | 2086 |
| 5.35%, 12/15/35 (e) | 3322 | 3359 |
| State Street Corporation |  |  |
| 6.12%, 11/21/34 | 1900 | 2055 |
| UBS Group AG |  |  |
| 5.53%, 05/06/47 (e) | 4170 | 4119 |
| Wells Fargo & Company |  |  |
| 5.03%, (SOFR + 1.07%), 04/22/28 (b) | 3523 | 3542 |
| | | 159311 |
| **Consumer Discretionary 2.7%** | **Consumer Discretionary 2.7%** | **Consumer Discretionary 2.7%** |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (e) | 1863 | 1866 |
| 7.38%, 08/01/33 (e) | 1863 | 1869 |
| Amazon.com, Inc. |  |  |
| 4.10%, 11/20/30 | 3500 | 3505 |
| 4.65%, 11/20/35 | 3500 | 3486 |
| 5.55%, 11/20/65 | 3500 | 3399 |
| Brightstar Lottery PLC |  |  |
| 5.75%, 01/15/33 (e) | 2085 | 2070 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (e) | 2003 | 2025 |
| 5.75%, 08/01/32 (e) | 2910 | 2986 |
| 6.13%, 02/15/33 (e) | 2983 | 3080 |
| Hyundai Capital America |  |  |
| 4.75%, (SOFR + 1.04%), 06/24/27 (b) (e) | 4450 | 4464 |
| Resorts World Las Vegas LLC |  |  |
| 8.45%, 07/27/30 (e) | 1410 | 1393 |
| 4.63%, 04/06/31 (e) | 1700 | 1407 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/31 (e) | 1480 | 1515 |
| 5.38%, 01/15/36 | 2024 | 2034 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (e) | 1839 | 1950 |
|  |  | 37049 |
| **Utilities 1.9%** | **Utilities 1.9%** | **Utilities 1.9%** |
| Alliant Energy Corporation |  |  |
| 5.75%, 04/01/56 | 1532 | 1528 |
| American Electric Power Company, Inc. |  |  |
| 6.05%, 03/15/56 | 1552 | 1525 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 2402 | 2447 |
| Entergy Corporation |  |  |
| 6.10%, 06/15/56 | 3166 | 3166 |
| Exelon Corporation |  |  |
| 6.50%, 03/15/55 | 2199 | 2288 |
| NRG Energy, Inc. |  |  |
| 5.41%, 10/15/35 (e) | 3876 | 3868 |
| PG&E Company |  |  |
| 3.25%, 06/01/31 | 1512 | 1408 |
| 5.90%, 06/15/32 | 2943 | 3082 |
| 6.75%, 01/15/53 | 1419 | 1509 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (e) | 558 | 569 |
| 6.50%, 02/01/36 (e) | 930 | 962 |
| Vistra Operations Company LLC |  |  |
| 6.95%, 10/15/33 (e) | 3532 | 3930 |
|  |  | 26282 |
| **Communication Services 1.9%** | **Communication Services 1.9%** | **Communication Services 1.9%** |
| Alphabet Inc. |  |  |
| 4.38%, 11/15/32 | 7010 | 7030 |
| 4.70%, 11/15/35 | 3128 | 3127 |
| 5.45%, 11/15/55 | 1358 | 1333 |
| 5.30%, 05/15/65 | 1267 | 1192 |
| Charter Communications Operating, LLC |  |  |
| 5.85%, 12/01/35 (h) | 3100 | 3096 |
| Meta Platforms, Inc. |  |  |
| 4.60%, 11/15/32 | 3176 | 3199 |
| 4.88%, 11/15/35 | 1361 | 1359 |
| 5.40%, 08/15/54 | 2552 | 2372 |
| 5.63%, 11/15/55 | 3530 | 3389 |
|  |  | 26097 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (e) | 306 | 315 |
| AptarGroup, Inc. |  |  |
| 4.75%, 03/30/31 | 1983 | 1997 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 6.78%, 01/13/55 (e) | 2637 | 2833 |
| First Quantum Minerals Ltd |  |  |
| 8.00%, 03/01/33 (e) | 340 | 362 |
| Glencore Funding LLC |  |  |
| 5.63%, 04/04/34 (e) | 4420 | 4620 |
| 5.67%, 04/01/35 (e) | 4597 | 4803 |
| LYB International Finance III, LLC |  |  |
| 5.13%, 01/15/31 | 391 | 392 |
| Mineral Resources Limited |  |  |
| 7.00%, 04/01/31 (e) (h) | 1168 | 1213 |
| Mosaic Company, The |  |  |
| 4.60%, 11/15/30 | 3269 | 3278 |
| NOVA Chemicals Corporation |  |  |
| 4.25%, 05/15/29 (e) | 1860 | 1815 |
| 7.00%, 12/01/31 (e) | 1690 | 1798 |
|  |  | 23426 |
| **Consumer Staples 1.5%** | **Consumer Staples 1.5%** | **Consumer Staples 1.5%** |
| Grupo Nutresa S.A. |  |  |
| 9.00%, 05/12/35 (e) | 1842 | 2083 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 4465 | 4982 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (e) | 3470 | 3139 |
| Philip Morris International Inc. |  |  |
| 5.25%, 02/13/34 | 4730 | 4893 |
| Synergy Infrastructure Holdings, LLC |  |  |
| 7.88%, 12/01/30 (e) | 1694 | 1755 |
| Walmart Inc. |  |  |
| 4.90%, 04/28/35 | 2891 | 2974 |
|  |  | 19826 |
| **Energy 1.4%** | **Energy 1.4%** | **Energy 1.4%** |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33 (e) | 2220 | 2100 |
| Energy Transfer LP |  |  |
| 6.50%, (100, 08/15/26) (c) | 565 | 567 |
| 7.13%, (100, 05/15/30) (c) | 2573 | 2631 |
| Enterprise Products Operating LLC |  |  |
| 5.20%, 01/15/36 | 994 | 1011 |
| Phillips 66 |  |  |
| 5.88%, 03/15/56 | 2575 | 2540 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (c) (e) | 1828 | 1869 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (c) (e) | 4195 | 3314 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (e) | 1112 | 1132 |
| 6.50%, 01/15/34 - 06/15/34 (e) | 3533 | 3612 |
|  |  | 18776 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| Boeing Company, The |  |  |
| 7.01%, 05/01/64 (f) | 1318 | 1496 |
| Element Fleet Management Corp. |  |  |
| 4.64%, 11/24/30 (e) | 4600 | 4615 |
| Herc Holdings Inc. |  |  |
| 5.75%, 03/15/31 (e) | 1373 | 1392 |
| 6.00%, 03/15/34 (e) | 797 | 808 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 (f) | 2477 | 2482 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (e) | 2340 | 2340 |
| 4.63%, 04/15/29 (e) | 2842 | 2828 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (e) | 2506 | 2560 |
|  |  | 18521 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

519

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| 180 Medical, Inc. |  |  |
| 5.30%, 10/08/35 (e) | 2143 | 2136 |
| Eli Lilly and Company |  |  |
| 4.55%, 10/15/32 | 2534 | 2570 |
| 4.90%, 10/15/35 | 3057 | 3111 |
| Mars, Incorporated |  |  |
| 3.74%, 10/11/27 (g) (i) | 1200 | 1188 |
| Merck & Co., Inc. |  |  |
| 4.45%, 12/04/32 | 1626 | 1627 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | 3660 | 2835 |
| Universal Health Services, Inc. |  |  |
| 2.65%, 01/15/32 | 1540 | 1361 |
|  |  | 14828 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| Fideicomiso Irrevocable 1721 |  |  |
| 5.50%, 11/26/35 (e) | 2398 | 2409 |
| National Health Investors, Inc. |  |  |
| 5.35%, 02/01/33 | 1855 | 1851 |
| VICI Properties Inc. |  |  |
| 3.75%, 02/15/27 (e) | 1679 | 1668 |
|  |  | 5928 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/34 (e) | 2810 | 2892 |
| Total Corporate Bonds And Notes (cost $348,320) | Total Corporate Bonds And Notes (cost $348,320) | 352936 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.3%** |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.49%, (1 Month Term SOFR + 1.74%), 06/15/27 (b) | 1100 | 1104 |
| Series 2025-B-OANA, REMIC, 5.59%, (1 Month Term SOFR + 1.84%), 06/15/27 (b) | 1470 | 1474 |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 3382 | 3284 |
| Angel Oak Mortgage Trust 2025-13 |  |  |
| Series 2025-A1-13, REMIC, 4.93%, 10/25/70 (j) | 2639 | 2642 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.47%, (1 Month Term SOFR + 1.75%), 06/15/27 (b) | 2839 | 2839 |
| Bank 2017-Bnk5 |  |  |
| Series 2017-AS-BNK5, REMIC, 3.62%, 06/17/27 | 2286 | 2239 |
| Barings CLO Ltd 2025-III |  |  |
| Series 2025-B-3A, 5.93%, (3 Month Term SOFR + 1.65%), 03/31/38 (b) | 5000 | 5024 |
| Benefit Street Partners CLO 41 Ltd |  |  |
| Series 2025-B-41A, 5.96%, (3 Month Term SOFR + 1.65%), 07/26/38 (b) | 2150 | 2160 |
| BX Trust 2025-DELC |  |  |
| Series 2025-A-DELC, REMIC, 5.51%, (1 Month Term SOFR + 1.55%), 12/15/27 (b) | 1654 | 1656 |
| CIM Trust 2021-J2 |  |  |
| Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (b) | 4527 | 3778 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2025-A1-2A, 4.93%, 11/25/30 | 2535 | 2529 |
| Consolidated Communications LLC/Fidium Fiber Finance |  |  |
| Series 2025-A2-4A, 5.52%, 12/20/55 | 3327 | 3353 |
| CSMC 2017-HL1 Trust |  |  |
| Series 2017-A1-HL1, REMIC, 3.50%, 05/25/39 (b) | 322 | 292 |
| DataBank Issuer II LLC |  |  |
| Series 2025-A2-1A, 5.18%, 10/25/28 | 1845 | 1825 |
| DB Master Finance LLC |  |  |
| Series 2025-A2I-1A, 4.89%, 11/20/30 | 1002 | 1004 |
| Series 2025-A2II-1A, 5.17%, 11/22/32 | 1228 | 1236 |
| Diameter Capital CLO 12 Ltd |  |  |
| Series 2025-A-12A, 5.16%, (3 Month Term SOFR + 1.24%), 10/20/38 (b) | 2850 | 2846 |
| Dryden 123 CLO Ltd |  |  |
| Series 2025-A1-123A, 5.05%, (3 Month Term SOFR + 1.15%), 04/15/38 (b) | 6500 | 6490 |
| Extended Stay America Trust 2025-ESH |  |  |
| Series 2025-A-ESH, REMIC, 5.05%, (1 Month Term SOFR + 1.30%), 10/15/30 (b) | 1175 | 1176 |
| Flexential Issuer 2021-1 |  |  |
| Series 2025-A2-1A, 6.03%, 10/25/30 | 2767 | 2754 |
| Garnet CLO 2 Ltd |  |  |
| Series 2025-A-2A, 5.50%, (3 Month Term SOFR + 1.35%), 10/20/38 (b) | 3500 | 3507 |
| GM Financial Consumer Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-B-2, 3.77%, 04/17/28 | 3441 | 3436 |
| Grace Trust |  |  |
| Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30 | 5550 | 4966 |
| GreatAmerica Financial Services Corporation |  |  |
| Series 2025-A2-2, 4.22%, 11/15/27 | 2041 | 2048 |
| GS Mortgage Securities Corp II |  |  |
| Series 2023-A-SHIP, REMIC, 4.32%, 09/11/26 (b) | 3622 | 3618 |
| Hilton Grand Vacations Trust 2019-A |  |  |
| Series 2019-A-AA, 2.34%, 07/25/33 | 496 | 494 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 589 | 578 |
| Houston Galleria Mall Trust 2025-HGLR |  |  |
| Series 2025-A-HGLR, REMIC, 5.46%, 02/07/35 (b) | 3137 | 3246 |
| HPEFS Equipment Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.43%, 11/22/27 | 2955 | 2974 |
| Hudson Yards 2019-30HY Mortgage Trust |  |  |
| Series 2019-A-30HY, REMIC, 3.23%, 07/12/29 | 2295 | 2192 |
| Hyundai Auto Lease Securitization Trust 2024-C |  |  |
| Series 2024-A3-C, 4.62%, 02/16/27 | 1700 | 1711 |
| Hyundai Auto Receivables Trust 2021-C |  |  |
| Series 2021-B-C, 1.49%, 12/15/27 | 1025 | 1024 |
| J.P. Morgan Mortgage Acquisition Corp. |  |  |
| Series 2016-2A1-3, REMIC, 2.94%, 01/25/29 (b) | 245 | 233 |
| J.P. Morgan Mortgage Trust 2022-4 |  |  |
| Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (b) | 4576 | 4002 |
| J.P. Morgan Mortgage Trust 2025-NQM1 |  |  |
| Series 2025-A1-NQM4, REMIC, 4.95%, 10/25/29 (b) | 3464 | 3463 |
| JPMorgan Chase & Co. |  |  |
| Series 2014-A1-5, REMIC, 2.57%, 10/25/26 (b) | 71 | 70 |
| KKR CLO 54 LTD |  |  |
| Series 2024-A-54A, 5.64%, (3 Month Term SOFR + 1.32%), 01/15/38 (b) | 6500 | 6506 |
| LEX 2024-BBG Mortgage Trust |  |  |
| Series 2024-A-BBG, REMIC, 4.87%, 10/13/33 (b) | 2500 | 2503 |
| M&T Equipment (2025-LEAF1), LLC |  |  |
| Series 2025-A2-1A, 4.70%, 12/16/27 | 4573 | 4595 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-A-OMW, REMIC, 2.13%, 09/10/27 | 3833 | 3689 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-A2-2A, 5.40%, 08/20/30 | 1450 | 1465 |
| Series 2025-A2-4A, 5.16%, 12/22/55 | 1848 | 1852 |
| MVW 2024-2 LLC |  |  |
| Series 2024-A-2A, 4.43%, 03/20/42 | 4952 | 4960 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-77C, REMIC, 4.79%, 01/10/31 (b) | 1821 | 1829 |
| OBX 2025-NQM11 Trust |  |  |
| Series 2025-A1-NQM11, REMIC, 5.42%, 05/25/65 (j) | 2168 | 2185 |
| OBX 2025-NQM13 Trust |  |  |
| Series 2025-A1-NQM13, REMIC, 5.44%, 05/25/65 (j) | 3103 | 3130 |
| OBX 2025-NQM20 Trust |  |  |
| Series 2025-A1-NQM20, REMIC, 5.02%, 10/25/65 (b) | 2431 | 2432 |
| Park Blue CLO 2023-III LTD |  |  |
| Series 2023-A1R-3A, 5.36%, (3 Month Term SOFR + 1.48%), 04/20/37 (b) | 7077 | 7096 |
| PK Alift Loan Funding 7 LP |  |  |
| Series 2025-A-2, 4.75%, 02/17/32 | 1404 | 1406 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

520

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-A2-1A, 5.44%, 05/28/30 | 2850 | 2867 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2024-A2-1A, 4.99%, 09/15/29 | 2800 | 2772 |
| RIDE 2025-SHRE |  |  |
| Series 2025-A-SHRE, REMIC, 5.62%, 02/14/30 (b) | 1340 | 1379 |
| Series 2025-B-SHRE, REMIC, 6.02%, 02/14/30 (b) | 660 | 680 |
| SBNA Auto Lease Trust 2024-C |  |  |
| Series 2024-A3-C, 4.56%, 02/22/28 | 1783 | 1788 |
| Sequoia Mortgage Trust 2020-4 |  |  |
| Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (b) | 2314 | 1923 |
| Shentel Issuer LLC |  |  |
| Series 2025-A2-1A, 5.64%, 12/01/55 | 1761 | 1776 |
| Silver Point CLO 12 Ltd |  |  |
| Series 2025-A1-12A, 5.29%, (3 Month Term SOFR + 1.31%), 10/15/38 (b) | 5000 | 5010 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-A3-BA, 4.27%, 11/22/27 | 3625 | 3647 |
| VTR Commercial Mortgage Trust 2025-STEM |  |  |
| Series 2025-B-STEM, 5.50%, 10/15/29 (b) | 900 | 900 |
| Wells Fargo Mortgage Backed Securities Trust |  |  |
| Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (b) | 910 | 787 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $156,786) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $156,786) | 154444 |
| **SENIOR FLOATING RATE INSTRUMENTS 1.1%** | **SENIOR FLOATING RATE INSTRUMENTS 1.1%** | **SENIOR FLOATING RATE INSTRUMENTS 1.1%** |
| **Financials 0.6%** | **Financials 0.6%** | **Financials 0.6%** |
| Delos Aircraft Designated Activity Co |  |  |
| Term Loan, 5.75%, (3 Month Term SOFR + 1.75%), 10/14/27 (b) | 1527 | 1535 |
| Hudson River Trading LLC |  |  |
| 2024 Term Loan B, 6.49%, (1 Month Term SOFR + 2.75%), 03/18/30 (b) | 2491 | 2500 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 5.82%, (3 Month Term SOFR + 2.00%), 12/10/31 (b) | 4056 | 4035 |
|  |  | 8070 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Air Canada |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 03/14/31 (b) | 2433 | 2446 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.74%, (3 Month Term SOFR + 2.75%), 09/24/32 (b) | 1826 | 1636 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 7.74%, (3 Month Term SOFR + 3.75%), 03/27/31 (b) | 2605 | 2626 |
|  |  | 6708 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Sandisk Corp |  |  |
| Term Loan B, 6.86%, (3 Month Term SOFR + 3.00%), 12/12/31 (b) | 387 | 389 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| First Brands Group, LLC |  |  |
| 2025 DIP Term Loan, 5.39%, (1 Month Term SOFR + 1.55%), 06/29/26 (b) | 1070 | 193 |
| 2025 DIP Term Loan, 0.00%, (3 Month Term SOFR + 5.00%), 03/22/27 (b) (i) (k) (l) | 3023 | 27 |
| 2022 Incremental Term Loan, 0.00%, (3 Month Term SOFR + 5.00%), 03/30/27 (b) (i) (k) (l) | 2255 | 12 |
|  |  | 232 |
| Total Senior Floating Rate Instruments (cost $19,876) | Total Senior Floating Rate Instruments (cost $19,876) | 15399 |
| **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** |
| **Investment Companies 1.6%** | **Investment Companies 1.6%** | **Investment Companies 1.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (m) (n) | 21501 | 21501 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (m) (n) | 1838 | 1838 |
| Total Short Term Investments (cost $23,339) | Total Short Term Investments (cost $23,339) | 23339 |
| **Total Investments 99.4% (cost $1,387,867)** | **Total Investments 99.4% (cost $1,387,867)** | **1355891** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (6) |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **8106** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1363991** |

---

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

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

(d) Convertible security.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $144,800 and 10.6% of the Fund.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

(h) All or a portion of the security was on loan as of December 31, 2025.

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

(j) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(k) Non-income producing security.

(l) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** | **JNL/PPM America Total Return Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 23573 | 735957 | 738029 | 822 |  |  | 21501 | 1.6 |
| JNL Government Money Market Fund, 3.74% - Class SL | 7650 | 73935 | 79747 | 117 |  |  | 1838 | 0.1 |
|  | 31223 | 809892 | 817776 | 939 |  |  | 23339 | 1.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

521

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Mars, Incorporated, 3.74%, 10/11/27 | 09/19/12 | 1200 | 1188 | 0.1 |
| Morgan Stanley Bank, 4.70%, 05/26/28 | 05/28/24 | 2005 | 2011 | 0.1 |
|  |  | 3205 | 3199 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 505 | April 2026 | 105502 | (36) | (63) |
| United States 5 Year Note | 444 | April 2026 | 48632 | (45) | (100) |
| United States Ultra Bond | 76 | March 2026 | 9006 | (28) | (38) |
|  |  |  |  | (109) | (201) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (124) | March 2026 | (13950) | 12 | 7 |
| United States 10 Year Ultra Bond | (343) | March 2026 | (39515) | 81 | 65 |
| United States Long Bond | (45) | March 2026 | (5253) | 10 | 51 |
|  |  |  |  | 103 | 123 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 809773 |  | 809773 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 351748 | 1188 | 352936 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 154444 |  | 154444 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 15360 | 39 | 15399 |
| &nbsp;&nbsp;Short Term Investments | 23339 |  |  | 23339 |
|  | 23339 | 1331325 | 1227 | 1355891 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 123 |  |  | 123 |
|  | 123 |  |  | 123 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (201) |  |  | (201) |
|  | (201) |  |  | (201) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

522

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Industrials 20.0%** | **Industrials 20.0%** | **Industrials 20.0%** |
| A. O. Smith Corporation | 11 | 750 |
| AAR Corp. (a) | 3 | 276 |
| ABM Industries Incorporated | 6 | 263 |
| ACCO Brands Corporation | 12 | 46 |
| Acuity Brands, Inc. | 3 | 970 |
| Advanced Drainage Systems, Inc. | 4 | 544 |
| Air Lease Corporation - Class A | 11 | 720 |
| Alamo Group Inc. | 1 | 160 |
| Alaska Air Group, Inc. (a) | 14 | 691 |
| Albany International Corp. - Class A | 3 | 176 |
| Alight, Inc. - Class A | 82 | 159 |
| Allegiant Travel Company (a) | 3 | 248 |
| Allison Systems, Inc. | 8 | 824 |
| Amentum Holdings, Inc. (a) | 6 | 173 |
| American Airlines Group Inc. (a) | 21 | 316 |
| American Woodmark Corporation (a) | 2 | 111 |
| API Group Corporation (a) | 13 | 481 |
| Apogee Enterprises, Inc. | 3 | 117 |
| Applied Industrial Technologies, Inc. | 2 | 459 |
| Arcbest Corporation | 5 | 363 |
| Arcosa, Inc. | 4 | 405 |
| Armstrong World Industries, Inc. | 2 | 322 |
| Astec Industries, Inc. | 2 | 92 |
| ATI Inc. (a) | 5 | 516 |
| Atkore Inc. | 7 | 425 |
| Axon Enterprise, Inc. (a) |  | 203 |
| BlueLinx Holdings Inc. (a) | 1 | 85 |
| Boise Cascade Company | 5 | 369 |
| Booz Allen Hamilton Holding Corporation - Class A | 9 | 719 |
| Brady Corporation - Class A | 3 | 227 |
| BrightView Holdings, Inc. (a) | 9 | 116 |
| Brink's Company, The | 3 | 346 |
| Broadridge Financial Solutions, Inc. | 3 | 760 |
| BWXT Government Group, Inc. | 3 | 440 |
| Caci International Inc. - Class A (a) | 2 | 932 |
| Carpenter Technology Corporation | 1 | 392 |
| CBIZ, Inc. (a) | 3 | 150 |
| Chart Industries, Inc. (a) | 2 | 320 |
| Clarivate PLC (a) (b) | 63 | 211 |
| Clean Harbors, Inc. (a) | 2 | 489 |
| Comfort Systems USA, Inc. | 1 | 634 |
| Concentrix Corporation | 11 | 443 |
| Conduent Incorporated (a) | 21 | 39 |
| Copart, Inc. (a) | 17 | 668 |
| Core & Main, Inc. - Class A (a) | 8 | 391 |
| CoreCivic, Inc. (a) | 16 | 302 |
| Crane Company | 2 | 361 |
| CSG Systems International, Inc. | 3 | 253 |
| Curtiss-Wright Corporation | 1 | 759 |
| Dayforce, Inc. (a) | 4 | 292 |
| Deluxe Corporation | 5 | 101 |
| DNOW Inc. (a) | 22 | 288 |
| Donaldson Company, Inc. | 7 | 658 |
| Dycom Industries, Inc. (a) | 2 | 554 |
| EMCOR Group, Inc. | 2 | 1264 |
| EnerSys | 4 | 596 |
| Enpro Inc. | 1 | 234 |
| Equifax, Inc. | 4 | 812 |
| ESAB Corporation | 3 | 334 |
| Everus Construction Group, Inc. (a) | 6 | 532 |
| ExlService Holdings, Inc. (a) | 6 | 249 |
| Federal Signal Corporation | 2 | 249 |
| Flowserve Corporation | 9 | 619 |
| Fluor Corporation (a) | 15 | 575 |
| Fortune Brands Innovations, Inc. | 17 | 839 |
| Forward Air Corporation (a) | 7 | 164 |
| Franklin Electric Co., Inc. | 3 | 279 |
| FTAI Aviation Ltd. | 2 | 314 |
| FTI Consulting, Inc. (a) | 3 | 510 |
| Gates Industrial Corporation PLC (a) | 25 | 534 |
| GATX Corporation | 2 | 412 |
| Generac Holdings Inc. (a) | 4 | 575 |
| Genpact Limited | 15 | 708 |
| GEO Group, Inc., The (a) | 15 | 249 |
| Gibraltar Industries, Inc. (a) | 3 | 162 |
| Global Industrial Company | 2 | 53 |
| Graco Inc. | 7 | 604 |
| GrafTech International Ltd. (a) | 3 | 50 |
| Granite Construction Incorporated | 3 | 385 |
| Greenbrier Companies, Inc., The | 6 | 272 |
| Griffon Corporation | 3 | 211 |
| GXO Logistics Inc. (a) | 15 | 772 |
| Hayward Holdings, Inc. (a) | 12 | 188 |
| Healthcare Services Group, Inc. (a) | 10 | 184 |
| HEICO Corporation | 2 | 524 |
| Herc Holdings Inc. | 3 | 460 |
| Hexcel Corporation | 6 | 447 |
| Hillenbrand, Inc. | 8 | 258 |
| HNI Corporation | 8 | 324 |
| Hub Group, Inc. - Class A | 8 | 321 |
| Hubbell Incorporated | 2 | 997 |
| Hyster-Yale, Inc. - Class A | 1 | 23 |
| ICF International, Inc. | 2 | 182 |
| IDEX Corporation | 5 | 832 |
| Insperity, Inc. | 4 | 161 |
| ITT Inc. | 4 | 762 |
| JBT Marel Corporation | 2 | 276 |
| JELD-WEN Holding, Inc. (a) | 19 | 46 |
| JetBlue Airways Corporation (a) | 86 | 391 |
| KBR, Inc. | 12 | 482 |
| Kelly Services, Inc. - Class A | 4 | 34 |
| Kennametal Inc. | 13 | 368 |
| Kforce Inc. | 2 | 77 |
| Kirby Corporation (a) | 5 | 498 |
| Korn Ferry | 5 | 327 |
| Landstar System, Inc. | 5 | 754 |
| Lennox International Inc. | 1 | 473 |
| Leonardo DRS, Inc. | 3 | 86 |
| Lincoln Electric Holdings, Inc. | 3 | 736 |
| Lyft, Inc. - Class A (a) | 31 | 595 |
| Manitowoc Company, Inc., The (a) | 4 | 51 |
| Marten Transport, Ltd. | 7 | 85 |
| MasTec, Inc. (a) | 4 | 794 |
| Masterbrand, Inc. (a) | 15 | 161 |
| Matson Intermodal - Paragon, Inc. | 5 | 648 |
| Maximus, Inc. | 7 | 613 |
| Mercury Systems, Inc. (a) | 4 | 294 |
| Middleby Corporation, The (a) | 5 | 683 |
| Millerknoll, Inc. | 7 | 125 |
| Mine Safety Appliances Company, LLC | 2 | 276 |
| Modine Manufacturing Company (a) | 2 | 253 |
| MOOG Inc. - Class A | 2 | 513 |
| MSC Industrial Direct Co., Inc. - Class A | 7 | 556 |
| Mueller Industries, Inc. | 7 | 784 |
| Mueller Water Products, Inc. - Class A | 8 | 191 |
| MYR Group Inc. (a) | 1 | 293 |
| Nordson Corporation | 3 | 684 |
| Nvent Electric Public Limited Company | 9 | 903 |
| Openlane, Inc. (a) | 10 | 283 |
| Oshkosh Corporation | 9 | 1169 |
| Parsons Corporation (a) | 3 | 201 |
| Paycom Software, Inc. | 1 | 232 |
| Pentair Public Limited Company | 8 | 846 |
| Plug Power Inc. (a) (b) | 158 | 310 |
| Primoris Services Corporation | 4 | 446 |
| RBC Bearings Incorporated (a) | 1 | 310 |
| Regal Rexnord Corporation | 8 | 1075 |
| Resideo Technologies, Inc. (a) | 15 | 537 |
| REV Group, Inc. | 5 | 274 |
| Rollins, Inc. | 7 | 395 |
| Rush Enterprises, Inc. - Class A | 7 | 391 |
| RXO Inc. (a) | 22 | 275 |
| Saia, Inc. (a) | 1 | 457 |
| Schneider National, Inc. - Class B | 8 | 209 |
| Science Applications International Corporation | 7 | 686 |
| Sensata Technologies Holding PLC | 23 | 759 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

523

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Simpson Manufacturing Co., Inc. | 3 | 414 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 350 |
| SkyWest, Inc. (a) | 4 | 399 |
| SPX Technologies, Inc. (a) | 1 | 217 |
| StandardAero, Inc. (a) | 2 | 62 |
| Sunrun Inc. (a) | 31 | 564 |
| Terex Corporation | 11 | 561 |
| Tetra Tech, Inc. | 13 | 434 |
| Timken Company, The | 8 | 680 |
| Titan Machinery Inc. (a) | 3 | 40 |
| Toro Company, The | 9 | 709 |
| TransUnion | 7 | 631 |
| Trex Company, Inc. (a) | 6 | 217 |
| Trinet Group, Inc. | 5 | 303 |
| Trinity Industries, Inc. | 8 | 221 |
| TrueBlue, Inc. (a) | 5 | 24 |
| TTEC Holdings, Inc. (a) (b) | 1 | 5 |
| Tutor Perini Corporation | 6 | 402 |
| UFP Industries, Inc. | 5 | 491 |
| U-Haul Holding Company - Series N | 6 | 296 |
| UL Solutions Inc. - Class A | 1 | 117 |
| Unifirst Corporation | 2 | 327 |
| V2X, Inc. (a) | 2 | 111 |
| Valmont Industries, Inc. | 1 | 549 |
| Veralto Corporation | 7 | 744 |
| Verisk Analytics, Inc. | 4 | 947 |
| Vertiv Holdings Co - Class A | 4 | 600 |
| Wabash National Corporation | 12 | 105 |
| Watsco, Inc. | 2 | 705 |
| Watts Water Technologies, Inc. - Class A | 1 | 361 |
| Werner Enterprises, Inc. | 14 | 420 |
| Willscot Holdings Corporation - Class A | 24 | 457 |
| Woodward, Inc. | 3 | 788 |
| Worthington Industries, Inc. | 3 | 151 |
| XPO, Inc. (a) | 3 | 439 |
| Zurn Elkay Water Solutions Corporation | 5 | 254 |
| | | 75329 |
| **Financials 16.1%** | **Financials 16.1%** | **Financials 16.1%** |
| Adamas Trust, Inc. | 11 | 80 |
| Affiliated Managers Group, Inc. | 3 | 896 |
| AGNC Investment Corp. (b) | 80 | 859 |
| Ameris Bancorp | 5 | 381 |
| Apollo Commercial Real Estate Finance, Inc. | 15 | 143 |
| Arbor Realty Trust, Inc. | 32 | 252 |
| Ares Management Corporation - Class A | 3 | 462 |
| Artisan Partners Asset Management Inc. - Class A | 7 | 278 |
| Associated Banc-Corp | 19 | 497 |
| Assurant, Inc. | 4 | 911 |
| Atlantic Union Bank | 10 | 352 |
| Axos Financial, Inc. (a) | 3 | 239 |
| B. Riley & Co., LLC (a) (b) | 15 | 71 |
| Bank of Hawaii Corporation | 4 | 249 |
| Bank OZK | 13 | 586 |
| BankUnited, Inc. | 12 | 551 |
| Banner Corporation | 3 | 198 |
| BGC Group, Inc. - Class A | 19 | 170 |
| Blackstone Mortgage Trust, Inc. - Class A | 22 | 427 |
| Blue Owl Capital Inc. - Class A | 4 | 61 |
| BOK Financial Corporation | 2 | 280 |
| Bread Financial Payments, Inc. | 11 | 811 |
| Brighthouse Financial, Inc. (a) | 6 | 409 |
| Brightsphere Investment Group Inc. | 3 | 162 |
| BrightSpire Capital, Inc - Class A (b) | 8 | 45 |
| Brown & Brown, Inc. | 7 | 574 |
| Cadence Bank | 16 | 706 |
| Cathay General Bancorp | 6 | 268 |
| Chimera Investment Corporation | 8 | 98 |
| Claros Mortgage Trust, Inc. (a) | 8 | 26 |
| CNO Financial Group, Inc. | 10 | 416 |
| Cohen & Steers, Inc. | 2 | 102 |
| Coinbase Global, Inc. - Class A (a) | 2 | 535 |
| Columbia Banking System, Inc. | 29 | 818 |
| Columbia Financial, Inc. (a) | 2 | 38 |
| Commerce Bancshares, Inc. | 7 | 362 |
| Community Financial System, Inc. | 4 | 216 |
| Credit Acceptance Corporation (a) (b) | 1 | 306 |
| Cullen/Frost Bankers, Inc. | 4 | 483 |
| CVB Financial Corp. | 11 | 214 |
| DigitalBridge Group, Inc. - Class A | 26 | 405 |
| Eagle Bancorp, Inc. | 6 | 123 |
| East West Bancorp, Inc. | 9 | 1040 |
| Eastern Bankshares, Inc. | 13 | 233 |
| Employers Holdings, Inc. | 2 | 98 |
| Enact Holdings, Inc. | 3 | 122 |
| Encore Capital Group, Inc. (a) | 3 | 188 |
| Enova International, Inc. (a) | 3 | 394 |
| Equitable Holdings, Inc. | 20 | 942 |
| Erie Indemnity Company - Class A | 1 | 247 |
| Essent Group Ltd. | 9 | 595 |
| Euronet Worldwide, Inc. (a) | 5 | 369 |
| Evercore Inc. - Class A | 3 | 1021 |
| F&G Annuities & Life, Inc. | 2 | 54 |
| F.N.B. Corporation | 43 | 734 |
| FactSet Research Systems Inc. | 2 | 468 |
| Federated Hermes, Inc. - Class B | 9 | 462 |
| First Financial Bancorp. | 6 | 145 |
| First Financial Bankshares, Inc. | 5 | 158 |
| First Hawaiian, Inc. | 14 | 354 |
| First Horizon Corporation | 48 | 1152 |
| First Interstate BancSystem, Inc. - Class A | 12 | 398 |
| First Merchants Corporation | 4 | 134 |
| FirstCash, Inc. | 3 | 475 |
| Flagstar Bank, National Association | 66 | 826 |
| Fulton Financial Corporation | 17 | 331 |
| Genworth Financial, Inc. - Class A (a) | 82 | 740 |
| Glacier Bancorp, Inc. | 9 | 382 |
| Globe Life Inc. | 6 | 785 |
| Hancock Whitney Corporation | 8 | 518 |
| Hanover Insurance Group Inc., The | 3 | 612 |
| Hilltop Holdings Inc. | 6 | 193 |
| Home BancShares, Inc. | 15 | 407 |
| Hope Bancorp, Inc. | 13 | 137 |
| Houlihan Lokey, Inc. - Class A | 2 | 363 |
| Independent Bank Corp. | 4 | 322 |
| Interactive Brokers Group, Inc. - Class A | 3 | 187 |
| International Bancshares Corporation | 3 | 217 |
| Jack Henry & Associates, Inc. | 4 | 721 |
| Jackson Financial Inc. - Class A (c) | 9 | 964 |
| Janus Henderson Group PLC | 14 | 646 |
| KKR Real Estate Finance Trust Inc. | 9 | 71 |
| Ladder Capital Corp - Class A | 10 | 111 |
| Loandepot, Inc. - Class A (a) | 21 | 44 |
| LPL Financial Holdings Inc. | 3 | 980 |
| MarketAxess Holdings Inc. | 2 | 281 |
| Mercury General Corporation | 3 | 263 |
| MFA Financial, Inc. | 17 | 162 |
| MGIC Investment Corporation | 28 | 825 |
| Moelis & Company - Class A | 6 | 411 |
| Morningstar, Inc. | 1 | 184 |
| MSCI Inc. - Class A | 1 | 804 |
| Navient Corporation | 11 | 146 |
| NCR Atleos Corporation (a) | 7 | 260 |
| Nelnet, Inc. - Class A | 1 | 122 |
| NMI Holdings, Inc. - Class A (a) | 5 | 213 |
| Northwest Bancshares, Inc. | 11 | 133 |
| OceanFirst Financial Corp. | 5 | 83 |
| Old National Bancorp | 27 | 610 |
| Paysafe Limited (a) | 3 | 28 |
| PennyMac Financial Services, Inc. | 4 | 565 |
| PennyMac Mortgage Investment Trust | 12 | 146 |
| Pinnacle Financial Partners, Inc. | 5 | 495 |
| Piper Sandler Companies | 1 | 300 |
| PRA Group, Inc. (a) | 5 | 85 |
| Primerica, Inc. | 2 | 553 |
| PROG Holdings, Inc. | 6 | 179 |
| Prosperity Bancshares, Inc. | 10 | 688 |
| Provident Financial Services, Inc. | 9 | 180 |
| Radian Group Inc. | 15 | 554 |
| Ready Capital Corporation (b) | 33 | 73 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

524

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Renasant Corporation | 7 | 242 |
| RITHM Capital Corp. | 70 | 761 |
| RLI Corp. | 5 | 315 |
| Robinhood Markets, Inc. - Class A (a) | 7 | 809 |
| SEI Investments Company | 9 | 738 |
| Selective Insurance Group, Inc. | 5 | 422 |
| Simmons First National Corporation - Class A | 12 | 232 |
| SLM Corporation | 29 | 798 |
| SoFi Technologies, Inc. (a) | 16 | 420 |
| Southstate Bank Corporation | 8 | 719 |
| Starwood Property Trust, Inc. | 40 | 722 |
| Stewart Information Services Corporation | 3 | 183 |
| Stifel Financial Corp. | 6 | 702 |
| StoneX Group Inc. (a) | 5 | 470 |
| Synovus Financial Corp. | 13 | 629 |
| Texas Capital Bancshares, Inc. (a) | 3 | 314 |
| TFS Financial Corporation | 3 | 38 |
| The Western Union Company | 102 | 949 |
| Toast, Inc. - Class A (a) | 6 | 205 |
| TowneBank | 3 | 115 |
| TPG Inc. - Class A | 3 | 171 |
| Tradeweb Markets Inc. - Class A | 2 | 265 |
| Trustmark Corporation | 4 | 171 |
| Two Harbors Investment Corp. | 16 | 168 |
| UMB Financial Corporation | 3 | 339 |
| United Bankshares, Inc. | 10 | 388 |
| United Community Banks, Inc. | 10 | 314 |
| UWM Holdings Corporation - Class A | 6 | 25 |
| Valley National Bancorp | 62 | 727 |
| Victory Capital Holdings, Inc. - Class A | 3 | 182 |
| Virtu Financial, Inc. - Class A | 11 | 352 |
| Voya Financial, Inc. | 8 | 616 |
| WAFD, Inc. | 8 | 240 |
| Walker & Dunlop, Inc. | 3 | 190 |
| Webster Financial Corporation | 16 | 1034 |
| WesBanco, Inc. | 8 | 258 |
| Western Alliance Bancorporation | 8 | 659 |
| Wex, Inc. (a) | 3 | 392 |
| White Mountains Insurance Group Ltd |  | 536 |
| Wintrust Financial Corporation | 4 | 602 |
| World Acceptance Corporation (a) | 1 | 73 |
| WSFS Financial Corporation | 4 | 243 |
| Zurich American Corporation | 8 | 339 |
| | | 60810 |
| **Consumer Discretionary 14.6%** | **Consumer Discretionary 14.6%** | **Consumer Discretionary 14.6%** |
| 1-800-Flowers.com, Inc. - Class A (a) | 11 | 43 |
| Abercrombie & Fitch Co. - Class A (a) | 4 | 539 |
| Academy Sports & Outdoors, Inc. | 15 | 729 |
| Acushnet Holdings Corp. | 3 | 223 |
| Adient Public Limited Company (a) | 18 | 342 |
| ADT, Inc. | 64 | 520 |
| Adtalem Global Education Inc. (a) | 3 | 300 |
| American Axle & Manufacturing Holdings, Inc. (a) | 42 | 269 |
| American Eagle Outfitters, Inc. | 37 | 966 |
| Aramark | 18 | 651 |
| Asbury Automotive Group, Inc. (a) | 3 | 645 |
| AutoZone, Inc. (a) |  | 912 |
| Bath & Body Works, Inc. | 21 | 431 |
| Beazer Homes USA, Inc. (a) | 5 | 106 |
| Birkenstock Holding PLC (a) | 1 | 54 |
| Bloomin' Brands, Inc. | 28 | 174 |
| Boyd Gaming Corporation | 6 | 479 |
| Bright Horizons Family Solutions, Inc. (a) | 2 | 193 |
| Brightstar Lottery PLC | 16 | 250 |
| Brunswick Corporation | 12 | 916 |
| Burlington Stores, Inc. (a) | 2 | 565 |
| Caesars Entertainment, Inc. (a) | 32 | 744 |
| Caleres, Inc. | 12 | 140 |
| Camping World Holdings, Inc. - Class A | 5 | 45 |
| Capri Holdings Limited (a) | 40 | 983 |
| Carter's, Inc. | 15 | 478 |
| Cavco Industries, Inc. (a) | 1 | 344 |
| Century Communities, Inc. | 5 | 319 |
| Chegg, Inc. (a) | 48 | 45 |
| Choice Hotels International, Inc. (b) | 1 | 115 |
| Churchill Downs Incorporated | 3 | 311 |
| Columbia Sportswear Company | 6 | 342 |
| Coupang, Inc. - Class A (a) | 17 | 396 |
| Cracker Barrel Old Country Store, Inc. | 8 | 198 |
| Cricut, Inc. - Class A | 8 | 39 |
| Crocs, Inc. (a) | 6 | 540 |
| Dana Incorporated | 29 | 700 |
| Deckers Outdoor Corporation (a) | 7 | 771 |
| Designer Brands Inc. - Class A (b) | 20 | 151 |
| Dillard's, Inc. - Class A (b) |  | 260 |
| DK Crown Holdings Inc. - Class A (a) | 5 | 185 |
| Domino's Pizza, Inc. | 2 | 722 |
| DoorDash, Inc. - Class A (a) | 4 | 885 |
| Dorman Products, Inc. (a) | 2 | 217 |
| ETSY, Inc. (a) | 10 | 543 |
| Five Below, Inc. (a) | 3 | 633 |
| Floor & Decor Holdings, Inc. - Class A (a) | 5 | 293 |
| Fox Factory Holding Corp. (a) | 9 | 146 |
| GameStop Corp. - Class A (a) | 14 | 273 |
| Genesco Inc. (a) | 3 | 67 |
| Gentex Corporation | 32 | 752 |
| Gentherm Incorporated (a) | 4 | 156 |
| G-III Apparel Group, Ltd. | 7 | 200 |
| Gold.Com, Inc. | 4 | 136 |
| Gopro Inc. - Class A (a) (b) | 55 | 78 |
| Graham Holdings Co., Ltd. - Class B |  | 439 |
| Grand Canyon Education, Inc. (a) | 2 | 388 |
| Green Brick Partners, Inc. (a) | 3 | 180 |
| Group 1 Automotive, Inc. | 2 | 922 |
| H & R Block, Inc. | 6 | 274 |
| Harley-Davidson, Inc. | 25 | 505 |
| Hasbro, Inc. | 15 | 1191 |
| Helen of Troy Limited (a) | 10 | 216 |
| Hilton Grand Vacations Inc. (a) | 8 | 362 |
| Hyatt Hotels Corporation - Class A | 2 | 269 |
| Installed Building Products, Inc. | 1 | 267 |
| Jack in the Box Inc. (b) | 9 | 175 |
| KB Home | 12 | 686 |
| Kontoor Brands, Inc. | 3 | 195 |
| Laureate Education, Inc. - Class A (a) | 13 | 433 |
| La-Z-Boy Incorporated | 7 | 243 |
| LCI Industries | 4 | 524 |
| Leggett & Platt, Incorporated | 31 | 336 |
| Levi Strauss & Co. - Class A | 8 | 169 |
| LGI Homes, Inc. (a) | 4 | 192 |
| Life Time Group Holdings, Inc. (a) | 3 | 81 |
| Lucid Group, Inc. (a) (b) | 11 | 117 |
| M/I Homes, Inc. (a) | 4 | 505 |
| MarineMax, Inc. (a) | 5 | 112 |
| Marriott Vacations Worldwide Corporation | 7 | 388 |
| Mattel, Inc. (a) | 28 | 565 |
| Matthews International Corporation - Class A | 3 | 85 |
| Meritage Homes Corporation | 13 | 845 |
| Monro, Inc. | 11 | 214 |
| Murphy USA Inc. | 2 | 970 |
| National Vision Holdings, Inc. (a) | 12 | 317 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 3 | 326 |
| Oxford Industries, Inc. | 4 | 143 |
| Patrick Industries, Inc. (b) | 4 | 380 |
| PENN Entertainment, Inc. (a) | 33 | 490 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 33 | 94 |
| Phinia Inc. | 6 | 391 |
| Polaris Inc. | 19 | 1216 |
| Pool Corporation | 2 | 527 |
| Red Rock Resorts, Inc. - Class A | 3 | 191 |
| RH (a) | 2 | 412 |
| Royal Caribbean Cruises Ltd. | 3 | 762 |
| Sally Beauty Holdings, Inc. (a) | 21 | 304 |
| Service Corporation International | 9 | 706 |
| SharkNinja, Inc. (a) | 3 | 322 |
| Signet Jewelers Limited | 9 | 736 |
| Six Flags Entertainment Corporation (a) | 6 | 99 |
| Skyline Champion Corporation (a) | 4 | 325 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

525

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sleep Number Corporation (a) (b) | 8 | 68 |
| Smith & Wesson Brands, Inc. | 9 | 88 |
| Somnigroup International Inc. | 8 | 690 |
| Sonic Automotive, Inc. - Class A | 3 | 196 |
| Sonos, Inc. (a) | 20 | 345 |
| Standard Motor Products, Inc. | 2 | 92 |
| Steven Madden, Ltd. | 12 | 511 |
| Strategic Education, Inc. | 2 | 193 |
| Stride, Inc. (a) | 2 | 120 |
| Sturm, Ruger & Company, Inc. | 2 | 74 |
| Taylor Morrison Home II Corporation - Class A (a) | 16 | 944 |
| Texas Roadhouse, Inc. - Class A | 3 | 519 |
| The Buckle, Inc. | 4 | 226 |
| The Wendy's Company (b) | 28 | 234 |
| TopBuild Corp. (a) | 2 | 697 |
| Topgolf Callaway Brands Corp. (a) | 37 | 426 |
| Travel + Leisure Co. | 8 | 588 |
| TRI Pointe Homes Holdings, Inc. (a) | 14 | 454 |
| Ulta Beauty, Inc. (a) | 2 | 1262 |
| Under Armour, Inc. - Class A (a) (b) | 75 | 374 |
| United Parks And Resorts Inc. (a) | 3 | 114 |
| Upbound Group, Inc. | 8 | 141 |
| Urban Outfitters, Inc. (a) | 7 | 518 |
| Vail Resorts, Inc. (b) | 4 | 523 |
| Valvoline, Inc. (a) | 14 | 416 |
| Victoria's Secret & Co. (a) | 15 | 826 |
| Visteon Corporation | 4 | 336 |
| Vitamin Oldco Holdings, Inc. (a) (d) | 5 |  |
| Wayfair Inc. - Class A (a) | 3 | 289 |
| Williams-Sonoma, Inc. | 5 | 911 |
| Winnebago Industries, Inc. | 9 | 360 |
| Wolverine World Wide, Inc. | 12 | 217 |
| Wyndham Hotels & Resorts, Inc. | 6 | 440 |
| Wynn Resorts, Limited | 2 | 296 |
| YETI Holdings, Inc. (a) | 6 | 256 |
| Zumiez Inc. (a) | 4 | 99 |
| | | 54946 |
| **Information Technology 11.7%** | **Information Technology 11.7%** | **Information Technology 11.7%** |
| ACI Worldwide, Inc. (a) | 7 | 322 |
| Adtran Holdings, Inc. (a) | 16 | 136 |
| Advanced Energy Industries, Inc. | 2 | 492 |
| Alarm.Com Holdings, Inc. (a) | 4 | 179 |
| Allegro Microsystems Inc. (a) | 6 | 170 |
| Amkor Technology, Inc. | 19 | 731 |
| AppLovin Corporation - Class A (a) | 1 | 448 |
| ASGN Incorporated (a) | 7 | 360 |
| Aurora Innovations Inc. - Class A (a) | 26 | 101 |
| Axcelis Technologies, Inc. (a) | 3 | 246 |
| Belden Inc. | 3 | 300 |
| Benchmark Electronics, Inc. | 4 | 165 |
| Bentley Systems, Incorporated - Class B | 3 | 98 |
| Bill Holdings, Inc. (a) | 6 | 332 |
| Blackbaud, Inc. (a) | 3 | 187 |
| CCC Intelligent Solutions Holdings Inc. (a) | 24 | 194 |
| Ciena Corporation (a) | 10 | 2435 |
| Cirrus Logic, Inc. (a) | 6 | 672 |
| Cognex Corporation | 13 | 482 |
| Coherent Corp. (a) | 7 | 1315 |
| CommScope Holding Company, Inc. (a) | 48 | 871 |
| CommVault Systems, Inc. (a) | 2 | 199 |
| Crane Nxt, Co. | 3 | 139 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 376 |
| Datadog, Inc. - Class A (a) | 3 | 364 |
| Diebold Nixdorf, Incorporated (a) | 2 | 147 |
| Diodes Incorporated (a) | 6 | 317 |
| DocuSign, Inc. (a) | 4 | 259 |
| Dolby Laboratories, Inc. - Class A | 6 | 372 |
| Dropbox, Inc. - Class A (a) | 22 | 619 |
| Dynatrace, Inc. (a) | 6 | 239 |
| Enphase Energy, Inc. (a) | 10 | 315 |
| Entegris, Inc. | 7 | 620 |
| EPAM Systems, Inc. (a) | 4 | 742 |
| ePlus Inc. | 3 | 226 |
| F5, Inc. (a) | 3 | 830 |
| Fair Isaac Corporation (a) |  | 536 |
| First Solar, Inc. (a) | 4 | 1145 |
| Formfactor, Inc. (a) | 6 | 337 |
| Gartner, Inc. (a) | 3 | 777 |
| Globant S.A. (a) | 3 | 187 |
| GoDaddy Inc. - Class A (a) | 7 | 910 |
| Guidewire Software, Inc. (a) | 1 | 294 |
| HubSpot, Inc. (a) | 1 | 224 |
| Insight Enterprises, Inc. (a) | 4 | 358 |
| InterDigital, Inc. | 1 | 320 |
| IPG Photonics Corporation (a) | 4 | 266 |
| Itron, Inc. (a) | 3 | 292 |
| Knowles Corporation (a) | 10 | 221 |
| Lattice Semiconductor Corporation (a) | 4 | 260 |
| Littelfuse, Inc. | 2 | 524 |
| LiveRamp Holdings, Inc. (a) | 7 | 208 |
| Lumentum Holdings Inc. (a) | 6 | 2038 |
| Manhattan Associates, Inc. (a) | 1 | 237 |
| MaxLinear, Inc. (a) | 14 | 249 |
| Methode Electronics, Inc. | 6 | 43 |
| MKS Inc. | 6 | 964 |
| MongoDB, Inc. - Class A (a) | 1 | 392 |
| Monolithic Power Systems, Inc. | 1 | 615 |
| NCR Voyix Corporation (a) | 21 | 211 |
| NETGEAR, Inc. (a) | 6 | 147 |
| NetScout Systems, Inc. (a) | 8 | 204 |
| Nutanix, Inc. - Class A (a) | 3 | 166 |
| Okta, Inc. - Class A (a) | 6 | 550 |
| Onto Innovation Inc. (a) | 2 | 364 |
| OSI Systems, Inc. (a) | 1 | 225 |
| Palantir Technologies Inc. - Class A (a) | 3 | 563 |
| PC Connection, Inc. | 1 | 59 |
| Pegasystems Inc. | 3 | 157 |
| Photronics, Inc. (a) | 8 | 255 |
| Plexus Corp. (a) | 3 | 376 |
| Power Integrations, Inc. | 6 | 213 |
| Progress Software Corporation (a) | 4 | 181 |
| PTC Inc. (a) | 3 | 484 |
| Pure Storage, Inc. - Class A (a) | 7 | 481 |
| Qualys, Inc. (a) | 2 | 227 |
| Rackspace Technology, Inc. (a) | 1 | 1 |
| Rambus Inc. (a) | 4 | 325 |
| Ribbon Communications Inc. (a) | 11 | 31 |
| RingCentral, Inc. - Class A (a) | 5 | 140 |
| Rogers Corporation (a) | 3 | 243 |
| Sanmina Corporation (a) | 6 | 921 |
| ScanSource, Inc. (a) | 3 | 121 |
| Semtech Corporation (a) | 4 | 275 |
| Silicon Laboratories Inc. (a) | 4 | 482 |
| Snowflake Inc. - Class A (a) | 3 | 644 |
| Strategy Inc - Class A (a) | 1 | 90 |
| Super Micro Computer, Inc. (a) | 14 | 408 |
| Synaptics Incorporated (a) | 5 | 389 |
| Teradata Corporation (a) | 15 | 465 |
| Trimble Inc. (a) | 14 | 1111 |
| TTM Technologies, Inc. (a) | 8 | 562 |
| Tyler Technologies, Inc. (a) | 1 | 325 |
| Ubiquiti Inc. |  | 45 |
| Uipath, Inc. - Class A (a) | 16 | 258 |
| Ultra Clean Holdings, Inc. (a) | 7 | 170 |
| Unity Software Inc. (a) | 20 | 903 |
| Universal Display Corporation | 2 | 220 |
| VeriSign, Inc. | 2 | 444 |
| ViaSat, Inc. (a) | 35 | 1207 |
| Viavi Solutions Inc. (a) | 24 | 428 |
| Vishay Intertechnology, Inc. | 26 | 377 |
| Vontier Corporation | 11 | 425 |
| Zebra Technologies Corporation - Class A (a) | 4 | 942 |
|  |  | 44212 |
| **Health Care 9.4%** | **Health Care 9.4%** | **Health Care 9.4%** |
| Acadia Healthcare Company, Inc. (a) | 18 | 260 |
| Acadia Pharmaceuticals Inc. (a) | 7 | 192 |
| AdaptHealth LLC - Class A (a) | 17 | 169 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 443 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

526

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AMN Healthcare Services, Inc. (a) | 12 | 182 |
| Ardent Health Partners, Inc. (a) | 3 | 26 |
| Avanos Medical, Inc. (a) | 7 | 75 |
| Avantor, Inc. (a) | 62 | 707 |
| Azenta, Inc. (a) (b) | 7 | 222 |
| BioMarin Pharmaceutical Inc. (a) | 14 | 838 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 3 | 810 |
| Bio-Techne Corporation | 6 | 364 |
| Brightspring Health Services, Inc. (a) | 3 | 126 |
| Bruker Corporation | 10 | 468 |
| Charles River Laboratories International, Inc. (a) | 4 | 734 |
| Chemed Corporation | 1 | 402 |
| Claritev Corporation - Class A (a) | 2 | 85 |
| Community Health Systems, Inc. (a) | 35 | 109 |
| Concentra Group Holdings Parent, Inc. | 17 | 337 |
| Cooper Companies, Inc., The (a) | 13 | 1056 |
| Corcept Therapeutics Incorporated (a) | 3 | 97 |
| Cross Country Healthcare, Inc. (a) | 4 | 33 |
| Denali Therapeutics Inc. (a) | 10 | 164 |
| Dentsply Sirona Inc. | 42 | 479 |
| DexCom, Inc. (a) | 10 | 648 |
| Elanco Animal Health Incorporated (a) | 60 | 1369 |
| Embecta Corp. | 7 | 86 |
| Emergent BioSolutions Inc. (a) | 15 | 188 |
| Encompass Health Corporation | 4 | 464 |
| Enovis Corporation (a) | 12 | 310 |
| Ensign Group, Inc., The | 2 | 338 |
| Envista Holdings Corporation (a) | 28 | 614 |
| Exact Sciences Corporation (a) | 8 | 808 |
| Exelixis, Inc. (a) | 19 | 822 |
| Fortrea Holdings Inc. (a) | 25 | 439 |
| Fulgent Genetics, Inc. (a) | 4 | 109 |
| Ginkgo Bioworks Holdings, Inc. - Class A (a) | 19 | 160 |
| Globus Medical, Inc. - Class A (a) | 6 | 536 |
| Grail, Inc. (a) | 6 | 502 |
| Haemonetics Corporation (a) | 4 | 283 |
| Halozyme Therapeutics, Inc. (a) | 3 | 235 |
| HealthEquity, Inc. (a) | 3 | 255 |
| ICU Medical, Inc. (a) | 2 | 349 |
| IDEXX Laboratories, Inc. (a) | 2 | 1013 |
| Innoviva, Inc. (a) | 8 | 157 |
| Integer Holdings Corporation (a) | 2 | 190 |
| Integra LifeSciences Holdings Corporation (a) | 13 | 166 |
| Ionis Pharmaceuticals, Inc. (a) | 9 | 681 |
| Jazz Pharmaceuticals Public Limited Company (a) | 7 | 1239 |
| LivaNova PLC (a) | 5 | 311 |
| Masimo Corporation (a) | 2 | 319 |
| Merit Medical Systems, Inc. (a) | 2 | 206 |
| Mettler-Toledo International Inc. (a) | 1 | 1245 |
| National HealthCare Corporation | 1 | 114 |
| Neogen Corporation (a) | 42 | 294 |
| Neurocrine Biosciences, Inc. (a) | 4 | 543 |
| Novavax, Inc. (a) (b) | 61 | 413 |
| Omnicell, Inc. (a) | 6 | 288 |
| OPKO Health, Inc. (a) | 47 | 59 |
| Option Care Health, Inc. (a) | 11 | 364 |
| Owens & Minor, Inc. (a) | 15 | 42 |
| Pediatrix Medical Group, Inc. (a) | 9 | 194 |
| Prestige Consumer Healthcare Inc. (a) | 3 | 209 |
| PTC Therapeutics, Inc. (a) | 4 | 333 |
| QuidelOrtho Corporation (a) | 18 | 510 |
| Repligen Corporation (a) | 2 | 248 |
| ResMed Inc. | 4 | 992 |
| Revolution Medicines, Inc. (a) | 4 | 333 |
| Revvity, Inc. | 12 | 1116 |
| Roivant Sciences Ltd. (a) | 26 | 568 |
| Royalty Pharma PLC - Class A | 17 | 666 |
| Sarepta Therapeutics, Inc. (a) | 14 | 303 |
| Select Medical Holdings Corporation | 11 | 158 |
| Surgery Partners, Inc. (a) | 7 | 105 |
| Teladoc Health, Inc. (a) | 49 | 340 |
| Teleflex Incorporated | 6 | 697 |
| Tenet Healthcare Corporation (a) | 6 | 1093 |
| Ultragenyx Pharmaceutical Inc. (a) | 7 | 170 |
| United Therapeutics Corporation (a) | 2 | 1204 |
| Veeva Systems Inc. - Class A (a) | 3 | 569 |
| VIR Biotechnology, Inc. (a) | 20 | 118 |
| Waystar Holding Corp. (a) | 3 | 94 |
| West Pharmaceutical Services, Inc. | 3 | 868 |
| | | 35425 |
| **Real Estate 8.7%** | **Real Estate 8.7%** | **Real Estate 8.7%** |
| Acadia Realty Trust | 9 | 189 |
| Agree Realty Corporation | 6 | 424 |
| Alexander & Baldwin, Inc. | 6 | 128 |
| American Assets Trust, Inc. | 6 | 104 |
| American Healthcare REIT, Inc. | 5 | 228 |
| American Homes 4 Rent - Class A | 19 | 597 |
| Americold Realty Trust, Inc. (b) | 42 | 537 |
| Anywhere Real Estate Inc. (a) | 18 | 258 |
| Apple Hospitality REIT, Inc. | 33 | 394 |
| Brandywine Realty Trust | 36 | 105 |
| Brixmor Property Group Inc. | 22 | 583 |
| Broadstone Net Lease, Inc. | 18 | 321 |
| Camden Property Trust | 7 | 823 |
| Compass, Inc. - Class A (a) | 39 | 407 |
| COPT Defense Properties | 11 | 293 |
| CoStar Group, Inc. (a) | 10 | 701 |
| Cousins Properties Incorporated | 20 | 519 |
| Cubesmart, L.P. | 13 | 472 |
| Cushman & Wakefield Ltd. (a) | 30 | 485 |
| DiamondRock Alpharetta Tenant, LLC | 24 | 212 |
| Diversified Healthcare Trust | 15 | 72 |
| Douglas Emmett, Inc. | 26 | 289 |
| EastGroup Properties, Inc. | 2 | 349 |
| Empire State Realty Trust, Inc. - Class A | 21 | 135 |
| EPR Properties | 7 | 356 |
| Equity Lifestyle Properties, Inc. | 7 | 428 |
| Essential Properties Realty Trust, Inc. | 9 | 256 |
| Essex Property Trust, Inc. | 4 | 995 |
| eXp World Holdings, Inc. (b) | 15 | 133 |
| Federal Realty Investment Trust | 6 | 626 |
| First Industrial Realty Trust, Inc. | 7 | 417 |
| Forestar Group Inc. (a) | 2 | 55 |
| Gaming and Leisure Properties, Inc. | 16 | 704 |
| Global Net Lease, Inc. | 21 | 185 |
| Healthcare Realty Trust Incorporated - Class A | 45 | 769 |
| Highwoods Properties, Inc. | 13 | 346 |
| Howard Hughes Holdings Inc. (a) | 2 | 183 |
| Hudson Pacific Properties, Inc. (a) | 8 | 89 |
| Independence Realty Trust, Inc. | 18 | 320 |
| Innovative Industrial Properties, Inc. | 3 | 155 |
| InvenTrust Properties Corp. | 6 | 167 |
| JBG Smith Properties | 14 | 233 |
| Kennedy-Wilson Holdings, Inc. | 11 | 107 |
| Kilroy Realty Corporation | 19 | 705 |
| Kite Realty Naperville, LLC | 18 | 442 |
| Lamar Advertising Company - Class A | 5 | 582 |
| Lineage, Inc. | 4 | 145 |
| LXP Industrial Trust | 7 | 355 |
| Macerich Company, The | 23 | 427 |
| Medical Properties Trust, Inc. | 130 | 651 |
| National Health Investors, Inc. | 3 | 218 |
| National Storage Affiliates Trust | 4 | 123 |
| Newmark Group, Inc. - Class A | 11 | 185 |
| NNN REIT, Inc. | 14 | 537 |
| Omega Healthcare Investors, Inc. | 15 | 686 |
| Open Doors Technology Inc. - Class A (a) | 190 | 1110 |
| OUTFRONT Media Inc. | 14 | 336 |
| Park Hotels & Resorts Inc. (b) | 51 | 536 |
| Peakstone Realty Trust - Class E | 2 | 25 |
| Pebblebrook Hotel Trust | 29 | 327 |
| Phillips Edison & Company, Inc. | 8 | 295 |
| Piedmont Realty Trust, Inc. - Class A | 13 | 105 |
| PotlatchDeltic Corporation | 8 | 306 |
| Rayonier Inc. | 15 | 326 |
| Regency Centers Corporation | 13 | 866 |
| Rexford Industrial Realty, Inc. | 17 | 653 |
| RLJ III-EM Columbus Lessee, LLC | 29 | 218 |
| Ryman Hospitality Properties, Inc. | 2 | 197 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

527

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sabra Health Care REIT, Inc. | 22 | 426 |
| SBA Communications Corporation - Class A | 4 | 767 |
| Service Properties Trust | 24 | 44 |
| SL Green Realty Corp. | 11 | 488 |
| STAG Industrial, Inc. | 13 | 465 |
| Sun Communities, Inc. | 9 | 1061 |
| Sunstone Hotel Investors, Inc. | 31 | 276 |
| Terreno Realty Corporation | 5 | 277 |
| UDR, Inc. | 22 | 795 |
| Urban Edge Properties | 11 | 214 |
| Vestis Corporation | 25 | 164 |
| Vornado Realty Trust | 19 | 627 |
| W.P. Carey Inc. | 17 | 1063 |
| Xenia Hotels & Resorts, Inc. | 13 | 178 |
| Zillow Group, Inc. - Class C (a) | 9 | 596 |
| | | 32946 |
| **Energy 5.2%** | **Energy 5.2%** | **Energy 5.2%** |
| Antero Midstream Corporation | 20 | 357 |
| Archrock, Inc. | 10 | 267 |
| BKV Corporation (a) | 2 | 56 |
| California Resources Corporation | 11 | 481 |
| Chord Energy Corporation | 10 | 924 |
| Civitas Resources, Inc. | 27 | 732 |
| CNX Resources Corporation (a) | 24 | 883 |
| Comstock Resources, Inc. (a) (b) | 6 | 132 |
| Core Natural Resources, Inc. | 5 | 436 |
| Crescent Energy Company - Class A | 52 | 438 |
| CVR Energy, Inc. (a) | 9 | 236 |
| Delek US Holdings, Inc. | 18 | 529 |
| Dorian LPG Ltd. | 8 | 197 |
| DT Midstream, Inc. | 5 | 625 |
| Green Plains Inc. (a) | 22 | 218 |
| Gulfport Energy Operating Corporation (a) | 1 | 309 |
| Helix Energy Solutions Group, Inc. (a) | 23 | 142 |
| Helmerich & Payne, Inc. | 25 | 706 |
| Highpeak Energy, Inc. (b) | 2 | 7 |
| International Seaways, Inc. | 7 | 323 |
| Kodiak Gas Services, LLC | 3 | 102 |
| Kosmos Energy Ltd. (a) | 120 | 109 |
| Liberty Energy Inc. - Class A | 34 | 623 |
| Magnolia Oil & Gas Corporation - Class A | 17 | 381 |
| Matador Resources Company | 12 | 493 |
| Murphy Oil Corporation | 35 | 1101 |
| Nabors Industries Ltd. (a) | 5 | 296 |
| New Fortress Energy, Inc. - Class A (a) (b) | 73 | 83 |
| Noble Corporation 2022 Limited | 13 | 353 |
| Northern Oil and Gas Incorporated | 11 | 243 |
| NOV Inc. | 58 | 907 |
| Par Pacific Holdings, Inc. (a) | 12 | 437 |
| Patterson-UTI Energy, Inc. | 109 | 668 |
| Peabody Energy Corporation | 40 | 1179 |
| Permian Resources Corporation - Class A | 38 | 535 |
| ProFrac Holding Corp. - Class A (a) | 6 | 25 |
| Propetro Holding Corp. (a) | 24 | 224 |
| Range Resources Corporation | 20 | 701 |
| RPC, Inc. | 22 | 117 |
| Select Water Solutions, Inc. - Class A | 14 | 152 |
| SM Energy Company | 26 | 483 |
| Talos Energy Inc. (a) | 25 | 275 |
| TechnipFMC PLC | 23 | 1022 |
| Texas Pacific Land Corporation | 1 | 202 |
| Valaris Limited (a) | 5 | 232 |
| Weatherford International Public Limited Company | 6 | 496 |
|  |  | 19437 |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| AdvanSix Inc. | 3 | 59 |
| Alpha Metallurgical Resources, Inc. (a) | 3 | 683 |
| AptarGroup, Inc. | 4 | 530 |
| Ardagh Metal Packaging S.A. | 17 | 70 |
| Ashland Inc. | 10 | 559 |
| Avery Dennison Corporation | 6 | 1120 |
| Avient Corporation | 9 | 279 |
| Axalta Coating Systems Ltd. (a) | 17 | 558 |
| Balchem Corporation | 1 | 195 |
| Cabot Corporation | 6 | 376 |
| Chemours Company, The | 40 | 470 |
| Clearwater Paper Corporation (a) | 4 | 72 |
| Commercial Metals Company | 16 | 1098 |
| Compass Minerals International, Inc. (a) | 8 | 154 |
| Crown Holdings, Inc. | 10 | 1012 |
| Eagle Materials Inc. | 3 | 557 |
| Ecovyst Inc. (a) | 16 | 153 |
| Element Solutions Inc. | 19 | 463 |
| Graphic Packaging Holding Company | 41 | 618 |
| Greif, Inc. - Class A | 3 | 192 |
| H.B. Fuller Company | 6 | 374 |
| Hecla Mining Company | 31 | 586 |
| Ingevity Corporation (a) | 3 | 204 |
| Innospec Inc. | 2 | 175 |
| Kaiser Aluminum Corporation | 2 | 244 |
| KRC Materials, Inc. (a) | 4 | 280 |
| Kronos Worldwide, Inc. | 2 | 8 |
| Louisiana-Pacific Corporation (W VA) | 6 | 489 |
| Materion Corporation | 2 | 213 |
| MATIV Holdings, Inc. | 8 | 92 |
| Metallus Inc. (a) | 5 | 83 |
| Minerals Technologies Inc. | 3 | 191 |
| NewMarket Corporation | 1 | 377 |
| O-I Glass, Inc. (a) | 21 | 314 |
| Olympic Steel, Inc. | 1 | 56 |
| Quaker Chemical Corporation | 2 | 248 |
| Royal Gold, Inc. | 2 | 457 |
| RPM International Inc. | 8 | 820 |
| Ryerson Holding Corporation | 3 | 83 |
| Scotts Miracle-Gro Company, The | 5 | 308 |
| Sealed Air Corporation | 13 | 519 |
| Sensient Technologies Corporation | 3 | 261 |
| Silgan Holdings Inc. | 9 | 381 |
| Sonoco Products Company | 13 | 582 |
| Stepan Company | 2 | 89 |
| SunCoke Energy, Inc. | 14 | 100 |
| Sylvamo Corporation | 4 | 215 |
| Trinseo Public Limited Company |  |  |
| Tronox Holdings PLC | 37 | 156 |
| Warrior Met Coal, Inc. | 7 | 638 |
| Worthington Steel, Inc. | 4 | 124 |
|  |  | 17885 |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |
| Andersons, Inc., The | 4 | 215 |
| B&G Foods, Inc. (b) | 31 | 133 |
| BJ's Wholesale Club Holdings, Inc. (a) | 6 | 566 |
| Boston Beer Company, Inc., The - Class A (a) | 1 | 203 |
| Brown-Forman Corporation - Class B | 26 | 681 |
| Cal-Maine Foods, Inc. | 4 | 307 |
| Casey's General Stores, Inc. | 2 | 1292 |
| Central Garden & Pet Company - Class A (a) | 7 | 195 |
| Clorox Company, The | 7 | 747 |
| Coca-Cola Consolidated, Inc. | 2 | 301 |
| Coty Inc. - Class A (a) | 65 | 201 |
| Darling Ingredients Inc. (a) | 23 | 842 |
| Del Monte Fresh Produce Company | 5 | 165 |
| Edgewell Personal Care Colombia S A S | 9 | 145 |
| Energizer Holdings, Inc. | 9 | 185 |
| Flowers Foods, Inc. | 35 | 380 |
| Grocery Outlet Holding Corp. (a) | 18 | 184 |
| Hain Celestial Group, Inc., The (a) | 15 | 16 |
| Ingles Markets, Incorporated - Class A | 2 | 121 |
| Ingredion Incorporated | 7 | 806 |
| J&J Snack Foods Corp. | 1 | 135 |
| Lamb Weston Holdings, Inc. | 12 | 484 |
| Maplebear Inc. (a) | 8 | 370 |
| Medifast, Inc. (a) (b) | 2 | 26 |
| National Beverage Corp. (a) | 2 | 56 |
| Nomad Foods Limited | 15 | 191 |
| Nu Skin Enterprises, Inc. - Class A | 9 | 89 |
| Oil-Dri Corporation of America | 1 | 40 |
| Pilgrim's Pride Corporation | 4 | 175 |
| Post Holdings, Inc. (a) | 6 | 552 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

528

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PriceSmart, Inc. | 3 | 390 |
| Reynolds Consumer Products Inc. | 6 | 126 |
| Seneca Foods Corporation - Class A (a) | 1 | 62 |
| Simply Good Foods Company, The (a) | 7 | 136 |
| Spectrum Brands Holdings, Inc. | 7 | 415 |
| Sprouts Farmers Market, Inc. (a) | 4 | 354 |
| The Marzetti Company | 1 | 222 |
| Treehouse Foods, Inc. (a) | 9 | 223 |
| United Natural Foods, Inc. (a) | 11 | 379 |
| Universal Corporation | 3 | 155 |
| USANA Health Sciences, Inc. (a) | 3 | 57 |
| Village Super Market, Inc. - Class A |  | 12 |
| Weis Markets, Inc. | 2 | 97 |
| | | 12431 |
| **Communication Services 3.3%** | **Communication Services 3.3%** | **Communication Services 3.3%** |
| Advantage Solutions, Inc. - Class A (a) (b) |  |  |
| AMC Networks, Inc. - Class A (a) | 7 | 70 |
| Angi Inc. - Class A (a) | 9 | 114 |
| Array Digital Infrastructure, Inc. | 2 | 91 |
| Bumble Inc. - Class A (a) | 15 | 53 |
| Cable One, Inc. | 2 | 194 |
| CarGurus, Inc. - Class A (a) | 6 | 230 |
| Cogent Communications Holdings, Inc. | 6 | 126 |
| E.W. Scripps Company, The - Class A (a) | 10 | 38 |
| Frontier Communications Parent, Inc. (a) | 26 | 986 |
| Gray Media, Inc. | 19 | 93 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 1 | 33 |
| IAC Inc. (a) | 13 | 514 |
| iHeartMedia, Inc. - Class A (a) | 11 | 46 |
| IHS Holding Limited (a) | 6 | 44 |
| Iridium Communications Inc. | 11 | 188 |
| John Wiley & Sons, Inc. - Class A | 6 | 169 |
| Liberty Broadband Corporation - Series C (a) | 10 | 476 |
| Liberty Latin America Ltd. - Class C (a) | 21 | 157 |
| Liberty Media Corporation - Series C (a) | 6 | 576 |
| Lionsgate Studios Corp. (a) | 3 | 24 |
| Match Group, Inc. | 12 | 397 |
| Nexstar Media Group, Inc. - Class A | 5 | 984 |
| Pinterest, Inc. - Class A (a) | 21 | 547 |
| Roblox Corporation - Class A (a) | 3 | 231 |
| Roku, Inc. - Class A (a) | 6 | 638 |
| Scholastic Corporation | 4 | 131 |
| Sinclair, Inc. - Class A | 5 | 77 |
| Snap Inc. - Class A (a) | 77 | 621 |
| Take-Two Interactive Software, Inc. (a) | 5 | 1181 |
| TEGNA Inc. | 23 | 441 |
| Telephone and Data Systems, Inc. | 15 | 614 |
| The New York Times Company - Class A | 8 | 573 |
| TKO Group Holdings Inc. - Class A | 1 | 226 |
| Trade Desk, Inc., The - Class A (a) | 6 | 229 |
| TripAdvisor, Inc. (a) | 13 | 192 |
| Uniti Group Inc. (a) | 24 | 169 |
| Warner Music Group Corp. - Class A | 4 | 110 |
| Yelp Inc. (a) | 10 | 316 |
| Ziff Davis, Inc. (a) | 7 | 262 |
| ZoomInfo Technologies Inc. - Class A (a) | 24 | 247 |
|  |  | 12408 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| Avista Corporation | 8 | 323 |
| Black Hills Corporation | 8 | 529 |
| California Water Service Group | 4 | 187 |
| Clearway Energy, Inc. - Class C | 8 | 269 |
| Essential Utilities, Inc. | 21 | 811 |
| Hawaiian Electric Industries, Inc. (a) | 32 | 390 |
| IDACORP, Inc. | 4 | 497 |
| MDU Resources Group, Inc. | 14 | 277 |
| National Fuel Gas Company | 7 | 579 |
| New Jersey Resources Corporation | 8 | 381 |
| Northwest Natural Holding Company | 4 | 173 |
| NorthWestern Corporation | 6 | 383 |
| OGE Energy Corp. | 15 | 660 |
| One Gas, Inc. | 6 | 474 |
| Ormat Technologies, Inc. | 3 | 371 |
| Otter Tail Corporation | 3 | 245 |
| Portland General Electric Company | 13 | 635 |
| Southwest Gas Holdings, Inc. | 6 | 440 |
| Spire Inc. | 6 | 481 |
| Talen Energy Corporation (a) | 1 | 372 |
| TXNM Energy, Inc. | 8 | 459 |
|  |  | 8936 |
| Total Common Stocks (cost $323,117) | Total Common Stocks (cost $323,117) | 374765 |
| **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** |
| **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (e) | 4978 | 4978 |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (e) | 1246 | 1246 |
| Total Short Term Investments (cost $6,224) | Total Short Term Investments (cost $6,224) | 6224 |
| **Total Investments 101.2% (cost $329,341)** | **Total Investments 101.2% (cost $329,341)** | **380989** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (19) |
| **Other Assets and Liabilities, Net (1.2)%** | **Other Assets and Liabilities, Net (1.2)%** | **(4332)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **376638** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

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

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Jackson Financial Inc. - Class A | 1213 | 34 | 490 | 37 | 313 | (106) | 964 | 0.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 480 | 50865 | 46367 | 92 |  |  | 4978 | 1.3 |
| JNL Government Money Market Fund, 3.64% - Class I | 3120 | 52291 | 54165 | 56 |  |  | 1246 | 0.3 |
|  | 4813 | 103190 | 101022 | 185 | 313 | (106) | 7188 | 1.9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

529

***JNL Series Trust***

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 2 | March 2026 | 250 |  |  |
| S&P Midcap 400 Index | 5 | March 2026 | 1685 | (19) | (23) |
|  |  |  |  | (19) | (23) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 374765 |  |  | 374765 |
| &nbsp;&nbsp;Short Term Investments | 6224 |  |  | 6224 |
|  | 380989 |  |  | 380989 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts |  |  |  |  |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (23) |  |  | (23) |
|  | (23) |  |  | (23) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

530

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Information Technology 18.5%** | **Information Technology 18.5%** | **Information Technology 18.5%** |
| Accenture Public Limited Company - Class A | 19 | 5093 |
| Adobe Inc. (a) | 2 | 699 |
| Advanced Energy Industries, Inc. | 2 | 364 |
| Advanced Micro Devices, Inc. (a) | 32 | 6913 |
| Akamai Technologies, Inc. (a) | 6 | 526 |
| Amdocs Limited | 9 | 697 |
| Amkor Technology, Inc. | 26 | 1027 |
| Amphenol Corporation - Class A | 24 | 3236 |
| Apple Inc. | 85 | 23154 |
| Applied Materials, Inc. | 46 | 11818 |
| AppLovin Corporation - Class A (a) | 11 | 7291 |
| Arista Networks, Inc. (a) | 20 | 2577 |
| Arrow Electronics, Inc. (a) | 10 | 1126 |
| Avnet, Inc. | 20 | 965 |
| Belden Inc. | 3 | 326 |
| Benchmark Electronics, Inc. | 6 | 247 |
| Broadcom Inc. | 120 | 41404 |
| Cadence Design Systems, Inc. (a) | 5 | 1686 |
| CDW Corp. | 2 | 214 |
| Ciena Corporation (a) | 6 | 1389 |
| Cirrus Logic, Inc. (a) | 4 | 479 |
| Cisco Systems, Inc. | 340 | 26152 |
| Coherent Corp. (a) | 7 | 1201 |
| CommScope Holding Company, Inc. (a) | 68 | 1241 |
| CommVault Systems, Inc. (a) | 4 | 494 |
| Corning Incorporated | 129 | 11270 |
| CrowdStrike Holdings, Inc. - Class A (a) | 10 | 4561 |
| Dell Technologies Inc. - Class C | 9 | 1153 |
| Dolby Laboratories, Inc. - Class A | 8 | 544 |
| Dropbox, Inc. - Class A (a) | 38 | 1045 |
| DXC Technology Company (a) | 36 | 533 |
| F5, Inc. (a) | 7 | 1726 |
| Fair Isaac Corporation (a) | 1 | 1234 |
| First Solar, Inc. (a) | 4 | 1121 |
| Flex Ltd. (a) | 7 | 424 |
| Fortinet, Inc. (a) | 6 | 443 |
| Gartner, Inc. (a) | 3 | 673 |
| Gen Digital Inc. | 42 | 1144 |
| GoDaddy Inc. - Class A (a) | 11 | 1307 |
| Guidewire Software, Inc. (a) | 4 | 736 |
| Hewlett Packard Enterprise Company | 166 | 3993 |
| HP, Inc. | 241 | 5366 |
| Insight Enterprises, Inc. (a) | 8 | 665 |
| Intel Corporation (a) | 537 | 19805 |
| InterDigital, Inc. (b) | 3 | 1035 |
| International Business Machines Corporation | 118 | 34858 |
| Intuit Inc. | 5 | 3588 |
| Jabil Inc. | 10 | 2247 |
| Keysight Technologies, Inc. (a) | 3 | 690 |
| KLA Corporation | 6 | 7360 |
| Knowles Corporation (a) | 16 | 342 |
| Kyndryl Holdings, Inc. (a) | 48 | 1265 |
| Lam Research Corporation | 76 | 13067 |
| Lattice Semiconductor Corporation (a) | 9 | 689 |
| Lumentum Holdings Inc. (a) | 3 | 1085 |
| Manhattan Associates, Inc. (a) | 2 | 309 |
| Micron Technology, Inc. | 22 | 6369 |
| MKS Inc. | 3 | 453 |
| MongoDB, Inc. - Class A (a) | 3 | 1421 |
| Monolithic Power Systems, Inc. | 2 | 1803 |
| Motorola Solutions, Inc. | 4 | 1493 |
| NCR Voyix Corporation (a) | 31 | 320 |
| NetApp, Inc. | 9 | 928 |
| NetScout Systems, Inc. (a) | 14 | 367 |
| NVIDIA Corporation | 112 | 20804 |
| Okta, Inc. - Class A (a) | 7 | 592 |
| Oracle Corporation | 161 | 31332 |
| OSI Systems, Inc. (a) | 3 | 741 |
| Palantir Technologies Inc. - Class A (a) | 37 | 6501 |
| Plexus Corp. (a) | 4 | 584 |
| Qorvo, Inc. (a) | 2 | 200 |
| Qualcomm Incorporated | 42 | 7138 |
| Rambus Inc. (a) | 4 | 395 |
| Roper Technologies, Inc. | 2 | 975 |
| Sanmina Corporation (a) | 15 | 2273 |
| Seagate Technology Holdings Public Limited Company | 16 | 4480 |
| Silicon Laboratories Inc. (a) | 5 | 631 |
| Snowflake Inc. - Class A (a) | 13 | 2812 |
| TD SYNNEX Corporation | 2 | 252 |
| TE Connectivity Public Limited Company | 6 | 1320 |
| Teledyne Technologies Incorporated (a) | 1 | 447 |
| Teradata Corporation (a) | 21 | 653 |
| Teradyne, Inc. | 12 | 2242 |
| Texas Instruments Incorporated | 36 | 6220 |
| Trimble Inc. (a) | 10 | 812 |
| TTM Technologies, Inc. (a) | 23 | 1602 |
| Twilio Inc. - Class A (a) | 3 | 372 |
| Tyler Technologies, Inc. (a) | 1 | 426 |
| Uipath, Inc. - Class A (a) | 17 | 278 |
| Unity Software Inc. (a) | 14 | 606 |
| VeriSign, Inc. | 9 | 2227 |
| ViaSat, Inc. (a) | 21 | 710 |
| Vishay Intertechnology, Inc. | 42 | 604 |
| Vontier Corporation | 15 | 543 |
| Western Digital Corporation | 45 | 7722 |
| Xerox Holdings Corporation (b) | 17 | 41 |
| Zoom Communications, Inc. - Class A (a) | 5 | 435 |
|  |  | 384721 |
| **Financials 15.4%** | **Financials 15.4%** | **Financials 15.4%** |
| Affiliated Managers Group, Inc. | 5 | 1475 |
| AFLAC Incorporated | 32 | 3483 |
| AGNC Investment Corp. (b) | 154 | 1651 |
| Allstate Corporation, The | 22 | 4576 |
| Ally Financial Inc. | 42 | 1887 |
| American Express Company | 10 | 3649 |
| American International Group, Inc. | 77 | 6553 |
| Ameriprise Financial, Inc. | 4 | 1914 |
| Annaly Capital Management, Inc. | 13 | 297 |
| AON Public Limited Company - Class A | 16 | 5634 |
| Ares Management Corporation - Class A | 4 | 630 |
| Arthur J. Gallagher & Co. | 4 | 986 |
| Artisan Partners Asset Management Inc. - Class A | 9 | 366 |
| Assurant, Inc. | 5 | 1203 |
| Bank of New York Mellon Corporation, The (c) | 61 | 7101 |
| BankUnited, Inc. | 22 | 997 |
| Berkshire Hathaway Inc. - Class B (a) | 42 | 21215 |
| BlackRock, Inc. | 3 | 3206 |
| Blackstone Inc. - Class A | 14 | 2085 |
| Blackstone Mortgage Trust, Inc. - Class A | 18 | 353 |
| Bread Financial Payments, Inc. | 17 | 1225 |
| Brighthouse Financial, Inc. (a) | 14 | 901 |
| Brightsphere Investment Group Inc. | 5 | 241 |
| Brown & Brown, Inc. | 12 | 971 |
| Cadence Bank | 8 | 334 |
| Capital One Financial Corporation | 53 | 12966 |
| Carlyle Group Inc., The | 5 | 314 |
| Charles Schwab Corporation, The | 49 | 4932 |
| Cincinnati Financial Corporation | 3 | 478 |
| Citigroup Inc. | 246 | 28751 |
| Citizens Financial Group, Inc. | 21 | 1225 |
| CME Group Inc. - Class A | 17 | 4525 |
| CNO Financial Group, Inc. | 15 | 621 |
| Comerica Incorporated | 10 | 899 |
| Corebridge Financial, Inc. | 29 | 886 |
| Corpay Inc. (a) | 1 | 283 |
| DigitalBridge Group, Inc. - Class A | 50 | 761 |
| East West Bancorp, Inc. | 6 | 623 |
| Encore Capital Group, Inc. (a) | 6 | 343 |
| Equitable Holdings, Inc. | 29 | 1388 |
| Erie Indemnity Company - Class A | 2 | 649 |
| Evercore Inc. - Class A | 5 | 1778 |
| FactSet Research Systems Inc. | 2 | 521 |
| Federated Hermes, Inc. - Class B | 13 | 701 |
| First American Financial Corporation | 8 | 485 |
| First Horizon Corporation | 22 | 518 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

531

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| FirstCash, Inc. | 6 | 954 |
| Flagstar Bank, National Association | 77 | 971 |
| Franklin Resources, Inc. | 38 | 903 |
| Genworth Financial, Inc. - Class A (a) | 107 | 962 |
| Globe Life Inc. | 3 | 444 |
| Goldman Sachs Group, Inc., The | 14 | 12222 |
| Hanover Insurance Group Inc., The | 5 | 878 |
| Hartford Insurance Group, Inc., The | 5 | 756 |
| Hilltop Holdings Inc. | 8 | 287 |
| Houlihan Lokey, Inc. - Class A | 9 | 1531 |
| Independence Holdings, LLC | 19 | 1261 |
| Interactive Brokers Group, Inc. - Class A | 25 | 1624 |
| Intercontinental Exchange, Inc. | 27 | 4425 |
| Invesco Ltd. | 43 | 1120 |
| Jack Henry & Associates, Inc. | 10 | 1882 |
| Jackson Financial Inc. - Class A (c) | 11 | 1224 |
| Janus Henderson Group PLC | 17 | 803 |
| Jefferies Financial Group Inc. | 9 | 561 |
| JPMorgan Chase & Co. | 53 | 17210 |
| KeyCorp | 21 | 438 |
| Lincoln National Corporation | 26 | 1137 |
| Loews Corporation | 13 | 1403 |
| LPL Financial Holdings Inc. | 8 | 2849 |
| Markel Group Inc. (a) |  | 488 |
| MarketAxess Holdings Inc. | 4 | 717 |
| Marsh & Mclennan Companies, Inc. | 17 | 3149 |
| MasterCard Incorporated - Class A | 25 | 14192 |
| Mercury General Corporation | 5 | 500 |
| MetLife, Inc. | 33 | 2579 |
| MFA Financial, Inc. | 24 | 224 |
| MGIC Investment Corporation | 11 | 326 |
| Moelis & Company - Class A | 8 | 559 |
| Moody's Corporation | 1 | 509 |
| Morgan Stanley | 24 | 4213 |
| Morningstar, Inc. | 1 | 268 |
| MSCI Inc. - Class A | 2 | 1094 |
| Nasdaq, Inc. | 11 | 1086 |
| NCR Atleos Corporation (a) | 12 | 458 |
| Nelnet, Inc. - Class A | 2 | 210 |
| Northern Trust Corporation | 3 | 474 |
| PennyMac Financial Services, Inc. | 7 | 900 |
| PennyMac Mortgage Investment Trust | 18 | 221 |
| PROG Holdings, Inc. | 9 | 256 |
| Progressive Corporation, The | 22 | 4932 |
| Prudential Financial, Inc. | 30 | 3403 |
| Regions Financial Corporation | 17 | 470 |
| RITHM Capital Corp. | 28 | 308 |
| RLI Corp. | 6 | 405 |
| Robinhood Markets, Inc. - Class A (a) | 33 | 3725 |
| S&P Global Inc. | 8 | 4231 |
| SEI Investments Company | 15 | 1261 |
| Selective Insurance Group, Inc. | 6 | 504 |
| SLM Corporation | 66 | 1777 |
| SoFi Technologies, Inc. (a) | 49 | 1271 |
| State Street Corporation | 5 | 681 |
| Stewart Information Services Corporation | 4 | 275 |
| Stifel Financial Corp. | 4 | 511 |
| Synchrony Financial | 76 | 6342 |
| T. Rowe Price Group, Inc. | 20 | 2062 |
| The Western Union Company (b) | 203 | 1887 |
| Tradeweb Markets Inc. - Class A | 4 | 443 |
| Travelers Companies, Inc., The | 18 | 5366 |
| Unum Group | 22 | 1710 |
| Virtu Financial, Inc. - Class A | 20 | 671 |
| Visa Inc. - Class A | 55 | 19287 |
| W. R. Berkley Corporation | 6 | 417 |
| Webster Financial Corporation | 7 | 456 |
| Wells Fargo & Company | 308 | 28748 |
| White Mountains Insurance Group Ltd | 1 | 1272 |
| Willis Towers Watson Public Limited Company | 5 | 1655 |
| Zions Bancorporation, National Association | 12 | 698 |
| | | 319616 |
| **Health Care 15.0%** | **Health Care 15.0%** | **Health Care 15.0%** |
| Abbott Laboratories | 34 | 4266 |
| AbbVie Inc. | 129 | 29434 |
| Alnylam Pharmaceuticals, Inc. (a) | 7 | 2840 |
| Amgen Inc. | 48 | 15665 |
| Baxter International Inc. | 32 | 612 |
| Becton, Dickinson and Company | 10 | 2026 |
| Biogen Inc. (a) | 3 | 508 |
| BioMarin Pharmaceutical Inc. (a) | 6 | 380 |
| Boston Scientific Corporation (a) | 38 | 3647 |
| Bristol-Myers Squibb Company | 216 | 11628 |
| Bruker Corporation | 8 | 361 |
| Cardinal Health, Inc. | 36 | 7449 |
| Cencora, Inc. | 11 | 3805 |
| Centene Corporation (a) | 19 | 789 |
| Chemed Corporation | 2 | 1057 |
| Cigna Group, The | 36 | 10005 |
| Cooper Companies, Inc., The (a) | 15 | 1248 |
| Corcept Therapeutics Incorporated (a) | 10 | 335 |
| CVS Health Corporation | 163 | 12961 |
| DaVita, Inc. (a) | 13 | 1533 |
| Dentsply Sirona Inc. | 27 | 309 |
| Edwards Lifesciences Corporation (a) | 11 | 967 |
| Elanco Animal Health Incorporated (a) | 21 | 478 |
| Elevance Health, Inc. | 3 | 1164 |
| Eli Lilly and Company | 31 | 33431 |
| Emergent BioSolutions Inc. (a) | 21 | 265 |
| Encompass Health Corporation | 15 | 1605 |
| Ensign Group, Inc., The | 4 | 711 |
| Exact Sciences Corporation (a) | 8 | 809 |
| Exelixis, Inc. (a) | 56 | 2464 |
| GE HealthCare Technologies Inc. | 12 | 988 |
| Gilead Sciences, Inc. | 154 | 18917 |
| Globus Medical, Inc. - Class A (a) | 7 | 595 |
| Haemonetics Corporation (a) | 4 | 342 |
| Halozyme Therapeutics, Inc. (a) | 11 | 746 |
| HCA Healthcare, Inc. | 11 | 5297 |
| HealthEquity, Inc. (a) | 3 | 264 |
| Henry Schein, Inc. (a) | 11 | 832 |
| Hologic, Inc. (a) | 9 | 665 |
| ICU Medical, Inc. (a) | 3 | 460 |
| IDEXX Laboratories, Inc. (a) | 6 | 3755 |
| Incyte Corporation (a) | 14 | 1336 |
| Innoviva, Inc. (a) | 10 | 206 |
| Ionis Pharmaceuticals, Inc. (a) | 12 | 912 |
| IQVIA Holdings Inc. (a) | 3 | 737 |
| Jazz Pharmaceuticals Public Limited Company (a) | 12 | 2076 |
| Johnson & Johnson | 191 | 39578 |
| Labcorp Holdings Inc. | 5 | 1207 |
| Masimo Corporation (a) | 3 | 448 |
| McKesson Corporation | 9 | 7671 |
| Merck & Co., Inc. | 171 | 18048 |
| Mettler-Toledo International Inc. (a) | 1 | 1599 |
| Neurocrine Biosciences, Inc. (a) | 4 | 611 |
| Novavax, Inc. (a) (b) | 40 | 270 |
| Organon & Co. | 97 | 695 |
| Pfizer Inc. | 717 | 17851 |
| PTC Therapeutics, Inc. (a) | 3 | 256 |
| Quest Diagnostics Incorporated | 9 | 1511 |
| Regeneron Pharmaceuticals, Inc. | 7 | 5196 |
| ResMed Inc. | 6 | 1329 |
| Revolution Medicines, Inc. (a) | 8 | 609 |
| Revvity, Inc. | 4 | 349 |
| Roivant Sciences Ltd. (a) | 18 | 392 |
| Royalty Pharma PLC - Class A | 57 | 2190 |
| Select Medical Holdings Corporation | 23 | 343 |
| Steris Public Limited Company | 2 | 477 |
| Teladoc Health, Inc. (a) (b) | 37 | 260 |
| Teleflex Incorporated | 4 | 457 |
| Tenet Healthcare Corporation (a) | 23 | 4493 |
| United Therapeutics Corporation (a) | 10 | 5048 |
| Universal Health Services, Inc. - Class B | 7 | 1569 |
| Veeva Systems Inc. - Class A (a) | 6 | 1426 |
| Vertex Pharmaceuticals Incorporated (a) | 5 | 2084 |
| Viatris Inc. | 178 | 2222 |
| West Pharmaceutical Services, Inc. | 3 | 756 |
| Zimmer Biomet Holdings, Inc. | 3 | 281 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

532

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zoetis Inc. - Class A | 8 | 986 |
| | | 311092 |
| **Industrials 12.1%** | **Industrials 12.1%** | **Industrials 12.1%** |
| 3M Company | 68 | 10844 |
| A. O. Smith Corporation | 26 | 1770 |
| AAR Corp. (a) | 7 | 547 |
| ABM Industries Incorporated | 10 | 428 |
| Acuity Brands, Inc. | 3 | 924 |
| Advanced Drainage Systems, Inc. | 7 | 1021 |
| AECOM | 10 | 977 |
| AGCO Corporation | 8 | 783 |
| Air Lease Corporation - Class A | 4 | 278 |
| Allison Systems, Inc. | 19 | 1889 |
| API Group Corporation (a) | 16 | 600 |
| Arcosa, Inc. | 4 | 450 |
| Armstrong World Industries, Inc. | 6 | 1060 |
| ATI Inc. (a) | 7 | 843 |
| Atkore Inc. | 4 | 248 |
| Automatic Data Processing, Inc. | 9 | 2312 |
| Avis Budget Group, Inc. (a) (b) | 5 | 597 |
| Boeing Company, The (a) | 17 | 3674 |
| Boise Cascade Company | 9 | 659 |
| Booz Allen Hamilton Holding Corporation - Class A | 20 | 1709 |
| Brady Corporation - Class A | 3 | 269 |
| Brink's Company, The | 5 | 576 |
| Broadridge Financial Solutions, Inc. | 15 | 3368 |
| Builders FirstSource, Inc. (a) | 9 | 880 |
| BWXT Government Group, Inc. | 18 | 3154 |
| C.H. Robinson Worldwide, Inc. | 26 | 4137 |
| Caci International Inc. - Class A (a) | 5 | 2663 |
| Carlisle Companies Incorporated | 1 | 304 |
| Carpenter Technology Corporation | 13 | 4116 |
| Caterpillar Inc. | 19 | 11044 |
| Cintas Corporation | 8 | 1440 |
| Comfort Systems USA, Inc. | 1 | 1400 |
| Copart, Inc. (a) | 35 | 1356 |
| Core & Main, Inc. - Class A (a) | 10 | 523 |
| CoreCivic, Inc. (a) | 24 | 451 |
| Crane Company | 5 | 859 |
| CSG Systems International, Inc. | 5 | 420 |
| CSX Corporation | 81 | 2936 |
| Cummins Inc. | 4 | 2013 |
| Curtiss-Wright Corporation | 6 | 3184 |
| Deere & Company | 5 | 2325 |
| DNOW Inc. (a) | 28 | 371 |
| Donaldson Company, Inc. | 12 | 1021 |
| Dycom Industries, Inc. (a) | 2 | 767 |
| EMCOR Group, Inc. | 2 | 1143 |
| Equifax, Inc. | 3 | 571 |
| Everus Construction Group, Inc. (a) | 7 | 586 |
| Expeditors International of Washington, Inc. - Class A | 23 | 3410 |
| Fastenal Company | 56 | 2232 |
| Federal Signal Corporation | 3 | 303 |
| Ferguson Enterprises Inc. | 11 | 2403 |
| Franklin Electric Co., Inc. | 3 | 294 |
| FTI Consulting, Inc. (a) | 5 | 870 |
| GATX Corporation | 3 | 594 |
| GE Vernova Inc. | 5 | 3534 |
| Generac Holdings Inc. (a) | 6 | 785 |
| General Dynamics Corporation | 16 | 5366 |
| General Electric Company | 55 | 17023 |
| Genpact Limited | 38 | 1790 |
| GEO Group, Inc., The (a) | 54 | 866 |
| Graco Inc. | 9 | 776 |
| Granite Construction Incorporated | 12 | 1340 |
| Greenbrier Companies, Inc., The | 7 | 313 |
| Griffon Corporation | 4 | 272 |
| Healthcare Services Group, Inc. (a) | 17 | 319 |
| HEICO Corporation | 4 | 1405 |
| Hertz Global Holdings, Inc. (a) (b) | 37 | 189 |
| Hexcel Corporation | 8 | 589 |
| HNI Corporation | 15 | 649 |
| Howmet Aerospace Inc. | 33 | 6816 |
| Hub Group, Inc. - Class A | 13 | 540 |
| Hubbell Incorporated | 1 | 343 |
| Huntington Ingalls Industries, Inc. | 2 | 695 |
| IDEX Corporation | 10 | 1770 |
| Illinois Tool Works Inc. | 10 | 2345 |
| ITT Inc. | 8 | 1444 |
| J.B. Hunt Transport Services, Inc. | 3 | 646 |
| JBT Marel Corporation | 2 | 324 |
| JetBlue Airways Corporation (a) | 93 | 425 |
| Johnson Controls International Public Limited Company | 12 | 1456 |
| KBR, Inc. | 7 | 299 |
| Kennametal Inc. | 11 | 325 |
| Knight-Swift Transportation Holdings Inc. - Class A | 3 | 173 |
| L3Harris Technologies, Inc. | 17 | 5032 |
| Landstar System, Inc. | 11 | 1511 |
| Leidos Holdings, Inc. | 8 | 1473 |
| Lennox International Inc. | 3 | 1260 |
| Lincoln Electric Holdings, Inc. | 7 | 1658 |
| Lockheed Martin Corporation | 27 | 12823 |
| Lyft, Inc. - Class A (a) | 16 | 302 |
| ManpowerGroup Inc. | 12 | 365 |
| Masco Corporation | 11 | 723 |
| MasTec, Inc. (a) | 3 | 573 |
| Masterbrand, Inc. (a) | 33 | 364 |
| Matson Intermodal - Paragon, Inc. | 6 | 722 |
| Maximus, Inc. | 12 | 1050 |
| Mercury Systems, Inc. (a) | 5 | 396 |
| Mine Safety Appliances Company, LLC | 3 | 469 |
| MOOG Inc. - Class A | 3 | 744 |
| MSC Industrial Direct Co., Inc. - Class A | 13 | 1098 |
| Mueller Industries, Inc. | 18 | 2068 |
| Norfolk Southern Corporation | 4 | 1275 |
| Northrop Grumman Corporation | 11 | 6324 |
| Nvent Electric Public Limited Company | 7 | 702 |
| Old Dominion Freight Line, Inc. | 4 | 556 |
| Openlane, Inc. (a) | 15 | 434 |
| Oshkosh Corporation | 7 | 818 |
| Otis Worldwide Corporation | 18 | 1553 |
| Owens Corning | 3 | 328 |
| Parker-Hannifin Corporation | 2 | 2203 |
| Parsons Corporation (a) | 4 | 270 |
| Paychex, Inc. | 8 | 909 |
| Pentair Public Limited Company | 3 | 288 |
| Primoris Services Corporation | 18 | 2179 |
| Quanta Services, Inc. | 3 | 1254 |
| RBC Bearings Incorporated (a) | 1 | 601 |
| Republic Services, Inc. | 10 | 2073 |
| Resideo Technologies, Inc. (a) | 37 | 1288 |
| Robert Half Inc. | 9 | 231 |
| Rockwell Automation, Inc. | 2 | 882 |
| Rollins, Inc. | 32 | 1916 |
| RTX Corporation | 27 | 4902 |
| Rush Enterprises, Inc. - Class A | 13 | 705 |
| Ryder System, Inc. | 1 | 242 |
| Schneider National, Inc. - Class B | 15 | 385 |
| Science Applications International Corporation | 10 | 1019 |
| SkyWest, Inc. (a) | 7 | 679 |
| SPX Technologies, Inc. (a) | 2 | 405 |
| SS&C Technologies Holdings, Inc. | 5 | 396 |
| Terex Corporation | 24 | 1291 |
| Timken Company, The | 10 | 858 |
| Toro Company, The | 14 | 1142 |
| Trinity Industries, Inc. | 11 | 301 |
| Uber Technologies, Inc. (a) | 40 | 3256 |
| UFP Industries, Inc. | 9 | 788 |
| UL Solutions Inc. - Class A | 5 | 368 |
| Unifirst Corporation | 3 | 510 |
| Union Pacific Corporation | 27 | 6355 |
| United Airlines Holdings, Inc. (a) | 5 | 577 |
| United Parcel Service, Inc. - Class B | 43 | 4223 |
| Valmont Industries, Inc. | 1 | 566 |
| Veralto Corporation | 12 | 1219 |
| Verisk Analytics, Inc. | 11 | 2479 |
| Vertiv Holdings Co - Class A | 16 | 2615 |
| W.W. Grainger, Inc. | 1 | 1339 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

533

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Waste Management, Inc. | 17 | 3764 |
| Watsco, Inc. | 5 | 1681 |
| Watts Water Technologies, Inc. - Class A | 1 | 324 |
| Werner Enterprises, Inc. | 28 | 837 |
| WESCO International, Inc. | 1 | 222 |
| Woodward, Inc. | 3 | 776 |
| Worthington Industries, Inc. | 4 | 231 |
| Xylem Inc. | 5 | 648 |
| Zurn Elkay Water Solutions Corporation | 6 | 298 |
| | | 250529 |
| **Consumer Staples 10.0%** | **Consumer Staples 10.0%** | **Consumer Staples 10.0%** |
| Albertsons Companies, Inc. - Class A | 82 | 1416 |
| Altria Group, Inc. | 187 | 10785 |
| Andersons, Inc., The | 7 | 356 |
| Archer-Daniels-Midland Company | 87 | 4976 |
| BJ's Wholesale Club Holdings, Inc. (a) | 9 | 781 |
| Boston Beer Company, Inc., The - Class A (a) | 1 | 282 |
| Brown-Forman Corporation - Class B | 31 | 797 |
| Bunge Global S.A. | 34 | 3008 |
| Cal-Maine Foods, Inc. | 18 | 1424 |
| Campbell's Company, The | 14 | 385 |
| Casey's General Stores, Inc. | 6 | 3150 |
| Central Garden & Pet Company - Class A (a) | 10 | 297 |
| Church & Dwight Co., Inc. | 14 | 1215 |
| Clorox Company, The | 18 | 1778 |
| Coca-Cola Company, The | 170 | 11889 |
| Coca-Cola Consolidated, Inc. | 5 | 789 |
| Colgate-Palmolive Company | 47 | 3722 |
| Conagra Brands, Inc. | 35 | 606 |
| Constellation Brands, Inc. - Class A | 6 | 806 |
| Costco Wholesale Corporation | 11 | 9291 |
| Darling Ingredients Inc. (a) | 7 | 238 |
| Del Monte Fresh Produce Company | 7 | 238 |
| Dollar General Corporation | 29 | 3805 |
| Dollar Tree, Inc. (a) | 17 | 2043 |
| Edgewell Personal Care Colombia S A S | 15 | 248 |
| Energizer Holdings, Inc. | 12 | 232 |
| Estee Lauder Companies Inc., The - Class A | 4 | 432 |
| Flowers Foods, Inc. | 35 | 383 |
| General Mills, Inc. | 43 | 1987 |
| Hershey Company, The | 8 | 1503 |
| Hormel Foods Corporation | 19 | 441 |
| Ingredion Incorporated | 11 | 1208 |
| J. M. Smucker Company, The | 12 | 1139 |
| Kenvue Inc. | 22 | 381 |
| Keurig Dr Pepper Inc. | 56 | 1559 |
| Kimberly-Clark Corporation | 25 | 2562 |
| Kraft Heinz Company, The | 145 | 3511 |
| Kroger Co., The | 148 | 9230 |
| Lamb Weston Holdings, Inc. | 10 | 418 |
| McCormick & Company, Incorporated | 2 | 169 |
| Molson Coors Beverage Company - Class B | 35 | 1629 |
| Mondelez International, Inc. - Class A | 67 | 3595 |
| Monster Beverage 1990 Corporation (a) | 41 | 3162 |
| Nomad Foods Limited | 24 | 305 |
| PepsiCo, Inc. | 97 | 13890 |
| Performance Food Group Company (a) | 3 | 295 |
| Philip Morris International Inc. | 113 | 18125 |
| Pilgrim's Pride Corporation | 7 | 263 |
| Post Holdings, Inc. (a) | 7 | 709 |
| PriceSmart, Inc. | 5 | 557 |
| Procter & Gamble Company, The | 111 | 15864 |
| Seaboard Corporation |  | 204 |
| Spectrum Brands Holdings, Inc. | 9 | 542 |
| Sprouts Farmers Market, Inc. (a) | 61 | 4874 |
| Sysco Corporation | 20 | 1493 |
| Target Corporation | 81 | 7880 |
| The Marzetti Company | 3 | 491 |
| Treehouse Foods, Inc. (a) | 16 | 381 |
| Tyson Foods, Inc. - Class A | 67 | 3918 |
| United Natural Foods, Inc. (a) | 19 | 649 |
| Universal Corporation | 5 | 273 |
| US Foods Holding Corp. (a) | 24 | 1785 |
| Walmart Inc. | 335 | 37296 |
|  |  | 207660 |
| **Consumer Discretionary 9.9%** | **Consumer Discretionary 9.9%** | **Consumer Discretionary 9.9%** |
| Abercrombie & Fitch Co. - Class A (a) | 11 | 1418 |
| Academy Sports & Outdoors, Inc. | 16 | 804 |
| Acushnet Holdings Corp. | 7 | 550 |
| Adient Public Limited Company (a) | 22 | 421 |
| Adtalem Global Education Inc. (a) | 8 | 847 |
| Advance Auto Parts, Inc. | 12 | 473 |
| American Axle & Manufacturing Holdings, Inc. (a) | 38 | 245 |
| American Eagle Outfitters, Inc. | 77 | 2025 |
| Asbury Automotive Group, Inc. (a) | 4 | 926 |
| AutoNation, Inc. (a) | 9 | 1836 |
| AutoZone, Inc. (a) | 2 | 5935 |
| Bath & Body Works, Inc. | 19 | 386 |
| Best Buy Co., Inc. | 59 | 3946 |
| Booking Holdings Inc. | 2 | 8204 |
| BorgWarner Inc. | 33 | 1482 |
| Boyd Gaming Corporation | 10 | 866 |
| Bright Horizons Family Solutions, Inc. (a) | 2 | 223 |
| Brunswick Corporation | 16 | 1222 |
| Capri Holdings Limited (a) | 28 | 694 |
| Carnival Corporation | 43 | 1300 |
| Carter's, Inc. | 25 | 804 |
| Coupang, Inc. - Class A (a) | 49 | 1158 |
| Cracker Barrel Old Country Store, Inc. | 10 | 254 |
| Dana Incorporated | 47 | 1108 |
| Darden Restaurants, Inc. | 8 | 1529 |
| Deckers Outdoor Corporation (a) | 12 | 1195 |
| Dick's Sporting Goods, Inc. | 6 | 1239 |
| Dillard's, Inc. - Class A (b) | 1 | 776 |
| Domino's Pizza, Inc. | 5 | 1916 |
| DoorDash, Inc. - Class A (a) | 15 | 3399 |
| Dorman Products, Inc. (a) | 4 | 473 |
| eBay Inc. | 127 | 11056 |
| ETSY, Inc. (a) | 6 | 332 |
| Expedia Group, Inc. | 7 | 2029 |
| Five Below, Inc. (a) | 2 | 412 |
| Ford Motor Company | 810 | 10633 |
| Gap, Inc., The | 29 | 754 |
| General Motors Company | 203 | 16517 |
| Gentex Corporation | 60 | 1408 |
| Genuine Parts Company | 4 | 488 |
| G-III Apparel Group, Ltd. | 11 | 311 |
| Graham Holdings Co., Ltd. - Class B | 1 | 950 |
| Grand Canyon Education, Inc. (a) | 6 | 954 |
| Group 1 Automotive, Inc. | 4 | 1633 |
| H & R Block, Inc. | 14 | 624 |
| Harley-Davidson, Inc. | 14 | 279 |
| Hasbro, Inc. | 21 | 1739 |
| Hilton Worldwide Holdings Inc. | 5 | 1298 |
| Home Depot, Inc., The | 30 | 10357 |
| Installed Building Products, Inc. | 1 | 250 |
| Kohl's Corporation | 57 | 1159 |
| Kontoor Brands, Inc. | 8 | 507 |
| Las Vegas Sands Corp. | 6 | 393 |
| Laureate Education, Inc. - Class A (a) | 23 | 772 |
| La-Z-Boy Incorporated | 10 | 387 |
| Lear Corporation | 9 | 1005 |
| Leggett & Platt, Incorporated | 35 | 389 |
| Lithia Motors, Inc. - Class A | 1 | 498 |
| Lowe`s Companies, Inc. | 31 | 7529 |
| M/I Homes, Inc. (a) | 3 | 379 |
| Macy's, Inc. | 61 | 1349 |
| Marriott International, Inc. - Class A | 3 | 988 |
| McDonald's Corporation | 47 | 14382 |
| Meritage Homes Corporation | 12 | 818 |
| Mohawk Industries, Inc. (a) | 4 | 400 |
| Murphy USA Inc. | 7 | 2686 |
| Newell Brands Inc. | 20 | 73 |
| Nike, Inc. - Class B | 35 | 2203 |
| NVR, Inc. (a) |  | 1284 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 6 | 672 |
| O'Reilly Automotive, Inc. (a) | 60 | 5473 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

534

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Penske Automotive Group, Inc. | 2 | 327 |
| Phinia Inc. | 9 | 551 |
| Pool Corporation | 5 | 1111 |
| PulteGroup, Inc. | 11 | 1335 |
| PVH Corp. | 9 | 604 |
| Ralph Lauren Corporation - Class A | 5 | 1628 |
| Red Rock Resorts, Inc. - Class A | 7 | 409 |
| RH (a) | 2 | 315 |
| Rivian Automotive, Inc. - Class A (a) | 17 | 329 |
| Sally Beauty Holdings, Inc. (a) | 45 | 642 |
| Service Corporation International | 21 | 1642 |
| Signet Jewelers Limited | 11 | 916 |
| Somnigroup International Inc. | 23 | 2066 |
| Sonic Automotive, Inc. - Class A | 5 | 324 |
| Starbucks Corporation | 29 | 2450 |
| Steven Madden, Ltd. | 12 | 512 |
| Strategic Education, Inc. | 4 | 295 |
| Tapestry, Inc. | 21 | 2687 |
| Taylor Morrison Home II Corporation - Class A (a) | 22 | 1320 |
| Texas Roadhouse, Inc. - Class A | 2 | 345 |
| The Buckle, Inc. | 11 | 588 |
| The Goodyear Tire & Rubber Company (a) | 82 | 717 |
| The Wendy's Company (b) | 61 | 511 |
| Thor Industries, Inc. | 6 | 574 |
| TJX Companies, Inc., The | 50 | 7662 |
| Toll Brothers, Inc. | 5 | 674 |
| TopBuild Corp. (a) | 1 | 494 |
| Tractor Supply Company | 26 | 1296 |
| TRI Pointe Homes Holdings, Inc. (a) | 21 | 664 |
| Ulta Beauty, Inc. (a) | 5 | 2744 |
| Upbound Group, Inc. | 16 | 277 |
| Urban Outfitters, Inc. (a) | 21 | 1569 |
| V.F. Corporation | 71 | 1285 |
| Vail Resorts, Inc. (b) | 9 | 1190 |
| Valvoline, Inc. (a) | 35 | 1025 |
| Victoria's Secret & Co. (a) | 32 | 1722 |
| Visteon Corporation | 5 | 504 |
| Vitamin Oldco Holdings, Inc. (a) (d) | 6 |  |
| Wayfair Inc. - Class A (a) | 4 | 401 |
| Whirlpool Corporation (b) | 12 | 855 |
| Williams-Sonoma, Inc. | 20 | 3642 |
| Winnebago Industries, Inc. | 9 | 358 |
| Wyndham Hotels & Resorts, Inc. | 8 | 618 |
| Wynn Resorts, Limited | 3 | 392 |
| Yum! Brands, Inc. | 19 | 2900 |
| | | 205494 |
| **Communication Services 7.3%** | **Communication Services 7.3%** | **Communication Services 7.3%** |
| Alphabet Inc. - Class A | 77 | 24022 |
| AT&T Inc. | 1475 | 36631 |
| Comcast Corporation - Class A | 141 | 4223 |
| EchoStar Corporation - Class A (a) | 12 | 1271 |
| Electronic Arts Inc. | 18 | 3665 |
| Former Charter Communications Parent, Inc. - Class A (a) | 37 | 7626 |
| Fox Corporation - Class A | 54 | 3980 |
| John Wiley & Sons, Inc. - Class A | 8 | 260 |
| Liberty Broadband Corporation - Series C (a) | 12 | 562 |
| Liberty Global Ltd. - Class C (a) | 61 | 670 |
| Liberty Latin America Ltd. - Class C (a) | 31 | 229 |
| Liberty Media Corporation - Series C (a) | 12 | 1184 |
| Lumen Technologies, Inc. (a) | 482 | 3747 |
| Match Group, Inc. | 16 | 521 |
| Meta Platforms, Inc. - Class A | 6 | 4289 |
| Netflix, Inc. (a) | 127 | 11896 |
| News Corporation - Class A | 21 | 552 |
| Nexstar Media Group, Inc. - Class A | 7 | 1371 |
| Omnicom Group Inc. | 13 | 1086 |
| Optimum Communications, Inc. - Class A (a) | 62 | 103 |
| Roblox Corporation - Class A (a) | 26 | 2125 |
| Roku, Inc. - Class A (a) | 6 | 600 |
| Sirius XM Holdings Inc. | 32 | 646 |
| Take-Two Interactive Software, Inc. (a) | 19 | 4788 |
| TEGNA Inc. | 45 | 883 |
| Telephone and Data Systems, Inc. | 24 | 980 |
| The New York Times Company - Class A | 18 | 1244 |
| TKO Group Holdings Inc. - Class A | 4 | 748 |
| T-Mobile US, Inc. | 20 | 4024 |
| Uniti Group Inc. (a) | 44 | 311 |
| Verizon Communications Inc. | 433 | 17641 |
| Warner Bros. Discovery, Inc. - Series A (a) | 291 | 8393 |
| Yelp Inc. (a) | 18 | 547 |
|  |  | 150818 |
| **Energy 4.6%** | **Energy 4.6%** | **Energy 4.6%** |
| Antero Midstream Corporation | 12 | 218 |
| APA Corporation | 10 | 247 |
| Archrock, Inc. | 28 | 725 |
| Baker Hughes Company - Class A | 80 | 3636 |
| Cheniere Energy, Inc. | 11 | 2089 |
| Chevron Corporation | 129 | 19659 |
| CNX Resources Corporation (a) | 36 | 1329 |
| ConocoPhillips | 21 | 1990 |
| Core Natural Resources, Inc. | 5 | 418 |
| CVR Energy, Inc. (a) | 17 | 429 |
| Delek US Holdings, Inc. | 41 | 1207 |
| Devon Energy Corporation | 12 | 453 |
| DT Midstream, Inc. | 9 | 1125 |
| EQT Corporation | 12 | 666 |
| Expand Energy Corporation | 14 | 1575 |
| Exxon Mobil Corporation | 177 | 21309 |
| Helmerich & Payne, Inc. | 17 | 488 |
| HF Sinclair Corporation | 27 | 1244 |
| International Seaways, Inc. | 10 | 464 |
| Kinder Morgan, Inc. | 68 | 1882 |
| Marathon Petroleum Corporation | 42 | 6764 |
| Murphy Oil Corporation | 37 | 1168 |
| NOV Inc. | 15 | 238 |
| Ovintiv Canada ULC | 31 | 1205 |
| Par Pacific Holdings, Inc. (a) | 7 | 236 |
| Patterson-UTI Energy, Inc. | 46 | 278 |
| PBF Energy Inc. - Class A | 32 | 873 |
| Peabody Energy Corporation | 50 | 1488 |
| Permian Resources Corporation - Class A | 23 | 329 |
| Phillips 66 | 51 | 6619 |
| Range Resources Corporation | 6 | 220 |
| Schlumberger Limited | 19 | 722 |
| SM Energy Company | 12 | 231 |
| Targa Resources Corp. | 2 | 294 |
| TechnipFMC PLC | 53 | 2383 |
| Valero Energy Corporation | 57 | 9248 |
| Williams Companies, Inc., The | 24 | 1457 |
| World Kinect Corporation | 15 | 347 |
|  |  | 95253 |
| **Materials 2.9%** | **Materials 2.9%** | **Materials 2.9%** |
| Albemarle Corporation | 2 | 330 |
| Alcoa Corporation | 21 | 1121 |
| Alpha Metallurgical Resources, Inc. (a) | 2 | 424 |
| Amcor Pty Ltd | 87 | 728 |
| AptarGroup, Inc. | 10 | 1208 |
| Avery Dennison Corporation | 7 | 1332 |
| Balchem Corporation | 2 | 246 |
| Ball Corporation | 17 | 899 |
| Cabot Corporation | 7 | 467 |
| Celanese Corporation - Class A | 5 | 222 |
| CF Industries Holdings, Inc. | 3 | 216 |
| Chemours Company, The | 52 | 609 |
| Cleveland-Cliffs Inc. (a) | 47 | 619 |
| Commercial Metals Company | 25 | 1715 |
| Corteva, Inc. | 29 | 1916 |
| CRH Public Limited Company | 13 | 1665 |
| Crown Holdings, Inc. | 25 | 2531 |
| Dow Inc. | 25 | 586 |
| DuPont de Nemours, Inc. | 107 | 4294 |
| Eagle Materials Inc. | 3 | 720 |
| Eastman Chemical Company | 11 | 714 |
| Graphic Packaging Holding Company | 65 | 986 |
| Greif, Inc. - Class A | 4 | 296 |
| Hecla Mining Company | 27 | 516 |
| Huntsman Corporation | 9 | 90 |
| International Paper Company | 42 | 1635 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

535

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kaiser Aluminum Corporation | 3 | 353 |
| Louisiana-Pacific Corporation (W VA) | 9 | 751 |
| LyondellBasell Industries N.V. - Class A | 61 | 2660 |
| Mosaic Company, The | 62 | 1486 |
| NewMarket Corporation | 2 | 1200 |
| Newmont Corporation | 59 | 5843 |
| Nucor Corporation | 29 | 4716 |
| O-I Glass, Inc. (a) | 34 | 504 |
| Packaging Corporation of America | 4 | 914 |
| PPG Industries, Inc. | 10 | 1055 |
| Reliance, Inc. | 5 | 1548 |
| Royal Gold, Inc. | 8 | 1685 |
| RPM International Inc. | 17 | 1788 |
| Sealed Air Corporation | 32 | 1311 |
| Sensient Technologies Corporation | 9 | 878 |
| Sherwin-Williams Company, The | 3 | 1050 |
| Silgan Holdings Inc. | 23 | 916 |
| Sonoco Products Company | 22 | 947 |
| Southern Copper Corporation | 5 | 703 |
| Steel Dynamics, Inc. | 6 | 1053 |
| Sylvamo Corporation | 8 | 376 |
| Vulcan Materials Company | 3 | 746 |
| Warrior Met Coal, Inc. | 19 | 1656 |
| | | 60224 |
| **Utilities 2.1%** | **Utilities 2.1%** | **Utilities 2.1%** |
| AES Corporation, The | 12 | 167 |
| Alliant Energy Corporation | 5 | 308 |
| Ameren Corporation | 5 | 525 |
| American Electric Power Company, Inc. | 10 | 1208 |
| American Water Works Company, Inc. | 4 | 508 |
| Atmos Energy Corporation | 3 | 518 |
| Avista Corporation | 13 | 520 |
| California Water Service Group | 5 | 227 |
| CenterPoint Energy, Inc. | 13 | 482 |
| Clearway Energy, Inc. - Class C | 16 | 547 |
| CMS Energy Corporation | 6 | 403 |
| Consolidated Edison, Inc. | 7 | 716 |
| Constellation Energy Group, Inc. | 6 | 2199 |
| Dominion Energy, Inc. | 18 | 1027 |
| DTE Energy Company | 3 | 452 |
| Duke Energy Corporation | 15 | 1764 |
| Entergy Corporation | 9 | 835 |
| Essential Utilities, Inc. | 6 | 235 |
| Evergy, Inc. | 9 | 657 |
| Eversource Energy | 7 | 487 |
| Exelon Corporation | 70 | 3062 |
| FirstEnergy Corp. | 11 | 476 |
| Hawaiian Electric Industries, Inc. (a) | 38 | 471 |
| IDACORP, Inc. | 6 | 770 |
| MDU Resources Group, Inc. | 56 | 1094 |
| National Fuel Gas Company | 14 | 1136 |
| New Jersey Resources Corporation | 13 | 579 |
| NiSource Inc. | 9 | 375 |
| Northwest Natural Holding Company | 5 | 236 |
| NorthWestern Corporation | 9 | 557 |
| NRG Energy, Inc. | 17 | 2645 |
| OGE Energy Corp. | 9 | 378 |
| One Gas, Inc. | 8 | 647 |
| Ormat Technologies, Inc. | 7 | 794 |
| Otter Tail Corporation | 4 | 329 |
| Portland General Electric Company | 13 | 647 |
| PPL Corporation | 14 | 480 |
| Southwest Gas Holdings, Inc. | 8 | 637 |
| Spire Inc. | 9 | 754 |
| Talen Energy Corporation (a) | 3 | 1247 |
| The Southern Company | 22 | 1882 |
| TXNM Energy, Inc. | 18 | 1044 |
| UGI Corporation | 16 | 610 |
| Vistra Corp. | 51 | 8244 |
| WEC Energy Group Inc. | 6 | 673 |
| XCEL Energy Inc. | 12 | 891 |
|  |  | 44443 |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| Agree Realty Corporation | 8 | 571 |
| American Healthcare REIT, Inc. | 8 | 384 |
| American Homes 4 Rent - Class A | 25 | 813 |
| American Tower Corporation | 5 | 859 |
| Americold Realty Trust, Inc. (b) | 28 | 359 |
| Anywhere Real Estate Inc. (a) | 42 | 594 |
| Apple Hospitality REIT, Inc. | 40 | 474 |
| Camden Property Trust | 10 | 1056 |
| CBRE Group, Inc. - Class A (a) | 6 | 954 |
| COPT Defense Properties | 11 | 307 |
| Cubesmart, L.P. | 13 | 459 |
| DiamondRock Alpharetta Tenant, LLC | 29 | 259 |
| Douglas Emmett, Inc. | 21 | 229 |
| Equity Lifestyle Properties, Inc. | 9 | 530 |
| First Industrial Realty Trust, Inc. | 4 | 247 |
| Gaming and Leisure Properties, Inc. | 31 | 1387 |
| Healthcare Realty Trust Incorporated - Class A | 61 | 1040 |
| Host Hotels & Resorts, Inc. | 14 | 242 |
| InvenTrust Properties Corp. | 8 | 218 |
| Iron Mountain Incorporated | 8 | 650 |
| JBG Smith Properties | 19 | 326 |
| Jones Lang LaSalle Incorporated (a) | 3 | 1079 |
| Lamar Advertising Company - Class A | 6 | 780 |
| LXP Industrial Trust | 7 | 363 |
| Macerich Company, The | 38 | 697 |
| Medical Properties Trust, Inc. (b) | 180 | 900 |
| Omega Healthcare Investors, Inc. | 27 | 1203 |
| Open Doors Technology Inc. - Class A (a) | 28 | 163 |
| OUTFRONT Media Inc. | 11 | 275 |
| Park Hotels & Resorts Inc. (b) | 73 | 765 |
| Phillips Edison & Company, Inc. | 11 | 374 |
| ProLogis Inc. | 19 | 2392 |
| Public Storage Operating Company | 2 | 459 |
| Rayonier Inc. | 19 | 422 |
| Rexford Industrial Realty, Inc. | 10 | 373 |
| RLJ III-EM Columbus Lessee, LLC | 42 | 312 |
| SBA Communications Corporation - Class A | 7 | 1290 |
| Simon Property Group, Inc. | 8 | 1412 |
| SL Green Realty Corp. | 10 | 477 |
| STAG Industrial, Inc. | 8 | 281 |
| Sun Communities, Inc. | 11 | 1358 |
| Sunstone Hotel Investors, Inc. | 33 | 291 |
| Ventas, Inc. | 9 | 701 |
| VICI Properties Inc. | 22 | 606 |
| Vornado Realty Trust | 25 | 820 |
| W.P. Carey Inc. | 14 | 930 |
| Welltower Inc. | 13 | 2500 |
| Xenia Hotels & Resorts, Inc. | 19 | 272 |
|  |  | 33453 |
| Total Common Stocks (cost $1,706,381) | Total Common Stocks (cost $1,706,381) | 2063303 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (e) | 6269 | 6269 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (e) | 2455 | 2455 |
| Total Short Term Investments (cost $8,724) | Total Short Term Investments (cost $8,724) | 8724 |
| **Total Investments 99.8% (cost $1,715,105)** | **Total Investments 99.8% (cost $1,715,105)** | **2072027** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (41) |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **5130** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2077116** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

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

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

536

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Bank of New York Mellon Corporation, The | 5233 | 828 | 1480 | 131 | 834 | 1686 | 7101 | 0.3 |
| Jackson Financial Inc. - Class A | 1945 | 88 | 1101 | 53 | 707 | (415) | 1224 | 0.1 |
| JNL Government Money Market Fund, 3.74% - Class SL | 4 | 69825 | 63560 | 85 |  |  | 6269 | 0.3 |
| JNL Government Money Market Fund, 3.64% - Class I | 10679 | 328624 | 336848 | 322 |  |  | 2455 | 0.1 |
|  | 17861 | 399365 | 402989 | 591 | 1541 | 1271 | 17049 | 0.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 36 | March 2026 | 12405 | (26) | 2 |
| S&P Midcap 400 Index | 12 | March 2026 | 4011 | (15) | (21) |
|  |  |  |  | (41) | (19) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2063303 |  |  | 2063303 |
| &nbsp;&nbsp;Short Term Investments | 8724 |  |  | 8724 |
|  | 2072027 |  |  | 2072027 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2 |  |  | 2 |
|  | 2 |  |  | 2 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (21) |  |  | (21) |
|  | (21) |  |  | (21) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

537

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** |
| **COMMON STOCKS 65.0%** | **COMMON STOCKS 65.0%** | **COMMON STOCKS 65.0%** |
| **Information Technology 15.3%** | **Information Technology 15.3%** | **Information Technology 15.3%** |
| Accenture Public Limited Company - Class A | 1 | 227 |
| Adobe Inc. (a) |  | 121 |
| Advanced Micro Devices, Inc. (a) | 3 | 576 |
| Amphenol Corporation - Class A | 2 | 259 |
| Analog Devices, Inc. | 4 | 998 |
| Apple Inc. | 47 | 12748 |
| Applied Materials, Inc. | 1 | 197 |
| AppLovin Corporation - Class A (a) |  | 309 |
| Arista Networks, Inc. (a) | 9 | 1188 |
| ASML Holding N.V. - ADR | 1 | 698 |
| ASML Holding N.V. | 2 | 2695 |
| Autodesk, Inc. (a) |  | 48 |
| BE Semiconductor Industries N.V. | 3 | 401 |
| Bel Fuse Inc. - Class B |  | 21 |
| Broadcom Inc. | 21 | 7169 |
| CDW Corp. |  | 30 |
| Cisco Systems, Inc. | 17 | 1285 |
| Corning Incorporated | 1 | 90 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 482 |
| Datadog, Inc. - Class A (a) | 2 | 267 |
| Dell Technologies Inc. - Class C |  | 41 |
| Descartes Systems Group Inc., The (a) | 1 | 98 |
| Fair Isaac Corporation (a) |  | 32 |
| First Solar, Inc. (a) |  | 63 |
| Fortinet, Inc. (a) | 2 | 122 |
| HubSpot, Inc. (a) |  | 24 |
| Indra Sistemas S.A. (b) | 7 | 411 |
| Infineon Technologies AG - Class N | 10 | 450 |
| Intel Corporation (a) | 21 | 773 |
| InterDigital, Inc. | 1 | 236 |
| International Business Machines Corporation | 3 | 883 |
| Intuit Inc. |  | 261 |
| Keysight Technologies, Inc. (a) | 12 | 2417 |
| KLA Corporation | 1 | 968 |
| Lam Research Corporation | 6 | 997 |
| Marvell Technology, Inc. | 1 | 48 |
| Microchip Technology Incorporated |  | 13 |
| Micron Technology, Inc. | 1 | 426 |
| Microsoft Corporation | 31 | 15112 |
| Monolithic Power Systems, Inc. | 1 | 648 |
| Nec Corporation | 25 | 840 |
| Nomura Research Institute, Ltd. | 11 | 405 |
| NVIDIA Corporation | 96 | 17857 |
| Oracle Corporation | 6 | 1249 |
| Palantir Technologies Inc. - Class A (a) | 4 | 796 |
| Palo Alto Networks, Inc. (a) | 1 | 227 |
| PTC Inc. (a) |  | 61 |
| Qnity Electronics, Inc. | 1 | 41 |
| Qualcomm Incorporated | 2 | 284 |
| Renesas Electronics Corporation | 40 | 551 |
| Roper Technologies, Inc. | 1 | 289 |
| Salesforce, Inc. | 2 | 602 |
| Samsung Electronics Co., Ltd. | 11 | 936 |
| SanDisk LLC (a) |  | 41 |
| SAP SE | 7 | 1638 |
| Seagate Technology Holdings Public Limited Company |  | 131 |
| ServiceNow, Inc. (a) | 9 | 1413 |
| Shopify Inc. - Class A (a) | 5 | 794 |
| Synopsys, Inc. (a) | 1 | 453 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 2 | 503 |
| Taiwan Semiconductor Manufacturing Company Limited | 46 | 2269 |
| TE Connectivity Public Limited Company | 5 | 1200 |
| Teledyne Technologies Incorporated (a) |  | 164 |
| Telefonaktiebolaget LM Ericsson - Class B | 58 | 567 |
| Teradyne, Inc. |  | 87 |
| Texas Instruments Incorporated | 9 | 1627 |
| Tokyo Electron Limited | 4 | 817 |
| Western Digital Corporation | 1 | 99 |
| Workday, Inc. - Class A (a) |  | 37 |
|  |  | 89810 |
| **Financials 11.4%** | **Financials 11.4%** | **Financials 11.4%** |
| ABN AMRO Bank N.V. - DUTCHCERT (c) | 12 | 404 |
| Admiral Group PLC | 12 | 528 |
| Adyen N.V. (a) (c) |  | 450 |
| AIA Group Limited | 74 | 759 |
| Allstate Corporation, The | 7 | 1435 |
| American Express Company | 4 | 1459 |
| American International Group, Inc. | 2 | 191 |
| Annaly Capital Management, Inc. | 20 | 448 |
| ANZ Group Holdings Limited | 36 | 881 |
| Apollo Global Management, Inc. | 2 | 239 |
| Ares Management Corporation - Class A | 1 | 116 |
| Arthur J. Gallagher & Co. |  | 23 |
| Assicurazioni Generali Societa' Per Azioni | 9 | 385 |
| Aviva PLC | 75 | 690 |
| AXA | 21 | 1011 |
| AXIS Capital Holdings Limited |  | 47 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 44 | 1025 |
| Banco Santander, S.A. | 120 | 1415 |
| Bank of America Corporation | 36 | 2004 |
| Bank of New York Mellon Corporation, The | 1 | 160 |
| Banque Nationale Du Canada (b) | 5 | 626 |
| Barclays PLC | 137 | 878 |
| BAWAG Group AG (c) | 2 | 295 |
| Berkshire Hathaway Inc. - Class B (a) | 7 | 3381 |
| BlackRock, Inc. |  | 215 |
| Blackstone Inc. - Class A | 1 | 84 |
| Block, Inc. - Class A (a) | 3 | 192 |
| Bridgepoint Group PLC (c) | 82 | 314 |
| Brookfield Corporation - Class A | 16 | 730 |
| Capital One Financial Corporation | 2 | 447 |
| CBOE Global Markets, Inc. |  | 25 |
| Charles Schwab Corporation, The | 21 | 2051 |
| Chubb Limited | 5 | 1553 |
| Citigroup Inc. | 11 | 1331 |
| CME Group Inc. - Class A | 2 | 612 |
| Corebridge Financial, Inc. | 2 | 71 |
| Corpay Inc. (a) | 1 | 189 |
| CVC Capital Partners PLC | 21 | 351 |
| DBS Group Holdings Ltd | 24 | 1046 |
| Definity Financial Corporation (b) | 15 | 813 |
| DNB Bank ASA | 38 | 1054 |
| East West Bancorp, Inc. | 1 | 85 |
| Equitable Holdings, Inc. | 2 | 91 |
| Erste Group Bank AG | 6 | 720 |
| Fifth Third Bancorp | 18 | 852 |
| Fiserv, Inc. (a) |  | 29 |
| Global Payments Inc. |  | 10 |
| Goldman Sachs Group, Inc., The | 1 | 1290 |
| Great-West Lifeco Inc. | 13 | 645 |
| Hartford Insurance Group, Inc., The | 1 | 101 |
| HDFC Bank Limited | 63 | 697 |
| Huntington Bancshares Incorporated | 5 | 85 |
| ING Groep N.V. | 37 | 1036 |
| Intercontinental Exchange, Inc. | 8 | 1285 |
| Intesa Sanpaolo SpA | 115 | 798 |
| JPMorgan Chase & Co. | 13 | 4162 |
| Julius Bar Gruppe AG - Class N | 5 | 369 |
| KeyCorp | 9 | 196 |
| KKR & Co. Inc. - Class A | 1 | 169 |
| Klarna Group PLC (a) | 5 | 131 |
| Lloyds Banking Group PLC | 817 | 1083 |
| Macquarie Group Limited | 5 | 627 |
| Mandatum Holding Oy | 58 | 470 |
| Marsh & Mclennan Companies, Inc. | 3 | 516 |
| MasterCard Incorporated - Class A | 4 | 2518 |
| Melrose Industries PLC | 88 | 695 |
| MetLife, Inc. | 5 | 391 |
| Mitsubishi UFJ Financial Group, Inc. | 96 | 1530 |
| Moody's Corporation | 1 | 413 |
| Morgan Stanley | 7 | 1315 |
| MSCI Inc. - Class A |  | 57 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

538

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 2 | 1027 |
| ORIX Corporation | 16 | 463 |
| Popular, Inc. |  | 31 |
| Progressive Corporation, The | 1 | 233 |
| RenaissanceRe Holdings Ltd |  | 30 |
| Robinhood Markets, Inc. - Class A (a) | 1 | 90 |
| Rocket Companies, Inc. - Class A | 3 | 52 |
| S&P Global Inc. |  | 204 |
| Sampo Oyj - Class A | 81 | 974 |
| Skandinaviska Enskilda Banken AB - Class A | 41 | 861 |
| Societe Generale | 15 | 1204 |
| Standard Chartered PLC | 52 | 1261 |
| State Street Corporation |  | 49 |
| Sumitomo Mitsui Trust Group, Inc. | 22 | 680 |
| Talon Capital Corp. (a) | 2 | 16 |
| Tokio Marine Holdings, Inc. | 22 | 798 |
| TPG Inc. - Class A | 1 | 66 |
| Tradeweb Markets Inc. - Class A | 1 | 146 |
| Travelers Companies, Inc., The | 1 | 428 |
| Truist Financial Corporation |  | 23 |
| U.S. Bancorp | 4 | 232 |
| UBS Group AG | 20 | 934 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. | 14 | 1137 |
| Visa Inc. - Class A | 11 | 3704 |
| Voya Financial, Inc. | 1 | 96 |
| Wells Fargo & Company | 1 | 137 |
| Western Alliance Bancorporation | 1 | 44 |
| | | 67214 |
| **Industrials 7.4%** | **Industrials 7.4%** | **Industrials 7.4%** |
| 3M Company | 1 | 88 |
| ABB Ltd - Class N | 19 | 1375 |
| AerCap Holdings N.V. | 5 | 748 |
| AMETEK, Inc. | 8 | 1608 |
| API Group Corporation (a) | 2 | 64 |
| Ashtead Group Public Limited Company | 3 | 212 |
| Automatic Data Processing, Inc. |  | 19 |
| Boeing Company, The (a) | 1 | 308 |
| Booz Allen Hamilton Holding Corporation - Class A |  | 25 |
| Bunzl Public Limited Company | 16 | 453 |
| Canadian National Railway Company | 1 | 87 |
| Carpenter Technology Corporation |  | 64 |
| Carrier Global Corporation | 1 | 69 |
| Caterpillar Inc. | 3 | 1501 |
| Cintas Corporation | 2 | 289 |
| CSX Corporation | 24 | 857 |
| Cummins Inc. |  | 99 |
| Dayforce, Inc. (a) |  | 13 |
| DCC Public Limited Company | 5 | 290 |
| Deere & Company | 5 | 2232 |
| Dover Corporation | 1 | 119 |
| Element Fleet Management Corp. | 30 | 790 |
| Emerson Electric Co. |  | 57 |
| Equifax, Inc. | 2 | 423 |
| ESAB Corporation | 1 | 70 |
| Firefly Aerospace Inc. (a) | 1 | 17 |
| Fortive Corporation | 3 | 142 |
| Fujikura Ltd. |  | 33 |
| GE Vernova Inc. | 1 | 671 |
| General Electric Company | 9 | 2760 |
| Hitachi, Ltd. | 39 | 1224 |
| Honeywell International Inc. | 1 | 125 |
| Howmet Aerospace Inc. | 1 | 161 |
| Hubbell Incorporated |  | 170 |
| Ingersoll Rand Inc. | 1 | 68 |
| Interpump Group S.p.A. | 1 | 50 |
| Johnson Controls International Public Limited Company | 1 | 132 |
| Kingspan Group Public Limited Company | 3 | 287 |
| Kion Group AG | 9 | 688 |
| Kyushu Railway Company | 2 | 49 |
| L3Harris Technologies, Inc. |  | 124 |
| Legrand | 4 | 648 |
| Middleby Corporation, The (a) | 1 | 86 |
| Mitsubishi Electric Corporation | 50 | 1461 |
| Mitsubishi Heavy Industries, Ltd. | 2 | 44 |
| Norfolk Southern Corporation | 2 | 677 |
| Northrop Grumman Corporation | 1 | 548 |
| Nvent Electric Public Limited Company |  | 40 |
| Old Dominion Freight Line, Inc. | 7 | 1115 |
| Owens Corning | 2 | 275 |
| PACCAR Inc. | 1 | 120 |
| Parker-Hannifin Corporation | 2 | 1687 |
| Pentair Public Limited Company | 4 | 417 |
| Prysmian S.p.A. | 14 | 1398 |
| Recruit Holdings Co., Ltd. (b) | 13 | 731 |
| Republic Services, Inc. | 5 | 982 |
| Rheinmetall Aktiengesellschaft |  | 745 |
| Rolls-Royce Holdings PLC | 66 | 1029 |
| RTX Corporation | 1 | 123 |
| Ryanair Holdings Public Limited Company - ADR | 10 | 702 |
| Safran | 3 | 1201 |
| Saia, Inc. (a) |  | 130 |
| Sandvik Aktiebolag | 30 | 972 |
| SANY Heavy Industry Co., Ltd. - Class H (a) (c) | 7 | 21 |
| Shimizu Corporation | 28 | 476 |
| Shoals Technologies Group, Inc. - Class A (a) | 4 | 31 |
| Siemens Aktiengesellschaft - Class N | 12 | 3239 |
| SiteOne Landscape Supply, Inc. (a) |  | 41 |
| SK Square Co., Ltd. (a) | 3 | 737 |
| Spie S.A. | 1 | 33 |
| Stanley Black & Decker, Inc. | 1 | 38 |
| Sumitomo Corporation | 33 | 1132 |
| Teleperformance SE | 1 | 71 |
| Trane Technologies Public Limited Company |  | 125 |
| TransDigm Group Incorporated |  | 293 |
| Uber Technologies, Inc. (a) | 1 | 51 |
| Union Pacific Corporation |  | 34 |
| United Airlines Holdings, Inc. (a) | 1 | 76 |
| Veralto Corporation |  | 48 |
| Verisk Analytics, Inc. |  | 88 |
| Vertiv Holdings Co - Class A | 1 | 136 |
| VINCI | 5 | 684 |
| W.W. Grainger, Inc. | 1 | 644 |
| Waste Connections, Inc. |  | 82 |
| Waste Management, Inc. |  | 80 |
| Westinghouse Air Brake Technologies Corporation | 7 | 1456 |
| Xylem Inc. |  | 37 |
|  |  | 43345 |
| **Consumer Discretionary 6.9%** | **Consumer Discretionary 6.9%** | **Consumer Discretionary 6.9%** |
| Airbnb, Inc. - Class A (a) |  | 27 |
| Alibaba Group Holding Limited (c) | 16 | 299 |
| Amadeus IT Holding, S.A. (c) | 9 | 657 |
| Amazon.com, Inc. (a) | 41 | 9450 |
| ASICS Corporation | 36 | 853 |
| Autoliv, Inc. - SWEDDR | 6 | 672 |
| AutoZone, Inc. (a) |  | 1180 |
| Booking Holdings Inc. |  | 1687 |
| Carvana Co. - Class A (a) | 8 | 3481 |
| Chipotle Mexican Grill, Inc. (a) | 14 | 521 |
| Compass Group PLC | 41 | 1312 |
| Darden Restaurants, Inc. |  | 31 |
| Domino's Pizza, Inc. |  | 30 |
| DoorDash, Inc. - Class A (a) | 2 | 518 |
| Dowlais Group PLC | 134 | 152 |
| General Motors Company | 2 | 130 |
| Hilton Worldwide Holdings Inc. | 1 | 198 |
| Home Depot, Inc., The | 4 | 1515 |
| InterContinental Hotels Group PLC |  | 24 |
| Isetan Mitsukoshi Holdings Ltd. (b) | 42 | 609 |
| Kering | 2 | 733 |
| Kingfisher PLC | 138 | 583 |
| Las Vegas Sands Corp. | 1 | 54 |
| Lowe`s Companies, Inc. | 3 | 688 |
| Marriott International, Inc. - Class A |  | 61 |
| McDonald's Corporation | 5 | 1577 |
| Moncler S.p.A. | 9 | 577 |
| Next PLC | 4 | 827 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

539

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nike, Inc. - Class B | 1 | 38 |
| NVR, Inc. (a) |  | 117 |
| Open House Group Co., Ltd. | 1 | 76 |
| O'Reilly Automotive, Inc. (a) | 2 | 151 |
| Panasonic Holdings Corporation | 40 | 512 |
| Persimmon Public Limited Company | 22 | 410 |
| Pool Corporation |  | 11 |
| Ross Stores, Inc. | 3 | 528 |
| Royal Caribbean Cruises Ltd. |  | 126 |
| Samsonite Group S.A. (c) | 121 | 308 |
| Sea Limited - Class A - ADR (a) | 7 | 882 |
| Sony Group Corporation | 62 | 1586 |
| Subaru Corporation. | 20 | 437 |
| Suzuki Motor Corporation | 40 | 595 |
| Tesla, Inc. (a) | 9 | 4095 |
| TJX Companies, Inc., The | 4 | 581 |
| Toll Brothers, Inc. | 3 | 338 |
| Toyota Motor Corporation | 67 | 1432 |
| Tractor Supply Company | 2 | 75 |
| Ulta Beauty, Inc. (a) |  | 61 |
| Wingstop Inc. |  | 42 |
| | | 40847 |
| **Health Care 5.7%** | **Health Care 5.7%** | **Health Care 5.7%** |
| Abbott Laboratories | 9 | 1082 |
| AbbVie Inc. | 2 | 470 |
| Alcon AG | 3 | 255 |
| Amgen Inc. |  | 53 |
| Argenx SE - ADR (a) | 1 | 727 |
| AstraZeneca PLC - ADR | 32 | 2931 |
| BeOne Medicines AG - ADR (a) |  | 87 |
| Boston Scientific Corporation (a) | 2 | 187 |
| Bristol-Myers Squibb Company | 1 | 33 |
| Cardinal Health, Inc. |  | 97 |
| Cencora, Inc. | 4 | 1364 |
| Centene Corporation (a) | 1 | 42 |
| Chugai Pharmaceutical Co., Ltd. - ADR | 4 | 100 |
| Chugai Pharmaceutical Co., Ltd. | 18 | 918 |
| Cigna Group, The | 2 | 418 |
| CVS Health Corporation | 2 | 179 |
| Danaher Corporation | 5 | 1048 |
| Edwards Lifesciences Corporation (a) |  | 37 |
| Elevance Health, Inc. | 3 | 911 |
| Eli Lilly and Company | 4 | 3817 |
| EssilorLuxottica | 2 | 768 |
| Gilead Sciences, Inc. | 13 | 1641 |
| HOYA Corporation | 3 | 501 |
| IDEXX Laboratories, Inc. (a) |  | 68 |
| Intuitive Surgical, Inc. (a) | 3 | 1570 |
| IQVIA Holdings Inc. (a) |  | 41 |
| Johnson & Johnson | 6 | 1246 |
| Koninklijke Philips N.V. | 31 | 857 |
| McKesson Corporation |  | 97 |
| Medline Inc. - Class A (a) | 3 | 117 |
| Medtronic, Inc. | 1 | 79 |
| Merck & Co., Inc. | 5 | 542 |
| Mettler-Toledo International Inc. (a) |  | 36 |
| Novartis AG - Class N | 12 | 1603 |
| Novo Nordisk A/S - Class B | 20 | 1030 |
| Pfizer Inc. | 3 | 81 |
| Quest Diagnostics Incorporated | 3 | 474 |
| Regeneron Pharmaceuticals, Inc. |  | 145 |
| ResMed Inc. |  | 80 |
| Revvity, Inc. | 8 | 786 |
| Sanofi | 9 | 828 |
| Siemens Healthineers AG (c) | 16 | 848 |
| Sonova Holding AG | 1 | 234 |
| Stryker Corporation | 2 | 599 |
| Tenet Healthcare Corporation (a) | 6 | 1190 |
| Thermo Fisher Scientific Inc. | 2 | 876 |
| UnitedHealth Group Incorporated | 7 | 2145 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 254 |
| Viatris Inc. | 10 | 121 |
| Waters Corporation (a) |  | 28 |
| West Pharmaceutical Services, Inc. |  | 39 |
| Zimmer Biomet Holdings, Inc. | 1 | 48 |
| Zoetis Inc. - Class A |  | 38 |
|  |  | 33766 |
| **Communication Services 5.1%** | **Communication Services 5.1%** | **Communication Services 5.1%** |
| Alphabet Inc. - Class A | 16 | 4969 |
| Alphabet Inc. - Class C | 28 | 8919 |
| BT Group PLC | 324 | 805 |
| Comcast Corporation - Class A | 1 | 33 |
| KDDI Corporation | 53 | 911 |
| KT Corporation | 17 | 627 |
| Liberty Media Corporation - Series C (a) |  | 37 |
| Meta Platforms, Inc. - Class A | 10 | 6558 |
| Netflix, Inc. (a) | 23 | 2195 |
| Nintendo Co., Ltd. | 8 | 507 |
| Pinterest, Inc. - Class A (a) | 14 | 358 |
| Spotify Technology S.A. (a) |  | 41 |
| Telstra Group Limited | 142 | 461 |
| Tencent Holdings Limited | 5 | 346 |
| TKO Group Holdings Inc. - Class A | 1 | 137 |
| T-Mobile US, Inc. | 10 | 2066 |
| Walt Disney Company, The | 7 | 769 |
|  |  | 29739 |
| **Materials 3.5%** | **Materials 3.5%** | **Materials 3.5%** |
| Agnico Eagle Mines Limited | 1 | 98 |
| Agnico Eagle Mines Limited | 2 | 365 |
| Alamos Gold Inc - Class A (b) | 4 | 172 |
| Alamos Gold Inc - Class A | 1 | 37 |
| Alcoa Corporation | 1 | 48 |
| Aluminium Bahrain B.S.C | 6 | 18 |
| Aluminum Corporation of China Limited - Class H | 26 | 41 |
| Americas Gold and Silver Corporation (a) | 9 | 48 |
| Anglo American PLC | 5 | 187 |
| AngloGold Ashanti PLC | 3 | 254 |
| Antofagasta PLC | 25 | 1094 |
| ArcelorMittal | 2 | 69 |
| Aris Mining Corporation (a) | 3 | 43 |
| Artemis Gold Inc. (a) | 5 | 127 |
| Asante Gold Corporation (a) | 12 | 14 |
| Ausgold Limited (a) | 29 | 21 |
| B2Gold Corp. | 10 | 45 |
| Ball Corporation | 12 | 631 |
| Barrick Mining Corporation | 13 | 577 |
| Benz Mining Corp. - CHESS (a) | 11 | 12 |
| BHP Group Limited | 30 | 898 |
| BHP Group Limited (b) | 14 | 411 |
| Boliden AB (a) |  | 20 |
| Capricorn Metals Limited (a) | 9 | 88 |
| Capstone Copper Corp. (a) | 8 | 79 |
| CF Industries Holdings, Inc. |  | 28 |
| Champion Iron Limited (b) | 12 | 50 |
| China Hongqiao Group Limited | 16 | 65 |
| China Steel Corporation | 27 | 16 |
| CMOC Group Limited - Class H | 18 | 44 |
| Coeur Mining, Inc. (a) | 1 | 27 |
| Corteva, Inc. | 2 | 102 |
| CRH Public Limited Company | 1 | 112 |
| Discovery Silver Corp. (a) | 12 | 75 |
| Dow Inc. | 1 | 14 |
| DPM Metals Inc. | 1 | 17 |
| Ecolab Inc. |  | 104 |
| Emerald Resources NL (a) | 24 | 99 |
| Endeavour Silver Corp. (a) |  | 4 |
| Equinox Gold Corp. (a) | 2 | 27 |
| ERO Copper Corp. (a) (b) | 2 | 65 |
| Evolution Mining Limited | 3 | 23 |
| First Mining Gold Corp. (a) | 29 | 11 |
| First Quantum Minerals Ltd (a) | 5 | 147 |
| Fortescue Ltd | 1 | 12 |
| Franco-Nevada Corporation | 2 | 352 |
| Franco-Nevada Corporation | 1 | 270 |
| Freeport-McMoRan Inc. | 10 | 497 |
| G Mining Ventures Corp. (a) | 3 | 100 |
| Genesis Minerals Limited (a) | 4 | 18 |
| Glencore PLC | 40 | 221 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

540

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Gold Fields Limited | 5 | 212 |
| Gold Royalty Corp. (a) | 1 | 4 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 36 | 344 |
| Harmony Gold Mining Company | 2 | 46 |
| Heidelberg Materials AG |  | 67 |
| Hindalco Industries Limited | 3 | 32 |
| Hoa Phat Group Joint Stock Company | 69 | 69 |
| Holcim AG | 6 | 609 |
| Iluka Resources Limited | 10 | 38 |
| Impala Platinum Holdings Limited | 10 | 154 |
| Industrias Penoles, S.A.B. de C.V. (a) (b) | 2 | 89 |
| International Paper Company | 35 | 1377 |
| Ivanhoe Electric Inc. (a) | 4 | 66 |
| Ivanhoe Mines Ltd - Class A (a) (b) | 5 | 56 |
| JFE Holdings, Inc. | 1 | 14 |
| Jindal Stainless Limited | 1 | 12 |
| Jindal Steel Limited | 1 | 17 |
| Joint Stock Company Alrosa (Public Joint Stock Company) (a) (c) (d) | 40 |  |
| JSW Steel Limited | 2 | 26 |
| KGHM Polska Miedz Spolka Akcyjna (a) |  | 10 |
| Kinross Gold Corporation | 7 | 210 |
| KRC Materials, Inc. (a) | 1 | 40 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 6 | 1087 |
| Linde Public Limited Company | 4 | 1877 |
| Louisiana-Pacific Corporation (W VA) | 1 | 58 |
| Lundin Gold Inc. (c) | 1 | 57 |
| Lundin Mining Corporation | 1 | 18 |
| LunR Royalties Corp. (a) (b) | 1 | 8 |
| Lynas Rare Earths Limited (a) | 2 | 17 |
| Martin Marietta Materials, Inc. |  | 100 |
| Meridian Mining PLC (a) | 13 | 15 |
| Montage Gold Corp. (a) | 1 | 8 |
| Mosaic Company, The | 1 | 19 |
| MP Materials Corp. - Class A (a) (b) | 1 | 31 |
| New Found Gold Corp. (a) | 10 | 28 |
| Newmont Corporation - CHESS |  | 24 |
| Newmont Corporation | 1 | 111 |
| NGEx Minerals Ltd. (a) | 4 | 80 |
| Nippon Steel Corporation | 19 | 79 |
| Norsk Hydro ASA | 3 | 21 |
| Northam Platinum Limited | 3 | 58 |
| Northern Star Resources Ltd | 6 | 106 |
| Nucor Corporation | 1 | 147 |
| Omai Gold Mines Corp. (a) | 22 | 22 |
| Oramelius Resources Limited | 7 | 20 |
| Orogen Royalties Inc. | 4 | 132 |
| Packaging Corporation of America |  | 95 |
| POSCO Holdings Inc. |  | 46 |
| PPG Industries, Inc. | 3 | 349 |
| Predictive Discovery Limited (a) | 81 | 39 |
| Public Joint Stock Company Polyus (a) (c) (d) |  |  |
| Reliance, Inc. |  | 128 |
| Rio Tinto PLC | 3 | 255 |
| Robex Resources Inc. (a) | 5 | 20 |
| Robex Resources Inc. - CHESS (a) | 2 | 6 |
| Royal Gold, Inc. |  | 10 |
| RPM International Inc. | 1 | 54 |
| Santana Mining Inc. (a) | 2 | 34 |
| Sherwin-Williams Company, The | 1 | 472 |
| Shin-Etsu Chemical Co., Ltd. | 22 | 690 |
| Sibanye Stillwater (a) (b) | 24 | 86 |
| Skeena Resources Limited (a) | 5 | 107 |
| Snowline Gold Corp. (a) | 10 | 121 |
| Southern Copper Corporation | 1 | 133 |
| Southern Palladium Limited (a) | 3 | 4 |
| Sovereign Metals Limited (a) | 9 | 3 |
| Steel Dynamics, Inc. | 2 | 299 |
| Stora Enso Oyj - Class R (b) | 48 | 596 |
| Syensqo |  | 19 |
| Tata Steel Limited | 30 | 60 |
| Teck Resources Limited - Class B | 2 | 106 |
| Thyssenkrupp AG | 2 | 24 |
| Torex Gold Resources Inc. |  | 13 |
| Turaco Gold Limited (a) | 80 | 44 |
| UPM-Kymmene Oyj | 1 | 39 |
| Vale S.A. | 8 | 108 |
| Valterra Platinum | 3 | 221 |
| Warrior Met Coal, Inc. | 1 | 76 |
| West Fraser Timber Co. Ltd. | 1 | 48 |
| West Fraser Timber Co. Ltd. (b) | 1 | 43 |
| Wheaton Precious Metals Corp. | 2 | 204 |
| Yunnan Aluminium Co,Ltd. - Class A | 4 | 21 |
| Zhongjin Gold Corporation Limited - Class A | 9 | 30 |
| Zijin Gold International Company Limited (a) | 3 | 52 |
| Zijin Mining Group Co., Ltd. - Class H | 46 | 210 |
| | | 20377 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Advantage Energy Ltd. (a) | 3 | 28 |
| ARC Resources Ltd. | 3 | 61 |
| Baker Hughes Company - Class A | 4 | 190 |
| BP P.L.C. | 11 | 64 |
| Cameco Corporation | 1 | 130 |
| Canadian Natural Resources Limited | 4 | 151 |
| Centrus Energy Corp. - Class A (a) (b) |  | 26 |
| Chevron Corporation | 13 | 1906 |
| ConocoPhillips | 21 | 1970 |
| Diamondback Energy, Inc. | 1 | 159 |
| Enbridge Inc. | 4 | 168 |
| Energy Fuels Inc. (a) | 4 | 64 |
| EOG Resources, Inc. | 1 | 113 |
| EQT Corporation | 3 | 149 |
| Equinor ASA | 36 | 838 |
| Expand Energy Corporation | 1 | 135 |
| Expro Group Holdings N.V. (a) | 3 | 46 |
| Exxon Mobil Corporation | 13 | 1504 |
| Headwater Exploration Inc. (b) (c) | 4 | 26 |
| Kelt Exploration Ltd. (a) | 7 | 38 |
| Kinder Morgan, Inc. | 2 | 43 |
| Kodiak Gas Services, LLC | 1 | 34 |
| Marathon Petroleum Corporation | 1 | 80 |
| NAC Kazatomprom JSC - GDR (c) | 1 | 36 |
| NOV Inc. | 3 | 52 |
| ONEOK, Inc. | 1 | 88 |
| Ovintiv Canada ULC | 2 | 60 |
| Permian Resources Corporation - Class A | 4 | 54 |
| Phillips 66 | 1 | 95 |
| Precision Drilling Corporation (a) | 1 | 40 |
| Range Resources Corporation | 27 | 953 |
| Schlumberger Limited | 27 | 1040 |
| Shell PLC - Class A | 9 | 340 |
| Shell PLC - Class A - ADR | 20 | 1477 |
| South Bow Corporation (b) | 2 | 52 |
| Suncor Energy Inc. | 3 | 120 |
| Tamarack Valley Energy Ltd. (b) | 5 | 31 |
| Targa Resources Corp. | 1 | 225 |
| TechnipFMC PLC | 16 | 718 |
| Tenaris S.A. - ADR (b) | 1 | 40 |
| TotalEnergies SE | 27 | 1790 |
| Tourmaline Oil Corp | 2 | 71 |
| Uranium Energy Corp. (a) | 14 | 160 |
| Valero Energy Corporation | 7 | 1095 |
| Var Energi ASA | 6 | 18 |
| Viper Energy, Inc. - Class A | 1 | 49 |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (a) (b) | 1 | 29 |
| Weatherford International Public Limited Company | 1 | 85 |
| Williams Companies, Inc., The | 6 | 373 |
|  |  | 17014 |
| **Consumer Staples 2.9%** | **Consumer Staples 2.9%** | **Consumer Staples 2.9%** |
| Ajinomoto Co., Inc. | 22 | 469 |
| Altria Group, Inc. | 2 | 105 |
| Coca-Cola Company, The | 6 | 432 |
| Colgate-Palmolive Company | 13 | 1019 |
| Costco Wholesale Corporation | 1 | 501 |
| Diageo PLC | 20 | 426 |
| Dollar Tree, Inc. (a) | 7 | 862 |
| e.l.f. Beauty, Inc. (a) |  | 30 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

541

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Estee Lauder Companies Inc., The - Class A | 1 | 97 |
| Heineken N.V. | 6 | 490 |
| Kenvue Inc. | 2 | 42 |
| Keurig Dr Pepper Inc. | 3 | 88 |
| Lamb Weston Holdings, Inc. | 1 | 40 |
| L'Oreal | 2 | 804 |
| Magnum Ice Cream Company B.V., The (a) |  | 6 |
| Magnum Ice Cream Company B.V., The (a) (b) | 14 | 219 |
| Mondelez International, Inc. - Class A | 25 | 1357 |
| Monster Beverage 1990 Corporation (a) | 1 | 95 |
| Nestle S.A. - Class N | 21 | 2061 |
| PepsiCo, Inc. | 1 | 181 |
| Philip Morris International Inc. | 5 | 844 |
| Procter & Gamble Company, The | 14 | 1979 |
| Puig Brands S.A. - Class B (b) | 16 | 279 |
| Seven & I Holdings Co., Ltd. | 44 | 633 |
| Target Corporation |  | 20 |
| Tsuruha Holdings Inc. (b) | 17 | 320 |
| Tyson Foods, Inc. - Class A |  | 25 |
| Unilever PLC | 37 | 2436 |
| Unilever PLC - ADR | 2 | 98 |
| Walmart Inc. | 9 | 946 |
| | | 16904 |
| **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** |
| Acadia Realty Trust | 8 | 157 |
| Aedifica | 1 | 68 |
| Alexandria Real Estate Equities, Inc. | 1 | 38 |
| American Homes 4 Rent - Class A | 4 | 135 |
| American Tower Corporation | 3 | 491 |
| Apple Hospitality REIT, Inc. | 3 | 41 |
| AvalonBay Communities, Inc. | 2 | 293 |
| Big Yellow Group PLC | 4 | 58 |
| BXP, Inc. |  | 30 |
| Camden Property Trust | 1 | 55 |
| Canadian Apartment Properties Real Estate Investment Trust | 1 | 38 |
| Capitaland Group Pte. Ltd. | 25 | 46 |
| CBRE Group, Inc. - Class A (a) | 1 | 127 |
| City Developments Limited | 3 | 16 |
| Colliers International Group Inc. |  | 71 |
| CoStar Group, Inc. (a) |  | 17 |
| Crown Castle Inc. | 1 | 132 |
| Cubesmart, L.P. | 6 | 208 |
| Cushman & Wakefield Ltd. (a) | 3 | 41 |
| Digital Core REIT Management Pte. Ltd. (c) | 30 | 15 |
| Digital Realty Trust, Inc. | 1 | 189 |
| Douglas Emmett, Inc. | 5 | 58 |
| EastGroup Properties, Inc. | 1 | 229 |
| Equinix, Inc. | 1 | 803 |
| Equity Lifestyle Properties, Inc. | 10 | 622 |
| Equity Residential | 3 | 209 |
| Essex Property Trust, Inc. | 3 | 790 |
| Federal Realty Investment Trust | 1 | 55 |
| Goodman Funding Pty Ltd | 7 | 154 |
| Healthcare Realty Trust Incorporated - Class A | 4 | 66 |
| Invincible Investment Corporation |  | 30 |
| Japan Prime Realty Investment Corporation |  | 37 |
| Japan Real Estate Investment Corporation |  | 36 |
| Keppel DC REIT Management Pte. Ltd. | 25 | 43 |
| Kerry Properties Limited | 15 | 38 |
| Kilroy Realty Corporation | 1 | 37 |
| Kimco Realty OP, LLC | 3 | 55 |
| Kojamo Oyj (a) (b) (c) | 7 | 82 |
| LEG Immobilien SE | 1 | 54 |
| Lineage, Inc. | 1 | 22 |
| Mirvac Limited | 25 | 35 |
| Mitsubishi Estate Co., Ltd. (b) | 33 | 801 |
| Mitsui Fudosan Co., Ltd. | 65 | 738 |
| Nexus Select Trust | 18 | 31 |
| Nippon Prologis REIT, Inc. |  | 31 |
| NTT DC REIT Manager Pte. Ltd. (a) (b) | 50 | 51 |
| Pebblebrook Hotel Trust | 5 | 53 |
| ProLogis Inc. | 6 | 774 |
| Public Storage Operating Company | 2 | 612 |
| Rayonier Inc. | 2 | 52 |
| Regency Centers Corporation | 4 | 261 |
| Rexford Industrial Realty, Inc. | 9 | 362 |
| SBA Communications Corporation - Class A |  | 20 |
| Scentre Group Limited | 288 | 804 |
| SEGRO Public Limited Company | 42 | 412 |
| Shurgard Self Storage Limited |  | 7 |
| Simon Property Group, Inc. | 2 | 440 |
| SL Green Realty Corp. |  | 5 |
| SmartStop Self Storage REIT, Inc. | 4 | 129 |
| Sun Communities, Inc. | 2 | 232 |
| Sun Hung Kai Properties Limited | 5 | 61 |
| Swire Properties Limited | 22 | 59 |
| Terreno Realty Corporation | 3 | 174 |
| Tokyo Tatemono Co., Ltd. | 1 | 23 |
| Ventas, Inc. | 5 | 377 |
| VICI Properties Inc. | 17 | 479 |
| Vornado Realty Trust | 2 | 83 |
| Warehouses De Pauw | 3 | 87 |
| Welltower Inc. | 10 | 1833 |
| Weyerhaeuser Company | 1 | 19 |
|  |  | 14731 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| Alliant Energy Corporation | 2 | 154 |
| Ameren Corporation | 9 | 886 |
| Atmos Energy Corporation | 3 | 462 |
| CMS Energy Corporation | 1 | 63 |
| Consolidated Edison, Inc. | 1 | 132 |
| Constellation Energy Group, Inc. | 2 | 600 |
| DTE Energy Company | 1 | 71 |
| Engie | 39 | 1038 |
| National Grid PLC | 79 | 1221 |
| NextEra Energy, Inc. | 5 | 386 |
| NRG Energy, Inc. |  | 30 |
| Orsted A/S (a) (c) | 18 | 339 |
| PG&E Corporation | 10 | 160 |
| Sempra | 2 | 172 |
| The Southern Company | 16 | 1436 |
| Vistra Corp. | 1 | 102 |
| XCEL Energy Inc. | 15 | 1075 |
|  |  | 8327 |
| Total Common Stocks (cost $274,618) | Total Common Stocks (cost $274,618) | 382074 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 18.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 18.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 18.0%** |
| **Mortgage-Backed Securities 6.9%** | **Mortgage-Backed Securities 6.9%** | **Mortgage-Backed Securities 6.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 06/01/33 - 12/01/47 | 94 | 92 |
| 3.00%, 11/01/34 - 01/01/52 | 608 | 550 |
| 1.50%, 02/01/36 | 156 | 141 |
| 2.00%, 08/01/36 - 05/01/52 | 2796 | 2306 |
| 2.50%, 04/01/37 - 05/01/52 | 2504 | 2148 |
| 4.00%, 06/01/37 - 02/01/50 | 282 | 271 |
| 5.00%, 12/01/41 - 10/01/55 | 558 | 564 |
| 5.50%, 05/01/44 - 10/01/55 | 1591 | 1623 |
| 4.50%, 05/01/50 | 22 | 22 |
| 6.00%, 12/01/53 - 12/01/54 | 286 | 294 |
| 7.00%, 06/01/54 | 37 | 39 |
| 6.50%, 08/01/54 - 09/01/54 | 290 | 302 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/32 - 05/01/52 | 3757 | 3248 |
| 3.00%, 11/01/33 - 07/01/50 | 2692 | 2482 |
| 3.50%, 12/01/33 - 01/01/52 | 2105 | 1991 |
| 2.00%, 09/01/36 - 04/01/52 | 6067 | 5064 |
| 1.50%, 05/01/37 - 01/01/42 | 631 | 558 |
| 4.00%, 06/01/37 - 09/01/52 | 1408 | 1358 |
| 5.00%, 06/01/40 - 10/01/53 | 1081 | 1087 |
| 4.50%, 04/01/41 - 07/01/53 | 1328 | 1312 |
| 6.00%, 07/01/41 - 11/01/55 | 2825 | 2930 |
| 5.50%, 05/01/44 - 11/01/55 | 1716 | 1752 |
| 6.50%, 03/01/54 - 06/01/55 | 573 | 597 |
| TBA, 4.50%, 01/15/56 (e) | 405 | 395 |
| TBA, 5.00%, 01/15/56 (e) | 795 | 793 |
| Government National Mortgage Association |  |  |
| 3.50%, 08/20/42 - 01/20/49 | 995 | 928 |
| 3.00%, 05/15/43 - 04/20/50 | 613 | 555 |
| 4.50%, 07/20/45 - 08/20/47 | 245 | 245 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

542

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.00%, 09/20/45 - 10/20/50 | 464 | 448 |
| 5.50%, 03/20/48 - 09/20/54 | 232 | 237 |
| 5.00%, 05/20/48 - 06/20/49 | 158 | 160 |
| 2.50%, 08/20/50 | 96 | 83 |
| 2.00%, 01/20/51 | 537 | 445 |
| TBA, 5.00%, 01/15/56 (e) | 180 | 180 |
| TBA, 5.50%, 01/15/56 (e) | 700 | 707 |
| TBA, 6.00%, 01/15/56 (e) | 90 | 92 |
| Government National Mortgage Association II |  |  |
| 1.50%, 05/20/37 | 112 | 102 |
| 2.00%, 03/20/51 - 03/20/52 | 1158 | 959 |
| 2.50%, 04/20/51 - 01/20/52 | 1564 | 1350 |
| 3.00%, 07/20/51 - 06/20/52 | 811 | 730 |
| 5.00%, 08/20/52 - 07/20/53 | 432 | 434 |
| 6.00%, 09/20/52 - 11/20/52 | 144 | 148 |
| 4.00%, 10/20/52 | 372 | 355 |
| 4.50%, 10/20/52 - 06/20/53 | 393 | 386 |
| | | 40463 |
| **U.S. Treasury Note 5.8%** | **U.S. Treasury Note 5.8%** | **U.S. Treasury Note 5.8%** |
| Treasury, United States Department of |  |  |
| 3.63%, 05/31/28 - 09/30/30 | 6760 | 6759 |
| 4.00%, 06/30/28 - 02/15/34 | 11345 | 11481 |
| 4.38%, 11/30/28 - 12/31/29 | 2155 | 2211 |
| 4.25%, 02/28/29 - 05/15/35 | 4015 | 4083 |
| 4.50%, 05/31/29 | 2120 | 2181 |
| 4.13%, 11/30/29 - 03/31/32 | 3755 | 3820 |
| 0.63%, 05/15/30 | 700 | 614 |
| 3.88%, 07/31/30 - 08/15/34 | 860 | 855 |
| 1.25%, 08/15/31 | 760 | 662 |
| 4.63%, 02/15/35 | 1240 | 1289 |
|  |  | 33955 |
| **U.S. Treasury Bond 3.2%** | **U.S. Treasury Bond 3.2%** | **U.S. Treasury Bond 3.2%** |
| Treasury, United States Department of |  |  |
| 4.50%, 05/15/38 | 2320 | 2368 |
| 1.13%, 05/15/40 | 790 | 502 |
| 1.88%, 02/15/41 - 02/15/51 | 2195 | 1362 |
| 1.75%, 08/15/41 | 615 | 416 |
| 3.13%, 11/15/41 | 485 | 402 |
| 3.88%, 02/15/43 - 05/15/43 | 880 | 792 |
| 4.75%, 11/15/43 - 11/15/53 | 1320 | 1308 |
| 4.63%, 05/15/44 - 02/15/55 | 1235 | 1199 |
| 4.13%, 08/15/44 | 350 | 322 |
| 5.00%, 05/15/45 | 620 | 638 |
| 4.88%, 08/15/45 | 365 | 369 |
| 3.00%, 08/15/48 | 4675 | 3469 |
| 2.00%, 02/15/50 - 08/15/51 | 2360 | 1369 |
| 1.38%, 08/15/50 | 380 | 187 |
| 2.38%, 05/15/51 | 125 | 79 |
| 4.00%, 11/15/52 | 585 | 509 |
| 3.63%, 02/15/53 - 05/15/53 | 2025 | 1643 |
| 4.25%, 02/15/54 - 08/15/54 | 555 | 503 |
| 4.75%, 05/15/55 (f) | 1420 | 1399 |
|  |  | 18836 |
| **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** | **U.S. Treasury Inflation Indexed Securities 0.9%** |
| Treasury, United States Department of |  |  |
| 0.63%, 01/15/26 - 07/15/32 (g) | 149 | 149 |
| 2.38%, 01/15/27 - 02/15/55 (g) | 127 | 130 |
| 0.13%, 04/15/27 - 07/15/31 (g) | 731 | 699 |
| 1.63%, 10/15/27 - 04/15/30 (g) | 1567 | 1579 |
| 1.75%, 01/15/28 - 01/15/34 (g) | 474 | 473 |
| 1.25%, 04/15/28 (g) | 494 | 492 |
| 0.75%, 07/15/28 - 02/15/45 (g) | 323 | 257 |
| 0.88%, 01/15/29 (g) | 64 | 64 |
| 2.50%, 01/15/29 (g) | 91 | 94 |
| 2.13%, 04/15/29 - 02/15/54 (g) | 358 | 347 |
| 3.88%, 04/15/29 (g) | 297 | 320 |
| 0.25%, 07/15/29 (g) | 76 | 74 |
| 1.13%, 10/15/30 - 01/15/33 (g) | 188 | 185 |
| 1.38%, 07/15/33 - 02/15/44 (g) | 164 | 148 |
| 1.88%, 07/15/34 - 07/15/35 (g) | 82 | 82 |
| 1.50%, 02/15/53 (g) | 10 | 8 |
|  |  | 5101 |
| **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K753, REMIC, 4.40%, 10/25/30 | 730 | 741 |
| Series A2-K137, REMIC, 2.35%, 11/25/31 (h) | 1195 | 1081 |
| Series K-A2-150, REMIC, 3.71%, 09/25/32 (h) | 515 | 499 |
| Series K-A2-156, REMIC, 4.43%, 02/25/33 (h) | 410 | 412 |
|  |  | 2733 |
| **Municipal 0.4%** | **Municipal 0.4%** | **Municipal 0.4%** |
| American Municipal Power, Inc. |  |  |
| 6.45%, 02/15/44 | 250 | 263 |
| Bay Area Toll Authority |  |  |
| 6.91%, 10/01/50 | 235 | 266 |
| Bayhealth Medical Center, Inc. |  |  |
| 3.41%, 07/01/51 | 320 | 224 |
| California, State of |  |  |
| 7.55%, 04/01/39 | 240 | 291 |
| Dallas-Fort Worth International Airport Facility Improvement Corporation |  |  |
| 2.99%, 11/01/38 | 160 | 138 |
| 3.09%, 11/01/40 | 260 | 212 |
| Fulton, County of |  |  |
| 5.15%, 07/01/39 | 325 | 330 |
| Municipal Electric Authority of Georgia |  |  |
| 6.66%, 04/01/57 | 324 | 353 |
| Texas A&M University |  |  |
| 3.33%, 05/15/39 | 250 | 219 |
| Trustees of the California State University |  |  |
| 2.80%, 11/01/41 | 350 | 267 |
|  |  | 2563 |
| **Sovereign 0.3%** | **Sovereign 0.3%** | **Sovereign 0.3%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 5.38%, 02/08/35 | 80 | 81 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 2.66%, 05/24/31 | 200 | 178 |
| 3.50%, 02/12/34 | 360 | 311 |
| Government of the Province of Alberta |  |  |
| 4.50%, 01/24/34 | 330 | 334 |
| Government of the Province of British Columbia |  |  |
| 4.20%, 07/06/33 | 303 | 302 |
| Government of the Province of Manitoba |  |  |
| 4.30%, 07/27/33 | 155 | 155 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 03/18/54 | 180 | 171 |
|  |  | 1532 |
| **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M1-DNA7, REMIC, 4.72%, (SOFR 30-Day Average + 0.85%), 11/25/41 (h) | 26 | 26 |
| Series 2025-A1-HQA1, REMIC, 4.82%, (SOFR 30-Day Average + 0.95%), 02/27/45 (h) | 35 | 35 |
| Freddie Mac STACR REMIC Trust 2025-DNA4 |  |  |
| Series 2025-M1-DNA3, REMIC, 4.97%, (SOFR 30-Day Average + 1.10%), 09/25/45 (h) | 156 | 156 |
| Government National Mortgage Association |  |  |
| Series 2022-LM-63, REMIC, 3.50%, 10/20/50 | 110 | 93 |
|  |  | 310 |
| Total Government And Agency Obligations (cost $111,744) | Total Government And Agency Obligations (cost $111,744) | 105493 |
| **CORPORATE BONDS AND NOTES 10.6%** | **CORPORATE BONDS AND NOTES 10.6%** | **CORPORATE BONDS AND NOTES 10.6%** |
| **Financials 3.1%** | **Financials 3.1%** | **Financials 3.1%** |
| AIB Group Public Limited Company |  |  |
| 6.61%, 09/13/29 (i) | 200 | 213 |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (i) | 195 | 202 |
| American Express Company |  |  |
| 4.92%, 07/20/33 | 45 | 46 |
| American Honda Finance Corporation |  |  |
| 4.55%, 07/09/27 | 275 | 278 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (i) | 200 | 202 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (i) | 285 | 307 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

543

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 40 | 41 |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (i) | 136 | 141 |
| Athene Global Funding |  |  |
| 4.86%, 08/27/26 (i) | 335 | 336 |
| Banco Santander, S.A. |  |  |
| 3.49%, 05/28/30 | 200 | 193 |
| 5.44%, 07/15/31 | 400 | 420 |
| Bank of America Corporation |  |  |
| 2.65%, 03/11/32 | 250 | 230 |
| 2.68%, 06/19/41 | 340 | 252 |
| 4.33%, 03/15/50 | 175 | 147 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.47%, 10/25/34 | 225 | 252 |
| Banque Nationale Du Canada |  |  |
| 5.60%, 12/18/28 | 385 | 402 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27 | 200 | 197 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (i) | 190 | 202 |
| Bread Financial Payments, Inc. |  |  |
| 6.75%, 05/15/31 (i) | 215 | 223 |
| CaixaBank, S.A. |  |  |
| 6.84%, 09/13/34 (i) | 230 | 257 |
| Capital One Financial Corporation |  |  |
| 3.65%, 05/11/27 | 240 | 239 |
| Caterpillar Financial Services Corporation |  |  |
| 5.00%, 05/14/27 | 385 | 391 |
| Charles Schwab Corporation, The |  |  |
| 4.91%, 11/14/36 | 255 | 253 |
| Chubb Ina Holdings LLC |  |  |
| 4.35%, 11/03/45 | 100 | 87 |
| Citigroup Inc. |  |  |
| 6.17%, 05/25/34 | 135 | 144 |
| CNO Global Funding |  |  |
| 2.65%, 01/06/29 (i) | 445 | 423 |
| Corebridge Financial, Inc. |  |  |
| 4.40%, 04/05/52 | 415 | 336 |
| Daimler Trucks Finance North America LLC |  |  |
| 3.65%, 04/07/27 (i) | 230 | 229 |
| Danske Bank A/S |  |  |
| 5.71%, 03/01/30 (i) | 200 | 208 |
| Enact Holdings, Inc. |  |  |
| 6.25%, 05/28/29 | 43 | 45 |
| Encore Capital Group, Inc. |  |  |
| 6.63%, 04/15/31 (i) | 220 | 221 |
| Equitable Financial Life Global Funding |  |  |
| 4.30%, 12/15/28 (i) | 55 | 55 |
| 4.70%, 09/15/32 (i) | 65 | 65 |
| Fifth Third Bancorp |  |  |
| 6.34%, 07/27/29 | 55 | 58 |
| 4.90%, 09/06/30 | 70 | 71 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (i) | 74 | 77 |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/26 | 110 | 110 |
| 5.45%, 03/15/34 | 245 | 249 |
| 5.25%, 08/11/35 | 155 | 155 |
| Ford Motor Credit Company LLC |  |  |
| 7.12%, 11/07/33 | 200 | 215 |
| General Motors Financial Company, Inc. |  |  |
| 2.40%, 04/10/28 | 325 | 313 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.85%, 01/26/27 | 550 | 550 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29 | 200 | 190 |
| 7.40%, 11/13/34 | 200 | 228 |
| Intercontinental Exchange, Inc. |  |  |
| 5.25%, 06/15/31 | 175 | 183 |
| John Deere Capital Corporation |  |  |
| 4.50%, 01/08/27 | 395 | 398 |
| JPMorgan Chase & Co. |  |  |
| 3.63%, 12/01/27 | 300 | 299 |
| 5.30%, 07/24/29 | 355 | 366 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 250 | 252 |
| MassMutual Global Funding II |  |  |
| 5.10%, 04/09/27 (i) | 330 | 335 |
| Morgan Stanley |  |  |
| 3.13%, 07/27/26 | 275 | 274 |
| 5.66%, 04/18/30 | 330 | 344 |
| 3.22%, 04/22/42 | 300 | 235 |
| Nationwide Building Society |  |  |
| 1.50%, 10/13/26 (i) | 380 | 373 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (i) | 190 | 206 |
| Northern Trust Corporation |  |  |
| 4.15%, 11/19/30 | 170 | 170 |
| OneMain Finance Corporation |  |  |
| 6.50%, 03/15/33 | 221 | 223 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (i) | 210 | 219 |
| PACCAR Financial Corp. |  |  |
| 5.20%, 11/09/26 | 350 | 354 |
| Pricoa Global Funding I |  |  |
| 4.35%, 11/25/30 (i) | 365 | 366 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (i) | 80 | 80 |
| 5.45%, 05/24/29 (i) | 190 | 197 |
| Sammons Financial Group, Inc. |  |  |
| 4.80%, 12/12/30 (i) | 140 | 140 |
| Santander Holdings USA, Inc. |  |  |
| 2.49%, 01/06/28 (b) | 190 | 187 |
| Santander UK Group Holdings PLC |  |  |
| 2.47%, 01/11/28 | 200 | 197 |
| Skandinaviska Enskilda Banken AB |  |  |
| 5.13%, 03/05/27 (i) | 335 | 340 |
| Standard Chartered PLC |  |  |
| 2.61%, 01/12/28 (i) | 200 | 197 |
| State Street Corporation |  |  |
| 5.16%, 05/18/34 | 205 | 212 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.46%, 01/13/26 | 200 | 200 |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.27%, 05/15/47 (i) | 400 | 329 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.37%, 07/21/36 | 30 | 31 |
| Toronto-Dominion Bank, The |  |  |
| 4.99%, 04/05/29 | 330 | 338 |
| Toyota Motor Credit Corporation |  |  |
| 4.80%, 01/05/26 | 350 | 350 |
| 4.05%, 09/05/28 | 230 | 231 |
| Wells Fargo & Company |  |  |
| 2.39%, 06/02/28 | 155 | 151 |
| 6.30%, 10/23/29 | 210 | 222 |
| 3.07%, 04/30/41 | 535 | 416 |
| Westpac New Zealand Limited |  |  |
| 5.20%, 02/28/29 (i) | 225 | 232 |
| Willis North America Inc. |  |  |
| 4.50%, 09/15/28 | 195 | 196 |
| | | 18296 |
| **Energy 1.2%** | **Energy 1.2%** | **Energy 1.2%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (i) | 200 | 210 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (i) | 210 | 217 |
| Chevron U.S.A. Inc. |  |  |
| 4.30%, 10/15/30 (b) | 190 | 192 |
| Chord Energy Corporation |  |  |
| 6.75%, 03/15/33 (i) | 205 | 211 |
| Columbia Pipelines Holding Company LLC |  |  |
| 5.00%, 11/17/32 (i) | 275 | 275 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (i) | 219 | 217 |
| Enbridge Inc. |  |  |
| 4.25%, 12/01/26 | 275 | 276 |
| 4.20%, 11/20/28 | 180 | 180 |
| 6.20%, 11/15/30 | 40 | 43 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

544

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.63%, 04/05/34 | 90 | 94 |
| 8.25%, 01/15/84 (j) | 195 | 207 |
| Energy Transfer LP |  |  |
| 6.55%, 12/01/33 | 100 | 110 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/11/27 - 01/15/31 | 680 | 686 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (i) | 200 | 211 |
| HF Sinclair Corporation |  |  |
| 5.75%, 01/15/31 | 69 | 71 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (i) | 230 | 238 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (i) | 95 | 97 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | 180 | 182 |
| Occidental Petroleum Corporation |  |  |
| 5.38%, 01/01/32 | 150 | 153 |
| ONEOK, Inc. |  |  |
| 5.40%, 10/15/35 | 330 | 334 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (i) | 25 | 26 |
| 7.88%, 09/15/30 (i) | 205 | 197 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (i) | 195 | 203 |
| Pioneer Natural Resources Company |  |  |
| 1.13%, 01/15/26 | 115 | 115 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.50%, 05/15/30 | 55 | 55 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 410 | 436 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.03%, 10/01/29 | 50 | 51 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 (i) | 190 | 198 |
| Targa Resources Corp. |  |  |
| 5.50%, 02/15/35 | 85 | 87 |
| Targa Resources Partners LP |  |  |
| 5.00%, 01/15/28 | 136 | 136 |
| USA Compression Finance Corp. |  |  |
| 6.25%, 10/01/33 (i) | 107 | 108 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (i) (k) | 30 | 24 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.75%, 01/15/36 (i) | 35 | 36 |
| Weatherford International Ltd |  |  |
| 6.75%, 10/15/33 (i) | 210 | 215 |
| Williams Companies, Inc., The |  |  |
| 4.63%, 06/30/30 | 110 | 111 |
| 5.15%, 03/15/34 | 55 | 56 |
| Williams Partners L.P. |  |  |
| 5.10%, 09/15/45 | 175 | 161 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (i) | 475 | 473 |
| | | 6892 |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (i) | 200 | 208 |
| AbbVie Inc. |  |  |
| 3.20%, 05/14/26 | 300 | 299 |
| 4.25%, 11/21/49 | 195 | 161 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (i) | 265 | 246 |
| Amneal Pharmaceuticals, Inc. |  |  |
| 6.88%, 08/01/32 (i) | 265 | 279 |
| Banner Health |  |  |
| 1.90%, 01/01/31 | 70 | 63 |
| Bayer US Finance LLC |  |  |
| 6.38%, 11/21/30 (i) | 200 | 214 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 260 | 239 |
| Cigna Group, The |  |  |
| 4.90%, 12/15/48 | 285 | 254 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | 75 | 70 |
| Community Health Systems, Inc. |  |  |
| 10.88%, 01/15/32 (i) | 176 | 192 |
| CVS Health Corporation |  |  |
| 5.40%, 06/01/29 | 85 | 88 |
| 5.00%, 09/15/32 | 35 | 36 |
| 5.05%, 03/25/48 | 475 | 419 |
| Genmab A/S |  |  |
| 7.25%, 12/15/33 (i) | 218 | 229 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.45%, 06/15/34 (i) | 120 | 123 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (i) | 78 | 82 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (i) | 199 | 215 |
| Humana Inc. |  |  |
| 5.95%, 03/15/34 | 165 | 173 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.85%, 05/08/29 | 200 | 209 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 90 | 95 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 175 | 137 |
| Pfizer Inc. |  |  |
| 4.50%, 11/15/32 | 260 | 261 |
| Providence St. Joseph Health |  |  |
| 3.93%, 10/01/48 | 550 | 429 |
| Revvity, Inc. |  |  |
| 1.90%, 09/15/28 | 210 | 197 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29 | 78 | 81 |
| Stanford Health Care |  |  |
| 3.80%, 11/15/48 | 150 | 117 |
| Tenet Healthcare Corporation |  |  |
| 5.50%, 11/15/32 (i) | 325 | 329 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.80%, 10/15/41 | 155 | 115 |
| UnitedHealth Group Incorporated |  |  |
| 4.70%, 04/15/29 | 190 | 194 |
| 2.90%, 05/15/50 | 270 | 173 |
| West Virginia Hospital Finance Authority |  |  |
| 4.92%, 06/01/48 | 300 | 260 |
| Zoetis Inc. |  |  |
| 4.15%, 08/17/28 | 315 | 317 |
|  |  | 6504 |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Amazon.com, Inc. |  |  |
| 4.65%, 11/20/35 | 330 | 329 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (i) | 240 | 221 |
| AutoZone, Inc. |  |  |
| 5.05%, 07/15/26 | 315 | 317 |
| Avianca MidCo 2 PLC |  |  |
| 9.63%, 02/14/30 (i) | 200 | 200 |
| Carvana Co. |  |  |
| 9.00%, 06/01/30 - 06/01/31 (i) (l) (m) | 112 | 123 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (i) | 188 | 201 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (i) | 230 | 249 |
| Expedia Group, Inc. |  |  |
| 5.00%, 02/15/26 | 73 | 73 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 5.75%, 09/15/33 (i) | 115 | 118 |
| Hyundai Capital America |  |  |
| 1.65%, 09/17/26 (b) (i) | 245 | 241 |
| 6.50%, 01/16/29 (i) | 70 | 74 |
| 5.35%, 03/19/29 (i) | 30 | 31 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.38%, 10/01/33 (i) | 210 | 213 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (i) | 190 | 201 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

545

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (i) | 195 | 203 |
| Lowe`s Companies, Inc. |  |  |
| 4.45%, 04/01/62 | 165 | 129 |
| Marriott International, Inc. |  |  |
| 4.65%, 12/01/28 | 305 | 310 |
| Mercedes-Benz Finance North America LLC |  |  |
| 4.80%, 03/30/26 (i) | 170 | 170 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (i) | 210 | 216 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 60 | 61 |
| 3.60%, 09/01/27 | 150 | 149 |
| 5.00%, 08/19/34 | 250 | 252 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (i) | 225 | 1 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (b) (i) | 470 | 451 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.55%, 05/01/37 | 425 | 434 |
| TJX Companies, Inc., The |  |  |
| 1.60%, 05/15/31 | 155 | 136 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (i) | 155 | 166 |
| Volkswagen Group of America Finance, LLC |  |  |
| 6.45%, 11/16/30 (i) | 400 | 429 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (i) | 225 | 239 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 219 | 155 |
| | | 6092 |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| AT&T Inc. |  |  |
| 4.35%, 03/01/29 | 35 | 35 |
| 4.55%, 11/01/32 | 140 | 139 |
| 3.50%, 06/01/41 | 230 | 181 |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (i) | 200 | 202 |
| 7.38%, 03/01/31 (i) | 195 | 199 |
| Charter Communications Operating, LLC |  |  |
| 6.10%, 06/01/29 | 75 | 78 |
| Comcast Corporation |  |  |
| 2.65%, 02/01/30 | 70 | 66 |
| 3.90%, 03/01/38 | 200 | 174 |
| 5.50%, 05/15/64 | 150 | 134 |
| Cox Communications, Inc. |  |  |
| 5.45%, 09/01/34 (i) | 100 | 98 |
| Digicel International Finance Limited |  |  |
| 8.63%, 08/01/32 (i) | 210 | 218 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (i) | 284 | 288 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 205 | 227 |
| Getty Images, Inc. |  |  |
| 10.50%, 11/15/30 (i) | 113 | 114 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (b) (i) | 154 | 165 |
| 7.25%, 08/15/33 (i) | 85 | 87 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (i) | 255 | 261 |
| 7.00%, 03/31/34 (i) | 126 | 130 |
| Maya |  |  |
| 7.00%, 04/15/32 (i) | 250 | 257 |
| Meta Platforms, Inc. |  |  |
| 5.50%, 11/15/45 | 250 | 243 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (i) | 197 | 202 |
| NTT Finance Corporation |  |  |
| 4.88%, 07/16/30 (i) | 200 | 204 |
| Rogers Communications Inc. |  |  |
| 5.00%, 02/15/29 | 85 | 87 |
| 4.50%, 03/15/42 | 315 | 269 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 (i) | 135 | 141 |
| T-Mobile USA, Inc. |  |  |
| 5.75%, 01/15/34 | 220 | 233 |
| 4.95%, 11/15/35 | 240 | 239 |
| Uniti Group Inc. |  |  |
| 8.63%, 06/15/32 (i) | 207 | 204 |
| Verizon Communications Inc. |  |  |
| 4.75%, 01/15/33 | 155 | 155 |
| 4.00%, 03/22/50 | 150 | 114 |
| VZ Secured Financing B.V. |  |  |
| 7.50%, 01/15/33 (b) (i) | 215 | 219 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (i) | 145 | 152 |
| 7.50%, 10/15/33 (i) | 141 | 145 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (i) | 215 | 222 |
|  |  | 5882 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (i) | 195 | 202 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (i) | 195 | 208 |
| Canadian National Railway Company |  |  |
| 5.85%, 11/01/33 | 215 | 233 |
| Canadian Pacific Kansas City Limited |  |  |
| 1.75%, 12/02/26 | 105 | 103 |
| 2.88%, 11/15/29 | 210 | 201 |
| 3.50%, 05/01/50 | 180 | 130 |
| CRH America Finance, Inc. |  |  |
| 5.50%, 01/09/35 | 350 | 365 |
| Deluxe Corporation |  |  |
| 8.13%, 09/15/29 (i) | 200 | 211 |
| Element Fleet Management Corp. |  |  |
| 4.64%, 11/24/30 (i) | 170 | 171 |
| Herc Holdings Inc. |  |  |
| 6.00%, 03/15/34 (i) | 225 | 228 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (i) | 230 | 232 |
| LATAM Airlines Group S.A. |  |  |
| 7.88%, 04/15/30 (i) | 250 | 262 |
| 7.63%, 01/07/31 (i) | 70 | 74 |
| Lockheed Martin Corporation |  |  |
| 3.55%, 01/15/26 | 125 | 125 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (i) | 195 | 208 |
| Owens Corning |  |  |
| 5.70%, 06/15/34 | 115 | 121 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (i) | 200 | 209 |
| TransDigm Inc. |  |  |
| 6.00%, 01/15/33 (i) | 142 | 145 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/35 | 130 | 129 |
| 5.35%, 09/15/54 | 60 | 57 |
| Verisk Analytics, Inc. |  |  |
| 4.50%, 08/15/30 | 75 | 76 |
| Waste Connections, Inc. |  |  |
| 2.20%, 01/15/32 | 145 | 128 |
| Waste Management, Inc. |  |  |
| 4.88%, 02/15/34 | 250 | 257 |
|  |  | 4075 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (i) | 234 | 233 |
| Brixmor Operating Partnership LP |  |  |
| 3.90%, 03/15/27 | 275 | 274 |
| 4.85%, 02/15/33 | 35 | 35 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (i) | 154 | 152 |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29 | 65 | 67 |
| 4.90%, 01/15/33 | 60 | 60 |
| Crown Castle Inc. |  |  |
| 2.25%, 01/15/31 | 185 | 165 |
| 2.10%, 04/01/31 | 255 | 225 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

546

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Essex Portfolio, L.P. |  |  |
| 3.38%, 04/15/26 | 525 | 524 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/33 | 65 | 66 |
| Healthpeak OP, LLC |  |  |
| 2.13%, 12/01/28 | 85 | 80 |
| ProLogis, L.P. |  |  |
| 4.00%, 09/15/28 | 410 | 411 |
| Public Storage Operating Company |  |  |
| 1.95%, 11/09/28 | 125 | 118 |
| Realty Income Corporation |  |  |
| 2.20%, 06/15/28 | 75 | 72 |
| Regency Centers, L.P. |  |  |
| 3.60%, 02/01/27 | 100 | 100 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 02/01/32 | 350 | 315 |
| Ventas Realty, Limited Partnership |  |  |
| 3.25%, 10/15/26 | 170 | 169 |
| VICI Properties L.P. |  |  |
| 5.63%, 05/15/52 | 460 | 431 |
| W.P. Carey Inc. |  |  |
| 3.85%, 07/15/29 | 150 | 148 |
| | | 3645 |
| **Utilities 0.6%** | **Utilities 0.6%** | **Utilities 0.6%** |
| Ameren Corporation |  |  |
| 5.70%, 12/01/26 | 215 | 218 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 310 | 320 |
| Boston Gas Company |  |  |
| 5.84%, 01/10/35 (i) | 30 | 32 |
| Cameron LNG, LLC |  |  |
| 2.90%, 07/15/31 (i) | 55 | 51 |
| 3.70%, 01/15/39 (i) | 50 | 43 |
| CMS Energy Corporation |  |  |
| 3.00%, 05/15/26 | 100 | 100 |
| DTE Energy Company |  |  |
| 4.95%, 07/01/27 | 60 | 61 |
| Duke Energy Corporation |  |  |
| 4.95%, 09/15/35 | 90 | 89 |
| Edison International |  |  |
| 8.13%, 06/15/53 | 160 | 166 |
| 7.88%, 06/15/54 | 150 | 157 |
| Enel Finance International N.V. |  |  |
| 2.13%, 07/12/28 (i) (l) | 200 | 190 |
| FirstEnergy Transmission, LLC |  |  |
| 5.00%, 01/15/35 | 95 | 95 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (i) | 210 | 212 |
| Jersey Central Power & Light Company |  |  |
| 5.15%, 01/15/36 (i) | 100 | 101 |
| New York State Electric & Gas Corporation |  |  |
| 5.30%, 08/15/34 (i) | 120 | 124 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/27 (l) | 25 | 25 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (i) | 100 | 101 |
| NiSource Finance Corp. |  |  |
| 3.95%, 03/30/48 | 150 | 117 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (i) (k) | 99 | 108 |
| PG&E Company |  |  |
| 2.10%, 08/01/27 | 135 | 131 |
| Southern California Edison Company |  |  |
| 5.15%, 06/01/29 | 240 | 245 |
| Southern Company Gas Capital Corporation |  |  |
| 4.95%, 09/15/34 | 265 | 266 |
| Talen Energy Supply, LLC |  |  |
| 6.50%, 02/01/36 (i) | 226 | 234 |
| The Southern Company |  |  |
| 5.70%, 03/15/34 | 165 | 174 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (i) (k) | 197 | 201 |
|  |  | 3561 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| Amphenol Corporation |  |  |
| 4.75%, 03/30/26 | 25 | 25 |
| 5.05%, 04/05/29 | 105 | 108 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 70 | 72 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 400 | 412 |
| Cadence Design Systems, Inc. |  |  |
| 4.30%, 09/10/29 | 110 | 110 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (i) | 200 | 208 |
| 8.25%, 06/30/32 (i) | 190 | 199 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (i) | 200 | 212 |
| Kioxia Holdings Corporation |  |  |
| 6.63%, 07/24/33 (i) | 110 | 114 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (i) | 125 | 109 |
| Microsoft Corporation |  |  |
| 2.92%, 03/17/52 | 100 | 66 |
| Motorola Solutions, Inc. |  |  |
| 5.00%, 04/15/29 | 95 | 97 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 35 | 35 |
| 4.30%, 08/19/28 | 50 | 50 |
| Oracle Corporation |  |  |
| 5.20%, 09/26/35 | 250 | 240 |
| 5.38%, 07/15/40 | 255 | 228 |
| 6.90%, 11/09/52 | 120 | 118 |
| Qorvo, Inc. |  |  |
| 4.38%, 10/15/29 | 46 | 45 |
| Roper Technologies, Inc. |  |  |
| 3.80%, 12/15/26 | 375 | 374 |
| Salesforce, Inc. |  |  |
| 2.70%, 07/15/41 | 350 | 254 |
| VMware LLC |  |  |
| 1.40%, 08/15/26 | 320 | 315 |
|  |  | 3391 |
| **Consumer Staples 0.4%** | **Consumer Staples 0.4%** | **Consumer Staples 0.4%** |
| Altria Group, Inc. |  |  |
| 5.80%, 02/14/39 | 200 | 206 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 275 | 285 |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (i) | 300 | 310 |
| B.A.T Capital Corporation |  |  |
| 5.83%, 02/20/31 | 65 | 69 |
| 4.39%, 08/15/37 | 295 | 272 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (i) | 105 | 106 |
| Kroger Co., The |  |  |
| 5.00%, 09/15/34 | 70 | 70 |
| Mondelez International, Inc. |  |  |
| 4.75%, 02/20/29 | 365 | 372 |
| Nestle Holdings, Inc. |  |  |
| 4.85%, 03/14/33 (i) | 250 | 257 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | 95 | 91 |
| Transurban Finance Company Pty Ltd |  |  |
| 2.45%, 03/16/31 (i) | 145 | 132 |
| Williams Scotsman, Inc. |  |  |
| 7.38%, 10/01/31 (i) | 266 | 278 |
|  |  | 2448 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (c) | 200 | 206 |
| Celanese US Holdings LLC |  |  |
| 7.38%, 02/15/34 | 251 | 255 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (i) | 305 | 290 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (i) | 249 | 262 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

547

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 36 | 35 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (i) | 250 | 258 |
| Martin Marietta Materials, Inc. |  |  |
| 5.50%, 12/01/54 | 350 | 338 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 140 | 139 |
| | | 1783 |
| Total Corporate Bonds And Notes (cost $63,626) | Total Corporate Bonds And Notes (cost $63,626) | 62569 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.9%** |
| Affirm Master Trust |  |  |
| Series 2025-A-2A, REMIC, 4.67%, 07/15/33 | 270 | 272 |
| AGL CLO 13 Ltd |  |  |
| Series 2021-A1R-13A, 4.98%, (3 Month Term SOFR + 1.10%), 10/20/34 (h) | 380 | 380 |
| Ally Bank |  |  |
| Series 2025-A2-A, 4.45%, 06/15/29 | 208 | 208 |
| Series 2025-A2-B, 4.31%, 09/15/33 | 232 | 233 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 274 | 257 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 01/25/66 (h) | 71 | 63 |
| Apex Credit CLO 13 Ltd |  |  |
| Series 2025-A1-13A, 0.00%, (3 Month Term SOFR + 1.35%), 01/22/39 (h) | 250 | 250 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2025-A-3A, 4.17%, 02/20/29 | 100 | 100 |
| Bank 2025-BNK51 |  |  |
| Series 2025-A5-BNK51, REMIC, 5.29%, 12/16/67 | 40 | 41 |
| Bank5 2024-5YR12 |  |  |
| Series 2024-A3-5YR12, REMIC, 5.90%, 12/17/57 (h) | 220 | 231 |
| Bank5 2024-5YR8 |  |  |
| Series 2024-AS-5YR8, REMIC, 6.38%, 07/17/29 (h) | 90 | 95 |
| Barclays Mortgage Loan Trust 2021-NQM1 |  |  |
| Series 2021-A3-NQM1, REMIC, 2.19%, 09/25/51 | 69 | 64 |
| Barings CLO Ltd 2021-III |  |  |
| Series 2021-B1R-3A, 5.51%, (3 Month Term SOFR + 1.63%), 01/18/35 (h) | 250 | 250 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 4.97%, (SOFR 30-Day Average + 1.10%), 12/26/31 (h) | 98 | 98 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Series 2024-A3-5C27, REMIC, 6.01%, 06/15/29 | 45 | 47 |
| Benchmark 2023-B39 Mortgage Trust |  |  |
| Series 2023-A5-B39, REMIC, 5.75%, 06/15/33 | 265 | 280 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A3-V8, REMIC, 6.19%, 06/15/29 (h) | 145 | 153 |
| Benchmark 2025-B41 Mortgage Trust |  |  |
| Series 2025-A5-B41, REMIC, 5.41%, 08/17/35 | 100 | 104 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-A3-V16, REMIC, 5.44%, 07/15/30 | 375 | 390 |
| Benchmark 2025-V19 Mortgage Trust |  |  |
| Series 2025-A3-V19, REMIC, 5.25%, 12/16/30 | 10 | 10 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 12 | 12 |
| BX Trust 2021-LGCY |  |  |
| Series 2021-C-LGCY, 4.87%, (1 Month Term SOFR + 1.12%), 10/15/36 (h) | 295 | 294 |
| BX Trust 2025-VOLT |  |  |
| Series 2025-A-VOLT, REMIC, 5.70%, (1 Month Term SOFR + 1.70%), 12/16/30 (h) | 230 | 230 |
| CarMax Auto Owner Trust 2023-3 |  |  |
| Series 2023-B-3, 5.47%, 02/15/29 | 80 | 82 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-B-1, 5.17%, 12/15/27 | 15 | 15 |
| CarMax Auto Owner Trust 2025-4 |  |  |
| Series 2025-A4-4, 4.08%, 06/16/31 | 65 | 65 |
| Carvana Auto Receivables Trust 2021-P4 |  |  |
| Series 2021-C-P4, 2.33%, 04/10/27 | 200 | 194 |
| Carvana Auto Receivables Trust 2024-N1 |  |  |
| Series 2024-B-N1, 5.63%, 01/11/27 | 30 | 30 |
| Carvana Auto Receivables Trust 2024-P4 |  |  |
| Series 2024-A3-P4, 4.64%, 04/10/28 | 65 | 65 |
| Series 2024-A4-P4, 4.74%, 09/10/29 | 110 | 111 |
| Carvana Auto Receivables Trust 2025-P2 |  |  |
| Series 2025-A4-P2, 4.75%, 11/10/29 | 120 | 122 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 4.92%, (1 Month Term SOFR + 5.09%), 07/12/30 (h) | 320 | 323 |
| Clarus Capital Funding 2024-1 LLC |  |  |
| Series 2024-A2-1A, 4.71%, 05/20/27 | 107 | 108 |
| COLT 2025-8 Mortgage Loan Trust |  |  |
| Series 2025-A1-8, REMIC, 5.48%, 08/25/70 (l) | 163 | 164 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 285 | 278 |
| Dell Equipment Finance Trust 2024-2 |  |  |
| Series 2024-A3-2, 4.59%, 08/22/30 | 100 | 101 |
| Dext ABS 2025-2, LLC |  |  |
| Series 2025-A3-2, 4.23%, 04/15/36 | 100 | 100 |
| Driven Brands Funding, LLC |  |  |
| Series 2020-A2-1A, 3.79%, 07/20/50 | 79 | 77 |
| EFMT 2025-INV1 |  |  |
| Series 2025-A1-INV1, REMIC, 5.63%, 03/25/70 (l) | 89 | 90 |
| Series 2025-A1-INV5, REMIC, 5.08%, 12/25/70 (h) | 100 | 100 |
| EFMT 2025-NQM6 |  |  |
| Series 2025-A1-NQM6, REMIC, 5.00%, 12/25/70 (h) | 100 | 100 |
| Elara HGV Timeshare Issuer 2023-A, LLC |  |  |
| Series 2023-B-A, 6.53%, 11/25/30 | 49 | 50 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (h) | 9 | 8 |
| Ellington Financial Mortgage Trust 2020-2 |  |  |
| Series 2020-A1-2, REMIC, 1.18%, 10/25/65 (h) | 46 | 44 |
| Ellington Financial Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.93%, 06/25/66 (h) | 46 | 39 |
| Elmwood CLO 20 Ltd |  |  |
| Series 2022-AR-7A, 5.38%, (3 Month Term SOFR + 1.50%), 01/21/37 (h) | 250 | 250 |
| Enterprise Fleet Financing 2024-4, LLC |  |  |
| Series 2024-A2-4, 4.69%, 01/20/27 | 40 | 40 |
| Series 2024-A4-4, 4.70%, 08/20/29 | 75 | 76 |
| Enterprise Fleet Financing 2025-3, LLC |  |  |
| Series 2025-A3-3, 4.46%, 04/20/29 | 145 | 147 |
| Exeter Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-B-4A, 4.40%, 02/15/28 | 115 | 116 |
| Exeter Automobile Receivables Trust 2025-5 |  |  |
| Series 2025-A3-5A, 4.24%, 10/15/27 | 15 | 15 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-A3-2, 4.43%, 06/15/28 | 75 | 75 |
| Ford Credit Auto Owner Trust 2023-REV1 |  |  |
| Series 2023-A-1, 4.85%, 02/15/28 | 285 | 291 |
| Fortress Credit BSL XIX Ltd |  |  |
| Series 2023-A1R-2A, 5.22%, (3 Month Term SOFR + 1.35%), 07/24/36 (h) | 420 | 420 |
| GCAT 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 0.00%, 06/25/70 (l) (n) | 213 | 216 |
| Grace Trust |  |  |
| Series 2020-C-GRCE, REMIC, 2.68%, 12/12/30 (h) | 150 | 133 |
| GS Mortgage-Backed Securities Trust 2020-INV1 |  |  |
| Series 2020-A14-INV1, REMIC, 2.91%, 11/25/41 (h) (n) | 62 | 53 |
| GS Mortgage-Backed Securities Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.14%, 08/25/29 (l) | 161 | 162 |
| Halseypoint CLO 6 Ltd |  |  |
| Series 2022-A1R-6A, 5.23%, (3 Month Term SOFR + 1.35%), 01/20/38 (h) | 250 | 251 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

548

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Highbridge Loan Management 5-2015 Ltd |  |  |
| Series 5A-A1R3-2015, 4.96%, (3 Month Term SOFR + 1.06%), 10/15/30 (h) | 48 | 48 |
| HOMES 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 5.22%, 08/25/70 (l) | 228 | 229 |
| Huntington National Bank, The |  |  |
| Series 2025-B-1, 4.96%, 04/20/29 | 182 | 182 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE |  |  |
| Series 2016-A-NINE, REMIC, 2.85%, 09/09/26 (h) | 155 | 153 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-B-OPO, REMIC, 3.38%, 01/08/27 (h) | 100 | 90 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2019-B4-HYB1, REMIC, 5.04%, 12/25/28 (h) | 115 | 114 |
| J.P. Morgan Mortgage Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.20%, 08/25/29 (h) | 121 | 122 |
| J.P. Morgan Mortgage Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.50%, 07/25/29 (h) (l) | 339 | 343 |
| Jamestown CLO Ltd |  |  |
| Series 2020-A1R-15A, 5.27%, (3 Month Term SOFR + 1.37%), 07/15/35 (h) | 250 | 250 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-AS-JP2, REMIC, 3.06%, 07/17/26 | 435 | 424 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-A-11MD, REMIC, 4.75%, 10/18/30 (h) (n) | 100 | 100 |
| MARQ Trust 2024-HOU |  |  |
| Series 2024-A-HOU, REMIC, 5.58%, (1 Month Term SOFR + 1.59%), 06/15/26 (h) | 100 | 100 |
| Metlife Securitization Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 3.49%, 09/25/29 (h) (n) | 86 | 84 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 |  |  |
| Series 2025-A5-C35, REMIC, 5.63%, 07/17/35 | 135 | 142 |
| Morgan Stanley Residential Mortgage Loan Trust 2021-2 |  |  |
| Series 2021-A9-2, REMIC, 2.50%, 01/25/43 | 65 | 54 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.44%, 07/25/70 (l) | 97 | 97 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.44%, 07/25/70 (l) | 90 | 90 |
| MVW 2019-2 LLC |  |  |
| Series 2019-A-2A, REMIC, 2.22%, 10/20/38 | 11 | 10 |
| Navient Private Education REFI Loan Trust 2019-C |  |  |
| Series 2019-A2-CA, 3.13%, 07/15/28 | 24 | 23 |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| Series 2025-A-1, 4.18%, 09/25/30 | 55 | 55 |
| Nelnet Student Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 4.59%, (1 Month Term SOFR + 0.85%), 03/26/68 (h) | 34 | 33 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 120 | 113 |
| Neuberger Berman Loan Advisers NBLA CLO 52, Ltd. |  |  |
| Series 2022-A1R-48A, 4.95%, (3 Month Term SOFR + 1.09%), 04/25/36 (h) | 390 | 390 |
| New Residential Mortgage Loan Trust 2022-INV1 |  |  |
| Series 2022-A4-INV1, REMIC, 3.00%, 07/25/43 (h) | 168 | 145 |
| New Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.53%, 08/25/30 (l) | 85 | 86 |
| New Residential Mortgage Loan Trust 2025-NQM4 |  |  |
| Series 2025-A1-NQM4, REMIC, 5.35%, 07/25/65 (h) (l) | 278 | 280 |
| NYC Commercial Mortgage Trust 2021-909 |  |  |
| Series 2025-A-28L, REMIC, 4.67%, 11/05/28 (h) | 100 | 100 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-1A9-EXP3, REMIC, 3.50%, 09/25/59 (h) | 11 | 10 |
| Series 2019-2A2-EXP3, REMIC, 4.95%, (1 Month Term SOFR + 1.21%), 09/25/59 (h) | 2 | 2 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-1A8-EXP1, REMIC, 3.50%, 01/25/60 (h) | 47 | 42 |
| Series 2020-2A2-EXP1, REMIC, 5.02%, (1 Month Term SOFR + 1.06%), 01/26/60 (h) (n) | 9 | 9 |
| OBX 2025-NQM15 Trust |  |  |
| Series 2025-A1-NQM15, REMIC, 5.14%, 07/25/65 (l) | 94 | 94 |
| Series 2025-A1F-NQM15, REMIC, 5.22%, (SOFR 30-Day Average + 1.15%), 07/25/65 (h) (l) (n) | 94 | 94 |
| Octane Receivables Trust 2023-1 |  |  |
| Series 2023-A-1A, 5.87%, 05/21/29 |  |  |
| Octane Receivables Trust 2024-RVM1 |  |  |
| Series 2024-A-RVM1, 5.01%, 01/22/46 | 64 | 65 |
| P11 Commercial Mortgage Trust 2025-P11 |  |  |
| Series 2025-A-P11, REMIC, 5.34%, 08/12/30 (h) | 235 | 241 |
| Palmer Square CLO 2021-2 Ltd |  |  |
| Series 2021-AR1-2A, 5.15%, (3 Month Term SOFR + 1.25%), 04/15/38 (h) | 255 | 255 |
| PEAC Solutions Receivables 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.94%, 10/20/28 | 225 | 226 |
| Post Road Equipment Finance 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.59%, 08/15/26 | 29 | 29 |
| Post Road Equipment Finance 2025-1, LLC |  |  |
| Series 2025-A2-1A, 4.90%, 05/15/31 | 175 | 176 |
| Progress Residential 2025-SFR5 Trust |  |  |
| Series 2025-A-SFR5, REMIC, 3.85%, 10/17/42 | 100 | 97 |
| PSMC 2021-2 Trust |  |  |
| Series 2021-A3-2, REMIC, 2.50%, 04/25/27 (h) | 150 | 136 |
| RCKT Mortgage Trust 2024-CES9 |  |  |
| Series 2024-A1A-CES9, REMIC, 5.58%, 12/25/28 (l) | 79 | 80 |
| Rockford Tower CLO 2022-1 Ltd |  |  |
| Series 2022-A1R-1A, 5.08%, (3 Month Term SOFR + 1.20%), 07/20/35 (h) | 390 | 390 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.74%, 02/16/27 | 130 | 130 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.82%, 07/22/30 | 64 | 64 |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 115 | 117 |
| SEB Funding LLC |  |  |
| Series 2024-A2-1A, 7.39%, 04/30/29 | 165 | 169 |
| Servicemaster Brands L.L.C. |  |  |
| Series 2021-A2I-1, 2.87%, 07/30/28 | 166 | 155 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-A-2A, 4.72%, 04/20/44 | 76 | 76 |
| Signal Peak CLO 10 Ltd |  |  |
| Series 2021-A1R-10A, 5.06%, (3 Month Term SOFR + 1.19%), 01/25/38 (h) | 310 | 310 |
| SMB Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.23%, 09/15/37 | 27 | 26 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.07%, 01/15/53 | 118 | 108 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (h) | 20 | 20 |
| Starwood Mortgage Residential Trust 2020-INV1 |  |  |
| Series 2020-A1-INV1, REMIC, 1.03%, 11/25/55 (h) | 13 | 13 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-A4-BA, 4.29%, 06/20/29 | 95 | 96 |
| Series 2025-B-BA, 4.47%, 07/20/29 | 50 | 50 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

549

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 06/25/57 (h) | 39 | 38 |
| Towd Point Mortgage Trust 2024-2 |  |  |
| Series 2024-A1B-2, REMIC, 4.85%, 09/25/41 (h) | 406 | 410 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 54 | 54 |
| Verdant Receivables 2023-1 LLC |  |  |
| Series 2023-A2-1A, 6.24%, 06/14/27 | 45 | 45 |
| Verdant Receivables 2025-1 LLC |  |  |
| Series 2025-B-1A, 5.37%, 05/12/33 | 100 | 101 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.82%, 01/25/66 (h) | 31 | 28 |
| Verus Securitization Trust 2023-INV1 |  |  |
| Series 2023-A1-INV1, REMIC, 6.00%, 02/25/68 (h) (l) | 72 | 72 |
| Verus Securitization Trust 2024-INV1 |  |  |
| Series 2024-A2-INV1, REMIC, 6.32%, 03/25/69 (h) (l) | 127 | 129 |
| Verus Securitization Trust 2025-7 |  |  |
| Series 2025-A1F-7, REMIC, 5.38%, (SOFR 30-Day Average + 1.20%), 08/25/70 (h) (l) (n) | 174 | 174 |
| Wells Fargo Commercial Mortgage Trust 2019-C54 |  |  |
| Series 2019-A4-C54, REMIC, 3.15%, 11/19/29 | 100 | 96 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2025-A1-2A, 4.41%, 04/18/29 | 360 | 363 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $17,316) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $17,316) | 17220 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Roche Holding AG | 5 | 1958 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Osaic Financial Services, Inc., 6.50%, 11/30/27 | 7 | 153 |
| Total Preferred Stocks (cost $1,690) | Total Preferred Stocks (cost $1,690) | 2111 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.2%** | **SENIOR FLOATING RATE INSTRUMENTS 0.2%** | **SENIOR FLOATING RATE INSTRUMENTS 0.2%** |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Bending Spoons US Inc |  |  |
| Term Loan, 0.00%, (SOFR + 5.88%), 12/31/49 (h) (o) | 239 | 231 |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 11/14/32 (h) | 205 | 206 |
| Instructure Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.84%, (SOFR + 5.00%), 09/10/32 (h) | 210 | 210 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Term Loan B, 7.75%, (3 Month Term SOFR + 3.75%), 03/29/29 (h) | 208 | 208 |
|  |  | 855 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 7.03%, (3 Month Term SOFR + 3.00%), 08/26/31 (h) | 214 | 215 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 04/23/31 (h) | 212 | 210 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/29 (h) | 109 | 108 |
| Total Senior Floating Rate Instruments (cost $1,381) | Total Senior Floating Rate Instruments (cost $1,381) | 1388 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Ivanhoe Electric Inc. (a) (p) | 2 | 18 |
| New Found Gold Corp. (a) (p) | 2 |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 18 |
| **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| JNL Government Money Market Fund - Class I, 3.64% (q) (r) | 2416 | 2416 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (q) (r) | 15160 | 15160 |
|  |  | 17576 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.74% (q) (r) | 3378 | 3378 |
| Total Short Term Investments (cost $20,954) | Total Short Term Investments (cost $20,954) | 20954 |
| **Total Investments 100.7% (cost $491,329)** | **Total Investments 100.7% (cost $491,329)** | **591827** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (8) |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(4296)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **587523** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

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

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

(e) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $2,163.

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

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

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $25,570 and 4.4% of the Fund.

(j) Convertible security.

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

(l) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

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

(o) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(p) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(q) Investment in affiliate.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

550

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 1293 | 67538 | 66415 | 81 |  |  | 2416 | 0.4 |
| JNL Government Money Market Fund, 3.74% - Class SL | 2894 | 30656 | 30172 | 109 |  |  | 3378 | 0.6 |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 5693 | 60451 | 50984 | 576 |  |  | 15160 | 2.6 |
|  | 9880 | 158645 | 147571 | 766 |  |  | 20954 | 3.6 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 73.9% |
| **United Kingdom** | 4.4 |
| **Japan** | 4.3 |
| **Canada** | 2.3 |
| **France** | 2.1 |
| **Switzerland** | 1.8 |
| **Germany** | 1.7 |
| **Netherlands** | 1.3 |
| **Australia** | 1.0 |
| **Spain** | 0.8 |
| **Italy** | 0.8 |
| **Sweden** | 0.6 |
| **Taiwan** | 0.5 |
| **Ireland** | 0.4 |
| **South Korea** | 0.4 |
| **Finland** | 0.4 |
| **Chile** | 0.4 |
| **Singapore** | 0.4 |
| **Norway** | 0.3 |
| **Denmark** | 0.3 |
| **Cayman Islands** | 0.3 |
| **Belgium** | 0.2 |
| **Mexico** | 0.2 |
| **China** | 0.2 |
| **South Africa** | 0.2 |
| **Austria** | 0.2 |
| **Hong Kong** | 0.2 |
| **India** | 0.1 |
| **Zambia** | 0.1 |
| **Jersey** | 0.1 |
| **Democratic Republic of the Congo** | 0.1 |
| **Brazil** |  |
| **New Zealand** |  |
| **Jamaica** |  |
| **Poland** |  |
| **Colombia** |  |
| **Peru** |  |
| **Vietnam** |  |
| **Luxembourg** |  |
| **Argentina** |  |
| **Mali** |  |
| **Kazakhstan** |  |
| **Saudi Arabia** |  |
| **Puerto Rico** |  |
| **Bahrain** |  |
| **Russian Federation** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| ABN AMRO Bank N.V. | 07/01/25 | 321 | 404 | 0.1 |
| Adyen N.V. | 03/08/22 | 442 | 450 | 0.1 |
| Alibaba Group Holding Limited | 05/16/24 | 291 | 299 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

551

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Amadeus IT Holding, S.A. | 04/03/20 | 538 | 657 | 0.1 |
| Antofagasta PLC, 5.63%, 09/09/35 | 09/02/25 | 199 | 206 |  |
| BAWAG Group AG | 10/17/25 | 249 | 295 |  |
| Bridgepoint Group PLC | 07/21/21 | 311 | 314 | 0.1 |
| Digital Core REIT Management Pte. Ltd. | 02/09/24 | 19 | 15 |  |
| Headwater Exploration Inc. | 11/14/25 | 24 | 26 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 10/08/19 | 65 |  |  |
| Kojamo Oyj | 11/12/24 | 71 | 82 |  |
| Lundin Gold Inc. | 03/08/24 | 9 | 57 |  |
| NAC Kazatomprom JSC | 04/17/24 | 23 | 36 |  |
| Orsted A/S | 10/03/25 | 371 | 339 | 0.1 |
| Public Joint Stock Company Polyus | 06/10/20 | 27 |  |  |
| Samsonite Group S.A. | 08/06/19 | 247 | 308 | 0.1 |
| SANY Heavy Industry Co., Ltd. - Class H | 10/24/25 | 22 | 21 |  |
| Siemens Healthineers AG | 01/30/19 | 782 | 848 | 0.1 |
|  |  | 4011 | 4357 | 0.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 10 | April 2026 | 2089 | (1) | (1) |
| United States 5 Year Note | 72 | April 2026 | 7897 | (8) | (27) |
| United States Ultra Bond | 2 | March 2026 | 240 | (1) | (4) |
|  |  |  |  | (10) | (32) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (4) | March 2026 | (463) | 2 | 3 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/T. Rowe Price Balanced Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| CDX.NA.IG.44 (Q) | 0.46 | 1.00 | 06/20/30 | (500) | 11 |  |  |
| CDX.NA.IG.45 (Q) | 0.50 | 1.00 | 12/20/30 | (3200) | 73 |  | 5 |
|  |  |  |  |  | 84 |  | 5 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 271044 | 111030 |  | 382074 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 105493 |  | 105493 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 62569 |  | 62569 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 17220 |  | 17220 |
| &nbsp;&nbsp;Preferred Stocks | 153 | 1958 |  | 2111 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 1388 |  | 1388 |
| &nbsp;&nbsp;Warrants |  | 18 |  | 18 |
| &nbsp;&nbsp;Short Term Investments | 20954 |  |  | 20954 |
|  | 292151 | 299676 |  | 591827 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 3 |  |  | 3 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 5 |  | 5 |
|  | 3 | 5 |  | 8 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (32) |  |  | (32) |
|  | (32) |  |  | (32) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

552

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Information Technology 34.1%** | **Information Technology 34.1%** | **Information Technology 34.1%** |
| Advanced Micro Devices, Inc. (a) | 89 | 18975 |
| Amphenol Corporation - Class A | 64 | 8627 |
| Apple Inc. | 210 | 57098 |
| Aurora Innovations Inc. - Class A (a) | 1048 | 4024 |
| Autodesk, Inc. (a) | 8 | 2510 |
| Bentley Systems, Incorporated - Class B | 116 | 4410 |
| Broadcom Inc. | 79 | 27199 |
| Cadence Design Systems, Inc. (a) | 1 | 414 |
| Gartner, Inc. (a) | 6 | 1439 |
| Intuit Inc. | 2 | 1671 |
| KLA Corporation | 3 | 3328 |
| Microsoft Corporation | 148 | 71568 |
| NVIDIA Corporation | 394 | 73429 |
| PTC Inc. (a) | 137 | 23800 |
| Roper Technologies, Inc. | 9 | 4143 |
| Salesforce, Inc. | 24 | 6474 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 25 | 7719 |
| TE Connectivity Public Limited Company | 10 | 2376 |
| Teledyne Technologies Incorporated (a) | 1 | 427 |
| Tyler Technologies, Inc. (a) | 1 | 475 |
| Workday, Inc. - Class A (a) | 35 | 7626 |
|  |  | 327732 |
| **Health Care 17.9%** | **Health Care 17.9%** | **Health Care 17.9%** |
| Abbott Laboratories | 185 | 23122 |
| Apogee Therapeutics, Inc. (a) | 16 | 1220 |
| Arcellx Inc. (a) | 50 | 3237 |
| Becton, Dickinson and Company | 138 | 26848 |
| Biogen Inc. (a) | 14 | 2411 |
| BioNTech SE - ADR (a) | 29 | 2723 |
| Cencora, Inc. | 52 | 17437 |
| Cytokinetics, Incorporated (a) | 207 | 13173 |
| Danaher Corporation | 20 | 4512 |
| Eli Lilly and Company | 15 | 15991 |
| Gilead Sciences, Inc. | 33 | 4074 |
| McKesson Corporation | 4 | 3499 |
| Medline Inc. - Class A (a) | 63 | 2648 |
| Revvity, Inc. | 158 | 15323 |
| Stryker Corporation | 8 | 2841 |
| Thermo Fisher Scientific Inc. | 14 | 7941 |
| UnitedHealth Group Incorporated | 50 | 16440 |
| Vaxcyte, Inc. (a) | 66 | 3024 |
| Waters Corporation (a) | 1 | 509 |
| West Pharmaceutical Services, Inc. | 8 | 2321 |
| Ypsomed Holding AG (b) | 1 | 610 |
| Zoetis Inc. - Class A | 20 | 2529 |
|  |  | 172433 |
| **Financials 11.4%** | **Financials 11.4%** | **Financials 11.4%** |
| Arthur J. Gallagher & Co. | 60 | 15603 |
| BlackRock, Inc. | 2 | 2557 |
| Blackstone Inc. - Class A | 19 | 2918 |
| Intercontinental Exchange, Inc. | 2 | 284 |
| JPMorgan Chase & Co. | 29 | 9214 |
| KKR & Co. Inc. - Class A | 101 | 12906 |
| MasterCard Incorporated - Class A | 31 | 17586 |
| MSCI Inc. - Class A | 5 | 2691 |
| Ryan Specialty Group Holdings, Inc. - Class A | 44 | 2289 |
| S&P Global Inc. | 20 | 10220 |
| Visa Inc. - Class A | 47 | 16409 |
| Willis Towers Watson Public Limited Company | 53 | 17444 |
|  |  | 110121 |
| **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** |
| Amazon.com, Inc. (a) | 230 | 53070 |
| Chipotle Mexican Grill, Inc. (a) | 38 | 1426 |
| DoorDash, Inc. - Class A (a) | 24 | 5343 |
| Hilton Worldwide Holdings Inc. | 16 | 4581 |
| Marriott International, Inc. - Class A | 8 | 2527 |
| Nike, Inc. - Class B | 7 | 450 |
| Service Corporation International | 21 | 1634 |
| Starbucks Corporation | 226 | 19049 |
| Yum! Brands, Inc. | 111 | 16792 |
|  |  | 104872 |
| **Utilities 9.9%** | **Utilities 9.9%** | **Utilities 9.9%** |
| Ameren Corporation | 195 | 19440 |
| CenterPoint Energy, Inc. | 688 | 26369 |
| Entergy Corporation | 24 | 2233 |
| NiSource Inc. | 588 | 24576 |
| PPL Corporation | 504 | 17662 |
| WEC Energy Group Inc. | 49 | 5145 |
|  |  | 95425 |
| **Communication Services 8.3%** | **Communication Services 8.3%** | **Communication Services 8.3%** |
| Alphabet Inc. - Class A | 163 | 50987 |
| Alphabet Inc. - Class C | 3 | 882 |
| Meta Platforms, Inc. - Class A | 43 | 28411 |
|  |  | 80280 |
| **Industrials 3.9%** | **Industrials 3.9%** | **Industrials 3.9%** |
| AMETEK, Inc. | 9 | 1854 |
| Booz Allen Hamilton Holding Corporation - Class A | 14 | 1197 |
| Eaton Corporation Public Limited Company | 10 | 3204 |
| Equifax, Inc. | 6 | 1360 |
| Fortive Corporation | 90 | 4972 |
| Ingersoll Rand Inc. | 153 | 12126 |
| Lockheed Martin Corporation | 4 | 1920 |
| Otis Worldwide Corporation | 28 | 2420 |
| Republic Services, Inc. | 12 | 2492 |
| Veralto Corporation | 26 | 2549 |
| Verisk Analytics, Inc. | 6 | 1375 |
| Waste Connections, Inc. | 9 | 1631 |
|  |  | 37100 |
| **Energy 1.4%** | **Energy 1.4%** | **Energy 1.4%** |
| Canadian Natural Resources Limited (b) | 407 | 13794 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| Keurig Dr Pepper Inc. | 319 | 8934 |
| **Materials 0.8%** | **Materials 0.8%** | **Materials 0.8%** |
| Linde Public Limited Company | 15 | 6600 |
| Vulcan Materials Company | 5 | 1342 |
|  |  | 7942 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| American Tower Corporation | 3 | 465 |
| Total Common Stocks (cost $884,145) | Total Common Stocks (cost $884,145) | 959098 |
| **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 7541 | 7541 |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 4529 | 4529 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (c) (d) |  |  |
| Total Short Term Investments (cost $12,070) | Total Short Term Investments (cost $12,070) | 12070 |
| **Total Investments 100.9% (cost $896,215)** | **Total Investments 100.9% (cost $896,215)** | **971168** |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(8597)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **962571** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

553

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 1630 | 149642 | 146743 | 107 |  |  | 4529 | 0.5 |
| JNL Government Money Market Fund, 3.74% - Class SL | 10171 | 54723 | 57353 | 17 |  |  | 7541 | 0.8 |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 3 | 211674 | 211677 | 28 |  |  |  |  |
|  | 11804 | 416039 | 415773 | 152 |  |  | 12070 | 1.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 958488 | 610 |  | 959098 |
| &nbsp;&nbsp;Short Term Investments | 12070 |  |  | 12070 |
|  | 970558 | 610 |  | 971168 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

554

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |
| **COMMON STOCKS 64.0%** | **COMMON STOCKS 64.0%** | **COMMON STOCKS 64.0%** |
| **Information Technology 21.9%** | **Information Technology 21.9%** | **Information Technology 21.9%** |
| Advanced Micro Devices, Inc. (a) | 1153 | 246996 |
| Amphenol Corporation - Class A | 875 | 118235 |
| Apple Inc. (b) | 2182 | 593292 |
| Aurora Innovations Inc. - Class A (a) | 35396 | 135922 |
| Broadcom Inc. | 718 | 248641 |
| Microsoft Corporation (c) | 1429 | 691070 |
| NVIDIA Corporation (b) | 3511 | 654777 |
| PTC Inc. (a) (b) | 1563 | 272331 |
| Roper Technologies, Inc. (b) | 128 | 57018 |
| Salesforce, Inc. | 212 | 56244 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 281 | 85365 |
| Workday, Inc. - Class A (a) | 390 | 83714 |
|  |  | 3243605 |
| **Health Care 13.1%** | **Health Care 13.1%** | **Health Care 13.1%** |
| Abbott Laboratories | 2439 | 305562 |
| Apogee Therapeutics, Inc. (a) | 271 | 20464 |
| Arcellx Inc. (a) | 584 | 38092 |
| Becton, Dickinson and Company (b) | 1968 | 381833 |
| BioNTech SE - ADR (a) | 309 | 29392 |
| Cencora, Inc. | 589 | 198900 |
| Cytokinetics, Incorporated (a) | 740 | 47001 |
| Danaher Corporation (b) (c) | 170 | 38942 |
| Eli Lilly and Company (c) | 148 | 159532 |
| McKesson Corporation (b) | 96 | 78826 |
| Medline Inc. - Class A (a) | 948 | 39833 |
| Revvity, Inc. | 3124 | 302272 |
| Thermo Fisher Scientific Inc. | 174 | 100726 |
| UnitedHealth Group Incorporated | 554 | 182831 |
| Vaxcyte, Inc. (a) | 444 | 20494 |
|  |  | 1944700 |
| **Financials 7.5%** | **Financials 7.5%** | **Financials 7.5%** |
| Arthur J. Gallagher & Co. | 988 | 255804 |
| KKR & Co. Inc. - Class A | 1245 | 158715 |
| MasterCard Incorporated - Class A | 339 | 193767 |
| Ryan Specialty Group Holdings, Inc. - Class A | 742 | 38314 |
| S&P Global Inc. | 187 | 97475 |
| Visa Inc. - Class A (b) | 523 | 183237 |
| Willis Towers Watson Public Limited Company | 535 | 175702 |
|  |  | 1103014 |
| **Utilities 6.7%** | **Utilities 6.7%** | **Utilities 6.7%** |
| Ameren Corporation | 2153 | 214951 |
| CenterPoint Energy, Inc. | 7883 | 302237 |
| NiSource Inc. | 6936 | 289660 |
| PPL Corporation | 5411 | 189478 |
|  |  | 996326 |
| **Consumer Discretionary 6.4%** | **Consumer Discretionary 6.4%** | **Consumer Discretionary 6.4%** |
| Amazon.com, Inc. (a) (b) | 2354 | 543372 |
| DoorDash, Inc. - Class A (a) | 53 | 12004 |
| Starbucks Corporation (c) | 2598 | 218782 |
| Yum! Brands, Inc. (b) (c) | 1170 | 177051 |
|  |  | 951209 |
| **Communication Services 5.6%** | **Communication Services 5.6%** | **Communication Services 5.6%** |
| Alphabet Inc. - Class A (b) | 1847 | 578009 |
| Meta Platforms, Inc. - Class A | 385 | 254036 |
|  |  | 832045 |
| **Energy 1.1%** | **Energy 1.1%** | **Energy 1.1%** |
| Canadian Natural Resources Limited (c) (d) | 4640 | 157047 |
| **Industrials 1.1%** | **Industrials 1.1%** | **Industrials 1.1%** |
| Ingersoll Rand Inc. | 1951 | 154560 |
| **Consumer Staples 0.6%** | **Consumer Staples 0.6%** | **Consumer Staples 0.6%** |
| Keurig Dr Pepper Inc. | 3374 | 94514 |
| Total Common Stocks (cost $8,703,315) | Total Common Stocks (cost $8,703,315) | 9477020 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 16.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 16.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 16.3%** |
| **U.S. Treasury Note 16.3%** | **U.S. Treasury Note 16.3%** | **U.S. Treasury Note 16.3%** |
| Treasury, United States Department of |  |  |
| 3.88%, 07/31/30 - 09/30/32 | 650671 | 653928 |
| 3.63%, 08/31/30 - 10/31/30 | 1003327 | 999767 |
| 3.50%, 11/30/30 | 498748 | 493955 |
| 3.75%, 10/31/32 - 11/30/32 | 263901 | 261169 |
| Total Government And Agency Obligations (cost $2,407,325) | Total Government And Agency Obligations (cost $2,407,325) | 2408819 |
| **SENIOR FLOATING RATE INSTRUMENTS 9.7%** | **SENIOR FLOATING RATE INSTRUMENTS 9.7%** | **SENIOR FLOATING RATE INSTRUMENTS 9.7%** |
| **Information Technology 3.7%** | **Information Technology 3.7%** | **Information Technology 3.7%** |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.50%, (3 Month Term SOFR + 2.50%), 02/07/31 (e) | 192401 | 193404 |
| 2024 2nd Lien Term Loan, 8.50%, (3 Month Term SOFR + 4.50%), 02/07/32 (e) | 24996 | 25363 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 12/11/28 (e) | 42321 | 42420 |
| Bending Spoons US Inc |  |  |
| USD Term Loan B, 9.03%, (1 Month Term SOFR + 5.25%), 02/19/31 (e) | 2798 | 2709 |
| Term Loan, 0.00%, (SOFR + 5.88%), 12/31/49 (e) (f) | 36520 | 35333 |
| CCC Intelligent Solutions Inc. |  |  |
| Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 09/16/28 (e) | 12430 | 12461 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.67%, (1 Month Term SOFR + 2.75%), 10/29/29 (e) | 32415 | 32577 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.42%, (1 Month Term SOFR + 2.50%), 05/23/31 (e) | 38469 | 38572 |
| Instructure Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 11/13/31 (e) | 53742 | 53802 |
| 2024 2nd Lien Term Loan, 8.84%, (SOFR + 5.00%), 09/10/32 (e) | 12817 | 12817 |
| Quartz Acquireco LLC |  |  |
| 2025 Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 06/28/30 (e) | 8374 | 8353 |
| Storable Intermediate Holdings, LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.25%), 04/17/31 (e) | 25917 | 26014 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.34%, (3 Month Term SOFR + 2.50%), 01/30/31 (e) | 58106 | 58129 |
|  |  | 541954 |
| **Financials 3.2%** | **Financials 3.2%** | **Financials 3.2%** |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.25%, (3 Month Term SOFR + 2.25%), 01/23/32 (e) | 100819 | 101071 |
| BroadStreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 6.67%, (1 Month Term SOFR + 2.75%), 05/10/31 (e) | 100097 | 100386 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 6.12%, (3 Month Term SOFR + 2.25%), 06/20/30 (e) | 193097 | 194013 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 5.92%, (1 Month Term SOFR + 2.00%), 09/11/31 (e) | 1757 | 1758 |
| USI, Inc. |  |  |
| 2024 Term Loan D, 6.25%, (3 Month Term SOFR + 2.25%), 11/23/29 (e) | 36463 | 36534 |
| 2024 Term Loan C, 6.25%, (3 Month Term SOFR + 2.25%), 09/27/30 (e) | 36745 | 36796 |
|  |  | 470558 |
| **Industrials 1.5%** | **Industrials 1.5%** | **Industrials 1.5%** |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 2.00%), 05/10/31 (e) (f) | 1461 | 1464 |
| 2024 Term Loan, 5.92%, (1 Month Term SOFR + 2.00%), 05/10/31 (e) | 48246 | 48333 |
| EP Wealth Advisors, LLC |  |  |
| 2025 Term Loan B, 6.89%, (3 Month Term SOFR + 3.00%), 10/06/32 (e) | 4407 | 4418 |
| Filtration Group Corporation |  |  |
| 2025 EUR Term Loan B, 5.46%, (1 Month EURIBOR + 3.50%), 10/21/28, EUR (e) | 13832 | 16459 |
| 2025 USD Term Loan, 6.67%, (1 Month Term SOFR + 2.75%), 10/21/28 (e) | 72889 | 73223 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

555

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mariner Wealth Advisors LLC |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 12/30/30 (e) (f) | 1450 | 1456 |
| 2025 Term Loan, 6.50%, (3 Month Term SOFR + 2.50%), 12/31/30 (e) | 21119 | 21213 |
| TransDigm, Inc. |  |  |
| 2025 Term Loan K, 6.25%, (3 Month Term SOFR + 2.25%), 03/22/30 (e) | 63472 | 63644 |
| | | 230210 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2023 Term Loan B4, 5.48%, (1 Month Term SOFR + 1.75%), 11/09/30 (e) | 49665 | 49945 |
| Mister Car Wash Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.42%, (1 Month Term SOFR + 2.50%), 03/21/31 (e) | 6488 | 6506 |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 7.03%, (3 Month Term SOFR + 3.00%), 08/26/31 (e) | 38917 | 39039 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 5.67%, (1 Month Term SOFR + 1.75%), 05/28/30 (e) | 8007 | 8021 |
|  |  | 103511 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| SBA Senior Finance II LLC |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 1.75%), 01/20/31 (e) | 43773 | 43933 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Loire Finco Luxembourg S.a r.l. |  |  |
| 2025 USD Term Loan B, 7.92%, (1 Month Term SOFR + 4.00%), 01/31/30 (e) | 43577 | 43511 |
| Total Senior Floating Rate Instruments (cost $1,427,238) | Total Senior Floating Rate Instruments (cost $1,427,238) | 1433677 |
| **CORPORATE BONDS AND NOTES 7.5%** | **CORPORATE BONDS AND NOTES 7.5%** | **CORPORATE BONDS AND NOTES 7.5%** |
| **Consumer Discretionary 2.3%** | **Consumer Discretionary 2.3%** | **Consumer Discretionary 2.3%** |
| Hilton Domestic Operating Company, Inc. |  |  |
| 5.88%, 04/01/29 (g) | 10445 | 10686 |
| 3.75%, 05/01/29 (g) | 21619 | 20983 |
| 4.88%, 01/15/30 | 19559 | 19596 |
| 4.00%, 05/01/31 (g) | 32112 | 30724 |
| 3.63%, 02/15/32 (g) | 26573 | 24640 |
| 5.75%, 09/15/33 (g) | 17383 | 17777 |
| 5.50%, 03/31/34 (g) | 12160 | 12239 |
| Hilton Worldwide Holdings Inc. |  |  |
| 4.88%, 04/01/27 | 8951 | 8924 |
| KFC Holding Co. |  |  |
| 4.75%, 06/01/27 (g) | 26025 | 25964 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (g) | 7465 | 7646 |
| Magnum Management Corporation |  |  |
| 5.38%, 04/15/27 | 17559 | 17447 |
| 6.50%, 10/01/28 | 10900 | 10661 |
| Service Corporation International |  |  |
| 4.63%, 12/15/27 | 1245 | 1240 |
| 3.38%, 08/15/30 | 5988 | 5599 |
| 5.75%, 10/15/32 | 7722 | 7862 |
| Six Flags Operations Inc. |  |  |
| 5.50%, 04/15/27 (g) | 11594 | 11540 |
| Vail Resorts, Inc. |  |  |
| 5.63%, 07/15/30 (g) | 4408 | 4466 |
| 6.50%, 05/15/32 (g) | 9363 | 9707 |
| Yum! Brands, Inc. |  |  |
| 4.75%, 01/15/30 (g) | 10271 | 10272 |
| 3.63%, 03/15/31 | 14549 | 13759 |
| 4.63%, 01/31/32 | 24731 | 24218 |
| 5.38%, 04/01/32 | 29015 | 29390 |
| 6.88%, 11/15/37 | 5461 | 6006 |
| 5.35%, 11/01/43 | 15610 | 15074 |
|  |  | 346420 |
| **Financials 2.2%** | **Financials 2.2%** | **Financials 2.2%** |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (g) | 8902 | 9125 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (g) | 29389 | 29289 |
| HUB International Limited |  |  |
| 5.63%, 12/01/29 (g) | 16496 | 16434 |
| 7.25%, 06/15/30 (g) | 121582 | 127383 |
| 7.38%, 01/31/32 (g) | 72480 | 75928 |
| MSCI Inc. |  |  |
| 5.25%, 09/01/35 | 19385 | 19575 |
| Ryan Specialty, LLC |  |  |
| 4.38%, 02/01/30 (g) | 5592 | 5470 |
| 5.88%, 08/01/32 (g) | 14494 | 14756 |
| USI, Inc. |  |  |
| 7.50%, 01/15/32 (g) | 30789 | 32292 |
|  |  | 330252 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| Korn Ferry |  |  |
| 4.63%, 12/15/27 (g) | 7012 | 7003 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 - 01/31/34 (g) | 30251 | 31353 |
| 4.63%, 01/15/29 | 10449 | 10377 |
| 6.38%, 03/01/29 - 05/31/33 (g) | 73299 | 75396 |
| 7.13%, 12/01/31 (g) | 24266 | 25430 |
| 6.63%, 03/01/32 (g) | 47148 | 48974 |
| 6.25%, 01/31/34 (g) | 2522 | 2614 |
|  |  | 201147 |
| **Utilities 0.6%** | **Utilities 0.6%** | **Utilities 0.6%** |
| CenterPoint Energy, Inc. |  |  |
| 5.95%, 04/01/56 | 19812 | 19963 |
| Entergy Corporation |  |  |
| 5.88%, 06/15/56 | 21414 | 21409 |
| 6.10%, 06/15/56 | 14526 | 14527 |
| NiSource Inc. |  |  |
| 5.75%, 07/15/56 | 37854 | 38144 |
|  |  | 94043 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Booz Allen Hamilton Inc. |  |  |
| 4.00%, 07/01/29 (d) (g) | 5511 | 5391 |
| 5.95%, 08/04/33 (d) | 7932 | 8277 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/30 (g) | 6562 | 6757 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 1455 | 1395 |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/29 (g) | 9841 | 10027 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (g) | 10101 | 10354 |
| PTC Inc. |  |  |
| 4.00%, 02/15/28 (g) | 9445 | 9293 |
|  |  | 51494 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| SBA Communications Corporation |  |  |
| 3.88%, 02/15/27 | 21307 | 21122 |
| 3.13%, 02/01/29 | 27063 | 25853 |
|  |  | 46975 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (g) | 7867 | 7824 |
| 3.88%, 11/01/29 (g) | 1965 | 1879 |
| Hologic, Inc. |  |  |
| 3.25%, 02/15/29 (g) | 6671 | 6571 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (g) | 10348 | 10335 |
| 6.50%, 05/15/30 (g) | 6498 | 6732 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (g) | 6089 | 6166 |
|  |  | 39507 |
| Total Corporate Bonds And Notes (cost $1,077,634) | Total Corporate Bonds And Notes (cost $1,077,634) | 1109838 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| KKR & Co. Inc., 6.25%, 03/01/28 (h) | 151 | 7807 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| CMS Energy Corporation, 5.88%, 10/15/78 (d) | 3 | 67 |
| Total Preferred Stocks (cost $7,539) | Total Preferred Stocks (cost $7,539) | 7874 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

556

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%** |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 2061 | 2049 |
| Series 2019-A2-1A, 3.67%, 10/25/29 (g) | 2822 | 2723 |
| SBA Towers, LLC |  |  |
| Series 2022-C-1, 6.60%, 01/15/28 | 602 | 615 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,483) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,483) | 5387 |
| **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** |
| **Investment Companies 2.7%** | **Investment Companies 2.7%** | **Investment Companies 2.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (i) (j) | 932 | 932 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (i) (j) | 403177 | 403177 |
|  |  | 404109 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (i) (j) | 10856 | 10856 |
| Total Short Term Investments (cost $414,965) | Total Short Term Investments (cost $414,965) | 414965 |
| **Total Investments 100.3% (cost $14,043,499)** | **Total Investments 100.3% (cost $14,043,499)** | **14857580** |
| **Other Derivative Instruments (0.3)%** | **Other Derivative Instruments (0.3)%** | **(40582)** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **480** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **14817478** |

---

(a) Non-income producing security.

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

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

(d) All or a portion of the security was on loan as of December 31, 2025.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $772,143 and 5.2% of the Fund.

(h) Convertible security.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 7195 | 877491 | 883754 | 392 |  |  | 932 |  |
| JNL Government Money Market Fund, 3.74% - Class SL | 17825 | 2274325 | 2281294 | 1493 |  |  | 10856 | 0.1 |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 760348 | 4450710 | 4807881 | 32932 |  |  | 403177 | 2.7 |
| T. Rowe Price Institutional Floating Rate Fund | 1647 | 30 | 1669 | 21 | (96) | 88 |  |  |
|  | 787015 | 7602556 | 7974598 | 34838 | (96) | 88 | 414965 | 2.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Abbott Laboratories | BOA<br> Call | 145.00 | 01/16/26 | 680 | 9860 |  |
| Abbott Laboratories | BOA<br> Call | 140.00 | 01/16/26 | 737 | 10318 | (2) |
| Abbott Laboratories | BOA<br> Call | 130.00 | 01/16/26 | 1372 | 17836 | (51) |
| Advanced Micro Devices, Inc. | BCL<br> Call | 180.00 | 01/16/26 | 737 | 13266 | (2587) |
| Advanced Micro Devices, Inc. | BCL<br> Call | 175.00 | 01/16/26 | 737 | 12898 | (2952) |
| Alphabet Inc. | UBS<br> Call | 215.00 | 01/16/26 | 737 | 15846 | (7348) |
| Alphabet Inc. | UBS<br> Call | 205.00 | 01/16/26 | 737 | 15109 | (8014) |
| Alphabet Inc. | UBS<br> Call | 360.00 | 01/15/27 | 292 | 10512 | (916) |
| Alphabet Inc. | UBS<br> Call | 350.00 | 01/15/27 | 292 | 10220 | (1020) |
| Alphabet Inc. | UBS<br> Call | 340.00 | 01/15/27 | 292 | 9928 | (1125) |
| Amazon.com, Inc. | CIT<br> Call | 260.00 | 01/16/26 | 737 | 19162 | (7) |
| Amazon.com, Inc. | CIT<br> Call | 250.00 | 01/16/26 | 737 | 18425 | (23) |
| Amphenol Corporation | UBS<br> Call | 120.00 | 01/16/26 | 426 | 5112 | (686) |
| Amphenol Corporation | UBS<br> Call | 115.00 | 01/16/26 | 426 | 4899 | (907) |
| Apple Inc. | BCL<br> Call | 245.00 | 01/16/26 | 737 | 18057 | (2071) |
| Apple Inc. | BCL<br> Call | 235.00 | 01/16/26 | 737 | 17320 | (2773) |
| Canadian Natural Resources Limited | BCL<br> Call | 35.00 | 01/16/26 | 2211 | 7739 | (46) |
| Canadian Natural Resources Limited | BCL<br> Call | 32.50 | 01/16/26 | 2211 | 7186 | (282) |
| Danaher Corporation | UBS<br> Call | 330.00 | 01/16/26 | 786 | 25938 |  |
| Danaher Corporation | UBS<br> Call | 220.00 | 01/16/26 | 590 | 12980 | (673) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

557

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| Eli Lilly and Company | CIT<br> Call | 890.00 | 01/16/26 | 58 | 5162 | (1092) |
| Eli Lilly and Company | CIT<br> Call | 850.00 | 01/16/26 | 58 | 4930 | (1320) |
| Ingersoll Rand Inc. | WFI<br> Call | 95.00 | 01/16/26 | 1032 | 9804 |  |
| Ingersoll Rand Inc. | WFI<br> Call | 100.00 | 01/16/26 | 1032 | 10320 |  |
| MasterCard Incorporated | BCL<br> Call | 620.00 | 01/16/26 | 151 | 9362 | (2) |
| MasterCard Incorporated | BCL<br> Call | 640.00 | 01/16/26 | 295 | 18880 | (1) |
| MasterCard Incorporated | BCL<br> Call | 610.00 | 01/16/26 | 295 | 17995 | (11) |
| MasterCard Incorporated | BCL<br> Call | 580.00 | 01/16/26 | 305 | 17690 | (116) |
| MasterCard Incorporated | BCL<br> Call | 585.00 | 01/16/26 | 295 | 17258 | (70) |
| MasterCard Incorporated | BCL<br> Call | 670.00 | 06/18/26 | 295 | 19765 | (156) |
| McKesson Corporation | GSC<br> Call | 760.00 | 01/16/26 | 148 | 11248 | (957) |
| McKesson Corporation | GSC<br> Call | 780.00 | 01/16/26 | 148 | 11544 | (676) |
| McKesson Corporation | GSC<br> Call | 660.00 | 01/16/26 | 114 | 7524 | (1849) |
| McKesson Corporation | GSC<br> Call | 680.00 | 01/16/26 | 113 | 7684 | (1608) |
| Meta Platforms, Inc. | JPM<br> Call | 810.00 | 01/16/26 | 295 | 23895 | (1) |
| Meta Platforms, Inc. | JPM<br> Call | 775.00 | 01/16/26 | 295 | 22863 | (3) |
| Microsoft Corporation | JPM<br> Call | 590.00 | 01/16/26 | 295 | 17405 |  |
| Microsoft Corporation | JPM<br> Call | 565.00 | 01/16/26 | 295 | 16668 |  |
| NVIDIA Corporation | GSC<br> Call | 200.00 | 01/16/26 | 811 | 16220 | (89) |
| NVIDIA Corporation | GSC<br> Call | 190.00 | 01/16/26 | 811 | 15409 | (316) |
| Starbucks Corporation | WFI<br> Call | 125.00 | 01/16/26 | 654 | 8175 |  |
| Starbucks Corporation | WFI<br> Call | 105.00 | 01/16/26 | 2798 | 29379 |  |
| Starbucks Corporation | WFI<br> Call | 100.00 | 01/16/26 | 1180 | 11800 | (1) |
| Visa Inc. | GSC<br> Call | 390.00 | 01/16/26 | 497 | 19383 | (2) |
| Visa Inc. | GSC<br> Call | 400.00 | 01/16/26 | 443 | 17720 |  |
| Visa Inc. | GSC<br> Call | 380.00 | 01/16/26 | 442 | 16796 | (2) |
| Visa Inc. | GSC<br> Call | 360.00 | 01/16/26 | 457 | 16452 | (52) |
| Visa Inc. | GSC<br> Call | 370.00 | 01/16/26 | 443 | 16391 | (8) |
| Visa Inc. | GSC<br> Call | 395.00 | 06/18/26 | 442 | 17459 | (254) |
| Willis Towers Watson Public Limited Company | BOA<br> Call | 340.00 | 01/16/26 | 143 | 4862 | (25) |
| Willis Towers Watson Public Limited Company | BOA<br> Call | 330.00 | 01/16/26 | 143 | 4719 | (70) |
| Workday, Inc. | WFI<br> Call | 270.00 | 01/16/26 | 590 | 15930 |  |
| Workday, Inc. | WFI<br> Call | 260.00 | 01/16/26 | 590 | 15340 |  |
| Yum! Brands, Inc. | WFI<br> Call | 165.00 | 01/16/26 | 296 | 4884 | (5) |
| Yum! Brands, Inc. | WFI<br> Call | 160.00 | 01/16/26 | 990 | 15840 | (37) |
| Yum! Brands, Inc. | WFI<br> Call | 145.00 | 01/16/26 | 533 | 7729 | (376) |
|  |  |  |  |  |  | (40582) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 9477020 |  |  | 9477020 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 2408819 |  | 2408819 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 1433677 |  | 1433677 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 1109838 |  | 1109838 |
| &nbsp;&nbsp;Preferred Stocks | 7874 |  |  | 7874 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 5387 |  | 5387 |
| &nbsp;&nbsp;Short Term Investments | 414965 |  |  | 414965 |
|  | 9899859 | 4957721 |  | 14857580 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Written Options |  | (40582) |  | (40582) |
|  |  | (40582) |  | (40582) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

558

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** |
| **COMMON STOCKS 99.9%** | **COMMON STOCKS 99.9%** | **COMMON STOCKS 99.9%** |
| **Information Technology 53.1%** | **Information Technology 53.1%** | **Information Technology 53.1%** |
| Advanced Micro Devices, Inc. (a) | 350 | 74971 |
| Amphenol Corporation - Class A | 889 | 120192 |
| Apple Inc. | 3972 | 1079787 |
| AppLovin Corporation - Class A (a) | 144 | 96769 |
| Arista Networks, Inc. (a) | 582 | 76252 |
| ASML Holding N.V. - ADR | 42 | 44743 |
| Broadcom Inc. | 1521 | 526575 |
| CrowdStrike Holdings, Inc. - Class A (a) | 116 | 54536 |
| Fabrinet (a) | 48 | 21717 |
| HubSpot, Inc. (a) | 41 | 16534 |
| Intuit Inc. | 65 | 42765 |
| Lam Research Corporation | 199 | 34116 |
| Microsoft Corporation | 2302 | 1113192 |
| NVIDIA Corporation | 7069 | 1318456 |
| Oracle Corporation | 377 | 73423 |
| Palantir Technologies Inc. - Class A (a) | 183 | 32517 |
| Roper Technologies, Inc. | 11 | 5080 |
| Samsara Inc. - Class A (a) | 667 | 23631 |
| ServiceNow, Inc. (a) | 639 | 97941 |
| Shopify Inc. - Class A (a) | 319 | 51425 |
| Snowflake Inc. - Class A (a) | 271 | 59456 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 225 | 68263 |
| Teledyne Technologies Incorporated (a) | 42 | 21498 |
|  |  | 5053839 |
| **Communication Services 14.9%** | **Communication Services 14.9%** | **Communication Services 14.9%** |
| Alphabet Inc. - Class A | 2265 | 708870 |
| Meta Platforms, Inc. - Class A | 636 | 420056 |
| Netflix, Inc. (a) | 1712 | 160515 |
| Spotify Technology S.A. (a) | 139 | 80486 |
| T-Mobile US, Inc. | 244 | 49583 |
|  |  | 1419510 |
| **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** |
| Amazon.com, Inc. (a) | 2226 | 513843 |
| Booking Holdings Inc. | 9 | 47689 |
| Carvana Co. - Class A (a) | 253 | 106847 |
| Chipotle Mexican Grill, Inc. (a) | 1194 | 44196 |
| Coupang, Inc. - Class A (a) | 1129 | 26641 |
| DoorDash, Inc. - Class A (a) | 330 | 74692 |
| Ferrari N.V. | 28 | 10310 |
| Hilton Worldwide Holdings Inc. | 160 | 45884 |
| MercadoLibre, Inc. (a) | 41 | 82746 |
| Sea Limited - Class A - ADR (a) | 340 | 43329 |
| Tesla, Inc. (a) | 662 | 297735 |
| Wingstop Inc. | 68 | 16170 |
|  |  | 1310082 |
| **Health Care 7.5%** | **Health Care 7.5%** | **Health Care 7.5%** |
| Argenx SE - ADR (a) | 50 | 41788 |
| Danaher Corporation | 171 | 39094 |
| Eli Lilly and Company | 310 | 333635 |
| Intuitive Surgical, Inc. (a) | 230 | 130319 |
| Medline Inc. - Class A (a) | 199 | 8367 |
| Natera, Inc. (a) | 180 | 41306 |
| Stryker Corporation | 106 | 37216 |
| Thermo Fisher Scientific Inc. | 99 | 57530 |
| UnitedHealth Group Incorporated | 78 | 25777 |
|  |  | 715032 |
| **Financials 5.8%** | **Financials 5.8%** | **Financials 5.8%** |
| Adyen N.V. (a) (b) | 11 | 18274 |
| Ares Management Corporation - Class A | 225 | 36290 |
| Charles Schwab Corporation, The | 211 | 21081 |
| Chubb Limited | 70 | 21786 |
| MasterCard Incorporated - Class A | 359 | 205184 |
| Tradeweb Markets Inc. - Class A | 69 | 7373 |
| Visa Inc. - Class A | 708 | 248126 |
|  |  | 558114 |
| **Industrials 3.6%** | **Industrials 3.6%** | **Industrials 3.6%** |
| Boeing Company, The (a) | 147 | 31843 |
| GE Vernova Inc. | 31 | 20522 |
| General Electric Company | 586 | 180393 |
| Howmet Aerospace Inc. | 325 | 66570 |
| TransDigm Group Incorporated | 32 | 42139 |
|  |  | 341467 |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| Linde Public Limited Company | 114 | 48756 |
| Sherwin-Williams Company, The | 24 | 7813 |
|  |  | 56569 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| Welltower Inc. | 208 | 38551 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Costco Wholesale Corporation | 19 | 16716 |
| Total Common Stocks (cost $5,773,774) | Total Common Stocks (cost $5,773,774) | 9509880 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 5851 | 5851 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (c) (d) | 57 | 57 |
| Total Short Term Investments (cost $5,908) | Total Short Term Investments (cost $5,908) | 5908 |
| **Total Investments 100.0% (cost $5,779,682)** | **Total Investments 100.0% (cost $5,779,682)** | **9515788** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **243** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9516031** |

---

(a) Non-income producing security.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** | **JNL/T. Rowe Price Growth Stock Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 4600 | 275225 | 273974 | 166 |  |  | 5851 | 0.1 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 35243 | 35243 | 9 |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 38079 | 1117156 | 1155178 | 1508 |  |  | 57 |  |
|  | 42679 | 1427624 | 1464395 | 1683 |  |  | 5908 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

559

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** | **JNL/T. Rowe Price Growth Stock Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 04/24/25 | 20008 | 18274 | 0.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 9491606 | 18274 |  | 9509880 |
| &nbsp;&nbsp;Short Term Investments | 5908 |  |  | 5908 |
|  | 9497514 | 18274 |  | 9515788 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

560

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |
| **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** |
| **Health Care 21.0%** | **Health Care 21.0%** | **Health Care 21.0%** |
| Agilent Technologies, Inc. | 681 | 92650 |
| Alcon AG | 178 | 13989 |
| Align Technology, Inc. (a) | 151 | 23516 |
| Alnylam Pharmaceuticals, Inc. (a) | 144 | 57266 |
| Arcellx Inc. (a) | 213 | 13868 |
| Ascendis Pharma A/S - ADR (a) | 139 | 29534 |
| Avantor, Inc. (a) | 2709 | 31046 |
| Biogen Inc. (a) | 88 | 15399 |
| BioNTech SE - ADR (a) | 173 | 16508 |
| Bruker Corporation | 255 | 12023 |
| Caris Life Sciences, Inc. (a) | 476 | 12853 |
| Cencora, Inc. | 187 | 63125 |
| Cooper Companies, Inc., The (a) | 767 | 62831 |
| CRISPR Therapeutics AG (a) | 190 | 9941 |
| Cytokinetics, Incorporated (a) | 333 | 21159 |
| Elanco Animal Health Incorporated (a) | 1347 | 30487 |
| Encompass Health Corporation | 211 | 22396 |
| Hologic, Inc. (a) | 494 | 36776 |
| Ionis Pharmaceuticals, Inc. (a) | 703 | 55650 |
| Masimo Corporation (a) | 70 | 9104 |
| Mettler-Toledo International Inc. (a) | 58 | 80863 |
| Molina Healthcare, Inc. (a) | 130 | 22491 |
| Natera, Inc. (a) | 42 | 9644 |
| Nuvalent, Inc. - Class A (a) | 41 | 4086 |
| QuidelOrtho Corporation (a) | 481 | 13732 |
| Revolution Medicines, Inc. (a) | 148 | 11788 |
| Teleflex Incorporated | 371 | 45240 |
| Vaxcyte, Inc. (a) | 310 | 14303 |
| Veeva Systems Inc. - Class A (a) | 299 | 66813 |
| West Pharmaceutical Services, Inc. | 89 | 24487 |
|  |  | 923568 |
| **Information Technology 19.1%** | **Information Technology 19.1%** | **Information Technology 19.1%** |
| Amphenol Corporation - Class A | 345 | 46556 |
| Atlassian Corporation - Class A (a) | 166 | 26881 |
| Aurora Innovations Inc. - Class A (a) | 1195 | 4589 |
| CCC Intelligent Solutions Holdings Inc. (a) | 5046 | 40117 |
| Corning Incorporated | 65 | 5726 |
| HubSpot, Inc. (a) | 36 | 14407 |
| Keysight Technologies, Inc. (a) | 272 | 55329 |
| Lattice Semiconductor Corporation (a) | 1165 | 85722 |
| MACOM Technology Solutions Holdings, Inc. (a) | 284 | 48644 |
| Manhattan Associates, Inc. (a) | 203 | 35234 |
| Microchip Technology Incorporated | 832 | 53009 |
| Monday.Com Ltd. (a) | 107 | 15804 |
| MongoDB, Inc. - Class A (a) | 48 | 20229 |
| Monolithic Power Systems, Inc. | 59 | 53803 |
| Netskope, Inc. - Class A (a) | 255 | 4477 |
| NXP Semiconductors N.V. | 135 | 29216 |
| OneStream, Inc. - Class A (a) | 480 | 8831 |
| PTC Inc. (a) | 514 | 89620 |
| Pure Storage, Inc. - Class A (a) | 417 | 27950 |
| Ralliant Corporation | 244 | 12398 |
| Tyler Technologies, Inc. (a) | 158 | 71679 |
| Unity Software Inc. (a) | 388 | 17159 |
| Zoom Communications, Inc. - Class A (a) | 393 | 33903 |
| Zscaler, Inc. (a) | 164 | 36819 |
|  |  | 838102 |
| **Consumer Discretionary 18.2%** | **Consumer Discretionary 18.2%** | **Consumer Discretionary 18.2%** |
| Birkenstock Holding PLC (a) | 763 | 31203 |
| Burlington Stores, Inc. (a) | 219 | 63357 |
| DK Crown Holdings Inc. - Class A (a) | 950 | 32751 |
| Domino's Pizza, Inc. | 160 | 66749 |
| Duolingo, Inc. - Class A (a) | 62 | 10934 |
| Hilton Worldwide Holdings Inc. | 369 | 106139 |
| On Holding AG - Class A (a) | 99 | 4592 |
| Planet Fitness, Inc. - Class A (a) | 575 | 62403 |
| Pool Corporation | 162 | 36966 |
| Ross Stores, Inc. | 226 | 40622 |
| Service Corporation International | 392 | 30572 |
| Sportradar Group AG - Class A (a) | 748 | 17780 |
| Texas Roadhouse, Inc. - Class A | 179 | 29697 |
| TopBuild Corp. (a) | 48 | 20025 |
| Ulta Beauty, Inc. (a) | 79 | 47945 |
| Viking Holdings Ltd (a) | 1033 | 73770 |
| Wingstop Inc. | 65 | 15430 |
| Wyndham Hotels & Resorts, Inc. | 299 | 22577 |
| Yum! Brands, Inc. | 561 | 84894 |
|  |  | 798406 |
| **Industrials 15.0%** | **Industrials 15.0%** | **Industrials 15.0%** |
| Booz Allen Hamilton Holding Corporation - Class A | 467 | 39371 |
| Broadridge Financial Solutions, Inc. | 57 | 12765 |
| BWXT Government Group, Inc. | 160 | 27620 |
| Equifax, Inc. | 94 | 20440 |
| ESAB Corporation | 438 | 48940 |
| Ferguson Enterprises Inc. | 224 | 49847 |
| Fortive Corporation | 266 | 14678 |
| Ingersoll Rand Inc. | 603 | 47793 |
| ITT Inc. | 160 | 27814 |
| Old Dominion Freight Line, Inc. | 310 | 48544 |
| Paylocity Holding Corporation (a) | 307 | 46814 |
| Quanta Services, Inc. | 56 | 23720 |
| RB Global, Inc. | 188 | 19350 |
| StandardAero, Inc. (a) | 872 | 25012 |
| Textron Inc. | 604 | 52659 |
| TransUnion | 555 | 47634 |
| UL Solutions Inc. - Class A | 356 | 28052 |
| Veralto Corporation | 439 | 43774 |
| XPO, Inc. (a) | 247 | 33583 |
|  |  | 658410 |
| **Financials 8.3%** | **Financials 8.3%** | **Financials 8.3%** |
| Assurant, Inc. | 307 | 73821 |
| Bullish (a) | 77 | 2921 |
| CBOE Global Markets, Inc. | 151 | 37901 |
| Corpay Inc. (a) | 88 | 26535 |
| Markel Group Inc. (a) | 13 | 27730 |
| MSCI Inc. - Class A | 118 | 67585 |
| Raymond James Financial, Inc. | 293 | 47069 |
| Ryan Specialty Group Holdings, Inc. - Class A | 311 | 16049 |
| Toast, Inc. - Class A (a) | 614 | 21817 |
| TPG Inc. - Class A | 281 | 17934 |
| Tradeweb Markets Inc. - Class A | 243 | 26164 |
|  |  | 365526 |
| **Communication Services 4.9%** | **Communication Services 4.9%** | **Communication Services 4.9%** |
| Liberty Live Holdings, Inc. - Series C (a) | 362 | 30087 |
| Liberty Media Corporation - Series C (a) | 704 | 69380 |
| Live Nation Entertainment, Inc. (a) | 58 | 8279 |
| McGraw-Hill Education, Inc. (a) | 550 | 9077 |
| Reddit, Inc. - Class A (a) | 158 | 36225 |
| The New York Times Company - Class A | 735 | 51031 |
| Trade Desk, Inc., The - Class A (a) | 284 | 10781 |
|  |  | 214860 |
| **Energy 4.1%** | **Energy 4.1%** | **Energy 4.1%** |
| Cheniere Energy, Inc. | 229 | 44515 |
| DT Midstream, Inc. | 44 | 5278 |
| EQT Corporation | 772 | 41395 |
| Expand Energy Corporation | 231 | 25526 |
| TechnipFMC PLC | 1415 | 63047 |
|  |  | 179761 |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |
| Casey's General Stores, Inc. | 62 | 34335 |
| Dollar Tree, Inc. (a) | 567 | 69722 |
| Maplebear Inc. (a) | 38 | 1705 |
| McCormick & Company, Incorporated | 507 | 34518 |
|  |  | 140280 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Avery Dennison Corporation | 237 | 43124 |
| Ball Corporation | 555 | 29393 |
| Martin Marietta Materials, Inc. | 78 | 48505 |
|  |  | 121022 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| CoStar Group, Inc. (a) | 290 | 19466 |
| Total Common Stocks (cost $3,489,117) | Total Common Stocks (cost $3,489,117) | 4259401 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

561

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Investment Companies 3.1%** | **Investment Companies 3.1%** | **Investment Companies 3.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 3434 | 3434 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (b) (c) | 131630 | 131630 |
| Total Short Term Investments (cost $135,064) | Total Short Term Investments (cost $135,064) | 135064 |
| **Total Investments 100.0% (cost $3,624,181)** | **Total Investments 100.0% (cost $3,624,181)** | **4394465** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **1646** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4396111** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** | **JNL/T. Rowe Price Mid-Cap Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 4545 | 226587 | 227698 | 163 |  |  | 3434 | 0.1 |
| JNL Government Money Market Fund, 3.74% - Class SL | 1715 | 187598 | 189313 | 169 |  |  |  |  |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 119773 | 887528 | 875671 | 6034 |  |  | 131630 | 3.0 |
|  | 126033 | 1301713 | 1292682 | 6366 |  |  | 135064 | 3.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4259401 |  |  | 4259401 |
| &nbsp;&nbsp;Short Term Investments | 135064 |  |  | 135064 |
|  | 4394465 |  |  | 4394465 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

562

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |
| **CORPORATE BONDS AND NOTES 39.5%** | **CORPORATE BONDS AND NOTES 39.5%** | **CORPORATE BONDS AND NOTES 39.5%** |
| **Financials 12.0%** | **Financials 12.0%** | **Financials 12.0%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.10%, 01/15/27 | 545 | 555 |
| 6.45%, 04/15/27 | 2574 | 2644 |
| AIG Global Funding |  |  |
| 4.65%, 08/20/27 (a) | 605 | 611 |
| 4.25%, 08/21/28 (a) | 1110 | 1113 |
| 5.20%, 01/12/29 (a) | 585 | 600 |
| American Express Company |  |  |
| 5.10%, 02/16/28 | 665 | 673 |
| 4.73%, 04/25/29 | 1295 | 1315 |
| 5.53%, 04/25/30 | 1280 | 1335 |
| American Honda Finance Corporation |  |  |
| 5.65%, 11/15/28 | 1895 | 1976 |
| Aspen Insurance Holdings Limited |  |  |
| 5.75%, 07/01/30 | 710 | 741 |
| Athene Global Funding |  |  |
| 5.68%, 02/23/26 (a) | 1715 | 1719 |
| 4.86%, 08/27/26 (a) | 1290 | 1295 |
| 5.35%, 07/09/27 (a) | 1260 | 1281 |
| Avolon Holdings Funding Limited |  |  |
| 2.13%, 02/21/26 (a) | 935 | 932 |
| 6.38%, 05/04/28 (a) | 740 | 771 |
| 5.75%, 03/01/29 (a) | 1215 | 1256 |
| Banco Santander, S.A. |  |  |
| 5.55%, 03/14/28 (b) | 1000 | 1016 |
| Bank of America Corporation |  |  |
| 5.08%, 01/20/27 | 1650 | 1650 |
| 1.73%, 07/22/27 | 1290 | 1273 |
| 4.62%, 05/09/29 | 2175 | 2204 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.73%, 04/20/29 | 1600 | 1627 |
| Banque Federative du Credit Mutuel |  |  |
| 4.94%, 01/26/26 (a) | 1495 | 1496 |
| Barclays PLC |  |  |
| 5.09%, 02/25/29 | 1260 | 1284 |
| 4.48%, 11/11/29 | 665 | 668 |
| BNP Paribas |  |  |
| 4.79%, 05/09/29 (a) | 2115 | 2139 |
| Brighthouse Financial, Inc. |  |  |
| 1.55%, 05/24/26 (a) | 460 | 455 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 605 | 612 |
| CaixaBank, S.A. |  |  |
| 6.68%, 09/13/27 (a) | 1565 | 1592 |
| Capital One Financial Corporation |  |  |
| 7.15%, 10/29/27 | 760 | 778 |
| Charles Schwab Corporation, The |  |  |
| 4.34%, 11/14/31 | 2690 | 2688 |
| Citigroup Inc. |  |  |
| 5.17%, 02/13/30 | 1170 | 1200 |
| CNO Global Funding |  |  |
| 1.75%, 10/07/26 (a) | 2065 | 2028 |
| 4.88%, 12/10/27 (a) | 613 | 621 |
| Credit Agricole S.A. |  |  |
| 5.23%, 01/09/29 (a) | 1050 | 1072 |
| Daimler Trucks Finance North America LLC |  |  |
| 5.00%, 01/15/27 (a) | 630 | 636 |
| 4.30%, 08/12/27 (a) | 1135 | 1140 |
| 5.13%, 09/25/27 (a) | 1025 | 1042 |
| Danske Bank A/S |  |  |
| 5.43%, 03/01/28 (a) | 1210 | 1228 |
| 4.61%, 10/02/30 (a) | 1115 | 1124 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (a) | 1890 | 1924 |
| Equitable Financial Life Global Funding |  |  |
| 3.95%, 09/15/27 (a) | 430 | 429 |
| 4.65%, 06/09/28 (a) | 1310 | 1323 |
| 4.30%, 12/15/28 (a) | 545 | 547 |
| Federation des caisses Desjardins du Quebec |  |  |
| 4.57%, 08/26/30 (a) | 1165 | 1173 |
| First Abu Dhabi Bank PJSC |  |  |
| 5.13%, 10/13/27 (c) | 2800 | 2850 |
| Fiserv, Inc. |  |  |
| 5.15%, 03/15/27 | 1495 | 1511 |
| 5.38%, 08/21/28 | 885 | 908 |
| 4.20%, 10/01/28 (d) | 1035 | 1032 |
| 3.50%, 07/01/29 | 600 | 582 |
| 4.55%, 02/15/31 | 775 | 768 |
| Ford Motor Credit Company LLC |  |  |
| 5.13%, 11/05/26 | 1135 | 1145 |
| 5.80%, 03/05/27 | 1485 | 1503 |
| 5.92%, 03/20/28 | 840 | 860 |
| Fortitude Global Funding |  |  |
| 4.63%, 10/06/28 (a) | 1080 | 1081 |
| Fortitude Group Holdings, LLC |  |  |
| 6.25%, 04/01/30 (a) | 1515 | 1581 |
| GA Global Funding Trust |  |  |
| 4.40%, 09/23/27 (a) | 2180 | 2189 |
| 5.40%, 01/13/30 (a) | 1530 | 1567 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 - 05/08/27 | 2169 | 2192 |
| 5.35%, 07/15/27 | 1101 | 1121 |
| 5.05%, 04/04/28 | 2200 | 2240 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.94%, 04/23/28 | 3035 | 3069 |
| 4.48%, 08/23/28 | 1225 | 1233 |
| 5.22%, 04/23/31 | 1695 | 1748 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 1280 | 1305 |
| 5.13%, 11/19/28 | 1645 | 1676 |
| 4.90%, 03/03/29 | 1410 | 1431 |
| ING Groep N.V. |  |  |
| 4.86%, 03/25/29 | 1610 | 1637 |
| Intercontinental Exchange Holdings, Inc. |  |  |
| 4.20%, 03/15/31 | 1620 | 1621 |
| Intercontinental Exchange, Inc. |  |  |
| 3.63%, 09/01/28 | 1168 | 1160 |
| JPMorgan Chase & Co. |  |  |
| 4.84%, (SOFR + 0.89%), 04/22/27 (e) | 1265 | 1267 |
| 5.04%, 01/23/28 | 1170 | 1182 |
| 4.98%, 07/22/28 | 1175 | 1193 |
| Lloyds Banking Group PLC |  |  |
| 5.46%, 01/05/28 | 1175 | 1191 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 1940 | 1978 |
| 4.63%, 11/15/27 (a) | 315 | 315 |
| 4.90%, 04/03/28 | 695 | 705 |
| 6.75%, 11/17/28 | 600 | 640 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 935 | 944 |
| Morgan Stanley |  |  |
| 4.99%, 04/12/29 | 1635 | 1667 |
| Nasdaq, Inc. |  |  |
| 5.35%, 06/28/28 (d) | 406 | 419 |
| PT. Bank Mandiri |  |  |
| 5.50%, 04/04/26 (c) | 1710 | 1716 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (a) | 1775 | 1783 |
| 4.60%, 11/25/30 (a) | 2200 | 2200 |
| Sammons Financial Group, Inc. |  |  |
| 5.05%, 01/10/28 (a) | 795 | 808 |
| Santander Holdings USA, Inc. |  |  |
| 6.12%, 05/31/27 | 240 | 242 |
| 2.49%, 01/06/28 (f) | 1360 | 1337 |
| Santander UK Group Holdings PLC |  |  |
| 1.67%, 06/14/27 | 615 | 608 |
| 4.32%, 09/22/29 | 790 | 791 |
| Societe Generale |  |  |
| 5.52%, 01/19/28 (a) | 1025 | 1038 |
| Standard Chartered PLC |  |  |
| 4.30%, 02/19/27 (a) (b) | 788 | 786 |
| 5.69%, 05/14/28 (a) | 1180 | 1204 |
| The PNC Financial Services Group, Inc. |  |  |
| 4.76%, 01/26/27 | 1860 | 1861 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

563

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Western Union Company |  |  |
| 1.35%, 03/15/26 (d) | 3993 | 3971 |
| U.S. Bancorp |  |  |
| 4.55%, 07/22/28 | 1435 | 1447 |
| Wells Fargo & Company |  |  |
| 4.90%, 01/24/28 | 2090 | 2108 |
| 4.97%, 04/23/29 | 4465 | 4545 |
| | | 129742 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| Canadian Natural Resources Limited |  |  |
| 3.85%, 06/01/27 | 1243 | 1240 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 1518 | 1533 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 259 | 259 |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.06%, 08/15/26 (a) | 290 | 293 |
| Diamondback Energy, Inc. |  |  |
| 5.20%, 04/18/27 | 1270 | 1289 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 730 | 741 |
| 4.60%, 06/20/28 | 505 | 510 |
| 6.00%, 11/15/28 | 600 | 631 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 2770 | 2815 |
| 5.25%, 07/01/29 | 960 | 988 |
| EOG Resources, Inc. |  |  |
| 4.40%, 01/15/31 | 880 | 881 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (a) | 480 | 478 |
| HF Sinclair Corporation |  |  |
| 5.75%, 01/15/31 | 1030 | 1064 |
| Kinder Morgan, Inc. |  |  |
| 5.15%, 06/01/30 | 1330 | 1375 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | 3560 | 3599 |
| ONEOK, Inc. |  |  |
| 4.85%, 07/15/26 | 2657 | 2663 |
| 5.55%, 11/01/26 | 1325 | 1341 |
| 4.25%, 09/24/27 | 2280 | 2288 |
| 5.63%, 01/15/28 (a) | 586 | 598 |
| Plains All American Pipeline, L.P. |  |  |
| 4.70%, 01/15/31 | 890 | 895 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.88%, 06/30/26 | 370 | 374 |
| 4.20%, 03/15/28 | 468 | 468 |
| Schlumberger Holdings Corporation |  |  |
| 3.90%, 05/17/28 (a) | 2067 | 2062 |
| Schlumberger Investment S.A. |  |  |
| 4.50%, 05/15/28 | 1135 | 1147 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 1595 | 1609 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | 510 | 518 |
| 4.35%, 01/15/29 | 1050 | 1053 |
| Tengizchevroil Finance Company S.a r.l. |  |  |
| 4.00%, 08/15/26 (c) | 2240 | 2230 |
| Valero Energy Corporation |  |  |
| 5.15%, 02/15/30 | 515 | 530 |
| Var Energi ASA |  |  |
| 5.00%, 05/18/27 (a) | 1405 | 1418 |
| Williams Companies, Inc., The |  |  |
| 5.40%, 03/02/26 | 3205 | 3212 |
| 4.80%, 11/15/29 | 980 | 998 |
| 4.63%, 06/30/30 | 1550 | 1565 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (a) | 657 | 655 |
|  |  | 43320 |
| **Industrials 3.9%** | **Industrials 3.9%** | **Industrials 3.9%** |
| Amrize Finance US LLC |  |  |
| 4.70%, 04/07/28 | 1540 | 1558 |
| 4.95%, 04/07/30 | 565 | 578 |
| BAE Systems PLC |  |  |
| 5.00%, 03/26/27 (a) | 1380 | 1397 |
| Boeing Company, The |  |  |
| 2.20%, 02/04/26 (d) | 955 | 953 |
| 6.26%, 05/01/27 (d) | 2378 | 2440 |
| 3.20%, 03/01/29 | 1195 | 1158 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 1005 | 1023 |
| Element Fleet Management Corp. |  |  |
| 5.64%, 03/13/27 (a) | 1090 | 1108 |
| 5.04%, 03/25/30 (a) | 1045 | 1067 |
| FedEx Corporation |  |  |
| 3.25%, 04/01/26 | 2666 | 2661 |
| Fortive Corporation |  |  |
| 3.15%, 06/15/26 | 1538 | 1531 |
| GATX Corporation |  |  |
| 3.25%, 09/15/26 | 820 | 816 |
| 5.40%, 03/15/27 | 774 | 785 |
| 3.85%, 03/30/27 | 867 | 865 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/30 | 445 | 460 |
| Owens Corning |  |  |
| 3.40%, 08/15/26 | 748 | 745 |
| 5.50%, 06/15/27 | 1035 | 1056 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.75%, 05/24/26 (a) | 3035 | 3051 |
| 1.70%, 06/15/26 (a) | 268 | 265 |
| 3.40%, 11/15/26 (a) | 470 | 467 |
| 5.35%, 01/12/27 (a) | 690 | 698 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 - 04/15/28 (d) | 4869 | 4930 |
| Rolls-Royce PLC |  |  |
| 5.75%, 10/15/27 (a) | 1435 | 1475 |
| RTX Corporation |  |  |
| 6.70%, 08/01/28 | 981 | 1043 |
| 7.00%, 11/01/28 | 927 | 995 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/28 | 1790 | 1794 |
| Sydney Airport Finance Company Pty Limited |  |  |
| 3.63%, 04/28/26 (a) | 326 | 325 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (a) | 2690 | 2694 |
| Verisk Analytics, Inc. |  |  |
| 4.50%, 08/15/30 | 1560 | 1574 |
| Waste Management, Inc. |  |  |
| 3.88%, 01/15/29 | 2290 | 2287 |
|  |  | 41799 |
| **Health Care 3.4%** | **Health Care 3.4%** | **Health Care 3.4%** |
| Becton, Dickinson and Company |  |  |
| 4.69%, 02/13/28 | 3035 | 3074 |
| Cencora, Inc. |  |  |
| 3.45%, 12/15/27 | 342 | 339 |
| 4.63%, 12/15/27 | 955 | 967 |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 2770 | 2680 |
| CVS Health Corporation |  |  |
| 2.88%, 06/01/26 | 1201 | 1195 |
| 3.00%, 08/15/26 | 890 | 884 |
| 1.30%, 08/21/27 | 3190 | 3052 |
| 4.30%, 03/25/28 | 980 | 983 |
| EMD Finance LLC |  |  |
| 4.13%, 08/15/28 (a) | 2855 | 2862 |
| HCA Inc. |  |  |
| 3.13%, 03/15/27 | 2280 | 2255 |
| 5.63%, 09/01/28 | 1840 | 1897 |
| 4.30%, 11/15/30 | 580 | 578 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.20%, 06/15/29 (a) | 875 | 897 |
| Humana Inc. |  |  |
| 5.75%, 03/01/28 - 12/01/28 | 2202 | 2281 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 2440 | 2489 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 810 | 854 |
| Mars, Incorporated |  |  |
| 4.60%, 03/01/28 (a) | 1565 | 1586 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

564

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.55%, 04/20/28 (a) | 2555 | 2586 |
| Mylan II B.V. |  |  |
| 3.95%, 06/15/26 | 2258 | 2252 |
| Revvity, Inc. |  |  |
| 1.90%, 09/15/28 | 1362 | 1281 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 897 | 910 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | 1353 | 1314 |
| | | 37216 |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 1775 | 1765 |
| 4.45%, 03/16/28 | 3255 | 3282 |
| Bacardi Limited |  |  |
| 4.70%, 05/15/28 (a) | 2652 | 2672 |
| Bunge Limited Finance Corp. |  |  |
| 2.00%, 04/21/26 | 375 | 373 |
| 4.90%, 04/21/27 | 2015 | 2038 |
| Coca-Cola Europacific Partners PLC |  |  |
| 1.50%, 01/15/27 (a) | 290 | 282 |
| CSL Finance PLC |  |  |
| 3.85%, 04/27/27 (a) | 730 | 729 |
| Dollar General Corporation |  |  |
| 4.13%, 05/01/28 | 1874 | 1877 |
| 5.20%, 07/05/28 | 1088 | 1116 |
| DP World Crescent Limited |  |  |
| 4.85%, 09/26/28 (c) | 2680 | 2703 |
| ERAC USA Finance LLC |  |  |
| 4.60%, 05/01/28 (a) | 2440 | 2472 |
| 5.00%, 02/15/29 (a) | 875 | 894 |
| Heineken N.V. |  |  |
| 3.50%, 01/29/28 (a) | 5437 | 5390 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (a) | 1540 | 1584 |
| 4.50%, 06/30/28 (a) | 1195 | 1204 |
| Japan Tobacco Inc. |  |  |
| 4.85%, 05/15/28 (a) | 2490 | 2537 |
| Keurig Dr Pepper Inc. |  |  |
| 5.05%, 03/15/29 | 1790 | 1828 |
| 3.95%, 04/15/29 | 302 | 299 |
| KT&G Corporation |  |  |
| 5.00%, 05/02/28 (c) | 1260 | 1285 |
| Philip Morris International Inc. |  |  |
| 5.13%, 11/17/27 | 457 | 467 |
|  |  | 34797 |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| AES Corporation, The |  |  |
| 1.38%, 01/15/26 | 2302 | 2299 |
| Ameren Corporation |  |  |
| 1.95%, 03/15/27 | 872 | 851 |
| Appalachian Power Company |  |  |
| 3.30%, 06/01/27 | 2528 | 2504 |
| Constellation Energy Generation, LLC |  |  |
| 5.60%, 03/01/28 | 613 | 632 |
| DTE Energy Company |  |  |
| 4.95%, 07/01/27 | 880 | 892 |
| 4.88%, 06/01/28 | 1200 | 1220 |
| 5.20%, 04/01/30 | 1155 | 1191 |
| Duke Energy Corporation |  |  |
| 4.30%, 03/15/28 | 789 | 793 |
| Enel Finance International N.V. |  |  |
| 1.63%, 07/12/26 (a) (g) | 2250 | 2220 |
| 4.13%, 09/30/28 (a) | 560 | 559 |
| FirstEnergy Corp. |  |  |
| 3.90%, 07/15/27 (d) (g) | 1896 | 1890 |
| FirstEnergy Transmission, LLC |  |  |
| 4.55%, 01/15/30 | 450 | 453 |
| Korea Electric Power Corp |  |  |
| 5.38%, 04/06/26 (a) | 2400 | 2408 |
| Korea Hydro & Nuclear Power Co., Ltd |  |  |
| 1.25%, 04/27/26 (a) | 1419 | 1407 |
| 4.25%, 07/27/27 (a) | 1120 | 1125 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 1.88%, 01/15/27 | 2270 | 2222 |
| 4.69%, 09/01/27 (g) | 370 | 375 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (a) | 970 | 976 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 515 | 528 |
| PG&E Company |  |  |
| 3.30%, 03/15/27 - 12/01/27 | 837 | 826 |
| 5.45%, 06/15/27 | 195 | 198 |
| 5.00%, 06/04/28 | 995 | 1012 |
| Public Service Enterprise Group Incorporated |  |  |
| 4.90%, 03/15/30 | 1930 | 1973 |
| Sempra |  |  |
| 5.40%, 08/01/26 | 1090 | 1098 |
| Southern Company Gas Capital Corporation |  |  |
| 4.05%, 09/15/28 | 1000 | 1000 |
| The Southern Company |  |  |
| 5.11%, 08/01/27 (g) | 1035 | 1052 |
| Vistra Operations Company LLC |  |  |
| 5.05%, 12/30/26 (a) | 988 | 995 |
|  |  | 32699 |
| **Consumer Discretionary 2.8%** | **Consumer Discretionary 2.8%** | **Consumer Discretionary 2.8%** |
| AutoZone, Inc. |  |  |
| 5.13%, 06/15/30 | 1230 | 1268 |
| BMW US Capital, LLC |  |  |
| 4.60%, 08/13/27 (a) | 2875 | 2906 |
| Ck Hutchison International 25 Ltd. |  |  |
| 4.25%, 09/26/30 (a) | 1610 | 1608 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 1620 | 1629 |
| Hyundai Capital America |  |  |
| 5.50%, 03/30/26 (a) | 885 | 888 |
| 5.25%, 01/08/27 (a) | 620 | 627 |
| 4.85%, 03/25/27 (a) | 1080 | 1089 |
| 4.88%, 06/23/27 (a) | 1130 | 1143 |
| 5.00%, 01/07/28 (a) | 1340 | 1361 |
| 5.60%, 03/30/28 (a) | 1180 | 1214 |
| Lowe`s Companies, Inc. |  |  |
| 4.00%, 10/15/28 | 680 | 682 |
| Marriott International, Inc. |  |  |
| 3.13%, 06/15/26 | 2125 | 2117 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 3362 | 3408 |
| 4.35%, 06/01/28 | 1102 | 1106 |
| Ross Stores, Inc. |  |  |
| 0.88%, 04/15/26 | 2130 | 2111 |
| Starbucks Corporation |  |  |
| 2.00%, 03/12/27 | 450 | 440 |
| 4.00%, 11/15/28 | 1168 | 1167 |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.70%, 09/12/26 (a) | 1355 | 1369 |
| 6.00%, 11/16/26 (a) | 1195 | 1212 |
| 4.85%, 08/15/27 (a) | 2020 | 2039 |
| 4.45%, 09/11/27 (a) | 325 | 326 |
| 5.05%, 03/27/28 (a) | 885 | 898 |
|  |  | 30608 |
| **Information Technology 2.3%** | **Information Technology 2.3%** | **Information Technology 2.3%** |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 645 | 663 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28 (a) | 2780 | 2732 |
| 4.00%, 07/01/29 (a) (f) | 300 | 293 |
| Dell International L.L.C. |  |  |
| 4.75%, 04/01/28 | 1515 | 1536 |
| Fortinet, Inc. |  |  |
| 1.00%, 03/15/26 | 1965 | 1952 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (a) | 505 | 529 |
| 5.50%, 01/25/31 (a) | 535 | 553 |
| Gartner, Inc. |  |  |
| 4.50%, 07/01/28 (a) | 1180 | 1176 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 525 | 519 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

565

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.75%, 08/05/27 | 950 | 945 |
| 4.88%, 02/10/28 | 324 | 329 |
| 4.00%, 08/05/29 | 1045 | 1034 |
| Marvell Technology, Inc. |  |  |
| 1.65%, 04/15/26 | 725 | 720 |
| 4.88%, 06/22/28 | 2200 | 2238 |
| 4.75%, 07/15/30 | 450 | 455 |
| NXP B.V. |  |  |
| 3.88%, 06/18/26 | 1345 | 1343 |
| 3.15%, 05/01/27 | 305 | 302 |
| 4.40%, 06/01/27 | 295 | 296 |
| 4.30%, 08/19/28 - 06/18/29 | 1845 | 1847 |
| Oracle Corporation |  |  |
| 4.45%, 09/26/30 | 1990 | 1945 |
| Synopsys, Inc. |  |  |
| 4.65%, 04/01/28 | 2900 | 2939 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 975 | 969 |
| | | 25315 |
| **Communication Services 1.9%** | **Communication Services 1.9%** | **Communication Services 1.9%** |
| AT&T Inc. |  |  |
| 4.10%, 02/15/28 | 780 | 781 |
| Comcast Corporation |  |  |
| 4.15%, 10/15/28 | 660 | 663 |
| Cox Communications, Inc. |  |  |
| 3.35%, 09/15/26 (a) | 665 | 662 |
| 3.50%, 08/15/27 (a) | 860 | 850 |
| KT Corporation |  |  |
| 4.13%, 02/02/28 (a) | 350 | 351 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/30 | 2185 | 2190 |
| NBN Co Limited |  |  |
| 1.45%, 05/05/26 (a) | 3665 | 3633 |
| NTT Finance Corporation |  |  |
| 4.62%, 07/16/28 (a) | 1035 | 1048 |
| Omnicom Group Inc. |  |  |
| 3.60%, 04/15/26 | 495 | 494 |
| Rogers Communications Inc. |  |  |
| 3.20%, 03/15/27 | 2250 | 2228 |
| 5.00%, 02/15/29 | 2780 | 2836 |
| Take-Two Interactive Software, Inc. |  |  |
| 5.00%, 03/28/26 | 1910 | 1914 |
| Verizon Communications Inc. |  |  |
| 2.10%, 03/22/28 | 2398 | 2304 |
| 4.75%, 01/15/33 | 1110 | 1111 |
|  |  | 21065 |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| AptarGroup, Inc. |  |  |
| 4.75%, 03/30/31 | 540 | 544 |
| Celanese US Holdings LLC |  |  |
| 1.40%, 08/05/26 | 1260 | 1241 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.63%, 08/01/27 (c) | 421 | 417 |
| 3.00%, 09/30/29 (c) | 2570 | 2442 |
| EQUATE Petrochemical |  |  |
| 2.63%, 04/28/28 (c) | 2350 | 2257 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | 419 | 418 |
| 5.25%, 09/01/29 | 495 | 503 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 980 | 998 |
| POSCO Holdings Inc. |  |  |
| 5.63%, 01/17/26 (a) | 1315 | 1316 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (c) | 615 | 631 |
| 5.25%, 02/13/30 (a) | 2000 | 2051 |
| Sherwin-Williams Company, The |  |  |
| 4.55%, 03/01/28 | 1305 | 1320 |
| Steel Dynamics, Inc. |  |  |
| 4.00%, 12/15/28 | 2675 | 2673 |
|  |  | 16811 |
| **Real Estate 1.4%** | **Real Estate 1.4%** | **Real Estate 1.4%** |
| American Tower Corporation |  |  |
| 1.60%, 04/15/26 | 2927 | 2907 |
| 3.55%, 07/15/27 | 1188 | 1180 |
| CBRE Services, Inc. |  |  |
| 4.80%, 06/15/30 | 595 | 603 |
| Crown Castle Inc. |  |  |
| 1.05%, 07/15/26 | 2800 | 2764 |
| 2.90%, 03/15/27 | 2205 | 2174 |
| 5.00%, 01/11/28 | 850 | 864 |
| 4.80%, 09/01/28 | 1125 | 1141 |
| 4.30%, 02/15/29 | 230 | 229 |
| 5.60%, 06/01/29 | 930 | 965 |
| Extra Space Storage LP |  |  |
| 3.88%, 12/15/27 | 1610 | 1605 |
| Realty Income Corporation |  |  |
| 5.05%, 01/13/26 | 645 | 645 |
|  |  | 15077 |
| Total Corporate Bonds And Notes (cost $424,129) | Total Corporate Bonds And Notes (cost $424,129) | 428449 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 29.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 29.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 29.0%** |
| Affirm Asset Securitization Trust 2025-X2 |  |  |
| Series 2025-A-X2, 4.45%, 12/15/26 | 1285 | 1286 |
| Affirm Master Trust |  |  |
| Series 2025-A-2A, REMIC, 4.67%, 07/15/33 | 940 | 947 |
| Series 2025-B-2A, REMIC, 5.06%, 07/15/33 | 990 | 996 |
| Alinea CLO 2018-1 Ltd |  |  |
| Series 2018-AR-1A, 5.23%, (3 Month Term SOFR + 0.90%), 07/21/31 (e) | 15 | 15 |
| Series 2018-BR-1A, 5.48%, (3 Month Term SOFR + 1.15%), 07/21/31 (e) | 250 | 250 |
| Ally Auto Receivables Trust 2023-A |  |  |
| Series 2023-C-A, 6.08%, 12/15/26 | 519 | 524 |
| Series 2023-B-A, 6.01%, 01/15/34 | 12 | 12 |
| Ally Bank |  |  |
| Series 2024-C-A, 6.02%, 02/15/28 | 133 | 135 |
| Series 2024-A2-B, 4.97%, 09/15/32 | 381 | 384 |
| Series 2024-C-B, 5.22%, 09/15/32 | 238 | 240 |
| Series 2025-B-B, 4.50%, 09/15/33 | 586 | 587 |
| Series 2025-C-B, 4.70%, 09/15/33 | 697 | 701 |
| AmeriCredit Automobile Receivables Trust 2022-1 |  |  |
| Series 2022-D-1, 3.23%, 02/18/28 | 1465 | 1452 |
| AmeriCredit Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.80%, 12/18/28 | 1195 | 1217 |
| Amur Equipment Finance Receivables X LLC |  |  |
| Series 2022-C-1A, 2.37%, 04/20/28 | 318 | 317 |
| Series 2022-E-1A, 5.02%, 12/20/28 | 770 | 769 |
| Amur Equipment Finance Receivables XIV LLC |  |  |
| Series 2024-D-2A, 5.97%, 10/20/31 | 255 | 261 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 01/25/66 (e) | 911 | 800 |
| Angel Oak Mortgage Trust 2025-5 |  |  |
| Series 2025-A1-5, REMIC, 5.57%, 04/25/70 (g) | 2660 | 2685 |
| Anthelion CLO 2025-1 Ltd |  |  |
| Series 2025-A1-1A, REMIC, 5.81%, (3 Month Term SOFR + 1.50%), 07/21/36 (e) | 1650 | 1652 |
| Arby's Funding, LLC |  |  |
| Series 2020-A2-1A, 3.24%, 07/30/27 (g) | 2947 | 2871 |
| ARI Fleet Lease Trust 2024-B |  |  |
| Series 2024-A2-B, 5.54%, 02/16/27 | 671 | 675 |
| Auxilior Term Funding 2023-1, LLC |  |  |
| Series 2023-A2-1A, 6.18%, 12/16/30 | 441 | 443 |
| Series 2023-D-1A, 7.27%, 12/16/30 | 1040 | 1089 |
| Auxilior Term Funding 2024-1, LLC |  |  |
| Series 2024-A3-1A, 5.49%, 07/15/31 | 715 | 728 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-C-5A, 6.24%, 04/20/26 | 350 | 351 |
| Series 2023-C-2A, 6.18%, 10/20/26 | 370 | 373 |
| Series 2025-B-3A, 4.46%, 02/20/29 | 260 | 260 |
| Series 2025-C-3A, 4.95%, 02/20/29 | 100 | 100 |
| Balboa Bay Loan Funding 2023-1 Ltd |  |  |
| Series 2023-ARR-1A, 5.04%, (3 Month Term SOFR + 1.16%), 04/21/36 (e) | 545 | 546 |
| Bank 2024-BNK47 |  |  |
| Series 2024-A1-BNK47, REMIC, 5.52%, 05/17/29 | 228 | 233 |
| Bank5 2024-5Yr11 |  |  |
| Series 2024-AS-5YR11, REMIC, 6.14%, 11/19/29 | 925 | 967 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

566

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank5 2024-5YR12 |  |  |
| Series 2024-AS-5YR12, REMIC, 6.12%, 12/15/29 (e) | 650 | 679 |
| Series 2024-A3-5YR12, REMIC, 5.90%, 12/17/57 (e) | 1535 | 1613 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-A1-5YR9, REMIC, 4.89%, 06/15/29 | 1040 | 1054 |
| Barclays Mortgage Loan Trust 2025-NQM6 |  |  |
| Series 2025-A1-NQM6, 5.09%, 10/25/65 (g) | 2257 | 2260 |
| Battalion CLO X Ltd |  |  |
| Series 2016-A2R3-10A, 5.45%, (3 Month Term SOFR + 1.75%), 01/24/35 (e) | 2930 | 2931 |
| Battalion CLO XII Ltd |  |  |
| Series 2018-BRR-12A, 5.05%, (3 Month Term SOFR + 1.20%), 05/19/31 (e) | 1335 | 1329 |
| Series 2018-CRR-12A, 5.40%, (3 Month Term SOFR + 1.55%), 05/19/31 (e) | 1445 | 1443 |
| Battalion CLO XV Ltd. |  |  |
| Series 2020-A1RR-15A, 4.86%, (3 Month Term SOFR + 0.98%), 01/17/33 (e) | 3786 | 3784 |
| Series 2020-CR-15A, 5.78%, (3 Month Term SOFR + 1.90%), 01/17/33 (e) | 965 | 960 |
| Battalion CLO XXI Ltd. |  |  |
| Series 2021-BR-21A, REMIC, 5.60%, (3 Month Term SOFR + 1.70%), 07/17/34 (e) | 830 | 829 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 4.97%, (SOFR 30-Day Average + 1.10%), 12/26/31 (e) | 317 | 317 |
| Bayview Opportunity Master Fund VII 2025-EDU1 LLC |  |  |
| Series 2025-A-EDU1, REMIC, 5.17%, (SOFR 30-Day Average + 1.30%), 07/27/48 (e) | 468 | 469 |
| Series 2025-B-EDU1, REMIC, 5.57%, (SOFR 30-Day Average + 1.70%), 07/27/48 (e) | 1223 | 1221 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-AM-V11, REMIC, 6.20%, 11/19/29 | 785 | 821 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A1-V8, REMIC, 5.51%, 04/16/29 (e) | 521 | 531 |
| Benchmark 2025-B41 Mortgage Trust |  |  |
| Series 2025-A1-B41, REMIC, 4.40%, 08/16/30 | 205 | 206 |
| Benchmark 2025-V19 Mortgage Trust |  |  |
| Series 2025-A3-V19, REMIC, 5.25%, 12/16/30 | 315 | 325 |
| BFLD Commercial Mortgage Trust 2025-5MW |  |  |
| Series 2025-C-5MW, REMIC, 5.45%, 10/11/30 (e) | 425 | 428 |
| BINOM Securitization Trust 2021-INV1 |  |  |
| Series 2021-A2-INV1, REMIC, 2.37%, 06/25/56 (e) | 471 | 441 |
| Series 2021-A3-INV1, REMIC, 2.63%, 06/25/56 (e) | 484 | 453 |
| Blue Owl Asset Leasing Trust 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.05%, 03/15/29 | 603 | 603 |
| Series 2024-B-1A, 5.41%, 03/15/30 | 325 | 328 |
| BlueMountain CLO 2016-3 Ltd |  |  |
| Series 2016-A1R2-3A, 4.79%, (3 Month Term SOFR + 0.94%), 11/15/30 (e) | 628 | 628 |
| Bluemountain CLO XXX Ltd |  |  |
| Series 2018-A1R-3A, 4.79%, (3 Month Term SOFR + 1.19%), 10/25/30 (e) | 515 | 516 |
| BMO 2024-5C4 Mortgage Trust |  |  |
| Series 2024-A3-5C4, REMIC, 6.53%, 04/17/29 | 1540 | 1633 |
| BPR Trust 2021-TY |  |  |
| Series 2021-B-TY, REMIC, 5.02%, (1 Month Term SOFR + 1.26%), 09/15/38 (e) | 1855 | 1853 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 319 | 317 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-B-GPA3, REMIC, 5.39%, (1 Month Term SOFR + 1.64%), 12/15/26 (e) | 763 | 764 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.39%, (1 Month Term SOFR + 1.64%), 05/15/29 (e) | 1132 | 1134 |
| Series 2024-B-MDHS, REMIC, 5.59%, (1 Month Term SOFR + 1.84%), 05/15/29 (e) | 1107 | 1109 |
| BX Commercial Mortgage Trust 2024-SLCT |  |  |
| Series 2024-B-SLCT, REMIC, 5.54%, (1 Month Term SOFR + 1.79%), 01/15/27 (e) | 545 | 545 |
| Series 2024-C-SLCT, REMIC, 6.14%, (1 Month Term SOFR + 2.39%), 01/15/27 (e) | 1430 | 1431 |
| BX Trust 2025-VOLT |  |  |
| Series 2025-A-VOLT, REMIC, 5.70%, (1 Month Term SOFR + 1.70%), 12/16/30 (e) | 1230 | 1228 |
| Series 2025-B-VOLT, REMIC, 6.10%, (1 Month Term SOFR + 2.10%), 12/16/30 (e) | 1703 | 1701 |
| Canyon Capital CLO 2019-2 Ltd |  |  |
| Series 2019-AR2-2A, 4.91%, (3 Month Term SOFR + 1.01%), 10/16/34 (e) | 1490 | 1487 |
| CarMax Auto Owner Trust 2023-2 |  |  |
| Series 2023-C-2, 5.57%, 11/15/28 | 2330 | 2369 |
| Series 2023-D-2, 6.55%, 10/15/29 | 1570 | 1615 |
| CarMax Auto Owner Trust 2023-3 |  |  |
| Series 2023-C-3, 5.61%, 02/15/29 | 1505 | 1535 |
| Series 2023-D-3, 6.44%, 12/16/30 | 820 | 843 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-C-1, 5.47%, 12/15/27 | 905 | 925 |
| CarMax Auto Owner Trust 2024-2 |  |  |
| Series 2024-D-2, 6.42%, 10/15/30 | 100 | 103 |
| CarMax Auto Owner Trust 2024-3 |  |  |
| Series 2024-D-3, 5.67%, 01/15/31 | 375 | 380 |
| CarMax Select Receivables Trust 2024-A |  |  |
| Series 2024-B-A, 5.35%, 08/16/27 | 405 | 412 |
| Series 2024-C-A, 5.62%, 03/15/28 | 1700 | 1729 |
| Carvana Auto Receivables Trust 2022-N1 |  |  |
| Series 2022-C-N1, 3.32%, 02/10/27 | 44 | 44 |
| Carvana Auto Receivables Trust 2024-N2 |  |  |
| Series 2024-B-N2, 5.67%, 03/10/27 | 1215 | 1230 |
| Series 2024-C-N2, 5.82%, 09/10/27 | 2445 | 2499 |
| Carvana Auto Receivables Trust 2025-P4 |  |  |
| Series 2025-C-P4, 5.04%, 03/10/31 | 910 | 909 |
| Series 2025-D-P4, 5.62%, 05/10/31 | 1090 | 1089 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 4.92%, (1 Month Term SOFR + 5.09%), 07/12/30 (e) | 1275 | 1288 |
| Chenango Park CLO Ltd |  |  |
| Series 2018-A2R-1A, 5.35%, (3 Month Term SOFR + 1.45%), 04/15/30 (e) | 870 | 870 |
| Series 2018-BR-1A, 5.70%, (3 Month Term SOFR + 1.80%), 04/15/30 (e) | 1825 | 1826 |
| CIFC Funding 2016-I, Ltd. |  |  |
| Series 2016-AR3-1A, 4.87%, (3 Month Term SOFR + 1.00%), 10/21/31 (e) | 2024 | 2024 |
| Series 2016-D1R3-1A, 6.17%, (3 Month Term SOFR + 2.30%), 10/21/31 (e) | 895 | 896 |
| CIM Trust 2021-R6 |  |  |
| Series 2021-A1-R6, REMIC, 1.42%, 07/25/61 (e) | 197 | 183 |
| CIM Trust 2022-R3 |  |  |
| Series 2022-A1-R3, REMIC, 4.50%, 03/25/62 | 2533 | 2505 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 11/25/38 | 951 | 804 |
| Clover CLO 2019-1 Ltd |  |  |
| Series 2019-ARR-1A, 4.88%, (3 Month Term SOFR + 1.00%), 04/18/35 (e) | 2300 | 2301 |
| COLT 2024-6 Mortgage Loan Trust |  |  |
| Series 2024-A2-6, REMIC, 5.64%, 11/25/69 (g) | 1416 | 1426 |
| COLT 2024-INV4 Mortgage Loan Trust |  |  |
| Series 2024-A3-INV4, REMIC, 6.11%, 11/25/69 (g) | 1381 | 1397 |
| COLT 2025-10 Mortgage Loan Trust |  |  |
| Series 2025-A1F-10, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 10/25/70 (e) (g) | 1684 | 1682 |
| COLT 2025-4 Mortgage Loan Trust |  |  |
| Series 2025-A1-4, REMIC, 5.79%, 04/25/70 (g) | 626 | 635 |
| COLT 2025-INV2 Mortgage Loan Trust |  |  |
| Series 2025-A1-INV2, REMIC, 5.60%, 02/25/70 (g) | 1102 | 1115 |
| COLT Funding LLC |  |  |
| Series 2021-A2-1, REMIC, 1.17%, 06/25/66 (e) | 747 | 670 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

567

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| COMM 2014-CCRE15 Mortgage Trust |  |  |
| Series 2014-B-CR15, REMIC, 3.91%, 02/12/47 (e) | 672 | 656 |
| Crown Communication Inc. |  |  |
| Series 2018-C-2, 4.24%, 07/15/28 | 690 | 686 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 2080 | 2029 |
| DBC 2025-DBC Mortgage Trust |  |  |
| Series 2025-A-DBC, REMIC, 5.10%, (1 Month Term SOFR + 1.35%), 11/15/27 (e) | 1685 | 1686 |
| Deephaven Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-A2-1, 0.97%, 05/25/65 | 363 | 353 |
| Deephaven Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-A3-2, REMIC, 1.26%, 04/25/66 (e) | 353 | 319 |
| Dell Equipment Finance Trust 2023-3 |  |  |
| Series 2023-D-3, 6.75%, 06/22/26 | 180 | 182 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-D-1, 6.12%, 12/22/26 | 300 | 304 |
| Dell Equipment Finance Trust 2024-2 |  |  |
| Series 2024-B-2, 4.82%, 08/22/30 | 155 | 156 |
| Series 2024-D-2, 5.29%, 02/24/31 | 360 | 363 |
| Dell Equipment Finance Trust 2025-1 |  |  |
| Series 2025-C-1, 5.25%, 12/22/27 | 110 | 111 |
| Dext ABS 2025-2, LLC |  |  |
| Series 2025-C-2, 4.89%, 04/15/36 | 220 | 220 |
| DLLST 2024-1 LLC |  |  |
| Series 2024-A3-1A, 5.05%, 10/21/26 | 304 | 305 |
| Series 2024-A4-1A, 4.93%, 03/22/27 | 120 | 121 |
| Driven Brands Funding, LLC |  |  |
| Series 2019-A2-2A, 3.98%, 10/20/26 | 596 | 592 |
| Dryden 86 CLO, Ltd. |  |  |
| Series 2020-A1R2-86A, 5.01%, (3 Month Term SOFR + 1.13%), 07/17/34 (e) | 2755 | 2758 |
| EFMT 2024-INV2 |  |  |
| Series 2024-A1-INV2, REMIC, 5.03%, 10/25/69 (e) | 1175 | 1178 |
| Series 2024-A2-INV2, REMIC, 5.29%, 10/25/69 (e) | 663 | 665 |
| EFMT 2025-INV1 |  |  |
| Series 2025-A1-INV5, REMIC, 5.08%, 12/25/70 (e) | 388 | 389 |
| EFMT 2025-INV2 |  |  |
| Series 2025-A1-INV2, REMIC, 5.39%, 05/25/70 (g) | 539 | 543 |
| EFMT 2025-INV4 |  |  |
| Series 2025-A1F-INV4, REMIC, 5.27%, (SOFR 30-Day Average + 1.20%), 10/25/70 (e) (g) (h) | 530 | 529 |
| EFMT 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.03%, 11/25/70 (e) (g) | 427 | 428 |
| EFMT 2025-NQM6 |  |  |
| Series 2025-A1-NQM6, REMIC, 5.00%, 12/25/70 (e) | 1070 | 1070 |
| Elara HGV Timeshare Issuer 2019-A, LLC |  |  |
| Series 2019-A-A, 2.61%, 01/25/34 | 222 | 221 |
| Elara HGV Timeshare Issuer 2023-A, LLC |  |  |
| Series 2023-A-A, 6.16%, 11/25/30 | 299 | 310 |
| Series 2023-C-A, 7.30%, 11/25/30 | 407 | 425 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (e) | 104 | 102 |
| Ellington Financial Mortgage Trust 2021-3 |  |  |
| Series 2021-A3-3, REMIC, 1.55%, 09/25/66 | 494 | 418 |
| Enterprise Fleet Financing 2024-3, LLC |  |  |
| Series 2024-A4-3, 5.06%, 04/20/29 | 300 | 307 |
| Exeter Automobile Receivables Trust 2022-4 |  |  |
| Series 2022-D-4A, 5.98%, 12/15/28 | 1083 | 1092 |
| Exeter Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-D-1A, 6.69%, 06/15/29 | 180 | 183 |
| Exeter Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-B-4A, 4.40%, 02/15/28 | 375 | 377 |
| Series 2025-C-4A, 4.57%, 10/16/28 | 1320 | 1325 |
| Exeter Automobile Receivables Trust 2025-5 |  |  |
| Series 2025-B-5A, 4.28%, 04/15/28 | 1270 | 1272 |
| Exeter Select Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-B-1, 4.87%, 08/15/28 | 775 | 782 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.91%, 09/15/29 | 795 | 802 |
| Series 2025-B-2, 4.63%, 11/17/31 | 385 | 387 |
| Extended Stay America Trust 2025-ESH |  |  |
| Series 2025-C-ESH, REMIC, 5.60%, (1 Month Term SOFR + 1.85%), 10/15/30 (e) | 630 | 631 |
| Finance of America HECM Buyout 2024-HB1 |  |  |
| Series 2024-A1A-HB1, 4.00%, 10/25/34 | 75 | 74 |
| Flagstar Mortgage Trust 2019-1INV |  |  |
| Series 2019-A13-1INV, REMIC, 3.50%, 01/25/40 (e) | 212 | 191 |
| Flagstar Mortgage Trust 2020-1INV |  |  |
| Series 2020-A11-1INV, REMIC, 4.92%, (1 Month Term SOFR + 0.96%), 08/25/41 (e) | 332 | 320 |
| Ford Credit Auto Owner Trust 2023-B |  |  |
| Series 2023-C-B, 6.43%, 05/15/26 | 895 | 899 |
| Ford Credit Floorplan Master Owner Trust A |  |  |
| Series 2023-B-1, 5.31%, 05/15/26 | 435 | 436 |
| Series 2023-C-1, 5.75%, 05/15/26 | 995 | 999 |
| Series 2023-D-1, 6.62%, 05/15/26 | 1200 | 1208 |
| Series 2024-B-1, 5.48%, 04/15/27 | 840 | 855 |
| Series 2025-B-2, 4.33%, 09/15/28 | 360 | 361 |
| Fortress Credit BSL IX Ltd |  |  |
| Series 2020-A1AR-1A, 5.03%, (3 Month Term SOFR + 1.10%), 10/20/33 (e) | 2720 | 2721 |
| Fortress Credit Bsl VII Ltd |  |  |
| Series 2019-A2R-1A, 5.26%, (3 Month Term SOFR + 1.40%), 07/23/32 (e) | 1320 | 1317 |
| Series 2019-BR-1A, 5.51%, (3 Month Term SOFR + 1.65%), 07/23/32 (e) | 1690 | 1690 |
| Fortress Credit BSL VIII Ltd |  |  |
| Series 2019-A1AR-2A, 4.93%, (3 Month Term SOFR + 1.05%), 10/20/32 (e) | 991 | 991 |
| Series 2019-A2R-2A, 5.28%, (3 Month Term SOFR + 1.40%), 10/20/32 (e) | 3275 | 3268 |
| Fortress Credit BSL XV Limited |  |  |
| Series 2022-AR-2A, 5.28%, (3 Month Term SOFR + 1.40%), 10/18/33 (e) | 2195 | 2195 |
| Fortress Credit BSL XVIII Ltd |  |  |
| Series 2023-A1R-1A, 5.43%, (3 Month Term SOFR + 1.57%), 04/23/36 (e) | 395 | 396 |
| Frontier Issuer LLC |  |  |
| Series 2024-A2-1, 6.19%, 05/20/31 | 285 | 292 |
| Galton Funding Mortgage Trust 2018-1 |  |  |
| Series 2018-A33-1, REMIC, 3.50%, 02/25/33 (e) | 90 | 83 |
| Galton Funding Mortgage Trust 2019-1 |  |  |
| Series 2019-A32-1, REMIC, 4.00%, 12/25/32 (e) | 42 | 40 |
| Series 2019-A21-1, REMIC, 4.50%, 12/25/32 (e) | 85 | 83 |
| Galton Funding Mortgage Trust 2019-H1 |  |  |
| Series 2019-M1-H1, REMIC, 3.34%, 10/25/59 | 805 | 765 |
| Galton Funding Mortgage Trust 2020-H1 |  |  |
| Series 2020-M1-H1, REMIC, 2.83%, 01/25/60 (e) | 1170 | 1032 |
| GCAT 2025-NQM1 Trust |  |  |
| Series 2025-A1-NQM1, REMIC, 5.37%, 11/25/69 (g) | 803 | 810 |
| GM Financial Consumer Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-B-1, 5.03%, 09/18/28 | 805 | 812 |
| Golub Capital Partners Static 2024-1 Ltd |  |  |
| Series 2024-BR-1A, 5.83%, (3 Month Term SOFR + 1.50%), 07/20/35 (e) | 4300 | 4296 |
| GoTo Foods Funding LLC |  |  |
| Series 2017-A2II-1A, 5.09%, 04/30/27 | 2745 | 2740 |
| GreatAmerica Financial Services Corporation |  |  |
| Series 2025-A3-2, 4.14%, 06/15/29 | 880 | 882 |
| GS Mortgage-Backed Securities Trust 2014-EB1 |  |  |
| Series 2014-2A1-EB1A, REMIC, 5.92%, 07/25/44 (e) | 11 | 11 |
| Hardee's Funding LLC |  |  |
| Series 2020-A2-1A, 3.98%, 12/20/27 | 1952 | 1889 |
| Series 2021-A2-1A, 2.87%, 06/20/28 | 855 | 798 |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 914 | 911 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

568

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| HILT Commercial Mortgage Trust 2024-ORL |  |  |
| Series 2024-B-ORL, REMIC, 5.69%, (1 Month Term SOFR + 1.94%), 05/15/26 (e) | 1470 | 1470 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 282 | 277 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-A-1D, 3.61%, 06/20/34 | 175 | 175 |
| Hilton Grand Vacations Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.88%, 10/25/31 | 504 | 510 |
| Series 2025-B-1A, 5.18%, 05/27/42 | 863 | 877 |
| Homes 2025-NQM2 Trust |  |  |
| Series 2025-A1-NQM2, REMIC, 5.43%, 02/25/70 (g) | 679 | 684 |
| HOMES 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 5.22%, 08/25/70 (g) | 940 | 944 |
| HPEFS Equipment Trust 2023-2 |  |  |
| Series 2023-C-2A, 6.48%, 03/20/26 | 382 | 383 |
| Series 2023-D-2A, 6.97%, 07/20/26 | 405 | 409 |
| HPEFS Equipment Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.33%, 05/20/31 | 2145 | 2155 |
| HPEFS Equipment Trust 2024-2 |  |  |
| Series 2024-B-2A, 5.35%, 10/20/31 | 250 | 253 |
| Series 2024-D-2A, 5.82%, 04/20/32 | 620 | 633 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (a) | 875 | 890 |
| Series 2025-B-1, 4.96%, 04/20/29 | 1319 | 1325 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 1001 | 1011 |
| Series 2025-B1-2, 4.84%, 09/20/33 | 450 | 453 |
| HYT Commercial Mortgage Trust 2024-RGCY |  |  |
| Series 2024-A-RGCY, REMIC, 5.59%, (1 Month Term SOFR + 1.84%), 09/15/26 (e) | 1395 | 1397 |
| Hyundai Auto Lease Securitization Trust 2025-B |  |  |
| Series 2025-A3-B, 4.53%, 08/15/27 | 595 | 601 |
| Series 2025-B-B, 4.94%, 10/15/27 | 1235 | 1249 |
| Imperial Fund Mortgage Trust 2021-NQM2 |  |  |
| Series 2021-A3-NQM2, REMIC, 1.52%, 09/25/56 (e) | 741 | 638 |
| Imperial Fund Mortgage Trust 2022-NQM4 |  |  |
| Series 2022-A1-NQM4, REMIC, 4.77%, 06/25/67 (e) | 2374 | 2378 |
| Invesco CLO 2021-3 Ltd |  |  |
| Series 2021-A1R-3A, REMIC, 5.23%, (3 Month Term SOFR + 1.08%), 10/22/34 (e) | 710 | 710 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE |  |  |
| Series 2016-B-NINE, REMIC, 2.85%, 09/09/26 (e) | 830 | 818 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2020-A13-INV2, REMIC, 3.00%, 03/25/42 | 340 | 294 |
| J.P. Morgan Mortgage Trust 2020-INV1 |  |  |
| Series 2020-A15-INV1, REMIC, 3.50%, 03/25/43 (e) | 223 | 199 |
| J.P. Morgan Mortgage Trust 2025-DSC1 |  |  |
| Series 2025-A1-DSC1, REMIC, 5.58%, 04/25/29 (e) | 1539 | 1556 |
| J.P. Morgan Mortgage Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.20%, 08/25/29 (e) | 504 | 507 |
| J.P. Morgan Mortgage Trust 2025-HE3 |  |  |
| Series 2025-A1-HE3, REMIC, 5.42%, (SOFR 30-Day Average + 1.35%), 03/20/34 (e) | 671 | 672 |
| Jack in the Box Funding, LLC |  |  |
| Series 2022-A2I-1A, 3.45%, 02/25/27 | 2971 | 2876 |
| Jersey Mike's Funding, LLC |  |  |
| Series 2021-A2I-1A, 2.89%, 02/15/27 | 49 | 49 |
| JPMorgan Chase Bank, National Association |  |  |
| Series 2025-B-1, 4.75%, 04/25/29 | 821 | 827 |
| KKR CLO 18 Ltd |  |  |
| Series A1R2-18, 5.19%, (3 Month Term SOFR + 1.05%), 10/18/35 (e) | 4385 | 4388 |
| KKR CLO 33 Ltd |  |  |
| Series AR-33A, 4.96%, (3 Month Term SOFR + 1.08%), 07/20/34 (e) | 2705 | 2706 |
| Series BR-33A, 5.48%, (3 Month Term SOFR + 1.60%), 07/20/34 (e) | 1735 | 1739 |
| KKR CLO 34 Ltd |  |  |
| Series AR-34A, 5.00%, (3 Month Term SOFR + 1.10%), 07/17/34 (e) | 920 | 919 |
| KKR CLO 40 Ltd |  |  |
| Series AR-40A, 5.18%, (3 Month Term SOFR + 1.30%), 10/20/34 (e) | 2860 | 2860 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Series 2017-AS-5, REMIC, 4.02%, 01/12/27 | 1410 | 1353 |
| Madison Park Funding XIII, Ltd |  |  |
| Series 2019-AR-33A, 5.19%, (3 Month Term SOFR + 1.29%), 10/15/32 (e) | 4078 | 4081 |
| Madison Park Funding XLV Ltd |  |  |
| Series 2020-ARR-45A, 4.98%, (3 Month Term SOFR + 1.08%), 07/15/34 (e) | 805 | 805 |
| Madison Park Funding XXIV Ltd |  |  |
| Series 2016-CR2-24A, 5.93%, (3 Month Term SOFR + 2.05%), 10/20/29 (e) | 1300 | 1301 |
| Marble Point CLO XV Ltd |  |  |
| Series 2019-A1R2-1A, REMIC, 4.90%, (3 Month Term SOFR + 1.04%), 07/23/32 (e) | 1637 | 1637 |
| MARQ Trust 2024-HOU |  |  |
| Series 2024-B-HOU, REMIC, 6.07%, (1 Month Term SOFR + 2.09%), 06/15/26 (e) | 1600 | 1595 |
| MED Commercial Mortgage Trust 2024-MOB |  |  |
| Series 2024-A-MOB, REMIC, 5.34%, (1 Month Term SOFR + 1.59%), 05/15/26 (e) | 1520 | 1518 |
| MFA 2025-NQM4 Trust |  |  |
| Series 2025-A1F-NQM4, REMIC, 5.07%, (SOFR 30-Day Average + 1.20%), 08/25/70 (e) | 2699 | 2697 |
| MFA Trust |  |  |
| Series 2021-A1-INV1, REMIC, 0.85%, 01/25/56 (e) | 137 | 134 |
| MMAF Equipment Finance LLC 2021-A |  |  |
| Series 2021-A5-A, 1.19%, 11/13/43 | 365 | 356 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 |  |  |
| Series 2025-A1-C35, REMIC, 4.61%, 08/16/30 | 172 | 173 |
| MVW 2019-2 LLC |  |  |
| Series 2019-B-2A, REMIC, 2.44%, 10/20/38 | 114 | 114 |
| MVW 2020-1 LLC |  |  |
| Series 2020-A-1A, 1.74%, 10/20/37 | 183 | 176 |
| Series 2020-B-1A, 2.73%, 10/20/37 | 326 | 317 |
| MVW 2023-1 LLC |  |  |
| Series 2023-A-1A, 4.93%, 10/22/40 | 1267 | 1281 |
| MVW 2023-2 LLC |  |  |
| Series 2023-A-2A, 6.18%, 11/20/40 | 246 | 253 |
| Series 2023-B-2A, 6.33%, 11/20/40 | 166 | 171 |
| Navient Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.46%, 11/15/68 | 505 | 490 |
| Navient Private Education Loan Trust 2020-C |  |  |
| Series 2020-A2A-CA, 2.15%, 03/15/29 | 1972 | 1904 |
| Navient Private Education Refi Loan Trust 2019-A |  |  |
| Series 2019-A2A-A, 3.42%, 04/17/28 | 121 | 120 |
| Navient Private Education Refi Loan Trust 2019-E |  |  |
| Series 2019-A2A-EA, 2.64%, 09/15/28 | 394 | 387 |
| Navient Private Education Refi Loan Trust 2019-G |  |  |
| Series 2019-A-GA, 2.40%, 02/15/29 | 567 | 550 |
| Navient Private Education Refi Loan Trust 2020-D |  |  |
| Series 2020-A-DA, 1.69%, 05/15/69 | 354 | 337 |
| Navient Private Education Refi Loan Trust 2020-G |  |  |
| Series 2020-A-GA, 1.17%, 09/15/69 | 238 | 224 |
| Navient Private Education Refi Loan Trust 2020-H |  |  |
| Series 2020-A-HA, 1.31%, 11/15/27 | 204 | 193 |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| Series 2024-B-1, 5.79%, 04/27/26 | 150 | 151 |
| Series 2024-C-1, 6.13%, 04/27/26 | 235 | 236 |
| Series 2025-B-1, 4.42%, 09/25/30 | 235 | 234 |
| Series 2025-C-1, 4.72%, 09/25/30 | 105 | 104 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 826 | 776 |
| Neuberger Berman Loan Advisers CLO 42, Ltd. |  |  |
| Series 2021-AR-43A, 4.93%, (3 Month Term SOFR + 1.05%), 07/17/36 (e) | 3975 | 3978 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

569

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| New Residential Mortgage Loan Trust 2025-NQM4 |  |  |
| Series 2025-A1-NQM4, REMIC, 5.35%, 07/25/65 (e) (g) | 1512 | 1524 |
| Series 2025-A2-NQM4, REMIC, 5.60%, 07/25/65 (g) | 747 | 756 |
| NMEF Funding 2025-A LLC |  |  |
| Series 2025-A2-A, 4.72%, 07/15/32 | 431 | 432 |
| NYC Commercial Mortgage Trust 2021-909 |  |  |
| Series 2025-B-28L, REMIC, 5.01%, 11/05/28 (e) | 595 | 596 |
| OBX 2019-EXP2 Trust |  |  |
| Series 2019-2A2-EXP2, REMIC, 5.05%, (1 Month Term SOFR + 1.31%), 06/25/59 (e) | 101 | 101 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-2A1-EXP3, REMIC, 4.75%, (1 Month Term SOFR + 1.01%), 09/25/59 (e) | 129 | 129 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-2A1-EXP1, REMIC, 4.82%, (1 Month Term SOFR + 0.86%), 02/25/27 (e) (h) | 167 | 165 |
| Series 2020-2A2-EXP1, REMIC, 5.02%, (1 Month Term SOFR + 1.06%), 01/26/60 (e) (h) | 187 | 185 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A9-EXP2, REMIC, 3.00%, 07/25/36 (e) | 148 | 130 |
| OBX 2020-EXP3 Trust |  |  |
| Series 2020-2A1-EXP3, REMIC, 4.97%, (1 Month Term SOFR + 11.00%), 01/25/60 (e) | 383 | 381 |
| OBX 2025-NQM15 Trust |  |  |
| Series 2025-A1-NQM15, REMIC, 5.14%, 07/25/65 (g) | 658 | 661 |
| Series 2025-A1F-NQM15, REMIC, 5.22%, (SOFR 30-Day Average + 1.15%), 07/25/65 (e) (g) (h) | 461 | 460 |
| Octagon Investment Partners 39 Ltd |  |  |
| Series 2018-AR-3A, 5.03%, (3 Month Term SOFR + 1.15%), 10/21/30 (e) | 473 | 473 |
| Octagon Investment Partners XXI Ltd |  |  |
| Series 2014-AAR4-1A, 4.40%, (3 Month Term SOFR + 0.81%), 02/14/31 (e) | 327 | 327 |
| Series 2014-A2R4-1A, 4.74%, (3 Month Term SOFR + 1.15%), 02/14/31 (e) | 2710 | 2711 |
| Series 2014-BR4-1A, 4.94%, (3 Month Term SOFR + 1.35%), 02/14/31 (e) | 1065 | 1064 |
| Octane Receivables Trust 2023-3 |  |  |
| Series 2023-B-3A, 6.48%, 11/20/26 | 435 | 441 |
| Series 2023-C-3A, 6.74%, 05/20/27 | 145 | 148 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 325 | 327 |
| Series 2024-C-3A, REMIC, 5.51%, 10/20/28 | 405 | 412 |
| Octane Receivables Trust 2025-RVM1 |  |  |
| Series 2025-B-RVM1, 4.83%, 12/20/46 | 685 | 686 |
| Series 2025-C-RVM1, 5.26%, 12/20/46 | 1410 | 1412 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-B-PARK, REMIC, 4.81%, (1 Month Term SOFR + 1.06%), 03/17/36 (e) | 3445 | 3416 |
| Series 2021-C-PARK, REMIC, 4.96%, (1 Month Term SOFR + 1.21%), 03/17/36 (e) | 1840 | 1776 |
| OZLM Funding II, Ltd. |  |  |
| Series 2012-AR4-2A, 5.04%, (3 Month Term SOFR + 1.20%), 07/30/37 (e) | 2600 | 2597 |
| Series 2012-BR4-2A, 5.59%, (3 Month Term SOFR + 1.75%), 07/30/37 (e) | 1755 | 1753 |
| Ozlm XXI Ltd |  |  |
| Series 2017-A1R-21A, 5.03%, (3 Month Term SOFR + 1.15%), 01/21/31 (e) | 296 | 296 |
| PEAC Solutions Receivables 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.94%, 10/20/28 | 840 | 843 |
| Series 2025-A3-1A, 5.04%, 07/20/32 | 680 | 693 |
| Post Road Equipment Finance 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.59%, 08/15/26 | 51 | 51 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-C-SFR8, REMIC, 1.93%, 10/19/26 | 2430 | 2383 |
| RCKT Mortgage Trust 2024-CES8 |  |  |
| Series 2024-A1A-CES8, REMIC, 5.49%, 10/25/44 (g) | 1435 | 1447 |
| RCKT Mortgage Trust 2024-CES9 |  |  |
| Series 2024-A1A-CES9, REMIC, 5.58%, 12/25/28 (g) | 284 | 287 |
| Rockford Tower CLO 2019-2 Ltd |  |  |
| Series 2019-AR2-2A, 5.02%, (3 Month Term SOFR + 1.13%), 08/20/32 (e) | 2195 | 2198 |
| Romark CLO II Ltd |  |  |
| Series 2018-A2R-2A, 5.51%, (3 Month Term SOFR + 1.65%), 07/25/31 (e) | 3225 | 3225 |
| Santander Bank, N.A. |  |  |
| Series 2024-B-A, 5.62%, 07/15/28 | 332 | 335 |
| Series 2024-C-A, 5.82%, 07/15/28 | 407 | 412 |
| Series 2024-B-B, 4.97%, 01/18/33 | 284 | 286 |
| Series 2024-C-B, 5.14%, 01/18/33 | 395 | 398 |
| Series 2023-A2-B, 5.64%, 12/15/33 | 167 | 169 |
| Series 2023-D-B, 6.66%, 12/15/33 | 528 | 535 |
| Series 2025-B-A, 4.48%, 01/15/34 | 250 | 251 |
| Series 2025-C-A, 4.66%, 01/15/34 | 250 | 251 |
| Santander Consumer Auto Receivables Trust 2021-B |  |  |
| Series 2021-C-BA, 3.09%, 03/15/29 | 447 | 445 |
| Santander Drive Auto Receivables Trust 2007-2 |  |  |
| Series 2025-B-4, 4.27%, 10/16/28 | 1175 | 1176 |
| Santander Drive Auto Receivables Trust 2021-4 |  |  |
| Series 2021-E-4, 4.03%, 07/15/26 | 3500 | 3499 |
| Santander Drive Auto Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.09%, 05/15/30 | 1209 | 1218 |
| Santander Drive Auto Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.39%, 10/16/28 | 600 | 599 |
| Santander Mortgage Asset Receivable Trust 2025-CES1 |  |  |
| Series 2025-A1A-CES1, REMIC, 5.04%, 10/25/29 (g) | 1412 | 1411 |
| Santander Mortgage Asset Receivable Trust 2025-NQM |  |  |
| Series 2025-A1-NQM6, 5.14%, 11/25/65 (e) (g) | 491 | 492 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 730 | 729 |
| Series 2022-C-1, 6.60%, 01/15/28 | 1930 | 1971 |
| Series 2024-C-1, 4.83%, 10/15/29 | 3270 | 3283 |
| Series 2021-C-211, 1.63%, 05/15/51 | 1240 | 1211 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.82%, 07/22/30 | 480 | 482 |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 840 | 853 |
| SDR Commercial Mortgage Trust 2024-DSNY |  |  |
| Series 2024-B-DSNY, REMIC, 5.49%, (1 Month Term SOFR + 1.80%), 05/18/26 (e) | 1210 | 1207 |
| SEB Funding LLC |  |  |
| Series 2024-A2-1A, 7.39%, 04/30/29 | 1512 | 1549 |
| Securitized Term Auto Receivables Trust |  |  |
| Series 2025-B-A, 5.04%, 04/25/28 | 878 | 885 |
| Securitized Term Auto Receivables Trust 2025-B |  |  |
| Series 2025-B-B, 4.93%, 09/25/28 | 275 | 276 |
| Series 2025-C-B, 5.12%, 09/25/28 | 111 | 111 |
| Sequoia Mortgage Capital, Inc. |  |  |
| Series 2018-A19-CH3, REMIC, 4.50%, 08/25/48 (e) | 4 | 4 |
| Sequoia Mortgage Trust 2018-CH2 |  |  |
| Series 2018-A21-CH2, REMIC, 4.00%, 09/25/35 (e) | 81 | 76 |
| Series 2018-A3-CH2, REMIC, 4.00%, 09/25/35 (e) | 163 | 151 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-A3-1A, 4.95%, 05/21/29 | 377 | 380 |
| Series 2024-C-1A, 5.51%, 01/20/32 | 170 | 174 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-B-2A, 4.93%, 04/20/44 | 501 | 505 |
| Sierra Timeshare 2025-3 Receivables Funding LLC |  |  |
| Series 2025-A-3A, 4.44%, 08/22/44 | 242 | 242 |
| Series 2025-B-3A, 4.64%, 08/22/44 | 385 | 387 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 4.58%, (1 Month Term SOFR + 0.83%), 03/15/28 (a) (e) | 511 | 509 |
| SMB Private Education Loan Trust 2019-B |  |  |
| Series 2020-A2A-PTB, REMIC, 1.60%, 09/15/54 | 1734 | 1645 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

570

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SMB Private Education Loan Trust 2020-B |  |  |
| Series 2020-A1A-BA, REMIC, 1.29%, 07/15/53 | 247 | 234 |
| SMB Private Education Loan Trust 2021-B |  |  |
| Series 2021-A-B, 1.31%, 07/17/51 | 1259 | 1190 |
| SMB Private Education Loan Trust 2025-A |  |  |
| Series 2025-A1A-A, 5.13%, 09/15/36 | 857 | 871 |
| Sound Point CLO XXI Ltd |  |  |
| Series 2019-BRR-1A, 5.53%, (3 Month Term SOFR + 1.65%), 01/20/32 (e) | 325 | 326 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (e) | 113 | 113 |
| Starwood Mortgage Residential Trust 2020-1 |  |  |
| Series 2020-A2-1, REMIC, 2.41%, 02/25/50 (e) | 497 | 479 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.94%, 05/25/65 | 266 | 258 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-A1-4, REMIC, 1.16%, 08/25/56 (e) (h) | 1737 | 1560 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-C |  |  |
| Series 2025-B-CA, 4.25%, 09/20/28 | 280 | 280 |
| Series 2025-C-CA, 4.44%, 11/20/28 | 870 | 871 |
| Stratus Funding CLO 2025-1 Ltd |  |  |
| Series 2025-B-1A, 5.35%, (3 Month Term SOFR + 1.45%), 07/15/33 (e) | 905 | 905 |
| Symphony CLO XXIII, Ltd. |  |  |
| Series 2020-AR2-23A, 4.80%, (3 Month Term SOFR + 0.90%), 01/17/34 (e) | 1399 | 1398 |
| Symphony CLO XXVI, Ltd. |  |  |
| Series 2021-AR-26A, 5.23%, (3 Month Term SOFR + 1.34%), 04/20/33 (e) | 764 | 764 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 01/25/58 (e) | 31 | 31 |
| Tricon Residential 2024-SFR2 Trust |  |  |
| Series 2024-A-SFR2, REMIC, 4.75%, 06/20/28 | 832 | 840 |
| Series 2024-D-SFR2, REMIC, 6.00%, 06/20/28 | 1530 | 1555 |
| Trinitas CLO VI, Ltd. |  |  |
| Series 2017-AR4-6A, REMIC, 5.23%, (3 Month Term SOFR + 0.00%), 01/25/34 (e) | 2185 | 2186 |
| Trinitas CLO VII Ltd |  |  |
| Series 2017-A1R2-7A, 5.38%, (3 Month Term SOFR + 1.06%), 01/25/35 (e) | 2760 | 2754 |
| TRK 2021-INV1 Trust |  |  |
| Series 2021-A2-INV1, REMIC, 1.41%, 07/25/56 (e) | 300 | 274 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 127 | 128 |
| Verdant Receivables 2023-1 LLC |  |  |
| Series 2023-A2-1A, 6.24%, 06/14/27 | 651 | 662 |
| Verdant Receivables 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.68%, 08/14/28 | 262 | 267 |
| Verizon Master Trust |  |  |
| Series 2024-B-6, 4.42%, 08/20/27 | 1975 | 1984 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A2-1, REMIC, 1.05%, 01/25/66 (e) | 333 | 307 |
| Series 2021-A3-1, REMIC, 1.15%, 01/25/66 (e) | 199 | 183 |
| Verus Securitization Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 1.03%, 02/25/66 | 288 | 263 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-A1-R2, REMIC, 0.92%, 02/25/64 | 404 | 384 |
| Verus Securitization Trust 2023-7 |  |  |
| Series 2023-A2-7, REMIC, 7.27%, 10/25/68 (g) | 577 | 585 |
| Verus Securitization Trust 2025-3 |  |  |
| Series 2025-A1-3, REMIC, 5.62%, 05/25/70 (g) | 565 | 571 |
| Verus Securitization Trust 2025-7 |  |  |
| Series 2025-A1F-7, REMIC, 5.38%, (SOFR 30-Day Average + 1.20%), 08/25/70 (e) (g) (h) | 1217 | 1217 |
| Vista Point Securitization Trust 2020-2 |  |  |
| Series 2020-A3-2, REMIC, 2.50%, 04/25/65 | 94 | 92 |
| Wellfleet CLO 2021-1 Ltd |  |  |
| Series 2021-BR-1A, 5.53%, (3 Month Term SOFR + 1.65%), 04/20/34 (e) | 2180 | 2182 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 |  |  |
| Series 2025-A1-5C6, REMIC, 4.31%, 06/15/30 | 362 | 362 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2025-A1-3A, 4.08%, 09/18/40 | 595 | 597 |
| Series 2025-C-3A, 4.79%, 09/18/40 | 815 | 816 |
| Wingspire Equipment Finance 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.33%, 03/20/28 | 100 | 100 |
| Series 2025-C-1A, 4.76%, 08/20/28 | 100 | 100 |
| World Omni Auto Receivables Trust 2022-A |  |  |
| Series 2022-C-A, 2.55%, 09/15/28 | 1280 | 1275 |
| Zaxbys Funding LLC |  |  |
| Series 2021-A2-1A, 3.24%, 07/30/28 | 1872 | 1762 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $315,350) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $315,350) | 314980 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 27.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 27.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 27.6%** |
| **U.S. Treasury Note 17.8%** | **U.S. Treasury Note 17.8%** | **U.S. Treasury Note 17.8%** |
| Treasury, United States Department of |  |  |
| 3.63%, 08/31/27 | 63600 | 63742 |
| 3.50%, 09/30/27 - 10/31/27 | 49790 | 49804 |
| 3.38%, 11/30/27 | 55285 | 55179 |
| 3.88%, 07/15/28 (i) | 24180 | 24387 |
|  |  | 193112 |
| **Mortgage-Backed Securities 7.9%** | **Mortgage-Backed Securities 7.9%** | **Mortgage-Backed Securities 7.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.36%, (1 Year Treasury + 2.25%), 09/01/33 (e) | 5 | 5 |
| 6.50%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.75%), 09/01/33 (e) | 2 | 2 |
| 6.00%, 09/01/34 - 08/01/55 | 10191 | 10535 |
| 6.11%, (1 Year Treasury + 2.11%), 10/01/34 (e) | 4 | 4 |
| 3.00%, 11/01/34 - 06/01/52 | 1304 | 1167 |
| 5.89%, (1 Year Treasury + 2.25%), 11/01/34 (e) | 6 | 7 |
| 6.28%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 11/01/34 (e) | 1 | 1 |
| 6.45%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.89%), 11/01/34 (e) | 4 | 4 |
| 6.65%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 11/01/34 (e) | 1 | 1 |
| 6.55%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.68%), 01/01/35 (e) | 2 | 3 |
| 6.27%, (1 Year Treasury + 2.11%), 02/01/35 (e) | 7 | 7 |
| 6.50%, (1 Year Treasury + 2.25%), 02/01/35 (e) | 5 | 5 |
| 6.54%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 02/01/35 (e) | 5 | 5 |
| 6.57%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 02/01/35 (e) | 2 | 2 |
| 6.66%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.68%), 02/01/35 (e) | 3 | 3 |
| 6.87%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 02/01/35 (e) | 3 | 3 |
| 6.45%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.75%), 06/01/35 (e) | 53 | 54 |
| 6.49%, (1 Year Treasury + 2.37%), 09/01/35 (e) | 149 | 153 |
| 6.53%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.66%), 10/01/35 (e) | 13 | 14 |
| 6.51%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.61%), 03/01/36 (e) | 27 | 28 |
| 7.50%, 06/01/38 | 89 | 94 |
| 7.00%, 03/01/39 | 102 | 109 |
| 5.00%, 12/01/41 - 06/01/55 | 1561 | 1570 |
| 4.00%, 12/01/49 | 403 | 389 |
| 2.50%, 01/01/52 | 2214 | 1902 |
| 4.50%, 09/01/52 - 02/01/53 | 4505 | 4420 |
| 5.50%, 08/01/53 - 07/01/55 | 5475 | 5578 |
| 6.50%, 09/01/54 - 01/01/55 | 464 | 481 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 11/01/26 - 01/01/52 | 1994 | 1868 |
| 3.00%, 09/01/28 - 02/01/35 | 885 | 869 |
| 6.50%, 07/01/32 - 06/01/55 | 1405 | 1466 |
| 6.49%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 03/01/33 (e) | 1 | 1 |
| 5.95%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.41%), 06/01/33 (e) | 2 | 2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

571

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.27%, (1 Year Treasury + 2.16%), 06/01/33 (e) | 25 | 26 |
| 6.20%, (1 Year Treasury + 2.01%), 07/01/33 (e) | 1 | 1 |
| 5.00%, 10/01/33 - 12/01/55 | 12903 | 12987 |
| 5.50%, 10/01/33 - 10/01/55 | 14692 | 15039 |
| 5.93%, (1 Year Treasury + 2.21%), 12/01/33 (e) | 41 | 42 |
| 6.00%, 03/01/34 - 02/01/49 | 1475 | 1552 |
| 6.42%, (1 Year Treasury + 2.30%), 04/01/34 (e) | 1 | 1 |
| 6.21%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.59%), 10/01/34 (e) | 2 | 2 |
| 5.85%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.35%), 11/01/34 (e) | 1 | 1 |
| 6.21%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.67%), 11/01/34 (e) | 6 | 6 |
| 6.35%, (1 Year Treasury + 2.36%), 11/01/34 (e) | 32 | 32 |
| 6.30%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.61%), 12/01/34 (e) | 2 | 2 |
| 6.37%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 01/01/35 (e) | 2 | 2 |
| 6.49%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.65%), 01/01/35 (e) | 4 | 4 |
| 6.50%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.55%), 01/01/35 (e) | 3 | 3 |
| 6.52%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.54%), 01/01/35 (e) | 6 | 7 |
| 6.25%, (1 Year Treasury + 2.19%), 02/01/35 (e) | 7 | 8 |
| 6.58%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 02/01/35 (e) | 2 | 2 |
| 6.33%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.36%), 03/01/35 (e) | 4 | 4 |
| 6.07%, (1 Year Treasury + 1.82%), 04/01/35 (e) | 48 | 49 |
| 6.81%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.81%), 04/01/35 (e) | 8 | 9 |
| 6.99%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.99%), 04/01/35 (e) | 24 | 25 |
| 6.18%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.43%), 05/01/35 (e) | 15 | 15 |
| 6.40%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.42%), 05/01/35 (e) | 18 | 19 |
| 6.61%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 05/01/35 (e) | 5 | 5 |
| 6.25%, (1 Year Treasury + 2.30%), 06/01/35 (e) | 47 | 48 |
| 6.32%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 06/01/35 (e) | 38 | 39 |
| 6.62%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.84%), 07/01/35 (e) | 9 | 9 |
| 6.37%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.60%), 08/01/35 (e) | 21 | 22 |
| 6.06%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 11/01/35 (e) | 5 | 5 |
| 6.56%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 02/01/36 (e) | 24 | 25 |
| 6.74%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.74%), 03/01/36 (e) | 27 | 28 |
| 4.50%, 09/01/39 - 11/01/52 | 5373 | 5310 |
| 4.00%, 08/01/43 - 09/01/52 | 4647 | 4439 |
| 2.00%, 10/01/50 | 522 | 426 |
| 2.50%, 01/01/52 | 2211 | 1890 |
| Government National Mortgage Association |  |  |
| 5.00%, 12/20/34 - 02/20/48 | 734 | 750 |
| 6.00%, 07/15/36 | 261 | 272 |
| 4.50%, 09/20/40 | 168 | 168 |
| 3.50%, 03/20/43 - 04/20/43 | 785 | 743 |
| 5.50%, 09/15/45 - 12/20/48 | 780 | 804 |
| 4.00%, 09/20/45 - 10/20/50 | 916 | 882 |
| 3.00%, 09/20/47 - 09/20/49 | 1329 | 1208 |
| TBA, 5.00%, 01/15/56 (j) | 5465 | 5452 |
| Government National Mortgage Association II |  |  |
| 3.50%, 07/20/52 | 2772 | 2553 |
| 4.00%, 10/20/52 | 646 | 616 |
| | | 86284 |
| **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** |
| Connecticut Avenue Securities Trust 2025-R03 |  |  |
| Series 2025-2A1-R03, REMIC, 5.32%, (SOFR 30-Day Average + 1.45%), 03/27/45 (e) | 457 | 460 |
| Connecticut Avenue Securities Trust 2025-R06 |  |  |
| Series 2025-1M1-R06, REMIC, 4.82%, (SOFR 30-Day Average + 0.95%), 09/25/45 (e) | 724 | 724 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M2-DNA7, REMIC, 5.67%, (SOFR 30-Day Average + 1.80%), 11/25/41 (e) | 895 | 902 |
| Series 2023-A1-HQA3, REMIC, 5.72%, (SOFR 30-Day Average + 1.85%), 11/25/43 (e) | 461 | 465 |
| Series 2024-A1-HQA1, REMIC, 5.12%, (SOFR 30-Day Average + 1.25%), 03/25/44 (e) | 1840 | 1846 |
| Series 2025-A1-DNA1, REMIC, 4.82%, (SOFR 30-Day Average + 0.95%), 01/25/45 (e) | 283 | 284 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-KA-90, REMIC, 3.00%, 11/25/47 | 961 | 917 |
| Freddie Mac STACR REMIC Trust 2025-DNA4 |  |  |
| Series 2025-A1-DNA4, REMIC, 4.77%, (SOFR 30-Day Average + 0.90%), 10/25/29 (e) | 1489 | 1490 |
| Series 2025-M1-DNA4, REMIC, 4.97%, (SOFR 30-Day Average + 1.10%), 10/25/29 (e) | 544 | 544 |
| Series 2025-M1-DNA3, REMIC, 4.97%, (SOFR 30-Day Average + 1.10%), 09/25/45 (e) | 1055 | 1056 |
|  |  | 8688 |
| **U.S. Treasury Inflation Indexed Securities 0.5%** | **U.S. Treasury Inflation Indexed Securities 0.5%** | **U.S. Treasury Inflation Indexed Securities 0.5%** |
| Treasury, United States Department of |  |  |
| 1.63%, 04/15/30 (k) | 5523 | 5554 |
| **Sovereign 0.4%** | **Sovereign 0.4%** | **Sovereign 0.4%** |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (a) | 1270 | 1295 |
| Korea Housing Finance Corporation |  |  |
| 4.63%, 02/24/28 (a) | 2500 | 2538 |
|  |  | 3833 |
| **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A1-K753, REMIC, 4.60%, 06/25/30 | 983 | 992 |
| Freddie Mac Multifamily Securities 2020-K737 Mortgage Trust |  |  |
| Series 2020-B-K737, REMIC, 3.32%, 11/25/26 (e) | 900 | 893 |
|  |  | 1885 |
| Total Government And Agency Obligations (cost $299,789) | Total Government And Agency Obligations (cost $299,789) | 299356 |
| **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** |
| **Commercial Paper 2.5%** | **Commercial Paper 2.5%** | **Commercial Paper 2.5%** |
| Conagra Brands, Inc. |  |  |
| 4.11%, 01/06/26 | 2365 | 2363 |
| Crown Castle Inc. |  |  |
| 4.21%, 01/22/26 | 2965 | 2958 |
| Edison International |  |  |
| 4.61%, 01/20/26 | 2330 | 2325 |
| Harley-Davidson Funding Corp. |  |  |
| 4.46%, 01/06/26 | 3005 | 3003 |
| HCA Inc. |  |  |
| 4.36%, 01/05/26 | 2705 | 2703 |
| International Flavors & Fragrances Inc. |  |  |
| 4.21%, 01/15/26 | 1830 | 1827 |
| Jabil Inc. |  |  |
| 4.19%, 01/09/26 | 2935 | 2932 |
| Ovintiv Inc. |  |  |
| 4.42%, 01/20/26 | 5605 | 5592 |
| Southern California Edison Company |  |  |
| 4.61%, 01/06/26 | 2955 | 2953 |
|  |  | 26656 |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (l) (m) | 4755 | 4755 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (l) (m) | 7246 | 7246 |
|  |  | 12001 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

572

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (l) (m) | 1628 | 1628 |
| Total Short Term Investments (cost $40,286) | Total Short Term Investments (cost $40,286) | 40285 |
| **Total Investments 99.8% (cost $1,079,554)** | **Total Investments 99.8% (cost $1,079,554)** | **1083070** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **16** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **1836** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1084922** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $134,641 and 12.4% of the Fund.

(b) Convertible security.

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

(d) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) All or a portion of the security was on loan as of December 31, 2025.

(g) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

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

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

(j) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $5,442.

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

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 4336 | 349186 | 348767 | 127 |  |  | 4755 | 0.4 |
| JNL Government Money Market Fund, 3.74% - Class SL | 746 | 16638 | 15756 | 16 |  |  | 1628 | 0.2 |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 10451 | 361903 | 365108 | 312 |  |  | 7246 | 0.7 |
|  | 15533 | 727727 | 729631 | 455 |  |  | 13629 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Corporacion Nacional del Cobre de Chile, 3.63%, 08/01/27 | 01/22/25 | 412 | 417 |  |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 02/12/25 | 2361 | 2442 | 0.2 |
| DP World Crescent Limited, 4.85%, 09/26/28 | 11/12/25 | 2713 | 2703 | 0.2 |
| EQUATE Petrochemical, 2.63%, 04/28/28 | 05/20/25 | 2251 | 2257 | 0.2 |
| First Abu Dhabi Bank PJSC, 5.13%, 10/13/27 | 04/15/25 | 2828 | 2850 | 0.3 |
| KT&G Corporation, 5.00%, 05/02/28 | 04/24/25 | 1260 | 1285 | 0.1 |
| PT. Bank Mandiri, 5.50%, 04/04/26 | 09/27/24 | 1714 | 1716 | 0.2 |
| Saudi Arabian Mining Company, 5.25%, 02/13/30 | 09/24/25 | 635 | 631 | 0.1 |
| Tengizchevroil Finance Company S.a r.l., 4.00%, 08/15/26 | 01/28/25 | 2219 | 2230 | 0.2 |
|  |  | 16393 | 16531 | 1.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

573

***JNL Series Trust***

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1769 | April 2026 | 369397 | (124) | (49) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (165) | March 2026 | (18698) | 33 | 146 |
| United States 10 Year Ultra Bond | (144) | March 2026 | (16664) | 27 | 102 |
| United States 5 Year Note | (442) | April 2026 | (48474) | 52 | 161 |
| United States Ultra Bond | (73) | March 2026 | (8771) | 28 | 157 |
|  |  |  |  | 140 | 566 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 428449 |  | 428449 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 314980 |  | 314980 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 299356 |  | 299356 |
| &nbsp;&nbsp;Short Term Investments | 13629 | 26656 |  | 40285 |
|  | 13629 | 1069441 |  | 1083070 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 566 |  |  | 566 |
|  | 566 |  |  | 566 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (49) |  |  | (49) |
|  | (49) |  |  | (49) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

574

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |
| **CORPORATE BONDS AND NOTES 86.5%** | **CORPORATE BONDS AND NOTES 86.5%** | **CORPORATE BONDS AND NOTES 86.5%** |
| **Communication Services 15.5%** | **Communication Services 15.5%** | **Communication Services 15.5%** |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (a) | 2485 | 2510 |
| 7.38%, 03/01/31 (a) | 2465 | 2516 |
| Digicel International Finance Limited |  |  |
| 8.63%, 08/01/32 (a) | 2398 | 2489 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (a) | 3328 | 3369 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 2535 | 2805 |
| Getty Images, Inc. |  |  |
| 10.50%, 11/15/30 (a) | 1238 | 1244 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (a) (b) | 2005 | 2153 |
| 7.25%, 08/15/33 (a) | 980 | 1001 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (a) | 2440 | 2497 |
| 7.00%, 03/31/34 (a) | 1469 | 1511 |
| Maya |  |  |
| 7.00%, 04/15/32 (a) | 2455 | 2528 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (a) | 2446 | 2505 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 (a) | 1545 | 1611 |
| Uniti Group Inc. |  |  |
| 8.63%, 06/15/32 (a) | 2589 | 2548 |
| VZ Secured Financing B.V. |  |  |
| 7.50%, 01/15/33 (a) (b) | 2492 | 2535 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (a) | 1805 | 1894 |
| 7.50%, 10/15/33 (a) | 1654 | 1700 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (a) | 2481 | 2557 |
|  |  | 39973 |
| **Energy 13.9%** | **Energy 13.9%** | **Energy 13.9%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (a) | 2405 | 2520 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (a) | 2410 | 2489 |
| Chord Energy Corporation |  |  |
| 6.75%, 03/15/33 (a) | 2455 | 2531 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (a) | 2530 | 2510 |
| Enbridge Inc. |  |  |
| 8.25%, 01/15/84 (c) | 2310 | 2458 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (a) | 2410 | 2544 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (a) | 2420 | 2506 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (a) | 1239 | 1264 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (a) | 240 | 246 |
| 7.88%, 09/15/30 (a) | 2575 | 2474 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (a) | 2395 | 2494 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 4720 | 5021 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 (a) | 2440 | 2540 |
| USA Compression Finance Corp. |  |  |
| 6.25%, 10/01/33 (a) | 1250 | 1262 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (a) (d) | 370 | 292 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.75%, 01/15/36 (a) | 245 | 250 |
| Weatherford International Ltd |  |  |
| 6.75%, 10/15/33 (a) | 2480 | 2536 |
|  |  | 35937 |
| **Consumer Discretionary 12.9%** | **Consumer Discretionary 12.9%** | **Consumer Discretionary 12.9%** |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (a) | 3139 | 2893 |
| Avianca MidCo 2 PLC |  |  |
| 9.63%, 02/14/30 (a) | 1480 | 1482 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (a) | 2384 | 2546 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (a) | 3155 | 3421 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 5.75%, 09/15/33 (a) | 1255 | 1283 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.38%, 10/01/33 (a) | 2470 | 2510 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (a) | 2355 | 2486 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (a) | 2450 | 2553 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (a) | 2439 | 2508 |
| Saks Global Enterprises LLC |  |  |
| 11.00%, 12/15/29 (a) (b) | 4760 | 24 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (a) (b) | 5283 | 5072 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (a) | 1740 | 1868 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (a) | 2630 | 2789 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 2568 | 1814 |
|  |  | 33249 |
| **Financials 10.9%** | **Financials 10.9%** | **Financials 10.9%** |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (a) | 2400 | 2486 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (a) | 2540 | 2569 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (a) | 3428 | 3689 |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (a) | 2345 | 2430 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (a) | 2405 | 2561 |
| Bread Financial Payments, Inc. |  |  |
| 6.75%, 05/15/31 (a) | 3089 | 3198 |
| Encore Capital Group, Inc. |  |  |
| 6.63%, 04/15/31 (a) | 2520 | 2536 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (a) | 1130 | 1175 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (a) | 2320 | 2517 |
| OneMain Finance Corporation |  |  |
| 6.50%, 03/15/33 | 2513 | 2532 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (a) | 2405 | 2510 |
|  |  | 28203 |
| **Industrials 9.0%** | **Industrials 9.0%** | **Industrials 9.0%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (a) | 2435 | 2521 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (a) | 2335 | 2487 |
| Deluxe Corporation |  |  |
| 8.13%, 09/15/29 (a) | 2380 | 2507 |
| Herc Holdings Inc. |  |  |
| 6.00%, 03/15/34 (a) | 2545 | 2579 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (a) | 2870 | 2892 |
| LATAM Airlines Group S.A. |  |  |
| 7.88%, 04/15/30 (a) | 2995 | 3144 |
| 7.63%, 01/07/31 (a) | 825 | 868 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (a) | 2403 | 2563 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (a) | 2415 | 2521 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

575

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TransDigm Inc. |  |  |
| 6.00%, 01/15/33 (a) | 1204 | 1232 |
| | | 23314 |
| **Health Care 5.6%** | **Health Care 5.6%** | **Health Care 5.6%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (a) | 2455 | 2558 |
| Amneal Pharmaceuticals, Inc. |  |  |
| 6.88%, 08/01/32 (a) | 2370 | 2494 |
| Community Health Systems, Inc. |  |  |
| 10.88%, 01/15/32 (a) | 1955 | 2135 |
| Genmab A/S |  |  |
| 7.25%, 12/15/33 (a) | 1215 | 1276 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (a) | 968 | 1012 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (a) | 2321 | 2507 |
| Tenet Healthcare Corporation |  |  |
| 5.50%, 11/15/32 (a) | 2525 | 2557 |
|  |  | 14539 |
| **Utilities 5.0%** | **Utilities 5.0%** | **Utilities 5.0%** |
| Edison International |  |  |
| 8.13%, 06/15/53 | 1975 | 2047 |
| 7.88%, 06/15/54 | 1720 | 1797 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (a) | 2495 | 2520 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (a) (d) | 1148 | 1248 |
| Talen Energy Supply, LLC |  |  |
| 6.50%, 02/01/36 (a) | 2717 | 2810 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (a) (d) | 2474 | 2525 |
|  |  | 12947 |
| **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (a) | 2659 | 2648 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (a) | 2574 | 2537 |
| VICI Properties L.P. |  |  |
| 5.63%, 05/15/52 | 5454 | 5109 |
|  |  | 10294 |
| **Materials 3.5%** | **Materials 3.5%** | **Materials 3.5%** |
| Celanese US Holdings LLC |  |  |
| 7.38%, 02/15/34 | 2565 | 2608 |
| First Quantum Minerals Ltd |  |  |
| 8.63%, 06/01/31 (a) | 2424 | 2549 |
| 8.00%, 03/01/33 (a) | 1175 | 1252 |
| Ivanhoe Mines Ltd |  |  |
| 7.88%, 01/23/30 (a) | 2405 | 2477 |
|  |  | 8886 |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (a) (b) | 3585 | 3710 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (a) | 1220 | 1229 |
| Williams Scotsman, Inc. |  |  |
| 7.38%, 10/01/31 (a) | 3275 | 3417 |
|  |  | 8356 |
| **Information Technology 2.9%** | **Information Technology 2.9%** | **Information Technology 2.9%** |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (a) | 2415 | 2515 |
| 8.25%, 06/30/32 (a) | 2365 | 2476 |
| Kioxia Holdings Corporation |  |  |
| 6.63%, 07/24/33 (a) | 1200 | 1249 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (a) | 1436 | 1252 |
|  |  | 7492 |
| Total Corporate Bonds And Notes (cost $223,191) | Total Corporate Bonds And Notes (cost $223,191) | 223190 |
| **SENIOR FLOATING RATE INSTRUMENTS 7.1%** | **SENIOR FLOATING RATE INSTRUMENTS 7.1%** | **SENIOR FLOATING RATE INSTRUMENTS 7.1%** |
| **Information Technology 4.6%** | **Information Technology 4.6%** | **Information Technology 4.6%** |
| Bending Spoons US Inc |  |  |
| Term Loan, 0.00%, (SOFR + 5.88%), 12/31/49 (e) (f) | 2789 | 2698 |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 11/14/32 (e) | 2585 | 2602 |
| Instructure Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.84%, (SOFR + 5.00%), 09/10/32 (e) | 3840 | 3840 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Term Loan B, 7.75%, (3 Month Term SOFR + 3.75%), 03/29/29 (e) | 2580 | 2581 |
|  |  | 11721 |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 7.03%, (3 Month Term SOFR + 3.00%), 08/26/31 (e) | 2642 | 2651 |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 7.67%, (1 Month Term SOFR + 3.75%), 04/23/31 (e) | 2632 | 2609 |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/29 (e) | 1282 | 1273 |
| Total Senior Floating Rate Instruments (cost $18,174) | Total Senior Floating Rate Instruments (cost $18,174) | 18254 |
| **PREFERRED STOCKS 1.8%** | **PREFERRED STOCKS 1.8%** | **PREFERRED STOCKS 1.8%** |
| **Financials 1.8%** | **Financials 1.8%** | **Financials 1.8%** |
| Osaic Financial Services, Inc., 6.50%, 11/30/27 | 198 | 4652 |
| Total Preferred Stocks (cost $3,793) | Total Preferred Stocks (cost $3,793) | 4652 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Ascent Resources - Marcellus, LLC (g) | 5 | 18 |
| Total Common Stocks (cost $16) | Total Common Stocks (cost $16) | 18 |
| **SHORT TERM INVESTMENTS 6.2%** | **SHORT TERM INVESTMENTS 6.2%** | **SHORT TERM INVESTMENTS 6.2%** |
| **Investment Companies 3.6%** | **Investment Companies 3.6%** | **Investment Companies 3.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (h) (i) | 858 | 858 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (h) (i) | 8460 | 8460 |
|  |  | 9318 |
| **Securities Lending Collateral 2.6%** | **Securities Lending Collateral 2.6%** | **Securities Lending Collateral 2.6%** |
| JNL Government Money Market Fund - Class SL, 3.74% (h) (i) | 6567 | 6567 |
| Total Short Term Investments (cost $15,885) | Total Short Term Investments (cost $15,885) | 15885 |
| **Total Investments 101.6% (cost $261,059)** | **Total Investments 101.6% (cost $261,059)** | **261999** |
| **Other Assets and Liabilities, Net (1.6)%** | **Other Assets and Liabilities, Net (1.6)%** | **(4019)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **257980** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $196,999 and 76.4% of the Fund.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Convertible security.

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

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) This senior floating rate interest will settle after December 31, 2025. If a reference rate and spread is presented, it will go into effect upon settlement.

(g) Security fair valued in good faith as a Level 3 security in accordance with the

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

576

***JNL Series Trust***

December 31, 2025

procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** | **JNL/T. Rowe Price U.S. High Yield Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 390 | 63310 | 62842 | 27 |  |  | 858 | 0.3 |
| JNL Government Money Market Fund, 3.74% - Class SL | 19673 | 178484 | 191590 | 1046 |  |  | 6567 | 2.6 |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 17798 | 229096 | 238434 | 601 |  |  | 8460 | 3.3 |
|  | 37861 | 470890 | 492866 | 1674 |  |  | 15885 | 6.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 223190 |  | 223190 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 18254 |  | 18254 |
| &nbsp;&nbsp;Preferred Stocks | 4652 |  |  | 4652 |
| &nbsp;&nbsp;Common Stocks |  |  | 18 | 18 |
| &nbsp;&nbsp;Short Term Investments | 15885 |  |  | 15885 |
|  | 20537 | 241444 | 18 | 261999 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

577

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |
| **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** | **COMMON STOCKS 100.0%** |
| **Financials 21.9%** | **Financials 21.9%** | **Financials 21.9%** |
| Allstate Corporation, The | 276 | 57375 |
| American Express Company | 161 | 59497 |
| Annaly Capital Management, Inc. | 984 | 22005 |
| Apollo Global Management, Inc. | 47 | 6789 |
| Bank of America Corporation | 1236 | 67990 |
| Berkshire Hathaway Inc. - Class B (a) | 254 | 127779 |
| Capital One Financial Corporation | 61 | 14826 |
| Charles Schwab Corporation, The | 693 | 69268 |
| Chubb Limited | 73 | 22660 |
| Citigroup Inc. | 348 | 40663 |
| CME Group Inc. - Class A | 69 | 18863 |
| Corebridge Financial, Inc. | 46 | 1390 |
| Fifth Third Bancorp | 821 | 38408 |
| Goldman Sachs Group, Inc., The | 37 | 32679 |
| Intercontinental Exchange, Inc. | 371 | 60045 |
| JPMorgan Chase & Co. | 467 | 150555 |
| KeyCorp | 330 | 6804 |
| MetLife, Inc. | 120 | 9455 |
| Morgan Stanley | 193 | 34334 |
| Progressive Corporation, The | 21 | 4823 |
| Travelers Companies, Inc., The | 71 | 20484 |
| Visa Inc. - Class A | 60 | 21146 |
|  |  | 887838 |
| **Industrials 15.8%** | **Industrials 15.8%** | **Industrials 15.8%** |
| AMETEK, Inc. | 376 | 77291 |
| Caterpillar Inc. | 80 | 45918 |
| CSX Corporation | 875 | 31730 |
| Deere & Company | 210 | 97792 |
| Equifax, Inc. | 81 | 17606 |
| General Electric Company | 116 | 35798 |
| Norfolk Southern Corporation | 115 | 33061 |
| Northrop Grumman Corporation | 29 | 16450 |
| Old Dominion Freight Line, Inc. | 240 | 37657 |
| Owens Corning | 122 | 13604 |
| PACCAR Inc. | 8 | 876 |
| Parker-Hannifin Corporation | 79 | 69316 |
| Pentair Public Limited Company | 195 | 20255 |
| Republic Services, Inc. | 226 | 47851 |
| W.W. Grainger, Inc. | 26 | 25832 |
| Westinghouse Air Brake Technologies Corporation | 334 | 71257 |
|  |  | 642294 |
| **Information Technology 12.5%** | **Information Technology 12.5%** | **Information Technology 12.5%** |
| Analog Devices, Inc. | 169 | 45796 |
| Arista Networks, Inc. (a) | 368 | 48279 |
| Cisco Systems, Inc. | 587 | 45217 |
| Intel Corporation (a) | 732 | 27018 |
| InterDigital, Inc. (b) | 35 | 11207 |
| International Business Machines Corporation | 87 | 25652 |
| Keysight Technologies, Inc. (a) | 528 | 107354 |
| KLA Corporation | 24 | 28766 |
| Lam Research Corporation | 199 | 34080 |
| Microsoft Corporation | 38 | 18213 |
| Salesforce, Inc. | 70 | 18411 |
| TE Connectivity Public Limited Company | 123 | 27909 |
| Texas Instruments Incorporated | 395 | 68584 |
|  |  | 506486 |
| **Health Care 11.8%** | **Health Care 11.8%** | **Health Care 11.8%** |
| Abbott Laboratories | 286 | 35889 |
| Alcon AG | 156 | 12278 |
| AstraZeneca PLC - ADR | 278 | 25531 |
| Cencora, Inc. | 180 | 60735 |
| Cigna Group, The | 51 | 14085 |
| Danaher Corporation | 65 | 14862 |
| Elevance Health, Inc. | 118 | 41408 |
| Gilead Sciences, Inc. | 516 | 63372 |
| Johnson & Johnson | 162 | 33505 |
| Merck & Co., Inc. | 82 | 8579 |
| Quest Diagnostics Incorporated | 121 | 21010 |
| Revvity, Inc. | 398 | 38491 |
| Tenet Healthcare Corporation (a) | 267 | 53049 |
| UnitedHealth Group Incorporated | 173 | 57246 |
|  |  | 480040 |
| **Energy 7.7%** | **Energy 7.7%** | **Energy 7.7%** |
| Chevron Corporation | 365 | 55571 |
| ConocoPhillips | 785 | 73508 |
| Exxon Mobil Corporation | 244 | 29344 |
| Range Resources Corporation | 1244 | 43856 |
| Schlumberger Limited | 1020 | 39134 |
| TechnipFMC PLC | 671 | 29893 |
| Valero Energy Corporation | 260 | 42393 |
|  |  | 313699 |
| **Consumer Discretionary 7.2%** | **Consumer Discretionary 7.2%** | **Consumer Discretionary 7.2%** |
| Amazon.com, Inc. (a) | 228 | 52639 |
| AutoZone, Inc. (a) | 15 | 52450 |
| Booking Holdings Inc. | 6 | 33594 |
| Home Depot, Inc., The | 141 | 48409 |
| Lowe`s Companies, Inc. | 113 | 27275 |
| McDonald's Corporation | 197 | 60077 |
| Toll Brothers, Inc. | 118 | 15996 |
| Tractor Supply Company | 49 | 2435 |
|  |  | 292875 |
| **Communication Services 6.9%** | **Communication Services 6.9%** | **Communication Services 6.9%** |
| Alphabet Inc. - Class A | 311 | 97227 |
| Alphabet Inc. - Class C | 256 | 80323 |
| Meta Platforms, Inc. - Class A | 32 | 20991 |
| Pinterest, Inc. - Class A (a) | 680 | 17597 |
| T-Mobile US, Inc. | 169 | 34393 |
| Walt Disney Company, The | 268 | 30468 |
|  |  | 280999 |
| **Consumer Staples 5.1%** | **Consumer Staples 5.1%** | **Consumer Staples 5.1%** |
| Colgate-Palmolive Company | 383 | 30241 |
| Dollar Tree, Inc. (a) | 346 | 42509 |
| Mondelez International, Inc. - Class A | 1066 | 57393 |
| Procter & Gamble Company, The | 442 | 63365 |
| Walmart Inc. | 117 | 13064 |
|  |  | 206572 |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| Ball Corporation | 544 | 28805 |
| Franco-Nevada Corporation | 32 | 6697 |
| International Paper Company | 1529 | 60237 |
| Linde Public Limited Company | 133 | 56716 |
| PPG Industries, Inc. | 165 | 16929 |
|  |  | 169384 |
| **Utilities 4.0%** | **Utilities 4.0%** | **Utilities 4.0%** |
| Ameren Corporation | 402 | 40177 |
| Atmos Energy Corporation | 103 | 17335 |
| The Southern Company | 705 | 61467 |
| XCEL Energy Inc. | 574 | 42416 |
|  |  | 161395 |
| **Real Estate 2.9%** | **Real Estate 2.9%** | **Real Estate 2.9%** |
| Equity Lifestyle Properties, Inc. | 315 | 19098 |
| Essex Property Trust, Inc. | 87 | 22861 |
| Public Storage Operating Company | 61 | 15948 |
| VICI Properties Inc. | 597 | 16780 |
| Welltower Inc. | 225 | 41668 |
|  |  | 116355 |
| Total Common Stocks (cost $3,429,102) | Total Common Stocks (cost $3,429,102) | 4057937 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 3962 | 3962 |
| T. Rowe Price Government Reserve Fund - Class I, 3.67% (c) (d) | 1194 | 1194 |
|  |  | 5156 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 224 | 224 |
| Total Short Term Investments (cost $5,380) | Total Short Term Investments (cost $5,380) | 5380 |
| **Total Investments 100.1% (cost $3,434,482)** | **Total Investments 100.1% (cost $3,434,482)** | **4063317** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(3379)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4059938** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

578

***JNL Series Trust***

December 31, 2025

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** | **JNL/T. Rowe Price Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 3882 | 331746 | 331666 | 151 |  |  | 3962 | 0.1 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 195257 | 195033 | 157 |  |  | 224 |  |
| T. Rowe Price Government Reserve Fund, 3.67% - Class I | 18285 | 479319 | 496410 | 294 |  |  | 1194 |  |
|  | 22167 | 1006322 | 1023109 | 602 |  |  | 5380 | 0.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4057937 |  |  | 4057937 |
| &nbsp;&nbsp;Short Term Investments | 5380 |  |  | 5380 |
|  | 4063317 |  |  | 4063317 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

579

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |
| **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** |
| **China 77.7%** | **China 77.7%** | **China 77.7%** |
| Alibaba Group Holding Limited (a) | 31 | 573 |
| Alibaba Group Holding Limited - ADR | 1 | 194 |
| BYD Company Limited - Class H | 8 | 97 |
| China Merchants Bank Co., Ltd. - Class H | 80 | 542 |
| Contemporary Amperex Technology Co., Limited - Class A | 15 | 776 |
| DiDi Global Inc. - Class A - ADR (b) | 139 | 735 |
| Full Truck Alliance Co. Ltd. - Class A - ADR | 21 | 231 |
| HUYA Inc. - Class A - ADR (b) | 60 | 172 |
| Kanzhun Limited - ADR | 13 | 265 |
| Kingsoft Cloud Holdings Limited (a) (b) (c) | 472 | 333 |
| Kweichow Moutai Co., Ltd. - Class A | 2 | 296 |
| Meituan - Class B (a) (b) | 13 | 172 |
| PDD Holdings Inc. - ADR (b) | 2 | 249 |
| Shengyi Technology Co., Ltd. - Class A | 51 | 520 |
| Shenzhen Inovance Technology Co., Ltd. - Class A | 38 | 404 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 9 | 231 |
| Sieyuan Electric Co., Ltd. - Class A | 17 | 385 |
| Suzhou Tianmai Thermal Technology Co., Ltd. - Class A | 12 | 320 |
| Tencent Holdings Limited | 19 | 1442 |
| Trip.com Group Limited - ADR | 3 | 191 |
| Xiamen Meitu Technology Co., Ltd. | 501 | 450 |
| Xiaomi Corporation (a) (b) | 59 | 296 |
|  |  | 8874 |
| **Hong Kong 11.5%** | **Hong Kong 11.5%** | **Hong Kong 11.5%** |
| Futu Holdings Limited - ADR | 1 | 173 |
| Melco Resorts & Entertainment Limited - ADR (b) | 25 | 191 |
| TIME Interconnect Technology Limited (a) (c) | 170 | 372 |
| Wasion Holdings Limited | 264 | 582 |
|  |  | 1318 |
| **Netherlands 5.1%** | **Netherlands 5.1%** | **Netherlands 5.1%** |
| Prosus N.V. - ADR | 47 | 587 |
| **United States of America 3.1%** | **United States of America 3.1%** | **United States of America 3.1%** |
| ACM Research, Inc. - Class A (b) | 9 | 350 |
| Total Common Stocks (cost $10,924) | Total Common Stocks (cost $10,924) | 11129 |
| **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** |
| **Investment Companies 2.6%** | **Investment Companies 2.6%** | **Investment Companies 2.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (d) (e) | 295 | 295 |
| **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** |
| JNL Government Money Market Fund - Class SL, 3.74% (d) (e) | 243 | 243 |
| Total Short Term Investments (cost $538) | Total Short Term Investments (cost $538) | 538 |
| **Total Investments 102.1% (cost $11,462)** | **Total Investments 102.1% (cost $11,462)** | **11667** |
| **Other Assets and Liabilities, Net (2.1)%** | **Other Assets and Liabilities, Net (2.1)%** | (243) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **11424** |

---

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

(b) Non-income producing security.

(c) All or a portion of the security was on loan as of December 31, 2025.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** | **JNL/WCM China Quality Growth Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 157 | 19325 | 19187 | 21 |  |  | 295 | 2.6 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 2455 | 2212 | 2 |  |  | 243 | 2.1 |
|  | 157 | 21780 | 21399 | 23 |  |  | 538 | 4.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alibaba Group Holding Limited | 03/20/25 | 593 | 573 | 5.0 |
| Kingsoft Cloud Holdings Limited | 09/10/25 | 389 | 333 | 2.9 |
| Meituan - Class B | 03/20/25 | 210 | 172 | 1.5 |
| TIME Interconnect Technology Limited | 11/20/25 | 335 | 372 | 3.3 |
| Xiaomi Corporation | 06/16/25 | 366 | 296 | 2.6 |
|  |  | 1893 | 1746 | 15.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 3338 | 7791 |  | 11129 |
| &nbsp;&nbsp;Short Term Investments | 538 |  |  | 538 |
|  | 3876 | 7791 |  | 11667 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

580

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |
| **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** | **COMMON STOCKS 96.5%** |
| **United Kingdom 15.7%** | **United Kingdom 15.7%** | **United Kingdom 15.7%** |
| 3i Group PLC | 1206 | 53040 |
| AstraZeneca PLC | 275 | 51174 |
| BAE Systems PLC | 3814 | 88117 |
| Experian PLC | 680 | 30809 |
| Rolls-Royce Holdings PLC | 7692 | 119269 |
|  |  | 342409 |
| **United States of America 14.7%** | **United States of America 14.7%** | **United States of America 14.7%** |
| AON Public Limited Company - Class A | 82 | 29027 |
| Arch Capital Group Ltd. (a) | 531 | 50983 |
| Ferguson Enterprises Inc. | 186 | 41323 |
| Linde Public Limited Company | 81 | 34681 |
| Philip Morris International Inc. | 481 | 77131 |
| Seagate Technology Holdings Public Limited Company | 215 | 59149 |
| Waste Connections, Inc. | 166 | 29193 |
|  |  | 321487 |
| **Germany 13.3%** | **Germany 13.3%** | **Germany 13.3%** |
| Deutsche Borse Aktiengesellschaft - Class N | 122 | 32079 |
| Rheinmetall Aktiengesellschaft | 18 | 32174 |
| SAP SE | 277 | 67027 |
| Siemens Energy AG (a) | 1129 | 158018 |
|  |  | 289298 |
| **Netherlands 7.7%** | **Netherlands 7.7%** | **Netherlands 7.7%** |
| Adyen N.V. (a) (b) | 30 | 48871 |
| ASM International N.V. | 61 | 37020 |
| ASML Holding N.V. - ADR | 77 | 82144 |
|  |  | 168035 |
| **Taiwan 6.5%** | **Taiwan 6.5%** | **Taiwan 6.5%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 466 | 141650 |
| **Canada 5.8%** | **Canada 5.8%** | **Canada 5.8%** |
| Canadian Natural Resources Limited | 937 | 31728 |
| Canadian Pacific Kansas City Limited | 677 | 49866 |
| Shopify Inc. - Class A (a) | 275 | 44316 |
|  |  | 125910 |
| **Japan 5.3%** | **Japan 5.3%** | **Japan 5.3%** |
| Mitsubishi Heavy Industries, Ltd. | 2803 | 68842 |
| Nintendo Co., Ltd. | 682 | 46074 |
|  |  | 114916 |
| **Singapore 3.8%** | **Singapore 3.8%** | **Singapore 3.8%** |
| Sea Limited - Class A - ADR (a) | 658 | 83955 |
| **France 3.5%** | **France 3.5%** | **France 3.5%** |
| Safran | 220 | 77082 |
| **China 2.7%** | **China 2.7%** | **China 2.7%** |
| Tencent Holdings Limited | 764 | 58761 |
| **Sweden 2.6%** | **Sweden 2.6%** | **Sweden 2.6%** |
| Spotify Technology S.A. (a) | 98 | 56930 |
| **Switzerland 2.4%** | **Switzerland 2.4%** | **Switzerland 2.4%** |
| UBS Group AG | 1151 | 53202 |
| **Brazil 2.2%** | **Brazil 2.2%** | **Brazil 2.2%** |
| NU Holdings Ltd. - Class A (a) | 2862 | 47908 |
| **South Korea 2.1%** | **South Korea 2.1%** | **South Korea 2.1%** |
| Coupang, Inc. - Class A (a) | 1932 | 45569 |
| **Argentina 1.9%** | **Argentina 1.9%** | **Argentina 1.9%** |
| MercadoLibre, Inc. (a) | 21 | 41508 |
| **India 1.9%** | **India 1.9%** | **India 1.9%** |
| ICICI Bank Limited - ADR | 1384 | 41234 |
| **Israel 1.7%** | **Israel 1.7%** | **Israel 1.7%** |
| Monday.Com Ltd. (a) | 153 | 22593 |
| Teva Pharmaceutical Industries Ltd - ADR (a) | 477 | 14883 |
|  |  | 37476 |
| **Italy 1.4%** | **Italy 1.4%** | **Italy 1.4%** |
| Ferrari N.V. | 84 | 31180 |
| **Denmark 1.3%** | **Denmark 1.3%** | **Denmark 1.3%** |
| Novo Nordisk A/S - Class B | 554 | 28205 |
| Total Common Stocks (cost $1,565,186) | Total Common Stocks (cost $1,565,186) | 2106715 |
| **SHORT TERM INVESTMENTS 3.5%** | **SHORT TERM INVESTMENTS 3.5%** | **SHORT TERM INVESTMENTS 3.5%** |
| **Investment Companies 3.5%** | **Investment Companies 3.5%** | **Investment Companies 3.5%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 77327 | 77327 |
| Total Short Term Investments (cost $77,327) | Total Short Term Investments (cost $77,327) | 77327 |
| **Total Investments 100.0% (cost $1,642,513)** | **Total Investments 100.0% (cost $1,642,513)** | **2184042** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (831) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2183211** |

---

(a) Non-income producing security.

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

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** | **JNL/WCM Focused International Equity Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 32385 | 741847 | 696905 | 2760 |  |  | 77327 | 3.5 |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 85215 | 85215 | 181 |  |  |  |  |
|  | 32385 | 827062 | 782120 | 2941 |  |  | 77327 | 3.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen N.V. | 06/27/22 | 36209 | 48871 | 2.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

581

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 342409 |  | 342409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 321487 |  |  | 321487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 289298 |  | 289298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 82144 | 85891 |  | 168035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 141650 |  |  | 141650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 125910 |  |  | 125910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 114916 |  | 114916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 83955 |  |  | 83955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 77082 |  | 77082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 58761 |  | 58761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 56930 |  |  | 56930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 53202 |  | 53202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 47908 |  |  | 47908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 45569 |  |  | 45569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | 41508 |  |  | 41508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 41234 |  |  | 41234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 37476 |  |  | 37476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 31180 |  | 31180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 28205 |  | 28205 |
| &nbsp;&nbsp;Short Term Investments | 77327 |  |  | 77327 |
|  | 1103098 | 1080944 |  | 2184042 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

582

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |
| **COMMON STOCKS 58.6%** | **COMMON STOCKS 58.6%** | **COMMON STOCKS 58.6%** |
| **Financials 19.2%** | **Financials 19.2%** | **Financials 19.2%** |
| 1RT Acquisition Corp. (a) | 1 | 6 |
| A Paradise Acquisition Corp. (a) | 2 | 17 |
| A Paradise Acquisition Corp. - Class A (a) | 18 | 184 |
| AA Mission Acquisition Corp. - Class A (a) | 8 | 89 |
| AA Mission Acquisition Corp. II (a) | 8 | 76 |
| Activate Energy Acquisition Corp. (a) | 6 | 56 |
| AI Infrastructure Acquisition Corp. (a) | 6 | 65 |
| AI Infrastructure Acquisition Corp. - Class A (a) | 4 | 42 |
| American Drive Acquisition Co. (a) | 3 | 25 |
| Andretti Acquisition Corp. II - Class A (a) | 9 | 94 |
| Apex Treasury Corporation (a) | 2 | 24 |
| Apex Treasury Corporation - Class A (a) | 8 | 79 |
| Archimedes Tech Spac Partners II Co. (a) | 10 | 98 |
| Armada Acquisition Corp. II - Class A (a) | 12 | 121 |
| Axiom Intelligence Acquisition Corp 1 - Class A (a) | 11 | 111 |
| Bain Capital GSS Investment Corp. (a) | 4 | 41 |
| Berto Acquisition Corp. (a) | 7 | 71 |
| BEST SPAC I Acquisition Corp. - Class A (a) | 1 | 8 |
| Bitcoin Infrastructure Acquisition Corp. Ltd (a) | 4 | 35 |
| Blue Acquisition Corp (a) | 2 | 21 |
| Blue Water Acquisition Corp. III (a) | 7 | 69 |
| Blue Water Acquisition Corp. III - Class A (a) | 3 | 33 |
| Bluerock Acquisition Corp. (a) | 4 | 40 |
| Brighthouse Financial, Inc. (a) | 1 | 67 |
| BTC Development Corp. (a) | 1 | 8 |
| Cadence Bank | 6 | 236 |
| Cal Redwood Acquisition Corp. (a) | 2 | 25 |
| Cal Redwood Acquisition Corp. - Class A (a) | 11 | 108 |
| Calisa Acquisition Corp (a) |  | 3 |
| Cantaloupe, Inc. (a) | 5 | 55 |
| Cantor Equity Partners I, Inc. - Class A (a) | 2 | 21 |
| Cantor Equity Partners III, Inc. - Class A (a) | 1 | 8 |
| Cantor Equity Partners IV Inc. - Class A (a) | 3 | 33 |
| Cantor Equity Partners V, Inc. - Class A (a) | 7 | 74 |
| Cartesian Growth Corp III - Class A (a) | 4 | 37 |
| Cayson Acquisition Corp. (a) | 3 | 33 |
| Centurion Acquisition Corp. - Class A (a) |  |  |
| ChampionsGate Acquisition Corp. (a) | 1 | 10 |
| Chenghe Acquisition III Co. (a) | 4 | 44 |
| Chenghe Acquisition III Co. - Class A (a) |  |  |
| Churchill Capital Corp. XI (a) | 1 | 9 |
| CO2 Energy Transition Corp. (a) | 36 | 375 |
| Cohen Circle Acquisition Corp. II (a) | 3 | 36 |
| Copley Acquisition Corp. (a) | 4 | 39 |
| Crane Harbor Acquisition Corp. II (a) | 1 | 8 |
| Crown Reserve Acquisition Corp. I (a) | 4 | 40 |
| Crown Reserve Acquisition Corp. I - Class A (a) | 10 | 96 |
| CSLM Digital Asset Acquisition Corp III Ltd. (a) | 6 | 65 |
| CSLM Digital Asset Acquisition Corp III Ltd. - Class A (a) | 6 | 63 |
| D. Boral Arc Acquisition I Corp. - Class A (a) | 20 | 200 |
| Daedalus Special Acquisition Corp. (a) | 3 | 31 |
| Drugs Made In America Acquisition II Corp. (a) | 8 | 81 |
| Drugs Made In America Acquisition II Corp. (a) | 8 | 79 |
| DT Cloud Star Acquisition Corporation (a) | 7 | 81 |
| Dune Acquisition Corp. II - Class A (a) | 6 | 62 |
| Dynamix Corp. III (a) | 1 | 8 |
| EGH Acquisition Corp. - Class A (a) | 5 | 54 |
| Emmis Acquisition Corp. - Class A (a) | 3 | 28 |
| EQV Ventures Acquisition Corp. (a) | 13 | 125 |
| Eureka Acquisition Corp - Class A (a) | 1 | 9 |
| FG Merger II Corp. (a) | 19 | 194 |
| Fifth Era Acquisition Corp I - Class A (a) | 1 | 14 |
| FIGX Capital Acquisition Corp. (a) | 1 | 14 |
| FIGX Capital Acquisition Corp. - Class A (a) | 2 | 20 |
| Flagship Acquisition Corporation (a) | 1 | 9 |
| Future Vision II Acquisition Corp. (a) | 7 | 69 |
| FutureCrest Acquisition Corp. (a) |  | 2 |
| Galata Acquisition Corp. II (a) | 3 | 28 |
| Gesher Acquisition Corp. II - Class A (a) | 4 | 43 |
| GigCapital7 Corp. - Class A (a) | 2 | 17 |
| GigCapital8 Corp. - Class A (a) | 17 | 172 |
| Globa Terra Acquisition Corp - Class A (a) | 22 | 224 |
| Gores Holdings X, Inc. - Class A (a) | 8 | 87 |
| GP-Act III Acquisition Corp. - Class A (a) | 4 | 43 |
| Graf Global Corp. - Class A (a) | 4 | 43 |
| GSR IV Acquisition Corp. (a) | 11 | 108 |
| Harvard Ave Acquisition Corp. (a) | 10 | 96 |
| Haymaker Acquisition Corp. IV - Class A (a) | 12 | 140 |
| HCM III Acquisition Corp. (a) |  | 4 |
| Highview Merger Corp. - Class A (a) | 3 | 27 |
| Indigo Acquisition Corp. (a) | 4 | 40 |
| Inflection Point Acquisition Corp. V - Class A (a) | 1 | 11 |
| Iron Horse Acquisitions Corp. II (a) | 3 | 25 |
| ITHAX Acquisition Corp III (a) | 4 | 40 |
| Jackson Acquisition Co II - Class A (a) | 4 | 37 |
| Jena Acquisition Corp II - Class A (a) | 15 | 151 |
| K&F Growth Acquisition Corp. II - Class A (a) | 4 | 46 |
| Kochav Defense Acquisition Corp. - Class A (a) | 5 | 49 |
| LaFayette Acquisition Corp. (a) | 3 | 32 |
| Lake Superior Acquisition Corp. (a) | 4 | 41 |
| Lake Superior Acquisition Corp. - Class A (a) | 3 | 32 |
| Lakeshore Acquisition III Corp. (a) | 11 | 116 |
| Launchpad Cadenza Acquisition Corp. (a) | 6 | 57 |
| Leapfrog Acquisition Corp. (a) | 2 | 20 |
| LightWave Acquisition Corp. - Class A (a) | 12 | 122 |
| Lionheart Holdings - Class A (a) | 7 | 69 |
| Live Oak Acquisition Corp V - Class A (a) | 9 | 93 |
| M3-Brigade Acquisition VI Corp. (a) | 1 | 8 |
| McKinley Acquisition Corporation (a) | 2 | 16 |
| McKinley Acquisition Corporation - Class A (a) | 4 | 40 |
| Meshflow Acquisition Corp (a) | 6 | 56 |
| Mountain Lake Acquisition Corp. - Class A (a) | 11 | 116 |
| New Providence Acquisition Corp. III - Class A (a) | 20 | 207 |
| Newbury Street Acquisition Corporation - Class A (a) | 13 | 140 |
| NewHold Investment Corp. III - Class A (a) | 4 | 39 |
| NMP Acquisition Corp. - Class A (a) | 8 | 81 |
| Origin Investment Corp I (a) | 4 | 41 |
| Otg Acquisition Corp. I (a) | 2 | 21 |
| Oxley Bridge Acquisition Ltd. (a) | 3 | 33 |
| Oxley Bridge Acquisition Ltd. - Class A (a) | 14 | 138 |
| Oyster Enterprises II Acquisition Corp - Class A (a) | 11 | 111 |
| Perimeter Acquisition Corp. I (a) | 2 | 26 |
| Pioneer Acquisition I Corp (a) | 12 | 125 |
| Pioneer Acquisition I Corp - Class A (a) | 6 | 55 |
| ProCap Acquisition Corp (a) | 1 | 12 |
| ProCap Acquisition Corp - Class A (a) | 4 | 40 |
| Pyrophyte Acquisition Corp. II - Class A (a) | 4 | 40 |
| Quantumsphere Acquisition Corporation (a) | 2 | 17 |
| Quantumsphere Acquisition Corporation (a) | 4 | 40 |
| Quartzsea Acquisition Corporation (a) | 12 | 121 |
| Real Asset Acquisition Corp. - Class A (a) | 4 | 37 |
| Republic Digital Acquisition Co. (a) | 1 | 13 |
| Roman DBDR Acquisition Corp. II (a) | 3 | 34 |
| Siddhi Acquisition Corp. - Class A (a) | 23 | 232 |
| Silicon Valley Acquisition Corp. (a) | 3 | 28 |
| Silver Pegasus Acquisition Corp. (a) | 2 | 21 |
| Silver Pegasus Acquisition Corp. - Class A (a) | 6 | 57 |
| SilverBox Corp IV - Class A (a) | 5 | 49 |
| SilverBox Corp V (a) | 2 | 16 |
| SIM Acquisition Corp. I - Class A (a) | 8 | 86 |
| Sizzle Acquisition Corp II - Class A (a) | 14 | 138 |
| Social Commerce Partners Corp. (a) | 2 | 20 |
| Solarius Capital Acquisition Corp. - Class A (a) | 10 | 104 |
| Soulpower Acquisition Corp - Class A (a) | 9 | 90 |
| Spring Valley Acquisition Corp. III (a) | 3 | 33 |
| Starry Sea Acquisition Corp. (a) | 6 | 60 |
| Stellar V Capital Corp. - Class A (a) | 4 | 37 |
| Thayer Ventures Acquisition Corporation II - Class A (a) | 9 | 89 |
| Titan Acquisition Corp - Class A (a) | 9 | 91 |
| Translational Development Acquisition Corp. (a) | 3 | 34 |
| UY Scuti Acquisition Corp. (a) | 2 | 18 |
| Vendome Acquisition Corp I - Class A (a) | 8 | 84 |
| Viking Acquisition Corp. I (a) | 1 | 12 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

583

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Voyager Acquisition Corp. - Class A (a) | 10 | 104 |
| Wen Acquisition Corp. (a) | 6 | 65 |
| Wen Acquisition Corp. - Class A (a) | 1 | 9 |
| Wintergreen Acquisition Corp. (a) |  | 1 |
| Wintergreen Acquisition Corp. (a) | 4 | 41 |
| | | 9117 |
| **Communication Services 14.7%** | **Communication Services 14.7%** | **Communication Services 14.7%** |
| Electronic Arts Inc. (b) | 1 | 261 |
| Endeavor Group Holdings, Inc. - Class A (c) (d) | 110 | 3017 |
| Frontier Communications Parent, Inc. (a) | 1 | 42 |
| Liberty Broadband Corporation - Series A (a) (e) | 10 | 501 |
| TEGNA Inc. | 3 | 54 |
| Warner Bros. Discovery, Inc. - Series A (a) (b) (e) | 107 | 3091 |
|  |  | 6966 |
| **Industrials 11.4%** | **Industrials 11.4%** | **Industrials 11.4%** |
| Air Lease Corporation - Class A | 6 | 357 |
| Chart Industries, Inc. (a) |  | 2 |
| CSX Corporation (b) (e) | 54 | 1959 |
| Dayforce, Inc. (a) | 9 | 632 |
| Honeywell International Inc. (b) | 1 | 215 |
| Norfolk Southern Corporation (e) | 7 | 2119 |
| Taskus, Inc. - Class A (a) | 10 | 118 |
|  |  | 5402 |
| **Health Care 4.2%** | **Health Care 4.2%** | **Health Care 4.2%** |
| Avidity Biosciences, Inc. (a) (e) | 16 | 1155 |
| Exact Sciences Corporation (a) | 3 | 344 |
| Hologic, Inc. (a) | 7 | 499 |
|  |  | 1998 |
| **Consumer Discretionary 3.2%** | **Consumer Discretionary 3.2%** | **Consumer Discretionary 3.2%** |
| Aptiv PLC (a) (e) | 20 | 1529 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| New Gold Inc (a) | 53 | 462 |
| Sealed Air Corporation | 13 | 551 |
| Teck Resources Limited - Class B (b) | 6 | 277 |
|  |  | 1290 |
| **Consumer Staples 1.7%** | **Consumer Staples 1.7%** | **Consumer Staples 1.7%** |
| Kenvue Inc. | 1 | 12 |
| Kimberly-Clark Corporation | 1 | 144 |
| Kraft Heinz Company, The (b) | 16 | 383 |
| Treehouse Foods, Inc. (a) | 11 | 256 |
|  |  | 795 |
| **Information Technology 1.3%** | **Information Technology 1.3%** | **Information Technology 1.3%** |
| Confluent, Inc. - Class A (a) | 17 | 526 |
| CyberArk Software Ltd. (a) |  | 91 |
|  |  | 617 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| SunocoCorp LLC (a) | 2 | 112 |
| Total Common Stocks (cost $26,915) | Total Common Stocks (cost $26,915) | 27826 |
| **CORPORATE BONDS AND NOTES 15.3%** | **CORPORATE BONDS AND NOTES 15.3%** | **CORPORATE BONDS AND NOTES 15.3%** |
| **Communication Services 4.2%** | **Communication Services 4.2%** | **Communication Services 4.2%** |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 355 | 393 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 157 | 159 |
| 6.00%, 01/15/30 (f) | 276 | 280 |
| Getty Images, Inc. |  |  |
| 14.00%, 03/01/28 (f) | 629 | 593 |
| 11.25%, 02/21/30 (f) | 600 | 563 |
|  |  | 1988 |
| **Information Technology 2.9%** | **Information Technology 2.9%** | **Information Technology 2.9%** |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (g) (h) | 1100 | 1224 |
| Dye & Durham Limited |  |  |
| 3.75%, 03/01/26, CAD (g) (h) | 211 | 138 |
|  |  | 1362 |
| **Industrials 2.6%** | **Industrials 2.6%** | **Industrials 2.6%** |
| Mauser Packaging Solutions Holding Company |  |  |
| 9.25%, 04/15/30 (f) | 1304 | 1252 |
| **Energy 2.0%** | **Energy 2.0%** | **Energy 2.0%** |
| Calumet Specialty Products Partners, L.P. |  |  |
| 11.00%, 04/15/26 (f) | 746 | 749 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (f) | 195 | 197 |
|  |  | 946 |
| **Financials 1.5%** | **Financials 1.5%** | **Financials 1.5%** |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (f) | 188 | 129 |
| SBL Holdings, Inc. |  |  |
| 6.50%, (100, 11/13/26) (f) (i) | 645 | 610 |
|  |  | 739 |
| **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** |
| Azul Secured Finance LLP |  |  |
| 15.00%, 09/30/26 (f) (j) | 598 | 606 |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| Exact Sciences Corporation |  |  |
| 2.00%, 03/01/30 (f) (g) | 194 | 269 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| Illuminate Buyer LLC |  |  |
| 9.00%, 07/01/28 (f) | 112 | 112 |
| Total Corporate Bonds And Notes (cost $7,312) | Total Corporate Bonds And Notes (cost $7,312) | 7274 |
| **SENIOR FLOATING RATE INSTRUMENTS 6.1%** | **SENIOR FLOATING RATE INSTRUMENTS 6.1%** | **SENIOR FLOATING RATE INSTRUMENTS 6.1%** |
| **Communication Services 6.1%** | **Communication Services 6.1%** | **Communication Services 6.1%** |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 8.67%, (1 Month Term SOFR + 4.75%), 12/15/29 (k) | 700 | 700 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/29 (k) | 213 | 212 |
| 2024 Extended Term Loan B2, 6.38%, (1 Month Term SOFR + 2.35%), 04/15/30 (k) | 963 | 957 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 11.00%, (3 Month Term SOFR + 7.00%), 05/06/27 (k) | 1064 | 1022 |
| Total Senior Floating Rate Instruments (cost $2,940) | Total Senior Floating Rate Instruments (cost $2,940) | 2891 |
| **INVESTMENT COMPANIES 2.9%** | **INVESTMENT COMPANIES 2.9%** | **INVESTMENT COMPANIES 2.9%** |
| BlackRock Municipal Income Quality Trust | 21 | 230 |
| BlackRock Municipal Income Trust | 12 | 121 |
| BlackRock Municipal Income Trust II | 12 | 126 |
| BlackRock MuniHoldings Fund Inc | 8 | 92 |
| BlackRock MuniHoldings Quality Fund II Inc | 8 | 78 |
| BlackRock MuniYield Quality Fund | 12 | 135 |
| BlackRock MuniYield Quality Fund III, Inc. | 10 | 107 |
| Eaton Vance Floating-Rate Income Trust | 5 | 54 |
| Franklin Universal Trust | 34 | 273 |
| Nuveen Amt-Free Municipal Credit Income Fund | 11 | 143 |
| Saba Capital Income & Opportunities Fund | 2 | 15 |
| Total Investment Companies (cost $1,373) | Total Investment Companies (cost $1,373) | 1374 |
| **OTHER EQUITY INTERESTS 2.3%** | **OTHER EQUITY INTERESTS 2.3%** | **OTHER EQUITY INTERESTS 2.3%** |
| Altaba Inc. (a) (l) (m) | 839 | 1070 |
| Pershing Square Tontine Holdings, Ltd. (a) (l) (m) | 16 |  |
| Total Other Equity Interests (cost $1,124) | Total Other Equity Interests (cost $1,124) | 1070 |
| **PREFERRED STOCKS 1.9%** | **PREFERRED STOCKS 1.9%** | **PREFERRED STOCKS 1.9%** |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| City Office REIT, Inc., 6.63%, (25, 1/09/26) (i) | 19 | 488 |
| **Financials 0.9%** | **Financials 0.9%** | **Financials 0.9%** |
| Federal Home Loan Mortgage Corporation, 0.00%, (25, 12/31/27) (a) (i) (n) | 17 | 246 |
| Federal National Mortgage Association, Inc. (a) (f) (i) | 12 | 155 |
| Federal National Mortgage Association, Inc., 8.25%, (25, 02/07/26) (a) (i) | 2 | 32 |
|  |  | 433 |
| Total Preferred Stocks (cost $899) | Total Preferred Stocks (cost $899) | 921 |
| **RIGHTS 0.7%** | **RIGHTS 0.7%** | **RIGHTS 0.7%** |
| Akouos, Inc. (a) (l) | 11 | 5 |
| Axiom Intelligence Acquisition Corp 1 (a) | 3 | 1 |
| BEST SPAC I Acquisition Corp. (a) | 1 |  |
| Bristol-Myers Squibb Company (a) (l) | 92 | 92 |
| Cayson Acquisition Corp. (a) | 3 | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

584

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EGH Acquisition Corp. (a) | 1 |  |
| Emmis Acquisition Corp. (a) | 3 |  |
| ESH Acquisition Corp. (a) | 11 | 2 |
| Inhibrx, Inc. (a) (l) | 4 | 3 |
| Jena Acquisition Corp II (a) | 7 | 1 |
| K&F Growth Acquisition Corp. II (a) | 4 | 1 |
| Lakeshore Acquisition III Corp. (a) | 7 | 2 |
| Mountain Lake Acquisition Corp. (a) | 6 | 1 |
| Oyster Enterprises II Acquisition Corp (a) | 4 | 1 |
| Pan American Silver Corp. (a) | 446 | 221 |
| Pershing Square SPARC Holdings, Ltd. (a) (l) | 4 | 1 |
| Sizzle Acquisition Corp II (a) | 4 | 1 |
| Soulpower Acquisition Corp (a) | 5 | 1 |
| Spring Valley Acquisition Corp. II (a) | 1 | 1 |
| Thayer Ventures Acquisition Corporation II (a) | 5 | 1 |
| UY Scuti Acquisition Corp. (a) | 2 |  |
| Total Rights (cost $623) | Total Rights (cost $623) | 336 |
| **WARRANTS 0.1%** | **WARRANTS 0.1%** | **WARRANTS 0.1%** |
| Alchemy Investments Acquisition Corp 1 (a) | 6 | 1 |
| Aldel Financial II Inc. (a) | 3 | 1 |
| Altenergy Acquisition Corp. (a) | 2 |  |
| Archimedes Tech Spac Partners II Co. (a) | 3 | 1 |
| Armada Acquisition Corp. II (a) | 1 | 1 |
| Berto Acquisition Corp. (a) | 1 |  |
| Cartesian Growth Corp III (a) |  |  |
| Cartesian Growth Corporation II (a) | 2 | 1 |
| Copley Acquisition Corp. (a) | 1 |  |
| Corner Growth Acquisition Corp. (a) (l) | 4 |  |
| Dune Acquisition Corp. II (a) | 4 | 1 |
| Gesher Acquisition Corp. II (a) | 2 | 1 |
| Goal Acquisitions Corp. (a) (l) | 119 | 1 |
| Gores Holdings X, Inc. (a) | 2 | 1 |
| Graf Global Corp. (a) | 2 | 1 |
| iLearningEngines, Inc. (a) (l) | 16 |  |
| Jaws Mustang Acquisition Corp. (a) | 8 |  |
| LeddarTech Holdings Inc. (a) | 37 |  |
| LightWave Acquisition Corp. (a) | 4 | 1 |
| Live Oak Acquisition Corp V (a) | 2 | 2 |
| New Providence Acquisition Corp. III (a) | 7 | 3 |
| Newbury Street Acquisition Corporation (a) | 4 | 1 |
| NewHold Investment Corp. III (a) | 2 | 1 |
| Roman DBDR Acquisition Corp. II (a) | 3 | 2 |
| Stellar V Capital Corp. (a) | 2 | 1 |
| Target Global Acquisition I Corp. (a) (l) | 4 |  |
| Tevogen Bio Holdings Inc. (a) | 3 |  |
| Titan Acquisition Corp (a) | 4 | 2 |
| Voyager Acquisition Corp. (a) | 4 | 1 |
| Total Warrants (cost $119) | Total Warrants (cost $119) | 24 |
| **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** |
| **Investment Companies 4.7%** | **Investment Companies 4.7%** | **Investment Companies 4.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (o) (p) | 2227 | 2227 |
| Total Short Term Investments (cost $2,227) | Total Short Term Investments (cost $2,227) | 2227 |
| **Total Investments 92.6% (cost $43,532)** | **Total Investments 92.6% (cost $43,532)** | **43943** |
| **Total Securities Sold Short (1.0)% (proceeds $430)** | **Total Securities Sold Short (1.0)% (proceeds $430)** | (476) |
| **Total Purchased Options 0.1% (cost $198)** | **Total Purchased Options 0.1% (cost $198)** | **69** |
| **Other Derivative Instruments (0.4)%** | **Other Derivative Instruments (0.4)%** | (173) |
| **Other Assets and Liabilities, Net 8.7%** | **Other Assets and Liabilities, Net 8.7%** | **4089** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **47452** |

---

(a) Non-income producing security.

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

(c) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Financial Statements.

(d) Shares subject to merger appraisal rights.

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

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $5,515 and 11.6% of the Fund.

(g) Convertible security.

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

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

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

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

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

(n) As of December 31, 2025, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 0.5% of the Fund's net assets.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (1.0%)** | **SECURITIES SOLD SHORT (1.0%)** | **SECURITIES SOLD SHORT (1.0%)** |
| **COMMON STOCKS (0.7%)** | **COMMON STOCKS (0.7%)** | **COMMON STOCKS (0.7%)** |
| **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |
| Coeur Mining, Inc. | (14) | (256) |
| **Information Technology (0.1%)** | **Information Technology (0.1%)** | **Information Technology (0.1%)** |
| Palo Alto Networks, Inc. |  | (58) |
| **Industrials (0.0%)** | **Industrials (0.0%)** | **Industrials (0.0%)** |
| Union Pacific Corporation |  | (17) |
| Total Common Stocks (proceeds $286) | Total Common Stocks (proceeds $286) | (331) |
| **INVESTMENT COMPANIES (0.3%)** | **INVESTMENT COMPANIES (0.3%)** | **INVESTMENT COMPANIES (0.3%)** |
| State Street Consumer Staples Select Sector SPDR ETF | (2) | (145) |
| Total Investment Companies (proceeds $144) | Total Investment Companies (proceeds $144) | (145) |
| **Total Securities Sold Short (1.0%) (proceeds $430)** | **Total Securities Sold Short (1.0%) (proceeds $430)** | (476) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

585

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 4653 | 65848 | 68274 | 132 |  |  | 2227 | 4.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** | **JNL/Westchester Capital Event Driven Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| AMS-Osram AG, 2.13%, 11/03/27 | 05/19/25 | 1172 | 1224 | 2.6 |
| Dye & Durham Limited, 3.75%, 03/01/26 | 11/06/24 | 151 | 138 | 0.3 |
|  |  | 1323 | 1362 | 2.9 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Aptiv PLC | Put | 70.00 | 01/16/26 | 82 | 574 | 3 |
| Aptiv PLC | Put | 70.00 | 02/20/26 | 28 | 196 | 5 |
| Aptiv PLC | Put | 70.00 | 03/20/26 | 91 | 637 | 22 |
| Comcast Corporation | Put | 27.50 | 01/16/26 | 206 | 567 | 2 |
| Comcast Corporation | Put | 25.00 | 01/16/26 | 80 | 200 |  |
| CSX Corporation | Put | 30.00 | 01/16/26 | 476 | 1428 |  |
| CSX Corporation | Put | 32.50 | 02/20/26 | 64 | 208 | 2 |
| Honeywell International Inc. | Put | 180.00 | 03/20/26 | 96 | 1728 | 26 |
| Kenvue Inc. | Put | 13.00 | 02/20/26 | 7 | 9 |  |
| Keurig Dr Pepper Inc. | Put | 24.00 | 02/20/26 | 440 | 1056 | 4 |
| Kraft Heinz Company, The | Put | 20.00 | 02/20/26 | 408 | 816 | 3 |
| SPDR S&P 500 ETF Trust | Put | 635.00 | 01/16/26 | 35 | 2223 | 2 |
| Teck Resources Limited | Put | 36.00 | 01/16/26 | 263 | 947 |  |
| Warner Bros. Discovery, Inc. | Put | 17.50 | 01/16/26 | 87 | 152 |  |
|  |  |  |  |  |  | 69 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Air Lease Corporation | Call | 65.00 | 02/20/26 | 33 | 215 |  |
| Aptiv PLC | Call | 75.00 | 01/16/26 | 82 | 615 | (22) |
| Aptiv PLC | Call | 80.00 | 02/20/26 | 28 | 224 | (7) |
| Aptiv PLC | Call | 77.50 | 03/20/26 | 91 | 705 | (44) |
| Comcast Corporation | Call | 30.00 | 01/16/26 | 80 | 240 | (5) |
| CSX Corporation | Call | 35.00 | 01/16/26 | 476 | 1666 | (74) |
| CSX Corporation | Call | 37.50 | 02/20/26 | 64 | 240 | (5) |
| Electronic Arts Inc. | Call | 210.00 | 03/20/26 | 5 | 105 |  |
| Electronic Arts Inc. | Call | 210.00 | 06/18/26 | 2 | 42 |  |
| Exact Sciences Corporation | Call | 105.00 | 01/16/26 | 21 | 221 |  |
| Honeywell International Inc. | Call | 210.00 | 03/20/26 | 96 | 2016 | (29) |
| Kenvue Inc. | Call | 16.00 | 02/20/26 | 7 | 11 | (1) |
| Keurig Dr Pepper Inc. | Call | 27.00 | 02/20/26 | 440 | 1188 | (59) |
| Kraft Heinz Company, The | Call | 25.00 | 02/20/26 | 408 | 1020 | (25) |
| SPDR S&P 500 ETF Trust | Call | 690.00 | 01/16/26 | 17 | 1173 | (6) |
| SPDR S&P 500 ETF Trust | Put | 595.00 | 01/16/26 | 22 | 1309 |  |
| Teck Resources Limited | Call | 40.00 | 01/16/26 | 263 | 1052 | (210) |
| Teck Resources Limited | Call | 41.00 | 02/20/26 | 171 | 701 | (129) |
| Warner Bros. Discovery, Inc. | Call | 30.00 | 02/20/26 | 50 | 150 | (5) |
| Warner Bros. Discovery, Inc. | Call | 27.00 | 02/20/26 | 295 | 797 | (79) |
| Warner Bros. Discovery, Inc. | Call | 26.00 | 02/20/26 | 376 | 978 | (130) |
| Warner Bros. Discovery, Inc. | Call | 30.00 | 03/20/26 | 218 | 654 | (25) |
| Warner Bros. Discovery, Inc. | Call | 27.00 | 03/20/26 | 31 | 84 | (7) |
|  |  |  |  |  |  | (862) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| EUR/USD | JPM | 03/04/26 | EUR | 190 | 224 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

586

***JNL Series Trust***

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | JPM | 03/17/26 | HKD | 78 | 10 |  |
| USD/CAD | JPM | 03/18/26 | CAD | (211) | (154) |  |
| USD/EUR | JPM | 03/04/26 | EUR | (1235) | (1455) | 1 |
| USD/EUR | GSC | 03/11/26 | EUR | (246) | (290) |  |
| USD/EUR | JPM | 03/11/26 | EUR | (16) | (18) |  |
| USD/GBP | GSC | 03/04/26 | GBP | (557) | (751) | (5) |
| USD/HKD | JPM | 03/17/26 | HKD | (2234) | (288) |  |
|  |  |  |  |  | (2722) | (4) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| ABIOMED, Inc.‡ (MT) | OBFR +0.00% (M) | BOA | 01/03/26 †† |  |  | 2 |
| Bristol-Myers Squibb Company‡ (MT) | 1M LIBOR +0.00% (M) | BOA | 12/27/26 †† |  |  | 39 |
| Chart Industries, Inc. (MT) | OBFR +0.61% (M) | GSC | 08/11/26 †† | 1309 |  | 48 |
| Coinshares International Limited (MT) | OBFR +0.85% (M) | GSC | 10/06/26 †† | 199 |  | (44) |
| Comcast Corporation (MT) | OBFR +0.61% (M) | GSC | 11/06/26 †† | 786 |  | 68 |
| Comerica Incorporated (MT) | OBFR +0.61% (M) | GSC | 11/21/26 †† | 657 |  | 103 |
| CyberArk Software Ltd. (MT) | OBFR +0.61% (M) | GSC | 08/11/26 †† | 2835 |  | (20) |
| Dayforce, Inc. (MT) | OBFR +0.61% (M) | GSC | 11/19/26 †† | 747 |  | 1 |
| Exact Sciences Corporation (MT) | OBFR +0.61% (M) | GSC | 12/09/26 †† | 991 |  | 2 |
| Frontier Communications Parent, Inc. (MT) | OBFR +0.61% (M) | GSC | 06/06/26 †† | 2199 |  | 86 |
| Honeywell International Inc. (MT) | OBFR +0.61% (M) | GSC | 02/10/26 †† | 1211 |  | (81) |
| Just Group PLC (MT) | OBFR +0.85% (M) | GSC | 08/01/26 †† | 716 |  | 22 |
| Keurig Dr Pepper Inc. (MT) | OBFR +0.61% (M) | GSC | 11/05/26 †† | 1180 |  | 49 |
| Kraft Heinz Company, The (MT) | OBFR +0.61% (M) | GSC | 09/12/26 †† | 663 |  | (48) |
| Saba Capital Income & Opportunities Fund (MT) | OBFR +0.61% (M) | GSC | 05/20/26 †† | 38 |  | (2) |
| Teck Resources Limited (MT) | OBFR +0.61% (M) | GSC | 10/30/26 †† | 888 |  | 80 |
| TEGNA Inc. (MT) | OBFR +0.61% (M) | GSC | 09/12/26 †† | 383 |  | (27) |
| Vivendi SE (MT) | OBFR +0.61% (M) | GSC | 06/23/26 †† | 541 |  | (105) |
| Cantaloupe, Inc. (MT) | OBFR +0.38% (Q) | JPM | 09/16/26 †† | 247 |  | (5) |
| Chart Industries, Inc. (MT) | OBFR +0.38% (Q) | JPM | 09/17/26 †† | 530 |  | 17 |
| Confluent, Inc. (MT) | OBFR +0.38% (Q) | JPM | 12/11/26 †† | 862 |  | 8 |
| Dayforce, Inc. (MT) | OBFR +0.38% (Q) | JPM | 11/19/26 †† | 747 |  | 1 |
| Electronic Arts Inc. (MT) | OBFR +0.38% (Q) | JPM | 11/11/26 †† | 2006 |  | 27 |
| Hang Seng Bank, Limited (MT) | OBFR +0.55% (Q) | JPM | 10/16/26 †† | 270 |  | 2 |
| Honeywell International Inc. (MT) | OBFR +0.38% (Q) | JPM | 09/17/26 †† | 456 |  | 70 |
| ProAssurance Corporation (MT) | OBFR +0.38% (Q) | JPM | 10/30/26 †† | 844 |  | 5 |
| Teck Resources Limited (MT) | OBFR +0.38% (Q) | JPM | 09/16/26 †† | 973 |  | 138 |
| Vivendi SE (MT) | OBFR +0.55% (Q) | JPM | 12/30/26 †† | 14 |  | 1 |
|  |  |  |  |  |  | 437 |
| **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| Anglo American PLC (MT) | OBFR -0.35% (M) | GSC | 09/25/26 †† | (79) |  | (5) |
| Charter Communications, Inc. (MT) | OBFR -0.35% (M) | GSC | 01/29/26 †† | (600) |  | 90 |
| Coeur Mining, Inc. (MT) | OBFR -0.35% (M) | GSC | 11/05/26 †† | (165) |  | (48) |
| Fifth Third Bancorp (MT) | OBFR -0.35% (M) | GSC | 11/05/26 †† | (438) |  | (52) |
| Palo Alto Networks, Inc. (MT) | OBFR -0.35% (M) | GSC | 10/29/26 †† | (3105) |  | 522 |
| Union Pacific Corporation (MT) | OBFR -0.35% (M) | GSC | 12/01/26 †† | (1121) |  | (35) |
| Universal Music Group N.V. (MT) | OBFR -0.27% (M) | GSC | 08/01/26 †† | (288) |  | 17 |
| Anglo American PLC (MT) | OBFR -0.35% (Q) | JPM | 09/26/26 †† | (207) |  | (30) |
| Fifth Third Bancorp (MT) | OBFR -0.25% (Q) | JPM | 12/16/26 †† | (279) |  | 6 |
| Huntington Bancshares Incorporated (MT) | OBFR -0.25% (Q) | JPM | 09/15/26 †† | (244) |  | 6 |
| Pan American Silver Corp. (MT) | OBFR -0.25% (Q) | JPM | 10/29/26 †† | (389) |  | (191) |
| Union Pacific Corporation (MT) | OBFR -0.25% (Q) | JPM | 08/25/26 †† | (508) |  | (24) |
|  |  |  |  |  |  | 256 |

---

‡Total Return Swap fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See "Fair Value Measurements" in the Notes to Financial Statements.

††For this swap agreement, the expiration date represents the termination date, which is generally 13 months from the effective date. Either party, under certain conditions, may terminate the contract prior to the contract's expiration date.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

587

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 24809 | 3017 |  | 27826 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 7274 |  | 7274 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 2891 |  | 2891 |
| &nbsp;&nbsp;Investment Companies | 1374 |  |  | 1374 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 1070 | 1070 |
| &nbsp;&nbsp;Preferred Stocks | 921 |  |  | 921 |
| &nbsp;&nbsp;Rights | 235 |  | 101 | 336 |
| &nbsp;&nbsp;Warrants | 23 |  | 1 | 24 |
| &nbsp;&nbsp;Short Term Investments | 2227 |  |  | 2227 |
|  | 29589 | 13182 | 1172 | 43943 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (331) |  |  | (331) |
| &nbsp;&nbsp;Investment Companies | (145) |  |  | (145) |
|  | (476) |  |  | (476) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 69 |  |  | 69 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1 |  | 1 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 1369 | 41 | 1410 |
|  | 69 | 1370 | 41 | 1480 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Written Options | (862) |  |  | (862) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (5) |  | (5) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (717) |  | (717) |
|  | (862) | (722) |  | (1584) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

588

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Japan 11.3%** | **Japan 11.3%** | **Japan 11.3%** |
| ASICS Corporation | 565 | 13571 |
| Fujikura Ltd. | 197 | 21939 |
| Hitachi, Ltd. | 691 | 21682 |
| IHI Corporation | 1198 | 21132 |
| Nec Corporation | 401 | 13646 |
| Sumitomo Mitsui Financial Group, Inc. | 637 | 20452 |
|  |  | 112422 |
| **United Kingdom 11.1%** | **United Kingdom 11.1%** | **United Kingdom 11.1%** |
| 3i Group PLC | 389 | 17108 |
| AstraZeneca PLC | 116 | 21590 |
| BAE Systems PLC | 610 | 14102 |
| Barclays PLC | 3621 | 23206 |
| Diploma PLC | 100 | 7130 |
| Halma Public Limited Company | 328 | 15639 |
| London Stock Exchange Group PLC | 97 | 11750 |
|  |  | 110525 |
| **Taiwan 10.0%** | **Taiwan 10.0%** | **Taiwan 10.0%** |
| Accton Technology Corporation | 472 | 17838 |
| Hon Hai Precision Industry Co., Ltd. | 4332 | 32065 |
| Taiwan Semiconductor Manufacturing Company Limited | 1001 | 49386 |
|  |  | 99289 |
| **South Korea 7.2%** | **South Korea 7.2%** | **South Korea 7.2%** |
| Samsung Electronics Co., Ltd. | 403 | 33369 |
| SK Hynix Inc. | 87 | 38966 |
|  |  | 72335 |
| **Switzerland 7.1%** | **Switzerland 7.1%** | **Switzerland 7.1%** |
| ABB Ltd - Class N | 227 | 16818 |
| Galderma Group AG | 67 | 13710 |
| Lonza Group AG | 22 | 14533 |
| Sandoz Group AG | 356 | 25839 |
|  |  | 70900 |
| **Italy 6.7%** | **Italy 6.7%** | **Italy 6.7%** |
| ENEL - SpA | 2032 | 21181 |
| Ferrari N.V. | 24 | 8998 |
| Prysmian S.p.A. | 202 | 20263 |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.p.A. | 196 | 16175 |
|  |  | 66617 |
| **China 5.6%** | **China 5.6%** | **China 5.6%** |
| NetEase, Inc. | 316 | 8698 |
| Tencent Holdings Limited | 411 | 31607 |
| Trip.com Group Limited | 219 | 15615 |
|  |  | 55920 |
| **Germany 4.9%** | **Germany 4.9%** | **Germany 4.9%** |
| Heidelberg Materials AG | 94 | 24386 |
| Rheinmetall Aktiengesellschaft | 7 | 13732 |
| SAP SE | 43 | 10334 |
|  |  | 48452 |
| **Canada 4.8%** | **Canada 4.8%** | **Canada 4.8%** |
| Dollarama Inc. | 121 | 18027 |
| Intact Financial Corporation | 86 | 17936 |
| Lundin Gold Inc. (a) | 143 | 11888 |
|  |  | 47851 |
| **Spain 4.6%** | **Spain 4.6%** | **Spain 4.6%** |
| Banco Bilbao Vizcaya Argentaria, S.A. | 1086 | 25561 |
| Iberdrola, Sociedad Anonima | 952 | 20685 |
|  |  | 46246 |
| **India 4.3%** | **India 4.3%** | **India 4.3%** |
| Bharat Electronics Limited | 2708 | 12031 |
| Bharti Airtel Limited | 769 | 18018 |
| ICICI Bank Limited | 841 | 12536 |
|  |  | 42585 |
| **Hong Kong 3.6%** | **Hong Kong 3.6%** | **Hong Kong 3.6%** |
| AIA Group Limited | 1951 | 20014 |
| Hong Kong Exchanges and Clearing Limited | 301 | 15719 |
|  |  | 35733 |
| **Belgium 3.0%** | **Belgium 3.0%** | **Belgium 3.0%** |
| Argenx SE - ADR (b) | 16 | 13225 |
| UCB | 60 | 16690 |
|  |  | 29915 |
| **France 3.0%** | **France 3.0%** | **France 3.0%** |
| Safran | 56 | 19425 |
| VINCI | 73 | 10274 |
|  |  | 29699 |
| **Singapore 2.5%** | **Singapore 2.5%** | **Singapore 2.5%** |
| Sea Limited - Class A - ADR (b) | 125 | 15989 |
| Singapore Telecommunications Limited | 2644 | 9375 |
|  |  | 25364 |
| **Netherlands 2.2%** | **Netherlands 2.2%** | **Netherlands 2.2%** |
| ASML Holding N.V. | 21 | 22195 |
| **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** |
| NU Holdings Ltd. - Class A (b) | 985 | 16496 |
| **Argentina 1.4%** | **Argentina 1.4%** | **Argentina 1.4%** |
| MercadoLibre, Inc. (b) | 7 | 13955 |
| **United States of America 1.2%** | **United States of America 1.2%** | **United States of America 1.2%** |
| Brookfield Asset Management Ltd. - Class A | 229 | 12012 |
| **Peru 1.1%** | **Peru 1.1%** | **Peru 1.1%** |
| Credicorp Ltd. | 37 | 10714 |
| **Austria 0.9%** | **Austria 0.9%** | **Austria 0.9%** |
| Erste Group Bank AG | 79 | 9442 |
| **Sweden 0.8%** | **Sweden 0.8%** | **Sweden 0.8%** |
| Spotify Technology S.A. (b) | 14 | 8317 |
| **Chile 0.5%** | **Chile 0.5%** | **Chile 0.5%** |
| Antofagasta PLC | 112 | 4938 |
| **Australia 0.4%** | **Australia 0.4%** | **Australia 0.4%** |
| Pro Medicus Limited | 27 | 3948 |
| Total Common Stocks (cost $811,118) | Total Common Stocks (cost $811,118) | 995870 |
| **Total Investments 99.8% (cost $811,118)** | **Total Investments 99.8% (cost $811,118)** | **995870** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **4** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **1586** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **997460** |

---

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

(b) Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** | **JNL/William Blair International Leaders Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 7245 | 343247 | 350492 | 443 |  |  |  |  |
| JNL Government Money Market Fund, 3.74% - Class SL | 4177 | 155060 | 159237 | 158 |  |  |  |  |
|  | 11422 | 498307 | 509729 | 601 |  |  |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

589

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Lundin Gold Inc. | 12/11/25 | 11819 | 11888 | 1.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/HKD | SSB | 01/02/26 | HKD | (3044) | (392) |  |
| USD/JPY | SSB | 01/05/26 | JPY | (113485) | (724) | 4 |
|  |  |  |  |  | (1116) | 4 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 147557 | 848313 |  | 995870 |
|  | 147557 | 848313 |  | 995870 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 4 |  | 4 |
|  |  | 4 |  | 4 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

590

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |
| **COMMON STOCKS 65.0%** | **COMMON STOCKS 65.0%** | **COMMON STOCKS 65.0%** |
| **Information Technology 21.4%** | **Information Technology 21.4%** | **Information Technology 21.4%** |
| Advanced Micro Devices, Inc. (a) | 277 | 59340 |
| Amphenol Corporation - Class A | 337 | 45599 |
| Apple Inc. | 1578 | 428963 |
| AppLovin Corporation - Class A (a) | 22 | 14868 |
| Broadcom Inc. | 474 | 164191 |
| Corning Incorporated | 319 | 27909 |
| Intuit Inc. | 52 | 34662 |
| Jabil Inc. | 126 | 28655 |
| Micron Technology, Inc. | 130 | 37060 |
| Microsoft Corporation | 861 | 416368 |
| NVIDIA Corporation | 2836 | 528871 |
| Palantir Technologies Inc. - Class A (a) | 224 | 39737 |
| Qualcomm Incorporated | 357 | 60991 |
| ServiceNow, Inc. (a) | 209 | 32084 |
| Snowflake Inc. - Class A (a) | 115 | 25155 |
| Texas Instruments Incorporated | 307 | 53285 |
| Via Transportation, Inc. - Class A (a) | 135 | 3924 |
|  |  | 2001662 |
| **Financials 8.7%** | **Financials 8.7%** | **Financials 8.7%** |
| American International Group, Inc. | 440 | 37634 |
| Arthur J. Gallagher & Co. | 129 | 33512 |
| BlackRock, Inc. | 60 | 64264 |
| Goldman Sachs Group, Inc., The | 62 | 54491 |
| JPMorgan Chase & Co. | 174 | 56071 |
| KKR & Co. Inc. - Class A | 305 | 38942 |
| MasterCard Incorporated - Class A | 188 | 107547 |
| Morgan Stanley | 227 | 40228 |
| Nasdaq, Inc. | 1181 | 114700 |
| UBS Group AG | 1640 | 75814 |
| Wells Fargo & Company | 2009 | 187281 |
|  |  | 810484 |
| **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** |
| Airbnb, Inc. - Class A (a) | 123 | 16640 |
| Amazon.com, Inc. (a) | 1261 | 291161 |
| Darden Restaurants, Inc. | 239 | 43900 |
| Home Depot, Inc., The | 201 | 69126 |
| Marriott International, Inc. - Class A | 228 | 70722 |
| Navan, Inc. - Class A (a) | 173 | 2960 |
| O'Reilly Automotive, Inc. (a) | 375 | 34160 |
| Tesla, Inc. (a) | 241 | 108378 |
| TJX Companies, Inc., The | 236 | 36214 |
| Tractor Supply Company | 705 | 35262 |
|  |  | 708523 |
| **Health Care 6.8%** | **Health Care 6.8%** | **Health Care 6.8%** |
| Abbott Laboratories | 473 | 59255 |
| AbbVie Inc. | 273 | 62441 |
| AstraZeneca PLC - ADR | 397 | 36515 |
| Eli Lilly and Company | 110 | 117813 |
| GSK PLC - ADR (b) | 828 | 40597 |
| Haleon PLC | 11074 | 55883 |
| HCA Healthcare, Inc. | 100 | 46631 |
| Merck & Co., Inc. | 881 | 92780 |
| Regeneron Pharmaceuticals, Inc. | 42 | 32780 |
| Thermo Fisher Scientific Inc. | 94 | 54201 |
| UnitedHealth Group Incorporated | 120 | 39766 |
|  |  | 638662 |
| **Communication Services 6.8%** | **Communication Services 6.8%** | **Communication Services 6.8%** |
| Alphabet Inc. - Class A | 1231 | 385300 |
| Meta Platforms, Inc. - Class A | 203 | 134300 |
| T-Mobile US, Inc. | 282 | 57303 |
| Walt Disney Company, The | 494 | 56204 |
|  |  | 633107 |
| **Industrials 4.5%** | **Industrials 4.5%** | **Industrials 4.5%** |
| Caterpillar Inc. | 94 | 53870 |
| Delta Air Lines, Inc. | 605 | 42021 |
| Hubbell Incorporated | 102 | 45248 |
| Johnson Controls International Public Limited Company | 508 | 60880 |
| PACCAR Inc. | 387 | 42353 |
| Parker-Hannifin Corporation | 48 | 42438 |
| Republic Services, Inc. | 291 | 61721 |
| W.W. Grainger, Inc. | 66 | 66819 |
|  |  | 415350 |
| **Consumer Staples 2.5%** | **Consumer Staples 2.5%** | **Consumer Staples 2.5%** |
| British American Tobacco P.L.C. | 1178 | 66759 |
| Coca-Cola Company, The | 603 | 42145 |
| Kroger Co., The | 513 | 32068 |
| Performance Food Group Company (a) | 162 | 14578 |
| Philip Morris International Inc. | 127 | 20300 |
| Unilever PLC | 650 | 42484 |
| US Foods Holding Corp. (a) | 235 | 17685 |
|  |  | 236019 |
| **Energy 2.1%** | **Energy 2.1%** | **Energy 2.1%** |
| Exxon Mobil Corporation | 401 | 48298 |
| Marathon Petroleum Corporation | 158 | 25674 |
| Targa Resources Corp. | 388 | 71613 |
| Williams Companies, Inc., The | 875 | 52603 |
|  |  | 198188 |
| **Utilities 1.8%** | **Utilities 1.8%** | **Utilities 1.8%** |
| Dominion Energy, Inc. | 770 | 45088 |
| Duke Energy Corporation | 413 | 48383 |
| Sempra | 831 | 73331 |
|  |  | 166802 |
| **Real Estate 1.4%** | **Real Estate 1.4%** | **Real Estate 1.4%** |
| Simon Property Group, Inc. | 369 | 68236 |
| Welltower Inc. | 336 | 62339 |
|  |  | 130575 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Anglo American PLC | 932 | 38769 |
| Freeport-McMoRan Inc. | 892 | 45280 |
| Linde Public Limited Company | 52 | 22362 |
| Teck Resources Limited - Class B | 276 | 13226 |
| Westlake Corporation (b) | 134 | 9905 |
|  |  | 129542 |
| Total Common Stocks (cost $4,553,206) | Total Common Stocks (cost $4,553,206) | 6068914 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 25.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 25.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 25.4%** |
| **U.S. Treasury Note 11.2%** | **U.S. Treasury Note 11.2%** | **U.S. Treasury Note 11.2%** |
| Treasury, United States Department of |  |  |
| 3.88%, 03/31/27 - 08/31/32 | 122428 | 123140 |
| 3.75%, 04/30/27 - 11/30/32 | 138486 | 138966 |
| 2.63%, 05/31/27 | 2390 | 2361 |
| 3.63%, 08/31/27 - 09/30/31 | 171161 | 170882 |
| 3.50%, 10/31/27 - 11/30/30 | 126405 | 125937 |
| 3.38%, 11/30/27 - 09/15/28 | 42996 | 42873 |
| 4.25%, 01/15/28 - 08/15/35 | 201152 | 203712 |
| 4.00%, 02/29/28 - 11/15/35 | 98264 | 98633 |
| 1.25%, 06/30/28 | 1670 | 1581 |
| 2.88%, 08/15/28 | 625 | 615 |
| 4.38%, 08/31/28 - 01/31/32 | 7960 | 8136 |
| 4.13%, 03/31/29 - 05/31/32 | 72441 | 73644 |
| 4.63%, 04/30/29 - 02/15/35 | 31049 | 32226 |
| 4.50%, 05/31/29 - 12/31/31 | 24128 | 24862 |
|  |  | 1047568 |
| **Mortgage-Backed Securities 8.7%** | **Mortgage-Backed Securities 8.7%** | **Mortgage-Backed Securities 8.7%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 09/01/26 - 07/01/49 | 1170 | 1137 |
| 7.00%, 11/01/30 - 06/01/31 | 6 | 6 |
| 2.50%, 12/01/31 - 04/01/52 | 53288 | 46105 |
| 4.50%, 01/01/38 - 08/01/52 | 14948 | 14736 |
| 6.00%, 12/01/39 - 11/01/53 | 13507 | 13904 |
| 5.50%, 06/01/40 - 09/01/53 | 44882 | 45844 |
| 2.00%, 11/01/41 - 04/01/52 | 61157 | 50359 |
| 3.00%, 11/01/46 - 12/01/46 | 8961 | 8176 |
| 5.00%, 08/01/52 - 11/01/53 | 28815 | 28940 |
| 6.50%, 11/01/53 | 11293 | 11764 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 03/01/26 - 05/01/52 | 12741 | 11946 |
| 4.00%, 09/01/26 - 10/01/52 | 24013 | 22990 |
| 4.50%, 01/01/27 - 11/01/52 | 22945 | 22847 |
| 3.00%, 05/01/27 - 10/01/51 | 29309 | 26463 |
| 7.50%, 09/01/29 | 1 | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

591

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.60%, 04/01/30 | 15263 | 15559 |
| 2.50%, 05/01/30 - 03/01/52 | 45495 | 39287 |
| 4.47%, 05/01/30 | 12759 | 12936 |
| 4.22%, 08/01/30 - 09/01/30 | 26226 | 26369 |
| 4.34%, 08/01/30 | 12538 | 12670 |
| 4.42%, 08/01/30 | 14427 | 14627 |
| 4.24%, 09/01/30 | 14759 | 14837 |
| 4.20%, 10/01/30 | 14655 | 14718 |
| 4.83%, 10/01/30 | 14900 | 15337 |
| 7.00%, 10/01/33 | 8 | 8 |
| 5.50%, 03/01/38 - 08/01/53 | 23270 | 23874 |
| 6.50%, 10/01/38 - 10/01/39 | 35 | 37 |
| 5.00%, 07/01/40 - 04/01/55 | 9562 | 9587 |
| TBA, 5.00%, 01/15/41 (c) | 41579 | 42115 |
| 2.00%, 04/01/41 - 09/01/51 | 54576 | 45611 |
| 1.50%, 11/01/41 | 6530 | 5505 |
| 6.00%, 09/01/53 - 07/01/54 | 36441 | 37600 |
| TBA, 5.50%, 01/15/56 (c) | 15785 | 16005 |
| Government National Mortgage Association |  |  |
| 6.50%, 04/15/26 |  |  |
| 6.00%, 01/15/33 - 04/15/40 | 1135 | 1188 |
| 7.00%, 01/15/33 - 05/15/33 | 2 | 2 |
| 5.50%, 05/20/33 | 6 | 6 |
| 5.00%, 06/20/33 - 06/15/39 | 643 | 655 |
| 4.50%, 06/15/40 - 05/15/42 | 171 | 172 |
| 4.00%, 01/15/41 - 12/20/44 | 307 | 298 |
| 2.00%, 12/20/50 - 02/20/51 | 21680 | 17954 |
| TBA, 2.00%, 01/15/56 (c) | 9350 | 7739 |
| TBA, 2.50%, 01/15/56 (c) | 24494 | 21123 |
| TBA, 3.00%, 01/15/56 (c) | 7982 | 7174 |
| TBA, 5.50%, 01/15/56 (c) | 10704 | 10807 |
| Government National Mortgage Association II |  |  |
| 2.50%, 03/20/51 - 12/20/52 | 31780 | 27444 |
| 3.00%, 07/20/51 - 03/20/52 | 13746 | 12370 |
| 3.50%, 01/20/52 - 03/20/52 | 26893 | 24771 |
| 4.00%, 04/20/52 - 08/20/52 | 20586 | 19634 |
| 4.50%, 06/20/52 | 5864 | 5757 |
| | | 808994 |
| **U.S. Treasury Bond 4.4%** | **U.S. Treasury Bond 4.4%** | **U.S. Treasury Bond 4.4%** |
| Treasury, United States Department of |  |  |
| 1.75%, 08/15/41 | 2495 | 1687 |
| 3.25%, 05/15/42 | 1826 | 1526 |
| 3.38%, 08/15/42 | 18040 | 15272 |
| 4.00%, 11/15/42 - 11/15/52 | 29387 | 26156 |
| 3.88%, 02/15/43 - 05/15/43 | 23408 | 21076 |
| 4.38%, 08/15/43 | 12287 | 11758 |
| 4.75%, 11/15/43 - 08/15/55 | 81961 | 81200 |
| 4.50%, 02/15/44 - 11/15/54 | 15199 | 14478 |
| 4.63%, 05/15/44 - 11/15/55 | 63681 | 61924 |
| 2.50%, 02/15/45 - 05/15/46 | 43736 | 30612 |
| 5.00%, 05/15/45 | 16620 | 17095 |
| 2.88%, 08/15/45 - 05/15/52 | 29354 | 21121 |
| 4.88%, 08/15/45 | 29328 | 29672 |
| 4.63%, 11/15/45 (b) | 12912 | 12641 |
| 3.00%, 05/15/47 | 5470 | 4115 |
| 2.75%, 08/15/47 - 11/15/47 | 21494 | 15352 |
| 2.38%, 05/15/51 | 8510 | 5375 |
| 3.63%, 02/15/53 - 05/15/53 | 28786 | 23355 |
| 4.13%, 08/15/53 | 7940 | 7046 |
| 4.25%, 02/15/54 | 6464 | 5859 |
|  |  | 407320 |
| **Municipal 0.5%** | **Municipal 0.5%** | **Municipal 0.5%** |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 593 | 665 |
| City of Philadelphia |  |  |
| 6.55%, 10/15/28 | 5225 | 5556 |
| Dallas-Fort Worth International Airport Facility Improvement Corporation |  |  |
| 4.09%, 11/01/51 | 300 | 246 |
| Golden State Tobacco Securitization Corporation |  |  |
| 3.00%, 06/01/46 | 590 | 536 |
| Grand Parkway Transportation Corporation |  |  |
| 5.18%, 10/01/42 | 220 | 223 |
| Illinois Municipal Electric Agency |  |  |
| 6.83%, 02/01/35 | 1315 | 1384 |
| Metropolitan Transportation Authority |  |  |
| 6.81%, 11/15/40 | 1835 | 2048 |
| 5.18%, 11/15/49 | 100 | 92 |
| Municipal Electric Authority of Georgia |  |  |
| 6.64%, 04/01/57 | 4777 | 5166 |
| Oregon School Boards Association |  |  |
| 4.76%, 06/30/28 | 173 | 174 |
| State of Illinois |  |  |
| 5.10%, 06/01/33 | 23930 | 24525 |
| Texas Natural Gas Securitization Finance Corporation |  |  |
| 5.10%, 04/01/35 | 3977 | 4083 |
| 5.17%, 04/01/41 | 1250 | 1275 |
|  |  | 45973 |
| **Collateralized Mortgage Obligations 0.2%** | **Collateralized Mortgage Obligations 0.2%** | **Collateralized Mortgage Obligations 0.2%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1M2-R01, REMIC, 5.42%, (SOFR 30-Day Average + 1.55%), 10/25/41 (d) | 719 | 722 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-MA-3, REMIC, 3.50%, 07/25/26 | 1217 | 1176 |
| Series JM-4165, REMIC, 3.50%, 09/15/41 | 264 | 262 |
| Series AH-4143, REMIC, 1.75%, 09/15/42 | 2310 | 2197 |
| Series DJ-4322, REMIC, 3.00%, 05/15/43 | 212 | 209 |
| Series 2021-MTU-1, REMIC, 2.50%, 09/25/60 | 9796 | 8140 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2016-2M2-C03, 9.89%, (SOFR 30-Day Average + 6.01%), 10/25/28 (d) | 155 | 158 |
| Series 2015-HP-28, REMIC, 3.50%, 06/25/44 | 479 | 473 |
| Series 2020-HC-27, REMIC, 1.50%, 10/25/49 | 3513 | 2815 |
| Government National Mortgage Association |  |  |
| Series 2005-HC-74, REMIC, 7.50%, 09/16/35 | 1 | 1 |
| Series 2021-KA-215, REMIC, 2.50%, 10/20/49 | 9217 | 8274 |
|  |  | 24427 |
| **Sovereign 0.2%** | **Sovereign 0.2%** | **Sovereign 0.2%** |
| Government of Saudi Arabia |  |  |
| 5.38%, 01/13/31 (e) | 11210 | 11695 |
| Israel, State of |  |  |
| 5.38%, 03/12/29 | 8850 | 9088 |
|  |  | 20783 |
| **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K758, REMIC, 4.68%, 10/25/31 (d) | 4300 | 4409 |
| Series A2-K142, REMIC, 2.40%, 03/25/32 | 8300 | 7497 |
| Series A2-K157, REMIC, 3.99%, 05/25/33 (d) | 4775 | 4757 |
|  |  | 16663 |
| Total Government And Agency Obligations (cost $2,417,106) | Total Government And Agency Obligations (cost $2,417,106) | 2371728 |
| **CORPORATE BONDS AND NOTES 7.6%** | **CORPORATE BONDS AND NOTES 7.6%** | **CORPORATE BONDS AND NOTES 7.6%** |
| **Financials 3.2%** | **Financials 3.2%** | **Financials 3.2%** |
| American Express Company |  |  |
| 4.92%, 07/20/33 | 7330 | 7460 |
| 5.67%, 04/25/36 (b) | 4785 | 5052 |
| Athene Global Funding |  |  |
| 5.58%, 01/09/29 (b) (e) | 11485 | 11866 |
| 5.38%, 01/07/30 (e) | 15711 | 16073 |
| Bank of America Corporation |  |  |
| 4.95%, 07/22/28 | 7648 | 7755 |
| 5.82%, 09/15/29 | 3858 | 4025 |
| 3.19%, 07/23/30 | 2210 | 2135 |
| 5.16%, 01/24/31 (b) | 6833 | 7057 |
| 5.02%, 07/22/33 | 2522 | 2574 |
| 5.51%, 01/24/36 | 5706 | 5958 |
| BPCE |  |  |
| 6.61%, 10/19/27 (e) | 2803 | 2856 |
| 5.88%, 01/14/31 (e) | 8045 | 8397 |
| 5.39%, 05/28/31 (e) | 6120 | 6286 |
| Citigroup Inc. |  |  |
| 4.95%, 05/07/31 | 6534 | 6674 |
| 4.50%, 09/11/31 | 3520 | 3531 |
| 5.17%, 09/11/36 | 2205 | 2226 |
| Citizens Financial Group, Inc. |  |  |
| 6.65%, 04/25/35 | 12600 | 13858 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

592

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Commonwealth Bank of Australia |  |  |
| 5.07%, 09/14/28 (e) | 13220 | 13655 |
| Equitable Financial Life Global Funding |  |  |
| 3.95%, 09/15/27 (e) | 2225 | 2221 |
| Fortitude Global Funding |  |  |
| 4.63%, 10/06/28 (e) | 5565 | 5570 |
| HSBC Holdings PLC |  |  |
| 4.90%, 03/03/29 (b) | 4020 | 4079 |
| 5.24%, 05/13/31 | 5065 | 5217 |
| 4.62%, 11/06/31 | 2540 | 2547 |
| 5.74%, 09/10/36 | 4090 | 4209 |
| JPMorgan Chase & Co. |  |  |
| 5.04%, 01/23/28 | 7675 | 7754 |
| 5.14%, 01/24/31 | 5180 | 5347 |
| 5.10%, 04/22/31 | 7381 | 7625 |
| 4.91%, 07/25/33 | 5055 | 5153 |
| 5.57%, 04/22/36 | 5917 | 6210 |
| Liberty Mutual Group Inc. |  |  |
| 4.57%, 02/01/29 (e) | 4478 | 4500 |
| Liberty Mutual Insurance Company |  |  |
| 7.88%, 10/15/26 (e) | 475 | 487 |
| Lloyds Banking Group PLC |  |  |
| 4.43%, 11/04/31 | 6335 | 6313 |
| Morgan Stanley |  |  |
| 4.65%, 10/18/30 | 7095 | 7177 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.20%, 11/17/28 | 10905 | 10937 |
| 4.73%, 07/18/31 | 5035 | 5102 |
| 4.47%, 11/19/31 | 6695 | 6706 |
| NLG Global Funding |  |  |
| 4.35%, 09/15/30 (e) | 5395 | 5326 |
| Protective Life Global Funding |  |  |
| 4.80%, 06/05/30 (e) | 2785 | 2830 |
| 5.43%, 01/14/32 (e) | 7640 | 7946 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (e) | 9075 | 9115 |
| 5.00%, 08/25/32 (e) | 2045 | 2059 |
| S&P Global Inc. |  |  |
| 4.80%, 12/04/35 (e) | 1125 | 1123 |
| Sammons Financial Group, Inc. |  |  |
| 4.95%, 06/12/30 (e) | 18890 | 19139 |
| Wells Fargo & Company |  |  |
| 5.71%, 04/22/28 | 7471 | 7626 |
| 6.30%, 10/23/29 | 8770 | 9267 |
| 5.24%, 01/24/31 (b) | 7430 | 7689 |
| | | 296712 |
| **Utilities 1.0%** | **Utilities 1.0%** | **Utilities 1.0%** |
| Alabama Power Company |  |  |
| 5.10%, 04/02/35 | 990 | 1014 |
| Arizona Public Service Company |  |  |
| 3.75%, 05/15/46 | 2750 | 2082 |
| 5.90%, 08/15/55 | 2975 | 3027 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 5.70%, 05/15/54 | 3650 | 3643 |
| 5.50%, 03/15/55 | 3650 | 3546 |
| Duke Energy Corporation |  |  |
| 4.95%, 09/15/35 | 1890 | 1876 |
| 5.70%, 09/15/55 | 2370 | 2303 |
| Duke Energy Florida, LLC |  |  |
| 4.20%, 12/01/30 | 1880 | 1880 |
| 4.85%, 12/01/35 | 2380 | 2372 |
| Georgia Power Company |  |  |
| 4.75%, 09/01/40 | 1085 | 1030 |
| 5.13%, 05/15/52 (b) | 3871 | 3609 |
| Metropolitan Edison Company |  |  |
| 5.20%, 04/01/28 (e) | 390 | 398 |
| NiSource Inc. |  |  |
| 5.35%, 07/15/35 | 4102 | 4197 |
| 5.85%, 04/01/55 | 2080 | 2076 |
| Ohio Edison Company |  |  |
| 4.95%, 12/15/29 (e) | 885 | 905 |
| Pennsylvania Electric Company |  |  |
| 5.15%, 03/30/26 (e) | 305 | 306 |
| PG&E Company |  |  |
| 4.75%, 02/15/44 | 2565 | 2175 |
| 4.95%, 07/01/50 | 8685 | 7349 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 | 7605 | 7796 |
| Sempra |  |  |
| 4.13%, 04/01/52 | 6298 | 6176 |
| Southern California Edison Company |  |  |
| 4.65%, 10/01/43 | 5325 | 4533 |
| 4.00%, 04/01/47 | 6103 | 4587 |
| 6.20%, 09/15/55 | 320 | 322 |
| Southern Company Gas Capital Corporation |  |  |
| 5.10%, 09/15/35 | 2505 | 2524 |
| Texas Electric Market Stabilization Funding N LLC |  |  |
| 4.27%, 08/01/34 (e) | 6375 | 6331 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (e) | 9400 | 9248 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (e) | 900 | 924 |
| Virginia Electric and Power Company |  |  |
| 4.90%, 09/15/35 | 7762 | 7729 |
| 5.60%, 09/15/55 | 3687 | 3585 |
|  |  | 97543 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| CBRE Services, Inc. |  |  |
| 4.90%, 01/15/33 | 11460 | 11508 |
| Crown Castle Inc. |  |  |
| 5.00%, 01/11/28 | 7635 | 7757 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/33 | 1825 | 1843 |
| 5.40%, 06/15/35 | 8678 | 8899 |
| GLP Financing, LLC |  |  |
| 3.25%, 01/15/32 | 12225 | 11061 |
| 5.25%, 02/15/33 | 4370 | 4376 |
| Healthpeak OP, LLC |  |  |
| 4.75%, 01/15/33 | 8785 | 8728 |
| Kilroy Realty, L.P. |  |  |
| 2.65%, 11/15/33 | 4197 | 3443 |
| 5.88%, 10/15/35 | 3525 | 3541 |
| Kite Realty Group, L.P. |  |  |
| 5.20%, 08/15/32 | 1055 | 1077 |
|  |  | 62233 |
| **Energy 0.6%** | **Energy 0.6%** | **Energy 0.6%** |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.04%, 08/15/28 (e) | 7084 | 7364 |
| 5.10%, 10/01/31 (e) | 3375 | 3433 |
| 5.00%, 11/17/32 (e) | 1905 | 1906 |
| Columbia Pipelines Operating Company LLC |  |  |
| 5.93%, 08/15/30 (e) | 1975 | 2091 |
| 6.50%, 08/15/43 (e) | 1694 | 1792 |
| Energy Transfer LP |  |  |
| 6.20%, 04/01/55 | 2354 | 2310 |
| Gray Oak Pipeline, LLC |  |  |
| 3.45%, 10/15/27 (e) | 465 | 460 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (e) | 5145 | 5384 |
| 6.10%, 08/23/42 (e) | 8390 | 8764 |
| Saudi Arabian Oil Company |  |  |
| 6.38%, 06/02/55 (e) | 5910 | 6183 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29 (e) | 7826 | 8060 |
| 5.70%, 09/30/31 (e) | 5415 | 5625 |
|  |  | 53372 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| B.A.T Capital Corporation |  |  |
| 5.35%, 08/15/32 | 1705 | 1772 |
| 5.63%, 08/15/35 | 1135 | 1183 |
| JBS USA Food Company |  |  |
| 3.00%, 05/15/32 | 1885 | 1690 |
| 5.75%, 04/01/33 | 7394 | 7717 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 5.95%, 04/20/35 (e) | 989 | 1041 |
| 6.25%, 03/01/56 (e) | 2960 | 2954 |
| 6.38%, 04/15/66 (e) | 2525 | 2511 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

593

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| JBS USA Lux S.A. |  |  |
| 6.75%, 03/15/34 | 13790 | 15210 |
| Kenvue Inc. |  |  |
| 4.90%, 03/22/33 | 6104 | 6229 |
| Philip Morris International Inc. |  |  |
| 4.25%, 10/29/32 | 4820 | 4743 |
| 5.25%, 02/13/34 | 1670 | 1728 |
| | | 46778 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| Anglo American Capital PLC |  |  |
| 4.75%, 04/10/27 (e) | 4350 | 4383 |
| 4.50%, 03/15/28 (e) | 3266 | 3286 |
| 2.63%, 09/10/30 (e) | 6124 | 5649 |
| Glencore Funding LLC |  |  |
| 5.37%, 04/04/29 (e) | 4385 | 4523 |
| 6.38%, 10/06/30 (e) | 18674 | 20101 |
| 5.89%, 04/04/54 (b) (e) | 2456 | 2448 |
| 6.14%, 04/01/55 (e) | 1415 | 1460 |
|  |  | 41850 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Broadcom Inc. |  |  |
| 4.60%, 07/15/30 | 7805 | 7934 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 - 01/25/33 (e) | 4313 | 4521 |
| 6.25%, 01/25/35 (e) | 775 | 823 |
| 6.20%, 01/25/37 (e) | 9099 | 9571 |
| 6.40%, 01/25/38 (e) | 700 | 747 |
| Intel Corporation |  |  |
| 4.60%, 03/25/40 | 7403 | 6599 |
| Oracle Corporation |  |  |
| 3.60%, 04/01/50 | 8100 | 5069 |
|  |  | 35264 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| AT&T Inc. |  |  |
| 4.55%, 11/01/32 | 7160 | 7116 |
| 5.55%, 11/01/45 (b) | 7285 | 7021 |
| Charter Communications Operating, LLC |  |  |
| 5.05%, 03/30/29 | 7442 | 7529 |
| 5.85%, 12/01/35 | 445 | 444 |
| 3.50%, 03/01/42 | 4600 | 3188 |
| Comcast Corporation |  |  |
| 4.00%, 11/01/49 | 284 | 210 |
| 2.80%, 01/15/51 | 770 | 448 |
| 2.89%, 11/01/51 | 1696 | 995 |
| Meta Platforms, Inc. |  |  |
| 4.60%, 11/15/32 | 1825 | 1838 |
| 5.50%, 11/15/45 | 4505 | 4378 |
|  |  | 33167 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Mars, Incorporated |  |  |
| 5.20%, 03/01/35 (e) | 8352 | 8584 |
| 5.65%, 05/01/45 (e) | 4679 | 4717 |
| 5.70%, 05/01/55 (e) | 4017 | 4009 |
| Providence St. Joseph Health |  |  |
| 5.40%, 10/01/33 | 4785 | 4930 |
| Sutter Health |  |  |
| 2.29%, 08/15/30 (b) | 820 | 754 |
| Toledo Hospital, The |  |  |
| 5.75%, 11/15/38 | 710 | 716 |
| UnitedHealth Group Incorporated |  |  |
| 5.63%, 07/15/54 | 1755 | 1723 |
|  |  | 25433 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| Boeing Company, The |  |  |
| 5.71%, 05/01/40 (f) | 5053 | 5164 |
| 6.86%, 05/01/54 (f) | 8576 | 9648 |
|  |  | 14812 |
| Total Corporate Bonds And Notes (cost $698,090) | Total Corporate Bonds And Notes (cost $698,090) | 707164 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.5%** |
| American Tower Trust #1 |  |  |
| Series 2023-A-1, 5.49%, 03/15/28 | 12460 | 12651 |
| Angel Oak Mortgage Trust 2019-6 |  |  |
| Series 2019-A1-6, REMIC, 2.62%, 11/25/59 (d) | 72 | 72 |
| BX Trust |  |  |
| Series 2025-A-ARIA, REMIC, 5.03%, 12/13/30 (d) | 2190 | 2204 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (g) | 713 | 691 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (g) | 85 | 84 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2022-A1-1A, 5.97%, 02/15/27 | 2444 | 2415 |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/26 | 1728 | 1391 |
| CFMT 2021-AL1 Trust |  |  |
| Series 2021-B-AL1, REMIC, 1.39%, 09/22/31 | 633 | 630 |
| DURST Commercial Mortgage Trust 2025-151 |  |  |
| Series 2025-A-151, REMIC, 5.32%, 08/12/30 (d) | 1820 | 1853 |
| Enterprise Fleet Financing 2023-3, LLC |  |  |
| Series 2023-A2-3, 6.40%, 02/22/27 | 4297 | 4350 |
| Flagstar Mortgage Trust 2018-3 |  |  |
| Series 2018-A3-3INV, REMIC, 4.00%, 05/25/38 | 1111 | 1030 |
| Flagstar Mortgage Trust 2021-9INV |  |  |
| Series 2021-A2-9INV, REMIC, 2.00%, 01/25/36 (d) | 2396 | 2114 |
| Home Partners of America 2021-2 Trust |  |  |
| Series 2021-B-2, 2.30%, 12/17/26 | 6716 | 6588 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/38 (g) | 80 | 79 |
| Horizon Aircraft Finance II Limited |  |  |
| Series 2019-A-1, 3.72%, 07/15/26 (g) | 233 | 228 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (e) (g) | 759 | 728 |
| Kubota Credit Owner Trust 2023-2 |  |  |
| Series 2023-A3-2A, 5.28%, 05/17/27 | 4672 | 4708 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (e) (g) | 165 | 162 |
| Metlife Securitization Trust 2017-1 |  |  |
| Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (d) | 402 | 389 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2023-A-A, 5.51%, 09/15/71 | 5390 | 5536 |
| PRET 2025-RPL2 Trust |  |  |
| Series 2025-A1-RPL2, REMIC, 4.00%, 08/25/64 (g) | 10191 | 10010 |
| PRET 2025-RPL6 Trust |  |  |
| Series 2025-A1-RPL6, REMIC, 3.85%, 09/25/69 (g) | 15902 | 15291 |
| RFR Trust 2025-SGRM |  |  |
| Series 2025-A-SGRM, REMIC, 5.38%, 03/13/29 (d) | 16885 | 17284 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-1, 1.88%, 01/15/26 | 1520 | 1519 |
| Series 2021-C-211, 1.63%, 05/15/51 | 2570 | 2510 |
| SCE Recovery Funding LLC |  |  |
| Series 2021-A-1-A, 0.86%, 11/15/31 | 1429 | 1277 |
| Series 2021-A-2-A, 1.94%, 05/15/38 | 1050 | 820 |
| Series 2021-A-3-A, 2.51%, 11/15/43 | 605 | 408 |
| Start II Ltd |  |  |
| Series 2019-A-1, 4.09%, 03/15/26 | 483 | 480 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 06/25/57 (d) | 401 | 394 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 01/25/58 (d) | 66 | 65 |
| Toyota Lease Owner Trust 2025-B |  |  |
| Series 2025-A3-B, 3.96%, 11/20/28 | 6720 | 6740 |
| United Airlines Class B Pass Through Certificates, Series 2018-1 |  |  |
| Series 2018-B-1, 4.60%, 03/01/26 | 215 | 214 |
| Verus Securitization Trust 2025-R2 |  |  |
| Series 2025-A1-R2, REMIC, 5.09%, 07/25/67 (d) (g) | 13580 | 13607 |
| Volkswagen Auto Lease Trust 2024-A |  |  |
| Series 2024-A3-A, 5.21%, 10/20/26 | 5090 | 5124 |
| Volkswagen Auto Lease Trust 2025-B |  |  |
| Series 2025-A3-B, 4.01%, 12/20/27 | 8640 | 8676 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2023-A-2A, 6.46%, 01/19/27 | 2688 | 2719 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

594

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2024-A1-2A, 4.87%, 02/18/28 | 5435 | 5489 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $140,893) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $140,893) | 140530 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Roche Holding AG | 92 | 37763 |
| Total Preferred Stocks (cost $35,633) | Total Preferred Stocks (cost $35,633) | 37763 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.64% (h) (i) | 54218 | 54218 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (h) (i) | 17349 | 17349 |
| Total Short Term Investments (cost $71,567) | Total Short Term Investments (cost $71,567) | 71567 |
| **Total Investments 100.7% (cost $7,916,495)** | **Total Investments 100.7% (cost $7,916,495)** | **9397666** |
| **Total Forward Sales Commitments (1.2)% (proceeds $107,849)** | **Total Forward Sales Commitments (1.2)% (proceeds $107,849)** | **(108266)** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **1** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **42108** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9331509** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2025, the total payable for investments purchased on a delayed delivery basis was $104,659.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the value and the percentage of net assets of these securities was $282,536 and 3.0% of the Fund.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(g) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2025.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (1.2%)** | **FORWARD SALES COMMITMENTS (1.2%)** | **FORWARD SALES COMMITMENTS (1.2%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (1.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.2%)** |
| **Mortgage-Backed Securities (1.2%)** | **Mortgage-Backed Securities (1.2%)** | **Mortgage-Backed Securities (1.2%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 4.50%, 01/15/41 (a) | (12759) | (12771) |
| TBA, 4.00%, 01/15/56 (a) | (10081) | (9567) |
| TBA, 4.50%, 01/15/56 (a) | (11932) | (11653) |
| TBA, 5.00%, 01/15/56 (a) | (34626) | (34550) |
| TBA, 6.00%, 01/15/56 (a) | (21707) | (22291) |
| TBA, 4.50%, 02/15/56 (a) | (3975) | (3879) |
| Government National Mortgage Association |  |  |
| TBA, 4.00%, 01/15/56 (a) | (14356) | (13555) |
| Total Government And Agency Obligations (proceeds $107,849) | Total Government And Agency Obligations (proceeds $107,849) | (108266) |
| **Total Forward Sales Commitments (1.2%) (proceeds $107,849)** | **Total Forward Sales Commitments (1.2%) (proceeds $107,849)** | **(108266)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of December 31, 2025, the total proceeds for investments sold on a delayed delivery basis was $107,849.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** | **JNL/WMC Balanced Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 146648 | 1986581 | 2079011 | 4110 |  |  | 54218 | 0.6 |
| JNL Government Money Market Fund, 3.74% - Class SL | 4290 | 338446 | 325387 | 442 |  |  | 17349 | 0.2 |
|  | 150938 | 2325027 | 2404398 | 4552 |  |  | 71567 | 0.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/CHF | DUB | 01/05/26<br> CHF | (367) | (463) | 1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

595

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 5789205 | 279709 |  | 6068914 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 2371728 |  | 2371728 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 707164 |  | 707164 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 140530 |  | 140530 |
| &nbsp;&nbsp;Preferred Stocks |  | 37763 |  | 37763 |
| &nbsp;&nbsp;Short Term Investments | 71567 |  |  | 71567 |
|  | 5860772 | 3536894 |  | 9397666 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (108266) |  | (108266) |
|  |  | (108266) |  | (108266) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1 |  | 1 |
|  |  | 1 |  | 1 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

596

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** |
| **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** |
| **Financials 19.5%** | **Financials 19.5%** | **Financials 19.5%** |
| American International Group, Inc. | 146 | 12456 |
| Ares Management Corporation - Class A | 51 | 8275 |
| Bank of America Corporation | 485 | 26650 |
| Huntington Bancshares Incorporated | 641 | 11117 |
| Intercontinental Exchange, Inc. | 60 | 9675 |
| JPMorgan Chase & Co. | 56 | 18121 |
| M&T Bank Corporation | 71 | 14258 |
| Marsh & Mclennan Companies, Inc. | 75 | 13832 |
| Morgan Stanley | 89 | 15754 |
| Nasdaq, Inc. | 101 | 9792 |
| Progressive Corporation, The | 59 | 13493 |
| Raymond James Financial, Inc. | 61 | 9770 |
| Regions Financial Corporation | 429 | 11625 |
| The PNC Financial Services Group, Inc. | 26 | 5400 |
|  |  | 180218 |
| **Health Care 16.4%** | **Health Care 16.4%** | **Health Care 16.4%** |
| AstraZeneca PLC - ADR | 107 | 9810 |
| Becton, Dickinson and Company | 50 | 9709 |
| CVS Health Corporation | 106 | 8396 |
| Elevance Health, Inc. | 34 | 11955 |
| Eli Lilly and Company | 7 | 7225 |
| Gilead Sciences, Inc. | 115 | 14169 |
| Johnson & Johnson | 115 | 23826 |
| Merck & Co., Inc. | 274 | 28810 |
| Pfizer Inc. | 416 | 10358 |
| UnitedHealth Group Incorporated | 54 | 17815 |
| Zoetis Inc. - Class A | 75 | 9414 |
|  |  | 151487 |
| **Information Technology 12.4%** | **Information Technology 12.4%** | **Information Technology 12.4%** |
| Accenture Public Limited Company - Class A | 42 | 11275 |
| Broadcom Inc. | 141 | 48808 |
| Cisco Systems, Inc. | 232 | 17864 |
| NetApp, Inc. | 110 | 11781 |
| NXP Semiconductors N.V. | 60 | 13056 |
| TE Connectivity Public Limited Company | 50 | 11428 |
|  |  | 114212 |
| **Industrials 10.9%** | **Industrials 10.9%** | **Industrials 10.9%** |
| Automatic Data Processing, Inc. | 35 | 9113 |
| Eaton Corporation Public Limited Company | 23 | 7366 |
| Emerson Electric Co. | 94 | 12512 |
| Ferguson Enterprises Inc. | 62 | 13703 |
| Honeywell International Inc. | 71 | 13830 |
| IDEX Corporation | 51 | 9026 |
| Johnson Controls International Public Limited Company | 77 | 9245 |
| L3Harris Technologies, Inc. | 38 | 11101 |
| PACCAR Inc. | 137 | 14962 |
|  |  | 100858 |
| **Consumer Staples 9.1%** | **Consumer Staples 9.1%** | **Consumer Staples 9.1%** |
| Archer-Daniels-Midland Company | 234 | 13472 |
| Constellation Brands, Inc. - Class A | 65 | 9040 |
| Keurig Dr Pepper Inc. | 563 | 15756 |
| Kimberly-Clark Corporation | 91 | 9231 |
| Pernod Ricard | 87 | 7448 |
| Philip Morris International Inc. | 75 | 12031 |
| Unilever PLC - ADR (a) | 257 | 16783 |
|  |  | 83761 |
| **Utilities 8.6%** | **Utilities 8.6%** | **Utilities 8.6%** |
| American Electric Power Company, Inc. | 120 | 13795 |
| American Water Works Company, Inc. | 69 | 9062 |
| Atmos Energy Corporation | 53 | 8955 |
| Dominion Energy, Inc. | 221 | 12953 |
| PPL Corporation | 401 | 14041 |
| Sempra | 141 | 12454 |
| WEC Energy Group Inc. | 74 | 7778 |
|  |  | 79038 |
| **Energy 6.7%** | **Energy 6.7%** | **Energy 6.7%** |
| ConocoPhillips | 210 | 19658 |
| Coterra Energy Inc. | 524 | 13800 |
| EQT Corporation | 217 | 11652 |
| Marathon Petroleum Corporation | 31 | 5061 |
| Targa Resources Corp. | 62 | 11509 |
|  |  | 61680 |
| **Consumer Discretionary 5.1%** | **Consumer Discretionary 5.1%** | **Consumer Discretionary 5.1%** |
| Darden Restaurants, Inc. | 56 | 10298 |
| Dick's Sporting Goods, Inc. | 53 | 10531 |
| Industria de Diseno Textil, S.A. | 180 | 11890 |
| Nike, Inc. - Class B | 102 | 6525 |
| Tractor Supply Company | 154 | 7683 |
|  |  | 46927 |
| **Materials 4.4%** | **Materials 4.4%** | **Materials 4.4%** |
| Anglo American PLC | 301 | 12523 |
| Avery Dennison Corporation | 59 | 10791 |
| Nutrien Ltd. | 79 | 4894 |
| PPG Industries, Inc. | 119 | 12214 |
|  |  | 40422 |
| **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** |
| Crown Castle Inc. | 148 | 13186 |
| Sun Communities, Inc. | 75 | 9315 |
| Weyerhaeuser Company | 401 | 9505 |
|  |  | 32006 |
| **Communication Services 2.1%** | **Communication Services 2.1%** | **Communication Services 2.1%** |
| T-Mobile US, Inc. | 78 | 15849 |
| Walt Disney Company, The | 27 | 3060 |
|  |  | 18909 |
| Total Common Stocks (cost $819,066) | Total Common Stocks (cost $819,066) | 909518 |
| **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| Roche Holding AG | 25 | 10086 |
| Total Preferred Stocks (cost $6,696) | Total Preferred Stocks (cost $6,696) | 10086 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 3.74% (b) (c) | 3455 | 3455 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (b) (c) | 2395 | 2395 |
| Total Short Term Investments (cost $5,850) | Total Short Term Investments (cost $5,850) | 5850 |
| **Total Investments 100.4% (cost $831,612)** | **Total Investments 100.4% (cost $831,612)** | **925454** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | **(3651)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **921803** |

---

(a) All or a portion of the security was on loan as of December 31, 2025.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** | **JNL/WMC Equity Income Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 6020 | 302821 | 306446 | 334 |  |  | 2395 | 0.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

597

***JNL Series Trust***

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** | **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** | **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** | **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** | **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** | **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** | **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** | **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** | **JNL/WMC Equity Income Fund — Investments in Affiliates (continued)** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.74% - Class SL |  | 83928 | 80473 | 63 |  |  | 3455 | 0.4 |
|  | 6020 | 386749 | 386919 | 397 |  |  | 5850 | 0.6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 877657 | 31861 |  | 909518 |
| &nbsp;&nbsp;Preferred Stocks |  | 10086 |  | 10086 |
| &nbsp;&nbsp;Short Term Investments | 5850 |  |  | 5850 |
|  | 883507 | 41947 |  | 925454 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

598

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **United States of America 57.9%** | **United States of America 57.9%** | **United States of America 57.9%** |
| Acadia Realty Trust | 265 | 5442 |
| American Healthcare REIT, Inc. | 253 | 11918 |
| Applied Digital Corporation (a) (b) | 78 | 1910 |
| Brookdale Senior Living Inc. (a) | 773 | 8344 |
| Caretrust REIT, Inc. | 276 | 9979 |
| CBRE Group, Inc. - Class A (a) | 38 | 6170 |
| Digital Realty Trust, Inc. | 65 | 9984 |
| EastGroup Properties, Inc. | 32 | 5716 |
| Equinix, Inc. | 29 | 21982 |
| Essential Properties Realty Trust, Inc. | 302 | 8963 |
| Essex Property Trust, Inc. | 70 | 18444 |
| Hilton Worldwide Holdings Inc. | 27 | 7778 |
| Hyatt Hotels Corporation - Class A | 41 | 6559 |
| Jones Lang LaSalle Incorporated (a) | 5 | 1617 |
| Kilroy Realty Corporation (b) | 247 | 9216 |
| LXP Industrial Trust | 164 | 8139 |
| Mid-America Apartment Communities, Inc. | 68 | 9493 |
| ProLogis Inc. | 287 | 36611 |
| Public Storage Operating Company | 35 | 9060 |
| Simon Property Group, Inc. | 129 | 23845 |
| SmartStop Self Storage REIT, Inc. (b) | 240 | 7419 |
| Sun Communities, Inc. | 54 | 6729 |
| Tanger Inc. | 196 | 6544 |
| Urban Edge Properties | 403 | 7731 |
| W.P. Carey Inc. | 252 | 16248 |
| Welltower Inc. | 240 | 44566 |
|  |  | 310407 |
| **Japan 12.4%** | **Japan 12.4%** | **Japan 12.4%** |
| Arealink Co., Ltd. | 465 | 3160 |
| Japan Real Estate Investment Corporation | 8 | 6594 |
| Kajima Corporation | 218 | 8138 |
| Mitsubishi Estate Co., Ltd. | 499 | 12187 |
| Mitsui Fudosan Co., Ltd. | 988 | 11236 |
| ORIX JREIT Inc. | 8 | 5358 |
| Resorttrust, Inc. | 324 | 4056 |
| Sumitomo Realty & Development Co., Ltd. | 618 | 15524 |
|  |  | 66253 |
| **Australia 7.1%** | **Australia 7.1%** | **Australia 7.1%** |
| Charter Hall Limited | 554 | 9001 |
| NEXTDC Limited (a) | 142 | 1181 |
| Scentre Group Limited | 5391 | 15077 |
| Stockland Corporation Ltd | 3337 | 12722 |
|  |  | 37981 |
| **Hong Kong 4.4%** | **Hong Kong 4.4%** | **Hong Kong 4.4%** |
| Hongkong Land Holdings Limited | 2312 | 16057 |
| Swire Properties Limited | 2818 | 7580 |
|  |  | 23637 |
| **France 3.7%** | **France 3.7%** | **France 3.7%** |
| Accor | 83 | 4697 |
| Clariane (a) (b) | 320 | 1477 |
| Klepierre | 202 | 8025 |
| Unibail-Rodamco-Westfield SE | 51 | 5536 |
|  |  | 19735 |
| **Singapore 2.4%** | **Singapore 2.4%** | **Singapore 2.4%** |
| Capitaland Group Pte. Ltd. | 3666 | 6817 |
| Keppel Ltd. | 729 | 5871 |
|  |  | 12688 |
| **Switzerland 2.1%** | **Switzerland 2.1%** | **Switzerland 2.1%** |
| Swiss Prime Site AG - Class N | 74 | 11460 |
| **United Kingdom 2.0%** | **United Kingdom 2.0%** | **United Kingdom 2.0%** |
| Hammerson PLC | 1761 | 7837 |
| Shaftesbury Capital PLC | 1439 | 2809 |
|  |  | 10646 |
| **Netherlands 1.8%** | **Netherlands 1.8%** | **Netherlands 1.8%** |
| CTP N.V. | 453 | 9498 |
| **Canada 1.6%** | **Canada 1.6%** | **Canada 1.6%** |
| Brookfield Corporation - Class A (b) | 189 | 8659 |
| **United Arab Emirates 1.5%** | **United Arab Emirates 1.5%** | **United Arab Emirates 1.5%** |
| Emaar Properties PJSC | 2112 | 8072 |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Aedifica | 70 | 5589 |
| **Sweden 0.9%** | **Sweden 0.9%** | **Sweden 0.9%** |
| Pandox Aktiebolag - Class B | 227 | 5003 |
| **Spain 0.5%** | **Spain 0.5%** | **Spain 0.5%** |
| Merlin Properties, Socimi, S.A. | 169 | 2469 |
| Total Common Stocks (cost $470,028) | Total Common Stocks (cost $470,028) | 532097 |
| **SHORT TERM INVESTMENTS 3.5%** | **SHORT TERM INVESTMENTS 3.5%** | **SHORT TERM INVESTMENTS 3.5%** |
| **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** | **Securities Lending Collateral 3.3%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 17432 | 17432 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 1099 | 1099 |
| Total Short Term Investments (cost $18,531) | Total Short Term Investments (cost $18,531) | 18531 |
| **Total Investments 102.8% (cost $488,559)** | **Total Investments 102.8% (cost $488,559)** | **550628** |
| **Other Assets and Liabilities, Net (2.8)%** | **Other Assets and Liabilities, Net (2.8)%** | **(14859)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **535769** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** | **JNL/WMC Global Real Estate Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 8695 | 132330 | 139926 | 90 |  |  | 1099 | 0.2 |
| JNL Government Money Market Fund, 3.74% - Class SL | 5890 | 102731 | 91189 | 110 |  |  | 17432 | 3.3 |
|  | 14585 | 235061 | 231115 | 200 |  |  | 18531 | 3.5 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

599

***JNL Series Trust***

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 310407 |  |  | 310407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 66253 |  | 66253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 37981 |  | 37981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 23637 |  | 23637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 19735 |  | 19735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 12688 |  | 12688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 11460 |  | 11460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 10646 |  | 10646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 9498 |  | 9498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 8659 |  |  | 8659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 8072 |  | 8072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 5589 |  | 5589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 5003 |  | 5003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 2469 |  | 2469 |
| &nbsp;&nbsp;Short Term Investments | 18531 |  |  | 18531 |
|  | 337597 | 213031 |  | 550628 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

600

***JNL Series Trust***

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |
| **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** |
| **Financials 25.2%** | **Financials 25.2%** | **Financials 25.2%** |
| American International Group, Inc. | 180 | 15389 |
| Ares Management Corporation - Class A | 62 | 10043 |
| Chubb Limited | 50 | 15678 |
| JPMorgan Chase & Co. | 123 | 39710 |
| KKR & Co. Inc. - Class A | 107 | 13629 |
| LPL Financial Holdings Inc. | 41 | 14559 |
| M&T Bank Corporation | 78 | 15647 |
| Marsh & Mclennan Companies, Inc. | 80 | 14896 |
| MetLife, Inc. | 199 | 15734 |
| Morgan Stanley | 96 | 17117 |
| Nasdaq, Inc. | 125 | 12159 |
| Progressive Corporation, The | 74 | 16910 |
| Raymond James Financial, Inc. | 86 | 13882 |
| Regions Financial Corporation | 517 | 14019 |
| The PNC Financial Services Group, Inc. | 75 | 15742 |
|  |  | 245114 |
| **Health Care 16.0%** | **Health Care 16.0%** | **Health Care 16.0%** |
| AstraZeneca PLC - ADR | 109 | 10016 |
| Elevance Health, Inc. | 49 | 17311 |
| Eli Lilly and Company | 9 | 9391 |
| Gilead Sciences, Inc. | 115 | 14057 |
| Johnson & Johnson | 140 | 28879 |
| Merck & Co., Inc. | 233 | 24505 |
| Pfizer Inc. | 690 | 17170 |
| UnitedHealth Group Incorporated | 65 | 21398 |
| Zoetis Inc. - Class A | 102 | 12822 |
|  |  | 155549 |
| **Information Technology 11.5%** | **Information Technology 11.5%** | **Information Technology 11.5%** |
| Accenture Public Limited Company - Class A | 64 | 17224 |
| Amdocs Limited | 201 | 16161 |
| Broadcom Inc. | 30 | 10350 |
| Cisco Systems, Inc. | 263 | 20231 |
| Corning Incorporated | 129 | 11278 |
| F5, Inc. (a) | 43 | 10929 |
| NetApp, Inc. | 116 | 12425 |
| NXP Semiconductors N.V. | 61 | 13257 |
|  |  | 111855 |
| **Industrials 11.2%** | **Industrials 11.2%** | **Industrials 11.2%** |
| 3M Company | 70 | 11153 |
| Emerson Electric Co. | 110 | 14544 |
| Ferguson Enterprises Inc. | 58 | 12857 |
| Johnson Controls International Public Limited Company | 120 | 14387 |
| Knight-Swift Transportation Holdings Inc. - Class A | 251 | 13114 |
| L3Harris Technologies, Inc. | 48 | 14042 |
| Middleby Corporation, The (a) | 79 | 11736 |
| PACCAR Inc. | 157 | 17153 |
|  |  | 108986 |
| **Energy 6.9%** | **Energy 6.9%** | **Energy 6.9%** |
| Antero Resources Corporation (a) | 344 | 11838 |
| ConocoPhillips | 145 | 13602 |
| Coterra Energy Inc. | 553 | 14560 |
| Marathon Petroleum Corporation | 61 | 9875 |
| Targa Resources Corp. | 91 | 16808 |
|  |  | 66683 |
| **Communication Services 6.5%** | **Communication Services 6.5%** | **Communication Services 6.5%** |
| Alphabet Inc. - Class C | 151 | 47358 |
| T-Mobile US, Inc. | 80 | 16331 |
|  |  | 63689 |
| **Consumer Staples 5.7%** | **Consumer Staples 5.7%** | **Consumer Staples 5.7%** |
| Archer-Daniels-Midland Company | 269 | 15478 |
| Keurig Dr Pepper Inc. | 490 | 13733 |
| Unilever PLC - ADR (b) | 189 | 12342 |
| US Foods Holding Corp. (a) | 179 | 13471 |
|  |  | 55024 |
| **Utilities 5.6%** | **Utilities 5.6%** | **Utilities 5.6%** |
| American Electric Power Company, Inc. | 117 | 13529 |
| American Water Works Company, Inc. | 82 | 10637 |
| Atmos Energy Corporation | 83 | 13870 |
| Sempra | 190 | 16807 |
|  |  | 54843 |
| **Consumer Discretionary 5.2%** | **Consumer Discretionary 5.2%** | **Consumer Discretionary 5.2%** |
| Dick's Sporting Goods, Inc. | 68 | 13391 |
| Gentex Corporation | 491 | 11423 |
| H & R Block, Inc. | 245 | 10690 |
| Industria de Diseno Textil, S.A. - ADR | 919 | 15168 |
|  |  | 50672 |
| **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** |
| Crown Castle Inc. | 162 | 14437 |
| Gaming and Leisure Properties, Inc. | 276 | 12351 |
|  |  | 26788 |
| **Materials 1.5%** | **Materials 1.5%** | **Materials 1.5%** |
| Freeport-McMoRan Inc. | 282 | 14313 |
| Total Common Stocks (cost $782,710) | Total Common Stocks (cost $782,710) | 953516 |
| **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| Roche Holding AG | 27 | 11111 |
| Total Preferred Stocks (cost $7,957) | Total Preferred Stocks (cost $7,957) | 11111 |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.64% (c) (d) | 7119 | 7119 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.74% (c) (d) | 1622 | 1622 |
| Total Short Term Investments (cost $8,741) | Total Short Term Investments (cost $8,741) | 8741 |
| **Total Investments 100.1% (cost $799,408)** | **Total Investments 100.1% (cost $799,408)** | **973368** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1130)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **972238** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2025.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** | **JNL/WMC Value Fund — Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend Income/ Distributions from Funds($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Government Money Market Fund, 3.64% - Class I | 13197 | 224288 | 230366 | 426 |  |  | 7119 | 0.7 |
| JNL Government Money Market Fund, 3.74% - Class SL | 920 | 44806 | 44104 | 29 |  |  | 1622 | 0.2 |
|  | 14117 | 269094 | 274470 | 455 |  |  | 8741 | 0.9 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

601

***JNL Series Trust***

December 31, 2025

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 953516 |  |  | 953516 |
| &nbsp;&nbsp;Preferred Stocks |  | 11111 |  | 11111 |
| &nbsp;&nbsp;Short Term Investments | 8741 |  |  | 8741 |
|  | 962257 | 11111 |  | 973368 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [603](#abbreviations).

602

***JNL Series Trust***

December 31, 2025

#### Currency Abbreviations:

---

| | | | |
|:---|:---|:---|:---|
| ARS - Argentine Peso | CZK - Czech Republic Korunas | JPY - Japanese Yen | THB – Thai Baht |
| AUD - Australian Dollar | DKK - Danish Krone  | KRW - South Korean Won | TWD - New Taiwan Dollar |
| BRL - Brazilian Real | EUR - European Currency Unit (Euro) | MXN - Mexican Peso | USD - United States Dollar |
| CAD - Canadian Dollar | GBP - British Pound | NOK - Norwegian Krone | ZAR - South African Rand |
| CHF - Swiss Franc | HKD - Hong Kong Dollar | NZD - New Zealand Dollar |  |
| CLP - Chilean Peso | HUF - Hungarian Forint | PEN - Peruvian Nuevo Sol |  |
| CNH - Chinese Offshore Yuan | IDR - Indonesian Rupiah | PLN - Polish Zloty |  |
| CNY - Chinese Yuan | ILS - Israeli New Shekel | SEK - Swedish Krona |  |
| COP - Colombian Peso | INR - Indian Rupee | SGD - Singapore Dollar |  |

---

#### Abbreviations :

---

| | |
|:---|:---|
| "-" Amount rounds to less than one thousand or 0.05% | LIBOR - London Interbank Offered Rate |
| ADR - American Depositary Receipt | LLC/L.L.C - Limited Liability Companies |
| ASX - Australian Securities Exchange | MBS - Mortgage-Backed Security |
| BRAZIBOR - Brazil Interbank Offred Rate | MEXIBOR - Mexico Interbank Offered Rate  |
| BTP - debt instrument issued by the Republic of Italy with a term of 2 to 11 years | MIBOR - Mumbai Interbank Offered Rate |
| CAPE - Cyclically Adjusted Price Earnings | MICEX - Moscow Interbank Offered Rate |
| CDX.EM - Credit Default Swap Index - Emerging Markets | MSCI - Morgan Stanley Capital International |
| CDX.NA.HY - Credit Default Swap Index - North American - High Yield | NASDAQ - National Association of Securities Dealers Automated Quotations |
| CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade | NVDR - Non-Voting Depository Receipt  |
| CLO - Collateralized Loan Obligation | OAT - Obligations Assimilables du Tresor |
| CMBX.NA - Commercial Mortgage-backed Securities Index North America | OBFR - Overnight Bank Funding Rate |
| CPURNSA - CPI Urban Consumers Index Non-Seasonally Adjusted | PJSC - Private Joint Stock Co. |
| DIP - Debtor-in-possession | PLC/P.L.C. - Public Limited Company |
| DUTCHCERT - Dutch Certificate | PRIBOR- Prague Interbank Offered Rate |
| EAFE - Europe, Asia and Far East  | RBOB - Reformulated Blendstock for Oxygenate Blending  |
| ETF - Exchange Traded Fund | REIT - Real Estate Investment Trust |
| EURIBOR - Europe Interbank Offered Rate | REMIC - Real Estate Mortgage Investment Conduit  |
| Euro BOBL - debt instrument issued by the Federal Republic of Germany with a | RTS - Russian Trading System |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 4.5 to 5.5 years | S&P - Standard & Poor's |
| Euro Bund - debt instrument issued by the Federal Republic of Germany with a | SDR - Sweedish Depositary Receipt |
| &nbsp;&nbsp;&nbsp;&nbsp; term of 8.5 to 10.5 years | SOFR - Secured Overnight Financing Rates  |
| Euro Buxl - debt instrument issued by the Federal Republic of Germany with a | SONIA - Sterling Overnight Index Average |
| &nbsp;&nbsp;&nbsp;&nbsp; term of 24 to 35 years | SPDR - Standard & Poor's Depositary Receipt |
| Euro OAT - debt instrument issued by the Republic of Italy with a | TBA - To be Announced (Securities purchased on a delayed delivery basis) |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 8.5 to 10.5 years | TBD - To Be Determined  |
| Euro Schatz - debt instrument issued by the Federal Republic of Germany with a | TIPS - Treasury Inflation Protected Securities  |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 1.75 to 2.25 years | TONAR - Tokyo Overnight Average Rate  |
| FTSE - Financial Times ad the London Stock Exchange | TSY - US 3 Month Bill Bond Yield |
| GDR - Global Depositary Receipt | ULC - Unlimited Liability Companies  |
| HICP - Harmonized Index of Consumer Prices | ULSD - Ultra-Low Sulfur Diesel  |
| HONIA - Hong Kong Dollar Overnight Index Average | US/U.S. - United States |
| IBOR - Interbank Offered Rate | WTI - West Texas Intermediate  |
| ITRAXX - Group of international credit derivative indices monitored by the |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Index Company |  |

---

#### Counterparty Abbreviations:

---

| | | |
|:---|:---|:---|
| BCL - Barclays Capital Inc. | CSI - Credit Suisse Securities, LLC | NSI - Nomura Securities International, Inc. |
| BMO - BMO Capital Markets Corp. | DUB - Deutsche Bank AG. | RBC - Royal Bank of Canada |
| BNP - BNP Paribas Securities | GSC - Goldman Sachs & Co. | RBS - Royal Bank of Scotland |
| BNS - The Bank of Nova Scotia, Toronto | GSI - Goldman Sachs International | SCB - Standard Chartered Bank |
| BNY – Bank of New York | HSB - HSBC Securities Inc. | SGS - Societe Generale S.A. |
| BOA - Bancamerica Securities/Bank of America NA | JPM - J.P. Morgan Securities Inc. | SSB - State Street Brokerage Services, Inc |
| CGM - Citigroup Global Markets | MLP - Merrill Lynch Professional Clearing Corp. | TDB - Toronto-Dominion Bank |
| CIB - Canadian Imperial Bank of Commerce | MSC - Morgan Stanley & Co. Inc. | UBS - UBS Securities, LLC |
| CIT - Citibank, Inc | MZS – Mizuho Securities Co., Ltd | WFI - Wells Fargo Investments, LLC |

---

<sup>1</sup> Rounded par and notional amounts are listed in USD unless otherwise noted. Options are quoted in unrounded number of contracts or unrounded notional. Futures and contracts for difference are quoted in unrounded contracts.

<sup>2</sup> The frequency of periodic payments received or paid by the Fund are defined as follows: (A) - Annually; (E) - Expiration Date; (M) - Monthly; (MT) – Maturity; (Q) - Quarterly; (S) - Semi-Annually.

See accompanying Notes to Financial Statements.

603

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $— | $502029 | $— | $— | $— | $— | $— |
| Investments - affiliated, at value | 3655694 |  | 560365 | 310926 | 1132237 | 601939 | 8786114 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  | 160 |  | 218 | 362 | 127 | 992 |
| Fund shares sold | 2709 | 160 | 379 | 72 | 494 | 175 | 5137 |
| Dividends and interest | 17 |  |  |  |  |  |  |
| Adviser | 930 | 85 | 119 | 114 | 382 | 243 | 3207 |
| Other assets | 1 |  |  |  |  |  | 2 |
| **Total assets**  | 3659351 | 502434 | 560863 | 311330 | 1133475 | 602484 | 8795452 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 774 |  | 180 |  |  |  |  |
| Fund shares redeemed | 1935 | 320 | 199 | 290 | 857 | 302 | 6129 |
| Advisory fees | 1565 | 170 | 249 | 159 | 616 | 335 | 4436 |
| Administrative fees | 299 | 42 | 47 | 26 | 95 | 52 | 648 |
| 12b-1 fees (Class A) | 208 | 28 | 32 | 18 | 64 | 34 | 502 |
| Board of trustee fees | 89 | 4 | 7 | 30 | 21 | 36 | 95 |
| Chief compliance officer fees | 9 | 1 | 1 | 1 | 3 | 1 | 19 |
| Other expenses | 4 | 1 | 1 |  | 1 | 1 | 10 |
| **Total liabilities**  | 4883 | 566 | 716 | 524 | 1657 | 761 | 11839 |
| **Net assets**  | $3654468 | $501868 | $560147 | $310806 | $1131818 | $601723 | $8783613 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $3270696 | $505189 | $444902 | $352286 | $1027124 | $625368 | $6378827 |
| Total distributable earnings (loss)(b) | 383772 | (3321) | 115245 | (41480) | 104694 | (23645) | 2404786 |
| **Net assets**  | $3654468 | $501868 | $560147 | $310806 | $1131818 | $601723 | $8783613 |
| Net assets - Class A | $3594822 | $483776 | $547357 | $304846 | $1104171 | $590212 | $8614889 |
| Shares outstanding - Class A | 170871 | 48730 | 31497 | 28411 | 33362 | 27273 | 110779 |
| Net asset value per share - Class A | $21.04 | $9.93 | $17.38 | $10.73 | $33.10 | $21.64 | $77.77 |
| Net assets - Class I | $59646 | $18092 | $12790 | $5960 | $27647 | $11511 | $168724 |
| Shares outstanding - Class I | 2681 | 1797 | 719 | 539 | 815 | 514 | 2115 |
| Net asset value per share - Class I | $22.25 | $10.07 | $17.78 | $11.05 | $33.90 | $22.41 | $79.76 |
| Investments - unaffiliated, at cost | $— | $505350 | $— | $— | $— | $— | $— |
| Investments - affiliated, at cost | 3271924 |  | 445120 | 352406 | 1027543 | 625584 | 6381328 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

(b) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

604

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Assets** |  |  |  |  |  |  |  |
| Investments - affiliated, at value | $12556598 | $1451987 | $1500659 | $4268888 | $1027887 | $927102 | $3073406 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 4518 | 810 | 630 | 1247 | 76 |  | 740 |
| Fund shares sold | 4113 | 554 | 662 | 1012 | 408 | 933 | 915 |
| Dividends and interest |  |  |  |  |  |  | 190 |
| Adviser | 3212 | 608 | 821 | 1093 | 61 | 113 | 245 |
| Administrator |  |  |  |  |  | 1 |  |
| Other assets | 3 |  |  | 1 |  |  | 1 |
| **Total assets**  | 12568444 | 1453959 | 1502772 | 4272241 | 1028432 | 928149 | 3075497 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  |  |  | 590 |  |
| Fund shares redeemed | 8630 | 1365 | 1292 | 2258 | 485 | 343 | 1655 |
| Advisory fees | 5785 | 894 | 1180 | 2036 | 141 | 209 | 388 |
| Administrative fees | 908 | 122 | 126 | 342 | 87 | 117 | 387 |
| 12b-1 fees (Class A) | 719 | 82 | 84 | 245 | 58 | 52 | 173 |
| Board of trustee fees | 351 | 81 | 69 | 168 |  |  |  |
| Chief compliance officer fees | 29 | 3 | 3 | 10 |  |  |  |
| Other expenses | 15 | 1 | 2 | 5 |  |  |  |
| **Total liabilities**  | 16437 | 2548 | 2756 | 5064 | 771 | 1311 | 2603 |
| **Net assets**  | $12552007 | $1451411 | $1500016 | $4267177 | $1027661 | $926838 | $3072894 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $9739144 | $1276514 | $1168840 | $3269086 | $1016015 | $792203 | $2541704 |
| Total distributable earnings (loss)(b) | 2812863 | 174897 | 331176 | 998091 | 11646 | 134635 | 531190 |
| **Net assets**  | $12552007 | $1451411 | $1500016 | $4267177 | $1027661 | $926838 | $3072894 |
| Net assets - Class A | $12370881 | $1427477 | $1465290 | $4201801 | $1002074 | $905751 | $2995440 |
| Shares outstanding - Class A | 212692 | 69998 | 65211 | 84766 | 81416 | 59745 | 143792 |
| Net asset value per share - Class A | $58.16 | $20.39 | $22.47 | $49.57 | $12.31 | $15.16 | $20.83 |
| Net assets - Class I | $181126 | $23934 | $34726 | $65376 | $25587 | $21087 | $77454 |
| Shares outstanding - Class I | 3008 | 1136 | 1498 | 1274 | 1965 | 1358 | 3499 |
| Net asset value per share - Class I | $60.22 | $21.07 | $23.19 | $51.32 | $13.02 | $15.53 | $22.14 |
| Investments - affiliated, at cost | $9743735 | $1277090 | $1169483 | $3270797 | $1016241 | $792466 | $2542219 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

(b) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

605

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - affiliated, at value | $3242262 | $2350272 | $1456846 | $574965 | $2805380 | $1856987 | $3400553 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 216 | 148 | 762 | 398 | 1218 |
| Fund shares sold | 1817 | 1004 | 66 | 225 | 179 | 279 | 66 |
| Dividends and interest |  |  |  | 5 | 23 |  |  |
| Adviser | 223 | 163 |  |  |  |  |  |
| Other assets | 1 |  |  |  | 1 |  | 1 |
| **Total assets**  | 3244303 | 2351439 | 1457128 | 575343 | 2806345 | 1857664 | 3401838 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable to affiliates |  |  |  |  | 12 |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 521 | 29 |  |  |  |  |  |
| Fund shares redeemed | 1295 | 976 | 281 | 373 | 941 | 676 | 1285 |
| Advisory fees | 388 | 293 | 120 | 60 | 212 | 148 | 252 |
| Administrative fees | 278 | 204 | 62 | 24 | 120 | 79 | 143 |
| 12b-1 fees (Class A) | 185 | 134 | 84 | 33 | 161 | 107 | 196 |
| Board of trustee fees |  |  | 77 | 32 | 242 | 257 | 340 |
| Chief compliance officer fees |  |  | 3 | 1 | 7 | 5 | 8 |
| Other expenses |  |  | 2 |  | 4 | 2 | 4 |
| **Total liabilities**  | 2667 | 1636 | 629 | 523 | 1699 | 1274 | 2228 |
| **Net assets**  | $3241636 | $2349803 | $1456499 | $574820 | $2804646 | $1856390 | $3399610 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $2515208 | $1999039 | $1189895 | $521076 | $2365105 | $1607459 | $2893971 |
| Total distributable earnings (loss)(b) | 726428 | 350764 | 266604 | 53744 | 439541 | 248931 | 505639 |
| **Net assets**  | $3241636 | $2349803 | $1456499 | $574820 | $2804646 | $1856390 | $3399610 |
| Net assets - Class A | $3159065 | $2289970 | $1440462 | $566390 | $2780651 | $1846833 | $3385653 |
| Shares outstanding - Class A | 82586 | 76398 | 59522 | 35944 | 116057 | 93868 | 151116 |
| Net asset value per share - Class A | $38.25 | $29.97 | $24.20 | $15.76 | $23.96 | $19.67 | $22.40 |
| Net assets - Class I | $82571 | $59833 | $16037 | $8430 | $23995 | $9557 | $13957 |
| Shares outstanding - Class I | 2071 | 1915 | 647 | 522 | 977 | 474 | 608 |
| Net asset value per share - Class I | $39.88 | $31.24 | $24.80 | $16.15 | $24.57 | $20.17 | $22.97 |
| Investments - affiliated, at cost | $2515834 | $1999509 | $1190242 | $521221 | $2365840 | $1608056 | $2894914 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

(b) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

606

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan Managed Aggressive Growth Fund | JNL/JPMorgan Managed Conservative Fund | JNL/JPMorgan Managed Growth Fund | JNL/JPMorgan Managed Moderate Fund | JNL/JPMorgan Managed Moderate Growth Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Allocation Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $— | $— | $— | $— | $— | $4225919 | $64330 |
| Investments - affiliated, at value | 2082364 | 639731 | 3939580 | 1598905 | 3584137 | 95727 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1047 | 133 | 1922 | 364 | 2790 |  | 11 |
| Fund shares sold | 218 | 91 | 368 | 92 | 44 | 3016 |  |
| Adviser | 9 | 9 | 8 | 8 | 8 |  |  |
| Other assets | 1 |  | 1 |  | 1 | 1 |  |
| **Total assets**  | 2083639 | 639964 | 3941879 | 1599369 | 3586980 | 4324663 | 64341 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  |  |  | 774 |  |
| Fund shares redeemed | 1265 | 224 | 2290 | 456 | 2834 | 2242 | 12 |
| Advisory fees | 164 | 65 | 286 | 130 | 264 | 650 | 10 |
| Administrative fees | 89 | 27 | 164 | 68 | 150 | 527 | 8 |
| 12b-1 fees (Class A) | 120 | 37 | 227 | 92 | 207 | 247 | 4 |
| Board of trustee fees | 144 | 110 | 352 | 219 | 408 | 124 |  |
| Chief compliance officer fees | 5 | 1 | 10 | 4 | 9 | 10 |  |
| Other expenses | 2 | 1 | 4 | 2 | 4 | 5 |  |
| **Total liabilities**  | 1789 | 465 | 3333 | 971 | 3876 | 4579 | 34 |
| **Net assets**  | $2081850 | $639499 | $3938546 | $1598398 | $3583104 | $4320084 | $64307 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1574828 | $568900 | $3021443 | $1340414 | $2845607 | $3795279 | $63583 |
| Total distributable earnings (loss)(a) | 507022 | 70599 | 917103 | 257984 | 737497 | 524805 | 724 |
| **Net assets**  | $2081850 | $639499 | $3938546 | $1598398 | $3583104 | $4320084 | $64307 |
| Net assets - Class A | $2066341 | $637020 | $3915888 | $1594300 | $3576440 | $4262072 | $63875 |
| Shares outstanding - Class A | 45405 | 36564 | 107744 | 69863 | 121330 | 129617 | 5750 |
| Net asset value per share - Class A | $45.51 | $17.42 | $36.34 | $22.82 | $29.48 | $32.88 | $11.11 |
| Net assets - Class I | $15509 | $2479 | $22658 | $4098 | $6664 | $58012 | $432 |
| Shares outstanding - Class I | 332 | 139 | 608 | 175 | 220 | 1720 | 39 |
| Net asset value per share - Class I | $46.66 | $17.82 | $37.25 | $23.39 | $30.22 | $33.72 | $11.15 |
| Investments - unaffiliated, at cost | $— | $— | $— | $— | $— | $3697808 | $63606 |
| Investments - affiliated, at cost | 1575342 | 569132 | 3022477 | 1340921 | 2846640 | 99033 |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

607

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Moderate Growth Allocation Fund | JNL Growth ETF Allocation Fund | JNL Moderate ETF Allocation Fund | JNL Moderate Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $2387096 | $407271 | $227273 | $357943 | $2121378 | $574103 | $987805 |
| Investments - affiliated, at value | 94627 | 25383 | 15944 | 24930 | 80544 | 44183 | 26777 |
| Cash |  |  | 20 | 49 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 63 | 197 |  |  |  |  |  |
| Fund shares sold | 468 | 57 | 342 | 20 | 1076 | 441 | 61 |
| Dividends and interest |  | 1 | 2 |  | 1 | 1 | 1 |
| Securities lending income |  | 25 | 11 | 46 | 41 | 22 | 26 |
| Administrator |  |  |  |  | 7 | 2 | 4 |
| Securities lending agent |  | 434 | 111 | 55 | 1027 |  |  |
| Other assets | 1 |  |  |  |  |  |  |
| **Total assets**  | 2482255 | 433368 | 243703 | 383043 | 2204074 | 618752 | 1014674 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  | 3 |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  |  |  |  | 1022 |
| Return of securities loaned  |  | 25817 | 15956 | 24871 | 80295 | 43951 | 25219 |
| Fund shares redeemed | 531 | 46 | 541 | 74 | 1090 | 406 | 359 |
| Advisory fees | 390 | 69 | 38 | 61 | 338 | 98 | 169 |
| Administrative fees | 316 | 52 | 29 | 45 | 272 | 73 | 126 |
| 12b-1 fees (Class A) | 142 | 23 | 13 | 20 | 119 | 32 | 55 |
| Board of trustee fees | 108 | 12 | 7 | 14 | 115 | 12 | 22 |
| Chief compliance officer fees | 6 | 1 | 1 | 1 | 5 | 1 | 2 |
| Other expenses | 4 |  |  |  | 1 | 1 | 1 |
| **Total liabilities**  | 1497 | 26023 | 16585 | 25086 | 82235 | 44574 | 26975 |
| **Net assets**  | $2480758 | $407345 | $227118 | $357957 | $2121839 | $574178 | $987699 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $2314453 | $309050 | $202691 | $289884 | $1732195 | $523449 | $847565 |
| Total distributable earnings (loss)(a) | 166305 | 98295 | 24427 | 68073 | 389644 | 50729 | 140134 |
| **Net assets**  | $2480758 | $407345 | $227118 | $357957 | $2121839 | $574178 | $987699 |
| Net assets - Class A | $2452719 | $397364 | $217431 | $348605 | $2055560 | $551053 | $946889 |
| Shares outstanding - Class A | 93862 | 23007 | 16705 | 23570 | 107748 | 36913 | 55855 |
| Net asset value per share - Class A | $26.13 | $17.27 | $13.02 | $14.79 | $19.08 | $14.93 | $16.95 |
| Net assets - Class I | $28039 | $9981 | $9687 | $9352 | $66279 | $23125 | $40810 |
| Shares outstanding - Class I | 1046 | 574 | 739 | 630 | 3354 | 1495 | 2324 |
| Net asset value per share - Class I | $26.79 | $17.38 | $13.11 | $14.85 | $19.76 | $15.47 | $17.56 |
| Investments - unaffiliated, at cost | $2217697 | $349686 | $211786 | $318219 | $1731734 | $523374 | $847671 |
| Investments - affiliated, at cost | 97721 | 25383 | 15944 | 24930 | 80544 | 44183 | 26777 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 36499 | 18064 | 47130 | 164357 | 83432 | 84678 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

608

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Bond Index Fund | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1042308 | $927182 | $3039910 | $3232471 | $2335773 | $981515 | $1352871 |
| Investments - affiliated, at value | 57649 | 14921 | 58788 | 32094 | 46282 | 236166 | 49103 |
| Purchased options, at value |  |  |  |  |  | 71 |  |
| Forward foreign currency contracts |  |  | 243 |  |  | 1 |  |
| Variation margin on futures/futures options contracts |  |  | 2 | 11 |  | 10 |  |
| OTC swap agreements  |  |  |  |  |  | 1876 |  |
| Cash | 2 | 84 | 389 | 1383 | 133 | 10542 |  |
| Cash collateral segregated for short sales |  |  |  |  |  | 1233 |  |
| Foreign currency |  | 1050 | 567 |  |  | 30 | 18603 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 13472 |  |  | 5545 | 540 | 698 | 4326 |
| Fund shares sold | 407 | 933 | 915 | 1816 | 1004 | 54 | 106 |
| Dividends and interest | 8145 | 1578 | 12633 | 2973 | 2835 | 2986 | 2721 |
| Securities lending income | 5 | 21 | 27 | 14 | 17 | 1 | 51 |
| Adviser | 116 | 43 | 272 | 336 | 246 | 243 |  |
| Securities lending agent |  |  |  | 50 |  |  |  |
| Deposits with brokers and counterparties |  | 403 | 2471 | 1109 | 923 | 2829 |  |
| Other assets |  | 2 | 1 | 1 | 1 | 86 | 312 |
| **Total assets**  | 1122104 | 946217 | 3116218 | 3277803 | 2387754 | 1238341 | 1428093 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  |  |  |  |  | 635 |
| Securities sold short, at value |  |  |  |  |  | 269247 |  |
| Forward sales commitments, at value | 1841 |  |  |  |  |  |  |
| Written options, at value |  |  |  |  |  | 903 |  |
| Forward foreign currency contracts |  |  | 231 |  |  | 17 | 1 |
| Variation margin on futures/futures options contracts |  | 41 | 44 | 252 | 95 | 14 |  |
| OTC swap agreements |  |  |  |  |  | 1224 |  |
| Deferred foreign capital gains tax liability |  | 9341 |  |  |  |  | 4957 |
| Payable to affiliates |  |  |  |  |  | 14 |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 60142 |  |  | 6826 | 1179 | 1515 | 4380 |
| Return of securities loaned  | 10065 | 5636 | 25458 | 14359 | 25870 | 1154 | 11786 |
| Dividends/interest on securities sold short |  |  |  |  |  | 328 |  |
| Fund shares redeemed | 492 | 345 | 1659 | 1297 | 978 | 158 | 925 |
| Advisory fees | 179 | 157 | 518 | 560 | 410 | 965 | 858 |
| Administrative fees |  |  |  |  |  | 162 | 169 |
| 12b-1 fees (Class A) |  |  |  |  |  | 12 | 34 |
| Board of trustee fees | 105 | 57 | 159 | 189 | 161 | 79 | 139 |
| Chief compliance officer fees | 3 | 2 | 7 | 8 | 6 | 2 | 3 |
| Other expenses | 43 | 35 | 44 | 157 | 115 | 1 | 41 |
| **Total liabilities**  | 72870 | 15614 | 28120 | 23648 | 28814 | 275795 | 23928 |
| **Net assets**  | $1049234 | $930603 | $3088098 | $3254155 | $2358940 | $962546 | $1404165 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1109590 | $782364 | $2116918 | $2788861 | $2240134 | $847433 | $1220283 |
| Total distributable earnings (loss)(a) | (60356) | 148239 | 971180 | 465294 | 118806 | 115113 | 183882 |
| **Net assets**  | $1049234 | $930603 | $3088098 | $3254155 | $2358940 | $962546 | $1404165 |
| Net assets - Class A | $N/A | $N/A | $N/A | $N/A | $N/A | $198642 | $591779 |
| Shares outstanding - Class A | N/A | N/A | N/A | N/A | N/A | 14049 | 54896 |
| Net asset value per share - Class A | $N/A | $N/A | $N/A | $N/A | $N/A | $14.14 | $10.78 |
| Net assets - Class I | $1049234 | $930603 | $3088098 | $3254155 | $2358940 | $763904 | $812386 |
| Shares outstanding - Class I | 104848 | 80764 | 249705 | 252286 | 201344 | 52776 | 75217 |
| Net asset value per share - Class I | $10.01 | $11.52 | $12.37 | $12.90 | $11.72 | $14.47 | $10.80 |
| Investments - unaffiliated, at cost | $1102666 | $770194 | $2184717 | $2766872 | $2223328 | $826021 | $1147706 |
| Investments - affiliated, at cost | 57649 | 14921 | 58788 | 32094 | 39558 | 236166 | 49103 |
| Purchased options, at cost |  |  |  |  |  | 240 |  |
| Foreign currency cost |  | 1046 | 565 |  |  | 29 | 18552 |
| Proceeds from securities sold short |  |  |  |  |  | 228660 |  |
| Proceeds from forward sales commitments | 1843 |  |  |  |  |  |  |
| Premiums from written options |  |  |  |  |  | 535 |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 10490 | 9173 | 56834 | 63834 | 53601 | 2615 | 32152 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

609

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Floating Rate Income Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $882215 | $686112 | $1124714 | $2165590 | $1683165 | $1363938 | $569455 |
| Investments - affiliated, at value | 45179 | 15656 | 29735 | 75851 | 45594 | 42807 | 2696 |
| Forward foreign currency contracts |  | 2 |  |  |  |  |  |
| Cash | 8082 | 384 | 184 | 65 | 10 | 99 | 63 |
| Foreign currency |  | 187 |  |  |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 23431 | 6484 | 7776 | 1180 | 3974 |  |  |
| Fund shares sold | 148 | 55 | 302 | 401 | 1068 | 298 | 331 |
| Dividends and interest | 4726 | 1016 | 520 | 524 | 1029 | 1539 | 293 |
| Securities lending income |  | 69 | 7 | 33 | 10 | 6 |  |
| Adviser |  |  | 24 |  |  |  | 83 |
| Administrator |  |  |  |  |  |  | 29 |
| Securities lending agent |  |  |  | 1734 |  |  |  |
| Deposits with brokers and counterparties |  |  |  |  |  |  | 153 |
| Other assets | 12 | 273 |  | 1 | 1 |  |  |
| **Total assets**  | 963793 | 710238 | 1163262 | 2245379 | 1734851 | 1408687 | 573103 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward foreign currency contracts |  | 6 |  |  |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  |  |  |  | 16 |
| Deferred foreign capital gains tax liability |  | 1278 |  |  |  |  |  |
| Payable to affiliates |  |  | 3 |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 35615 | 12444 | 137 | 119 | 1700 |  | 50 |
| Return of securities loaned  |  |  | 7337 | 35928 | 11073 | 13135 | 221 |
| Fund shares redeemed | 521 | 420 | 496 | 1864 | 775 | 650 | 741 |
| Advisory fees | 377 | 439 | 630 | 1079 | 986 | 616 | 97 |
| Administrative fees | 119 | 88 | 149 | 192 | 148 | 177 | 49 |
| 12b-1 fees (Class A) | 52 | 24 | 25 | 102 | 73 | 5 |  |
| Board of trustee fees | 84 | 43 | 50 | 132 | 106 | 8 | 6 |
| Chief compliance officer fees | 2 | 2 | 3 | 6 | 4 | 3 | 1 |
| Other expenses | 12 | 15 | 1 | 2 | 2 | 2 | 30 |
| **Total liabilities**  | 36782 | 14759 | 8831 | 39424 | 14867 | 14596 | 1211 |
| **Net assets**  | $927011 | $695479 | $1154431 | $2205955 | $1719984 | $1394091 | $571892 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $951824 | $649708 | $1073876 | $1966149 | $1553769 | $1137796 | $332724 |
| Total distributable earnings (loss)(a) | (24813) | 45771 | 80555 | 239806 | 166215 | 256295 | 239168 |
| **Net assets**  | $927011 | $695479 | $1154431 | $2205955 | $1719984 | $1394091 | $571892 |
| Net assets - Class A | $908046 | $404265 | $419344 | $1733057 | $1244825 | $83689 | $N/A |
| Shares outstanding - Class A | 65759 | 29699 | 20316 | 39429 | 56296 | 4445 | N/A |
| Net asset value per share - Class A | $13.81 | $13.61 | $20.64 | $43.95 | $22.11 | $18.83 | $N/A |
| Net assets - Class I | $18965 | $291214 | $735087 | $472898 | $475159 | $1310402 | $571892 |
| Shares outstanding - Class I | 1343 | 21161 | 34841 | 10009 | 21017 | 68867 | 18451 |
| Net asset value per share - Class I | $14.12 | $13.76 | $21.10 | $47.25 | $22.61 | $19.03 | $30.99 |
| Investments - unaffiliated, at cost | $907036 | $603028 | $1044159 | $1925784 | $1516952 | $1107643 | $330770 |
| Investments - affiliated, at cost | 45179 | 15656 | 29735 | 75851 | 45594 | 42807 | 2214 |
| Foreign currency cost |  | 187 |  |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 40738 | 7707 | 87000 | 36608 | 12909 | 256 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

610

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $25593 | $394946 | $2340642 | $719087 | $4328691 | $2732568 | $1363315 |
| Investments - affiliated, at value | 1405 | 18006 | 250859 | 50890 | 87605 | 53524 | 11477 |
| Purchased options, at value |  |  | 8877 |  |  |  |  |
| Forward foreign currency contracts | 82 |  | 4268 |  |  |  |  |
| Variation margin on futures/futures options contracts |  |  | 1926 |  |  |  |  |
| Variation margin on swap agreements |  |  | 663 |  |  |  |  |
| OTC swap agreements  |  |  | 1786 |  |  |  |  |
| OTC swap premiums paid |  |  | 644 |  |  |  |  |
| Cash | 1 | 11 | 6552 | 21 | 409 |  | 54 |
| Cash collateral segregated for short sales |  |  | 13 |  |  |  |  |
| Foreign currency | 23 |  | 12217 |  |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 12734 |  |  |  | 2784 |
| Fund shares sold | 126 | 129 | 515 | 11 | 906 | 1687 | 295 |
| Dividends and interest | 36 | 493 | 10953 | 2686 | 571 | 6372 | 200 |
| Securities lending income |  |  | 22 | 10 | 5 | 3 |  |
| Adviser |  |  |  |  | 122 |  |  |
| Securities lending agent |  |  | 256 |  |  |  |  |
| Deposits with brokers and counterparties |  | 1077 | 53530 |  |  |  |  |
| Other assets |  |  | 40 |  | 1 | 1 | 1 |
| **Total assets**  | 27266 | 414662 | 2706497 | 772705 | 4418310 | 2794155 | 1378126 |
| **Liabilities** |  |  |  |  |  |  |  |
| Written options, at value |  |  | 7200 |  |  |  |  |
| Forward foreign currency contracts | 85 |  | 4282 |  |  |  |  |
| Variation margin on futures/futures options contracts |  | 124 | 1182 |  |  |  |  |
| Variation margin on swap agreements |  |  | 1591 |  |  |  |  |
| OTC swap agreements |  |  | 3530 |  |  |  |  |
| OTC swap premiums received  |  |  | 164 |  |  |  |  |
| Deferred foreign capital gains tax liability | 10 |  | 27 |  |  |  |  |
| Payable to affiliates | 4 |  | 505 | 65 | 8 |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 31 |  | 34835 | 3033 |  |  |  |
| Deposits from counterparties  |  |  | 3922 |  |  |  |  |
| Return of securities loaned  |  |  | 36943 | 23385 |  |  |  |
| Fund shares redeemed | 12 | 251 | 1703 | 471 | 2776 | 1732 | 1082 |
| Advisory fees | 15 | 142 | 1286 | 339 | 1755 | 1169 | 593 |
| Administrative fees | 3 | 53 | 334 | 94 | 367 | 350 | 183 |
| 12b-1 fees (Class A) | 1 | 23 | 150 | 43 | 228 | 80 | 46 |
| Board of trustee fees |  | 25 | 204 | 80 | 243 | 93 | 39 |
| Chief compliance officer fees |  | 1 | 6 | 2 | 11 | 6 | 4 |
| Other expenses | 8 |  | 155 | 1 | 5 | 3 | 1 |
| **Total liabilities**  | 169 | 619 | 98019 | 27513 | 5393 | 3433 | 1948 |
| **Net assets**  | $27097 | $414043 | $2608478 | $745192 | $4412917 | $2790722 | $1376178 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $24173 | $329969 | $2367346 | $648018 | $2810736 | $1943777 | $766244 |
| Total distributable earnings (loss)(a) | 2924 | 84074 | 241132 | 97174 | 1602181 | 846945 | 609934 |
| **Net assets**  | $27097 | $414043 | $2608478 | $745192 | $4412917 | $2790722 | $1376178 |
| Net assets - Class A | $26191 | $403629 | $2587479 | $736135 | $3902269 | $1382195 | $793318 |
| Shares outstanding - Class A | 2157 | 20988 | 121324 | 45770 | 38209 | 58035 | 25927 |
| Net asset value per share - Class A | $12.14 | $19.23 | $21.33 | $16.08 | $102.13 | $23.82 | $30.60 |
| Net assets - Class I | $906 | $10414 | $20999 | $9057 | $510648 | $1408527 | $582860 |
| Shares outstanding - Class I | 74 | 531 | 956 | 547 | 4691 | 56861 | 18594 |
| Net asset value per share - Class I | $12.28 | $19.61 | $21.97 | $16.56 | $108.86 | $24.77 | $31.35 |
| Investments - unaffiliated, at cost | $22655 | $310753 | $2128728 | $621955 | $2726510 | $2171564 | $753381 |
| Investments - affiliated, at cost | 1405 | 18006 | 253292 | 50890 | 87605 | 53524 | 11477 |
| Purchased options, at cost |  |  | 12392 |  |  |  |  |
| Foreign currency cost | 23 |  | 12143 |  |  |  |  |
| Premiums from written options |  |  | 8163 |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  |  | 48216 | 22919 |  | 5126 |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

611

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Cohen & Steers U.S. Realty Fund | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $78855 | $624144 | $1287218 | $705560 | $2506726 | $325039 | $1294571 |
| Investments - affiliated, at value | 1034 | 15580 | 4129 | 11226 | 29622 | 17262 | 126466 |
| Forward foreign currency contracts |  |  |  |  | 31 |  |  |
| Variation margin on futures/futures options contracts |  |  |  |  | 621 |  |  |
| OTC swap agreements  |  |  |  |  |  |  | 5764 |
| Cash | 201 | 11 | 273 | 118 | 869 | 190 | 244 |
| Foreign currency |  | 288 |  |  | 1200 |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  | 1 | 1061 | 58 | 1456 |  | 1798 |
| Fund shares sold | 54 | 862 | 129 | 706 | 642 | 247 | 901 |
| Dividends and interest | 263 | 1225 | 723 | 485 | 18214 | 4183 | 8504 |
| Securities lending income |  | 12 | 2 | 6 | 7 | 4 |  |
| Administrator |  | 1 | 2 | 1 |  |  |  |
| Deposits with brokers and counterparties |  | 179 |  |  | 9037 |  | 4970 |
| Other assets |  |  |  |  | 2 |  | 1 |
| **Total assets**  | 80407 | 642303 | 1293537 | 718160 | 2568427 | 346925 | 1443219 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  |  | 28 |  |  |
| Variation margin on futures/futures options contracts |  | 21 |  |  | 851 |  |  |
| OTC swap agreements |  |  |  |  |  |  | 11756 |
| Deferred foreign capital gains tax liability |  |  |  |  | 4 |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 585 |  | 633 | 4016 |  | 5449 |
| Deposits from counterparties  |  |  |  |  |  |  | 4970 |
| Return of securities loaned  | 594 | 10338 | 1642 | 8852 | 11231 | 371 |  |
| Fund shares redeemed | 7 | 227 | 400 | 303 | 1199 | 159 | 869 |
| Advisory fees | 39 | 232 | 436 | 322 | 806 | 175 | 651 |
| Administrative fees | 10 | 77 | 111 | 91 | 217 | 42 | 183 |
| 12b-1 fees (Class A) | 5 | 35 | 73 | 39 | 92 | 7 | 81 |
| Board of trustee fees | 6 | 5 | 65 | 12 | 330 | 54 | 70 |
| Chief compliance officer fees |  | 1 | 3 | 1 | 6 | 1 | 4 |
| Other expenses | 10 | 1 | 11 | 1 | 3 |  | 2 |
| **Total liabilities**  | 671 | 11522 | 2741 | 10254 | 18783 | 809 | 24035 |
| **Net assets**  | $79736 | $630781 | $1290796 | $707906 | $2549644 | $346116 | $1419184 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $104410 | $485964 | $666078 | $642404 | $2621567 | $354154 | $1452340 |
| Total distributable earnings (loss)(a) | (24674) | 144817 | 624718 | 65502 | (71923) | (8038) | (33156) |
| **Net assets**  | $79736 | $630781 | $1290796 | $707906 | $2549644 | $346116 | $1419184 |
| Net assets - Class A | $76310 | $599205 | $1249053 | $678470 | $1593856 | $126794 | $1392645 |
| Shares outstanding - Class A | 8116 | 39375 | 37226 | 48312 | 114710 | 9569 | 49037 |
| Net asset value per share - Class A | $9.40 | $15.22 | $33.55 | $14.04 | $13.89 | $13.25 | $28.40 |
| Net assets - Class I | $3426 | $31576 | $41743 | $29436 | $955788 | $219322 | $26539 |
| Shares outstanding - Class I | 361 | 2057 | 1144 | 2051 | 62509 | 16495 | 913 |
| Net asset value per share - Class I | $9.49 | $15.35 | $36.49 | $14.35 | $15.29 | $13.30 | $29.06 |
| Investments - unaffiliated, at cost | $82955 | $485274 | $662499 | $640057 | $2580041 | $333077 | $1321734 |
| Investments - affiliated, at cost | 1034 | 15580 | 4129 | 11226 | 29622 | 17262 | 126466 |
| Foreign currency cost |  | 287 |  |  | 1179 |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 564 | 28030 | 3097 | 13007 | 11188 | 351 |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

612

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DoubleLine Total Return Fund | JNL/Dreyfus Government Money Market Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1736865 | $1343851 | $1519455 | $465327 | $1391163 | $4935132 | $732436 |
| Investments - affiliated, at value | 39269 |  | 65760 | 3164 | 47419 | 16523 | 29203 |
| Repurchase agreements, at value |  | 1081000 |  |  |  |  |  |
| Purchased options, at value |  |  | 636 |  |  |  |  |
| Variation margin on futures/futures options contracts | 178 |  | 1 |  |  |  |  |
| Variation margin on swap agreements |  |  | 56 |  |  |  |  |
| OTC swap agreements  |  |  | 78 |  |  |  |  |
| OTC swap premiums paid |  |  | 230 |  |  |  |  |
| Cash |  | 1945 | 771 | 200 |  | 156 | 263 |
| Foreign currency |  |  | 11 | 1326 |  |  | 1 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 96557 | 1371 |  |  | 424 |
| Fund shares sold | 373 | 12286 | 737 | 331 | 689 | 1660 | 202 |
| Dividends and interest | 8332 | 3982 | 13798 | 1435 | 13449 | 6579 | 3193 |
| Securities lending income |  |  | 8 | 3 | 30 | 3 | 80 |
| Adviser |  |  | 22 |  | 15 |  |  |
| Deposits with brokers and counterparties | 11738 |  | 326 |  |  | 740 |  |
| Other assets |  |  |  |  |  | 2 | 563 |
| **Total assets**  | 1796755 | 2443064 | 1698446 | 473157 | 1452765 | 4960795 | 766365 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  | 28 |  |  |  | 164 |  |  |
| Forward sales commitments, at value |  |  | 624 |  |  |  |  |
| Variation margin on futures/futures options contracts | 883 |  | 167 |  |  | 78 |  |
| Variation margin on swap agreements |  |  | 4 |  |  |  |  |
| OTC swap agreements |  |  | 70 |  |  |  |  |
| OTC swap premiums received  |  |  | 66 |  |  |  |  |
| Deferred foreign capital gains tax liability |  |  |  |  |  |  | 10183 |
| Payable to affiliates |  |  |  | 150 | 7 |  | 214 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 4999 | 24147 | 179732 |  | 3 |  | 91 |
| Deposits from counterparties  |  |  | 326 |  |  |  |  |
| Return of securities loaned  |  |  | 8264 | 849 | 47419 | 283 | 10339 |
| Fund shares redeemed | 1058 | 8354 | 932 | 343 | 738 | 2281 | 777 |
| Advisory fees | 650 | 321 | 468 | 283 | 627 | 1067 | 570 |
| Administrative fees | 152 | 206 | 124 | 61 | 119 | 603 | 98 |
| 12b-1 fees (Class A) | 41 | 133 | 45 | 27 | 80 | 287 | 24 |
| Dividends |  | 6817 |  |  |  |  |  |
| Board of trustee fees | 115 | 158 | 101 | 54 | 154 | 384 | 23 |
| Chief compliance officer fees | 4 | 6 | 4 | 1 | 3 | 12 | 2 |
| Other expenses | 2 | 4 | 3 |  | 2 | 6 | 20 |
| **Total liabilities**  | 7932 | 40146 | 190930 | 1768 | 49316 | 5001 | 22341 |
| **Net assets**  | $1788823 | $2402918 | $1507516 | $471389 | $1403449 | $4955794 | $744024 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1933389 | $2402768 | $1556996 | $440629 | $1302710 | $4302737 | $693687 |
| Total distributable earnings (loss)(a) | (144566) | 150 | (49480) | 30760 | 100739 | 653057 | 50337 |
| **Net assets**  | $1788823 | $2402918 | $1507516 | $471389 | $1403449 | $4955794 | $744024 |
| Net assets - Class A | $704169 | $2323775 | $789232 | $467230 | $1394441 | $4915162 | $419071 |
| Shares outstanding - Class A | 60579 | 2323624 | 60446 | 21863 | 77010 | 102347 | 25632 |
| Net asset value per share - Class A | $11.62 | $1.00 | $13.06 | $21.37 | $18.11 | $48.02 | $16.35 |
| Net assets - Class I | $1084654 | $79143 | $718284 | $4159 | $9008 | $40632 | $324953 |
| Shares outstanding - Class I | 91468 | 79147 | 53049 | 190 | 510 | 825 | 19393 |
| Net asset value per share - Class I | $11.86 | $1.00 | $13.54 | $21.93 | $17.67 | $49.23 | $16.76 |
| Investments - unaffiliated, at cost | $1881917 | $1343851 | $1568287 | $434573 | $1290432 | $4282080 | $672741 |
| Investments - affiliated, at cost | 39269 |  | 65760 | 3164 | 47419 | 16523 | 29203 |
| Repurchase agreements, at cost |  | 1081000 |  |  |  |  |  |
| Purchased options, at cost |  |  | 1010 |  |  |  |  |
| Foreign currency cost |  |  | 10 | 1330 |  |  | 1 |
| Proceeds from forward sales commitments |  |  | 623 |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  |  | 9062 | 17726 | 46634 | 273 | 14020 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

613

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $807848 | $1341387 | $1580033 | $732040 | $879892 | $3383411 | $45215 |
| Investments - affiliated, at value | 10205 | 7916 | 9805 | 135994 | 2780 | 21897 | 1424 |
| Purchased options, at value |  |  |  |  | 10781 |  | 854 |
| Forward foreign currency contracts |  |  |  | 145 |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  | 1026 |  |  |  |
| Cash | 332 | 113 | 140 | 1331 | 97 | 801 | 6 |
| Foreign currency |  | 89 |  | 754 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 130 | 1736 | 47562 |  | 829 |
| Fund shares sold | 474 | 162 | 517 | 14 | 427 | 1074 | 257 |
| Dividends and interest | 1428 | 2789 | 145 | 6883 | 620 | 737 | 14 |
| Securities lending income |  | 3 | 34 | 10 |  |  |  |
| Deposits with brokers and counterparties |  |  |  | 12334 | 446 |  | 27 |
| Other assets |  |  |  |  |  | 1 |  |
| **Total assets**  | 820287 | 1352459 | 1590804 | 892267 | 942605 | 3407921 | 48626 |
| **Liabilities** |  |  |  |  |  |  |  |
| Written options, at value |  |  |  |  | 10839 |  | 832 |
| Forward foreign currency contracts |  |  |  | 293 |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  | 2523 | 28 |  | 7 |
| Deferred foreign capital gains tax liability |  | 4642 |  | 243 |  |  |  |
| Payable to affiliates | 28 | 625 |  | 324 |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  | 574 | 47847 | 1190 | 851 |
| Deposits from counterparties  |  |  |  | 167 |  |  |  |
| Return of securities loaned  |  |  |  | 5082 |  |  |  |
| Fund shares redeemed | 734 | 853 | 920 | 193 | 716 | 2047 | 6 |
| Advisory fees | 369 | 575 | 869 | 451 | 377 | 1424 | 20 |
| Administrative fees | 106 | 172 | 138 | 113 | 113 | 290 | 6 |
| 12b-1 fees (Class A) | 23 | 77 | 92 | 51 | 49 | 180 | 3 |
| Board of trustee fees | 30 | 148 | 96 | 134 | 21 | 137 |  |
| Chief compliance officer fees | 2 | 3 | 4 | 2 | 2 | 8 |  |
| Other expenses | 1 | 12 | 2 | 16 | 2 | 3 | 4 |
| **Total liabilities**  | 1293 | 7107 | 2121 | 10166 | 59994 | 5279 | 1729 |
| **Net assets**  | $818994 | $1345352 | $1588683 | $882101 | $882611 | $3402642 | $46897 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $661655 | $755849 | $1244388 | $860183 | $601604 | $2888843 | $39933 |
| Total distributable earnings (loss)(a) | 157339 | 589503 | 344295 | 21918 | 281007 | 513799 | 6964 |
| **Net assets**  | $818994 | $1345352 | $1588683 | $882101 | $882611 | $3402642 | $46897 |
| Net assets - Class A | $399313 | $1325397 | $1565686 | $879303 | $847607 | $3073696 | $44650 |
| Shares outstanding - Class A | 21042 | 39149 | 38701 | 51372 | 47246 | 40820 | 3984 |
| Net asset value per share - Class A | $18.98 | $33.85 | $40.46 | $17.12 | $17.94 | $75.30 | $11.21 |
| Net assets - Class I | $419681 | $19955 | $22997 | $2798 | $35004 | $328946 | $2247 |
| Shares outstanding - Class I | 21578 | 568 | 535 | 160 | 1917 | 4154 | 200 |
| Net asset value per share - Class I | $19.45 | $35.14 | $43.03 | $17.51 | $18.26 | $79.19 | $11.24 |
| Investments - unaffiliated, at cost | $650546 | $747467 | $1235738 | $708894 | $598890 | $2869612 | $38243 |
| Investments - affiliated, at cost | 10205 | 7916 | 9805 | 136063 | 2780 | 21897 | 1424 |
| Purchased options, at cost |  |  |  |  | 10750 |  | 851 |
| Foreign currency cost |  | 89 |  | 700 |  |  |  |
| Premiums from written options |  |  |  |  | 10811 |  | 829 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 11749 | 28291 | 7736 |  |  |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

614

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Quality Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1221437 | $1324778 | $385574 | $949488 | $698709 | $1115779 | $1318825 |
| Investments - affiliated, at value | 11938 | 9903 | 7250 | 2895 | 5560 | 4980 | 3785 |
| Variation margin on futures/futures options contracts | 10 |  |  |  | 87 |  |  |
| Cash |  | 363 |  |  | 173 | 27 | 117 |
| Foreign currency |  | 41 | 30 | 24 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 17629 |  |  |  | 64 | 49778 |  |
| Fund shares sold | 274 | 691 | 440 | 99 | 273 | 696 | 806 |
| Dividends and interest | 6881 | 1355 | 804 | 2304 | 7691 | 292 | 326 |
| Securities lending income | 1 |  |  | 7 | 1 |  | 5 |
| Administrator |  |  |  |  |  | 1 | 1 |
| Deposits with brokers and counterparties |  |  |  |  | 1858 | 357 | 322 |
| **Total assets**  | 1258170 | 1337131 | 394098 | 954817 | 714416 | 1171910 | 1324187 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  | 12 |  |  |  |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  |  | 116 | 27 | 29 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 17372 |  |  |  | 1733 | 39755 |  |
| Return of securities loaned  | 3371 |  |  |  | 241 | 732 | 1102 |
| Fund shares redeemed | 783 | 748 | 561 | 1073 | 156 | 967 | 707 |
| Advisory fees | 304 | 583 | 215 | 448 | 213 | 172 | 205 |
| Administrative fees | 105 | 120 | 54 | 122 | 91 | 143 | 172 |
| 12b-1 fees (Class A) | 51 | 58 | 8 | 31 | 29 | 64 | 77 |
| Board of trustee fees | 122 | 100 | 12 | 71 | 14 | 15 | 66 |
| Chief compliance officer fees | 3 | 3 | 1 | 2 | 2 | 2 | 3 |
| Other expenses | 1 | 2 |  | 20 | 1 | 14 | 19 |
| **Total liabilities**  | 22124 | 1614 | 851 | 1767 | 2596 | 41891 | 2380 |
| **Net assets**  | $1236046 | $1335517 | $393247 | $953050 | $711820 | $1130019 | $1321807 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1314251 | $1043409 | $377907 | $601990 | $723365 | $799512 | $968787 |
| Total distributable earnings (loss)(a) | (78205) | 292108 | 15340 | 351060 | (11545) | 330507 | 353020 |
| **Net assets**  | $1236046 | $1335517 | $393247 | $953050 | $711820 | $1130019 | $1321807 |
| Net assets - Class A | $892892 | $1001711 | $133112 | $525460 | $499248 | $1112033 | $1306785 |
| Shares outstanding - Class A | 63600 | 47625 | 9019 | 25466 | 49554 | 32030 | 24515 |
| Net asset value per share - Class A | $14.04 | $21.03 | $14.76 | $20.63 | $10.07 | $34.72 | $53.31 |
| Net assets - Class I | $343154 | $333806 | $260135 | $427590 | $212572 | $17986 | $15022 |
| Shares outstanding - Class I | 22753 | 15384 | 17533 | 20331 | 20952 | 543 | 270 |
| Net asset value per share - Class I | $15.08 | $21.70 | $14.84 | $21.03 | $10.15 | $33.10 | $55.71 |
| Investments - unaffiliated, at cost | $1299645 | $1032675 | $370106 | $615829 | $692199 | $785310 | $965722 |
| Investments - affiliated, at cost | 11938 | 9903 | 7250 | 2895 | 5560 | 4980 | 3785 |
| Foreign currency cost |  | 37 | 30 | 24 |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 3302 |  |  | 7906 | 817 | 5385 | 1937 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

615

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $347585 | $1301683 | $1457643 | $1519296 | $2789296 | $383751 | $7610791 |
| Investments - affiliated, at value | 2520 | 6085 | 6080 | 25288 | 9756 | 1903 | 32366 |
| Variation margin on futures/futures options contracts |  | 3 | 3 | 4 | 4 | 1 | 24 |
| Cash |  | 45 | 188 | 123 | 138 | 18 | 1583 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  |  |  | 8371 |  |  |
| Fund shares sold | 164 | 866 | 324 | 764 | 537 | 406 | 3663 |
| Dividends and interest | 1016 | 472 | 594 | 644 | 1796 | 224 | 1156 |
| Securities lending income |  |  | 1 | 2 | 2 |  | 5 |
| Administrator |  | 1 | 1 | 1 | 2 |  | 6 |
| Securities lending agent |  |  |  |  |  | 805 | 1383 |
| Deposits with brokers and counterparties | 168 | 492 | 747 | 624 | 796 | 116 | 2229 |
| Other assets |  |  |  |  | 1 |  | 2 |
| **Total assets**  | 351453 | 1309647 | 1465581 | 1546746 | 2810699 | 387224 | 7653208 |
| **Liabilities** |  |  |  |  |  |  |  |
| Variation margin on futures/futures options contracts | 18 | 49 | 43 | 73 | 79 | 16 | 283 |
| Payable for: |  |  |  |  |  |  |  |
| Return of securities loaned  | 626 |  | 571 | 1911 | 1631 | 1158 | 13095 |
| Fund shares redeemed | 273 | 591 | 1491 | 1747 | 2013 | 171 | 3820 |
| Advisory fees | 58 | 200 | 223 | 234 | 419 | 63 | 1065 |
| Administrative fees | 46 | 168 | 188 | 197 | 361 | 49 | 907 |
| 12b-1 fees (Class A) | 20 | 75 | 82 | 89 | 161 | 22 | 438 |
| Board of trustee fees | 8 | 65 | 108 | 68 | 174 | 4 | 175 |
| Chief compliance officer fees | 1 | 3 | 4 | 4 | 7 | 1 | 18 |
| Other expenses | 3 | 63 | 21 | 30 | 38 | 5 | 86 |
| **Total liabilities**  | 1053 | 1214 | 2731 | 4353 | 4883 | 1489 | 19887 |
| **Net assets**  | $350400 | $1308433 | $1462850 | $1542393 | $2805816 | $385735 | $7633321 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $330290 | $692303 | $1322087 | $1044664 | $1584501 | $308963 | $4105424 |
| Total distributable earnings (loss)(a) | 20110 | 616130 | 140763 | 497729 | 1221315 | 76772 | 3527897 |
| **Net assets**  | $350400 | $1308433 | $1462850 | $1542393 | $2805816 | $385735 | $7633321 |
| Net assets - Class A | $341036 | $1283294 | $1442032 | $1515337 | $2769463 | $375718 | $7499440 |
| Shares outstanding - Class A | 19444 | 21293 | 35637 | 52385 | 55055 | 15388 | 99731 |
| Net asset value per share - Class A | $17.54 | $60.27 | $40.46 | $28.93 | $50.30 | $24.42 | $75.20 |
| Net assets - Class I | $9364 | $25139 | $20818 | $27056 | $36353 | $10017 | $133881 |
| Shares outstanding - Class I | 519 | 405 | 493 | 910 | 701 | 399 | 1701 |
| Net asset value per share - Class I | $18.04 | $62.05 | $42.19 | $29.74 | $51.83 | $25.12 | $78.70 |
| Investments - unaffiliated, at cost | $327441 | $685479 | $1317050 | $1029679 | $1567948 | $306964 | $4082522 |
| Investments - affiliated, at cost | 2520 | 6085 | 6080 | 17076 | 9756 | 1903 | 32366 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 611 |  | 3890 | 5332 | 11212 | 1284 | 28825 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

616

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Materials Sector Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $161529 | $9667895 | $191300 | $17690460 | $4860048 | $748735 | $888587 |
| Investments - affiliated, at value | 827 | 68706 | 3336 | 236310 | 22826 | 8345 | 8550 |
| Forward foreign currency contracts |  |  |  |  |  |  | 6 |
| Variation margin on futures/futures options contracts |  | 20 |  | 15 | 17 |  |  |
| Cash | 2 | 1362 | 235 | 2067 | 525 | 311 | 115 |
| Foreign currency |  |  |  |  |  |  | 125 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  |  |  | 29352 |  |  |
| Fund shares sold | 2 | 5118 | 142 | 4900 | 748 | 885 | 1276 |
| Dividends and interest | 101 | 2831 | 784 | 8943 | 2651 | 818 | 3147 |
| Securities lending income |  | 23 |  | 179 | 5 |  | 4 |
| Administrator |  | 13 |  |  |  | 1 | 1 |
| Securities lending agent |  |  |  | 18057 | 961 |  |  |
| Deposits with brokers and counterparties | 81 | 3504 | 176 | 6587 | 1684 | 225 | 393 |
| Other assets |  | 2 |  | 5 | 1 |  |  |
| **Total assets**  | 162542 | 9749474 | 195973 | 17967523 | 4918818 | 759320 | 902204 |
| **Liabilities** |  |  |  |  |  |  |  |
| Variation margin on futures/futures options contracts | 7 | 450 | 16 | 701 | 102 | 16 | 35 |
| Payable to affiliates |  |  |  |  |  |  | 181 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 196 |  | 318 |  |  |  |  |
| Return of securities loaned  |  | 25075 | 2006 | 857250 | 10027 | 6977 | 2905 |
| Fund shares redeemed | 70 | 5866 | 246 | 7005 | 3499 | 616 | 499 |
| Advisory fees | 28 | 1312 | 33 | 1445 | 653 | 120 | 140 |
| Administrative fees | 20 | 1121 | 25 | 1336 | 598 | 96 | 114 |
| 12b-1 fees (Class A) | 9 | 541 | 11 | 994 | 282 | 42 | 51 |
| Board of trustee fees | 4 | 187 | 6 | 514 | 643 | 12 | 101 |
| Chief compliance officer fees |  | 22 |  | 39 | 12 | 2 | 2 |
| Other expenses | 2 | 808 | 2 | 880 | 69 | 10 | 14 |
| **Total liabilities**  | 336 | 35382 | 2663 | 870164 | 15885 | 7891 | 4042 |
| **Net assets**  | $162206 | $9714092 | $193310 | $17097359 | $4902933 | $751429 | $898162 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $141957 | $5434871 | $205384 | $6369583 | $3082402 | $668452 | $576176 |
| Total distributable earnings (loss)(a) | 20249 | 4279221 | (12074) | 10727776 | 1820531 | 82977 | 321986 |
| **Net assets**  | $162206 | $9714092 | $193310 | $17097359 | $4902933 | $751429 | $898162 |
| Net assets - Class A | $156949 | $9267094 | $184279 | $17086314 | $4828013 | $736156 | $875639 |
| Shares outstanding - Class A | 8572 | 101673 | 12787 | 313562 | 168403 | 28430 | 16437 |
| Net asset value per share - Class A | $18.31 | $91.15 | $14.41 | $54.49 | $28.67 | $25.89 | $53.27 |
| Net assets - Class I | $5257 | $446998 | $9031 | $11045 | $74920 | $15273 | $22523 |
| Shares outstanding - Class I | 279 | 7286 | 611 | 194 | 2547 | 574 | 415 |
| Net asset value per share - Class I | $18.83 | $61.35 | $14.77 | $57.00 | $29.42 | $26.59 | $54.31 |
| Investments - unaffiliated, at cost | $141285 | $5388686 | $203375 | $6977913 | $3043391 | $665759 | $567075 |
| Investments - affiliated, at cost | 827 | 68706 | 3336 | 221207 | 19107 | 8345 | 8187 |
| Foreign currency cost |  |  |  |  |  |  | 125 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 509 | 47192 | 2372 | 839586 | 16323 | 6854 | 5597 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

617

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/MFS Mid Cap Value Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar SMID Moat Focus Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1880272 | $18206 | $76326 | $422681 | $813311 | $35772 | $95226 |
| Investments - affiliated, at value | 28665 | 509 | 216 | 1976 | 4359 | 5864 | 16234 |
| Variation margin on futures/futures options contracts |  |  |  |  | 3 | 769 |  |
| Cash | 971 |  | 2 | 55 | 53 | 685 | 1544 |
| Foreign currency |  | 8 |  |  |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 30 |  |  |  |  |
| Fund shares sold | 552 | 7 | 4 | 6 | 219 | 71 | 51 |
| Dividends and interest | 2897 | 41 | 63 | 310 | 1198 | 206 | 434 |
| Securities lending income | 1 | 1 |  |  | 4 |  |  |
| Adviser |  |  |  |  |  |  | 10 |
| Administrator |  |  |  | 1 |  |  |  |
| Deposits with brokers and counterparties |  |  | 37 | 101 | 431 | 2971 | 6055 |
| **Total assets**  | 1913358 | 18772 | 76678 | 425130 | 819578 | 46338 | 119554 |
| **Liabilities** |  |  |  |  |  |  |  |
| Variation margin on futures/futures options contracts |  |  | 4 | 8 | 44 | 1117 | 1791 |
| Payable to affiliates | 77 |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 84 |  |  |  |  |  |
| Return of securities loaned  | 3374 | 414 |  |  |  |  |  |
| Fund shares redeemed | 1175 | 26 | 33 | 279 | 215 | 4 | 15 |
| Advisory fees | 886 | 3 | 14 | 91 | 139 | 17 | 72 |
| Administrative fees | 162 | 2 | 10 | 54 | 105 | 6 | 14 |
| 12b-1 fees (Class A) | 101 | 1 | 1 | 24 | 37 | 3 | 7 |
| Board of trustee fees | 141 |  |  | 6 | 29 | 5 |  |
| Chief compliance officer fees | 5 |  |  | 1 | 2 |  |  |
| Other expenses | 2 | 3 | 22 | 5 | 228 |  |  |
| **Total liabilities**  | 5923 | 533 | 84 | 468 | 799 | 1152 | 1899 |
| **Net assets**  | $1907435 | $18239 | $76594 | $424662 | $818779 | $45186 | $117655 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1579229 | $18638 | $73599 | $351242 | $687589 | $44363 | $109817 |
| Total distributable earnings (loss)(a) | 328206 | (399) | 2995 | 73420 | 131190 | 823 | 7838 |
| **Net assets**  | $1907435 | $18239 | $76594 | $424662 | $818779 | $45186 | $117655 |
| Net assets - Class A | $1730442 | $11162 | $15325 | $405073 | $634932 | $45185 | $117653 |
| Shares outstanding - Class A | 78481 | 799 | 1341 | 13562 | 60775 | 2290 | 5519 |
| Net asset value per share - Class A | $22.05 | $13.96 | $11.43 | $29.87 | $10.45 | $19.73 | $21.32 |
| Net assets - Class I | $176993 | $7077 | $61269 | $19589 | $183847 | $1 | $2 |
| Shares outstanding - Class I | 7806 | 500 | 5333 | 639 | 17232 |  |  |
| Net asset value per share - Class I | $22.67 | $14.16 | $11.49 | $30.66 | $10.67 | $20.14 | $21.57 |
| Investments - unaffiliated, at cost | $1552066 | $17432 | $73326 | $349899 | $791477 | $35719 | $95506 |
| Investments - affiliated, at cost | 28665 | 509 | 216 | 1338 | 4359 | 5864 | 16234 |
| Foreign currency cost |  | 8 |  |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 3257 | 698 |  | 157 | 4013 |  |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

618

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Investment Grade Credit Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1130617 | $3715949 | $2845761 | $815128 | $1564438 | $1242215 | $183297 |
| Investments - affiliated, at value | 35398 | 118025 | 8369 | 7743 | 1485 | 133741 | 3756 |
| Purchased options, at value |  |  |  | 59 |  |  |  |
| Forward foreign currency contracts | 899 |  | 1198 | 554 | 1349 |  |  |
| Variation margin on futures/futures options contracts | 4 |  | 405 | 321 | 400 |  | 2 |
| Variation margin on swap agreements | 23 |  | 2634 | 329 | 754 |  |  |
| OTC swap agreements  | 55 |  | 3221 | 25 |  |  |  |
| OTC swap premiums paid |  |  | 1512 | 706 |  |  |  |
| Cash | 657 |  | 1869 | 595 | 524 | 659 |  |
| Foreign currency | 5197 |  | 8715 | 1156 | 4066 |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 27296 |  | 1473494 | 33476 | 166212 | 8821 |  |
| Fund shares sold | 260 | 1146 | 1448 | 232 | 439 | 259 | 17 |
| Treasury roll transactions |  |  |  | 1801 | 623261 |  |  |
| Dividends and interest | 10173 | 3028 | 11468 | 9569 | 6262 | 21423 | 2277 |
| Securities lending income | 9 |  | 4 | 1 |  | 52 |  |
| Deposits with brokers and counterparties | 3138 |  | 33656 | 13758 | 5234 |  | 192 |
| Other assets |  | 1 |  |  |  |  |  |
| **Total assets**  | 1213726 | 3838149 | 4393754 | 885453 | 2374424 | 1407170 | 189541 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for reverse repurchase agreements |  |  |  | 220 |  |  |  |
| Forward sales commitments, at value |  |  |  |  | 31047 |  |  |
| Written options, at value |  |  |  | 47 | 498 |  |  |
| Forward foreign currency contracts | 779 |  | 2738 | 1801 | 2092 |  |  |
| Variation margin on futures/futures options contracts | 134 |  | 1084 | 516 | 282 |  | 11 |
| Variation margin on swap agreements |  |  | 1104 | 56 | 362 |  |  |
| OTC swap agreements | 22 |  | 20 | 1 | 734 |  |  |
| OTC swap premiums received  |  |  | 2550 | 2 |  |  |  |
| Deferred foreign capital gains tax liability | 17 |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 123054 | 7579 | 2487004 | 78570 | 309564 | 7684 |  |
| Treasury roll transactions |  |  |  | 4028 | 916565 |  |  |
| Deposits from counterparties  | 170 |  | 5583 | 1429 | 597 |  |  |
| Return of securities loaned  | 12802 |  | 3975 | 7545 |  | 76204 | 2846 |
| Fund shares redeemed | 317 | 2576 | 1070 | 900 | 496 | 483 | 111 |
| Advisory fees | 426 | 1275 | 726 | 241 | 367 | 391 | 66 |
| Administrative fees | 136 | 464 | 228 | 69 | 94 | 115 | 26 |
| 12b-1 fees (Class A) | 57 | 169 | 73 | 27 | 53 | 65 | 1 |
| Board of trustee fees | 128 | 35 | 77 | 37 | 161 | 157 | 1 |
| Chief compliance officer fees | 3 | 8 | 4 | 2 | 3 | 3 | 1 |
| Other expenses | 11 | 4 | 192 | 23 | 26 | 10 |  |
| **Total liabilities**  | 138056 | 12110 | 2506428 | 95514 | 1262941 | 85112 | 3063 |
| **Net assets**  | $1075670 | $3826039 | $1887326 | $789939 | $1111483 | $1322058 | $186478 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1063219 | $3360025 | $1898160 | $807025 | $1111264 | $1304989 | $183366 |
| Total distributable earnings (loss)(a) | 12451 | 466014 | (10834) | (17086) | 219 | 17069 | 3112 |
| **Net assets**  | $1075670 | $3826039 | $1887326 | $789939 | $1111483 | $1322058 | $186478 |
| Net assets - Class A | $982266 | $2907714 | $1278040 | $468148 | $921318 | $1126872 | $16000 |
| Shares outstanding - Class A | 70257 | 72915 | 97980 | 35099 | 74217 | 62555 | 1433 |
| Net asset value per share - Class A | $13.98 | $39.88 | $13.04 | $13.34 | $12.41 | $18.01 | $11.16 |
| Net assets - Class I | $93404 | $918325 | $609286 | $321791 | $190165 | $195186 | $170478 |
| Shares outstanding - Class I | 6508 | 22491 | 45599 | 23639 | 14841 | 9053 | 15180 |
| Net asset value per share - Class I | $14.35 | $40.83 | $13.36 | $13.61 | $12.81 | $21.56 | $11.23 |
| Investments - unaffiliated, at cost | $1118070 | $3249935 | $2892835 | $831940 | $1580654 | $1225148 | $180156 |
| Investments - affiliated, at cost | 35398 | 118025 | 8369 | 7743 | 1485 | 133741 | 3756 |
| Purchased options, at cost |  |  |  | 73 |  |  |  |
| Foreign currency cost | 5137 |  | 8707 | 1153 | 4064 |  |  |
| Proceeds from forward sales commitments |  |  |  |  | 31062 |  |  |
| Premiums from written options |  |  |  | 87 | 923 |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 13296 |  | 3894 | 7394 |  | 75145 | 2786 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

619

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Growth Stock Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1332552 | $373801 | $2054978 | $570873 | $959098 | $14442615 | $9509880 |
| Investments - affiliated, at value | 23339 | 7188 | 17049 | 20954 | 12070 | 414965 | 5908 |
| Variation margin on futures/futures options contracts | 129 |  | 5 | 1 |  |  |  |
| Cash | 133 | 77 | 422 | 70 | 369 | 18241 | 1362 |
| Foreign currency |  |  |  | 494 |  | 5006 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 7284 |  | 11502 | 597 |  | 3709 | 6696 |
| Fund shares sold | 190 | 381 | 235 | 424 | 561 | 5671 | 1985 |
| Dividends and interest | 10660 | 482 | 1762 | 2291 | 515 | 43906 | 898 |
| Securities lending income | 1 | 8 | 2 | 2 | 20 | 25 |  |
| Adviser |  |  |  |  | 25 | 118 |  |
| Deposits with brokers and counterparties | 993 | 163 | 403 |  |  |  |  |
| Other assets |  |  | 1 |  |  | 4 | 3 |
| **Total assets**  | 1375281 | 382100 | 2086359 | 595706 | 972658 | 14934260 | 9526732 |
| **Liabilities** |  |  |  |  |  |  |  |
| Written options, at value |  |  |  |  |  | 40582 |  |
| Variation margin on futures/futures options contracts | 135 | 19 | 46 | 9 |  |  |  |
| Deferred foreign capital gains tax liability |  |  |  | 69 |  |  |  |
| Payable to affiliates |  |  |  | 178 |  |  | 113 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 7888 |  |  | 4024 | 1427 | 48616 |  |
| Return of securities loaned  | 1838 | 4978 | 6269 | 3378 | 7541 | 10856 |  |
| Fund shares redeemed | 748 | 264 | 1603 | 125 | 514 | 7368 | 5235 |
| Advisory fees | 451 | 58 | 310 | 252 | 455 | 6487 | 3536 |
| Administrative fees | 117 | 49 | 268 | 75 | 124 | 1691 | 767 |
| 12b-1 fees (Class A) | 32 | 22 | 120 | 34 | 21 | 832 | 495 |
| Board of trustee fees | 76 | 37 | 410 | 30 | 2 | 287 | 520 |
| Chief compliance officer fees | 3 | 1 | 5 | 1 | 2 | 35 | 23 |
| Other expenses | 2 | 34 | 212 | 8 | 1 | 28 | 12 |
| **Total liabilities**  | 11290 | 5462 | 9243 | 8183 | 10087 | 116782 | 10701 |
| **Net assets**  | $1363991 | $376638 | $2077116 | $587523 | $962571 | $14817478 | $9516031 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1396045 | $325012 | $1720213 | $487095 | $887618 | $14014388 | $5779924 |
| Total distributable earnings (loss)(a) | (32054) | 51626 | 356903 | 100428 | 74953 | 803090 | 3736107 |
| **Net assets**  | $1363991 | $376638 | $2077116 | $587523 | $962571 | $14817478 | $9516031 |
| Net assets - Class A | $546258 | $371013 | $2048760 | $580612 | $362737 | $14383701 | $8488899 |
| Shares outstanding - Class A | 39688 | 35781 | 72696 | 27091 | 31944 | 462031 | 80061 |
| Net asset value per share - Class A | $13.76 | $10.37 | $28.18 | $21.43 | $11.36 | $31.13 | $106.03 |
| Net assets - Class I | $817733 | $5625 | $28356 | $6911 | $599834 | $433777 | $1027132 |
| Shares outstanding - Class I | 58323 | 545 | 986 | 315 | 52608 | 13613 | 9169 |
| Net asset value per share - Class I | $14.02 | $10.32 | $28.76 | $21.96 | $11.40 | $31.86 | $112.03 |
| Investments - unaffiliated, at cost | $1364528 | $322748 | $1702511 | $470375 | $884145 | $13628534 | $5773774 |
| Investments - affiliated, at cost | 23339 | 6593 | 12594 | 20954 | 12070 | 414965 | 5908 |
| Foreign currency cost |  |  |  | 492 |  | 4651 |  |
| Premiums from written options |  |  |  |  |  | 29228 |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 1797 | 5972 | 9193 | 6075 | 7585 | 10631 |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

620

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

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $4259401 | $1069441 | $246114 | $4057937 | $11129 | $2106715 | $41716 |
| Investments - affiliated, at value | 135064 | 13629 | 15885 | 5380 | 538 | 77327 | 2227 |
| Purchased options, at value |  |  |  |  |  |  | 69 |
| Forward foreign currency contracts |  |  |  |  |  |  | 1 |
| Variation margin on futures/futures options contracts |  | 140 |  |  |  |  |  |
| OTC swap agreements  |  |  |  |  |  |  | 1410 |
| Cash | 351 | 1193 | 85 | 592 |  |  |  |
| Cash collateral segregated for short sales |  |  |  |  |  |  | 486 |
| Foreign currency |  | 1 |  | 13 |  |  | 27 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 4082 | 2 | 600 | 434 |  |  |  |
| Fund shares sold | 1504 | 147 | 107 | 775 | 9 | 408 | 9 |
| Dividends and interest | 760 | 8775 | 4694 | 4270 | 2 | 3397 | 105 |
| Securities lending income |  | 1 | 8 | 1 | 2 | 4 |  |
| Adviser | 102 |  |  | 80 |  |  |  |
| Deposits with brokers and counterparties |  |  |  |  |  |  | 4120 |
| Other assets | 1 |  |  | 1 |  | 1 |  |
| **Total assets**  | 4401265 | 1093329 | 267493 | 4069483 | 11680 | 2187852 | 50170 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  |  |  |  |  | 317 |
| Securities sold short, at value |  |  |  |  |  |  | 476 |
| Written options, at value |  |  |  |  |  |  | 862 |
| Forward foreign currency contracts |  |  |  |  |  |  | 5 |
| Variation margin on futures/futures options contracts |  | 124 |  |  |  |  |  |
| OTC swap agreements |  |  |  |  |  |  | 717 |
| Payable to affiliates |  |  |  | 184 |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 5442 | 2677 | 4173 |  | 539 | 277 |
| Return of securities loaned  |  | 1628 | 6567 | 224 | 243 |  |  |
| Fund shares redeemed | 1997 | 648 | 53 | 2480 | 1 | 2526 | 5 |
| Advisory fees | 2204 | 286 | 129 | 1676 | 9 | 1166 | 42 |
| Administrative fees | 369 | 92 | 41 | 347 | 2 | 273 | 4 |
| 12b-1 fees (Class A) | 253 | 61 | 11 | 172 | 1 | 62 | 3 |
| Board of trustee fees | 314 | 122 | 34 | 274 |  | 68 | 10 |
| Chief compliance officer fees | 11 | 3 | 1 | 10 |  | 5 |  |
| Other expenses | 6 | 1 |  | 5 |  | 2 |  |
| **Total liabilities**  | 5154 | 8407 | 9513 | 9545 | 256 | 4641 | 2718 |
| **Net assets**  | $4396111 | $1084922 | $257980 | $4059938 | $11424 | $2183211 | $47452 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $3625828 | $1080890 | $257040 | $3431094 | $12661 | $1529257 | $46766 |
| Total distributable earnings (loss)(a) | 770283 | 4032 | 940 | 628844 | (1237) | 653954 | 686 |
| **Net assets**  | $4396111 | $1084922 | $257980 | $4059938 | $11424 | $2183211 | $47452 |
| Net assets - Class A | $4340445 | $1054856 | $198898 | $2954451 | $11423 | $1060329 | $45657 |
| Shares outstanding - Class A | 52693 | 90812 | 14793 | 93632 | 1092 | 64724 | 3241 |
| Net asset value per share - Class A | $82.37 | $11.62 | $13.45 | $31.55 | $10.46 | $16.38 | $14.09 |
| Net assets - Class I | $55666 | $30066 | $59082 | $1105487 | $1 | $1122882 | $1795 |
| Shares outstanding - Class I | 631 | 2509 | 4341 | 32759 |  | 67153 | 126 |
| Net asset value per share - Class I | $88.29 | $11.98 | $13.61 | $33.75 | $10.57 | $16.72 | $14.28 |
| Investments - unaffiliated, at cost | $3489117 | $1065925 | $245174 | $3429102 | $10924 | $1565186 | $41305 |
| Investments - affiliated, at cost | 135064 | 13629 | 15885 | 5380 | 538 | 77327 | 2227 |
| Purchased options, at cost |  |  |  |  |  |  | 198 |
| Foreign currency cost |  | 1 |  | 13 |  |  | 28 |
| Proceeds from securities sold short |  |  |  |  |  |  | 430 |
| Premiums from written options |  |  |  |  |  |  | 624 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 1596 | 11544 | 215 | 362 |  |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

621

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

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Value Fund |
| **Assets** |  |  |  |  |  |
| Investments - unaffiliated, at value | $995870 | $9326099 | $919604 | $532097 | $964627 |
| Investments - affiliated, at value |  | 71567 | 5850 | 18531 | 8741 |
| Forward foreign currency contracts | 4 | 1 |  |  |  |
| Cash | 670 | 1621 | 267 | 573 | 141 |
| Foreign currency | 90 | 23 |  | 1003 |  |
| Receivable from: |  |  |  |  |  |
| Investment securities sold  | 1071 | 164296 |  |  |  |
| Fund shares sold | 71 | 860 | 24 | 159 | 150 |
| Dividends and interest | 2037 | 32581 | 1544 | 1620 | 1207 |
| Securities lending income |  | 33 | 1 | 1 | 2 |
| Other assets |  | 3 |  |  |  |
| **Total assets**  | 999813 | 9597084 | 927290 | 553984 | 974868 |
| **Liabilities** |  |  |  |  |  |
| Forward sales commitments, at value |  | 108266 |  |  |  |
| Deferred foreign capital gains tax liability | 802 |  |  |  |  |
| Payable to affiliates |  | 1 | 110 | 81 |  |
| Payable for: |  |  |  |  |  |
| Investment securities purchased | 143 | 130329 | 786 |  |  |
| Return of securities loaned  |  | 17349 | 3455 | 17432 | 1622 |
| Fund shares redeemed | 711 | 5358 | 613 | 238 | 426 |
| Advisory fees | 428 | 2518 | 341 | 264 | 329 |
| Administrative fees | 125 | 742 | 118 | 69 | 84 |
| 12b-1 fees (Class A) | 31 | 537 | 41 | 31 | 42 |
| Board of trustee fees | 87 | 443 | 20 | 99 | 124 |
| Chief compliance officer fees | 2 | 22 | 2 | 1 | 2 |
| Other expenses | 24 | 10 | 1 |  | 1 |
| **Total liabilities**  | 2353 | 265575 | 5487 | 18215 | 2630 |
| **Net assets**  | $997460 | $9331509 | $921803 | $535769 | $972238 |
| **Net assets consist of:** |  |  |  |  |  |
| Paid-in capital(a)  | $780736 | $7850757 | $827952 | $473684 | $798268 |
| Total distributable earnings (loss)(a) | 216724 | 1480752 | 93851 | 62085 | 173970 |
| **Net assets**  | $997460 | $9331509 | $921803 | $535769 | $972238 |
| Net assets - Class A | $534692 | $9239849 | $703334 | $531107 | $714790 |
| Shares outstanding - Class A | 40004 | 209863 | 31380 | 47943 | 17684 |
| Net asset value per share - Class A | $13.37 | $44.03 | $22.41 | $11.08 | $40.42 |
| Net assets - Class I | $462768 | $91660 | $218469 | $4662 | $257448 |
| Shares outstanding - Class I | 32090 | 1973 | 9499 | 406 | 6056 |
| Net asset value per share - Class I | $14.42 | $46.45 | $23.00 | $11.50 | $42.51 |
| Investments - unaffiliated, at cost | $811118 | $7844928 | $825762 | $470028 | $790667 |
| Investments - affiliated, at cost |  | 71567 | 5850 | 18531 | 8741 |
| Foreign currency cost | 90 | 23 |  | 1001 |  |
| Proceeds from forward sales commitments |  | 107849 |  |  |  |
| Securities on loan included in |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 63277 | 3317 | 18069 | 12325 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

622

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(b) | JNL/American Funds Bond Fund of America Fund(b) | JNL/American Funds Capital Income Builder Fund(b) | JNL/American Funds Capital World Bond Fund(b) | JNL/American Funds Global Growth Fund(b) | JNL/American Funds Global Small Capitalization Fund(b) | JNL/American Funds Growth Fund(b) |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends received from master fund (a) | $77712 | $21711 | $16489 | $9808 | $16977 | $3011 | $18366 |
| Foreign taxes withheld | 8 |  |  |  |  |  |  |
| **Total investment income** | 77720 | 21711 | 16489 | 9808 | 16977 | 3011 | 18366 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 17281 | 1895 | 2649 | 1876 | 6818 | 3854 | 45731 |
| Administrative fees | 3332 | 474 | 504 | 313 | 1054 | 593 | 6728 |
| 12b-1 fees (Class A) | 10061 | 1367 | 1480 | 922 | 3084 | 1746 | 22511 |
| Legal fees | 28 | 4 | 4 | 3 | 9 | 5 | 65 |
| Board of trustee fees | 54 | 7 | 8 | 7 | 16 | 11 | 113 |
| Chief compliance officer fees | 12 | 2 | 2 | 1 | 4 | 2 | 27 |
| Other expenses | 33 | 4 | 4 | 3 | 10 | 7 | 70 |
| **Total expenses** | 30801 | 3753 | 4651 | 3125 | 10995 | 6218 | 75245 |
| Advisory fees waiver | (10244) | (948) | (1261) | (1345) | (4215) | (2787) | (32940) |
| **Net expenses** | 20557 | 2805 | 3390 | 1780 | 6780 | 3431 | 42305 |
| **Net investment income (loss)** | 57163 | 18906 | 13099 | 8028 | 10197 | (420) | (23939) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 3 | (4955) |  |  |  |  |  |
| Investments - affiliated | 27017 |  | 7003 | (7151) | 30260 | (20832) | 123913 |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 235296 |  |  |  | 127582 | 12432 | 580872 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  | 16784 |  |  |  |  |  |
| Investments - affiliated | 174076 |  | 70505 | 25654 | 35996 | 87567 | 715550 |
| **Net realized and unrealized gain (loss)** | 436392 | 11829 | 77508 | 18503 | 193838 | 79167 | 1420335 |
| **Change in net assets from operations** | $493555 | $30735 | $90607 | $26531 | $204035 | $78747 | $1396396 |
| Affiliated income | $77712 | $— | $16489 | $9808 | $16977 | $3011 | $18366 |

---

(b) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

623

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(b) | JNL/American Funds International Fund(b) | JNL/American Funds New World Fund(b) | JNL/American Funds Washington Mutual Investors Fund(b) | JNL/Mellon Bond Index Fund(b) | JNL/Mellon Emerging Markets Index Fund(b) | JNL/Mellon International Index Fund(b) |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends received from master fund (a) | $136221 | $21111 | $18784 | $66765 | $— | $— | $66653 |
| **Total investment income** | 136221 | 21111 | 18784 | 66765 |  |  | 66653 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 64681 | 10037 | 13080 | 23033 | 1648 | 2290 | 4130 |
| Administrative fees | 10167 | 1362 | 1398 | 3894 | 1016 | 1249 | 4075 |
| 12b-1 fees (Class A) | 35354 | 4026 | 4100 | 12156 | 2975 | 2440 | 7953 |
| Legal fees | 99 | 12 | 12 | 34 |  |  |  |
| Board of trustee fees | 196 | 26 | 25 | 72 |  |  |  |
| Chief compliance officer fees | 41 | 5 | 5 | 14 |  |  |  |
| Other expenses | 118 | 13 | 13 | 39 |  |  | 2 |
| **Total expenses** | 110656 | 15481 | 18633 | 39242 | 5639 | 5979 | 16160 |
| Administrative fees waiver |  |  |  |  |  | (10) |  |
| Advisory fees waiver | (35876) | (6812) | (9086) | (12351) | (711) | (1207) | (2583) |
| **Net expenses** | 74780 | 8669 | 9547 | 26891 | 4928 | 4762 | 13577 |
| **Net investment income (loss)** | 61441 | 12442 | 9237 | 39874 | (4928) | (4762) | 53076 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - affiliated | 386028 | 22213 | 69712 | 121448 | (3898) | 324 | 58558 |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 1962226 |  | 56159 | 274128 |  |  | 49187 |
| Foreign currency |  |  |  |  |  |  | 1 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - affiliated | (452711) | 285763 | 206607 | 204013 | 73897 | 226266 | 565709 |
| Foreign currency |  |  |  |  |  |  | 3 |
| **Net realized and unrealized gain (loss)** | 1895543 | 307976 | 332478 | 599589 | 69999 | 226590 | 673458 |
| **Change in net assets from operations** | $1956984 | $320418 | $341715 | $639463 | $65071 | $221828 | $726534 |
| Affiliated income | $136221 | $21111 | $18784 | $66765 | $— | $— | $66648 |

---

(b) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

624

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(b) | JNL/Mellon Small Cap Index Fund(b) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $— | $— | $5987 | $2334 | $14222 | $9157 | $18075 |
| **Total investment income** |  |  | 5987 | 2334 | 14222 | 9157 | 18075 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4556 | 3358 | 1409 | 698 | 2525 | 1763 | 3008 |
| Administrative fees | 3247 | 2333 | 724 | 280 | 1422 | 946 | 1715 |
| 12b-1 fees (Class A) | 9582 | 6817 | 4298 | 1655 | 8463 | 5648 | 10392 |
| Legal fees |  |  | 12 | 5 | 24 | 16 | 29 |
| Board of trustee fees |  |  | 27 | 11 | 60 | 49 | 78 |
| Chief compliance officer fees |  |  | 5 | 2 | 10 | 6 | 12 |
| Other expenses | 2 | 1 | 13 | 5 | 30 | 19 | 36 |
| **Total expenses** | 17387 | 12509 | 6488 | 2656 | 12534 | 8447 | 15270 |
| Advisory fees waiver | (2621) | (1866) |  |  |  |  |  |
| **Net expenses** | 14766 | 10643 | 6488 | 2656 | 12534 | 8447 | 15270 |
| **Net investment income (loss)** | (14766) | (10643) | (501) | (322) | 1688 | 710 | 2805 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  |  |  |  | (2212) |  | 238 |
| Investments - affiliated | 81397 | 29597 | 159697 | 20562 | 248444 | 123031 | 353425 |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  |  | 27863 | 2224 | 48281 | 17932 | 48221 |
| Foreign currency |  |  |  |  | 1 |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  |  |  |  | 2242 |  |  |
| Investments - affiliated | 150451 | 104103 | 24849 | 27152 | 90944 | 52131 | 9167 |
| Foreign currency |  |  |  |  | 2 |  |  |
| **Net realized and unrealized gain (loss)** | 231848 | 133700 | 212409 | 49938 | 387702 | 193094 | 411051 |
| **Change in net assets from operations** | $217082 | $123057 | $211908 | $49616 | $389390 | $193804 | $413856 |
| Affiliated income | $— | $— | $5987 | $2334 | $14222 | $9157 | $18075 |

---

(b) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

625

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan Managed Aggressive Growth Fund | JNL/JPMorgan Managed Conservative Fund | JNL/JPMorgan Managed Growth Fund | JNL/JPMorgan Managed Moderate Fund | JNL/JPMorgan Managed Moderate Growth Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Allocation Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $7119 | $858 | $12182 | $3174 | $9097 | $90361 | $1503 |
| **Total investment income** | 7119 | 858 | 12182 | 3174 | 9097 | 90361 | 1503 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 1939 | 786 | 3418 | 1578 | 3169 | 7248 | 58 |
| Administrative fees | 1056 | 335 | 1961 | 830 | 1811 | 5877 | 44 |
| 12b-1 fees (Class A) | 6288 | 2003 | 12002 | 4971 | 11055 | 12015 | 87 |
| Legal fees | 18 | 6 | 33 | 14 | 31 | 34 |  |
| Board of trustee fees | 41 | 19 | 87 | 42 | 86 | 67 |  |
| Chief compliance officer fees | 7 | 2 | 14 | 6 | 12 | 14 |  |
| Other expenses | 21 | 7 | 41 | 17 | 38 | 39 |  |
| **Total expenses** | 9370 | 3158 | 17556 | 7458 | 16202 | 25294 | 189 |
| Advisory fees waiver | (100) | (100) | (100) | (100) | (100) |  |  |
| **Net expenses** | 9270 | 3058 | 17456 | 7358 | 16102 | 25294 | 189 |
| **Net investment income (loss)** | (2151) | (2200) | (5274) | (4184) | (7005) | 65067 | 1314 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  |  |  |  |  | (29426) | (91) |
| Investments - affiliated | 162774 | 18635 | 334531 | 82294 | 221232 | (914) |  |
| Distributions from unaffiliated |  |  |  |  |  |  |  |
| investment companies |  |  |  |  |  | 272145 | 1452 |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 26746 | 1994 | 43147 | 9013 | 30748 |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  |  |  |  |  | 381726 | 835 |
| Investments - affiliated | 103856 | 41409 | 152043 | 83527 | 181823 | 2770 |  |
| **Net realized and unrealized gain (loss)** | 293376 | 62038 | 529721 | 174834 | 433803 | 626301 | 2196 |
| **Change in net assets from operations** | $291225 | $59838 | $524447 | $170650 | $426798 | $691368 | $3510 |
| Affiliated income | $7119 | $858 | $12182 | $3174 | $9097 | $5796 | $— |

---

See accompanying Notes to Financial Statements.

626

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Moderate Growth Allocation Fund | JNL Growth ETF Allocation Fund | JNL Moderate ETF Allocation Fund | JNL Moderate Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $67755 | $7779 | $6832 | $8985 | $48524 | $18189 | $26649 |
| Securities lending (a) |  | 328 | 181 | 418 | 339 | 147 | 209 |
| **Total investment income** | 67755 | 8107 | 7013 | 9403 | 48863 | 18336 | 26858 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4521 | 747 | 417 | 673 | 3867 | 1121 | 1910 |
| Administrative fees | 3661 | 560 | 313 | 505 | 3100 | 841 | 1433 |
| 12b-1 fees (Class A) | 7239 | 1090 | 600 | 982 | 6012 | 1613 | 2748 |
| Legal fees | 20 | 3 | 2 | 3 | 17 | 5 | 8 |
| Board of trustee fees | 43 | 6 | 4 | 6 | 39 | 9 | 15 |
| Chief compliance officer fees | 8 | 1 | 1 | 1 | 7 | 2 | 3 |
| Other expenses | 24 | 6 | 4 | 5 | 35 | 12 | 16 |
| **Total expenses** | 15516 | 2413 | 1341 | 2175 | 13077 | 3603 | 6133 |
| Administrative fees waiver |  |  |  |  | (75) | (30) | (47) |
| **Net expenses** | 15516 | 2413 | 1341 | 2175 | 13002 | 3573 | 6086 |
| **Net investment income (loss)** | 52239 | 5694 | 5672 | 7228 | 35861 | 14763 | 20772 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (28262) | 36584 | 6050 | 23500 | 83663 | 10257 | 32330 |
| Investments - affiliated | (785) |  |  |  |  |  |  |
| Distributions from unaffiliated |  |  |  |  |  |  |  |
| investment companies | 123622 |  |  |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 218617 | 15926 | 12258 | 15598 | 190692 | 37045 | 73664 |
| Investments - affiliated | 2851 |  |  |  |  |  |  |
| **Net realized and unrealized gain (loss)** | 316043 | 52510 | 18308 | 39098 | 274355 | 47302 | 105994 |
| **Change in net assets from operations** | $368282 | $58204 | $23980 | $46326 | $310216 | $62065 | $126766 |
| Affiliated income | $6160 | $597 | $288 | $614 | $1942 | $952 | $1302 |

---

See accompanying Notes to Financial Statements.

627

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Bond Index Fund | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $1871 | $23629 | $82466 | $49255 | $36832 | $11569 | $36977 |
| Foreign taxes withheld |  | (2752) | (6254) | (16) | (38) | (66) | (3377) |
| Interest | 37776 | 15 | 33 | 92 | 40 | 3117 |  |
| Securities lending (a) | 49 | 251 | 306 | 154 | 405 | 17 | 226 |
| **Total investment income** | 39696 | 21143 | 76551 | 49485 | 37239 | 14637 | 33826 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 2070 | 1672 | 5465 | 6576 | 4685 | 10598 | 9332 |
| Administrative fees |  |  |  |  |  | 1775 | 1842 |
| 12b-1 fees (Class A) |  |  |  |  |  | 593 | 1732 |
| Licensing fees paid to third parties | 42 | 42 | 137 | 610 | 434 |  |  |
| Legal fees | 9 | 7 | 24 | 27 | 19 | 17 | 31 |
| Board of trustee fees | 23 | 17 | 51 | 63 | 47 | 18 | 28 |
| Chief compliance officer fees | 3 | 3 | 10 | 11 | 8 | 3 | 4 |
| Dividends/interest on securities sold short |  |  |  |  |  | 3421 |  |
| Net short holdings borrowing fees |  |  |  |  |  | 1330 |  |
| Interest expense |  |  |  |  |  | 185 |  |
| Other expenses | 11 | 66 | 18 | 34 | 25 | 7 | 98 |
| **Total expenses** | 2158 | 1807 | 5705 | 7321 | 5218 | 17947 | 13067 |
| Advisory fees waiver | (1346) | (460) | (2869) | (3946) | (2811) | (684) |  |
| **Net expenses** | 812 | 1347 | 2836 | 3375 | 2407 | 17263 | 13067 |
| **Net investment income (loss)** | 38884 | 19796 | 73715 | 46110 | 34832 | (2626) | 20759 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (11726) | (5581) | 113608 | 110258 | 129567 | 55343 | 66573 |
| Investments - affiliated |  |  |  |  | 1813 |  |  |
| Securities sold short |  |  |  |  |  | (34383) |  |
| Brokerage commissions recaptured |  | 2 |  |  |  | 4 | 2 |
| Purchased options |  |  |  |  |  | (198) |  |
| Written options |  |  |  |  |  | (930) |  |
| Foreign currency |  | (69) | (104) | 1 |  | 33 | (796) |
| Forward foreign currency contracts |  | (1) | 767 |  |  | (334) | 52 |
| Futures/futures options contracts |  | 1500 | 5725 | 2654 | 496 | 246 |  |
| Swap agreements |  |  |  |  |  | 9116 |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 43663 | 211341 | 547735 | 72244 | (35051) | 76108 | 179873 |
| Investments - affiliated |  |  |  |  | 487 |  |  |
| Investment securities sold short |  |  |  |  |  | (15606) |  |
| Purchased options |  |  |  |  |  | (179) |  |
| Written options |  |  |  |  |  | (384) |  |
| Foreign currency |  | (91) | 1253 |  |  | 18 | (76) |
| Forward foreign currency contracts |  |  | 380 |  |  | (270) | (1) |
| Futures/futures options contracts |  | 623 | 647 | 1670 | 364 | 145 |  |
| Swap agreements |  |  |  |  |  | (4546) |  |
| **Net realized and unrealized gain (loss)** | 31937 | 207724 | 670011 | 186827 | 97676 | 84183 | 245627 |
| **Change in net assets from operations** | $70821 | $227520 | $743726 | $232937 | $132508 | $81557 | $266386 |
| Affiliated income | $2043 | $429 | $1217 | $1301 | $2085 | $8558 | $1504 |

---

See accompanying Notes to Financial Statements.

628

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Floating Rate Income Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $2034 | $18052 | $15685 | $11346 | $25365 | $19483 | $6723 |
| Foreign taxes withheld | (17) | (1635) | (243) | (82) | (40) | (199) | (1) |
| Interest | 84299 |  |  |  |  |  | 5 |
| Securities lending (a) |  | 846 | 41 | 657 | 170 | 129 | 2 |
| **Total investment income** | 86316 | 17263 | 15483 | 11921 | 25495 | 19413 | 6729 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4775 | 5058 | 7647 | 12883 | 11785 | 6491 | 1061 |
| Administrative fees | 1510 | 1012 | 1818 | 2288 | 1773 | 1857 | 530 |
| 12b-1 fees (Class A) | 2962 | 1245 | 1314 | 5380 | 3794 | 257 |  |
| Licensing fees paid to third parties |  |  |  |  |  |  | 106 |
| Legal fees | 8 | 6 | 10 | 19 | 15 | 10 | 5 |
| Board of trustee fees | 21 | 13 | 22 | 44 | 34 | 18 | 8 |
| Chief compliance officer fees | 4 | 2 | 4 | 8 | 6 | 4 | 2 |
| Other expenses | 86 | 35 | 12 | 23 | 18 | 21 | 10 |
| **Total expenses** | 9366 | 7371 | 10827 | 20645 | 17425 | 8658 | 1722 |
| Administrative fees waiver |  |  |  |  |  |  | (318) |
| Advisory fees waiver |  | (73) | (148) |  |  |  | (902) |
| **Net expenses** | 9366 | 7298 | 10679 | 20645 | 17425 | 8658 | 502 |
| **Net investment income (loss)** | 76950 | 9965 | 4804 | (8724) | 8070 | 10755 | 6227 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (40080) | 74655 | 71647 | 148930 | 96311 | 52106 | 16207 |
| Investments - affiliated |  |  |  |  |  |  | 19 |
| Brokerage commissions recaptured | 2 | 11 | 38 | 196 | 53 | 60 |  |
| Foreign currency | (1) | (332) |  | (8) |  | (70) |  |
| Forward foreign currency contracts |  | (24) |  | (2) |  |  |  |
| Futures/futures options contracts |  |  |  |  |  |  | 170 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 169 | 67135 | (53149) | (58994) | (57983) | 124601 | 66003 |
| Investments - affiliated |  |  |  |  |  |  | 260 |
| Foreign currency |  | (23) |  |  |  | 1 |  |
| Forward foreign currency contracts |  | (6) |  |  |  |  |  |
| Futures/futures options contracts |  |  |  |  |  |  | 49 |
| **Net realized and unrealized gain (loss)** | (39910) | 141416 | 18536 | 90122 | 38381 | 176698 | 82708 |
| **Change in net assets from operations** | $37040 | $151381 | $23340 | $81398 | $46451 | $187453 | $88935 |
| Affiliated income | $1529 | $483 | $1766 | $4155 | $2507 | $1946 | $81 |

---

See accompanying Notes to Financial Statements.

629

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $283 | $6811 | $34650 | $23208 | $17676 | $66067 | $8580 |
| Foreign taxes withheld | (13) |  | (1093) | (1068) | (262) | (4582) | (130) |
| Interest |  | 34 | 44584 |  |  |  | 24 |
| Securities lending (a) |  | 4 | 521 | 76 | 14 | 87 | 3 |
| **Total investment income** | 270 | 6849 | 78662 | 22216 | 17428 | 61572 | 8477 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 157 | 1685 | 15078 | 3949 | 20920 | 11923 | 7364 |
| Administrative fees | 36 | 632 | 3910 | 1095 | 4374 | 3534 | 2290 |
| 12b-1 fees (Class A) | 70 | 1236 | 7759 | 2159 | 11985 | 3045 | 2478 |
| Legal fees |  | 3 | 42 | 6 | 38 | 20 | 13 |
| Board of trustee fees |  | 8 | 54 | 17 | 85 | 40 | 25 |
| Chief compliance officer fees |  | 1 | 9 | 3 | 15 | 8 | 5 |
| Other expenses | 20 | 4 | 56 | 7 | 68 | 19 | 16 |
| **Total expenses** | 283 | 3569 | 26908 | 7236 | 37485 | 18589 | 12191 |
| Advisory fees waiver |  |  |  |  | (1458) |  |  |
| **Net expenses** | 283 | 3569 | 26908 | 7236 | 36027 | 18589 | 12191 |
| **Net investment income (loss)** | (13) | 3280 | 51754 | 14980 | (18599) | 42983 | (3714) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 1160 | 38755 | 304083 | 25490 | 1128740 | 274127 | 216279 |
| Investments - affiliated |  |  | 428 |  |  |  |  |
| Securities sold short |  |  | (89) |  |  |  |  |
| Brokerage commissions recaptured |  |  |  |  |  | 35 | 2 |
| Purchased options |  |  | (16890) |  |  |  |  |
| Written options |  |  | 30742 |  |  |  |  |
| Foreign currency |  |  | (176) | 224 | 52 | (17) |  |
| Forward foreign currency contracts | (116) |  | (2989) |  |  | (34) |  |
| Futures/futures options contracts |  | 3195 | 8179 |  |  |  |  |
| Swap agreements |  |  | (12350) |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 415 | 7611 | 56519 | 147112 | (615957) | 515991 | (81081) |
| Investments - affiliated |  |  | 1893 |  |  |  |  |
| Purchased options |  |  | 3135 |  |  |  |  |
| Written options |  |  | 1601 |  |  |  |  |
| Foreign currency | (1) |  | (31) | 75 |  | 416 |  |
| Forward foreign currency contracts | (15) |  | 9321 |  |  | 5 |  |
| Futures/futures options contracts |  | 26 | (3442) |  |  |  |  |
| Swap agreements |  |  | 15810 |  |  |  |  |
| **Net realized and unrealized gain (loss)** | 1443 | 49587 | 395744 | 172901 | 512835 | 790523 | 135200 |
| **Change in net assets from operations** | $1430 | $52867 | $447498 | $187881 | $494236 | $833506 | $131486 |
| Affiliated income | $33 | $644 | $11310 | $665 | $615 | $2069 | $603 |

---

See accompanying Notes to Financial Statements.

630

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Cohen & Steers U.S. Realty Fund | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $2634 | $14796 | $17804 | $9294 | $1820 | $149 | $2093 |
| Foreign taxes withheld |  | (1018) | (10) | (12) | (37) |  |  |
| Interest |  | 2 |  |  | 140212 | 20363 | 76780 |
| Securities lending (a) |  | 134 | 21 | 82 | 131 | 162 |  |
| **Total investment income** | 2634 | 13914 | 17815 | 9364 | 142126 | 20674 | 78873 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 518 | 2112 | 5080 | 3483 | 9851 | 2020 | 8311 |
| Administrative fees | 134 | 704 | 1288 | 986 | 2653 | 485 | 2301 |
| 12b-1 fees (Class A) | 257 | 1315 | 3742 | 1879 | 4921 | 380 | 4475 |
| Legal fees | 21 | 4 | 31 | 6 | 22 | 3 | 13 |
| Board of trustee fees | 2 | 6 | 23 | 10 | 65 | 9 | 28 |
| Chief compliance officer fees |  | 2 | 4 | 2 | 9 | 1 | 5 |
| Other expenses | 6 | 23 | 19 | 16 | 27 | 9 | 17 |
| **Total expenses** | 938 | 4166 | 10187 | 6382 | 17548 | 2907 | 15150 |
| Administrative fees waiver |  | (15) | (20) | (15) |  |  |  |
| Advisory fees waiver |  |  |  |  |  |  | (177) |
| **Net expenses** | 938 | 4151 | 10167 | 6367 | 17548 | 2907 | 14973 |
| **Net investment income (loss)** | 1696 | 9763 | 7648 | 2997 | 124578 | 17767 | 63900 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (1003) | 8710 | 141015 | 32911 | (22149) | (12378) | (7436) |
| Brokerage commissions recaptured | 8 |  |  |  |  |  |  |
| Foreign currency |  | 116 |  |  | (14) |  |  |
| Forward foreign currency contracts |  | 9 |  |  | (45) |  |  |
| Futures/futures options contracts |  | (184) |  |  | 2629 |  |  |
| Swap agreements |  |  |  |  |  |  | 86548 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 1724 | 117194 | 32534 | 8249 | 83825 | 21663 | 20214 |
| Foreign currency |  | 82 |  |  | 43 |  |  |
| Forward foreign currency contracts |  |  |  |  | 48 |  |  |
| Futures/futures options contracts |  | (23) |  |  | (5) |  |  |
| Swap agreements |  |  |  |  |  |  | (26242) |
| **Net realized and unrealized gain (loss)** | 729 | 125904 | 173549 | 41160 | 64332 | 9285 | 73084 |
| **Change in net assets from operations** | $2425 | $135667 | $181197 | $44157 | $188910 | $27052 | $136984 |
| Affiliated income | $20 | $349 | $143 | $216 | $2211 | $257 | $2092 |

---

See accompanying Notes to Financial Statements.

631

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DoubleLine Total Return Fund | JNL/Dreyfus Government Money Market Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $1040 | $— | $1562 | $16876 | $18280 | $96868 | $28280 |
| Foreign taxes withheld |  |  | (1) | (479) | (70) | (76) | (2354) |
| Interest | 95100 | 108614 | 71621 |  | 66329 | 64 |  |
| Securities lending (a) |  |  | 130 | 35 | 262 | 16 | 223 |
| **Total investment income** | 96140 | 108614 | 73312 | 16432 | 84801 | 96872 | 26149 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 7930 | 3958 | 5512 | 3510 | 7382 | 12411 | 7244 |
| Administrative fees | 1858 | 2538 | 1461 | 753 | 1406 | 7027 | 1249 |
| 12b-1 fees (Class A) | 2129 | 7403 | 2369 | 1491 | 4195 | 14718 | 1283 |
| Legal fees | 15 | 21 | 12 | 4 | 12 | 41 | 7 |
| Board of trustee fees | 36 | 50 | 30 | 12 | 33 | 103 | 14 |
| Chief compliance officer fees | 6 | 9 | 5 | 2 | 5 | 17 | 3 |
| Other expenses | 22 | 22 | 17 | 14 | 14 | 51 | 57 |
| **Total expenses** | 11996 | 14001 | 9406 | 5786 | 13047 | 34368 | 9857 |
| Advisory fees waiver |  |  | (173) |  | (59) |  |  |
| **Net expenses** | 11996 | 14001 | 9233 | 5786 | 12988 | 34368 | 9857 |
| **Net investment income (loss)** | 84144 | 94613 | 64079 | 10646 | 71813 | 62504 | 16292 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (21279) | 6 | (21502) | 30881 | 13393 | 603894 | 52419 |
| Brokerage commissions recaptured |  |  |  |  | 6 |  | 5 |
| Purchased options |  |  | (267) |  |  |  |  |
| Written options |  |  | 35 |  |  |  |  |
| Foreign currency |  |  | (1) | 1 | (1) |  | (446) |
| Futures/futures options contracts | 4190 |  | 2072 |  |  | 3355 |  |
| Swap agreements |  |  | (177) |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 70019 |  | 62435 | 41275 | 73419 | 94922 | 13047 |
| Purchased options |  |  | 35 |  |  |  |  |
| Foreign currency |  |  | 2 | 21 | 51 |  | (403) |
| Futures/futures options contracts | 3891 |  | 145 |  |  | 648 |  |
| Swap agreements |  |  | (228) |  |  |  |  |
| **Net realized and unrealized gain (loss)** | 56821 | 6 | 42549 | 72178 | 86868 | 702819 | 64622 |
| **Change in net assets from operations** | $140965 | $94619 | $106628 | $82824 | $158681 | $765323 | $80914 |
| Affiliated income | $1040 | $— | $2023 | $270 | $1533 | $1249 | $1161 |

---

See accompanying Notes to Financial Statements.

632

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $17901 | $11505 | $6588 | $12279 | $10970 | $16613 | $389 |
| Foreign taxes withheld | (83) | (774) | (56) | (428) | (16) |  | (2) |
| Interest |  |  |  | 20883 | 28 |  | 3 |
| Securities lending (a) | 22 | 121 | 283 | 155 |  | 769 |  |
| **Total investment income** | 17840 | 10852 | 6815 | 32889 | 10982 | 17382 | 390 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4275 | 6810 | 10175 | 5389 | 4452 | 16419 | 248 |
| Administrative fees | 1222 | 2043 | 1619 | 1347 | 1335 | 3341 | 75 |
| 12b-1 fees (Class A) | 1151 | 4028 | 4788 | 2686 | 2567 | 9388 | 98 |
| Licensing fees paid to third parties |  |  |  |  |  |  | 19 |
| Legal fees | 7 | 11 | 13 | 8 | 7 | 28 |  |
| Board of trustee fees | 14 | 32 | 31 | 24 | 15 | 59 | 1 |
| Chief compliance officer fees | 3 | 4 | 5 | 3 | 3 | 12 |  |
| Net short holdings borrowing fees |  |  |  |  | 35 |  |  |
| Other expenses | 7 | 76 | 44 | 41 | 9 | 34 |  |
| **Total expenses** | 6679 | 13004 | 16675 | 9498 | 8423 | 29281 | 441 |
| Advisory fees waiver |  |  |  | (146) |  |  |  |
| **Net expenses** | 6679 | 13004 | 16675 | 9352 | 8423 | 29281 | 441 |
| **Net investment income (loss)** | 11161 | (2152) | (9860) | 23537 | 2559 | (11899) | (51) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 80067 | 241121 | 142187 | 31731 | 89112 | 338605 | 4786 |
| Investments - affiliated |  |  |  | (126) |  |  |  |
| Brokerage commissions recaptured | 1 |  | 108 | 7 | 6 | 94 |  |
| Purchased options |  |  |  |  | (48730) |  | (2873) |
| Written options |  |  |  |  | (24509) |  | (3603) |
| Foreign currency |  | 124 | 12 | 18 |  |  |  |
| Forward foreign currency contracts | (1) | (22) |  | (1061) |  |  |  |
| Futures/futures options contracts |  |  |  | 9568 | 296 |  | 68 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 26788 | (44261) | (44452) | 53379 | 41159 | (82379) | 6626 |
| Investments - affiliated |  |  |  | 635 |  |  |  |
| Purchased options |  |  |  |  | 345 |  | 3 |
| Written options |  |  |  |  | (118) |  | (3) |
| Foreign currency | 61 | (53) |  | 194 |  |  |  |
| Forward foreign currency contracts |  |  |  | 344 |  |  |  |
| Futures/futures options contracts |  |  |  | 6542 | 423 |  | 7 |
| **Net realized and unrealized gain (loss)** | 106916 | 196909 | 97855 | 101231 | 57984 | 256320 | 5011 |
| **Change in net assets from operations** | $118077 | $194757 | $87995 | $124768 | $60543 | $244421 | $4960 |
| Affiliated income | $929 | $206 | $1087 | $4382 | $313 | $1839 | $31 |

---

See accompanying Notes to Financial Statements.

633

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Quality Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $1176 | $30760 | $7952 | $7037 | $197 | $7550 | $11762 |
| Foreign taxes withheld |  | (45) | (585) | (431) |  |  | (1) |
| Interest | 43743 |  |  |  | 38258 | 16 | 21 |
| Securities lending (a) | 3 |  | 25 | 101 | 22 | 73 | 66 |
| **Total investment income** | 44922 | 30715 | 7392 | 6707 | 38477 | 7639 | 11848 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 3652 | 7385 | 2765 | 4844 | 2468 | 1648 | 2473 |
| Administrative fees | 1271 | 1530 | 691 | 1321 | 1058 | 1349 | 2077 |
| 12b-1 fees (Class A) | 2721 | 2938 | 391 | 1525 | 1437 | 2653 | 4106 |
| Licensing fees paid to third parties |  |  |  |  |  | 45 | 69 |
| Legal fees | 11 | 12 | 4 | 48 | 6 | 8 | 12 |
| Board of trustee fees | 28 | 31 | 8 | 18 | 11 | 13 | 25 |
| Chief compliance officer fees | 4 | 5 | 1 | 3 | 2 | 3 | 5 |
| Other expenses | 13 | 17 | 5 | 16 | 7 | 11 | 16 |
| **Total expenses** | 7700 | 11918 | 3865 | 7775 | 4989 | 5730 | 8783 |
| Administrative fees waiver |  |  |  |  |  | (7) | (8) |
| **Net expenses** | 7700 | 11918 | 3865 | 7775 | 4989 | 5723 | 8775 |
| **Net investment income (loss)** | 37222 | 18797 | 3527 | (1068) | 33488 | 1916 | 3073 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (29099) | 265946 | 12474 | 44596 | 2372 | 159326 | 234548 |
| Brokerage commissions recaptured |  | 7 |  | 9 |  |  |  |
| Foreign currency |  |  | 44 | 98 |  |  |  |
| Forward foreign currency contracts |  |  | 5 | (10) |  |  |  |
| Futures/futures options contracts |  |  |  |  | (201) | 1076 | 70 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 72606 | (82135) | 34680 | 88544 | 5604 | 89387 | (178611) |
| Foreign currency |  | 6 | 70 | 157 |  |  |  |
| Forward foreign currency contracts |  |  |  | 5 |  |  |  |
| Futures/futures options contracts | 2 |  |  |  | 56 | 168 | 6 |
| **Net realized and unrealized gain (loss)** | 43509 | 183824 | 47273 | 133399 | 7831 | 249957 | 56013 |
| **Change in net assets from operations** | $80731 | $202621 | $50800 | $132331 | $41319 | $251873 | $59086 |
| Affiliated income | $1185 | $485 | $219 | $134 | $366 | $238 | $254 |

---

See accompanying Notes to Financial Statements.

634

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

For the Year Ended December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund |
| **Investment income** | **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | Dividends (a) | $9666 | $22046 | $52958 | $24771 | $46127 | $4300 | $40945 |
| Foreign taxes withheld | Foreign taxes withheld |  |  |  | (8) |  |  | (62) |
| Interest | Interest | 7 | 27 | 48 | 27 | 39 | 6 | 115 |
| Securities lending (a) | Securities lending (a) | 5 | 3 | 34 | 29 | 93 | 5 | 1559 |
| **Total investment income** | **Total investment income** | 9678 | 22076 | 53040 | 24819 | 46259 | 4311 | 42557 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | Advisory fees | 744 | 2294 | 2825 | 2773 | 4859 | 641 | 11559 |
| Administrative fees | Administrative fees | 583 | 1918 | 2386 | 2341 | 4180 | 496 | 9820 |
| 12b-1 fees (Class A) | 12b-1 fees (Class A) | 1139 | 3762 | 4705 | 4601 | 8264 | 966 | 20901 |
| Licensing fees paid to third parties | Licensing fees paid to third parties | 19 | 237 | 80 | 78 | 139 | 17 | 245 |
| Legal fees | Legal fees | 3 | 11 | 13 | 33 | 23 | 3 | 60 |
| Board of trustee fees | Board of trustee fees | 7 | 23 | 31 | 28 | 55 | 5 | 114 |
| Chief compliance officer fees | Chief compliance officer fees | 1 | 5 | 5 | 5 | 9 | 1 | 24 |
| Other expenses | Other expenses | 7 | 13 | 18 | 15 | 31 | 3 | 73 |
| **Total expenses** | **Total expenses** | 2503 | 8263 | 10063 | 9874 | 17560 | 2132 | 42796 |
| Administrative fees waiver | Administrative fees waiver | (4) | (12) | (11) | (14) | (17) | (4) | (63) |
| **Net expenses** | **Net expenses** | 2499 | 8251 | 10052 | 9860 | 17543 | 2128 | 42733 |
| **Net investment income (loss)** | **Net investment income (loss)** | 7179 | 13825 | 42988 | 14959 | 28716 | 2183 | (176) |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |  |
|  | Investments - unaffiliated | (495) | 77868 | 83291 | 155426 | 234759 | 15422 | 1275866 |
|  | Investments - affiliated |  |  |  | 1675 |  |  |  |
|  | Futures/futures options contracts | (301) | 1406 | (683) | 1457 | 433 | 316 | 6139 |
| Net change in unrealized appreciation | Net change in unrealized appreciation |  |  |  |  |  |  |  |
|  | (depreciation) on: |  |  |  |  |  |  |  |
|  | Investments - unaffiliated | (4328) | 77262 | (26151) | 52244 | 106055 | 33920 | 81560 |
|  | Investments - affiliated |  |  |  | 3942 |  |  |  |
|  | Futures/futures options contracts | 100 | 74 | (6) | (34) | (50) | 17 | 590 |
| **Net realized and unrealized gain (loss)** | **Net realized and unrealized gain (loss)** | (5024) | 156610 | 56451 | 214710 | 341197 | 49675 | 1364155 |
| **Change in net assets from operations** | **Change in net assets from operations** | $2155 | $170435 | $99439 | $229669 | $369913 | $51858 | $1363979 |
| (a) | Affiliated income | $96 | $383 | $352 | $711 | $520 | $112 | $1510 |

---

See accompanying Notes to Financial Statements.

635

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Materials Sector Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $2527 | $64003 | $6299 | $203893 | $61484 | $19321 | $12462 |
| Foreign taxes withheld | (1) | (169) |  | (20) | (16) |  | (339) |
| Interest | 4 | 207 | 5 |  | 79 | 13 | 18 |
| Securities lending (a) | 3 | 63 | 5 | 2495 | 183 | 2 | 64 |
| **Total investment income** | 2533 | 64104 | 6309 | 206368 | 61730 | 19336 | 12205 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 316 | 13905 | 393 | 15878 | 7594 | 1258 | 1362 |
| Administrative fees | 226 | 11853 | 290 | 14603 | 6968 | 1012 | 1105 |
| 12b-1 fees (Class A) | 439 | 25440 | 551 | 47645 | 14477 | 1980 | 2155 |
| Licensing fees paid to third parties | 8 | 2897 | 10 | 3178 | 237 | 34 | 37 |
| Legal fees | 1 | 73 | 2 | 133 | 41 | 6 | 7 |
| Board of trustee fees | 3 | 135 | 3 | 264 | 124 | 10 | 69 |
| Chief compliance officer fees | 1 | 30 | 1 | 54 | 17 | 2 | 3 |
| Other expenses | 2 | 84 | 2 | 154 | 51 | 10 | 6 |
| **Total expenses** | 996 | 54417 | 1252 | 81909 | 29509 | 4312 | 4744 |
| Administrative fees waiver | (2) | (88) | (5) |  |  | (7) | (9) |
| **Net expenses** | 994 | 54329 | 1247 | 81909 | 29509 | 4305 | 4735 |
| **Net investment income (loss)** | 1539 | 9775 | 5062 | 124459 | 32221 | 15031 | 7470 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 2447 | 746240 | (3102) | 700188 | 291188 | 45512 | 52227 |
| Investments - affiliated |  |  |  | 1347 | 733 |  | 65 |
| Foreign currency |  |  |  |  |  |  | 30 |
| Forward foreign currency contracts |  |  |  |  |  |  | 38 |
| Futures/futures options contracts | 4 | 24744 | (146) | 10199 | 3941 | 79 | 956 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 16721 | 851804 | 4676 | 1731906 | 423231 | 46129 | 108709 |
| Investments - affiliated |  |  |  | 7114 | 1659 |  | 244 |
| Foreign currency |  |  |  |  |  |  | 108 |
| Forward foreign currency contracts |  |  |  |  |  |  | 21 |
| Futures/futures options contracts | 36 | 2863 | 51 | 4619 | 833 | 20 | 80 |
| **Net realized and unrealized gain (loss)** | 19208 | 1625651 | 1479 | 2455373 | 721585 | 91740 | 162478 |
| **Change in net assets from operations** | $20747 | $1635426 | $6541 | $2579832 | $753806 | $106771 | $169948 |
| Affiliated income | $35 | $2811 | $45 | $8029 | $1190 | $151 | $239 |

---

See accompanying Notes to Financial Statements.

636

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/MFS Mid Cap Value Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar SMID Moat Focus Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $39681 | $440 | $1690 | $6297 | $17265 | $232 | $497 |
| Foreign taxes withheld | (39) | (19) | (1) |  | (64) |  |  |
| Interest |  |  | 3 | 5 | 16 | 1661 | 3050 |
| Securities lending (a) | 26 | 4 | 1 | 2 | 14 |  |  |
| **Total investment income** | 39668 | 425 | 1693 | 6304 | 17231 | 1893 | 3547 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 10529 | 35 | 210 | 1101 | 1938 | 186 | 613 |
| Administrative fees | 1922 | 26 | 158 | 661 | 1462 | 62 | 123 |
| 12b-1 fees (Class A) | 5323 | 31 | 29 | 1266 | 1973 | 124 | 245 |
| Licensing fees paid to third parties |  | 10 | 110 | 22 | 1064 |  |  |
| Legal fees | 16 |  | 1 | 4 | 8 |  | 1 |
| Board of trustee fees | 39 |  | 1 | 6 | 17 | 2 | 1 |
| Chief compliance officer fees | 7 |  |  | 1 | 3 |  |  |
| Other expenses | 20 | 1 | 2 | 13 | 15 |  |  |
| **Total expenses** | 17856 | 103 | 511 | 3074 | 6480 | 374 | 983 |
| Administrative fees waiver |  |  |  | (9) |  |  |  |
| Advisory fees waiver |  |  |  |  |  |  | (34) |
| **Net expenses** | 17856 | 103 | 511 | 3065 | 6480 | 374 | 949 |
| **Net investment income (loss)** | 21812 | 322 | 1182 | 3239 | 10751 | 1519 | 2598 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 166981 | 1443 | 6976 | 48230 | 112205 | 32 | 767 |
| Investments - affiliated |  |  |  | 235 |  |  |  |
| Brokerage commissions recaptured | 53 |  |  |  |  |  |  |
| Foreign currency |  | 3 |  |  |  | 3 |  |
| Futures/futures options contracts |  |  | (21) | 179 | 559 | 4106 | 25165 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (79411) | (1319) | (914) | 2998 | (15664) | 17 | (851) |
| Investments - affiliated |  |  |  | 249 |  |  |  |
| Foreign currency | 1 | 1 |  |  |  |  |  |
| Futures/futures options contracts |  |  | 29 | 26 | 27 | 1039 | 11125 |
| **Net realized and unrealized gain (loss)** | 87624 | 128 | 6070 | 51917 | 97127 | 5197 | 36206 |
| **Change in net assets from operations** | $109436 | $450 | $7252 | $55156 | $107878 | $6716 | $38804 |
| Affiliated income | $966 | $6 | $17 | $65 | $137 | $232 | $497 |

---

See accompanying Notes to Financial Statements.

637

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Investment Grade Credit Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $1153 | $70054 | $227 | $154 | $80 | $2726 | $129 |
| Foreign taxes withheld | (35) | (15) | (198) | (8) |  |  |  |
| Interest | 53898 |  | 94111 | 42012 | 57137 | 104864 | 13293 |
| Securities lending (a) | 92 | 19 | 19 | 28 |  | 772 | 7 |
| **Total investment income** | 55108 | 70058 | 94159 | 42186 | 57217 | 108362 | 13429 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4482 | 13291 | 7695 | 2936 | 4322 | 4726 | 965 |
| Administrative fees | 1417 | 4869 | 2398 | 839 | 1113 | 1392 | 386 |
| 12b-1 fees (Class A) | 2607 | 7692 | 3380 | 1407 | 2830 | 3477 | 24 |
| Legal fees | 28 | 27 | 17 | 11 | 9 | 32 | 2 |
| Board of trustee fees | 105 | 48 | 29 | 15 | 29 | 33 | 4 |
| Chief compliance officer fees | 4 | 11 | 6 | 3 | 4 | 5 | 1 |
| Interest expense |  |  | 865 | 836 | 9876 |  |  |
| Other expenses | 21 | 28 | 6 | 8 | 20 | 14 | 3 |
| **Total expenses** | 8664 | 25966 | 14396 | 6055 | 18203 | 9679 | 1385 |
| **Net investment income (loss)** | 46444 | 44092 | 79763 | 36131 | 39014 | 98683 | 12044 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 935 | 316833 | 20885 | (10360) | 27280 | (5234) | 3416 |
| Brokerage commissions recaptured |  | 35 |  |  |  |  |  |
| Purchased options |  |  | (253) | (32) |  |  |  |
| Written options |  |  | 2360 | 1029 | 526 |  |  |
| Foreign currency | 757 |  | 62 | (113) | 620 | (3) |  |
| Forward foreign currency contracts | (506) |  | (11747) | (2694) | (5251) | 6 |  |
| Futures/futures options contracts | 8874 |  | 7047 | (1042) | (3439) |  | (266) |
| Swap agreements | 1708 |  | 14828 | 3154 | 981 |  | 1 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 32185 | 211628 | 65417 | 43705 | 14553 | 19112 | 3523 |
| Investment securities sold short |  |  |  |  | 15 |  |  |
| Purchased options |  |  |  | (32) |  |  |  |
| Written options |  |  | 425 | 45 | 46 |  |  |
| Foreign currency | 169 | 2 | 151 | 101 | (161) |  |  |
| Forward foreign currency contracts | (4184) |  | (6199) | (2547) | (3038) |  |  |
| Futures/futures options contracts | (1254) |  | 522 | 1422 | (1174) |  | 49 |
| Swap agreements | 162 |  | (4519) | (141) | 13105 |  |  |
| **Net realized and unrealized gain (loss)** | 38846 | 528498 | 88979 | 32495 | 44063 | 13881 | 6723 |
| **Change in net assets from operations** | $85290 | $572590 | $168742 | $68626 | $83077 | $112564 | $18767 |
| Affiliated income | $1204 | $2961 | $303 | $224 | $43 | $5848 | $171 |

---

See accompanying Notes to Financial Statements.

638

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Growth Stock Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $822 | $6289 | $41579 | $7151 | $8741 | $121048 | $39754 |
| Foreign taxes withheld |  | (1) |  | (268) | (242) | (1640) | (381) |
| Interest | 69306 | 7 | 34 | 8346 |  | 257072 |  |
| Securities lending (a) | 12 | 65 | 26 | 44 | 39 | 313 | 65 |
| **Total investment income** | 70140 | 6360 | 41639 | 15273 | 8538 | 376793 | 39438 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 5513 | 691 | 3656 | 2821 | 4570 | 74678 | 41646 |
| Administrative fees | 1432 | 576 | 3160 | 835 | 1247 | 19464 | 9009 |
| 12b-1 fees (Class A) | 1688 | 1134 | 6237 | 1651 | 683 | 42178 | 25479 |
| Licensing fees paid to third parties |  | 134 | 835 |  |  |  |  |
| Legal fees | 12 | 3 | 18 | 5 | 7 | 141 | 81 |
| Board of trustee fees | 27 | 9 | 65 | 10 | 11 | 227 | 181 |
| Chief compliance officer fees | 5 | 1 | 7 | 2 | 3 | 49 | 33 |
| Other expenses | 14 | 4 | 21 | 27 | 6 | 127 | 90 |
| **Total expenses** | 8691 | 2552 | 13999 | 5351 | 6527 | 136864 | 76519 |
| Administrative fees waiver |  | (3) |  |  |  |  |  |
| Advisory fees waiver |  |  |  |  | (96) | (466) | (53) |
| **Net expenses** | 8691 | 2549 | 13999 | 5351 | 6431 | 136398 | 76466 |
| **Net investment income (loss)** | 61449 | 3811 | 27640 | 9922 | 2107 | 240395 | (37028) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 240 | 29790 | 302543 | 35520 | 33414 | 1811566 | 2318498 |
| Investments - affiliated |  | 313 | 1541 |  |  | (96) |  |
| Written options |  |  |  |  |  | 3699 |  |
| Foreign currency |  |  |  | (1) | (16) | (41) | 7 |
| Forward foreign currency contracts |  |  |  | 4 | (1) |  | 30 |
| Futures/futures options contracts | (4254) | 61 | (13) | 122 |  |  |  |
| Swap agreements |  |  |  | 5 |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 38530 | (9644) | (16222) | 35992 | 79830 | (462840) | (904556) |
| Investments - affiliated |  | (106) | 1271 |  |  | 88 |  |
| Written options |  |  |  |  |  | (16825) |  |
| Foreign currency |  |  |  | 27 | 1 | 544 |  |
| Futures/futures options contracts | 1494 | (7) | 303 |  |  |  |  |
| Swap agreements |  |  |  | 5 |  |  |  |
| **Net realized and unrealized gain (loss)** | 36010 | 20407 | 289423 | 71674 | 113228 | 1336095 | 1413979 |
| **Change in net assets from operations** | $97459 | $24218 | $317063 | $81596 | $115335 | $1576490 | $1376951 |
| Affiliated income | $939 | $185 | $591 | $766 | $152 | $34838 | $1683 |

---

See accompanying Notes to Financial Statements.

639

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $32509 | $439 | $1031 | $78933 | $162 | $23135 | $501 |
| Foreign taxes withheld | (122) |  |  | (18) | (14) | (1290) | (2) |
| Interest |  | 51235 | 32149 |  |  |  | 1048 |
| Net prime broker interest income |  |  |  |  |  |  | 18 |
| Interest paid in kind |  |  |  |  |  |  | 86 |
| Securities lending (a) | 149 | 2 | 255 | 35 | 4 | 34 |  |
| **Total investment income** | 32536 | 51676 | 33435 | 78950 | 152 | 21879 | 1651 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 27299 | 3421 | 2017 | 20714 | 87 | 13320 | 501 |
| Administrative fees | 4559 | 1098 | 644 | 4282 | 15 | 3083 | 48 |
| 12b-1 fees (Class A) | 13654 | 3198 | 593 | 9111 | 31 | 2941 | 138 |
| Legal fees | 39 | 9 | 4 | 36 |  | 17 | 3 |
| Board of trustee fees | 94 | 26 | 9 | 85 |  | 34 | 2 |
| Chief compliance officer fees | 16 | 4 | 1 | 15 |  | 7 |  |
| Dividends/interest on securities sold short |  |  |  |  |  |  | 27 |
| Other expenses | 51 | 13 | 7 | 66 | 4 | 19 |  |
| **Total expenses** | 45712 | 7769 | 3275 | 34309 | 137 | 19421 | 719 |
| Advisory fees waiver | (406) |  |  | (322) |  | (119) |  |
| **Net expenses** | 45306 | 7769 | 3275 | 33987 | 137 | 19302 | 719 |
| **Net investment income (loss)** | (12770) | 43907 | 30160 | 44963 | 15 | 2577 | 932 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 551329 | (459) | 6590 | 354792 | 945 | 119054 | 1109 |
| Securities sold short |  |  |  |  |  |  | (667) |
| Brokerage commissions recaptured |  |  |  |  |  | 3 |  |
| Purchased options |  | (229) |  |  |  |  | (424) |
| Written options |  | 26 |  |  |  |  | 227 |
| Foreign currency |  |  |  | 29 | (4) | 384 | 36 |
| Forward foreign currency contracts |  |  |  | (7) |  | (518) | (164) |
| Futures/futures options contracts |  | (6) |  |  |  |  |  |
| Swap agreements |  | (15) |  |  |  |  | 1103 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (400484) | 15073 | (5871) | 106791 | (91) | 252159 | 954 |
| Investment securities sold short |  |  |  |  |  |  | (72) |
| Purchased options |  |  |  |  |  |  | (166) |
| Written options |  |  |  |  |  |  | (314) |
| Foreign currency |  |  |  | 38 |  | 120 | 1 |
| Forward foreign currency contracts |  |  |  |  |  |  | (129) |
| Futures/futures options contracts |  | (559) |  |  |  |  |  |
| Swap agreements |  |  |  |  |  |  | 936 |
| **Net realized and unrealized gain (loss)** | 150845 | 13831 | 719 | 461643 | 850 | 371202 | 2430 |
| **Change in net assets from operations** | $138075 | $57738 | $30879 | $506606 | $865 | $373779 | $3362 |
| Affiliated income | $6366 | $455 | $1674 | $602 | $23 | $2941 | $132 |

---

See accompanying Notes to Financial Statements.

640

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

For the Year Ended December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Value Fund |
| **Investment income** |  |  |  |  |  |
| Dividends (a) | $17077 | $78019 | $25147 | $17939 | $24004 |
| Foreign taxes withheld | (1556) | (57) | (313) | (720) | (261) |
| Interest |  | 135645 |  |  |  |
| Securities lending (a) | 49 | 207 | 19 | 39 | 20 |
| **Total investment income** | 15570 | 213814 | 24853 | 17258 | 23763 |
| **Expenses** |  |  |  |  |  |
| Advisory fees | 5071 | 28838 | 4136 | 3245 | 4006 |
| Administrative fees | 1484 | 8496 | 1426 | 847 | 1030 |
| 12b-1 fees (Class A) | 1593 | 27066 | 2086 | 1679 | 2131 |
| Legal fees | 28 | 76 | 8 | 5 | 8 |
| Board of trustee fees | 21 | 165 | 15 | 17 | 25 |
| Chief compliance officer fees | 3 | 31 | 3 | 2 | 4 |
| Other expenses | 21 | 90 | 10 | 9 | 11 |
| **Total expenses** | 8221 | 64762 | 7684 | 5804 | 7215 |
| **Net investment income (loss)** | 7349 | 149052 | 17169 | 11454 | 16548 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| Investments - unaffiliated | 61679 | 1310920 | 133417 | 30955 | 111661 |
| Brokerage commissions recaptured | 2 | 27 | 8 | 9 | 16 |
| Foreign currency | (1188) | (135) | (28) | 82 |  |
| Forward foreign currency contracts | (106) | 47 | 31 | 34 |  |
| Futures/futures options contracts |  | 910 |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |
| Investments - unaffiliated | 142111 | (131151) | (139) | 6964 | 13317 |
| Foreign currency | 179 |  | 12 | 20 | 11 |
| Forward foreign currency contracts | 4 | 1 |  | (7) |  |
| Futures/futures options contracts |  | (332) |  |  |  |
| **Net realized and unrealized gain (loss)** | 202681 | 1180287 | 133301 | 38057 | 125005 |
| **Change in net assets from operations** | $210030 | $1329339 | $150470 | $49511 | $141553 |
| Affiliated income | $601 | $4552 | $397 | $200 | $455 |

---

See accompanying Notes to Financial Statements.

641

***Statement of Cash Flows** *(in thousands)*

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  | JNL/PIMCO Real Return Fund |
| **Cash flows provided by operating activities** |  |
| Net increase (decrease) in net assets from operations | $83077 |
| Adjustments to reconcile net assets from operations to net cash flow provided by (used in) operating activities: |  |
| Purchase of long-term investments | (727781) |
| Proceeds from sales and maturities of long-term investments | 648126 |
| Net (purchases) sales of short-term investments | (23775) |
| Purchases to cover securities sold short/forward sales commitments | (119110) |
| Proceeds from securities sold short/forward sales commitments | 139231 |
| (Increase) decrease in receivable from investment securities sold | 43761 |
| Increase (decrease) in payable for investment securities purchased | (60049) |
| (Increase) decrease in receivable from dividends and interest | (744) |
| Increase (decrease) in payable for dividends on securities sold short |  |
| Increase (decrease) in payable for interest expense and brokerage charges | (26) |
| (Increase) decrease in receivable from deposits with brokers and counterparties | 3526 |
| Increase (decrease) in payable for deposits from counterparties | (1523) |
| (Increase) decrease in other assets  |  |
| Increase (decrease) in payable for expenses | (129) |
| Net amortization | (4539) |
| Net inflation compensation | (30236) |
| Loss (proceeds) from currency transactions | (4792) |
| Net proceeds from (payments for) variation margin on futures/futures option contracts and swap agreements | 5659 |
| Net proceeds from (payments for) OTC swap agreements | 1967 |
| Net realized (gain) loss on investments, purchased options, written options, foreign currency, forward foreign | Net realized (gain) loss on investments, purchased options, written options, foreign currency, forward foreign |
| &nbsp;&nbsp;&nbsp;currency contracts, futures/futures options contracts and swap agreements | (20717) |
| Change in unrealized (appreciation) depreciation on investments, purchased options, written options, foreign | Change in unrealized (appreciation) depreciation on investments, purchased options, written options, foreign |
| &nbsp;&nbsp;&nbsp;currency, forward foreign currency contracts, futures/futures options contracts and swap agreements | (23346) |
| **Net cash flow provided by (used in) operating activities** | (91420) |
| **Cash flows provided by (used in) financing activities** |  |
| Net subscriptions (redemptions) from capital share transactions | (54026) |
| Increase (decrease) in payable for reverse repurchase agreements | (22528) |
| Net borrowing from secured financing transactions | (7001) |
| Net fees from secured borrowing transactions | 7187 |
| (Increase) decrease in receivable from treasury roll transactions | (66016) |
| Increase (decrease) in payable for treasury roll transactions | 233667 |
| **Net cash flow provided by (used in) financing activities** | 91283 |
| **Net increase (decrease) in cash and cash equivalents** | (137) |
| Cash and cash equivalents at beginning of year | 4727 |
| **Cash and cash equivalents at end of year** | $4590 |
| **Supplemental disclosure of operating activities:** |  |
| Interest expense during the year | 9876 |
| The following table provides a reconciliation of cash and cash equivalents reported within the Statement of Assets and Liabilities and Statements of Cash Flows:  | The following table provides a reconciliation of cash and cash equivalents reported within the Statement of Assets and Liabilities and Statements of Cash Flows:  |
| Cash | $524 |
| Foreign currency | 4066 |
| **Total cash and cash equivalents presented in the statements of cash flows** | $4590 |

---

See accompanying Notes to Financial Statements.

642

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $57163 | $18906 | $13099 | $8028 | $10197 | $(420) | $(23939) |
| Net realized gain (loss) | 262316 | (4955) | 7003 | (7151) | 157842 | (8400) | 704785 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 174076 | 16784 | 70505 | 25654 | 35996 | 87567 | 715550 |
| **Change in net assets from operations** | 493555 | 30735 | 90607 | 26531 | 204035 | 78747 | 1396396 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 608960 | 169975 | 142264 | 69940 | 181245 | 77658 | 2331331 |
| Class I | 11766 | 5446 | 3043 | 2711 | 6460 | 2289 | 55531 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (707954) | (163373) | (109046) | (88350) | (278379) | (168332) | (1808383) |
| Class I | (21517) | (7543) | (1494) | (1907) | (10857) | (3148) | (57929) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (108745) | 4505 | 34767 | (17606) | (101531) | (91533) | 520550 |
| **Change in net assets** | 384810 | 35240 | 125374 | 8925 | 102504 | (12786) | 1916946 |
| Net assets beginning of year | 3269658 | 466628 | 434773 | 301881 | 1029314 | 614509 | 6866667 |
| **Net assets end of year** | $3654468 | $501868 | $560147 | $310806 | $1131818 | $601723 | $8783613 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 31373 | 17614 | 8939 | 6700 | 6049 | 3925 | 33121 |
| Class I | 571 | 558 | 188 | 251 | 213 | 113 | 787 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (36630) | (17029) | (6799) | (8457) | (9392) | (8516) | (26006) |
| Class I | (1034) | (773) | (93) | (178) | (364) | (153) | (803) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (5257) | 585 | 2140 | (1757) | (3343) | (4591) | 7115 |
| Class I | (463) | (215) | 95 | 73 | (151) | (40) | (16) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $390584 | $86030 | $75769 | $34294 | $166660 | $21752 | $1388034 |
| Proceeds from sales of securities | $206753 | $62607 | $27856 | $43870 | $130383 | $101280 | $310081 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

643

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $61441 | $12442 | $9237 | $39874 | $(4928) | $(4762) | $53076 |
| Net realized gain (loss) | 2348254 | 22213 | 125871 | 395576 | (3898) | 324 | 107746 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (452711) | 285763 | 206607 | 204013 | 73897 | 226266 | 565712 |
| **Change in net assets from operations** | 1956984 | 320418 | 341715 | 639463 | 65071 | 221828 | 726534 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 1780854 | 171970 | 208571 | 619814 | 203339 | 202536 | 450534 |
| Class I | 38070 | 7411 | 7986 | 15764 | 6869 | 5551 | 13326 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 603876 |
| Class I |  |  |  |  |  |  | 16818 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (2868572) | (347666) | (369037) | (984055) | (258820) | (272750) | (779272) |
| Class I | (53449) | (6444) | (10471) | (22977) | (7165) | (8552) | (28157) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (1103097) | (174729) | (162951) | (371454) | (55777) | (73215) | 277125 |
| **Change in net assets** | 853887 | 145689 | 178764 | 268009 | 9294 | 148613 | 1003659 |
| Net assets beginning of year | 11698120 | 1305722 | 1321252 | 3999168 | 1018367 | 778225 | 2069235 |
| **Net assets end of year** | $12552007 | $1451411 | $1500016 | $4267177 | $1027661 | $926838 | $3072894 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 33656 | 9576 | 10363 | 13549 | 16905 | 14627 | 24187 |
| Class I | 708 | 402 | 383 | 333 | 544 | 390 | 674 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 34389 |
| Class I |  |  |  |  |  |  | 903 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (54165) | (19290) | (18584) | (21498) | (21632) | (20455) | (41766) |
| Class I | (984) | (353) | (515) | (480) | (569) | (624) | (1491) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (20509) | (9714) | (8221) | (7949) | (4727) | (5828) | 16810 |
| Class I | (276) | 49 | (132) | (147) | (25) | (234) | 86 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $2148033 | $34649 | $109525 | $379400 | $63082 | $83273 | $845028 |
| Proceeds from sales of securities | $1227205 | $196905 | $207028 | $436767 | $123786 | $161220 | $465618 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

644

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(14766) | $(10643) | $(501) | $(322) | $1688 | $710 | $2805 |
| Net realized gain (loss) | 81397 | 29597 | 187560 | 22786 | 294514 | 140963 | 401884 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 150451 | 104103 | 24849 | 27152 | 93188 | 52131 | 9167 |
| **Change in net assets from operations** | 217082 | 123057 | 211908 | 49616 | 389390 | 193804 | 413856 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 446131 | 328322 | 176092 | 125485 | 193187 | 135696 | 138023 |
| Class I | 26313 | 13529 | 1043 | 4095 | 1411 | 1409 | 628 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (849269) | (611508) | (365090) | (157261) | (681924) | (421229) | (721183) |
| Class I | (32113) | (27825) | (3854) | (4272) | (2510) | (2303) | (2266) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (408938) | (297482) | (191809) | (31953) | (489836) | (286427) | (584798) |
| **Change in net assets** | (191856) | (174425) | 20099 | 17663 | (100446) | (92623) | (170942) |
| Net assets beginning of year | 3433492 | 2524228 | 1436400 | 557157 | 2905092 | 1949013 | 3570552 |
| **Net assets end of year** | $3241636 | $2349803 | $1456499 | $574820 | $2804646 | $1856390 | $3399610 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 12444 | 11889 | 7957 | 8295 | 8609 | 7274 | 6504 |
| Class I | 703 | 473 | 44 | 264 | 61 | 74 | 29 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (23522) | (21907) | (16262) | (10438) | (30721) | (22595) | (34221) |
| Class I | (854) | (956) | (167) | (271) | (109) | (123) | (110) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (11078) | (10018) | (8305) | (2143) | (22112) | (15321) | (27717) |
| Class I | (151) | (483) | (123) | (7) | (48) | (49) | (81) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $20161 | $15438 | $445413 | $150604 | $691791 | $404484 | $776381 |
| Proceeds from sales of securities | $443905 | $323594 | $609858 | $180648 | $1131621 | $672269 | $1309916 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

645

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan Managed Aggressive Growth Fund | JNL/JPMorgan Managed Conservative Fund | JNL/JPMorgan Managed Growth Fund | JNL/JPMorgan Managed Moderate Fund | JNL/JPMorgan Managed Moderate Growth Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(2151) | $(2200) | $(5274) | $(4184) | $(7005) | $65067 | $1314 |
| Net realized gain (loss) | 189520 | 20629 | 377678 | 91307 | 251980 | 241805 | 1361 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 103856 | 41409 | 152043 | 83527 | 181823 | 384496 | 835 |
| **Change in net assets from operations** | 291225 | 59838 | 524447 | 170650 | 426798 | 691368 | 3510 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 146961 | 68512 | 212321 | 68362 | 114927 | 659881 | 67263 |
| Class I | 3560 | 501 | 1820 | 894 | 1880 | 17543 | 424 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (478359) | (174351) | (915691) | (361897) | (766124) | (909946) | (10772) |
| Class I | (3965) | (786) | (5697) | (254) | (2555) | (19335) | (1) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (331803) | (106124) | (707247) | (292895) | (651872) | (251857) | 56914 |
| **Change in net assets** | (40578) | (46286) | (182800) | (122245) | (225074) | 439511 | 60424 |
| Net assets beginning of year | 2122428 | 685785 | 4121346 | 1720643 | 3808178 | 3880573 | 3883 |
| **Net assets end of year** | $2081850 | $639499 | $3938546 | $1598398 | $3583104 | $4320084 | $64307 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 3497 | 4137 | 6259 | 3165 | 4138 | 21832 | 6379 |
| Class I | 84 | 30 | 53 | 41 | 65 | 570 | 39 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (11250) | (10433) | (26955) | (16708) | (27585) | (30259) | (1025) |
| Class I | (91) | (46) | (165) | (11) | (89) | (624) |  |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (7753) | (6296) | (20696) | (13543) | (23447) | (8427) | 5354 |
| Class I | (7) | (16) | (112) | 30 | (24) | (54) | 39 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $186192 | $78044 | $431396 | $180598 | $344934 | $743058 | $63679 |
| Proceeds from sales of securities | $493404 | $184380 | $1100792 | $468680 | $973090 | $657550 | $4014 |

---

See accompanying Notes to Financial Statements.

646

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Moderate Growth Allocation Fund | JNL Growth ETF Allocation Fund | JNL Moderate ETF Allocation Fund | JNL Moderate Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $52239 | $5694 | $5672 | $7228 | $35861 | $14763 | $20772 |
| Net realized gain (loss) | 94575 | 36584 | 6050 | 23500 | 83663 | 10257 | 32330 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 221468 | 15926 | 12258 | 15598 | 190692 | 37045 | 73664 |
| **Change in net assets from operations** | 368282 | 58204 | 23980 | 46326 | 310216 | 62065 | 126766 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (34290) | (12089) | (29932) |  |  |  |
| Class I |  | (881) | (553) | (861) |  |  |  |
| **Total distributions to shareholders**  |  | (35171) | (12642) | (30793) |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 198654 | 92503 | 48745 | 53319 | 191534 | 75018 | 107551 |
| Class I | 2203 | 1981 | 2653 | 887 | 8758 | 3954 | 5359 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 34290 | 12089 | 29932 |  |  |  |
| Class I |  | 881 | 553 | 861 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (505364) | (88949) | (44068) | (60772) | (418508) | (112123) | (182012) |
| Class I | (4591) | (3270) | (1510) | (1823) | (12296) | (6208) | (8290) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (309098) | 37436 | 18462 | 22404 | (230512) | (39359) | (77392) |
| **Change in net assets** | 59184 | 60469 | 29800 | 37937 | 79704 | 22706 | 49374 |
| Net assets beginning of year | 2421574 | 346876 | 197318 | 320020 | 2042135 | 551472 | 938325 |
| **Net assets end of year** | $2480758 | $407345 | $227118 | $357957 | $2121839 | $574178 | $987699 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 8130 | 5336 | 3757 | 3587 | 10942 | 5335 | 6779 |
| Class I | 87 | 114 | 202 | 58 | 472 | 278 | 327 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 2005 | 933 | 2040 |  |  |  |
| Class I |  | 51 | 43 | 58 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (20871) | (5123) | (3413) | (4075) | (23770) | (7975) | (11524) |
| Class I | (179) | (184) | (116) | (121) | (666) | (446) | (507) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (12741) | 2218 | 1277 | 1552 | (12828) | (2640) | (4745) |
| Class I | (92) | (19) | 129 | (5) | (194) | (168) | (180) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $384461 | $269756 | $125999 | $203454 | $339048 | $71484 | $108815 |
| Proceeds from sales of securities | $517701 | $261890 | $114393 | $205734 | $534571 | $96188 | $166461 |

---

See accompanying Notes to Financial Statements.

647

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Bond Index Fund | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $38884 | $19796 | $73715 | $46110 | $34832 | $(2626) | $20759 |
| Net realized gain (loss) | (11726) | (4149) | 119996 | 112913 | 131876 | 28897 | 65831 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 43663 | 211873 | 550015 | 73914 | (34200) | 55286 | 179796 |
| **Change in net assets from operations** | 70821 | 227520 | 743726 | 232937 | 132508 | 81557 | 266386 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | (4429) |
| Class I |  |  | (116416) |  |  |  | (7163) |
| **Total distributions to shareholders**  |  |  | (116416) |  |  |  | (11592) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 32564 | 66369 |
| Class I | 218228 | 209174 | 1088216 | 474800 | 343867 | 116566 | 305817 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 4429 |
| Class I |  |  | 116416 |  |  |  | 7163 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (47599) | (158997) |
| Class I | (274462) | (286948) | (823737) | (897825) | (651557) | (21699) | (196201) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (56234) | (77774) | 380895 | (423025) | (307690) | 79832 | 28580 |
| **Change in net assets** | 14587 | 149746 | 1008205 | (190088) | (175182) | 161389 | 283374 |
| Net assets beginning of year | 1034647 | 780857 | 2079893 | 3444243 | 2534122 | 801157 | 1120791 |
| **Net assets end of year** | $1049234 | $930603 | $3088098 | $3254155 | $2358940 | $962546 | $1404165 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 2407 | 6763 |
| Class I | 22361 | 19925 | 98340 | 39358 | 31925 | 8441 | 30521 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 414 |
| Class I |  |  | 9685 |  |  |  | 669 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (3528) | (16272) |
| Class I | (28274) | (28399) | (71937) | (73904) | (59829) | (1595) | (20033) |
| Change in shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (1121) | (9095) |
| Class I | (5913) | (8474) | 36088 | (34546) | (27904) | 6846 | 11157 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $113212 | $93467 | $732870 | $482420 | $849780 | $1072122 | $739824 |
| Purchase of U.S. Government securities | 704362<br> (a) |  |  |  |  | 9424 |  |
| Total purchases | $817574 | $93467 | $732870 | $482420 | $849780 | $1081546 | $739824 |
| Proceeds from sales of securities | $139957 | $152446 | $413827 | $828488 | $1122157 | $1012405 | $723372 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities | 703424<br> (a) |  |  |  |  | 8901 |  |
| Total proceeds from sales | $843381 | $152446 | $413827 | $828488 | $1122157 | $1021306 | $723372 |
| Securities sold short covers | $96223 | $— | $— | $— | $— | $741269 | $— |
| Securities sold short proceeds | $90206 | $— | $— | $— | $— | $835557 | $— |

---

(a) Amounts exclude $627,823 and
$628,149 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

648

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Floating Rate Income Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $76950 | $9965 | $4804 | $(8724) | $8070 | $10755 | $6227 |
| Net realized gain (loss) | (40079) | 74310 | 71685 | 149116 | 96364 | 52096 | 16396 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 169 | 67106 | (53149) | (58994) | (57983) | 124602 | 66312 |
| **Change in net assets from operations** | 37040 | 151381 | 23340 | 81398 | 46451 | 187453 | 88935 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (7784) |  |  |  |  |  |
| Class I |  | (6173) |  |  |  |  |  |
| **Total distributions to shareholders**  |  | (13957) |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 116198 | 44977 | 76208 | 266031 | 194861 | 214997 |  |
| Class I | 9754 | 87033 | 139569 | 64967 | 65486 | 362920 | 156338 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 7784 |  |  |  |  |  |
| Class I |  | 6173 |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (327641) | (136827) | (123229) | (486587) | (326656) | (150641) |  |
| Class I | (7705) | (105200) | (173819) | (121122) | (149364) | (338410) | (172492) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (209394) | (96060) | (81271) | (276711) | (215673) | 88866 | (16154) |
| **Change in net assets** | (172354) | 41364 | (57931) | (195313) | (169222) | 276319 | 72781 |
| Net assets beginning of year | 1099365 | 654115 | 1212362 | 2401268 | 1889206 | 1117772 | 499111 |
| **Net assets end of year** | $927011 | $695479 | $1154431 | $2205955 | $1719984 | $1394091 | $571892 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 8609 | 3605 | 3782 | 6349 | 9229 | 12601 |  |
| Class I | 716 | 6400 | 6623 | 1403 | 2968 | 20020 | 5635 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 585 |  |  |  |  |  |
| Class I |  | 459 |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (24301) | (10793) | (6084) | (11486) | (15401) | (8866) |  |
| Class I | (564) | (8288) | (8265) | (2599) | (6741) | (18797) | (6152) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (15692) | (6603) | (2302) | (5137) | (6172) | 3735 |  |
| Class I | 152 | (1429) | (1642) | (1196) | (3773) | 1223 | (517) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $513277 | $769044 | $1002828 | $1739606 | $585614 | $1375554 | $103432 |
| Proceeds from sales of securities | $1024512 | $872687 | $1069187 | $1981303 | $780511 | $1296287 | $113735 |

---

See accompanying Notes to Financial Statements.

649

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(13) | $3280 | $51754 | $14980 | $(18599) | $42983 | $(3714) |
| Net realized gain (loss) | 1044 | 41950 | 310938 | 25714 | 1128792 | 274111 | 216281 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 399 | 7637 | 84806 | 147187 | (615957) | 516412 | (81081) |
| **Change in net assets from operations** | 1430 | 52867 | 447498 | 187881 | 494236 | 833506 | 131486 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (108780) |  |
| Class I |  |  |  |  |  | (116647) |  |
| **Total distributions to shareholders**  |  |  |  |  |  | (225427) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 7651 | 119890 | 160875 | 101990 | 552878 | 747979 | 184323 |
| Class I | 500 | 5197 | 1608 | 3193 | 46422 | 224970 | 35573 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 108780 |  |
| Class I |  |  |  |  |  | 116647 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (4359) | (155070) | (613118) | (253990) | (1366023) | (370908) | (351603) |
| Class I | (198) | (3175) | (4499) | (6026) | (147866) | (575226) | (241260) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 3594 | (33158) | (455134) | (154833) | (914589) | 252242 | (372967) |
| **Change in net assets** | 5024 | 19709 | (7636) | 33048 | (420353) | 860321 | (241481) |
| Net assets beginning of year | 22073 | 394334 | 2616114 | 712144 | 4833270 | 1930401 | 1617659 |
| **Net assets end of year** | $27097 | $414043 | $2608478 | $745192 | $4412917 | $2790722 | $1376178 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 648 | 6693 | 8205 | 7649 | 5925 | 34027 | 6508 |
| Class I | 43 | 278 | 84 | 240 | 461 | 9890 | 1191 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 4792 |  |
| Class I |  |  |  |  |  | 4943 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (369) | (8459) | (31388) | (18586) | (14427) | (16900) | (12348) |
| Class I | (17) | (169) | (233) | (432) | (1426) | (25567) | (7943) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 279 | (1766) | (23183) | (10937) | (8502) | 21919 | (5840) |
| Class I | 26 | 109 | (149) | (192) | (965) | (10734) | (6752) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $20011 | $113080 | $2999371 | $674379 | $2863080 | $1055048 | $329017 |
| Purchase of U.S. Government securities |  |  | 212923 |  |  |  |  |
| Total purchases | $20011 | $113080 | $3212294 | $674379 | $2863080 | $1055048 | $329017 |
| Proceeds from sales of securities | $17712 | $151546 | $3369546 | $838776 | $3859797 | $1031605 | $713154 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities |  |  | 226349 |  |  |  |  |
| Total proceeds from sales | $17712 | $151546 | $3595895 | $838776 | $3859797 | $1031605 | $713154 |
| Securities sold short covers | $— | $— | $73303 | $— | $— | $— | $— |
| Securities sold short proceeds | $— | $— | $99289 | $— | $— | $— | $— |

---

See accompanying Notes to Financial Statements.

650

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Cohen & Steers U.S. Realty Fund | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $1696 | $9763 | $7648 | $2997 | $124578 | $17767 | $63900 |
| Net realized gain (loss) | (995) | 8651 | 141015 | 32911 | (19579) | (12378) | 79112 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 1724 | 117253 | 32534 | 8249 | 83911 | 21663 | (6028) |
| **Change in net assets from operations** | 2425 | 135667 | 181197 | 44157 | 188910 | 27052 | 136984 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A | (2890) | (7683) |  |  |  |  |  |
| Class I | (140) | (476) |  |  |  |  |  |
| **Total distributions to shareholders**  | (3030) | (8159) |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 22162 | 341054 | 141642 | 186696 | 185898 | 23157 | 177772 |
| Class I | 777 | 23573 | 9212 | 15258 | 125840 | 57665 | 6992 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A | 2890 | 7683 |  |  |  |  |  |
| Class I | 140 | 476 |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (41587) | (171557) | (373574) | (181943) | (409182) | (34755) | (473472) |
| Class I | (1115) | (23445) | (14117) | (17716) | (335490) | (65209) | (128062) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (16733) | 177784 | (236837) | 2295 | (432934) | (19142) | (416770) |
| **Change in net assets** | (17338) | 305292 | (55640) | 46452 | (244024) | 7910 | (279786) |
| Net assets beginning of year | 97074 | 325489 | 1346436 | 661454 | 2793668 | 338206 | 1698970 |
| **Net assets end of year** | $79736 | $630781 | $1290796 | $707906 | $2549644 | $346116 | $1419184 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 2272 | 25024 | 4706 | 14201 | 13798 | 1807 | 6521 |
| Class I | 79 | 1833 | 280 | 1140 | 8493 | 4431 | 252 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A | 304 | 521 |  |  |  |  |  |
| Class I | 15 | 32 |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (4293) | (12785) | (12272) | (14028) | (30474) | (2725) | (17337) |
| Class I | (113) | (1712) | (429) | (1333) | (22739) | (5136) | (4569) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (1717) | 12760 | (7566) | 173 | (16676) | (918) | (10816) |
| Class I | (19) | 153 | (149) | (193) | (14246) | (705) | (4317) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $35926 | $248000 | $19392 | $131926 | $1036482 | $166251 | $479605 |
| Purchase of U.S. Government securities |  |  |  |  | 44574 |  | 206305 |
| Total purchases | $35926 | $248000 | $19392 | $131926 | $1081056 | $166251 | $685910 |
| Proceeds from sales of securities | $52990 | $74048 | $249629 | $129008 | $1327833 | $182418 | $661193 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities |  |  |  |  | 64564 |  | 338519 |
| Total proceeds from sales | $52990 | $74048 | $249629 | $129008 | $1392397 | $182418 | $999712 |

---

See accompanying Notes to Financial Statements.

651

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DoubleLine Total Return Fund | JNL/Dreyfus Government Money Market Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $84144 | $94613 | $64079 | $10646 | $71813 | $62504 | $16292 |
| Net realized gain (loss) | (17089) | 6 | (19840) | 30882 | 13398 | 607249 | 51978 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 73910 |  | 62389 | 41296 | 73470 | 95570 | 12644 |
| **Change in net assets from operations** | 140965 | 94619 | 106628 | 82824 | 158681 | 765323 | 80914 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (91778) |  |  |  |  |  |
| Class I |  | (2835) |  |  |  |  |  |
| **Total distributions to shareholders**  |  | (94613) |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 133980 | 2524871 | 152972 | 87800 | 127873 | 414557 | 100481 |
| Class I | 133772 | 114937 | 151818 | 1712 | 2896 | 10113 | 35959 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 91778 |  |  |  |  |  |
| Class I |  | 2835 |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (199477) | (2836874) | (208947) | (198111) | (319055) | (1288203) | (170509) |
| Class I | (377159) | (109003) | (206021) | (3054) | (2064) | (11397) | (184744) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (308884) | (211456) | (110178) | (111653) | (190350) | (874930) | (218813) |
| **Change in net assets** | (167919) | (211450) | (3550) | (28829) | (31669) | (109607) | (137899) |
| Net assets beginning of year | 1956742 | 2614368 | 1511066 | 500218 | 1435118 | 5065401 | 881923 |
| **Net assets end of year** | $1788823 | $2402918 | $1507516 | $471389 | $1403449 | $4955794 | $744024 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 11925 | 2524870 | 12106 | 4456 | 7549 | 9478 | 6591 |
| Class I | 11684 | 114937 | 11356 | 87 | 176 | 227 | 2315 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 91778 |  |  |  |  |  |
| Class I |  | 2835 |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (17770) | (2836874) | (16552) | (9857) | (18816) | (29353) | (11129) |
| Class I | (33036) | (109003) | (15792) | (148) | (126) | (255) | (11590) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (5845) | (220226) | (4446) | (5401) | (11267) | (19875) | (4538) |
| Class I | (21352) | 8769 | (4436) | (61) | 50 | (28) | (9275) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $510787 | $567598 | $424878 | $291387 | $491628 | $2341458 | $572352 |
| Purchase of U.S. Government securities | 18517 | 251380 | 227963<br> (a) |  | 19563 |  |  |
| Total purchases | $529304 | $818978 | $652841 | $291387 | $511191 | $2341458 | $572352 |
| Proceeds from sales of securities | $687569 | $510100 | $560010 | $392150 | $659362 | $3144575 | $770373 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities | 73423 | 57500 | 272147<br> (a) |  | 60368 |  |  |
| Total proceeds from sales | $760992 | $567600 | $832157 | $392150 | $719730 | $3144575 | $770373 |
| Securities sold short covers | $— | $— | $130953 | $— | $— | $— | $— |
| Securities sold short proceeds | $— | $— | $111551 | $— | $— | $— | $— |

---

(a) Amounts exclude $2,420,070
and $2,394,184 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

652

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $11161 | $(2152) | $(9860) | $23537 | $2559 | $(11899) | $(51) |
| Net realized gain (loss) | 80067 | 241223 | 142307 | 40137 | 16175 | 338699 | (1622) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 26849 | (44314) | (44452) | 61094 | 41809 | (82379) | 6633 |
| **Change in net assets from operations** | 118077 | 194757 | 87995 | 124768 | 60543 | 244421 | 4960 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 70033 | 116645 | 228215 | 40716 | 186467 | 675025 | 48465 |
| Class I | 20208 | 3211 | 5766 | 428 | 9081 | 179235 | 4743 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (99711) | (380048) | (516046) | (197505) | (269651) | (937801) | (22801) |
| Class I | (104296) | (5474) | (9431) | (1074) | (12281) | (63855) | (28726) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (113766) | (265666) | (291496) | (157435) | (86384) | (147396) | 1681 |
| **Change in net assets** | 4311 | (70909) | (203501) | (32667) | (25841) | 97025 | 6641 |
| Net assets beginning of year | 814683 | 1416261 | 1792184 | 914768 | 908452 | 3305617 | 40256 |
| **Net assets end of year** | $818994 | $1345352 | $1588683 | $882101 | $882611 | $3402642 | $46897 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 4030 | 3808 | 6144 | 2561 | 11115 | 9294 | 4701 |
| Class I | 1123 | 100 | 146 | 26 | 529 | 2253 | 455 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (5712) | (12272) | (13810) | (12389) | (15951) | (13072) | (2190) |
| Class I | (5743) | (169) | (236) | (66) | (714) | (817) | (2689) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (1682) | (8464) | (7666) | (9828) | (4836) | (3778) | 2511 |
| Class I | (4620) | (69) | (90) | (40) | (185) | 1436 | (2234) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $464313 | $287644 | $1383797 | $770720 | $393125 | $2313822 | $40088 |
| Purchase of U.S. Government securities |  |  |  | 38926 |  |  |  |
| Total purchases | $464313 | $287644 | $1383797 | $809646 | $393125 | $2313822 | $40088 |
| Proceeds from sales of securities | $550262 | $562117 | $1638764 | $984201 | $489282 | $2465141 | $42764 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities |  |  |  | 34929 |  |  |  |
| Total proceeds from sales | $550262 | $562117 | $1638764 | $1019130 | $489282 | $2465141 | $42764 |
| Securities sold short covers | $— | $— | $— | $— | $122124 | $— | $8072 |
| Securities sold short proceeds | $— | $— | $— | $— | $97839 | $— | $4535 |

---

See accompanying Notes to Financial Statements.

653

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Quality Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $37222 | $18797 | $3527 | $(1068) | $33488 | $1916 | $3073 |
| Net realized gain (loss) | (29099) | 265953 | 12523 | 44693 | 2171 | 160402 | 234618 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 72608 | (82129) | 34750 | 88706 | 5660 | 89555 | (178605) |
| **Change in net assets from operations** | 80731 | 202621 | 50800 | 132331 | 41319 | 251873 | 59086 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  | (15865) | (32081) | (22226) |  |  |
| Class I |  |  | (37898) | (25341) | (10619) |  |  |
| **Total distributions to shareholders**  |  |  | (53763) | (57422) | (32845) |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 300922 | 155890 | 37539 | 183137 | 287344 | 516478 | 207539 |
| Class I | 35803 | 29511 | 19032 | 181555 | 43774 | 13044 | 6689 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  | 15865 | 32081 | 22226 |  |  |
| Class I |  |  | 37898 | 25341 | 10619 |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (361136) | (254004) | (42369) | (181260) | (255359) | (509166) | (501873) |
| Class I | (105080) | (444841) | (140219) | (108197) | (76803) | (13322) | (10038) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (129491) | (513444) | (72254) | 132657 | 31801 | 7034 | (297683) |
| **Change in net assets** | (48760) | (310823) | (75217) | 207566 | 40275 | 258907 | (238597) |
| Net assets beginning of year | 1284806 | 1646340 | 468464 | 745484 | 671545 | 871112 | 1560404 |
| **Net assets end of year** | $1236046 | $1335517 | $393247 | $953050 | $711820 | $1130019 | $1321807 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 22052 | 8089 | 2320 | 8984 | 28172 | 17549 | 4253 |
| Class I | 2438 | 1472 | 1172 | 8384 | 4236 | 460 | 129 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  | 1084 | 1550 | 2216 |  |  |
| Class I |  |  | 2576 | 1202 | 1051 |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (26564) | (13062) | (2630) | (8868) | (24992) | (18345) | (10143) |
| Class I | (7190) | (21605) | (8971) | (5103) | (7486) | (486) | (192) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (4512) | (4973) | 774 | 1666 | 5396 | (796) | (5890) |
| Class I | (4752) | (20133) | (5223) | 4483 | (2199) | (26) | (63) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $232983 | $324879 | $69484 | $200007 | $599597 | $337728 | $251416 |
| Purchase of U.S. Government securities | 153867 |  |  |  | 97166 |  |  |
| Total purchases | $386850 | $324879 | $69484 | $200007 | $696763 | $337728 | $251416 |
| Proceeds from sales of securities | $269830 | $823080 | $195155 | $126135 | $584155 | $340432 | $545288 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities | 196528 |  |  |  | 88556 |  |  |
| Total proceeds from sales | $466358 | $823080 | $195155 | $126135 | $672711 | $340432 | $545288 |

---

See accompanying Notes to Financial Statements.

654

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $7179 | $13825 | $42988 | $14959 | $28716 | $2183 | $(176) |
| Net realized gain (loss) | (796) | 79274 | 82608 | 158558 | 235192 | 15738 | 1282005 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (4228) | 77336 | (26157) | 56152 | 106005 | 33937 | 82150 |
| **Change in net assets from operations** | 2155 | 170435 | 99439 | 229669 | 369913 | 51858 | 1363979 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 137718 | 199669 | 338593 | 449222 | 420679 | 189001 | 1449885 |
| Class I | 5641 | 7695 | 10573 | 12650 | 10439 | 6947 | 40231 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (177315) | (358441) | (647306) | (668688) | (904464) | (139454) | (2330929) |
| Class I | (4724) | (11341) | (16517) | (15010) | (13167) | (6940) | (55905) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (38680) | (162418) | (314657) | (221826) | (486513) | 49554 | (896718) |
| **Change in net assets** | (36525) | 8017 | (215218) | 7843 | (116600) | 101412 | 467261 |
| Net assets beginning of year | 386925 | 1300416 | 1678068 | 1534550 | 2922416 | 284323 | 7166060 |
| **Net assets end of year** | $350400 | $1308433 | $1462850 | $1542393 | $2805816 | $385735 | $7633321 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7653 | 3652 | 8664 | 16932 | 9292 | 8410 | 22188 |
| Class I | 311 | 136 | 260 | 459 | 219 | 299 | 588 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (9889) | (6514) | (16670) | (25144) | (19955) | (6356) | (35496) |
| Class I | (254) | (199) | (412) | (551) | (284) | (302) | (809) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (2236) | (2862) | (8006) | (8212) | (10663) | 2054 | (13308) |
| Class I | 57 | (63) | (152) | (92) | (65) | (3) | (221) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $141870 | $— | $138482 | $156625 | $99091 | $121335 | $1744098 |
| Proceeds from sales of securities | $172593 | $150508 | $405692 | $363552 | $554537 | $68393 | $2609506 |

---

See accompanying Notes to Financial Statements.

655

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Materials Sector Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $1539 | $9775 | $5062 | $124459 | $32221 | $15031 | $7470 |
| Net realized gain (loss) | 2451 | 770984 | (3248) | 711734 | 295862 | 45591 | 53316 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 16757 | 854667 | 4727 | 1743639 | 425723 | 46149 | 109162 |
| **Change in net assets from operations** | 20747 | 1635426 | 6541 | 2579832 | 753806 | 106771 | 169948 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 69130 | 1964375 | 56328 | 3040326 | 395936 | 375998 | 114128 |
| Class I | 2786 | 322578 | 3782 | 2173 | 13548 | 8351 | 4991 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 376153 |
| Class I |  |  |  |  |  |  | 7959 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (67618) | (2494998) | (70243) | (3925646) | (1371353) | (296061) | (220044) |
| Class I | (2074) | (67997) | (6679) | (2385) | (23380) | (8900) | (6307) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 2224 | (276042) | (16812) | (885532) | (985249) | 79388 | 276880 |
| **Change in net assets** | 22971 | 1359384 | (10271) | 1694300 | (231443) | 186159 | 446828 |
| Net assets beginning of year | 139235 | 8354708 | 203581 | 15403059 | 5134376 | 565270 | 451334 |
| **Net assets end of year** | $162206 | $9714092 | $193310 | $17097359 | $4902933 | $751429 | $898162 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 4089 | 24296 | 3931 | 61918 | 15363 | 15464 | 2123 |
| Class I | 159 | 5498 | 256 | 41 | 518 | 333 | 105 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 8679 |
| Class I |  |  |  |  |  |  | 171 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (3976) | (30842) | (4924) | (79687) | (52872) | (12325) | (4333) |
| Class I | (119) | (1237) | (457) | (45) | (884) | (357) | (122) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 113 | (6546) | (993) | (17769) | (37509) | 3139 | 6469 |
| Class I | 40 | 4261 | (201) | (4) | (366) | (24) | 154 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $56072 | $973046 | $23898 | $434481 | $91233 | $288064 | $386648<br> (a) |
| Proceeds from sales of securities | $52286 | $1210858 | $34606 | $1138995 | $1065144 | $189463 | $118595 |

---

(a) Amount includes securities
acquired as part of a fund acquisition. See Note 10 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

656

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/MFS Mid Cap Value Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar SMID Moat Focus Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $21812 | $322 | $1182 | $3239 | $10751 | $1519 | $2598 |
| Net realized gain (loss) | 167034 | 1446 | 6955 | 48644 | 112764 | 4141 | 25932 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (79410) | (1318) | (885) | 3273 | (15637) | 1056 | 10274 |
| **Change in net assets from operations** | 109436 | 450 | 7252 | 55156 | 107878 | 6716 | 38804 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (172892) |  |  |
| Class I |  |  |  |  | (45667) |  |  |
| **Total distributions to shareholders**  |  |  |  |  | (218559) |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 201970 | 6426 | 18423 | 90541 | 92152 | 13053 | 67524 |
| Class I | 61045 |  | 11008 | 5451 | 44486 |  |  |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 172892 |  |  |
| Class I |  |  |  |  | 45667 |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (449194) | (5174) | (5531) | (192273) | (299982) | (12686) | (41538) |
| Class I | (47461) |  | (81162) | (5403) | (433792) |  |  |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (233640) | 1252 | (57262) | (101684) | (378577) | 367 | 25986 |
| **Change in net assets** | (124204) | 1702 | (50010) | (46528) | (489258) | 7083 | 64790 |
| Net assets beginning of year | 2031639 | 16537 | 126604 | 471190 | 1308037 | 38103 | 52865 |
| **Net assets end of year** | $1907435 | $18239 | $76594 | $424662 | $818779 | $45186 | $117655 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 9649 | 472 | 1677 | 3216 | 7372 | 719 | 3910 |
| Class I | 2709 |  | 1009 | 189 | 3696 |  |  |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 16802 |  |  |
| Class I |  |  |  |  | 4345 |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (21418) | (389) | (502) | (6897) | (23785) | (699) | (2424) |
| Class I | (2153) |  | (7256) | (185) | (32744) |  |  |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (11769) | 83 | 1175 | (3681) | 389 | 20 | 1486 |
| Class I | 556 |  | (6247) | 4 | (24703) |  |  |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $440366 | $10149 | $114239 | $123015 | $711265 | $30416 | $58966 |
| Proceeds from sales of securities | $648071 | $8556 | $170038 | $220338 | $1293930 | $27307 | $39164 |

---

See accompanying Notes to Financial Statements.

657

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Investment Grade Credit Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $46444 | $44092 | $79763 | $36131 | $39014 | $98683 | $12044 |
| Net realized gain (loss) | 11768 | 316868 | 33182 | (10058) | 20717 | (5231) | 3151 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 27078 | 211630 | 55797 | 42553 | 23346 | 19112 | 3572 |
| **Change in net assets from operations** | 85290 | 572590 | 168742 | 68626 | 83077 | 112564 | 18767 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 165040 | 918391 | 426602 | 125786 | 240833 | 150848 | 19369 |
| Class I | 28014 | 457610 | 214382 | 26576 | 72686 | 83408 | 21760 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A | 340221 |  |  |  |  |  |  |
| Class I | 4405 |  |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (232248) | (621273) | (307079) | (173217) | (311379) | (319427) | (4895) |
| Class I | (20194) | (219280) | (129160) | (126836) | (55490) | (135123) | (164114) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 285238 | 535448 | 204745 | (147691) | (53350) | (220294) | (127880) |
| **Change in net assets** | 370528 | 1108038 | 373487 | (79065) | 29727 | (107730) | (109113) |
| Net assets beginning of year | 705142 | 2718001 | 1513839 | 869004 | 1081756 | 1429788 | 295591 |
| **Net assets end of year** | $1075670 | $3826039 | $1887326 | $789939 | $1111483 | $1322058 | $186478 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | (5469) | 25574 | 34209 | 9777 | 20012 | 8728 | 1789 |
| Class I | 1756 | 12002 | 16370 | 2027 | 5774 | 3982 | 2013 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A | 43691 |  |  |  |  |  |  |
| Class I | 553 |  |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (17275) | (17098) | (24875) | (13522) | (25849) | (18529) | (452) |
| Class I | (1468) | (5816) | (10207) | (9602) | (4450) | (6418) | (15043) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 20947 | 8476 | 9334 | (3745) | (5837) | (9801) | 1337 |
| Class I | 841 | 6186 | 6163 | (7575) | 1324 | (2436) | (13030) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $1059085 | $3026713 | $351257 | $167052 | $266301 | $922745 | $158212 |
| Purchase of U.S. Government securities | 185764<br> (a) |  | 45246<br> (b) | 30997<br> (c) | 461480<br> (d) |  | 18125 |
| Total purchases | $1244849<br> (e) | $3026713 | $396503 | $198049 | $727781 | $922745 | $176337 |
| Proceeds from sales of securities | $733816 | $2484095 | $575298 | $284461 | $248622 | $1101050 | $267380 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities | 186619<br> (a) |  | 88490<br> (b) | 94447<br> (c) | 399504<br> (d) |  | 27284 |
| Total proceeds from sales | $920435 | $2484095 | $663788 | $378908 | $648126 | $1101050 | $294664 |
| Securities sold short covers | $— | $— | $54407 | $50453 | $119110 | $— | $— |
| Securities sold short proceeds | $— | $— | $54725 | $50673 | $139231 | $— | $— |

---

(a) Amounts exclude $1,866,838
and $1,792,239 of purchases and sales, respectively, of dollar roll transaction securities.

(b) Amounts exclude $14,787,256 and $14,596,105 of purchases and sales, respectively,
of dollar roll transaction securities.

(c) Amounts exclude $1,346,772
and $1,433,974 of purchases and sales, respectively, of dollar roll transaction securities.

(d) Amounts exclude $2,389,890 and $2,390,379 of purchases and sales, respectively,
of dollar roll transaction securities.

(e) Amount includes securities
acquired as part of a fund acquisition. See Note 10 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

658

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Growth Stock Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $61449 | $3811 | $27640 | $9921 | $2107 | $240395 | $(37028) |
| Net realized gain (loss) | (4014) | 30164 | 304071 | 35650 | 33397 | 1815128 | 2318535 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 40024 | (9757) | (14648) | 36024 | 79831 | (479033) | (904556) |
| **Change in net assets from operations** | 97459 | 24218 | 317063 | 81595 | 115335 | 1576490 | 1376951 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 86733 | 66383 | 125089 | 89061 | 353733 | 2036371 | 861370 |
| Class I | 69802 | 1885 | 4291 | 1658 | 265583 | 71377 | 129031 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (156656) | (120918) | (504296) | (109512) | (96215) | (2957450) | (2531742) |
| Class I | (237845) | (2952) | (6605) | (2619) | (204138) | (239009) | (529193) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (237966) | (55602) | (381521) | (21412) | 318963 | (1088711) | (2070534) |
| **Change in net assets** | (140507) | (31384) | (64458) | 60183 | 434298 | 487779 | (693583) |
| Net assets beginning of year | 1504498 | 408022 | 2141574 | 527340 | 528273 | 14329699 | 10209614 |
| **Net assets end of year** | $1363991 | $376638 | $2077116 | $587523 | $962571 | $14817478 | $9516031 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 6487 | 6829 | 4849 | 4538 | 33736 | 69012 | 9058 |
| Class I | 5128 | 195 | 162 | 82 | 25521 | 2362 | 1254 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (11736) | (12420) | (19361) | (5538) | (9098) | (100357) | (26333) |
| Class I | (17519) | (305) | (248) | (131) | (18893) | (8046) | (5047) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (5249) | (5591) | (14512) | (1000) | 24638 | (31345) | (17275) |
| Class I | (12391) | (110) | (86) | (49) | 6628 | (5684) | (3793) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $1097324 | $100636 | $847395 | $195600 | $999523 | $10720936 | $3274194 |
| Purchase of U.S. Government securities | 399698<br> (a) |  |  | 108327 |  | 6446803 |  |
| Total purchases | $1497022 | $100636 | $847395 | $303927 | $999523 | $17167739 | $3274194 |
| Proceeds from sales of securities | $1634102 | $151652 | $1205820 | $230215 | $679585 | $12164220 | $5353038 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities | 63769<br> (a) |  |  | 96521 |  | 6229764 |  |
| Total proceeds from sales | $1697871 | $151652 | $1205820 | $326736 | $679585 | $18393984 | $5353038 |
| Securities sold short covers | $— | $— | $— | $— | $— | $49420 | $— |
| Securities sold short proceeds | $— | $— | $— | $— | $— | $54584 | $— |

---

(a) Amounts exclude $25,650 and
$32,905 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

659

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

For the Year Ended December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(12770) | $43907 | $30160 | $44963 | $15 | $2577 | $932 |
| Net realized gain (loss) | 551329 | (683) | 6590 | 354814 | 941 | 118923 | 1220 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (400484) | 14514 | (5871) | 106829 | (91) | 252279 | 1210 |
| **Change in net assets from operations** | 138075 | 57738 | 30879 | 506606 | 865 | 373779 | 3362 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (67810) |  |
| Class I |  |  |  |  |  | (67391) |  |
| **Total distributions to shareholders**  |  |  |  |  |  | (135201) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 466508 | 326932 | 59165 | 409368 | 16548 | 558794 | 10276 |
| Class I | 16456 | 8299 | 38237 | 100884 |  | 284584 | 684 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 67810 |  |
| Class I |  |  |  |  |  | 67391 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (1180471) | (405910) | (68766) | (844807) | (11619) | (392073) | (16190) |
| Class I | (183161) | (18739) | (268134) | (586443) |  | (406418) | (652) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (880668) | (89418) | (239498) | (920998) | 4929 | 180088 | (5882) |
| **Change in net assets** | (742593) | (31680) | (208619) | (414392) | 5794 | 418666 | (2520) |
| Net assets beginning of year | 5138704 | 1116602 | 466599 | 4474330 | 5630 | 1764545 | 49972 |
| **Net assets end of year** | $4396111 | $1084922 | $257980 | $4059938 | $11424 | $2183211 | $47452 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 5906 | 28871 | 4606 | 13799 | 1607 | 32975 | 757 |
| Class I | 194 | 715 | 2959 | 3156 |  | 16631 | 49 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 4186 |  |
| Class I |  |  |  |  |  | 4077 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (14846) | (35863) | (5366) | (28292) | (1180) | (23261) | (1199) |
| Class I | (2100) | (1619) | (20200) | (17954) |  | (23816) | (47) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (8940) | (6992) | (760) | (14493) | 427 | 13900 | (442) |
| Class I | (1906) | (904) | (17241) | (14798) |  | (3108) | 2 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $1531251 | $523130 | $311068 | $2442071 | $19111 | $622524 | $98678 |
| Purchase of U.S. Government securities |  | 582076 |  |  |  |  |  |
| Total purchases | $1531251 | $1105206 | $311068 | $2442071 | $19111 | $622524 | $98678 |
| Proceeds from sales of securities | $2439809 | $557394 | $526126 | $3296117 | $14379 | $618116 | $101157 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |  |  |
| securities |  | 600208 |  |  |  |  |  |
| Total proceeds from sales | $2439809 | $1157602 | $526126 | $3296117 | $14379 | $618116 | $101157 |
| Securities sold short covers | $— | $— | $— | $— | $— | $— | $25502 |
| Securities sold short proceeds | $— | $— | $— | $— | $— | $— | $27508 |

---

See accompanying Notes to Financial Statements.

660

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

For the Year Ended December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Value Fund |
| **Operations** |  |  |  |  |  |
| Net investment income (loss) | $7349 | $149052 | $17169 | $11454 | $16548 |
| Net realized gain (loss) | 60387 | 1311769 | 133428 | 31080 | 111677 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) | 142294 | (131482) | (127) | 6977 | 13328 |
| **Change in net assets from operations** | 210030 | 1329339 | 150470 | 49511 | 141553 |
| **Distributions to shareholders** |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |
| Class A | (3117) |  |  |  |  |
| Class I | (3827) |  |  |  |  |
| **Total distributions to shareholders**  | (6944) |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |
| Class A | 55270 | 819346 | 90018 | 36609 | 71359 |
| Class I | 40346 | 13124 | 79157 | 758 | 16390 |
| Reinvestment of distributions |  |  |  |  |  |
| Class A | 3117 |  |  |  |  |
| Class I | 3827 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |
| Class A | (145794) | (1983076) | (187687) | (147791) | (182617) |
| Class I | (138126) | (17575) | (243991) | (1220) | (137947) |
| **Change in net assets from** |  |  |  |  |  |
| **share transactions** | (181360) | (1168181) | (262503) | (111644) | (232815) |
| **Change in net assets** | 21726 | 161158 | (112033) | (62133) | (91262) |
| Net assets beginning of year | 975734 | 9170351 | 1033836 | 597902 | 1063500 |
| **Net assets end of year** | $997460 | $9331509 | $921803 | $535769 | $972238 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |
| Shares sold |  |  |  |  |  |
| Class A | 4548 | 20277 | 4389 | 3474 | 1919 |
| Class I | 3028 | 308 | 3689 | 71 | 422 |
| Reinvestment of distributions  |  |  |  |  |  |
| Class A | 239 |  |  |  |  |
| Class I | 272 |  |  |  |  |
| Shares redeemed |  |  |  |  |  |
| Class A | (11976) | (49169) | (9111) | (14039) | (4915) |
| Class I | (10505) | (420) | (11536) | (112) | (3413) |
| Change in shares |  |  |  |  |  |
| Class A | (7189) | (28892) | (4722) | (10565) | (2996) |
| Class I | (7205) | (112) | (7847) | (41) | (2991) |
| **Purchases and sales of long term**  |  |  |  |  |  |
| **investments** |  |  |  |  |  |
| Purchase of securities | $842829 | $5271637 | $632965 | $661103 | $430226 |
| Purchase of U.S. Government securities |  | 2496210<br> (a) |  |  |  |
| Total purchases | $842829 | $7767847 | $632965 | $661103 | $430226 |
| Proceeds from sales of securities | $1020578 | $6260396 | $872883 | $753710 | $639487 |
| Proceeds from sales of U.S. Government |  |  |  |  |  |
| securities |  | 2503775<br> (a) |  |  |  |
| Total proceeds from sales | $1020578 | $8764171 | $872883 | $753710 | $639487 |
| Securities sold short covers | $— | $1399324 | $— | $— | $— |
| Securities sold short proceeds | $— | $1441871 | $— | $— | $— |

---

(a) Amounts exclude $2,373,785
and $2,373,825 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

661

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $56110 | $17293 | $12597 | $6057 | $11655 | $4134 | $2221 |
| Net realized gain (loss) | 146840 | (6908) | 4355 | (4930) | 44136 | 15697 | 209251 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 251405 | (8332) | 21812 | (11810) | 66094 | (6487) | 1389049 |
| **Change in net assets from operations** | 454355 | 2053 | 38764 | (10683) | 121885 | 13344 | 1600521 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 550276 | 219437 | 83894 | 42195 | 196165 | 88851 | 1434408 |
| Class I | 16553 | 9349 | 2090 | 1580 | 7015 | 4316 | 42899 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (582996) | (122240) | (78725) | (75372) | (211690) | (161464) | (1266776) |
| Class I | (14850) | (3977) | (1780) | (1404) | (7769) | (5217) | (34817) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (31017) | 102569 | 5479 | (33001) | (16279) | (73514) | 175714 |
| **Change in net assets** | 423338 | 104622 | 44243 | (43684) | 105606 | (60170) | 1776235 |
| Net assets beginning of year | 2846320 | 362006 | 390530 | 345565 | 923708 | 674679 | 5090432 |
| **Net assets end of year** | $3269658 | $466628 | $434773 | $301881 | $1029314 | $614509 | $6866667 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 32005 | 23508 | 6027 | 4215 | 7355 | 4685 | 24909 |
| Class I | 924 | 1004 | 147 | 153 | 258 | 224 | 734 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (33937) | (13192) | (5615) | (7503) | (7932) | (8527) | (22187) |
| Class I | (820) | (427) | (124) | (136) | (283) | (269) | (598) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (1932) | 10316 | 412 | (3288) | (577) | (3842) | 2722 |
| Class I | 104 | 577 | 23 | 17 | (25) | (45) | 136 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

662

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $78478 | $10666 | $12625 | $44890 | $(5005) | $(4765) | $67735 |
| Net realized gain (loss) | 740093 | 22751 | 46958 | 121196 | (5325) | (18617) | 18871 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 1551327 | 14150 | 28167 | 507609 | 17845 | 70936 | (12162) |
| **Change in net assets from operations** | 2369898 | 47567 | 87750 | 673695 | 7515 | 47554 | 74444 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 1455564 | 143292 | 151551 | 470205 | 190414 | 98333 | 224742 |
| Class I | 44204 | 5990 | 7398 | 17195 | 9655 | 5128 | 14523 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (2443056) | (337802) | (344374) | (908821) | (213236) | (209213) | (526255) |
| Class I | (51350) | (6120) | (11237) | (12826) | (6601) | (5953) | (16974) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (994638) | (194640) | (196662) | (434247) | (19768) | (111705) | (303964) |
| **Change in net assets** | 1375260 | (147073) | (108912) | 239448 | (12253) | (64151) | (229520) |
| Net assets beginning of year | 10322860 | 1452795 | 1430164 | 3759720 | 1030620 | 842376 | 2298755 |
| **Net assets end of year** | $11698120 | $1305722 | $1321252 | $3999168 | $1018367 | $778225 | $2069235 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 32188 | 8632 | 8631 | 11847 | 16582 | 8568 | 13942 |
| Class I | 968 | 352 | 411 | 425 | 797 | 443 | 855 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (53871) | (20201) | (19590) | (22821) | (18535) | (18104) | (32548) |
| Class I | (1104) | (356) | (623) | (313) | (546) | (507) | (990) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (21683) | (11569) | (10959) | (10974) | (1953) | (9536) | (18606) |
| Class I | (136) | (4) | (212) | 112 | 251 | (64) | (135) |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

663

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(15557) | $(11574) | $1558 | $1006 | $7274 | $5035 | $10383 |
| Net realized gain (loss) | 53906 | 17318 | 137739 | 13698 | 239598 | 147065 | 350917 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 392249 | 189575 | 27748 | 16547 | 58843 | 140 | (32020) |
| **Change in net assets from operations** | 430598 | 195319 | 167045 | 31251 | 305715 | 152240 | 329280 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 418745 | 380766 | 126804 | 78428 | 173879 | 120847 | 157145 |
| Class I | 21275 | 21298 | 2792 | 861 | 4442 | 1164 | 2599 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (779260) | (659053) | (315992) | (143838) | (600852) | (439853) | (723694) |
| Class I | (22460) | (20135) | (2980) | (629) | (3662) | (4464) | (2918) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (361700) | (277124) | (189376) | (65178) | (426193) | (322306) | (566868) |
| **Change in net assets** | 68898 | (81805) | (22331) | (33927) | (120478) | (170066) | (237588) |
| Net assets beginning of year | 3364594 | 2606033 | 1458731 | 591084 | 3025570 | 2119079 | 3808140 |
| **Net assets end of year** | $3433492 | $2524228 | $1436400 | $557157 | $2905092 | $1949013 | $3570552 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 12246 | 13997 | 6268 | 5555 | 8619 | 7004 | 8141 |
| Class I | 596 | 748 | 138 | 58 | 216 | 67 | 132 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (22819) | (24316) | (15659) | (10214) | (29762) | (25496) | (37560) |
| Class I | (634) | (707) | (144) | (44) | (179) | (255) | (148) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (10573) | (10319) | (9391) | (4659) | (21143) | (18492) | (29419) |
| Class I | (38) | 41 | (6) | 14 | 37 | (188) | (16) |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective financial
statements.

See accompanying Notes to Financial Statements.

664

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan Managed Aggressive Growth Fund | JNL/JPMorgan Managed Conservative Fund | JNL/JPMorgan Managed Growth Fund | JNL/JPMorgan Managed Moderate Fund | JNL/JPMorgan Managed Moderate Growth Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Allocation Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(176) | $(2256) | $(2329) | $(3818) | $(5362) | $54804 | $37 |
| Net realized gain (loss) | 384885 | 42603 | 668072 | 141989 | 452684 | 196219 | 31 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (97551) | (5508) | (153062) | (9285) | (69141) | 208574 | (111) |
| **Change in net assets from operations** | 287158 | 34839 | 512681 | 128886 | 378181 | 459597 | (43) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 152909 | 57362 | 227563 | 62245 | 149043 | 505733 | 3952 |
| Class I | 2809 | 646 | 4070 | 307 | 1313 | 6325 | 1 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (507590) | (194100) | (972841) | (378598) | (810399) | (768674) | (27) |
| Class I | (3678) | (523) | (6569) | (663) | (2864) | (13453) |  |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (355550) | (136615) | (747777) | (316709) | (662907) | (270069) | 3926 |
| **Change in net assets** | (68392) | (101776) | (235096) | (187823) | (284726) | 189528 | 3883 |
| Net assets beginning of year | 2190820 | 787561 | 4356442 | 1908466 | 4092904 | 3691045 |  |
| **Net assets end of year** | $2122428 | $685785 | $4121346 | $1720643 | $3808178 | $3880573 | $3883 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 4029 | 3708 | 7442 | 3104 | 5851 | 19051 | 399 |
| Class I | 72 | 41 | 130 | 15 | 52 | 234 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (13263) | (12418) | (31616) | (18800) | (31771) | (28961) | (3) |
| Class I | (96) | (33) | (211) | (33) | (112) | (501) |  |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (9234) | (8710) | (24174) | (15696) | (25920) | (9910) | 396 |
| Class I | (24) | 8 | (81) | (18) | (60) | (267) |  |

---

(a) Period from commencement of
operations October 21, 2024.

See accompanying Notes to Financial Statements.

665

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Moderate Growth Allocation Fund | JNL Growth ETF Allocation Fund | JNL Moderate ETF Allocation Fund | JNL Moderate Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $48966 | $5863 | $5230 | $6765 | $34649 | $13736 | $19527 |
| Net realized gain (loss) | 71467 | 28845 | 6950 | 23118 | (17564) | 8138 | 23592 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 110131 | 1767 | 1098 | (1687) | 215467 | 17185 | 43854 |
| **Change in net assets from operations** | 230564 | 36475 | 13278 | 28196 | 232552 | 39059 | 86973 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (8270) | (4805) | (8918) |  |  |  |
| Class I |  | (254) | (224) | (273) |  |  |  |
| **Total distributions to shareholders**  |  | (8524) | (5029) | (9191) |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 154463 | 50754 | 26736 | 38755 | 193574 | 72391 | 94772 |
| Class I | 4321 | 2478 | 997 | 1719 | 8180 | 6214 | 4044 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 8270 | 4805 | 8918 |  |  |  |
| Class I |  | 254 | 224 | 273 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (459241) | (74672) | (44589) | (71118) | (439950) | (118820) | (172812) |
| Class I | (3839) | (2172) | (2369) | (2345) | (13433) | (3863) | (7749) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (304296) | (15088) | (14196) | (23798) | (251629) | (44078) | (81745) |
| **Change in net assets** | (73732) | 12863 | (5947) | (4793) | (19077) | (5019) | 5228 |
| Net assets beginning of year | 2495306 | 334013 | 203265 | 324813 | 2061212 | 556491 | 933097 |
| **Net assets end of year** | $2421574 | $346876 | $197318 | $320020 | $2042135 | $551472 | $938325 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7153 | 3156 | 2180 | 2769 | 12337 | 5590 | 6626 |
| Class I | 196 | 155 | 82 | 121 | 507 | 473 | 275 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 491 | 381 | 612 |  |  |  |
| Class I |  | 15 | 18 | 19 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (21171) | (4672) | (3648) | (5089) | (27970) | (9157) | (12086) |
| Class I | (178) | (135) | (188) | (162) | (841) | (288) | (523) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (14018) | (1025) | (1087) | (1708) | (15633) | (3567) | (5460) |
| Class I | 18 | 35 | (88) | (22) | (334) | 185 | (248) |

---

See accompanying Notes to Financial Statements.

666

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Bond Index Fund | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $36892 | $20044 | $64974 | $48932 | $40240 | $4604 | $13614 |
| Net realized gain (loss) | (14873) | (12773) | 58259 | 104660 | 44374 | 48917 | 5151 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (9449) | 44802 | (37117) | 293056 | 124667 | 23600 | 6498 |
| **Change in net assets from operations** | 12570 | 52073 | 86116 | 446648 | 209281 | 77121 | 25263 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | (6349) |
| Class I |  |  | (88051) |  |  |  | (8138) |
| **Total distributions to shareholders**  |  |  | (88051) |  |  |  | (14487) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 24793 | 54623 |
| Class I | 210226 | 104529 | 244743 | 445085 | 405916 | 258091 | 368944 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 6349 |
| Class I |  |  | 88051 |  |  |  | 8138 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (50101) | (149897) |
| Class I | (228109) | (220457) | (556323) | (818774) | (691854) | (502988) | (110970) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (17883) | (115928) | (223529) | (373689) | (285938) | (270205) | 177187 |
| **Change in net assets** | (5313) | (63855) | (225464) | 72959 | (76657) | (193084) | 187963 |
| Net assets beginning of year | 1039960 | 844712 | 2305357 | 3371284 | 2610779 | 994241 | 932828 |
| **Net assets end of year** | $1034647 | $780857 | $2079893 | $3444243 | $2534122 | $801157 | $1120791 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 2029 | 6264 |
| Class I | 22667 | 12096 | 23849 | 38848 | 38419 | 20139 | 39690 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 708 |
| Class I |  |  | 8692 |  |  |  | 906 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (4086) | (17089) |
| Class I | (24557) | (25325) | (54023) | (71581) | (65719) | (40245) | (12741) |
| Change in shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (2057) | (10117) |
| Class I | (1890) | (13229) | (21482) | (32733) | (27300) | (20106) | 27855 |

---

See accompanying Notes to Financial Statements.

667

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Floating Rate Income Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $105546 | $10242 | $7567 | $(9182) | $6941 | $2668 | $5772 |
| Net realized gain (loss) | (24755) | 6913 | 126299 | 155349 | 160553 | 133067 | 6898 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 10589 | 16872 | (34918) | 68305 | (1834) | 57102 | 84057 |
| **Change in net assets from operations** | 91380 | 34027 | 98948 | 214472 | 165660 | 192837 | 96727 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (15433) |  |  |  |  |  |
| Class I |  | (10264) |  |  |  |  |  |
| **Total distributions to shareholders**  |  | (25697) |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 204524 | 60900 | 73348 | 276960 | 290475 | 6352 |  |
| Class I | 7293 | 25291 | 63221 | 229864 | 143742 | 826452 | 136066 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 6226 |  |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 15433 |  |  |  |  |  |
| Class I |  | 10264 |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (407902) | (110923) | (126318) | (540534) | (359133) | (986) |  |
| Class I | (9693) | (39207) | (431767) | (109844) | (145286) | (347783) | (109936) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (205778) | (38242) | (421516) | (143554) | (70202) | 490261 | 26130 |
| **Change in net assets** | (114398) | (29912) | (322568) | 70918 | 95458 | 683098 | 122857 |
| Net assets beginning of year | 1213763 | 684027 | 1534930 | 2330350 | 1793748 | 434674 | 376254 |
| **Net assets end of year** | $1099365 | $654115 | $1212362 | $2401268 | $1889206 | $1117772 | $499111 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 16022 | 5392 | 3697 | 6912 | 14008 | 375 |  |
| Class I | 561 | 2188 | 3096 | 5081 | 6500 | 54735 | 5656 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 396 |  |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 1356 |  |  |  |  |  |
| Class I |  | 892 |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (31835) | (9828) | (6379) | (13391) | (17330) | (61) |  |
| Class I | (744) | (3406) | (21447) | (2459) | (6722) | (23159) | (4546) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (15813) | (3080) | (2682) | (6479) | (3322) | 710 |  |
| Class I | (183) | (326) | (18351) | 2622 | (222) | 31576 | 1110 |

---

See accompanying Notes to Financial Statements.

668

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

For the Year Ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund |
| **Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $(26) | $3961 | $62136 | $18171 | $(11462) | $45959 |
| Net realized gain (loss) | 740 | 24190 | 202890 | (22309) | 649141 | 182201 |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) | 360 | 31056 | (12147) | (27595) | 664982 | (136411) |
| **Change in net assets from operations** | 1074 | 59207 | 252879 | (31733) | 1302661 | 91749 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (62900) |
| Class I |  |  |  |  |  | (121226) |
| **Total distributions to shareholders**  |  |  |  |  |  | (184126) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |
| Class A | 6003 | 69563 | 129439 | 128602 | 808992 | 115619 |
| Class I | 404 | 2358 | 4094 | 3855 | 84561 | 405752 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 62900 |
| Class I |  |  |  |  |  | 121226 |
| Cost of shares redeemed |  |  |  |  |  |  |
| Class A | (3911) | (126957) | (577642) | (302306) | (1187930) | (281316) |
| Class I | (523) | (3248) | (6315) | (110211) | (552558) | (291134) |
| **Change in net assets from** |  |  |  |  |  |  |
| **share transactions** | 1973 | (58284) | (450424) | (280060) | (846935) | 133047 |
| **Change in net assets** | 3047 | 923 | (197545) | (311793) | 455726 | 40670 |
| Net assets beginning of year | 19026 | 393411 | 2813659 | 1023937 | 4377544 | 1889731 |
| **Net assets end of year** | $22073 | $394334 | $2616114 | $712144 | $4833270 | $1930401 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Class A | 518 | 4324 | 7464 | 9903 | 9893 | 5820 |
| Class I | 36 | 144 | 229 | 294 | 989 | 19698 |
| Reinvestment of distributions  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 3385 |
| Class I |  |  |  |  |  | 6304 |
| Shares redeemed |  |  |  |  |  |  |
| Class A | (342) | (7764) | (33106) | (23374) | (14438) | (14266) |
| Class I | (47) | (196) | (351) | (8871) | (6213) | (13960) |
| Change in shares |  |  |  |  |  |  |
| Class A | 176 | (3440) | (25642) | (13471) | (4545) | (5061) |
| Class I | (11) | (52) | (122) | (8577) | (5224) | 12042 |

---

See accompanying Notes to Financial Statements.

669

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/ClearBridge Large Cap Growth Fund | JNL/Cohen & Steers U.S. Realty Fund | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(1099) | $3032 | $7464 | $9865 | $2775 | $136952 | $31930 |
| Net realized gain (loss) | 266011 | 13730 | 6225 | 176302 | 28836 | (78429) | (17530) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 167331 | (17161) | (1385) | 76091 | 20616 | 9554 | 27000 |
| **Change in net assets from operations** | 432243 | (399) | 12304 | 262258 | 52227 | 68077 | 41400 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (4903) | (7058) |  |  |  |  |
| Class I |  | (201) | (569) |  |  |  |  |
| **Total distributions to shareholders**  |  | (5104) | (7627) |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 390415 | 43521 | 77466 | 181727 | 186937 | 227726 | 28742 |
| Class I | 86968 | 10660 | 9712 | 22079 | 12444 | 125289 | 75239 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 4903 | 7058 |  |  |  |  |
| Class I |  | 201 | 569 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (350867) | (59523) | (73548) | (372431) | (179680) | (402524) | (36572) |
| Class I | (556793) | (107153) | (6917) | (102808) | (8250) | (248020) | (327610) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (430277) | (107391) | 14340 | (271433) | 11451 | (297529) | (260201) |
| **Change in net assets** | 1966 | (112894) | 19017 | (9175) | 63678 | (229452) | (218801) |
| Net assets beginning of year | 1615693 | 209968 | 306472 | 1355611 | 597776 | 3023120 | 557007 |
| **Net assets end of year** | $1617659 | $97074 | $325489 | $1346436 | $661454 | $2793668 | $338206 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 15367 | 4275 | 6634 | 6688 | 14770 | 17823 | 2423 |
| Class I | 3378 | 1112 | 814 | 768 | 967 | 8865 | 6326 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 482 | 596 |  |  |  |  |
| Class I |  | 19 | 48 |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (13551) | (5968) | (6265) | (13718) | (14466) | (31422) | (3074) |
| Class I | (20729) | (11593) | (584) | (3329) | (646) | (17680) | (26829) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 1816 | (1211) | 965 | (7030) | 304 | (13599) | (651) |
| Class I | (17351) | (10462) | 278 | (2561) | 321 | (8815) | (20503) |

---

See accompanying Notes to Financial Statements.

670

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/DoubleLine Total Return Fund | JNL/Dreyfus Government Money Market Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $81704 | $88870 | $131881 | $68323 | $14806 | $72549 | $69112 |
| Net realized gain (loss) | 226373 | (21091) | 10 | (13850) | 23209 | 15216 | 664444 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (77904) | (13124) |  | (24166) | (8483) | 6740 | 195361 |
| **Change in net assets from operations** | 230173 | 54655 | 131891 | 30307 | 29532 | 94505 | 928917 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  | (125250) |  |  |  |  |
| Class I |  |  | (6631) |  |  |  |  |
| **Total distributions to shareholders**  |  |  | (131881) |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 181437 | 125851 | 2413422 | 171640 | 58425 | 134346 | 401271 |
| Class I | 21883 | 127112 | 113787 | 69965 | 5475 | 1055 | 10922 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  | 125250 |  |  |  |  |
| Class I |  |  | 6631 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (589177) | (174668) | (2714006) | (190280) | (157506) | (337789) | (1345443) |
| Class I | (190958) | (327553) | (240277) | (139153) | (192259) | (2658) | (12274) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (576815) | (249258) | (295193) | (87828) | (285865) | (205046) | (945524) |
| **Change in net assets** | (346642) | (194603) | (295183) | (57521) | (256333) | (110541) | (16607) |
| Net assets beginning of year | 2045612 | 2151345 | 2909551 | 1568587 | 756551 | 1545659 | 5082008 |
| **Net assets end of year** | $1698970 | $1956742 | $2614368 | $1511066 | $500218 | $1435118 | $5065401 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7415 | 11774 | 2413422 | 14265 | 3301 | 8519 | 10360 |
| Class I | 868 | 11580 | 113787 | 5628 | 311 | 68 | 276 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  | 125250 |  |  |  |  |
| Class I |  |  | 6631 |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (24088) | (16363) | (2714006) | (15795) | (8823) | (21370) | (34457) |
| Class I | (7658) | (30175) | (240277) | (11169) | (11022) | (172) | (312) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (16673) | (4589) | (175334) | (1530) | (5522) | (12851) | (24097) |
| Class I | (6790) | (18595) | (119859) | (5541) | (10711) | (104) | (36) |

---

See accompanying Notes to Financial Statements.

671

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

For the Year Ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/GQG Emerging Markets Equity Fund | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund |
| **Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $18881 | $15244 | $(1316) | $(9535) | $26285 | $3883 |
| Net realized gain (loss) | 107480 | 113365 | 372698 | 149728 | 112229 | 69903 |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) | (84851) | 917 | (115059) | 124878 | (57531) | 74488 |
| **Change in net assets from operations** | 41510 | 129526 | 256323 | 265071 | 80983 | 148274 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| Class I |  |  |  |  |  |  |
| **Total distributions to shareholders**  |  |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |
| Class A | 303587 | 68519 | 140666 | 359233 | 39776 | 202867 |
| Class I | 167336 | 31431 | 66151 | 9027 | 365 | 13962 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| Class I |  |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |
| Class A | (236314) | (117310) | (372938) | (535798) | (209745) | (232071) |
| Class I | (227861) | (332992) | (343424) | (9525) | (866) | (108925) |
| **Change in net assets from** |  |  |  |  |  |  |
| **share transactions** | 6748 | (350352) | (509545) | (177063) | (170470) | (124167) |
| **Change in net assets** | 48258 | (220826) | (253222) | 88008 | (89487) | 24107 |
| Net assets beginning of year | 833665 | 1035509 | 1669483 | 1704176 | 1004255 | 884345 |
| **Net assets end of year** | $881923 | $814683 | $1416261 | $1792184 | $914768 | $908452 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Class A | 19312 | 4376 | 5023 | 9838 | 2733 | 13034 |
| Class I | 10385 | 1953 | 2307 | 239 | 25 | 893 |
| Reinvestment of distributions  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| Class I |  |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |
| Class A | (15006) | (7481) | (13188) | (14991) | (14359) | (14862) |
| Class I | (14264) | (19920) | (11499) | (254) | (58) | (6978) |
| Change in shares |  |  |  |  |  |  |
| Class A | 4306 | (3105) | (8165) | (5153) | (11626) | (1828) |
| Class I | (3879) | (17967) | (9192) | (15) | (33) | (6085) |

---

See accompanying Notes to Financial Statements.

672

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund(a) | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Quality Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(11936) | $12 | $37873 | $22614 | $5013 | $(547) | $32949 |
| Net realized gain (loss) | 448587 | 500 | (12097) | 177609 | 79069 | 55099 | (2037) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 1048 | 331 | (11911) | 37908 | (77947) | 94829 | 3175 |
| **Change in net assets from operations** | 437699 | 843 | 13865 | 238131 | 6135 | 149381 | 34087 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (3818) | (9001) | (27233) |
| Class I |  |  |  |  | (11681) | (7011) | (14972) |
| **Total distributions to shareholders**  |  |  |  |  | (15499) | (16012) | (42205) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 537440 | 15714 | 280918 | 124405 | 27107 | 61173 | 216916 |
| Class I | 28640 | 27063 | 27959 | 225007 | 39982 | 72483 | 34151 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 3819 | 9001 | 27233 |
| Class I |  |  |  |  | 11681 | 7011 | 14972 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (751373) | (595) | (316663) | (240336) | (31294) | (132839) | (213612) |
| Class I | (190084) | (2769) | (308363) | (328405) | (70660) | (112996) | (142914) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (375377) | 39413 | (316149) | (219329) | (19365) | (96167) | (63254) |
| **Change in net assets** | 62322 | 40256 | (302284) | 18802 | (28729) | 37202 | (71372) |
| Net assets beginning of year | 3243295 |  | 1587090 | 1627538 | 497193 | 708282 | 742917 |
| **Net assets end of year** | $3305617 | $40256 | $1284806 | $1646340 | $468464 | $745484 | $671545 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 8179 | 1530 | 21346 | 7063 | 1686 | 3499 | 21041 |
| Class I | 417 | 2704 | 1988 | 12728 | 2465 | 4221 | 3286 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 245 | 470 | 2740 |
| Class I |  |  |  |  | 746 | 361 | 1497 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (11434) | (57) | (24137) | (13547) | (1949) | (7777) | (20750) |
| Class I | (2744) | (270) | (22198) | (18154) | (4319) | (6356) | (13869) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (3255) | 1473 | (2791) | (6484) | (18) | (3808) | 3031 |
| Class I | (2327) | 2434 | (20210) | (5426) | (1108) | (1774) | (9086) |

---

(a) Period from commencement of
operations October 21, 2024.

See accompanying Notes to Financial Statements.

673

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $2529 | $5099 | $7053 | $16119 | $48726 | $15509 | $30415 |
| Net realized gain (loss) | 48824 | 161083 | 12855 | 122895 | 214890 | 96881 | 248909 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 170594 | 155069 | 30160 | 35236 | (148366) | 242582 | (185164) |
| **Change in net assets from operations** | 221947 | 321251 | 50068 | 174250 | 115250 | 354972 | 94160 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 537289 | 185477 | 112661 | 182635 | 481421 | 385487 | 412184 |
| Class I | 9783 | 9699 | 2532 | 7452 | 11909 | 9791 | 11675 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (425593) | (513145) | (166221) | (338511) | (881012) | (485573) | (908976) |
| Class I | (8281) | (13012) | (4502) | (11715) | (14739) | (10732) | (13691) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 113198 | (330981) | (55530) | (160139) | (402421) | (101027) | (498808) |
| **Change in net assets** | 335145 | (9730) | (5462) | 14111 | (287171) | 253945 | (404648) |
| Net assets beginning of year | 535967 | 1570134 | 392387 | 1286305 | 1965239 | 1280605 | 3327064 |
| **Net assets end of year** | $871112 | $1560404 | $386925 | $1300416 | $1678068 | $1534550 | $2922416 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 23781 | 4260 | 6612 | 3686 | 12241 | 16773 | 8974 |
| Class I | 454 | 219 | 145 | 144 | 295 | 431 | 250 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (18878) | (12022) | (9832) | (6798) | (22849) | (22161) | (19676) |
| Class I | (401) | (295) | (264) | (228) | (367) | (479) | (291) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 4903 | (7762) | (3220) | (3112) | (10608) | (5388) | (10702) |
| Class I | 53 | (76) | (119) | (84) | (72) | (48) | (41) |

---

See accompanying Notes to Financial Statements.

674

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund | JNL/Mellon Materials Sector Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $2259 | $2240 | $1568 | $17896 | $4788 | $129978 | $40114 |
| Net realized gain (loss) | 14302 | 1042424 | 1345 | 772756 | (2912) | 731893 | 179610 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 15951 | 889432 | (5432) | 953932 | 4525 | 2266027 | 868936 |
| **Change in net assets from operations** | 32512 | 1934096 | (2519) | 1744584 | 6401 | 3127898 | 1088660 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 144800 | 1508932 | 58835 | 1556577 | 72701 | 2379127 | 382708 |
| Class I | 5837 | 44371 | 2250 | 43735 | 4293 | 2287 | 10183 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (120379) | (1942075) | (94335) | (2198875) | (64318) | (3262824) | (1328816) |
| Class I | (3613) | (39250) | (2849) | (50862) | (4977) | (3724) | (22573) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 26645 | (428022) | (36099) | (649425) | 7699 | (885134) | (958498) |
| **Change in net assets** | 59157 | 1506074 | (38618) | 1095159 | 14100 | 2242764 | 130162 |
| Net assets beginning of year | 225166 | 5659986 | 177853 | 7259549 | 189481 | 13160295 | 5004214 |
| **Net assets end of year** | $284323 | $7166060 | $139235 | $8354708 | $203581 | $15403059 | $5134376 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7135 | 27435 | 3461 | 22686 | 5154 | 56000 | 17138 |
| Class I | 284 | 770 | 129 | 936 | 307 | 52 | 443 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (6095) | (35391) | (5581) | (32171) | (4682) | (76783) | (58866) |
| Class I | (179) | (685) | (164) | (1109) | (358) | (85) | (976) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 1040 | (7956) | (2120) | (9485) | 472 | (20783) | (41728) |
| Class I | 105 | 85 | (35) | (173) | (51) | (33) | (533) |

---

See accompanying Notes to Financial Statements.

675

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund | JNL/MFS Mid Cap Value Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar SMID Moat Focus Index Fund(a) | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $11445 | $5171 | $19992 | $269 | $1358 | $3318 | $16780 |
| Net realized gain (loss) | (7526) | 7317 | 230640 | 2945 | 4767 | 25943 | 196626 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 91265 | 58925 | 793 | (460) | 3880 | 43289 | (69357) |
| **Change in net assets from operations** | 95184 | 71413 | 251425 | 2754 | 10005 | 72550 | 144049 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | (64509) |
| Class I |  |  |  |  |  |  | (46042) |
| **Total distributions to shareholders**  |  |  |  |  |  |  | (110551) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 305270 | 79205 | 231428 | 5206 | 2658 | 213730 | 173862 |
| Class I | 10122 | 2705 | 123042 |  | 135587 | 4764 | 116286 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 64509 |
| Class I |  |  |  |  |  |  | 46042 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (237813) | (102088) | (499141) | (6192) | (850) | (130323) | (372653) |
| Class I | (6878) | (3202) | (19793) |  | (20796) | (4946) | (145662) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 70701 | (23380) | (164464) | (986) | 116599 | 83225 | (117616) |
| **Change in net assets** | 165885 | 48033 | 86961 | 1768 | 126604 | 155775 | (84118) |
| Net assets beginning of year | 399385 | 403301 | 1944678 | 14769 |  | 315415 | 1392155 |
| **Net assets end of year** | $565270 | $451334 | $2031639 | $16537 | $126604 | $471190 | $1308037 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 14722 | 1915 | 11626 | 397 | 241 | 8708 | 13350 |
| Class I | 473 | 63 | 5586 |  | 13520 | 187 | 8834 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 4861 |
| Class I |  |  |  |  |  |  | 3416 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (11946) | (2465) | (25165) | (498) | (75) | (5229) | (28453) |
| Class I | (355) | (76) | (960) |  | (1940) | (196) | (10614) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 2776 | (550) | (13539) | (101) | 166 | 3479 | (10242) |
| Class I | 118 | (13) | 4626 |  | 11580 | (9) | 1636 |

---

(a) Period from commencement of
operations April 29, 2024.

See accompanying Notes to Financial Statements.

676

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $2874 | $2068 | $34847 | $37531 | $82162 | $38710 | $43781 |
| Net realized gain (loss) | 4389 | 12108 | (14492) | 219606 | (13297) | (18301) | (44987) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (1193) | (3331) | 17774 | 96092 | 2004 | 8821 | 33121 |
| **Change in net assets from operations** | 6070 | 10845 | 38129 | 353229 | 70869 | 29230 | 31915 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 11217 | 75972 | 141102 | 634701 | 338478 | 121689 | 131263 |
| Class I | 1726 |  | 12428 | 442627 | 48120 | 245874 | 29528 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (16706) | (64879) | (162538) | (511230) | (246961) | (142053) | (273798) |
| Class I | (84768) |  | (22728) | (102223) | (200501) | (270044) | (241190) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (88531) | 11093 | (31736) | 463875 | (60864) | (44534) | (354197) |
| **Change in net assets** | (82461) | 21938 | 6393 | 817104 | 10005 | (15304) | (322282) |
| Net assets beginning of year | 120564 | 30927 | 698749 | 1900897 | 1503834 | 884308 | 1404038 |
| **Net assets end of year** | $38103 | $52865 | $705142 | $2718001 | $1513839 | $869004 | $1081756 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 675 | 6366 | 11325 | 19898 | 29435 | 10010 | 11462 |
| Class I | 104 |  | 969 | 13812 | 4121 | 20241 | 2501 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (1011) | (5279) | (13067) | (16173) | (21438) | (11690) | (23922) |
| Class I | (5071) |  | (1770) | (3077) | (17146) | (21845) | (20153) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (336) | 1087 | (1742) | 3725 | 7997 | (1680) | (12460) |
| Class I | (4967) |  | (801) | 10735 | (13025) | (1604) | (17652) |

---

See accompanying Notes to Financial Statements.

677

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PPM America High Yield Bond Fund | JNL/PPM America Investment Grade Credit Fund(a) | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund(b) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $100879 | $8017 | $68600 | $3854 | $28527 | $9486 | $441 |
| Net realized gain (loss) | (3522) | 2426 | (12273) | 26983 | 282595 | 29874 | (220) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 6827 | (460) | (24938) | 11634 | 69405 | 18446 | (4878) |
| **Change in net assets from operations** | 104184 | 9983 | 31389 | 42471 | 380527 | 57806 | (4657) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 181092 | 1681 | 129488 | 58110 | 107350 | 72378 | 76249 |
| Class I | 114546 | 326250 | 92303 | 2520 | 4210 | 2852 | 480442 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (274759) | (680) | (150529) | (120992) | (487174) | (123245) | (2938) |
| Class I | (105280) | (41643) | (268180) | (2212) | (4661) | (729) | (20823) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (84401) | 285608 | (196918) | (62574) | (380275) | (48744) | 532930 |
| **Change in net assets** | 19783 | 295591 | (165529) | (20103) | 252 | 9062 | 528273 |
| Net assets beginning of year | 1410005 |  | 1670027 | 428125 | 2141322 | 518278 |  |
| **Net assets end of year** | $1429788 | $295591 | $1504498 | $408022 | $2141574 | $527340 | $528273 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 11323 | 160 | 10169 | 6302 | 4712 | 4046 | 7595 |
| Class I | 5825 | 32178 | 7041 | 273 | 183 | 157 | 48039 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (17170) | (64) | (11795) | (13124) | (21182) | (6906) | (289) |
| Class I | (5595) | (3968) | (20893) | (240) | (197) | (41) | (2059) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (5847) | 96 | (1626) | (6822) | (16470) | (2860) | 7306 |
| Class I | 230 | 28210 | (13852) | 33 | (14) | 116 | 45980 |

---

(a) Period from commencement of
operations April 29, 2024.

(b) Period from commencement of
operations October 21, 2024.

See accompanying Notes to Financial Statements.

678

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

For the Year Ended December 31, 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Growth Stock Fund | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $288040 | $(33795) | $(12283) | $45648 | $35268 | $49954 | $84 |
| Net realized gain (loss) | 1444510 | 1592491 | 745849 | (6669) | (22322) | 532337 | (1365) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (98733) | 1090774 | (252779) | 14209 | 26204 | 76230 | 1282 |
| **Change in net assets from operations** | 1633817 | 2649470 | 480787 | 53188 | 39150 | 658521 | 1 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 2016426 | 874171 | 498942 | 248127 | 70667 | 384249 | 2720 |
| Class I | 95285 | 293132 | 41657 | 15634 | 160012 | 240902 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (2477567) | (2375906) | (1186798) | (384355) | (80197) | (755175) | (2334) |
| Class I | (292366) | (713029) | (112074) | (14219) | (123351) | (576106) |  |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (658222) | (1921632) | (758273) | (134813) | 27131 | (706130) | 386 |
| **Change in net assets** | 975595 | 727838 | (277486) | (81625) | 66281 | (47609) | 387 |
| Net assets beginning of year | 13354104 | 9481776 | 5416190 | 1198227 | 400318 | 4521939 | 5243 |
| **Net assets end of year** | $14329699 | $10209614 | $5138704 | $1116602 | $466599 | $4474330 | $5630 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 76015 | 10646 | 6440 | 23075 | 5897 | 14072 | 338 |
| Class I | 3523 | 3372 | 505 | 1409 | 13470 | 8198 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (92808) | (28737) | (15278) | (35731) | (6685) | (27638) | (287) |
| Class I | (10521) | (8036) | (1322) | (1289) | (10044) | (19543) |  |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (16793) | (18091) | (8838) | (12656) | (788) | (13566) | 51 |
| Class I | (6998) | (4664) | (817) | 120 | 3426 | (11345) |  |

---

See accompanying Notes to Financial Statements.

679

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

For the Year Ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund |
| **Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $3584 | $1495 | $6173 | $161279 | $23454 | $11283 |
| Net realized gain (loss) | 125473 | (8065) | 39222 | 993916 | 68980 | 35240 |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) | (26879) | 9779 | (58829) | 96611 | 39504 | (10333) |
| **Change in net assets from operations** | 102178 | 3209 | (13434) | 1251806 | 131938 | 36190 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |
| Class A | (17560) |  | (1773) |  |  |  |
| Class I | (26694) |  | (2993) |  |  |  |
| **Total distributions to shareholders**  | (44254) |  | (4766) |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |
| Class A | 213220 | 20798 | 48208 | 758851 | 81907 | 50449 |
| Class I | 314316 | 579 | 345785 | 10179 | 26869 | 1306 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A | 17560 |  | 1773 |  |  |  |
| Class I | 26694 |  | 2993 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |
| Class A | (218563) | (33971) | (153278) | (1805467) | (193291) | (160919) |
| Class I | (176283) | (20502) | (75976) | (18773) | (209395) | (1847) |
| **Change in net assets from** |  |  |  |  |  |  |
| **share transactions** | 176944 | (33096) | 169505 | (1055210) | (293910) | (111011) |
| **Change in net assets** | 234868 | (29887) | 151305 | 196596 | (161972) | (74821) |
| Net assets beginning of year | 1529677 | 79859 | 824429 | 8973755 | 1195808 | 672723 |
| **Net assets end of year** | $1764545 | $49972 | $975734 | $9170351 | $1033836 | $597902 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Class A | 14128 | 1628 | 4197 | 21236 | 4517 | 5117 |
| Class I | 20019 | 45 | 27796 | 268 | 1432 | 125 |
| Reinvestment of distributions  |  |  |  |  |  |  |
| Class A | 1133 |  | 154 |  |  |  |
| Class I | 1692 |  | 242 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |
| Class A | (14438) | (2642) | (13288) | (50336) | (10642) | (16133) |
| Class I | (11489) | (1591) | (5980) | (499) | (11390) | (178) |
| Change in shares |  |  |  |  |  |  |
| Class A | 823 | (1014) | (8937) | (29100) | (6125) | (11016) |
| Class I | 10222 | (1546) | 22058 | (231) | (9958) | (53) |

---

See accompanying Notes to Financial Statements.

680

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

For the Year Ended December 31, 2024

---

| | |
|:---|:---|
|  | JNL/WMC Value Fund |
| **Operations** |  |
| Net investment income (loss) | $20835 |
| Net realized gain (loss) | 165047 |
| Net change in unrealized appreciation |  |
| (depreciation) | (46738) |
| **Change in net assets from operations** | 139144 |
| **Share transactions<sup>1</sup>** |  |
| Proceeds from the sale of shares |  |
| Class A | 80747 |
| Class I | 28789 |
| Cost of shares redeemed |  |
| Class A | (183208) |
| Class I | (401392) |
| **Change in net assets from** |  |
| **share transactions** | (475064) |
| **Change in net assets** | (335920) |
| Net assets beginning of year | 1399420 |
| **Net assets end of year** | $1063500 |
| **<sup>1</sup>Share transactions** |  |
| Shares sold |  |
| Class A | 2392 |
| Class I | 809 |
| Shares redeemed |  |
| Class A | (5379) |
| Class I | (11227) |
| Change in shares |  |
| Class A | (2987) |
| Class I | (10418) |

---

See accompanying Notes to Financial Statements.

681

#### Financial Highlights

#### For a Share Outstanding

#### Net Investment Income (Loss). The net investment income (loss) per share is calculated using the average shares method.
**Total Return.** Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year and does not reflect payment of the expenses that apply to the variable accounts or any annuity charges and if it did performance would be lower.

**Portfolio Turnover.** Portfolio turnover is not annualized for periods of less than one year. Securities sold short are considered long term investments for purposes of calculating portfolio turnover. Dollar roll and in-kind transactions are excluded for purposes of calculating portfolio turnover. Fixed income securities with maturities greater than one year that are purchased for short term investment are excluded from the portfolio turnover calculation. Portfolio turnover for the Funds of Funds is based on the Funds of Funds' purchases and sales of the Underlying Funds. Portfolio turnover for the Feeder Funds reflects each Master Fund's portfolio purchases and sales. Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing between the classes of shares issued.

**Income and Expense Ratios.** Ratios are annualized for periods less than one year. Ratios of net investment income and expenses to average net assets do not include the impact of underlying funds' expenses. The expenses or expense waivers for certain Funds' Class I shares were $0.00 for one or more days during certain periods and this was a result of the net assets for the respective Class being below a level to generate an expense allocation greater than $0.005 for that day. Additionally, the expenses or expense waivers for certain Funds' Class I shares were $0.01 for one or more days during certain periods and this was a result of the net assets for the respective Class being at a level to generate an expense allocation between $0.005 and $0.01 for that day and rounded to $0.01. As a result, the ratios of net and total expenses to average net assets during the period for Class I shares can be less than or more than the anticipated ratios of net and total expenses to average net assets depending on the net assets that Class I shares acquired during the period.

See accompanying Notes to Financial Statements.

682

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.22 | 0.32 | 2.50 | 2.82 |  |  | 21.04 | 15.48 | 3594822 | 72<br> (c) | 0.61 | 0.91 | 1.67 |
| 12/31/24 | 15.70 | 0.31 | 2.21 | 2.52 |  |  | 18.22 | 16.05 | 3209254 | 43<br> (c) | 0.61 | 0.91 | 1.81 |
| 12/31/23 | 13.79 | 0.27 | 1.64 | 1.91 |  |  | 15.70 | 13.85 | 2796135 | 54<br> (c) | 0.61 | 0.91 | 1.88 |
| 12/31/22 | 15.99 | 0.22 | (2.42)  | (2.20)  |  |  | 13.79 | (13.76)  | 2476333 | 42<br> (c) | 0.61 | 0.91 | 1.56 |
| 12/31/21 | 13.94 | 0.19 | 1.86 | 2.05 |  |  | 15.99 | 14.71 | 2787863 | 45<br> (c) | 0.61 | 0.91 | 1.26 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 19.21 | 0.38 | 2.66 | 3.04 |  |  | 22.25 | 15.83 | 59646 | 72<br> (c) | 0.31 | 0.61 | 1.86 |
| 12/31/24 | 16.51 | 0.39 | 2.31 | 2.70 |  |  | 19.21 | 16.35 | 60404 | 43<br> (c) | 0.31 | 0.61 | 2.13 |
| 12/31/23 | 14.46 | 0.32 | 1.73 | 2.05 |  |  | 16.51 | 14.18 | 50185 | 54<br> (c) | 0.31 | 0.61 | 2.14 |
| 12/31/22 | 16.71 | 0.28 | (2.53)  | (2.25)  |  |  | 14.46 | (13.46)  | 45346 | 42<br> (c) | 0.31 | 0.61 | 1.86 |
| 12/31/21 | 14.52 | 0.25 | 1.94 | 2.19 |  |  | 16.71 | 15.08 | 50294 | 45<br> (c) | 0.31 | 0.61 | 1.59 |
| **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.30 | 0.38 | 0.25 | 0.63 |  |  | 9.93 | 6.77 | 483776 | 159<br> (e) | 0.60 | 0.80 | 3.99 |
| 12/31/24 | 9.22 | 0.39 | (0.31)  | 0.08 |  |  | 9.30 | 0.87 | 447706 | 102<br> (e) | 0.60 | 0.80 | 4.17 |
| 12/31/23 | 8.81 | 0.35 | 0.06 | 0.41 |  |  | 9.22 | 4.65 | 348671 | 129<br> (e) | 0.60 | 0.80 | 3.97 |
| 12/31/22 | 10.11 | 0.32 | (1.62)  | (1.30)  |  |  | 8.81 | (12.86)  | 162367 | 77<br> (e) | 0.61 | 0.81 | 3.50 |
| 12/31/21<br> (f) | 10.00 | 0.24 | (0.13)  | 0.11 |  |  | 10.11 | 1.10 | 62772 | 87<br> (e) | 0.61 | 0.81 | 3.47 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.40 | 0.40 | 0.27 | 0.67 |  |  | 10.07 | 7.13 | 18092 | 159<br> (e) | 0.30 | 0.50 | 4.07 |
| 12/31/24 | 9.29 | 0.42 | (0.31)  | 0.11 |  |  | 9.40 | 1.18 | 18922 | 102<br> (e) | 0.30 | 0.50 | 4.54 |
| 12/31/23 | 8.86 | 0.36 | 0.07 | 0.43 |  |  | 9.29 | 4.85 | 13335 | 129<br> (e) | 0.30 | 0.50 | 4.01 |
| 12/31/22 | 10.13 | 0.51 | (1.78)  | (1.27)  |  |  | 8.86 | (12.54)  | 6567 | 77<br> (e) | 0.31 | 0.51 | 5.55 |
| 12/31/21<br> (f) | 10.00 | 0.16 | (0.03)  | 0.13 |  |  | 10.13 | 1.30 | 1711 | 87<br> (e) | 0.31 | 0.51 | 2.32 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's financial statements.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Balanced
Fund - Class A: December 31, 2025: 0.91%, 1.21%, 1.37%; December 31, 2024: 0.91%, 1.21%, 1.51%; December
31, 2023: 0.91%, 1.21%, 1.58%; December 31, 2022: 0.91%, 1.21%, 1.26%; December 31, 2021: 0.91%, 1.21%,
0.96%. JNL/American Funds Balanced Fund - Class I: December 31, 2025: 0.61%, 0.91%, 1.56%; December 31,
2024: 0.61%, 0.91%, 1.83%; December 31, 2023: 0.61%, 0.91%, 1.84%; December 31, 2022: 0.61%, 0.91%, 1.56%;
December 31, 2021: 0.61%, 0.91%, 1.29%.

(c) Portfolio turnover including dollar roll transactions for
JNL/American Funds Balanced Fund was as follows: December 31, 2025: 115%; December 31, 2024: 129%; December
31, 2023: 159%; December 31, 2022: 118%; December 31, 2021: 124%;

(d) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Bond Fund
of America Fund - Class A: December 31, 2025: 0.84%, 1.04%, 3.75%; December 31, 2024: 0.84%, 1.04%, 3.93%;
December 31, 2023: 0.80%, 1.00%, 3.77%; December 31, 2022: 0.81%, 1.01%, 3.30%; December 31, 2021: 0.87%,
1.07%, 3.21%. JNL/American Funds Bond Fund of America Fund - Class I: December 31, 2025: 0.54%, 0.74%,
3.83%; December 31, 2024: 0.54%, 0.74%, 4.30%; December 31, 2023: 0.50%, 0.70%, 3.81%; December 31, 2022:
0.51%, 0.71%, 5.35%; December 31, 2021: 0.57%, 0.77%, 2.06%.

(e) Portfolio turnover including
dollar roll transactions for JNL/American Funds Bond Fund of America Fund was as follows: December 31,
2025: 247%; December 31, 2024: 398%; December 31, 2023: 545%; December 31, 2022: 415%; December 31, 2021:
456%;

(f) The Fund commenced operations on April 26, 2021.

See accompanying Notes to Financial Statements.

683

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** | **JNL/American Funds Capital Income Builder Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.50 | 0.42 | 2.46 | 2.88 |  |  | 17.38 | 19.86 | 547357 | 72<br> (c) | 0.68 | 0.93 | 2.59 |
| 12/31/24 | 13.21 | 0.42 | 0.87 | 1.29 |  |  | 14.50 | 9.77 | 425545 | 49<br> (c) | 0.68 | 0.93 | 2.99 |
| 12/31/23 | 12.17 | 0.31 | 0.73 | 1.04 |  |  | 13.21 | 8.55 | 382448 | 59<br> (c) | 0.68 | 0.93 | 2.53 |
| 12/31/22 | 13.16 | 0.31 | (1.30)  | (0.99)  |  |  | 12.17 | (7.52)  | 343933 | 48<br> (c) | 0.68 | 0.93 | 2.51 |
| 12/31/21 | 11.49 | 0.30 | 1.37 | 1.67 |  |  | 13.16 | 14.53 | 275274 | 60<br> (c) | 0.68 | 0.93 | 2.44 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.79 | 0.48 | 2.51 | 2.99 |  |  | 17.78 | 20.22 | 12790 | 72<br> (c) | 0.38 | 0.63 | 2.92 |
| 12/31/24 | 13.44 | 0.47 | 0.88 | 1.35 |  |  | 14.79 | 10.04 | 9228 | 49<br> (c) | 0.38 | 0.63 | 3.29 |
| 12/31/23 | 12.34 | 0.36 | 0.74 | 1.10 |  |  | 13.44 | 8.91 | 8082 | 59<br> (c) | 0.38 | 0.63 | 2.87 |
| 12/31/22 | 13.31 | 0.34 | (1.31)  | (0.97)  |  |  | 12.34 | (7.29)  | 7276 | 48<br> (c) | 0.38 | 0.63 | 2.71 |
| 12/31/21 | 11.58 | 0.35 | 1.38 | 1.73 |  |  | 13.31 | 14.94 | 7313 | 60<br> (c) | 0.38 | 0.63 | 2.77 |
| **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** | **JNL/American Funds Capital World Bond Fund(a)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.85 | 0.27 | 0.61 | 0.88 |  |  | 10.73 | 8.93 | 304846 | 59<br> (e) | 0.57 | 1.00 | 2.56 |
| 12/31/24 | 10.19 | 0.19 | (0.53)  | (0.34)  |  |  | 9.85 | (3.34)  | 297167 | 54<br> (e) | 0.57 | 1.00 | 1.86 |
| 12/31/23 | 9.63 | (0.06)  | 0.62 | 0.56 |  |  | 10.19 | 5.82 | 340882 | 110<br> (e) | 0.58 | 1.01 | (0.58)  |
| 12/31/22 | 11.73 | (0.03)  | (2.07)  | (2.10)  |  |  | 9.63 | (17.90)  | 350084 | 114<br> (e) | 0.57 | 1.00 | (0.28)  |
| 12/31/21 | 12.39 | 0.16 | (0.82)  | (0.66)  |  |  | 11.73 | (5.33)  | 480867 | 64<br> (e) | 0.57 | 1.00 | 1.34 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.12 | 0.34 | 0.59 | 0.93 |  |  | 11.05 | 9.19 | 5960 | 59<br> (e) | 0.27 | 0.70 | 3.20 |
| 12/31/24 | 10.43 | 0.24 | (0.55)  | (0.31)  |  |  | 10.12 | (2.97)  | 4714 | 54<br> (e) | 0.27 | 0.70 | 2.29 |
| 12/31/23 | 9.83 | (0.03)  | 0.63 | 0.60 |  |  | 10.43 | 6.10 | 4683 | 110<br> (e) | 0.28 | 0.71 | (0.28)  |
| 12/31/22 | 11.94 | 0.00 | (2.11)  | (2.11)  |  |  | 9.83 | (17.67)  | 4581 | 114<br> (e) | 0.27 | 0.70 | 0.01 |
| 12/31/21 | 12.57 | 0.22 | (0.85)  | (0.63)  |  |  | 11.94 | (5.01)  | 4955 | 64<br> (e) | 0.27 | 0.70 | 1.81 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's financial statements.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Capital
Income Builder Fund - Class A: December 31, 2025: 0.95%, 1.20%, 2.32%; December 31, 2024: 0.95%, 1.20%,
2.72%; December 31, 2023: 0.94%, 1.19%, 2.27%; December 31, 2022: 0.94%, 1.19%, 2.25%; December 31, 2021:
0.95%, 1.20%, 2.17%. JNL/American Funds Capital Income Builder Fund - Class I: December 31, 2025: 0.65%,
0.90%, 2.65%; December 31, 2024: 0.65%, 0.90%, 3.02%; December 31, 2023: 0.64%, 0.89%, 2.61%; December
31, 2022: 0.64%, 0.89%, 2.45%; December 31, 2021: 0.65%, 0.90%, 2.50%.

(c) Portfolio turnover including
dollar roll transactions for JNL/American Funds Capital Income Builder Fund was as follows: December
31, 2025: 87%; December 31, 2024: 107%; December 31, 2023: 149%; December 31, 2022: 126%; December 31,
2021: 93%;

(d) Ratios of net investment income and expenses to average net assets do not include
the impact of the Master Fund's and underlying funds' expenses. The net expense to average net
assets ratio, the total expense to average net assets ratio, and the net investment income (loss) to
average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized
for periods less than one year): JNL/American Funds Capital World Bond Fund - Class A: December 31, 2025:
1.05%, 1.48%, 2.08%; December 31, 2024: 1.05%, 1.48%, 1.38%; December 31, 2023: 1.06%, 1.49%, (1.06)%;
December 31, 2022: 1.05%, 1.48%, (0.76)%; December 31, 2021: 1.07%, 1.50%, 0.84%. JNL/American Funds
Capital World Bond Fund - Class I: December 31, 2025: 0.75%, 1.18%, 2.72%; December 31, 2024: 0.75%,
1.18%, 1.81%; December 31, 2023: 0.76%, 1.19%, (0.76)%; December 31, 2022: 0.75%, 1.18%, (0.47)%; December
31, 2021: 0.77%, 1.20%, 1.31%.

(e) Portfolio turnover including dollar roll transactions for
JNL/American Funds Capital World Bond Fund was as follows: December 31, 2025: 106%; December 31, 2024:
269%; December 31, 2023: 286%; December 31, 2022: 188%; December 31, 2021: 91%;

See accompanying Notes to Financial Statements.

684

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** | **JNL/American Funds Global Growth Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 27.31 | 0.29 | 5.50 | 5.79 |  |  | 33.10 | 21.20 | 1104171 | 45 | 0.65 | 1.05 | 0.96 |
| 12/31/24 | 24.12 | 0.30 | 2.89 | 3.19 |  |  | 27.31 | 13.23 | 1002366 | 41 | 0.65 | 1.05 | 1.13 |
| 12/31/23 | 19.75 | 0.12 | 4.25 | 4.37 |  |  | 24.12 | 22.13 | 899358 | 29 | 0.65 | 1.05 | 0.52 |
| 12/31/22 | 26.35 | 0.06 | (6.66)  | (6.60)  |  |  | 19.75 | (25.05)  | 703263 | 29 | 0.62 | 1.05 | 0.30 |
| 12/31/21 | 22.70 | 0.01 | 3.64 | 3.65 |  |  | 26.35 | 16.08 | 985836 | 18 | 0.55 | 1.05 | 0.05 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 27.89 | 0.39 | 5.62 | 6.01 |  |  | 33.90 | 21.55 | 27647 | 45 | 0.35 | 0.75 | 1.27 |
| 12/31/24 | 24.56 | 0.39 | 2.94 | 3.33 |  |  | 27.89 | 13.56 | 26948 | 41 | 0.35 | 0.75 | 1.42 |
| 12/31/23 | 20.05 | 0.19 | 4.32 | 4.51 |  |  | 24.56 | 22.49 | 24350 | 29 | 0.35 | 0.75 | 0.84 |
| 12/31/22 | 26.67 | 0.13 | (6.75)  | (6.62)  |  |  | 20.05 | (24.82)  | 18835 | 29 | 0.32 | 0.75 | 0.61 |
| 12/31/21 | 22.90 | 0.09 | 3.68 | 3.77 |  |  | 26.67 | 16.46 | 26529 | 18 | 0.25 | 0.75 | 0.37 |
| **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** | **JNL/American Funds Global Small Capitalization Fund(a)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.95 | (0.02) | 2.71 | 2.69 |  |  | 21.64 | 14.20 | 590212 | 51 | 0.58 | 1.05 | (0.08)  |
| 12/31/24 | 18.57 | 0.12 | 0.26 | 0.38 |  |  | 18.95 | 2.05 | 603674 | 47 | 0.59 | 1.05 | 0.63 |
| 12/31/23 | 16.04 | (0.02)  | 2.55 | 2.53 |  |  | 18.57 | 15.77 | 663233 | 36 | 0.59 | 1.05 | (0.12)  |
| 12/31/22 | 22.85 | (0.10)  | (6.71)  | (6.81)  |  |  | 16.04 | (29.80)  | 606245 | 40 | 0.58 | 1.05 | (0.58)  |
| 12/31/21 | 21.48 | (0.13)  | 1.50 | 1.37 |  |  | 22.85 | 6.38 | 915287 | 29 | 0.55 | 1.05 | (0.55)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 19.56 | 0.05 | 2.80 | 2.85 |  |  | 22.41 | 14.57 | 11511 | 51 | 0.28 | 0.75 | 0.23 |
| 12/31/24 | 19.12 | 0.18 | 0.26 | 0.44 |  |  | 19.56 | 2.30 | 10835 | 47 | 0.29 | 0.75 | 0.92 |
| 12/31/23 | 16.47 | 0.03 | 2.62 | 2.65 |  |  | 19.12 | 16.09 | 11446 | 36 | 0.29 | 0.75 | 0.20 |
| 12/31/22 | 23.39 | (0.05)  | (6.87)  | (6.92)  |  |  | 16.47 | (29.59)  | 9653 | 40 | 0.28 | 0.75 | (0.28)  |
| 12/31/21 | 21.92 | (0.06)  | 1.53 | 1.47 |  |  | 23.39 | 6.71 | 13636 | 29 | 0.25 | 0.75 | (0.25)  |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's financial statements.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Global
Growth Fund - Class A: December 31, 2025: 1.07%, 1.47%, 0.54%; December 31, 2024: 1.06%, 1.46%, 0.72%;
December 31, 2023: 1.06%, 1.46%, 0.11%; December 31, 2022: 1.08%, 1.51%, (0.16)%; December 31, 2021:
1.09%, 1.59%, (0.49)%. JNL/American Funds Global Growth Fund - Class I: December 31, 2025: 0.77%, 1.17%,
0.85%; December 31, 2024: 0.76%, 1.16%, 1.01%; December 31, 2023: 0.76%, 1.16%, 0.43%; December 31, 2022:
0.78%, 1.21%, 0.15%; December 31, 2021: 0.79%, 1.29%, (0.17)%.

(c) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Global
Small Capitalization Fund - Class A: December 31, 2025: 1.23%, 1.70%, (0.73%); December 31, 2024: 1.26%,
1.72%, (0.04)%; December 31, 2023: 1.24%, 1.70%, (0.77)%; December 31, 2022: 1.27%, 1.74%, (1.27)%; December
31, 2021: 1.29%, 1.79%, (1.29)%. JNL/American Funds Global Small Capitalization Fund - Class I: December
31, 2025: 0.93%, 1.40%, (0.42%); December 31, 2024: 0.96%, 1.42%, 0.25%; December 31, 2023: 0.94%, 1.40%,
(0.45)%; December 31, 2022: 0.97%, 1.44%, (0.97)%; December 31, 2021: 0.99%, 1.49%, (0.99)%.

See accompanying Notes to Financial Statements.

685

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 64.88 | (0.22) | 13.11 | 12.89 |  |  | 77.77 | 19.87 | 8614889 | 27 | 0.56 | 0.99 | (0.32)  |
| 12/31/24 | 49.43 | 0.02 | 15.43 | 15.45 |  |  | 64.88 | 31.26 | 6725296 | 23 | 0.56 | 1.00 | 0.03 |
| 12/31/23 | 35.81 | 0.03 | 13.59 | 13.62 |  |  | 49.43 | 38.03 | 4989869 | 23 | 0.55 | 1.00 | 0.07 |
| 12/31/22 | 51.27 | 0.02 | (15.48)  | (15.46)  |  |  | 35.81 | (30.15)  | 3304086 | 29 | 0.56 | 1.01 | 0.04 |
| 12/31/21 | 42.16 | (0.03)  | 9.14 | 9.11 |  |  | 51.27 | 21.61 | 4479365 | 25 | 0.56 | 1.01 | (0.05)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 66.34 | (0.01)  | 13.43 | 13.42 |  |  | 79.76 | 20.23 | 168724 | 27 | 0.26 | 0.69 | (0.02)  |
| 12/31/24 | 50.40 | 0.20 | 15.74 | 15.94 |  |  | 66.34 | 31.63 | 141371 | 23 | 0.26 | 0.70 | 0.34 |
| 12/31/23 | 36.40 | 0.16 | 13.84 | 14.00 |  |  | 50.40 | 38.46 | 100563 | 23 | 0.25 | 0.70 | 0.37 |
| 12/31/22 | 51.96 | 0.15 | (15.71)  | (15.56)  |  |  | 36.40 | (29.95)  | 66531 | 29 | 0.26 | 0.71 | 0.36 |
| 12/31/21 | 42.60 | (0.16)  | 9.52 | 9.36 |  |  | 51.96 | 21.97 | 83443 | 25 | 0.26 | 0.71 | (0.33)  |
| **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 49.44 | 0.27 | 8.45 | 8.72 |  |  | 58.16 | 17.64 | 12370881 | 27 | 0.63 | 0.93 | 0.51 |
| 12/31/24 | 39.95 | 0.31 | 9.18 | 9.49 |  |  | 49.44 | 23.75 | 11530490 | 45 | 0.63 | 0.93 | 0.69 |
| 12/31/23 | 31.79 | 0.35 | 7.81 | 8.16 |  |  | 39.95 | 25.67 | 10182250 | 26 | 0.63 | 0.93 | 0.98 |
| 12/31/22 | 38.22 | 0.30 | (6.73)  | (6.43)  |  |  | 31.79 | (16.82)  | 8441976 | 25 | 0.63 | 0.93 | 0.90 |
| 12/31/21 | 30.91 | 0.26 | 7.05 | 7.31 |  |  | 38.22 | 23.65 | 10486513 | 24 | 0.63 | 0.93 | 0.74 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 51.04 | 0.44 | 8.74 | 9.18 |  |  | 60.22 | 17.99 | 181126 | 27 | 0.33 | 0.63 | 0.80 |
| 12/31/24 | 41.11 | 0.47 | 9.46 | 9.93 |  |  | 51.04 | 24.15 | 167630 | 45 | 0.33 | 0.63 | 1.00 |
| 12/31/23 | 32.62 | 0.48 | 8.01 | 8.49 |  |  | 41.11 | 26.03 | 140610 | 26 | 0.33 | 0.63 | 1.32 |
| 12/31/22 | 39.10 | 0.41 | (6.89)  | (6.48)  |  |  | 32.62 | (16.57)  | 107171 | 25 | 0.33 | 0.63 | 1.21 |
| 12/31/21 | 31.53 | 0.40 | 7.17 | 7.57 |  |  | 39.10 | 24.01 | 127876 | 24 | 0.33 | 0.63 | 1.13 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's financial statements.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Growth
Fund - Class A: December 31, 2025: 0.90%, 1.33%, (0.66%); December 31, 2024: 0.90%, 1.34%, (0.31)%; December
31, 2023: 0.90%, 1.35%, (0.28)%; December 31, 2022: 0.91%, 1.36%, (0.31)%; December 31, 2021: 0.90%,
1.35%, (0.39)%. JNL/American Funds Growth Fund - Class I: December 31, 2025: 0.60%, 1.03%, (0.36%); December
31, 2024: 0.60%, 1.04%, 0.00%; December 31, 2023: 0.60%, 1.05%, 0.02%; December 31, 2022: 0.61%, 1.06%,
0.01%; December 31, 2021: 0.60%, 1.05%, (0.67)%.

(c) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Growth-Income
Fund - Class A: December 31, 2025: 0.91%, 1.21%, 0.23%; December 31, 2024: 0.91%, 1.21%, 0.41%; December
31, 2023: 0.92%, 1.22%, 0.69%; December 31, 2022: 0.92%, 1.22%, 0.61%; December 31, 2021: 0.92%, 1.22%,
0.45%. JNL/American Funds Growth-Income Fund - Class I: December 31, 2025: 0.61%, 0.91%, 0.52%; December
31, 2024: 0.61%, 0.91%, 0.72%; December 31, 2023: 0.62%, 0.92%, 1.03%; December 31, 2022: 0.62%, 0.92%,
0.92%; December 31, 2021: 0.62%, 0.92%, 0.84%.

See accompanying Notes to Financial Statements.

686

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** | **JNL/American Funds International Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.15 | 0.16 | 4.08 | 4.24 |  |  | 20.39 | 26.25 | 1427477 | 63 | 0.64 | 1.14 | 0.91 |
| 12/31/24 | 15.72 | 0.12 | 0.31 | 0.43 |  |  | 16.15 | 2.74 | 1287633 | 35 | 0.64 | 1.14 | 0.73 |
| 12/31/23 | 13.63 | 0.13 | 1.96 | 2.09 |  |  | 15.72 | 15.33 | 1435176 | 28 | 0.64 | 1.14 | 0.89 |
| 12/31/22 | 17.27 | 0.19 | (3.83)  | (3.64)  |  |  | 13.63 | (21.08)  | 1354785 | 42 | 0.64 | 1.14 | 1.32 |
| 12/31/21 | 17.59 | 0.36 | (0.68)  | (0.32)  |  |  | 17.27 | (1.82)  | 1828116 | 44 | 0.63 | 1.13 | 2.02 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.64 | 0.25 | 4.18 | 4.43 |  |  | 21.07 | 26.62 | 23934 | 63 | 0.34 | 0.84 | 1.33 |
| 12/31/24 | 16.15 | 0.19 | 0.30 | 0.49 |  |  | 16.64 | 3.03 | 18089 | 35 | 0.34 | 0.84 | 1.09 |
| 12/31/23 | 13.95 | 0.19 | 2.01 | 2.20 |  |  | 16.15 | 15.77 | 17619 | 28 | 0.34 | 0.84 | 1.25 |
| 12/31/22 | 17.63 | 0.25 | (3.93)  | (3.68)  |  |  | 13.95 | (20.87)  | 14865 | 42 | 0.34 | 0.84 | 1.69 |
| 12/31/21 | 17.91 | 0.48 | (0.76)  | (0.28)  |  |  | 17.63 | (1.56)  | 17376 | 44 | 0.33 | 0.83 | 2.61 |
| **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** | **JNL/American Funds New World Fund(a)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.59 | 0.13 | 4.75 | 4.88 |  |  | 22.47 | 27.74 | 1465290 | 49 | 0.69 | 1.34 | 0.65 |
| 12/31/24 | 16.58 | 0.16 | 0.85 | 1.01 |  |  | 17.59 | 6.09 | 1291750 | 55 | 0.69 | 1.34 | 0.88 |
| 12/31/23 | 14.36 | 0.15 | 2.07 | 2.22 |  |  | 16.58 | 15.46 | 1398840 | 36 | 0.69 | 1.34 | 0.98 |
| 12/31/22 | 18.51 | 0.13 | (4.28)  | (4.15)  |  |  | 14.36 | (22.42)  | 1285794 | 40 | 0.69 | 1.34 | 0.87 |
| 12/31/21 | 17.72 | 0.08 | 0.71 | 0.79 |  |  | 18.51 | 4.46 | 1742316 | 43 | 0.68 | 1.33 | 0.42 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.10 | 0.20 | 4.89 | 5.09 |  |  | 23.19 | 28.12 | 34726 | 49 | 0.39 | 1.04 | 0.99 |
| 12/31/24 | 17.00 | 0.22 | 0.88 | 1.10 |  |  | 18.10 | 6.47 | 29502 | 55 | 0.39 | 1.04 | 1.20 |
| 12/31/23 | 14.68 | 0.21 | 2.11 | 2.32 |  |  | 17.00 | 15.80 | 31324 | 36 | 0.39 | 1.04 | 1.34 |
| 12/31/22 | 18.87 | 0.19 | (4.38)  | (4.19)  |  |  | 14.68 | (22.20)  | 24971 | 40 | 0.39 | 1.04 | 1.24 |
| 12/31/21 | 18.01 | 0.15 | 0.71 | 0.86 |  |  | 18.87 | 4.78 | 30047 | 43 | 0.38 | 1.03 | 0.80 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's financial statements.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds International
Fund - Class A: December 31, 2025: 1.17%, 1.67%, 0.38%; December 31, 2024: 1.16%, 1.66%, 0.21%; December
31, 2023: 1.17%, 1.67%, 0.36%; December 31, 2022: 1.18%, 1.68%, 0.78%; December 31, 2021: 1.18%, 1.68%,
1.47%. JNL/American Funds International Fund - Class I: December 31, 2025: 0.87%, 1.37%, 0.80%; December
31, 2024: 0.86%, 1.36%, 0.57%; December 31, 2023: 0.87%, 1.37%, 0.72%; December 31, 2022: 0.88%, 1.38%,
1.15%; December 31, 2021: 0.88%, 1.38%, 2.06%.

(c) Ratios of net investment income and expenses to average net
assets do not include the impact of the Master Fund's and underlying funds' expenses. The net expense
to average net assets ratio, the total expense to average net assets ratio, and the net investment income
(loss) to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows
(annualized for periods less than one year): JNL/American Funds New World Fund - Class A: December 31,
2025: 1.27%, 1.92%, 0.07%; December 31, 2024: 1.26%, 1.91%, 0.31%; December 31, 2023: 1.26%, 1.91%, 0.41%;
December 31, 2022: 1.26%, 1.91%, 0.30%; December 31, 2021: 1.24%, 1.89%, (0.14)%. JNL/American Funds
New World Fund - Class I: December 31, 2025: 0.97%, 1.62%, 0.41%; December 31, 2024: 0.96%, 1.61%, 0.63%;
December 31, 2023: 0.96%, 1.61%, 0.77%; December 31, 2022: 0.96%, 1.61%, 0.67%; December 31, 2021: 0.94%,
1.59%, 0.24%.

See accompanying Notes to Financial Statements.

687

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** | **JNL/American Funds Washington Mutual Investors Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 42.46 | 0.44 | 6.67 | 7.11 |  |  | 49.57 | 16.75 | 4201801 | 37 | 0.66 | 0.96 | 0.96 |
| 12/31/24 | 35.79 | 0.45 | 6.22 | 6.67 |  |  | 42.46 | 18.64 | 3936890 | 31 | 0.66 | 0.96 | 1.12 |
| 12/31/23 | 30.62 | 0.46 | 4.71 | 5.17 |  |  | 35.79 | 16.88 | 3711485 | 29 | 0.66 | 0.96 | 1.42 |
| 12/31/22 | 33.61 | 0.45 | (3.44)  | (2.99)  |  |  | 30.62 | (8.90)  | 3451516 | 30 | 0.66 | 0.96 | 1.47 |
| 12/31/21 | 26.40 | 0.31 | 6.90 | 7.21 |  |  | 33.61 | 27.31 | 3975111 | 90 | 0.64 | 0.96 | 1.04 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 43.83 | 0.57 | 6.92 | 7.49 |  |  | 51.32 | 17.09 | 65376 | 37 | 0.36 | 0.66 | 1.21 |
| 12/31/24 | 36.84 | 0.63 | 6.36 | 6.99 |  |  | 43.83 | 18.97 | 62278 | 31 | 0.36 | 0.66 | 1.52 |
| 12/31/23 | 31.42 | 0.60 | 4.82 | 5.42 |  |  | 36.84 | 17.25 | 48235 | 29 | 0.36 | 0.66 | 1.80 |
| 12/31/22 | 34.39 | 0.60 | (3.57)  | (2.97)  |  |  | 31.42 | (8.64)  | 41226 | 30 | 0.36 | 0.66 | 1.90 |
| 12/31/21 | 26.93 | 0.44 | 7.02 | 7.46 |  |  | 34.39 | 27.70 | 39478 | 90 | 0.34 | 0.66 | 1.43 |
| **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** | **JNL/Mellon Bond Index Fund(c)(d)(e)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.54 | (0.06) | 0.83 | 0.77 |  |  | 12.31 | 6.67 | 1002074 | 88<br> (f) | 0.49 | 0.56 | (0.49)  |
| 12/31/24 | 11.46 | (0.06)  | 0.14 | 0.08 |  |  | 11.54 | 0.70 | 994145 | 76<br> (f) | 0.49 | 0.56 | (0.49)  |
| 12/31/23 | 10.92 | (0.05)  | 0.59 | 0.54 |  |  | 11.46 | 4.95 | 1009660 | 75<br> (f) | 0.49 | 0.56 | (0.49)  |
| 12/31/22 | 12.63 | (0.06)  | (1.65)  | (1.71)  |  |  | 10.92 | (13.54)  | 995894 | 104<br> (f) | 0.49 | 0.56 | (0.49)  |
| 12/31/21 | 12.91 | (0.00) <br> (g) | (0.28)  | (0.28)  |  |  | 12.63 | (2.17)  | 1294812 | 33<br> (f) | 0.51 | 0.56 | (0.03)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.17 | (0.02)  | 0.87 | 0.85 |  |  | 13.02 | 6.98 | 25587 | 88<br> (f) | 0.19 | 0.26 | (0.19)  |
| 12/31/24 | 12.05 | (0.02)  | 0.14 | 0.12 |  |  | 12.17 | 1.00 | 24222 | 76<br> (f) | 0.19 | 0.26 | (0.19)  |
| 12/31/23 | 11.45 | (0.02)  | 0.62 | 0.60 |  |  | 12.05 | 5.24 | 20960 | 75<br> (f) | 0.19 | 0.26 | (0.19)  |
| 12/31/22 | 13.20 | (0.02)  | (1.73)  | (1.75)  |  |  | 11.45 | (13.26)  | 20567 | 104<br> (f) | 0.19 | 0.26 | (0.19)  |
| 12/31/21 | 13.44 | 0.18 | (0.42)  | (0.24)  |  |  | 13.20 | (1.79)  | 25144 | 33<br> (f) | 0.25 | 0.26 | 1.35 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's financial statements.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Washington
Mutual Investors Fund - Class A: December 31, 2025: 0.92%, 1.22%, 0.70%; December 31, 2024: 0.92%, 1.22%,
0.86%; December 31, 2023: 0.93%, 1.23%, 1.15%; December 31, 2022: 0.92%, 1.22%, 1.21%; December 31, 2021:
0.95%, 1.27%, 0.73%. JNL/American Funds Washington Mutual Investors Fund - Class I: December 31, 2025:
0.62%, 0.92%, 0.95%; December 31, 2024: 0.62%, 0.92%, 1.26%; December 31, 2023: 0.63%, 0.93%, 1.53%;
December 31, 2022: 0.62%, 0.92%, 1.64%; December 31, 2021: 0.65%, 0.97%, 1.12%.

(c) Ratios
of net investment income and expenses to average net assets do not include the impact of the Master Fund's
and underlying funds' expenses. The net expense to average net assets ratio, the total expense to average
net assets ratio, and the net investment income (loss) to average net assets ratio, respectively, for
both the Master and Feeder Fund are as follows (annualized for periods less than one year): JNL/Mellon
Bond Index Fund - Class A: December 31, 2025: 0.57%, 0.64%, (0.57%); December 31, 2024: 0.56%, 0.63%,
(0.56)%; December 31, 2023: 0.57%, 0.64%, (0.57)%; December 31, 2022: 0.56%, 0.63%, (0.56)%; December
31, 2021: 0.56%, 0.61%, (0.08)%. JNL/Mellon Bond Index Fund - Class I: December 31, 2025: 0.27%, 0.34%,
(0.27%); December 31, 2024: 0.26%, 0.33%, (0.26)%; December 31, 2023: 0.27%, 0.34%, (0.27)%; December
31, 2022: 0.26%, 0.33%, (0.26)%; December 31, 2021: 0.30%, 0.31%, 1.30%.

(d) Effective
April 26, 2021, the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(e) The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust
Fund. These financial statements should be read in conjunction with each Master Fund's financial statements.

(f) Portfolio
turnover including dollar roll transactions for JNL/Mellon Bond Index Fund was as follows: December 31,
2025: 148%; December 31, 2024: 136%; December 31, 2023: 123%; December 31, 2022: 204%; December 31, 2021:
105%;

(g) Amount represents less than $0.005.

See accompanying Notes to Financial Statements.

688

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.58 | (0.08) | 3.66 | 3.58 |  |  | 15.16 | 30.92 | 905751 | 11 | 0.58 | 0.73 | (0.58)  |
| 12/31/24 | 10.97 | (0.07)  | 0.68 | 0.61 |  |  | 11.58 | 5.56 | 759410 | 5 | 0.58 | 0.73 | (0.58)  |
| 12/31/23 | 10.04 | (0.06)  | 0.99 | 0.93 |  |  | 10.97 | 9.26 | 823901 | 12 | 0.58 | 0.72 | (0.58)  |
| 12/31/22 | 12.39 | (0.06)  | (2.29)  | (2.35)  |  |  | 10.04 | (18.97)  | 801260 | 7 | 0.57 | 0.72 | (0.57)  |
| 12/31/21 | 12.84 | (0.01)  | (0.44)  | (0.45)  |  |  | 12.39 | (3.50)  | 1049682 | 19 | 0.62 | 0.72 | (0.09)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.82 | (0.03)  | 3.74 | 3.71 |  |  | 15.53 | 31.39 | 21087 | 11 | 0.23 | 0.43 | (0.23)  |
| 12/31/24 | 11.16 | (0.03)  | 0.69 | 0.66 |  |  | 11.82 | 5.91 | 18815 | 5 | 0.23 | 0.43 | (0.23)  |
| 12/31/23 | 10.18 | (0.02)  | 1.00 | 0.98 |  |  | 11.16 | 9.63 | 18475 | 12 | 0.23 | 0.42 | (0.23)  |
| 12/31/22 | 12.51 | (0.02)  | (2.31)  | (2.33)  |  |  | 10.18 | (18.63)  | 16022 | 7 | 0.22 | 0.42 | (0.22)  |
| 12/31/21 | 12.92 | 0.03 | (0.44)  | (0.41)  |  |  | 12.51 | (3.17)  | 19232 | 19 | 0.26 | 0.42 | 0.23 |
| **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 15.84 | 0.36 | 4.63 | 4.99 |  |  | 20.83 | 31.50 | 2995440 | 15 | 0.51 | 0.60 | 1.94 |
| 12/31/24 | 15.39 | 0.48 | (0.03)  | 0.45 |  |  | 15.84 | 2.92 | 2011954 | 4 | 0.51 | 0.60 | 2.99 |
| 12/31/23 | 13.13 | 0.33 | 1.93 | 2.26 |  |  | 15.39 | 17.21 | 2241068 | 7 | 0.51 | 0.60 | 2.34 |
| 12/31/22 | 15.72 | 0.30 | (2.53)  | (2.23)  | (0.03) | (0.33) | 13.13 | (14.20)  | 2075890 | 2 | 0.51 | 0.61 | 2.21 |
| 12/31/21 | 14.23 | 0.02 | 1.47 | 1.49 |  |  | 15.72 | 10.47 | 2590032 | 6 | 0.53 | 0.61 | 0.10 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.79 | 0.46 | 4.89 | 5.35 |  |  | 22.14 | 31.86 | 77454 | 15 | 0.21 | 0.30 | 2.30 |
| 12/31/24 | 16.26 | 0.58 | (0.05)  | 0.53 |  |  | 16.79 | 3.26 | 57281 | 4 | 0.21 | 0.30 | 3.40 |
| 12/31/23 | 13.83 | 0.41 | 2.02 | 2.43 |  |  | 16.26 | 17.57 | 57687 | 7 | 0.21 | 0.30 | 2.73 |
| 12/31/22 | 16.53 | 0.37 | (2.66)  | (2.29)  | (0.08) | (0.33) | 13.83 | (13.91)  | 50505 | 2 | 0.21 | 0.31 | 2.64 |
| 12/31/21 | 14.92 | 0.31 | 1.30 | 1.61 |  |  | 16.53 | 10.79 | 55074 | 6 | 0.30 | 0.32 | 1.95 |

---

(a) Ratios of net investment income and expenses to average net assets do not include
the impact of the Master Fund's and underlying funds' expenses. The net expense to average net
assets ratio, the total expense to average net assets ratio, and the net investment income (loss) to
average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized
for periods less than one year): JNL/Mellon Emerging Markets Index Fund - Class A: December 31, 2025:
0.74%, 0.89%, (0.74%); December 31, 2024: 0.77%, 0.92%, (0.77)%; December 31, 2023: 0.74%, 0.88%, (0.74)%;
December 31, 2022: 0.73%, 0.88%, (0.73)%; December 31, 2021: 0.74%, 0.84%, (0.23)%. JNL/Mellon Emerging
Markets Index Fund - Class I: December 31, 2025: 0.39%, 0.59%, (0.39%); December 31, 2024: 0.42%, 0.62%,
(0.42)%; December 31, 2023: 0.39%, 0.58%, (0.39)%; December 31, 2022: 0.38%, 0.58%, (0.38)%; December
31, 2021: 0.38%, 0.53%, 0.08%.

(b) Effective April 26, 2021,
the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(c) The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust
Fund. These financial statements should be read in conjunction with each Master Fund's financial statements.

(d) Ratios
of net investment income and expenses to average net assets do not include the impact of the Master Fund's
and underlying funds' expenses. The net expense to average net assets ratio, the total expense to average
net assets ratio, and the net investment income (loss) to average net assets ratio, respectively, for
both the Master and Feeder Fund are as follows (annualized for periods less than one year): JNL/Mellon
International Index Fund - Class A: December 31, 2025: 0.61%, 0.70%, 1.84%; December 31, 2024: 0.61%,
0.70%, 2.89%; December 31, 2023: 0.61%, 0.70%, 2.24%; December 31, 2022: 0.61%, 0.71%, 2.11%; December
31, 2021: 0.61%, 0.69%, 0.02%. JNL/Mellon International Index Fund - Class I: December 31, 2025: 0.31%,
0.40%, 2.20%; December 31, 2024: 0.31%, 0.40%, 3.30%; December 31, 2023: 0.31%, 0.40%, 2.63%; December
31, 2022: 0.31%, 0.41%, 2.54%; December 31, 2021: 0.38%, 0.41%, 1.87%.

See accompanying Notes to Financial Statements.

689

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** | **JNL/Mellon S&P 400 MidCap Index Fund(a)(b)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 35.78 | (0.17) | 2.64 | 2.47 |  |  | 38.25 | 6.90 | 3159065 | 15 | 0.46 | 0.54 | (0.46)  |
| 12/31/24 | 31.57 | (0.16)  | 4.37 | 4.21 |  |  | 35.78 | 13.34 | 3350878 | 16 | 0.46 | 0.54 | (0.46)  |
| 12/31/23 | 27.26 | (0.13)  | 4.44 | 4.31 |  |  | 31.57 | 15.81 | 3290675 | 19 | 0.46 | 0.54 | (0.46)  |
| 12/31/22 | 31.53 | (0.13)  | (4.14)  | (4.27)  |  |  | 27.26 | (13.54)  | 2999247 | 12 | 0.46 | 0.54 | (0.46)  |
| 12/31/21 | 25.40 | (0.05)  | 6.18 | 6.13 |  |  | 31.53 | 24.13 | 3778288 | 13 | 0.49 | 0.54 | (0.18)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 37.18 | (0.06)  | 2.76 | 2.70 |  |  | 39.88 | 7.26 | 82571 | 15 | 0.16 | 0.24 | (0.16)  |
| 12/31/24 | 32.71 | (0.06)  | 4.53 | 4.47 |  |  | 37.18 | 13.67 | 82614 | 16 | 0.16 | 0.24 | (0.16)  |
| 12/31/23 | 28.17 | (0.05)  | 4.59 | 4.54 |  |  | 32.71 | 16.12 | 73919 | 19 | 0.16 | 0.24 | (0.16)  |
| 12/31/22 | 32.48 | (0.05)  | (4.26)  | (4.31)  |  |  | 28.17 | (13.27)  | 66791 | 12 | 0.16 | 0.24 | (0.16)  |
| 12/31/21 | 26.08 | 0.16 | 6.24 | 6.40 |  |  | 32.48 | 24.54 | 71747 | 13 | 0.23 | 0.25 | 0.53 |
| **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** | **JNL/Mellon Small Cap Index Fund(b)(c)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 28.39 | (0.13) | 1.71 | 1.58 |  |  | 29.97 | 5.57 | 2289970 | 36 | 0.46 | 0.54 | (0.46)  |
| 12/31/24 | 26.28 | (0.13)  | 2.24 | 2.11 |  |  | 28.39 | 8.03 | 2453475 | 32 | 0.46 | 0.54 | (0.46)  |
| 12/31/23 | 22.74 | (0.11)  | 3.65 | 3.54 |  |  | 26.28 | 15.57 | 2541868 | 36 | 0.46 | 0.54 | (0.46)  |
| 12/31/22 | 27.28 | (0.11)  | (4.43)  | (4.54)  |  |  | 22.74 | (16.64)  | 2277127 | 23 | 0.46 | 0.54 | (0.46)  |
| 12/31/21 | 21.63 | (0.04)  | 5.69 | 5.65 |  |  | 27.28 | 26.12 | 2916059 | 20 | 0.49 | 0.55 | (0.17)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 29.50 | (0.05)  | 1.79 | 1.74 |  |  | 31.24 | 5.90 | 59833 | 36 | 0.16 | 0.24 | (0.16)  |
| 12/31/24 | 27.23 | (0.05)  | 2.32 | 2.27 |  |  | 29.50 | 8.34 | 70753 | 32 | 0.16 | 0.24 | (0.16)  |
| 12/31/23 | 23.49 | (0.04)  | 3.78 | 3.74 |  |  | 27.23 | 15.92 | 64165 | 36 | 0.16 | 0.24 | (0.16)  |
| 12/31/22 | 28.09 | (0.04)  | (4.56)  | (4.60)  |  |  | 23.49 | (16.38)  | 53909 | 23 | 0.16 | 0.24 | (0.16)  |
| 12/31/21 | 22.21 | 0.15 | 5.73 | 5.88 |  |  | 28.09 | 26.47 | 64789 | 20 | 0.23 | 0.25 | 0.59 |

---

(a) Ratios of net investment income and expenses to average net assets do not include
the impact of the Master Fund's and underlying funds' expenses. The net expense to average net
assets ratio, the total expense to average net assets ratio, and the net investment income (loss) to
average net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized
for periods less than one year): JNL/Mellon S&P 400 MidCap Index Fund - Class A: December 31, 2025:
0.56%, 0.64%, (0.56%); December 31, 2024: 0.56%, 0.64%, (0.56)%; December 31, 2023: 0.56%, 0.64%, (0.56)%;
December 31, 2022: 0.56%, 0.64%, (0.56)%; December 31, 2021: 0.57%, 0.62%, (0.23)%. JNL/Mellon S&P
400 MidCap Index Fund - Class I: December 31, 2025: 0.26%, 0.34%, (0.26%); December 31, 2024: 0.26%,
0.34%, (0.26)%; December 31, 2023: 0.26%, 0.34%, (0.26)%; December 31, 2022: 0.26%, 0.34%, (0.26)%; December
31, 2021: 0.31%, 0.34%, 0.49%.

(b) Effective April 26, 2021,
the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(c) The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust
Fund. These financial statements should be read in conjunction with each Master Fund's financial statements.

(d) Ratios
of net investment income and expenses to average net assets do not include the impact of the Master Fund's
and underlying funds' expenses. The net expense to average net assets ratio, the total expense to average
net assets ratio, and the net investment income (loss) to average net assets ratio, respectively, for
both the Master and Feeder Fund are as follows (annualized for periods less than one year): JNL/Mellon
Small Cap Index Fund - Class A: December 31, 2025: 0.56%, 0.64%, (0.56%); December 31, 2024: 0.56%, 0.64%,
(0.56)%; December 31, 2023: 0.56%, 0.64%, (0.56)%; December 31, 2022: 0.56%, 0.64%, (0.56)%; December
31, 2021: 0.57%, 0.63%, (0.21)%. JNL/Mellon Small Cap Index Fund - Class I: December 31, 2025: 0.26%,
0.34%, (0.26%); December 31, 2024: 0.26%, 0.34%, (0.26)%; December 31, 2023: 0.26%, 0.34%, (0.26)%; December
31, 2022: 0.26%, 0.34%, (0.26)%; December 31, 2021: 0.32%, 0.34%, 0.54%.

See accompanying Notes to Financial Statements.

690

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 20.93 | (0.01) | 3.28 | 3.27 |  |  | 24.20 | 15.62 | 1440462 | 31 | 0.45 | 0.45 | (0.04)  |
| 12/31/24 | 18.70 | 0.02 | 2.21 | 2.23 |  |  | 20.93 | 11.93 | 1419924 | 24 | 0.45 | 0.45 | 0.10 |
| 12/31/23 | 15.79 | 0.01 | 2.90 | 2.91 |  |  | 18.70 | 18.43 | 1443953 | 17 | 0.45 | 0.45 | 0.05 |
| 12/31/22 | 19.69 | (0.02)  | (3.88)  | (3.90)  |  |  | 15.79 | (19.81)  | 1338935 | 24 | 0.45 | 0.45 | (0.11)  |
| 12/31/21 | 17.06 | (0.02)  | 2.65 | 2.63 |  |  | 19.69 | 15.42 | 1811184 | 12 | 0.45 | 0.45 | (0.09)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 21.39 | 0.06 | 3.35 | 3.41 |  |  | 24.80 | 15.94 | 16037 | 31 | 0.15 | 0.15 | 0.26 |
| 12/31/24 | 19.05 | 0.09 | 2.25 | 2.34 |  |  | 21.39 | 12.28 | 16476 | 24 | 0.15 | 0.15 | 0.42 |
| 12/31/23 | 16.03 | 0.06 | 2.96 | 3.02 |  |  | 19.05 | 18.84 | 14778 | 17 | 0.15 | 0.15 | 0.36 |
| 12/31/22 | 19.94 | 0.03 | (3.94)  | (3.91)  |  |  | 16.03 | (19.61)  | 13056 | 24 | 0.15 | 0.15 | 0.20 |
| 12/31/21 | 17.23 | 0.05 | 2.66 | 2.71 |  |  | 19.94 | 15.73 | 16062 | 12 | 0.15 | 0.15 | 0.24 |
| **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.42 | (0.01) | 1.35 | 1.34 |  |  | 15.76 | 9.29 | 566390 | 27 | 0.48 | 0.48 | (0.06)  |
| 12/31/24 | 13.66 | 0.02 | 0.74 | 0.76 |  |  | 14.42 | 5.56 | 549352 | 18 | 0.48 | 0.48 | 0.17 |
| 12/31/23 | 12.50 | (0.04)  | 1.20 | 1.16 |  |  | 13.66 | 9.28 | 583918 | 24 | 0.48 | 0.48 | (0.30)  |
| 12/31/22 | 14.40 | (0.05)  | (1.85)  | (1.90)  |  |  | 12.50 | (13.19)  | 586691 | 21 | 0.47 | 0.47 | (0.39)  |
| 12/31/21 | 13.88 | (0.06)  | 0.58 | 0.52 |  |  | 14.40 | 3.75 | 772404 | 25 | 0.47 | 0.47 | (0.40)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.74 | 0.04 | 1.37 | 1.41 |  |  | 16.15 | 9.57 | 8430 | 27 | 0.18 | 0.18 | 0.23 |
| 12/31/24 | 13.92 | 0.07 | 0.75 | 0.82 |  |  | 14.74 | 5.89 | 7805 | 18 | 0.18 | 0.18 | 0.49 |
| 12/31/23 | 12.70 | 0.00 | 1.22 | 1.22 |  |  | 13.92 | 9.61 | 7166 | 24 | 0.18 | 0.18 | 0.00 |
| 12/31/22 | 14.58 | (0.01)  | (1.87)  | (1.88)  |  |  | 12.70 | (12.89)  | 6091 | 21 | 0.17 | 0.17 | (0.09)  |
| 12/31/21 | 14.01 | (0.01)  | 0.58 | 0.57 |  |  | 14.58 | 4.07 | 7338 | 25 | 0.17 | 0.17 | (0.10)  |
| **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 20.87 | 0.01 | 3.08 | 3.09 |  |  | 23.96 | 14.81 | 2780651 | 24 | 0.44 | 0.44 | 0.06 |
| 12/31/24 | 18.87 | 0.05 | 1.95 | 2.00 |  |  | 20.87 | 10.60 | 2883231 | 25 | 0.44 | 0.44 | 0.24 |
| 12/31/23 | 16.19 | 0.00 | 2.68 | 2.68 |  |  | 18.87 | 16.55 | 3006573 | 12 | 0.44 | 0.44 | 0.01 |
| 12/31/22 | 19.90 | (0.02)  | (3.69)  | (3.71)  |  |  | 16.19 | (18.64)  | 2872055 | 24 | 0.44 | 0.44 | (0.10)  |
| 12/31/21 | 17.59 | (0.03)  | 2.34 | 2.31 |  |  | 19.90 | 13.13 | 2690208 | 12 | 0.44 | 0.44 | (0.14)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 21.33 | 0.09 | 3.15 | 3.24 |  |  | 24.57 | 15.19 | 23995 | 24 | 0.14 | 0.14 | 0.37 |
| 12/31/24 | 19.23 | 0.12 | 1.98 | 2.10 |  |  | 21.33 | 10.92 | 21861 | 25 | 0.14 | 0.14 | 0.59 |
| 12/31/23 | 16.45 | 0.05 | 2.73 | 2.78 |  |  | 19.23 | 16.90 | 18997 | 12 | 0.14 | 0.14 | 0.30 |
| 12/31/22 | 20.16 | 0.03 | (3.74)  | (3.71)  |  |  | 16.45 | (18.40)  | 17924 | 24 | 0.14 | 0.14 | 0.19 |
| 12/31/21 | 17.76 | 0.03 | 2.37 | 2.40 |  |  | 20.16 | 13.51 | 18538 | 12 | 0.14 | 0.14 | 0.17 |

---

See accompanying Notes to Financial Statements.

691

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.76 | 0.01 | 1.90 | 1.91 |  |  | 19.67 | 10.75 | 1846833 | 21 | 0.45 | 0.45 | 0.04 |
| 12/31/24 | 16.50 | 0.04 | 1.22 | 1.26 |  |  | 17.76 | 7.64 | 1939523 | 18 | 0.45 | 0.45 | 0.24 |
| 12/31/23 | 14.74 | (0.03)  | 1.79 | 1.76 |  |  | 16.50 | 11.94 | 2107115 | 15 | 0.45 | 0.45 | (0.17)  |
| 12/31/22 | 17.28 | (0.04)  | (2.50)  | (2.54)  |  |  | 14.74 | (14.70)  | 2111337 | 18 | 0.44 | 0.44 | (0.29)  |
| 12/31/21 | 16.09 | (0.05)  | 1.24 | 1.19 |  |  | 17.28 | 7.40 | 2742062 | 10 | 0.44 | 0.44 | (0.28)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.16 | 0.07 | 1.94 | 2.01 |  |  | 20.17 | 11.07 | 9557 | 21 | 0.15 | 0.15 | 0.34 |
| 12/31/24 | 16.82 | 0.09 | 1.25 | 1.34 |  |  | 18.16 | 7.97 | 9490 | 18 | 0.15 | 0.15 | 0.52 |
| 12/31/23 | 14.98 | 0.02 | 1.82 | 1.84 |  |  | 16.82 | 12.28 | 11964 | 15 | 0.15 | 0.15 | 0.15 |
| 12/31/22 | 17.51 | 0.00 | (2.53)  | (2.53)  |  |  | 14.98 | (14.45)  | 9955 | 18 | 0.14 | 0.14 | 0.01 |
| 12/31/21 | 16.25 | 0.00 | 1.26 | 1.26 |  |  | 17.51 | 7.75 | 16802 | 10 | 0.14 | 0.14 | 0.03 |
| **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 19.89 | 0.02 | 2.49 | 2.51 |  |  | 22.40 | 12.62 | 3385653 | 22 | 0.44 | 0.44 | 0.08 |
| 12/31/24 | 18.22 | 0.05 | 1.62 | 1.67 |  |  | 19.89 | 9.17 | 3556552 | 23 | 0.44 | 0.44 | 0.28 |
| 12/31/23 | 16.02 | (0.01)  | 2.21 | 2.20 |  |  | 18.22 | 13.73 | 3795039 | 10 | 0.44 | 0.44 | (0.08)  |
| 12/31/22 | 19.02 | (0.04)  | (2.96)  | (3.00)  |  |  | 16.02 | (15.77) <br> (a) | 3773388 | 20 | 0.44 | 0.44 | (0.22)  |
| 12/31/21 | 17.25 | (0.04)  | 1.81 | 1.77 |  |  | 19.02 | 10.26 | 5043334 | 10 | 0.43 | 0.43 | (0.21)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 20.33 | 0.08 | 2.56 | 2.64 |  |  | 22.97 | 12.99 | 13957 | 22 | 0.14 | 0.14 | 0.39 |
| 12/31/24 | 18.57 | 0.12 | 1.64 | 1.76 |  |  | 20.33 | 9.48 | 14000 | 23 | 0.14 | 0.14 | 0.60 |
| 12/31/23 | 16.28 | 0.04 | 2.25 | 2.29 |  |  | 18.57 | 14.07 | 13101 | 10 | 0.14 | 0.14 | 0.24 |
| 12/31/22 | 19.27 | 0.02 | (3.01)  | (2.99)  |  |  | 16.28 | (15.52) <br> (a) | 11397 | 20 | 0.14 | 0.14 | 0.11 |
| 12/31/21 | 17.43 | 0.02 | 1.82 | 1.84 |  |  | 19.27 | 10.56 | 11257 | 10 | 0.13 | 0.13 | 0.12 |
| **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** | **JNL/JPMorgan Managed Aggressive Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 39.67 | (0.04) | 5.88 | 5.84 |  |  | 45.51 | 14.72 | 2066341 | 9 | 0.44 | 0.45 | (0.10)  |
| 12/31/24 | 34.91 | (0.00) <br> (b) | 4.76 | 4.76 |  |  | 39.67 | 13.64 | 2108698 | 32 | 0.44 | 0.45 | (0.01)  |
| 12/31/23 | 28.57 | (0.06)  | 6.40 | 6.34 |  |  | 34.91 | 22.19 | 2177912 | 7 | 0.44 | 0.45 | (0.19)  |
| 12/31/22 | 36.70 | (0.07)  | (8.06)  | (8.13)  |  |  | 28.57 | (22.15)  | 1972728 | 24 | 0.44 | 0.44 | (0.22)  |
| 12/31/21 | 31.55 | (0.12)  | 5.27 | 5.15 |  |  | 36.70 | 16.32 | 2764501 | 7 | 0.44 | 0.44 | (0.33)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 40.55 | 0.09 | 6.02 | 6.11 |  |  | 46.66 | 15.07 | 15509 | 9 | 0.14 | 0.15 | 0.21 |
| 12/31/24 | 35.57 | 0.12 | 4.86 | 4.98 |  |  | 40.55 | 14.00 | 13730 | 32 | 0.14 | 0.15 | 0.32 |
| 12/31/23 | 29.02 | 0.04 | 6.51 | 6.55 |  |  | 35.57 | 22.57 | 12908 | 7 | 0.14 | 0.15 | 0.11 |
| 12/31/22 | 37.18 | 0.02 | (8.18)  | (8.16)  |  |  | 29.02 | (21.95)  | 10745 | 24 | 0.14 | 0.14 | 0.08 |
| 12/31/21 | 31.86 | (0.01)  | 5.33 | 5.32 |  |  | 37.18 | 16.70 | 17774 | 7 | 0.14 | 0.14 | (0.02)  |

---

(a) Total return for the Fund includes class action settlement proceeds. The return
for Class A and Class I, respectively, without the class action settlement proceeds was as follows: JNL
Moderate Growth Allocation Fund: (15.83)% and (15.57)%.

(b) Amount represents less
than $0.005.

See accompanying Notes to Financial Statements.

692

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** | **JNL/JPMorgan Managed Conservative Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 15.94 | (0.05) | 1.53 | 1.48 |  |  | 17.42 | 9.28 | 637020 | 12 | 0.46 | 0.47 | (0.33)  |
| 12/31/24 | 15.23 | (0.05)  | 0.76 | 0.71 |  |  | 15.94 | 4.66 | 683269 | 34 | 0.45 | 0.47 | (0.30)  |
| 12/31/23 | 14.03 | (0.05)  | 1.25 | 1.20 |  |  | 15.23 | 8.55 | 785291 | 21 | 0.46 | 0.47 | (0.34)  |
| 12/31/22 | 16.43 | (0.05)  | (2.35)  | (2.40)  |  |  | 14.03 | (14.61)  | 848466 | 26 | 0.46 | 0.46 | (0.37)  |
| 12/31/21 | 15.84 | (0.07)  | 0.66 | 0.59 |  |  | 16.43 | 3.72 | 1153647 | 9 | 0.45 | 0.45 | (0.41)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.26 | (0.00)<br> (a) | 1.56 | 1.56 |  |  | 17.82 | 9.59 | 2479 | 12 | 0.16 | 0.17 | (0.03)  |
| 12/31/24 | 15.48 | 0.00 | 0.78 | 0.78 |  |  | 16.26 | 5.04 | 2516 | 34 | 0.15 | 0.17 | 0.00 |
| 12/31/23 | 14.22 | (0.01)  | 1.27 | 1.26 |  |  | 15.48 | 8.86 | 2270 | 21 | 0.16 | 0.17 | (0.05)  |
| 12/31/22 | 16.61 | (0.01)  | (2.38)  | (2.39)  |  |  | 14.22 | (14.39)  | 2925 | 26 | 0.16 | 0.16 | (0.07)  |
| 12/31/21 | 15.95 | (0.02)  | 0.68 | 0.66 |  |  | 16.61 | 4.14 | 2270 | 9 | 0.15 | 0.15 | (0.10)  |
| **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** | **JNL/JPMorgan Managed Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 31.90 | (0.05) | 4.49 | 4.44 |  |  | 36.34 | 13.92 | 3915888 | 11 | 0.44 | 0.44 | (0.13)  |
| 12/31/24 | 28.39 | (0.02)  | 3.53 | 3.51 |  |  | 31.90 | 12.36 | 4097877 | 32 | 0.43 | 0.44 | (0.06)  |
| 12/31/23 | 23.65 | (0.06)  | 4.80 | 4.74 |  |  | 28.39 | 20.04 | 4333280 | 7 | 0.44 | 0.44 | (0.22)  |
| 12/31/22 | 29.99 | (0.06)  | (6.28)  | (6.34)  |  |  | 23.65 | (21.14)  | 4086945 | 23 | 0.43 | 0.43 | (0.24)  |
| 12/31/21 | 26.20 | (0.10)  | 3.89 | 3.79 |  |  | 29.99 | 14.47 | 5774474 | 8 | 0.43 | 0.43 | (0.34)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 32.60 | 0.06 | 4.59 | 4.65 |  |  | 37.25 | 14.26 | 22658 | 11 | 0.14 | 0.14 | 0.16 |
| 12/31/24 | 28.93 | 0.08 | 3.59 | 3.67 |  |  | 32.60 | 12.69 | 23469 | 32 | 0.13 | 0.14 | 0.26 |
| 12/31/23 | 24.02 | 0.02 | 4.89 | 4.91 |  |  | 28.93 | 20.44 | 23162 | 7 | 0.14 | 0.14 | 0.09 |
| 12/31/22 | 30.37 | 0.02 | (6.37)  | (6.35)  |  |  | 24.02 | (20.91)  | 18862 | 23 | 0.13 | 0.13 | 0.07 |
| 12/31/21 | 26.45 | (0.00) <br> (a) | 3.92 | 3.92 |  |  | 30.37 | 14.82 | 23033 | 8 | 0.13 | 0.13 | (0.01)  |
| **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** | **JNL/JPMorgan Managed Moderate Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 20.59 | (0.05) | 2.28 | 2.23 |  |  | 22.82 | 10.83 | 1594300 | 11 | 0.44 | 0.45 | (0.25)  |
| 12/31/24 | 19.23 | (0.04)  | 1.40 | 1.36 |  |  | 20.59 | 7.07 | 1717593 | 25 | 0.44 | 0.45 | (0.21)  |
| 12/31/23 | 17.14 | (0.05)  | 2.14 | 2.09 |  |  | 19.23 | 12.19 | 1905275 | 14 | 0.45 | 0.45 | (0.28)  |
| 12/31/22 | 20.53 | (0.05)  | (3.34)  | (3.39)  |  |  | 17.14 | (16.51)  | 1982926 | 19 | 0.44 | 0.44 | (0.28)  |
| 12/31/21 | 19.23 | (0.07)  | 1.37 | 1.30 |  |  | 20.53 | 6.76 | 2736669 | 9 | 0.44 | 0.44 | (0.36)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 21.04 | 0.01 | 2.34 | 2.35 |  |  | 23.39 | 11.17 | 4098 | 11 | 0.14 | 0.15 | 0.06 |
| 12/31/24 | 19.59 | 0.02 | 1.43 | 1.45 |  |  | 21.04 | 7.40 | 3050 | 25 | 0.14 | 0.15 | 0.10 |
| 12/31/23 | 17.41 | 0.00 | 2.18 | 2.18 |  |  | 19.59 | 12.52 | 3191 | 14 | 0.15 | 0.15 | 0.02 |
| 12/31/22 | 20.79 | 0.00 | (3.38)  | (3.38)  |  |  | 17.41 | (16.26)  | 2727 | 19 | 0.14 | 0.14 | 0.01 |
| 12/31/21 | 19.42 | (0.01)  | 1.38 | 1.37 |  |  | 20.79 | 7.05 | 4091 | 9 | 0.14 | 0.14 | (0.07)  |

---

(a) Amount represents less than $0.005.

See accompanying Notes to Financial Statements.

693

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** | **JNL/JPMorgan Managed Moderate Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 26.26 | (0.05) | 3.27 | 3.22 |  |  | 29.48 | 12.26 | 3576440 | 9 | 0.44 | 0.44 | (0.19)  |
| 12/31/24 | 23.93 | (0.03)  | 2.36 | 2.33 |  |  | 26.26 | 9.74 | 3801630 | 28 | 0.43 | 0.44 | (0.13)  |
| 12/31/23 | 20.63 | (0.06)  | 3.36 | 3.30 |  |  | 23.93 | 16.00 | 4085479 | 9 | 0.44 | 0.44 | (0.25)  |
| 12/31/22 | 25.45 | (0.06)  | (4.76)  | (4.82)  |  |  | 20.63 | (18.94)  | 4042965 | 22 | 0.43 | 0.43 | (0.28)  |
| 12/31/21 | 22.96 | (0.09)  | 2.58 | 2.49 |  |  | 25.45 | 10.84 | 5651746 | 7 | 0.43 | 0.43 | (0.35)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 26.84 | 0.03 | 3.35 | 3.38 |  |  | 30.22 | 12.59 | 6664 | 9 | 0.14 | 0.14 | 0.11 |
| 12/31/24 | 24.39 | 0.04 | 2.41 | 2.45 |  |  | 26.84 | 10.05 | 6548 | 28 | 0.13 | 0.14 | 0.17 |
| 12/31/23 | 20.96 | 0.01 | 3.42 | 3.43 |  |  | 24.39 | 16.36 | 7425 | 9 | 0.14 | 0.14 | 0.05 |
| 12/31/22 | 25.78 | 0.01 | (4.83)  | (4.82)  |  |  | 20.96 | (18.70)  | 6673 | 22 | 0.13 | 0.13 | 0.03 |
| 12/31/21 | 23.19 | (0.01)  | 2.60 | 2.59 |  |  | 25.78 | 11.17 | 9286 | 7 | 0.13 | 0.13 | (0.03)  |
| **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 27.75 | 0.48 | 4.65 | 5.13 |  |  | 32.88 | 18.49 | 4262072 | 16 | 0.63 | 0.63 | 1.60 |
| 12/31/24 | 24.60 | 0.38 | 2.77 | 3.15 |  |  | 27.75 | 12.80 | 3830258 | 18 | 0.63 | 0.63 | 1.42 |
| 12/31/23 | 20.98 | 0.36 | 3.26 | 3.62 |  |  | 24.60 | 17.25 | 3639848 | 25 | 0.63 | 0.63 | 1.57 |
| 12/31/22 | 26.00 | 0.29 | (5.31)  | (5.02)  |  |  | 20.98 | (19.31)  | 3228401 | 13 | 0.63 | 0.63 | 1.30 |
| 12/31/21 | 22.88 | 0.17 | 2.95 | 3.12 |  |  | 26.00 | 13.64 | 4149730 | 47 | 0.63 | 0.63 | 0.68 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 28.37 | 0.59 | 4.76 | 5.35 |  |  | 33.72 | 18.86 | 58012 | 16 | 0.33 | 0.33 | 1.92 |
| 12/31/24 | 25.08 | 0.46 | 2.83 | 3.29 |  |  | 28.37 | 13.12 | 50315 | 18 | 0.33 | 0.33 | 1.69 |
| 12/31/23 | 21.33 | 0.44 | 3.31 | 3.75 |  |  | 25.08 | 17.58 | 51197 | 25 | 0.33 | 0.33 | 1.92 |
| 12/31/22 | 26.35 | 0.37 | (5.39)  | (5.02)  |  |  | 21.33 | (19.05)  | 41700 | 13 | 0.33 | 0.33 | 1.66 |
| 12/31/21 | 23.12 | 0.26 | 2.97 | 3.23 |  |  | 26.35 | 13.97 | 48924 | 47 | 0.33 | 0.33 | 1.05 |
| **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** | **JNL/American Funds Moderate Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.82 | 0.48 | 0.81 | 1.29 |  |  | 11.11 | 13.14 | 63875 | 14 | 0.65 | 0.65 | 4.51 |
| 12/31/24<br> (a) | 10.00 | 0.29 | (0.47)  | (0.18)  |  |  | 9.82 | (1.80)  | 3882 | 0 | 0.65 | 0.65 | 14.68 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.82 | 0.87 | 0.46 | 1.33 |  |  | 11.15 | 13.54 | 432 | 14 | 0.35 | 0.35 | 7.91 |
| 12/31/24<br> (a) | 10.00 | 0.17 | (0.35)  | (0.18)  |  |  | 9.82 | (1.80)  | 1 | 0 | 0.37 | 0.37 | 8.63 |

---

(a) The Fund commenced operations on October 21, 2024.

See accompanying Notes to Financial Statements.

694

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 22.47 | 0.52 | 3.14 | 3.66 |  |  | 26.13 | 16.29 | 2452719 | 16 | 0.64 | 0.64 | 2.14 |
| 12/31/24 | 20.49 | 0.43 | 1.55 | 1.98 |  |  | 22.47 | 9.66 | 2395427 | 16 | 0.64 | 0.64 | 1.96 |
| 12/31/23 | 18.00 | 0.38 | 2.11 | 2.49 |  |  | 20.49 | 13.83 | 2471923 | 24 | 0.64 | 0.64 | 1.97 |
| 12/31/22 | 21.75 | 0.35 | (4.10)  | (3.75)  |  |  | 18.00 | (17.24)  | 2374820 | 16 | 0.64 | 0.64 | 1.84 |
| 12/31/21 | 19.78 | 0.20 | 1.77 | 1.97 |  |  | 21.75 | 9.96 | 3083919 | 66 | 0.64 | 0.64 | 0.95 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 22.97 | 0.60 | 3.22 | 3.82 |  |  | 26.79 | 16.63 | 28039 | 16 | 0.34 | 0.34 | 2.43 |
| 12/31/24 | 20.89 | 0.52 | 1.56 | 2.08 |  |  | 22.97 | 9.96 | 26147 | 16 | 0.34 | 0.34 | 2.36 |
| 12/31/23 | 18.29 | 0.45 | 2.15 | 2.60 |  |  | 20.89 | 14.22 | 23383 | 24 | 0.34 | 0.34 | 2.33 |
| 12/31/22 | 22.03 | 0.40 | (4.14)  | (3.74)  |  |  | 18.29 | (16.98)  | 20245 | 16 | 0.34 | 0.34 | 2.12 |
| 12/31/21 | 19.98 | 0.28 | 1.77 | 2.05 |  |  | 22.03 | 10.26 | 26606 | 66 | 0.34 | 0.34 | 1.32 |
| **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** | **JNL Growth ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.22 | 0.26 | 2.42 | 2.68 | (0.27) | (1.36) | 17.27 | 16.64 | 397364 | 70 | 0.65 | 0.65 | 1.52 |
| 12/31/24 | 14.93 | 0.27 | 1.42 | 1.69 | (0.27) | (0.13) | 16.22 | 11.26 | 337199 | 40 | 0.65 | 0.65 | 1.69 |
| 12/31/23 | 13.54 | 0.26 | 1.62 | 1.88 | (0.27) | (0.22) | 14.93 | 14.01 | 325645 | 18 | 0.65 | 0.65 | 1.84 |
| 12/31/22 | 17.37 | 0.29 | (2.94)  | (2.65)  | (0.21) | (0.97) | 13.54 | (15.35)  | 291303 | 41 | 0.65 | 0.65 | 1.90 |
| 12/31/21 | 15.59 | 0.22 | 2.12 | 2.34 | (0.17) | (0.39) | 17.37 | 15.04 | 344505 | 27 | 0.65 | 0.65 | 1.30 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.31 | 0.31 | 2.44 | 2.75 | (0.32) | (1.36) | 17.38 | 16.97 | 9981 | 70 | 0.35 | 0.35 | 1.76 |
| 12/31/24 | 15.00 | 0.32 | 1.44 | 1.76 | (0.32) | (0.13) | 16.31 | 11.63 | 9677 | 40 | 0.35 | 0.35 | 2.01 |
| 12/31/23 | 13.60 | 0.30 | 1.63 | 1.93 | (0.31) | (0.22) | 15.00 | 14.35 | 8368 | 18 | 0.35 | 0.35 | 2.11 |
| 12/31/22 | 17.45 | 0.34 | (2.96)  | (2.62)  | (0.26) | (0.97) | 13.60 | (15.12)  | 7243 | 41 | 0.35 | 0.35 | 2.25 |
| 12/31/21 | 15.64 | 0.28 | 2.12 | 2.40 | (0.20) | (0.39) | 17.45 | 15.43 | 7350 | 27 | 0.35 | 0.35 | 1.63 |
| **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.30 | 0.35 | 1.14 | 1.49 | (0.32) | (0.45) | 13.02 | 12.18 | 217431 | 55 | 0.65 | 0.65 | 2.71 |
| 12/31/24 | 11.81 | 0.32 | 0.49 | 0.81 | (0.32) |  | 12.30 | 6.79 | 189772 | 33 | 0.65 | 0.65 | 2.59 |
| 12/31/23 | 11.03 | 0.29 | 0.76 | 1.05 | (0.27) |  | 11.81 | 9.61 | 194974 | 21 | 0.65 | 0.65 | 2.52 |
| 12/31/22 | 13.61 | 0.28 | (2.06)  | (1.78)  | (0.18) | (0.62) | 11.03 | (13.15)  | 184798 | 39 | 0.65 | 0.65 | 2.31 |
| 12/31/21 | 13.00 | 0.20 | 0.79 | 0.99 | (0.16) | (0.22) | 13.61 | 7.64 | 214552 | 34 | 0.65 | 0.65 | 1.47 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.38 | 0.39 | 1.15 | 1.54 | (0.36) | (0.45) | 13.11 | 12.48 | 9687 | 55 | 0.35 | 0.35 | 3.03 |
| 12/31/24 | 11.88 | 0.35 | 0.51 | 0.86 | (0.36) |  | 12.38 | 7.14 | 7546 | 33 | 0.35 | 0.35 | 2.87 |
| 12/31/23 | 11.10 | 0.33 | 0.76 | 1.09 | (0.31) |  | 11.88 | 9.87 | 8291 | 21 | 0.35 | 0.35 | 2.84 |
| 12/31/22 | 13.69 | 0.33 | (2.08)  | (1.75)  | (0.22) | (0.62) | 11.10 | (12.88)  | 7392 | 39 | 0.35 | 0.35 | 2.66 |
| 12/31/21 | 13.06 | 0.25 | 0.80 | 1.05 | (0.20) | (0.22) | 13.69 | 8.01 | 8027 | 34 | 0.35 | 0.35 | 1.84 |

---

See accompanying Notes to Financial Statements.

695

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.13 | 0.32 | 1.73 | 2.05 | (0.30) | (1.09) | 14.79 | 14.60 | 348605 | 60 | 0.65 | 0.65 | 2.14 |
| 12/31/24 | 13.32 | 0.29 | 0.94 | 1.23 | (0.31) | (0.11) | 14.13 | 9.10 | 311025 | 36 | 0.65 | 0.65 | 2.07 |
| 12/31/23 | 12.42 | 0.28 | 1.17 | 1.45 | (0.29) | (0.26) | 13.32 | 11.77 | 316029 | 17 | 0.65 | 0.65 | 2.18 |
| 12/31/22 | 15.54 | 0.28 | (2.49)  | (2.21)  | (0.20) | (0.71) | 12.42 | (14.36)  | 295150 | 38 | 0.65 | 0.65 | 2.06 |
| 12/31/21 | 14.39 | 0.20 | 1.43 | 1.63 | (0.18) | (0.30) | 15.54 | 11.32 | 361487 | 24 | 0.65 | 0.65 | 1.29 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.17 | 0.36 | 1.76 | 2.12 | (0.35) | (1.09) | 14.85 | 15.01 | 9352 | 60 | 0.35 | 0.35 | 2.41 |
| 12/31/24 | 13.36 | 0.34 | 0.93 | 1.27 | (0.35) | (0.11) | 14.17 | 9.37 | 8995 | 36 | 0.35 | 0.35 | 2.39 |
| 12/31/23 | 12.46 | 0.32 | 1.17 | 1.49 | (0.33) | (0.26) | 13.36 | 12.08 | 8784 | 17 | 0.35 | 0.35 | 2.46 |
| 12/31/22 | 15.59 | 0.33 | (2.51)  | (2.18)  | (0.24) | (0.71) | 12.46 | (14.09)  | 8551 | 38 | 0.35 | 0.35 | 2.41 |
| 12/31/21 | 14.43 | 0.25 | 1.42 | 1.67 | (0.21) | (0.30) | 15.59 | 11.63 | 8968 | 24 | 0.35 | 0.35 | 1.62 |
| **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.44 | 0.30 | 2.34 | 2.64 |  |  | 19.08 | 16.06 | 2055560 | 16 | 0.64 | 0.64 | 1.72 |
| 12/31/24 | 14.70 | 0.26 | 1.48 | 1.74 |  |  | 16.44 | 11.84 | 1981984 | 28 | 0.64 | 0.64 | 1.65 |
| 12/31/23 | 12.86 | 0.28 | 1.56 | 1.84 |  |  | 14.70 | 14.31 | 2002590 | 15 | 0.64 | 0.64 | 2.05 |
| 12/31/22 | 15.42 | 0.23 | (2.79)  | (2.56)  |  |  | 12.86 | (16.60)  | 1888306 | 10 | 0.64 | 0.64 | 1.70 |
| 12/31/21 | 13.49 | 0.24 | 1.69 | 1.93 |  |  | 15.42 | 14.31 | 2391290 | 5 | 0.64 | 0.64 | 1.60 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.95 | 0.39 | 2.42 | 2.81 |  |  | 19.76 | 16.58 | 66279 | 16 | 0.22 | 0.34 | 2.16 |
| 12/31/24 | 15.10 | 0.34 | 1.51 | 1.85 |  |  | 16.95 | 12.25 | 60151 | 28 | 0.22 | 0.34 | 2.08 |
| 12/31/23 | 13.16 | 0.35 | 1.59 | 1.94 |  |  | 15.10 | 14.74 | 58622 | 15 | 0.22 | 0.34 | 2.50 |
| 12/31/22 | 15.71 | 0.30 | (2.85)  | (2.55)  |  |  | 13.16 | (16.23)  | 53213 | 10 | 0.22 | 0.34 | 2.16 |
| 12/31/21 | 13.68 | 0.29 | 1.74 | 2.03 |  |  | 15.71 | 14.84 | 61141 | 5 | 0.22 | 0.34 | 1.94 |
| **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.36 | 0.37 | 1.20 | 1.57 |  |  | 14.93 | 11.75 | 551053 | 13 | 0.65 | 0.65 | 2.62 |
| 12/31/24 | 12.47 | 0.32 | 0.57 | 0.89 |  |  | 13.36 | 7.14 | 528552 | 23 | 0.66 | 0.66 | 2.44 |
| 12/31/23 | 11.33 | 0.28 | 0.86 | 1.14 |  |  | 12.47 | 10.06 | 537570 | 22 | 0.65 | 0.65 | 2.37 |
| 12/31/22 | 13.18 | 0.22 | (2.07)  | (1.85)  |  |  | 11.33 | (14.04)  | 490545 | 17 | 0.65 | 0.65 | 1.90 |
| 12/31/21 | 12.39 | 0.18 | 0.61 | 0.79 |  |  | 13.18 | 6.38 | 577561 | 20 | 0.65 | 0.65 | 1.43 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.79 | 0.44 | 1.24 | 1.68 |  |  | 15.47 | 12.18 | 23125 | 13 | 0.22 | 0.35 | 3.05 |
| 12/31/24 | 12.81 | 0.39 | 0.59 | 0.98 |  |  | 13.79 | 7.65 | 22920 | 23 | 0.23 | 0.36 | 2.91 |
| 12/31/23 | 11.59 | 0.33 | 0.89 | 1.22 |  |  | 12.81 | 10.53 | 18921 | 22 | 0.22 | 0.35 | 2.78 |
| 12/31/22 | 13.43 | 0.28 | (2.12)  | (1.84)  |  |  | 11.59 | (13.70)  | 18485 | 17 | 0.22 | 0.35 | 2.37 |
| 12/31/21 | 12.56 | 0.25 | 0.62 | 0.87 |  |  | 13.43 | 6.93 | 19256 | 20 | 0.22 | 0.35 | 1.88 |

---

See accompanying Notes to Financial Statements.

696

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.85 | 0.34 | 1.76 | 2.10 |  |  | 16.95 | 14.14 | 946889 | 11 | 0.65 | 0.65 | 2.16 |
| 12/31/24 | 13.55 | 0.29 | 1.01 | 1.30 |  |  | 14.85 | 9.59 | 899970 | 24 | 0.65 | 0.65 | 2.05 |
| 12/31/23 | 12.07 | 0.28 | 1.20 | 1.48 |  |  | 13.55 | 12.26 | 894812 | 20 | 0.65 | 0.65 | 2.22 |
| 12/31/22 | 14.27 | 0.23 | (2.43)  | (2.20)  |  |  | 12.07 | (15.42)  | 827236 | 12 | 0.65 | 0.65 | 1.79 |
| 12/31/21 | 12.93 | 0.21 | 1.13 | 1.34 |  |  | 14.27 | 10.36 | 991724 | 7 | 0.65 | 0.65 | 1.49 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 15.32 | 0.42 | 1.82 | 2.24 |  |  | 17.56 | 14.62 | 40810 | 11 | 0.23 | 0.35 | 2.58 |
| 12/31/24 | 13.91 | 0.36 | 1.05 | 1.41 |  |  | 15.32 | 10.14 | 38355 | 24 | 0.23 | 0.35 | 2.46 |
| 12/31/23 | 12.34 | 0.34 | 1.23 | 1.57 |  |  | 13.91 | 12.72 | 38285 | 20 | 0.23 | 0.35 | 2.59 |
| 12/31/22 | 14.54 | 0.29 | (2.49)  | (2.20)  |  |  | 12.34 | (15.13)  | 39355 | 12 | 0.23 | 0.35 | 2.25 |
| 12/31/21 | 13.11 | 0.27 | 1.16 | 1.43 |  |  | 14.54 | 10.91 | 42431 | 7 | 0.23 | 0.35 | 1.93 |
| **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** | **JNL Bond Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.34 | 0.36 | 0.31 | 0.67 |  |  | 10.01 | 7.17 | 1049234 | 88<br> (c) | 0.08 | 0.21 | 3.76 |
| 12/31/24 | 9.23 | 0.33 | (0.22)  | 0.11 |  |  | 9.34 | 1.19 | 1034647 | 76<br> (c) | 0.07 | 0.20 | 3.54 |
| 12/31/23 | 8.75 | 0.27 | 0.21 | 0.48 |  |  | 9.23 | 5.49 | 1039960 | 75<br> (c) | 0.08 | 0.21 | 2.99 |
| 12/31/22 | 10.07 | 0.17 | (1.49)  | (1.32)  |  |  | 8.75 | (13.11)  | 1021370 | 104<br> (c) | 0.07 | 0.20 | 1.82 |
| 12/31/21<br> (b) | 10.00 | 0.07 | 0.00 | 0.07 |  |  | 10.07 | 0.70 | 1321262 | 41<br> (c) | 0.08 | 0.21 | 0.99 |
| **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** | **JNL Emerging Markets Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 8.75 | 0.24 | 2.53 | 2.77 |  |  | 11.52 | 31.66 | 930603 | 11 | 0.16 | 0.22 | 2.37 |
| 12/31/24 | 8.24 | 0.21 | 0.30 | 0.51 |  |  | 8.75 | 6.19 | 780857 | 5 | 0.19 | 0.24 | 2.40 |
| 12/31/23 | 7.50 | 0.22 | 0.52 | 0.74 |  |  | 8.24 | 9.87 | 844712 | 12 | 0.16 | 0.22 | 2.83 |
| 12/31/22 | 9.20 | 0.24 | (1.94)  | (1.70)  |  |  | 7.50 | (18.48)  | 818930 | 7 | 0.16 | 0.22 | 3.03 |
| 12/31/21<br> (b) | 10.00 | 0.16 | (0.96)  | (0.80)  |  |  | 9.20 | (8.00)  | 1069080 | 20 | 0.17 | 0.23 | 2.40 |
| **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** | **JNL International Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.74 | 0.31 | 2.81 | 3.12 | (0.28) | (0.21) | 12.37 | 32.13 | 3088098 | 15 | 0.10 | 0.21 | 2.70 |
| 12/31/24 | 9.81 | 0.30 | 0.05 | 0.35 | (0.38) | (0.04) | 9.74 | 3.46 | 2079893 | 4 | 0.10 | 0.21 | 2.86 |
| 12/31/23 | 8.57 | 0.28 | 1.24 | 1.52 | (0.28) |  | 9.81 | 17.83 | 2305357 | 7 | 0.10 | 0.21 | 2.96 |
| 12/31/22 | 10.29 | 0.26 | (1.67)  | (1.41)  | (0.25) | (0.06) | 8.57 | (13.75)  | 2129382 | 2 | 0.10 | 0.21 | 2.97 |
| 12/31/21<br> (b) | 10.00 | 0.16 | 0.13 | 0.29 |  |  | 10.29 | 2.90 | 2647040 | 5 | 0.11 | 0.22 | 2.26 |

---

(a) Effective April 26, 2021, the Fund received investments from its Feeder Fund in
exchange for shares of the Fund. For information on the performance of these investments prior to April
26, 2021, please see the Financial Highlights of the Feeder Fund.

(b) The Fund commenced operations
on April 26, 2021.

(c) Portfolio turnover including dollar roll transactions for JNL Bond Index Fund
was as follows: December 31, 2025: 148%; December 31, 2024: 136%; December 31, 2023: 123%; December 31,
2022: 204%; December 31, 2021: 129%;

See accompanying Notes to Financial Statements.

697

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** | **JNL Mid Cap Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.01 | 0.17 | 0.72 | 0.89 |  |  | 12.90 | 7.41 | 3254155 | 15 | 0.10 | 0.22 | 1.40 |
| 12/31/24 | 10.55 | 0.16 | 1.30 | 1.46 |  |  | 12.01 | 13.84 | 3444243 | 16 | 0.10 | 0.22 | 1.41 |
| 12/31/23 | 9.07 | 0.15 | 1.33 | 1.48 |  |  | 10.55 | 16.32 | 3371284 | 19 | 0.10 | 0.22 | 1.59 |
| 12/31/22 | 10.44 | 0.14 | (1.51)  | (1.37)  |  |  | 9.07 | (13.12)  | 3069360 | 12 | 0.10 | 0.22 | 1.48 |
| 12/31/21<br> (b) | 10.00 | 0.09 | 0.35 | 0.44 |  |  | 10.44 | 4.40 | 3851884 | 12 | 0.11 | 0.23 | 1.26 |
| **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** | **JNL Small Cap Index Fund(a)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.05 | 0.16 | 0.51 | 0.67 |  |  | 11.72 | 6.06 | 2358940 | 36 | 0.10 | 0.22 | 1.49 |
| 12/31/24 | 10.18 | 0.17 | 0.70 | 0.87 |  |  | 11.05 | 8.55 | 2534122 | 32 | 0.10 | 0.22 | 1.58 |
| 12/31/23 | 8.77 | 0.15 | 1.26 | 1.41 |  |  | 10.18 | 16.08 | 2610779 | 36 | 0.10 | 0.22 | 1.66 |
| 12/31/22 | 10.47 | 0.13 | (1.83)  | (1.70)  |  |  | 8.77 | (16.24)  | 2335017 | 23 | 0.10 | 0.22 | 1.42 |
| 12/31/21<br> (b) | 10.00 | 0.08 | 0.39 | 0.47 |  |  | 10.47 | 4.70 | 2982389 | 17 | 0.11 | 0.23 | 1.22 |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.91 | (0.07) | 1.30 | 1.23 |  |  | 14.14 | 9.53 | 198642 | 165 | 2.18<br> (c) | 2.26<br> (c) | (0.49)  |
| 12/31/24 | 11.78 | 0.04 | 1.09 | 1.13 |  |  | 12.91 | 9.59 | 195868 | 139 | 2.19<br> (c) | 2.19<br> (c) | 0.32 |
| 12/31/23 | 10.59 | 0.06 | 1.13 | 1.19 |  |  | 11.78 | 11.24 | 202880 | 127 | 2.41<br> (c) | 2.41<br> (c) | 0.51 |
| 12/31/22 | 11.82 | 0.06 | (1.29)  | (1.23)  |  |  | 10.59 | (10.41)  | 205495 | 117 | 2.16<br> (c) | 2.16<br> (c) | 0.59 |
| 12/31/21 | 11.50 | 0.07 | 0.25 | 0.32 |  |  | 11.82 | 2.78 | 248560 | 127 | 2.01<br> (c) | 2.01<br> (c) | 0.59 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.18 | (0.03)  | 1.32 | 1.29 |  |  | 14.47 | 9.79 | 763904 | 165 | 1.88<br> (c) | 1.96<br> (c) | (0.24)  |
| 12/31/24 | 11.98 | 0.08 | 1.12 | 1.20 |  |  | 13.18 | 10.02 | 605289 | 139 | 1.89<br> (c) | 1.89<br> (c) | 0.63 |
| 12/31/23 | 10.74 | 0.09 | 1.15 | 1.24 |  |  | 11.98 | 11.55 | 791361 | 127 | 2.11<br> (c) | 2.11<br> (c) | 0.81 |
| 12/31/22 | 11.96 | 0.10 | (1.32)  | (1.22)  |  |  | 10.74 | (10.20)  | 874517 | 117 | 1.86<br> (c) | 1.86<br> (c) | 0.89 |
| 12/31/21 | 11.60 | 0.11 | 0.25 | 0.36 |  |  | 11.96 | 3.10 | 1113115 | 127 | 1.71<br> (c) | 1.71<br> (c) | 0.90 |

---

(a) Effective April 26, 2021, the Fund received investments from its Feeder Fund in
exchange for shares of the Fund. For information on the performance of these investments prior to April
26, 2021, please see the Financial Highlights of the Feeder Fund.

(b) The Fund commenced operations
on April 26, 2021.

(c) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL Multi-Manager
Alternative Fund were as follows: Class A: December 31, 2025: 1.70%, 1.62% December 31, 2024: 1.71%,
1.71% December 31, 2023: 1.69%, 1.69% December 31, 2022: 1.67%, 1.67% December 31, 2021: 1.68%, 1.68%
Class I: December 31, 2025: 1.40%, 1.32% December 31, 2024: 1.41%, 1.41% December 31, 2023: 1.39%, 1.39%
December 31, 2022: 1.37%, 1.37% December 31, 2021: 1.38%, 1.38%

See accompanying Notes to Financial Statements.

698

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 8.74 | 0.15 | 1.97 | 2.12 | (0.08) |  | 10.78 | 24.27 | 591779 | 60 | 1.22 | 1.22 | 1.52 |
| 12/31/24 | 8.45 | 0.12 | 0.27 | 0.39 | (0.10) |  | 8.74 | 4.58 | 559532 | 81 | 1.22 | 1.22 | 1.36 |
| 12/31/23 | 7.79 | 0.11 | 0.67 | 0.78 | (0.12) |  | 8.45 | 10.11 | 626215 | 42 | 1.23 | 1.23 | 1.34 |
| 12/31/22 | 11.28 | 0.11 | (2.83)  | (2.72)  | (0.08) | (0.69) | 7.79 | (24.13)  | 627647 | 41 | 1.21 | 1.21 | 1.22 |
| 12/31/21 | 11.42 | 0.08 | (0.07)  | 0.01 | (0.15) |  | 11.28 | 0.08 | 909805 | 54 | 1.22 | 1.22 | 0.64 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 8.76 | 0.18 | 1.97 | 2.15 | (0.11) |  | 10.80 | 24.59 | 812386 | 60 | 0.92 | 0.92 | 1.84 |
| 12/31/24 | 8.47 | 0.15 | 0.27 | 0.42 | (0.13) |  | 8.76 | 4.90 | 561259 | 81 | 0.92 | 0.92 | 1.66 |
| 12/31/23 | 7.81 | 0.13 | 0.68 | 0.81 | (0.15) |  | 8.47 | 10.47 | 306613 | 42 | 0.93 | 0.93 | 1.64 |
| 12/31/22 | 11.33 | 0.14 | (2.85)  | (2.71)  | (0.12) | (0.69) | 7.81 | (23.93)  | 302526 | 41 | 0.91 | 0.91 | 1.48 |
| 12/31/21 | 11.46 | 0.11 | (0.06)  | 0.05 | (0.18) |  | 11.33 | 0.40 | 697136 | 54 | 0.92 | 0.92 | 0.95 |
| **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** | **JNL Multi-Manager Floating Rate Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.30 | 1.03 | (0.52) | 0.51 |  |  | 13.81 | 3.83 | 908046 | 52 | 0.94 | 0.94 | 7.64 |
| 12/31/24 | 12.30 | 1.16 | (0.16)  | 1.00 |  |  | 13.30 | 8.13 | 1083216 | 47 | 0.93 | 0.93 | 9.02 |
| 12/31/23 | 10.87 | 1.05 | 0.38 | 1.43 |  |  | 12.30 | 13.16 | 1196582 | 53 | 0.86 | 0.93 | 9.09 |
| 12/31/22 | 11.40 | 0.58 | (1.11)  | (0.53)  |  |  | 10.87 | (4.65)  | 1196910 | 68 | 0.89 | 0.93 | 5.27 |
| 12/31/21 | 10.99 | 0.39 | 0.02 | 0.41 |  |  | 11.40 | 3.73 | 1197306 | 106 | 0.93 | 0.93 | 3.51 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.56 | 1.09 | (0.53)  | 0.56 |  |  | 14.12 | 4.13 | 18965 | 52 | 0.64 | 0.64 | 7.93 |
| 12/31/24 | 12.51 | 1.22 | (0.17)  | 1.05 |  |  | 13.56 | 8.39 | 16149 | 47 | 0.63 | 0.63 | 9.32 |
| 12/31/23 | 11.02 | 1.10 | 0.39 | 1.49 |  |  | 12.51 | 13.52 | 17181 | 53 | 0.56 | 0.63 | 9.37 |
| 12/31/22 | 11.52 | 0.62 | (1.12)  | (0.50)  |  |  | 11.02 | (4.34)  | 19194 | 68 | 0.59 | 0.63 | 5.54 |
| 12/31/21 | 11.07 | 0.44 | 0.01 | 0.45 |  |  | 11.52 | 4.06 | 10903 | 106 | 0.63 | 0.63 | 3.86 |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.06 | 0.17 | 2.64 | 2.81 | (0.26) |  | 13.61 | 25.49 | 404265 | 116 | 1.20 | 1.21 | 1.38 |
| 12/31/24 | 10.94 | 0.16 | 0.40 | 0.56 | (0.44) |  | 11.06 | 4.98 | 401528 | 78 | 1.22 | 1.22 | 1.41 |
| 12/31/23 | 9.19 | 0.19 | 1.86 | 2.05 | (0.30) |  | 10.94 | 22.47 | 430765 | 70 | 1.21 | 1.21 | 1.88 |
| 12/31/22 | 15.74 | 0.24 | (5.03)  | (4.79)  | (0.14) | (1.62) | 9.19 | (30.44)  | 372710 | 65 | 1.21 | 1.21 | 2.09 |
| 12/31/21 | 13.76 | 0.13 | 2.01 | 2.14 | (0.05) | (0.11) | 15.74 | 15.62 | 560879 | 93 | 1.23 | 1.23 | 0.83 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.18 | 0.21 | 2.68 | 2.89 | (0.31) |  | 13.76 | 25.88 | 291214 | 116 | 0.90 | 0.91 | 1.63 |
| 12/31/24 | 11.05 | 0.20 | 0.40 | 0.60 | (0.47) |  | 11.18 | 5.32 | 252587 | 78 | 0.92 | 0.92 | 1.71 |
| 12/31/23 | 9.28 | 0.22 | 1.88 | 2.10 | (0.33) |  | 11.05 | 22.84 | 253262 | 70 | 0.91 | 0.91 | 2.18 |
| 12/31/22 | 15.88 | 0.28 | (5.09)  | (4.81)  | (0.17) | (1.62) | 9.28 | (30.27)  | 218213 | 65 | 0.91 | 0.91 | 2.39 |
| 12/31/21 | 13.84 | 0.17 | 2.03 | 2.20 | (0.05) | (0.11) | 15.88 | 15.96 | 332027 | 93 | 0.91 | 0.91 | 1.10 |

---

See accompanying Notes to Financial Statements.

699

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 20.27 | 0.04 | 0.33 | 0.37 |  |  | 20.64 | 1.83 | 419344 | 85 | 1.07 | 1.08 | 0.21 |
| 12/31/24 | 18.95 | 0.07 | 1.25 | 1.32 |  |  | 20.27 | 6.97 | 458580 | 45 | 1.08 | 1.08 | 0.35 |
| 12/31/23 | 16.87 | 0.10 | 1.98 | 2.08 |  |  | 18.95 | 12.33 | 479354 | 44 | 1.08 | 1.08 | 0.59 |
| 12/31/22 | 20.19 | 0.07 | (3.39)  | (3.32)  |  |  | 16.87 | (16.44)  | 424102 | 45 | 1.07 | 1.07 | 0.39 |
| 12/31/21 | 16.25 | 0.05 | 3.89 | 3.94 |  |  | 20.19 | 24.25 | 476106 | 40 | 1.08 | 1.08 | 0.26 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 20.66 | 0.10 | 0.34 | 0.44 |  |  | 21.10 | 2.13 | 735087 | 85 | 0.77 | 0.78 | 0.50 |
| 12/31/24 | 19.25 | 0.13 | 1.28 | 1.41 |  |  | 20.66 | 7.32 | 753782 | 45 | 0.78 | 0.78 | 0.65 |
| 12/31/23 | 17.09 | 0.16 | 2.00 | 2.16 |  |  | 19.25 | 12.64 | 1055576 | 44 | 0.78 | 0.78 | 0.88 |
| 12/31/22 | 20.39 | 0.12 | (3.42)  | (3.30)  |  |  | 17.09 | (16.18)  | 1005250 | 45 | 0.77 | 0.77 | 0.68 |
| 12/31/21 | 16.37 | 0.10 | 3.92 | 4.02 |  |  | 20.39 | 24.56 | 1376087 | 40 | 0.78 | 0.78 | 0.54 |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 42.44 | (0.19) | 1.70 | 1.51 |  |  | 43.95 | 3.56 | 1733057 | 78 | 0.97 | 0.97 | (0.45)  |
| 12/31/24 | 38.70 | (0.18)  | 3.92 | 3.74 |  |  | 42.44 | 9.66 | 1891564 | 70 | 0.97 | 0.97 | (0.44)  |
| 12/31/23 | 33.27 | (0.15)  | 5.58 | 5.43 |  |  | 38.70 | 16.32 | 1975439 | 54 | 0.97 | 0.97 | (0.43)  |
| 12/31/22 | 48.27 | (0.20)  | (14.80)  | (15.00)  |  |  | 33.27 | (31.08)  | 1761597 | 74 | 0.96 | 0.96 | (0.56)  |
| 12/31/21 | 46.90 | (0.34)  | 1.71 | 1.37 |  |  | 48.27 | 2.92 | 2838668 | 72 | 0.96 | 0.96 | (0.69)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 45.49 | (0.07)  | 1.83 | 1.76 |  |  | 47.25 | 3.87 | 472898 | 78 | 0.67 | 0.67 | (0.15)  |
| 12/31/24 | 41.35 | (0.06)  | 4.20 | 4.14 |  |  | 45.49 | 10.01 | 509704 | 70 | 0.67 | 0.67 | (0.14)  |
| 12/31/23 | 35.44 | (0.05)  | 5.96 | 5.91 |  |  | 41.35 | 16.68 | 354911 | 54 | 0.67 | 0.67 | (0.13)  |
| 12/31/22 | 51.27 | (0.10)  | (15.73)  | (15.83)  |  |  | 35.44 | (30.88)  | 321096 | 74 | 0.66 | 0.66 | (0.26)  |
| 12/31/21 | 49.67 | (0.20)  | 1.80 | 1.60 |  |  | 51.27 | 3.22 | 473249 | 72 | 0.66 | 0.66 | (0.39)  |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 21.53 | 0.08 | 0.50 | 0.58 |  |  | 22.11 | 2.69 | 1244825 | 34 | 1.07 | 1.07 | 0.37 |
| 12/31/24 | 19.67 | 0.06 | 1.80 | 1.86 |  |  | 21.53 | 9.46 | 1345079 | 30 | 1.07 | 1.07 | 0.30 |
| 12/31/23 | 16.26 | 0.06 | 3.35 | 3.41 |  |  | 19.67 | 20.97 | 1293833 | 24 | 1.07 | 1.07 | 0.36 |
| 12/31/22 | 18.51 | 0.02 | (2.27)  | (2.25)  |  |  | 16.26 | (12.16)  | 1143636 | 27 | 1.06 | 1.06 | 0.14 |
| 12/31/21 | 15.05 | 0.02 | 3.44 | 3.46 |  |  | 18.51 | 22.99 | 1381521 | 40 | 1.07 | 1.07 | 0.12 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 21.95 | 0.15 | 0.51 | 0.66 |  |  | 22.61 | 3.01 | 475159 | 34 | 0.77 | 0.77 | 0.67 |
| 12/31/24 | 19.99 | 0.13 | 1.83 | 1.96 |  |  | 21.95 | 9.80 | 544127 | 30 | 0.77 | 0.77 | 0.60 |
| 12/31/23 | 16.47 | 0.12 | 3.40 | 3.52 |  |  | 19.99 | 21.37 | 499915 | 24 | 0.77 | 0.77 | 0.66 |
| 12/31/22 | 18.70 | 0.07 | (2.30)  | (2.23)  |  |  | 16.47 | (11.93)  | 461308 | 27 | 0.76 | 0.76 | 0.43 |
| 12/31/21 | 15.16 | 0.07 | 3.47 | 3.54 |  |  | 18.70 | 23.35 | 614326 | 40 | 0.77 | 0.77 | 0.41 |

---

See accompanying Notes to Financial Statements.

700

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.23 | 0.10 | 2.50 | 2.60 |  |  | 18.83 | 16.02 | 83689 | 107 | 0.98 | 0.98 | 0.57 |
| 12/31/24 | 12.00 | 0.02 | 4.21 | 4.23 |  |  | 16.23 | 35.25 | 11526 | 139 | 0.98 | 0.98 | 0.12 |
| 12/31/23 | 9.77 | (0.00) <br> (a) | 2.23 | 2.23 |  |  | 12.00 | 22.82 | 1 | 117 | 1.03 | 1.03 | (0.02)  |
| 12/31/22<br> (b) | 10.00 | 0.02 | (0.25)  | (0.23)  |  |  | 9.77 | (2.30)  | 1 | 9 | 1.11 | 1.11 | 1.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.35 | 0.16 | 2.52 | 2.68 |  |  | 19.03 | 16.39 | 1310402 | 107 | 0.68 | 0.68 | 0.89 |
| 12/31/24 | 12.05 | 0.05 | 4.25 | 4.30 |  |  | 16.35 | 35.68 | 1106246 | 139 | 0.68 | 0.68 | 0.35 |
| 12/31/23 | 9.78 | 0.04 | 2.23 | 2.27 |  |  | 12.05 | 23.21 | 434673 | 117 | 0.68 | 0.68 | 0.37 |
| 12/31/22<br> (b) | 10.00 | 0.03 | (0.25)  | (0.22)  |  |  | 9.78 | (2.20)  | 333167 | 9 | 0.71 | 0.71 | 2.01 |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 26.31 | 0.33 | 4.35 | 4.68 |  |  | 30.99 | 17.79 | 571892 | 19 | 0.09 | 0.32 | 1.17 |
| 12/31/24 | 21.07 | 0.31 | 4.93 | 5.24 |  |  | 26.31 | 24.87 | 499111 | 19 | 0.09 | 0.32 | 1.29 |
| 12/31/23 | 16.70 | 0.30 | 4.07 | 4.37 |  |  | 21.07 | 26.17 | 376254 | 9 | 0.09 | 0.32 | 1.60 |
| 12/31/22 | 20.41 | 0.27 | (3.98)  | (3.71)  |  |  | 16.70 | (18.18)  | 278987 | 11 | 0.09 | 0.32 | 1.54 |
| 12/31/21 | 15.88 | 0.24 | 4.29 | 4.53 |  |  | 20.41 | 28.53 | 304384 | 7 | 0.09 | 0.32 | 1.29 |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.46 | (0.01) | 0.69 | 0.68 |  |  | 12.14 | 5.93 | 26191 | 76 | 1.18 | 1.18 | (0.06)  |
| 12/31/24 | 10.80 | (0.02)  | 0.68 | 0.66 |  |  | 11.46 | 6.11 | 21518 | 48 | 1.20 | 1.20 | (0.14)  |
| 12/31/23 | 9.33 | 0.02 | 1.45 | 1.47 |  |  | 10.80 | 15.76 | 18384 | 49 | 1.13 | 1.13 | 0.17 |
| 12/31/22<br> (c) | 10.00 | 0.01 | (0.68)  | (0.67)  |  |  | 9.33 | (6.70)  | 13827 | 28 | 1.15 | 1.15 | 0.11 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.55 | 0.03 | 0.70 | 0.73 |  |  | 12.28 | 6.32 | 906 | 76 | 0.88 | 0.88 | 0.23 |
| 12/31/24 | 10.86 | 0.02 | 0.67 | 0.69 |  |  | 11.55 | 6.35 | 555 | 48 | 0.90 | 0.90 | 0.18 |
| 12/31/23 | 9.36 | 0.05 | 1.45 | 1.50 |  |  | 10.86 | 16.03 | 642 | 49 | 0.83 | 0.83 | 0.45 |
| 12/31/22<br> (c) | 10.00 | 0.01 | (0.65)  | (0.64)  |  |  | 9.36 | (6.40)  | 226 | 28 | 0.85 | 0.85 | 0.10 |

---

(a) Amount represents less than $0.005.

(b) The Fund commenced operations
on November 15, 2022.

(c) The Fund commenced operations on April 25, 2022.

See accompanying Notes to Financial Statements.

701

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.01 | 0.14 | 2.08 | 2.22 |  |  | 19.23 | 13.05 | 403629 | 28 | 0.85 | 0.85 | 0.77 |
| 12/31/24 | 14.75 | 0.16 | 2.10 | 2.26 |  |  | 17.01 | 15.32 | 387043 | 21 | 0.85 | 0.85 | 0.96 |
| 12/31/23 | 13.34 | 0.18 | 1.23 | 1.41 |  |  | 14.75 | 10.57 | 386324 | 23 | 0.85 | 0.85 | 1.28 |
| 12/31/22 | 14.59 | 0.14 | (1.39)  | (1.25)  |  |  | 13.34 | (8.57)  | 383202 | 25 | 0.85 | 0.85 | 1.06 |
| 12/31/21 | 11.96 | 0.08 | 2.55 | 2.63 |  |  | 14.59 | 21.99 | 411317 | 24 | 0.86 | 0.86 | 0.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.29 | 0.20 | 2.12 | 2.32 |  |  | 19.61 | 13.42 | 10414 | 28 | 0.55 | 0.55 | 1.07 |
| 12/31/24 | 14.95 | 0.21 | 2.13 | 2.34 |  |  | 17.29 | 15.65 | 7291 | 21 | 0.55 | 0.55 | 1.26 |
| 12/31/23 | 13.48 | 0.22 | 1.25 | 1.47 |  |  | 14.95 | 10.91 | 7087 | 23 | 0.55 | 0.55 | 1.58 |
| 12/31/22 | 14.70 | 0.19 | (1.41)  | (1.22)  |  |  | 13.48 | (8.30)  | 6326 | 25 | 0.55 | 0.55 | 1.38 |
| 12/31/21 | 12.01 | 0.13 | 2.56 | 2.69 |  |  | 14.70 | 22.40 | 5580 | 24 | 0.56 | 0.56 | 0.94 |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.96 | 0.39 | 2.98 | 3.37 |  |  | 21.33 | 18.76 | 2587479 | 135 | 1.03 | 1.03 | 1.98 |
| 12/31/24 | 16.42 | 0.39 | 1.15 | 1.54 |  |  | 17.96 | 9.38 | 2595734 | 156 | 1.03<br> (a) | 1.03<br> (a) | 2.25 |
| 12/31/23 | 14.41 | 0.35 | 1.66 | 2.01 |  |  | 16.42 | 13.95 | 2793033 | 221 | 1.03<br> (a) | 1.03<br> (a) | 2.28 |
| 12/31/22 | 17.05 | 0.16 | (2.80)  | (2.64)  |  |  | 14.41 | (15.48)  | 2780861 | 126 | 1.03<br> (a) | 1.03<br> (a) | 1.04 |
| 12/31/21 | 15.89 | 0.12 | 1.04 | 1.16 |  |  | 17.05 | 7.30 | 3684164 | 137 | 1.03<br> (a) | 1.03<br> (a) | 0.69 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.45 | 0.46 | 3.06 | 3.52 |  |  | 21.97 | 19.08 | 20999 | 135 | 0.73 | 0.73 | 2.28 |
| 12/31/24 | 16.81 | 0.46 | 1.18 | 1.64 |  |  | 18.45 | 9.76 | 20380 | 156 | 0.73<br> (a) | 0.73<br> (a) | 2.54 |
| 12/31/23 | 14.70 | 0.40 | 1.71 | 2.11 |  |  | 16.81 | 14.35 | 20626 | 221 | 0.73<br> (a) | 0.73<br> (a) | 2.57 |
| 12/31/22 | 17.35 | 0.19 | (2.84)  | (2.65)  |  |  | 14.70 | (15.27)  | 107533 | 126 | 0.73<br> (a) | 0.73<br> (a) | 1.27 |
| 12/31/21 | 16.12 | 0.17 | 1.06 | 1.23 |  |  | 17.35 | 7.63 | 349665 | 137 | 0.73<br> (a) | 0.73<br> (a) | 0.99 |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.39 | 0.28 | 3.41 | 3.69 |  |  | 16.08 | 29.78 | 736135 | 94 | 1.00 | 1.00 | 2.05 |
| 12/31/24 | 12.85 | 0.28 | (0.74)  | (0.46)  |  |  | 12.39 | (3.58)  | 702739 | 65 | 0.99 | 0.99 | 2.14 |
| 12/31/23 | 13.06 | 0.35 | (0.56)  | (0.21)  |  |  | 12.85 | (1.61)  | 901458 | 44 | 0.97 | 0.97 | 2.74 |
| 12/31/22 | 11.10 | 0.33 | 1.63 | 1.96 |  |  | 13.06 | 17.66 | 1324729 | 90 | 0.97 | 0.97 | 2.71 |
| 12/31/21 | 8.50 | 0.33 | 2.27 | 2.60 |  |  | 11.10 | 30.59 | 852549 | 68 | 0.99 | 0.99 | 3.22 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.72 | 0.34 | 3.50 | 3.84 |  |  | 16.56 | 30.19 | 9057 | 94 | 0.70 | 0.70 | 2.38 |
| 12/31/24 | 13.15 | 0.26 | (0.69)  | (0.43)  |  |  | 12.72 | (3.27)  | 9405 | 65 | 0.69 | 0.69 | 2.06 |
| 12/31/23 | 13.33 | 0.39 | (0.57)  | (0.18)  |  |  | 13.15 | (1.35)  | 122479 | 44 | 0.67 | 0.67 | 2.97 |
| 12/31/22 | 11.28 | 0.37 | 1.68 | 2.05 |  |  | 13.33 | 18.17 | 277084 | 90 | 0.67 | 0.67 | 2.96 |
| 12/31/21 | 8.62 | 0.36 | 2.30 | 2.66 |  |  | 11.28 | 30.86 | 9884 | 68 | 0.69 | 0.69 | 3.50 |

---

(a) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL/BlackRock
Global Allocation Fund were as follows: Class A: December 31, 2024: 1.03%, 1.03% December 31, 2023:
1.03%, 1.03% December 31, 2022: 1.03%, 1.03% December 31, 2021: 1.02%, 1.02% Class I: December 31, 2024:
0.73%, 0.73% December 31, 2023: 0.73%, 0.73% December 31, 2022: 0.72%, 0.72% December 31, 2021: 0.72%,
0.72%

See accompanying Notes to Financial Statements.

702

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 91.67 | (0.42) | 10.88 | 10.46 |  |  | 102.13 | 11.41 | 3902269 | 63 | 0.83 | 0.86 | (0.45)  |
| 12/31/24 | 69.72 | (0.23)  | 22.18 | 21.95 |  |  | 91.67 | 31.48 | 4282248 | 26 | 0.83 | 0.86 | (0.28)  |
| 12/31/23 | 46.58 | (0.08)  | 23.22 | 23.14 |  |  | 69.72 | 49.68 | 3573764 | 22 | 0.84 | 0.87 | (0.13)  |
| 12/31/22 | 74.98 | (0.08)  | (28.32)  | (28.40)  |  |  | 46.58 | (37.88)  | 2484178 | 65 | 0.87 | 0.87 | (0.15)  |
| 12/31/21 | 62.25 | (0.28)  | 13.01 | 12.73 |  |  | 74.98 | 20.45 | 4483180 | 40 | 0.86 | 0.86 | (0.41)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 97.42 | (0.15)  | 11.59 | 11.44 |  |  | 108.86 | 11.74 | 510648 | 63 | 0.53 | 0.56 | (0.15)  |
| 12/31/24 | 73.87 | 0.02 | 23.53 | 23.55 |  |  | 97.42 | 31.88 | 551022 | 26 | 0.53 | 0.56 | 0.02 |
| 12/31/23 | 49.21 | 0.10 | 24.56 | 24.66 |  |  | 73.87 | 50.11 | 803780 | 22 | 0.54 | 0.57 | 0.16 |
| 12/31/22 | 78.97 | 0.09 | (29.85)  | (29.76)  |  |  | 49.21 | (37.69)  | 721712 | 65 | 0.57 | 0.57 | 0.16 |
| 12/31/21 | 65.37 | (0.08)  | 13.68 | 13.60 |  |  | 78.97 | 20.80 | 876320 | 40 | 0.56 | 0.56 | (0.11)  |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.19 | 0.35 | 7.39 | 7.74 | (0.41) | (1.70) | 23.82 | 43.10 | 1382195 | 45 | 0.96 | 0.96 | 1.60 |
| 12/31/24 | 19.18 | 0.44 | 0.46 | 0.90 | (0.37) | (1.52) | 18.19 | 4.49 | 657123 | 55 | 0.97 | 0.97 | 2.18 |
| 12/31/23 | 15.17 | 0.35 | 3.94 | 4.29 | (0.28) |  | 19.18 | 28.35 | 789894 | 48 | 0.97 | 0.97 | 1.96 |
| 12/31/22 | 16.54 | 0.27 | (1.44)  | (1.17)  | (0.20) |  | 15.17 | (7.05)  | 508639 | 63 | 0.97 | 0.97 | 1.83 |
| 12/31/21 | 15.45 | 0.22 | 1.09 | 1.31 | (0.22) |  | 16.54 | 8.50 | 533301 | 50 | 0.97 | 0.97 | 1.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.84 | 0.45 | 7.63 | 8.08 | (0.45) | (1.70) | 24.77 | 43.44 | 1408527 | 45 | 0.66 | 0.66 | 2.00 |
| 12/31/24 | 19.80 | 0.51 | 0.49 | 1.00 | (0.44) | (1.52) | 18.84 | 4.82 | 1273278 | 55 | 0.67 | 0.67 | 2.48 |
| 12/31/23 | 15.63 | 0.41 | 4.08 | 4.49 | (0.32) |  | 19.80 | 28.79 | 1099837 | 48 | 0.67 | 0.67 | 2.27 |
| 12/31/22 | 17.03 | 0.33 | (1.48)  | (1.15)  | (0.25) |  | 15.63 | (6.74)  | 852923 | 63 | 0.67 | 0.67 | 2.14 |
| 12/31/21 | 15.90 | 0.28 | 1.11 | 1.39 | (0.26) |  | 17.03 | 8.76 | 899230 | 50 | 0.67 | 0.67 | 1.63 |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 28.06 | (0.11) | 2.65 | 2.54 |  |  | 30.60 | 9.05 | 793318 | 22 | 0.94 | 0.94 | (0.38)  |
| 12/31/24 | 22.00 | (0.06)  | 6.12 | 6.06 |  |  | 28.06 | 27.55 | 891299 | 16 | 0.93 | 0.93 | (0.22)  |
| 12/31/23 | 15.22 | (0.04)  | 6.82 | 6.78 |  |  | 22.00 | 44.55 | 659013 | 12 | 0.94 | 0.94 | (0.19)  |
| 12/31/22 | 22.55 | (0.04)  | (7.29)  | (7.33)  |  |  | 15.22 | (32.51)  | 376862 | 22 | 0.94 | 0.94 | (0.25)  |
| 12/31/21 | 18.61 | (0.07)  | 4.01 | 3.94 |  |  | 22.55 | 21.17 | 585047 | 17 | 0.94 | 0.94 | (0.35)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 28.66 | (0.02)  | 2.71 | 2.69 |  |  | 31.35 | 9.39 | 582860 | 22 | 0.64 | 0.64 | (0.08)  |
| 12/31/24 | 22.41 | 0.02 | 6.23 | 6.25 |  |  | 28.66 | 27.89 | 726360 | 16 | 0.63 | 0.63 | 0.08 |
| 12/31/23 | 15.45 | 0.02 | 6.94 | 6.96 |  |  | 22.41 | 45.05 | 956680 | 12 | 0.64 | 0.64 | 0.11 |
| 12/31/22 | 22.83 | 0.01 | (7.39)  | (7.38)  |  |  | 15.45 | (32.33)  | 891265 | 22 | 0.64 | 0.64 | 0.07 |
| 12/31/21 | 18.78 | (0.01)  | 4.06 | 4.05 |  |  | 22.83 | 21.57 | 952252 | 17 | 0.64 | 0.64 | (0.05)  |

---

See accompanying Notes to Financial Statements.

703

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** | **JNL/Cohen & Steers U.S. Realty Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.50 | 0.18 | 0.09 | 0.27 | (0.37) |  | 9.40 | 2.79 | 76310 | 40 | 1.06 | 1.06 | 1.89 |
| 12/31/24 | 9.55 | 0.20 | 0.26 | 0.46 | (0.51) |  | 9.50 | 4.46 | 93425 | 255 | 1.09 | 1.09 | 2.08 |
| 12/31/23 | 8.90 | 0.21 | 0.64 | 0.85 | (0.20) |  | 9.55 | 9.66 | 105420 | 160 | 1.11 | 1.11 | 2.37 |
| 12/31/22 | 14.28 | 0.18 | (3.81)  | (3.63)  | (0.13) | (1.62) | 8.90 | (25.74)  | 107426 | 157 | 1.10 | 1.10 | 1.46 |
| 12/31/21 | 9.99 | 0.12 | 4.28 | 4.40 | (0.11) |  | 14.28 | 44.13 | 187237 | 136 | 1.11 | 1.11 | 0.98 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.60 | 0.22 | 0.08 | 0.30 | (0.41) |  | 9.49 | 3.06 | 3426 | 40 | 0.76 | 0.76 | 2.18 |
| 12/31/24 | 9.64 | 0.20 | 0.30 | 0.50 | (0.54) |  | 9.60 | 4.83 | 3649 | 255 | 0.80 | 0.80 | 2.13 |
| 12/31/23 | 9.00 | 0.25 | 0.63 | 0.88 | (0.24) |  | 9.64 | 9.89 | 104548 | 160 | 0.81 | 0.81 | 2.69 |
| 12/31/22 | 14.41 | 0.22 | (3.86)  | (3.64)  | (0.15) | (1.62) | 9.00 | (25.55)  | 118882 | 157 | 0.80 | 0.80 | 1.79 |
| 12/31/21 | 10.05 | 0.15 | 4.33 | 4.48 | (0.12) |  | 14.41 | 44.65 | 187501 | 136 | 0.81 | 0.81 | 1.21 |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.41 | 0.28 | 3.74 | 4.02 | (0.21) |  | 15.22 | 35.29 | 599205 | 16 | 0.91 | 0.91 | 2.04 |
| 12/31/24 | 11.23 | 0.27 | 0.18 | 0.45 | (0.27) |  | 11.41 | 3.94 | 303611 | 20 | 0.90 | 0.90 | 2.26 |
| 12/31/23 | 9.89 | 0.25 | 1.28 | 1.53 | (0.19) |  | 11.23 | 15.59 | 288098 | 26 | 0.90 | 0.90 | 2.33 |
| 12/31/22 | 12.53 | 0.26 | (1.77)  | (1.51)  | (0.13) | (1.00) | 9.89 | (12.05)  | 203994 | 21 | 0.90 | 0.90 | 2.38 |
| 12/31/21 | 11.50 | 0.19 | 1.10 | 1.29 | (0.18) | (0.08) | 12.53 | 11.33 | 120033 | 125 | 0.91 | 0.91 | 1.52 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.49 | 0.36 | 3.74 | 4.10 | (0.24) |  | 15.35 | 35.75 | 31576 | 16 | 0.56 | 0.61 | 2.64 |
| 12/31/24 | 11.30 | 0.30 | 0.20 | 0.50 | (0.31) |  | 11.49 | 4.29 | 21878 | 20 | 0.55 | 0.60 | 2.57 |
| 12/31/23 | 9.94 | 0.28 | 1.30 | 1.58 | (0.22) |  | 11.30 | 15.96 | 18374 | 26 | 0.55 | 0.60 | 2.65 |
| 12/31/22 | 12.56 | 0.29 | (1.75)  | (1.46)  | (0.16) | (1.00) | 9.94 | (11.66)  | 13953 | 21 | 0.55 | 0.60 | 2.71 |
| 12/31/21 | 11.56 | 0.29 | 1.04 | 1.33 | (0.25) | (0.08) | 12.56 | 11.63 | 6821 | 125 | 0.56 | 0.61 | 2.37 |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 29.15 | 0.18 | 4.22 | 4.40 |  |  | 33.55 | 15.09 | 1249053 | 2 | 0.80 | 0.80 | 0.58 |
| 12/31/24 | 24.21 | 0.18 | 4.76 | 4.94 |  |  | 29.15 | 20.40 | 1305601 | 4 | 0.80 | 0.80 | 0.68 |
| 12/31/23 | 19.80 | 0.20 | 4.21 | 4.41 |  |  | 24.21 | 22.27 | 1254827 | 6 | 0.80 | 0.80 | 0.94 |
| 12/31/22 | 23.46 | 0.19 | (3.85)  | (3.66)  |  |  | 19.80 | (15.60)  | 1147448 | 10 | 0.80 | 0.80 | 0.90 |
| 12/31/21 | 18.49 | 0.14 | 4.83 | 4.97 |  |  | 23.46 | 26.88 | 1454789 | 9 | 0.80 | 0.80 | 0.64 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 31.58 | 0.31 | 4.60 | 4.91 |  |  | 36.49 | 15.55 | 41743 | 2 | 0.45 | 0.50 | 0.93 |
| 12/31/24 | 26.15 | 0.30 | 5.13 | 5.43 |  |  | 31.58 | 20.76 | 40835 | 4 | 0.45 | 0.50 | 1.02 |
| 12/31/23 | 21.31 | 0.30 | 4.54 | 4.84 |  |  | 26.15 | 22.71 | 100784 | 6 | 0.45 | 0.50 | 1.29 |
| 12/31/22 | 25.16 | 0.28 | (4.13)  | (3.85)  |  |  | 21.31 | (15.30)  | 96892 | 10 | 0.45 | 0.50 | 1.26 |
| 12/31/21 | 19.76 | 0.23 | 5.17 | 5.40 |  |  | 25.16 | 27.33 | 111159 | 9 | 0.45 | 0.50 | 0.99 |

---

See accompanying Notes to Financial Statements.

704

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.12 | 0.06 | 0.86 | 0.92 |  |  | 14.04 | 7.01 | 678470 | 20 | 0.99 | 0.99 | 0.44 |
| 12/31/24 | 12.01 | 0.05 | 1.06 | 1.11 |  |  | 13.12 | 9.24 | 631477 | 19 | 0.98 | 0.98 | 0.43 |
| 12/31/23 | 10.29 | 0.05 | 1.67 | 1.72 |  |  | 12.01 | 16.72 | 574349 | 24 | 0.99 | 0.99 | 0.51 |
| 12/31/22 | 11.93 | 0.05 | (1.69)  | (1.64)  |  |  | 10.29 | (13.75)  | 471784 | 28 | 0.99 | 0.99 | 0.48 |
| 12/31/21 | 9.36 | 0.02 | 2.55 | 2.57 |  |  | 11.93 | 27.46 | 543705 | 35 | 1.01 | 1.01 | 0.18 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.36 | 0.11 | 0.88 | 0.99 |  |  | 14.35 | 7.41 | 29436 | 20 | 0.64 | 0.69 | 0.79 |
| 12/31/24 | 12.18 | 0.10 | 1.08 | 1.18 |  |  | 13.36 | 9.69 | 29977 | 19 | 0.63 | 0.68 | 0.79 |
| 12/31/23 | 10.40 | 0.09 | 1.69 | 1.78 |  |  | 12.18 | 17.12 | 23427 | 24 | 0.64 | 0.69 | 0.86 |
| 12/31/22 | 12.02 | 0.09 | (1.71)  | (1.62)  |  |  | 10.40 | (13.48)  | 18004 | 28 | 0.64 | 0.69 | 0.84 |
| 12/31/21 | 9.39 | 0.06 | 2.57 | 2.63 |  |  | 12.02 | 28.01 | 19329 | 35 | 0.66 | 0.71 | 0.54 |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.96 | 0.62 | 0.31 | 0.93 |  |  | 13.89 | 7.18 | 1593856 | 41 | 0.78 | 0.78 | 4.58 |
| 12/31/24 | 12.67 | 0.59 | (0.30)  | 0.29 |  |  | 12.96 | 2.29 | 1702459 | 100 | 0.77 | 0.77 | 4.58 |
| 12/31/23 | 11.95 | 0.50 | 0.22 | 0.72 |  |  | 12.67 | 6.03 | 1837085 | 144 | 0.78 | 0.78 | 4.14 |
| 12/31/22 | 13.78 | 0.38 | (2.21)  | (1.83)  |  |  | 11.95 | (13.28)  | 1868458 | 140 | 0.77 | 0.77 | 3.02 |
| 12/31/21 | 13.84 | 0.30 | (0.36)  | (0.06)  |  |  | 13.78 | (0.43)  | 2483947 | 167 | 0.77 | 0.77 | 2.15 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.22 | 0.72 | 0.35 | 1.07 |  |  | 15.29 | 7.52 | 955788 | 41 | 0.48 | 0.48 | 4.88 |
| 12/31/24 | 13.86 | 0.68 | (0.32)  | 0.36 |  |  | 14.22 | 2.60 | 1091209 | 100 | 0.47 | 0.47 | 4.88 |
| 12/31/23 | 13.03 | 0.59 | 0.24 | 0.83 |  |  | 13.86 | 6.37 | 1186035 | 144 | 0.48 | 0.48 | 4.46 |
| 12/31/22 | 14.98 | 0.46 | (2.41)  | (1.95)  |  |  | 13.03 | (13.02)  | 866413 | 140 | 0.47 | 0.47 | 3.32 |
| 12/31/21 | 15.00 | 0.37 | (0.39)  | (0.02)  |  |  | 14.98 | (0.13)  | 1081224 | 167 | 0.47 | 0.47 | 2.45 |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.21 | 0.68 | 0.36 | 1.04 |  |  | 13.25 | 8.52 | 126794 | 49 | 1.08 | 1.08 | 5.31 |
| 12/31/24 | 11.43 | 0.68 | 0.10 | 0.78 |  |  | 12.21 | 6.82 | 128070 | 44 | 1.08 | 1.08 | 5.72 |
| 12/31/23 | 10.44 | 0.56 | 0.43 | 0.99 |  |  | 11.43 | 9.48 | 127281 | 42 | 1.08 | 1.08 | 5.19 |
| 12/31/22 | 12.29 | 0.43 | (2.28)  | (1.85)  |  |  | 10.44 | (15.05)  | 126011 | 29 | 1.07 | 1.07 | 3.93 |
| 12/31/21 | 12.20 | 0.37 | (0.28)  | 0.09 |  |  | 12.29 | 0.74 | 163020 | 50 | 1.07 | 1.07 | 2.98 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.22 | 0.72 | 0.36 | 1.08 |  |  | 13.30 | 8.84 | 219322 | 49 | 0.78 | 0.78 | 5.61 |
| 12/31/24 | 11.40 | 0.71 | 0.11 | 0.82 |  |  | 12.22 | 7.19 | 210136 | 44 | 0.78 | 0.78 | 5.99 |
| 12/31/23 | 10.38 | 0.59 | 0.43 | 1.02 |  |  | 11.40 | 9.83 | 429726 | 42 | 0.78 | 0.78 | 5.49 |
| 12/31/22 | 12.18 | 0.45 | (2.25)  | (1.80)  |  |  | 10.38 | (14.78)  | 445603 | 29 | 0.77 | 0.77 | 4.19 |
| 12/31/21 | 12.06 | 0.40 | (0.28)  | 0.12 |  |  | 12.18 | 0.99 | 735249 | 50 | 0.77 | 0.77 | 3.29 |

---

See accompanying Notes to Financial Statements.

705

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 26.06 | 1.14 | 1.20 | 2.34 |  |  | 28.40 | 8.98 | 1392645 | 47 | 0.98 | 1.00 | 4.16 |
| 12/31/24 | 23.05 | 1.06 | 1.95 | 3.01 |  |  | 26.06 | 13.06 | 1559920 | 97 | 1.00 | 1.01 | 4.33 |
| 12/31/23 | 18.09 | 0.81 | 4.15 | 4.96 |  |  | 23.05 | 27.42 | 1763845 | 83 | 1.01 | 1.01 | 3.99 |
| 12/31/22 | 23.71 | 0.43 | (6.05)  | (5.62)  |  |  | 18.09 | (23.70)  | 1487301 | 79 | 1.00 | 1.00 | 2.11 |
| 12/31/21 | 19.12 | 0.17 | 4.42 | 4.59 |  |  | 23.71 | 24.01 | 2216351 | 113 | 1.00 | 1.00 | 0.77 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 26.59 | 1.24 | 1.23 | 2.47 |  |  | 29.06 | 9.29 | 26539 | 47 | 0.68 | 0.70 | 4.49 |
| 12/31/24 | 23.44 | 1.14 | 2.01 | 3.15 |  |  | 26.59 | 13.44 | 139050 | 97 | 0.70 | 0.71 | 4.64 |
| 12/31/23 | 18.34 | 0.89 | 4.21 | 5.10 |  |  | 23.44 | 27.81 | 281767 | 83 | 0.71 | 0.71 | 4.29 |
| 12/31/22 | 23.97 | 0.47 | (6.10)  | (5.63)  |  |  | 18.34 | (23.49)  | 256288 | 79 | 0.70 | 0.70 | 2.28 |
| 12/31/21 | 19.27 | 0.24 | 4.46 | 4.70 |  |  | 23.97 | 24.39 | 628818 | 113 | 0.70 | 0.70 | 1.08 |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.80 | 0.49 | 0.33 | 0.82 |  |  | 11.62 | 7.59 | 704169 | 29 | 0.83 | 0.83 | 4.34 |
| 12/31/24 | 10.53 | 0.44 | (0.17)  | 0.27 |  |  | 10.80 | 2.56 | 717406 | 75 | 0.83 | 0.83 | 4.15 |
| 12/31/23 | 10.02 | 0.38 | 0.13 | 0.51 |  |  | 10.53 | 5.09 | 747890 | 63 | 0.83 | 0.83 | 3.71 |
| 12/31/22 | 11.52 | 0.34 | (1.84)  | (1.50)  |  |  | 10.02 | (13.02)  | 750065 | 59 | 0.82 | 0.82 | 3.16 |
| 12/31/21 | 11.57 | 0.29 | (0.34)  | (0.05)  |  |  | 11.52 | (0.43)  | 981663 | 103 | 0.82 | 0.82 | 2.50 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.99 | 0.53 | 0.34 | 0.87 |  |  | 11.86 | 7.92 | 1084654 | 29 | 0.53 | 0.53 | 4.65 |
| 12/31/24 | 10.68 | 0.48 | (0.17)  | 0.31 |  |  | 10.99 | 2.90 | 1239336 | 75 | 0.53 | 0.53 | 4.45 |
| 12/31/23 | 10.13 | 0.41 | 0.14 | 0.55 |  |  | 10.68 | 5.43 | 1403455 | 63 | 0.53 | 0.53 | 4.02 |
| 12/31/22 | 11.61 | 0.37 | (1.85)  | (1.48)  |  |  | 10.13 | (12.75)  | 1288954 | 59 | 0.52 | 0.52 | 3.48 |
| 12/31/21 | 11.63 | 0.33 | (0.35)  | (0.02)  |  |  | 11.61 | (0.17)  | 1571543 | 103 | 0.52 | 0.52 | 2.80 |
| **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** | **JNL/Dreyfus Government Money Market Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04) |  | 1.00 | 3.78 | 2323775 | N/A | 0.56 | 0.56 | 3.72 |
| 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 4.77 | 2543995 | N/A | 0.56 | 0.56 | 4.67 |
| 12/31/23 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04) |  | 1.00 | 4.39 | 2719319 | N/A | 0.72<br> (a) | 0.56 | 4.29<br> (b) |
| 12/31/22 | 1.00 | 0.01 | (0.01)  | 0.00 |  |  | 1.00 | 0.92 | 3038903 | N/A | 0.77<br> (a) | 0.56 | 1.00<br> (b) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 |  |  | 1.00 | 0.00 | 2061601 | N/A | 0.07 | 0.56 | 0.00<br> (b) |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04) |  | 1.00 | 4.09 | 79143 | N/A | 0.26 | 0.26 | 4.01 |
| 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 5.07 | 70373 | N/A | 0.26 | 0.26 | 5.02 |
| 12/31/23 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 4.86 | 190232 | N/A | 0.26 | 0.26 | 4.68 |
| 12/31/22 | 1.00 | 0.02 | (0.02)  | 0.00 |  |  | 1.00 | 1.27 | 327084 | N/A | 0.37<br> (a) | 0.26 | 2.35<br> (b) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.04 | 35773 | N/A | 0.07 | 0.26 | 0.00<br> (b) |

---

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

(b) The ratios for net investment income (loss) to average net assets without expense
waivers or recovery of contractual expense waivers for JNL/Dreyfus Government Money Market Fund for 2021,
2022, and 2023 was (0.49%), 1.21%, and 4.45% respectively, for Class A and (0.19%), 2.46%, and 4.68%
respectively, for Class I shares.

(c) Amount represents less than $0.005.

See accompanying Notes to Financial Statements.

706

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.15 | 0.54 | 0.37 | 0.91 |  |  | 13.06 | 7.49 | 789232 | 51<br> (a) | 0.77 | 0.78 | 4.25 |
| 12/31/24 | 11.94 | 0.51 | (0.30)  | 0.21 |  |  | 12.15 | 1.76 | 788701 | 52<br> (a) | 0.78 | 0.78 | 4.24 |
| 12/31/23 | 11.19 | 0.47 | 0.28 | 0.75 |  |  | 11.94 | 6.70 | 792977 | 59<br> (a) | 0.78 | 0.78 | 4.10 |
| 12/31/22 | 12.93 | 0.32 | (2.06)  | (1.74)  |  |  | 11.19 | (13.46)  | 760550 | 44<br> (a) | 0.79 | 0.79 | 2.73 |
| 12/31/21 | 13.02 | 0.24 | (0.33)  | (0.09)  |  |  | 12.93 | (0.69)  | 1016621 | 85<br> (a) | 0.78 | 0.78 | 1.84 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.57 | 0.59 | 0.38 | 0.97 |  |  | 13.54 | 7.72 | 718284 | 51<br> (a) | 0.47 | 0.48 | 4.55 |
| 12/31/24 | 12.31 | 0.56 | (0.30)  | 0.26 |  |  | 12.57 | 2.11 | 722365 | 52<br> (a) | 0.48 | 0.48 | 4.54 |
| 12/31/23 | 11.50 | 0.52 | 0.29 | 0.81 |  |  | 12.31 | 7.04 | 775610 | 59<br> (a) | 0.48 | 0.48 | 4.41 |
| 12/31/22 | 13.25 | 0.38 | (2.13)  | (1.75)  |  |  | 11.50 | (13.21)  | 528377 | 44<br> (a) | 0.49 | 0.49 | 3.19 |
| 12/31/21 | 13.30 | 0.28 | (0.33)  | (0.05)  |  |  | 13.25 | (0.38)  | 269043 | 85<br> (a) | 0.48 | 0.48 | 2.13 |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.18 | 0.43 | 2.76 | 3.19 |  |  | 21.37 | 17.55 | 467230 | 59 | 1.16 | 1.16 | 2.12 |
| 12/31/24 | 17.21 | 0.44 | 0.53 | 0.97 |  |  | 18.18 | 5.64 | 495545 | 47 | 1.15 | 1.15 | 2.48 |
| 12/31/23 | 16.74 | 0.42 | 0.05 | 0.47 |  |  | 17.21 | 2.81 | 564121 | 41 | 1.15 | 1.15 | 2.52 |
| 12/31/22 | 17.44 | 0.31 | (1.01)  | (0.70)  |  |  | 16.74 | (4.01)  | 637347 | 53 | 1.15 | 1.15 | 1.85 |
| 12/31/21 | 15.44 | 0.25 | 1.75 | 2.00 |  |  | 17.44 | 12.95 | 711195 | 48 | 1.15 | 1.15 | 1.52 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.59 | 0.51 | 2.83 | 3.34 |  |  | 21.93 | 17.97 | 4159 | 59 | 0.86 | 0.86 | 2.46 |
| 12/31/24 | 17.55 | 0.40 | 0.64 | 1.04 |  |  | 18.59 | 5.93 | 4673 | 47 | 0.84 | 0.85 | 2.32 |
| 12/31/23 | 17.03 | 0.48 | 0.04 | 0.52 |  |  | 17.55 | 3.05 | 192430 | 41 | 0.85 | 0.85 | 2.81 |
| 12/31/22 | 17.69 | 0.38 | (1.04)  | (0.66)  |  |  | 17.03 | (3.73)  | 279433 | 53 | 0.85 | 0.85 | 2.17 |
| 12/31/21 | 15.61 | 0.30 | 1.78 | 2.08 |  |  | 17.69 | 13.32 | 318613 | 48 | 0.85 | 0.85 | 1.81 |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.17 | 0.87 | 1.07 | 1.94 |  |  | 18.11 | 12.00 | 1394441 | 37 | 0.93 | 0.93 | 5.10 |
| 12/31/24 | 15.20 | 0.76 | 0.21 | 0.97 |  |  | 16.17 | 6.38 | 1427879 | 40 | 0.93 | 0.93 | 4.82 |
| 12/31/23 | 14.05 | 0.74 | 0.41 | 1.15 |  |  | 15.20 | 8.19 | 1537339 | 34 | 0.94 | 0.94 | 5.15 |
| 12/31/22 | 14.70 | 0.64 | (1.29)  | (0.65)  |  |  | 14.05 | (4.42)  | 1596450 | 69 | 0.93 | 0.93 | 4.52 |
| 12/31/21 | 12.81 | 0.51 | 1.38 | 1.89 |  |  | 14.70 | 14.75 | 1706537 | 37 | 0.93 | 0.93 | 3.65 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 15.74 | 0.89 | 1.04 | 1.93 |  |  | 17.67 | 12.26 | 9008 | 37 | 0.63 | 0.63 | 5.40 |
| 12/31/24 | 14.74 | 0.79 | 0.21 | 1.00 |  |  | 15.74 | 6.78 | 7239 | 40 | 0.63 | 0.63 | 5.13 |
| 12/31/23 | 13.58 | 0.76 | 0.40 | 1.16 |  |  | 14.74 | 8.54 | 8320 | 34 | 0.64 | 0.64 | 5.45 |
| 12/31/22 | 14.18 | 0.66 | (1.26)  | (0.60)  |  |  | 13.58 | (4.23)  | 8844 | 69 | 0.63 | 0.63 | 4.86 |
| 12/31/21 | 12.31 | 0.53 | 1.34 | 1.87 |  |  | 14.18 | 15.19 | 7541 | 37 | 0.63 | 0.63 | 3.96 |

---

(a) Portfolio turnover including dollar roll transactions for JNL/Fidelity Institutional
Asset Management Total Bond Fund was as follows: December 31, 2025: 211%; December 31, 2024: 264%; December
31, 2023: 239%; December 31, 2022: 210%; December 31, 2021: 211%;

See accompanying Notes to Financial Statements.

707

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 41.15 | 0.55 | 6.32 | 6.87 |  |  | 48.02 | 16.69 | 4915162 | 47 | 0.70 | 0.70 | 1.26 |
| 12/31/24 | 34.52 | 0.51 | 6.12 | 6.63 |  |  | 41.15 | 19.21 | 5029526 | 52 | 0.70 | 0.70 | 1.31 |
| 12/31/23 | 30.17 | 0.58 | 3.77 | 4.35 |  |  | 34.52 | 14.42 | 5050741 | 59 | 0.70 | 0.70 | 1.84 |
| 12/31/22 | 33.87 | 0.55 | (4.25)  | (3.70)  |  |  | 30.17 | (10.92)  | 5104922 | 52 | 0.69 | 0.69 | 1.79 |
| 12/31/21 | 25.00 | 0.26 | 8.61 | 8.87 |  |  | 33.87 | 35.48 | 6547195 | 88 | 0.59 | 0.59 | 0.87 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 42.06 | 0.70 | 6.47 | 7.17 |  |  | 49.23 | 17.05 | 40632 | 47 | 0.40 | 0.40 | 1.56 |
| 12/31/24 | 35.17 | 0.64 | 6.25 | 6.89 |  |  | 42.06 | 19.59 | 35875 | 52 | 0.40 | 0.40 | 1.61 |
| 12/31/23 | 30.64 | 0.69 | 3.84 | 4.53 |  |  | 35.17 | 14.78 | 31267 | 59 | 0.40 | 0.40 | 2.14 |
| 12/31/22 | 34.31 | 0.65 | (4.32)  | (3.67)  |  |  | 30.64 | (10.70)  | 29127 | 52 | 0.39 | 0.39 | 2.10 |
| 12/31/21 | 25.25 | 0.39 | 8.67 | 9.06 |  |  | 34.31 | 35.88 | 33113 | 88 | 0.31 | 0.31 | 1.29 |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.83 | 0.28 | 1.24 | 1.52 |  |  | 16.35 | 10.25 | 419071 | 70 | 1.33 | 1.33 | 1.82 |
| 12/31/24 | 14.12 | 0.29 | 0.42 | 0.71 |  |  | 14.83 | 5.03 | 447465 | 92 | 1.33 | 1.34 | 1.87 |
| 12/31/23 | 10.95 | 0.37 | 2.80 | 3.17 |  |  | 14.12 | 28.95 | 365328 | 68 | 1.36 | 1.37 | 3.00 |
| 12/31/22 | 14.02 | 0.63 | (3.70)  | (3.07)  |  |  | 10.95 | (21.90)  | 261237 | 118 | 1.36 | 1.36 | 5.25 |
| 12/31/21 | 14.35 | 0.26 | (0.59)  | (0.33)  |  |  | 14.02 | (2.30)  | 314404 | 115 | 1.36 | 1.36 | 1.79 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 15.15 | 0.33 | 1.28 | 1.61 |  |  | 16.76 | 10.63 | 324953 | 70 | 1.03 | 1.03 | 2.11 |
| 12/31/24 | 14.39 | 0.34 | 0.42 | 0.76 |  |  | 15.15 | 5.28 | 434458 | 92 | 1.03 | 1.04 | 2.16 |
| 12/31/23 | 11.12 | 0.41 | 2.86 | 3.27 |  |  | 14.39 | 29.41 | 468337 | 68 | 1.06 | 1.07 | 3.33 |
| 12/31/22 | 14.20 | 0.65 | (3.73)  | (3.08)  |  |  | 11.12 | (21.69)  | 386322 | 118 | 1.06 | 1.06 | 5.37 |
| 12/31/21 | 14.49 | 0.30 | (0.59)  | (0.29)  |  |  | 14.20 | (2.00)  | 625838 | 115 | 1.06 | 1.06 | 2.06 |

---

(a) On April 26, 2021, JNL/Goldman Sachs 4 Fund became a Sub-Advised Fund. Prior to
April 26, 2021, the fund held affiliated funds selected by the Adviser and was considered a "Fund
of Funds."

See accompanying Notes to Financial Statements.

708

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.46 | 0.21 | 2.31 | 2.52 |  |  | 18.98 | 15.31 | 399313 | 59 | 0.98 | 0.98 | 1.21 |
| 12/31/24 | 14.62 | 0.21 | 1.63 | 1.84 |  |  | 16.46 | 12.59 | 374044 | 45 | 0.98 | 0.98 | 1.34 |
| 12/31/23 | 13.47 | 0.22 | 0.93 | 1.15 |  |  | 14.62 | 8.54 | 377660 | 45 | 0.98 | 0.98 | 1.61 |
| 12/31/22 | 13.74 | 0.22 | (0.49)  | (0.27)  |  |  | 13.47 | (1.97)  | 421229 | 43 | 0.98 | 0.98 | 1.62 |
| 12/31/21 | 11.58 | 0.20 | 1.96 | 2.16 |  |  | 13.74 | 18.65 | 176180 | 44 | 0.98 | 0.98 | 1.58 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.82 | 0.27 | 2.36 | 2.63 |  |  | 19.45 | 15.64 | 419681 | 59 | 0.68 | 0.68 | 1.51 |
| 12/31/24 | 14.90 | 0.26 | 1.66 | 1.92 |  |  | 16.82 | 12.89 | 440639 | 45 | 0.68 | 0.68 | 1.65 |
| 12/31/23 | 13.68 | 0.26 | 0.96 | 1.22 |  |  | 14.90 | 8.92 | 657849 | 45 | 0.68 | 0.68 | 1.91 |
| 12/31/22 | 13.92 | 0.26 | (0.50)  | (0.24)  |  |  | 13.68 | (1.72)  | 635461 | 43 | 0.68 | 0.68 | 1.87 |
| 12/31/21 | 11.69 | 0.25 | 1.98 | 2.23 |  |  | 13.92 | 19.08 | 869610 | 44 | 0.68 | 0.68 | 1.92 |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 29.34 | (0.05) | 4.56 | 4.51 |  |  | 33.85 | 15.37 | 1325397 | 21 | 0.96 | 0.96 | (0.16)  |
| 12/31/24 | 25.33 | (0.04)  | 4.05 | 4.01 |  |  | 29.34 | 15.83 | 1396935 | 12 | 0.97 | 0.97 | (0.13)  |
| 12/31/23 | 18.82 | (0.01)  | 6.52 | 6.51 |  |  | 25.33 | 34.59 | 1412660 | 7 | 0.96 | 0.96 | (0.06)  |
| 12/31/22 | 27.77 | (0.01)  | (8.94)  | (8.95)  |  |  | 18.82 | (32.23)  | 1180323 | 14 | 0.95 | 0.95 | (0.06)  |
| 12/31/21 | 24.07 | (0.12)  | 3.82 | 3.70 |  |  | 27.77 | 15.37 | 1938245 | 7 | 0.96 | 0.96 | (0.46)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 30.36 | 0.04 | 4.74 | 4.78 |  |  | 35.14 | 15.74 | 19955 | 21 | 0.66 | 0.66 | 0.13 |
| 12/31/24 | 26.13 | 0.06 | 4.17 | 4.23 |  |  | 30.36 | 16.19 | 19326 | 12 | 0.67 | 0.67 | 0.22 |
| 12/31/23 | 19.36 | 0.06 | 6.71 | 6.77 |  |  | 26.13 | 34.97 | 256823 | 7 | 0.66 | 0.66 | 0.24 |
| 12/31/22 | 28.48 | 0.07 | (9.19)  | (9.12)  |  |  | 19.36 | (32.02)  | 237661 | 14 | 0.65 | 0.65 | 0.31 |
| 12/31/21 | 24.61 | (0.04)  | 3.91 | 3.87 |  |  | 28.48 | 15.73 | 772262 | 7 | 0.66 | 0.66 | (0.16)  |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 38.11 | (0.23) | 2.58 | 2.35 |  |  | 40.46 | 6.17 | 1565686 | 86 | 1.03 | 1.03 | (0.61)  |
| 12/31/24 | 32.65 | (0.19)  | 5.65 | 5.46 |  |  | 38.11 | 16.72 | 1766933 | 60 | 1.03 | 1.04 | (0.54)  |
| 12/31/23 | 29.12 | (0.12)  | 3.65 | 3.53 |  |  | 32.65 | 12.12 | 1682094 | 64 | 1.05 | 1.06 | (0.39)  |
| 12/31/22 | 45.01 | (0.15)  | (15.74)  | (15.89)  |  |  | 29.12 | (35.30)  | 1563204 | 50 | 1.05 | 1.06 | (0.47)  |
| 12/31/21 | 41.96 | (0.33)  | 3.38 | 3.05 |  |  | 45.01 | 7.27 | 2518255 | 39 | 1.05 | 1.05 | (0.73)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 40.41 | (0.13)  | 2.75 | 2.62 |  |  | 43.03 | 6.48 | 22997 | 86 | 0.73 | 0.73 | (0.31)  |
| 12/31/24 | 34.52 | (0.09)  | 5.98 | 5.89 |  |  | 40.41 | 17.06 | 25251 | 60 | 0.73 | 0.74 | (0.24)  |
| 12/31/23 | 30.69 | (0.03)  | 3.86 | 3.83 |  |  | 34.52 | 12.48 | 22082 | 64 | 0.75 | 0.76 | (0.08)  |
| 12/31/22 | 47.30 | (0.06)  | (16.55)  | (16.61)  |  |  | 30.69 | (35.12)  | 16466 | 50 | 0.75 | 0.76 | (0.18)  |
| 12/31/21 | 43.97 | (0.19)  | 3.52 | 3.33 |  |  | 47.30 | 7.57 | 26500 | 39 | 0.75 | 0.75 | (0.41)  |

---

See accompanying Notes to Financial Statements.

709

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.90 | 0.42 | 1.80 | 2.22 |  |  | 17.12 | 14.90 | 879303 | 96 | 1.04 | 1.06 | 2.62 |
| 12/31/24 | 13.75 | 0.39 | 0.76 | 1.15 |  |  | 14.90 | 8.36 | 911729 | 100 | 1.05 | 1.06 | 2.68 |
| 12/31/23 | 12.20 | 0.31 | 1.24 | 1.55 |  |  | 13.75 | 12.70 | 1001003 | 128 | 1.06<br> (a) | 1.06<br> (a) | 2.39 |
| 12/31/22 | 15.07 | 0.14 | (3.01)  | (2.87)  |  |  | 12.20 | (19.04)  | 1014331 | 110 | 1.06<br> (a) | 1.06<br> (a) | 1.09 |
| 12/31/21 | 13.84 | 0.12 | 1.11 | 1.23 |  |  | 15.07 | 8.89 | 1410178 | 106 | 1.06<br> (a) | 1.06<br> (a) | 0.86 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 15.20 | 0.47 | 1.84 | 2.31 |  |  | 17.51 | 15.20 | 2798 | 96 | 0.74 | 0.76 | 2.92 |
| 12/31/24 | 13.98 | 0.44 | 0.78 | 1.22 |  |  | 15.20 | 8.73 | 3039 | 100 | 0.75 | 0.76 | 2.98 |
| 12/31/23 | 12.37 | 0.35 | 1.26 | 1.61 |  |  | 13.98 | 13.02 | 3252 | 128 | 0.76<br> (a) | 0.76<br> (a) | 2.69 |
| 12/31/22 | 15.24 | 0.18 | (3.05)  | (2.87)  |  |  | 12.37 | (18.83)  | 3212 | 110 | 0.76<br> (a) | 0.76<br> (a) | 1.41 |
| 12/31/21 | 13.95 | 0.17 | 1.12 | 1.29 |  |  | 15.24 | 9.25 | 3868 | 106 | 0.76<br> (a) | 0.76<br> (a) | 1.12 |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.76 | 0.05 | 1.13 | 1.18 |  |  | 17.94 | 7.04 | 847607 | 30 | 0.96<br> (b) | 0.96<br> (b) | 0.28 |
| 12/31/24 | 14.22 | 0.06 | 2.48 | 2.54 |  |  | 16.76 | 17.86 | 872711 | 30 | 0.96<br> (b) | 0.96<br> (b) | 0.41 |
| 12/31/23 | 12.29 | 0.09 | 1.84 | 1.93 |  |  | 14.22 | 15.70 | 766593 | 34 | 0.96<br> (b) | 0.96<br> (b) | 0.64 |
| 12/31/22 | 13.47 | 0.07 | (1.21)  | (1.14)  | (0.04) |  | 12.29 | (8.44)  | 619218 | 32 | 0.96<br> (b) | 0.96<br> (b) | 0.59 |
| 12/31/21 | 12.00 | 0.05 | 1.50 | 1.55 | (0.08) |  | 13.47 | 12.94 | 534969 | 42 | 0.97<br> (b) | 0.97<br> (b) | 0.40 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.00 | 0.10 | 1.16 | 1.26 |  |  | 18.26 | 7.41 | 35004 | 30 | 0.66<br> (b) | 0.66<br> (b) | 0.58 |
| 12/31/24 | 14.38 | 0.11 | 2.51 | 2.62 |  |  | 17.00 | 18.22 | 35741 | 30 | 0.66<br> (b) | 0.66<br> (b) | 0.70 |
| 12/31/23 | 12.40 | 0.13 | 1.85 | 1.98 |  |  | 14.38 | 15.97 | 117752 | 34 | 0.66<br> (b) | 0.66<br> (b) | 0.94 |
| 12/31/22 | 13.57 | 0.11 | (1.21)  | (1.10)  | (0.07) |  | 12.40 | (8.12)  | 115941 | 32 | 0.66<br> (b) | 0.66<br> (b) | 0.85 |
| 12/31/21 | 12.07 | 0.09 | 1.51 | 1.60 | (0.10) |  | 13.57 | 13.26 | 151324 | 42 | 0.67<br> (b) | 0.67<br> (b) | 0.69 |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 69.67 | (0.27) | 5.90 | 5.63 |  |  | 75.30 | 8.08 | 3073696 | 69 | 0.89 | 0.89 | (0.37)  |
| 12/31/24 | 61.05 | (0.25)  | 8.87 | 8.62 |  |  | 69.67 | 14.12 | 3107074 | 56 | 0.89 | 0.89 | (0.38)  |
| 12/31/23 | 49.55 | (0.16)  | 11.66 | 11.50 |  |  | 61.05 | 23.21 | 2921347 | 50 | 0.90 | 0.90 | (0.29)  |
| 12/31/22 | 67.95 | (0.21)  | (18.19)  | (18.40)  |  |  | 49.55 | (27.08)  | 2372487 | 38 | 0.89 | 0.89 | (0.39)  |
| 12/31/21 | 61.20 | (0.33)  | 7.08 | 6.75 |  |  | 67.95 | 11.03 | 3526344 | 44 | 0.88 | 0.88 | (0.50)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 73.05 | (0.06)  | 6.20 | 6.14 |  |  | 79.19 | 8.41 | 328946 | 69 | 0.59 | 0.59 | (0.08)  |
| 12/31/24 | 63.82 | (0.06)  | 9.29 | 9.23 |  |  | 73.05 | 14.46 | 198543 | 56 | 0.59 | 0.59 | (0.09)  |
| 12/31/23 | 51.64 | 0.00 | 12.18 | 12.18 |  |  | 63.82 | 23.59 | 321948 | 50 | 0.60 | 0.60 | 0.00 |
| 12/31/22 | 70.61 | (0.05)  | (18.92)  | (18.97)  |  |  | 51.64 | (26.87)  | 292605 | 38 | 0.59 | 0.59 | (0.09)  |
| 12/31/21 | 63.41 | (0.14)  | 7.34 | 7.20 |  |  | 70.61 | 11.35 | 456403 | 44 | 0.58 | 0.58 | (0.21)  |

---

(a) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL/JPMorgan Global
Allocation Fund were as follows: Class A: December 31, 2023: 1.06%, 1.06% December 31, 2022: 1.05%,
1.05% December 31, 2021: 1.04%, 1.04% Class I: December 31, 2023: 0.76%, 0.76% December 31, 2022: 0.75%,
0.75% December 31, 2021: 0.74%, 0.74%.

(b) The total and net expense ratios, respectively, to average
net assets without dividend expenses, net borrowing fees on securities sold short or interest expense
for JNL/JPMorgan Hedged Equity Fund were as follows: Class A: December 31, 2025: 0.95%, 0.95% December
31, 2024: 0.95%, 0.95% December 31, 2023: 0.95%, 0.95% December 31, 2022: 0.95%, 0.95% December 31, 2021:
0.96%, 0.96% Class I: December 31, 2025: 0.65%, 0.65% December 31, 2024: 0.65%, 0.65% December 31, 2023:
0.65%, 0.65% December 31, 2022: 0.65%, 0.65% December 31, 2021: 0.66%, 0.66%

See accompanying Notes to Financial Statements.

710

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** | **JNL/JPMorgan Nasdaq Hedged Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.30 | (0.02) | 0.93 | 0.91 |  |  | 11.21 | 8.83 | 44650 | 78 | 0.99 | 0.99 | (0.22)  |
| 12/31/24<br> (a) | 10.00 | (0.00) <br> (b) | 0.30 | 0.30 |  |  | 10.30 | 3.00 | 15170 | 5 | 0.99 | 0.99 | (0.06)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.31 | 0.01 | 0.92 | 0.93 |  |  | 11.24 | 9.02 | 2247 | 78 | 0.69 | 0.69 | 0.13 |
| 12/31/24<br> (a) | 10.00 | 0.01 | 0.30 | 0.31 |  |  | 10.31 | 3.10 | 25086 | 5 | 0.69 | 0.69 | 0.25 |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.17 | 0.39 | 0.48 | 0.87 |  |  | 14.04 | 6.61 | 892892 | 31 | 0.69 | 0.69 | 2.84 |
| 12/31/24 | 13.02 | 0.35 | (0.20)  | 0.15 |  |  | 13.17 | 1.15 | 896891 | 4 | 0.69 | 0.69 | 2.69 |
| 12/31/23 | 12.50 | 0.32 | 0.20 | 0.52 |  |  | 13.02 | 4.16 | 923496 | 13 | 0.68 | 0.68 | 2.52 |
| 12/31/22 | 14.15 | 0.21 | (1.86)  | (1.65)  |  |  | 12.50 | (11.66)  | 931244 | 19 | 0.69 | 0.69 | 1.62 |
| 12/31/21 | 14.46 | 0.17 | (0.48)  | (0.31)  |  |  | 14.15 | (2.14)  | 1250857 | 10 | 0.68 | 0.68 | 1.21 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.10 | 0.46 | 0.52 | 0.98 |  |  | 15.08 | 6.95 | 343154 | 31 | 0.39 | 0.39 | 3.14 |
| 12/31/24 | 13.91 | 0.42 | (0.23)  | 0.19 |  |  | 14.10 | 1.37 | 387915 | 4 | 0.39 | 0.39 | 2.97 |
| 12/31/23 | 13.31 | 0.38 | 0.22 | 0.60 |  |  | 13.91 | 4.51 | 663594 | 13 | 0.38 | 0.38 | 2.82 |
| 12/31/22 | 15.02 | 0.27 | (1.98)  | (1.71)  |  |  | 13.31 | (11.38)  | 672941 | 19 | 0.39 | 0.39 | 1.99 |
| 12/31/21 | 15.30 | 0.23 | (0.51)  | (0.28)  |  |  | 15.02 | (1.83)  | 292136 | 10 | 0.38 | 0.38 | 1.51 |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.47 | 0.22 | 2.34 | 2.56 |  |  | 21.03 | 13.86 | 1001711 | 21 | 0.89 | 0.89 | 1.12 |
| 12/31/24 | 16.10 | 0.21 | 2.16 | 2.37 |  |  | 18.47 | 14.72 | 971572 | 21 | 0.88 | 0.88 | 1.19 |
| 12/31/23 | 14.77 | 0.21 | 1.12 | 1.33 |  |  | 16.10 | 9.00 | 951432 | 13 | 0.88 | 0.88 | 1.42 |
| 12/31/22 | 15.22 | 0.20 | (0.65)  | (0.45)  |  |  | 14.77 | (2.96)  | 980669 | 14 | 0.89 | 0.89 | 1.36 |
| 12/31/21 | 11.95 | 0.15 | 3.12 | 3.27 |  |  | 15.22 | 27.36 | 942693 | 21 | 0.89 | 0.89 | 1.09 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 19.00 | 0.28 | 2.42 | 2.70 |  |  | 21.70 | 14.21 | 333806 | 21 | 0.59 | 0.59 | 1.43 |
| 12/31/24 | 16.51 | 0.27 | 2.22 | 2.49 |  |  | 19.00 | 15.08 | 674768 | 21 | 0.58 | 0.58 | 1.49 |
| 12/31/23 | 15.10 | 0.27 | 1.14 | 1.41 |  |  | 16.51 | 9.34 | 676106 | 13 | 0.58 | 0.58 | 1.73 |
| 12/31/22 | 15.51 | 0.24 | (0.65)  | (0.41)  |  |  | 15.10 | (2.64)  | 642669 | 14 | 0.59 | 0.59 | 1.65 |
| 12/31/21 | 12.14 | 0.20 | 3.17 | 3.37 |  |  | 15.51 | 27.76 | 676257 | 21 | 0.59 | 0.59 | 1.38 |

---

(a) The Fund commenced operations on October 21, 2024.

(b) Amount represents less
than $0.005.

See accompanying Notes to Financial Statements.

711

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** | **JNL/Lazard International Quality Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 15.06 | 0.09 | 1.60 | 1.69 | (0.16) | (1.83) | 14.76 | 11.35 | 133112 | 15 | 1.05 | 1.05 | 0.53 |
| 12/31/24 | 15.43 | 0.13 | (0.02)  | 0.11 | (0.48) |  | 15.06 | 0.59 | 124173 | 131 | 1.10 | 1.10 | 0.80 |
| 12/31/23 | 13.41 | 0.16 | 2.04 | 2.20 | (0.18) |  | 15.43 | 16.51 | 127476 | 40 | 1.10 | 1.12 | 1.09 |
| 12/31/22 | 17.14 | 0.16 | (3.08)  | (2.92)  | (0.37) | (0.44) | 13.41 | (17.09)  | 104439 | 45 | 1.14 | 1.15 | 1.08 |
| 12/31/21 | 16.22 | 0.17 | 0.87 | 1.04 | (0.07) | (0.05) | 17.14 | 6.42 | 115951 | 28 | 1.15 | 1.15 | 0.99 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 15.13 | 0.14 | 1.61 | 1.75 | (0.21) | (1.83) | 14.84 | 11.69 | 260135 | 15 | 0.75 | 0.75 | 0.86 |
| 12/31/24 | 15.49 | 0.18 | (0.02)  | 0.16 | (0.52) |  | 15.13 | 0.93 | 344291 | 131 | 0.80 | 0.80 | 1.10 |
| 12/31/23 | 13.46 | 0.21 | 2.04 | 2.25 | (0.22) |  | 15.49 | 16.82 | 369717 | 40 | 0.80 | 0.82 | 1.40 |
| 12/31/22 | 17.20 | 0.21 | (3.10)  | (2.89)  | (0.41) | (0.44) | 13.46 | (16.85)  | 358431 | 45 | 0.84 | 0.85 | 1.43 |
| 12/31/21 | 16.26 | 0.24 | 0.85 | 1.09 | (0.10) | (0.05) | 17.20 | 6.72 | 351431 | 28 | 0.85 | 0.85 | 1.40 |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.69 | (0.05) | 3.32 | 3.27 |  | (1.33) | 20.63 | 17.45 | 525460 | 14 | 1.01 | 1.01 | (0.25)  |
| 12/31/24 | 15.57 | (0.03)  | 3.54 | 3.51 | (0.01) | (0.38) | 18.69 | 22.45 | 444819 | 10 | 1.00 | 1.00 | (0.20)  |
| 12/31/23 | 11.80 | (0.01)  | 4.29 | 4.28 | (0.01) | (0.50) | 15.57 | 36.41 | 429939 | 16 | 1.01 | 1.01 | (0.05)  |
| 12/31/22 | 16.00 | 0.01 | (4.21)  | (4.20)  | (0.00)<br> (a) |  | 11.80 | (26.25)  | 303107 | 21 | 1.00 | 1.00 | 0.05 |
| 12/31/21 | 15.47 | (0.03)  | 0.90 | 0.87 |  | (0.34) | 16.00 | 5.61 | 438686 | 10 | 1.01 | 1.01 | (0.20)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.97 | 0.01 | 3.38 | 3.39 |  | (1.33) | 21.03 | 17.83 | 427590 | 14 | 0.71 | 0.71 | 0.05 |
| 12/31/24 | 15.79 | 0.02 | 3.60 | 3.62 | (0.06) | (0.38) | 18.97 | 22.82 | 300665 | 10 | 0.70 | 0.70 | 0.10 |
| 12/31/23 | 11.96 | 0.04 | 4.33 | 4.37 | (0.04) | (0.50) | 15.79 | 36.76 | 278343 | 16 | 0.71 | 0.71 | 0.28 |
| 12/31/22 | 16.16 | 0.05 | (4.24)  | (4.19)  | (0.01) |  | 11.96 | (25.97)  | 224270 | 21 | 0.70 | 0.70 | 0.39 |
| 12/31/21 | 15.59 | 0.02 | 0.89 | 0.91 |  | (0.34) | 16.16 | 5.82 | 464891 | 10 | 0.71 | 0.71 | 0.10 |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.96 | 0.48 | 0.10 | 0.58 | (0.47) |  | 10.07 | 5.84 | 499248 | 96 | 0.80 | 0.80 | 4.65 |
| 12/31/24 | 10.10 | 0.48 | 0.03 | 0.51 | (0.65) |  | 9.96 | 5.10 | 439621 | 79 | 0.80 | 0.80 | 4.71 |
| 12/31/23 | 9.87 | 0.43 | 0.10 | 0.53 | (0.30) |  | 10.10 | 5.38 | 415444 | 60 | 0.80 | 0.80 | 4.26 |
| 12/31/22 | 10.45 | 0.22 | (0.74)  | (0.52)  | (0.05) | (0.01) | 9.87 | (4.95)  | 366580 | 99 | 0.80 | 0.80 | 2.21 |
| 12/31/21 | 10.45 | 0.10 | (0.06)  | 0.04 | (0.03) | (0.01) | 10.45 | 0.33 | 264463 | 108 | 0.81 | 0.81 | 0.93 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.02 | 0.51 | 0.12 | 0.63 | (0.50) |  | 10.15 | 6.28 | 212572 | 96 | 0.50 | 0.50 | 4.95 |
| 12/31/24 | 10.16 | 0.52 | 0.02 | 0.54 | (0.68) |  | 10.02 | 5.35 | 231924 | 79 | 0.50 | 0.50 | 4.99 |
| 12/31/23 | 9.92 | 0.46 | 0.10 | 0.56 | (0.32) |  | 10.16 | 5.70 | 327473 | 60 | 0.50 | 0.50 | 4.50 |
| 12/31/22 | 10.50 | 0.26 | (0.76)  | (0.50)  | (0.07) | (0.01) | 9.92 | (4.73)  | 763146 | 99 | 0.50 | 0.50 | 2.55 |
| 12/31/21 | 10.47 | 0.13 | (0.06)  | 0.07 | (0.03) | (0.01) | 10.50 | 0.68 | 502495 | 108 | 0.51 | 0.51 | 1.21 |

---

(a) Amount represents less than $0.005.

See accompanying Notes to Financial Statements.

712

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 26.11 | 0.06 | 8.55 | 8.61 |  |  | 34.72 | 32.98 | 1112033 | 37 | 0.64 | 0.64 | 0.21 |
| 12/31/24 | 18.86 | 0.08 | 7.17 | 7.25 |  |  | 26.11 | 38.44 | 857012 | 33 | 0.65 | 0.65 | 0.34 |
| 12/31/23 | 12.28 | 0.05 | 6.53 | 6.58 |  |  | 18.86 | 53.58 | 526757 | 12 | 0.65 | 0.65 | 0.29 |
| 12/31/22 | 20.93 | 0.04 | (8.69)  | (8.65)  |  |  | 12.28 | (41.33)  | 163074 | 9 | 0.66 | 0.66 | 0.28 |
| 12/31/21 | 18.10 | 0.02 | 2.81 | 2.83 |  |  | 20.93 | 15.64 | 351276 | 23 | 0.65 | 0.65 | 0.11 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 24.80 | 0.16 | 8.14 | 8.30 |  |  | 33.10 | 33.47 | 17986 | 37 | 0.29 | 0.34 | 0.56 |
| 12/31/24 | 17.86 | 0.15 | 6.79 | 6.94 |  |  | 24.80 | 38.86 | 14100 | 33 | 0.30 | 0.35 | 0.69 |
| 12/31/23 | 11.58 | 0.11 | 6.17 | 6.28 |  |  | 17.86 | 54.23 | 9210 | 12 | 0.30 | 0.35 | 0.71 |
| 12/31/22 | 19.67 | 0.09 | (8.18)  | (8.09)  |  |  | 11.58 | (41.13)  | 3249 | 9 | 0.31 | 0.36 | 0.61 |
| 12/31/21 | 16.96 | 0.10 | 2.61 | 2.71 |  |  | 19.67 | 15.98 | 5855 | 23 | 0.30 | 0.35 | 0.50 |
| **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 50.74 | 0.11 | 2.46 | 2.57 |  |  | 53.31 | 5.06 | 1306785 | 18 | 0.64 | 0.64 | 0.22 |
| 12/31/24 | 40.69 | 0.15 | 9.90 | 10.05 |  |  | 50.74 | 24.70 | 1542796 | 8 | 0.64 | 0.64 | 0.34 |
| 12/31/23 | 29.36 | 0.15 | 11.18 | 11.33 |  |  | 40.69 | 38.59 | 1552851 | 15 | 0.64 | 0.64 | 0.43 |
| 12/31/22 | 45.83 | 0.12 | (16.59)  | (16.47)  |  |  | 29.36 | (35.94)  | 1091635 | 13 | 0.64 | 0.64 | 0.34 |
| 12/31/21 | 37.40 | 0.03 | 8.40 | 8.43 |  |  | 45.83 | 22.54 | 2073525 | 25 | 0.64 | 0.64 | 0.06 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 52.84 | 0.29 | 2.58 | 2.87 |  |  | 55.71 | 5.43 | 15022 | 18 | 0.29 | 0.34 | 0.56 |
| 12/31/24 | 42.22 | 0.31 | 10.31 | 10.62 |  |  | 52.84 | 25.15 | 17608 | 8 | 0.29 | 0.34 | 0.70 |
| 12/31/23 | 30.36 | 0.27 | 11.59 | 11.86 |  |  | 42.22 | 39.06 | 17283 | 15 | 0.29 | 0.34 | 0.74 |
| 12/31/22 | 47.23 | 0.26 | (17.13)  | (16.87)  |  |  | 30.36 | (35.72)  | 14734 | 13 | 0.29 | 0.34 | 0.72 |
| 12/31/21 | 38.41 | 0.18 | 8.64 | 8.82 |  |  | 47.23 | 22.96 | 18550 | 25 | 0.29 | 0.34 | 0.42 |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.47 | 0.33 | (0.26) | 0.07 |  |  | 17.54 | 0.40 | 341036 | 37 | 0.65 | 0.65 | 1.84 |
| 12/31/24 | 15.39 | 0.29 | 1.79 | 2.08 |  |  | 17.47 | 13.52 | 378664 | 32 | 0.65 | 0.65 | 1.74 |
| 12/31/23 | 15.14 | 0.29 | (0.04)  | 0.25 |  |  | 15.39 | 1.65 | 383259 | 12 | 0.65 | 0.65 | 1.95 |
| 12/31/22 | 15.64 | 0.27 | (0.77)  | (0.50)  |  |  | 15.14 | (3.20)  | 558649 | 15 | 0.65 | 0.65 | 1.79 |
| 12/31/21 | 13.45 | 0.24 | 1.95 | 2.19 |  |  | 15.64 | 16.28 | 263522 | 29 | 0.66 | 0.66 | 1.71 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.90 | 0.40 | (0.26)  | 0.14 |  |  | 18.04 | 0.78 | 9364 | 37 | 0.30 | 0.35 | 2.20 |
| 12/31/24 | 15.72 | 0.36 | 1.82 | 2.18 |  |  | 17.90 | 13.87 | 8261 | 32 | 0.30 | 0.35 | 2.08 |
| 12/31/23 | 15.41 | 0.35 | (0.04)  | 0.31 |  |  | 15.72 | 2.01 | 9128 | 12 | 0.30 | 0.35 | 2.29 |
| 12/31/22 | 15.86 | 0.33 | (0.78)  | (0.45)  |  |  | 15.41 | (2.84)  | 13764 | 15 | 0.30 | 0.35 | 2.18 |
| 12/31/21 | 13.59 | 0.30 | 1.97 | 2.27 |  |  | 15.86 | 16.70 | 4259 | 29 | 0.31 | 0.36 | 2.07 |

---

See accompanying Notes to Financial Statements.

713

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 52.79 | 0.59 | 6.89 | 7.48 |  |  | 60.27 | 14.17 | 1283294 | 0 | 0.65 | 0.65 | 1.07 |
| 12/31/24 | 46.22 | 0.61 | 5.96 | 6.57 |  |  | 52.79 | 14.21 | 1275080 | 11 | 0.65 | 0.65 | 1.22 |
| 12/31/23 | 40.04 | 0.63 | 5.55 | 6.18 |  |  | 46.22 | 15.43 | 1260234 | 0 | 0.65 | 0.65 | 1.52 |
| 12/31/22 | 43.27 | 0.57 | (3.80)  | (3.23)  |  |  | 40.04 | (7.46)  | 1226966 | 1 | 0.65 | 0.65 | 1.43 |
| 12/31/21 | 36.01 | 0.47 | 6.79 | 7.26 |  |  | 43.27 | 20.16 | 1421801 | 0 | 0.65 | 0.65 | 1.16 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 54.16 | 0.81 | 7.08 | 7.89 |  |  | 62.05 | 14.57 | 25139 | 0 | 0.30 | 0.35 | 1.42 |
| 12/31/24 | 47.25 | 0.80 | 6.11 | 6.91 |  |  | 54.16 | 14.62 | 25336 | 11 | 0.30 | 0.35 | 1.57 |
| 12/31/23 | 40.79 | 0.79 | 5.67 | 6.46 |  |  | 47.25 | 15.84 | 26071 | 0 | 0.30 | 0.35 | 1.87 |
| 12/31/22 | 43.93 | 0.72 | (3.86)  | (3.14)  |  |  | 40.79 | (7.15)  | 23124 | 1 | 0.30 | 0.35 | 1.79 |
| 12/31/21 | 36.43 | 0.62 | 6.88 | 7.50 |  |  | 43.93 | 20.59 | 24182 | 0 | 0.30 | 0.35 | 1.51 |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 37.87 | 1.05 | 1.54 | 2.59 |  |  | 40.46 | 6.84 | 1442032 | 9 | 0.64 | 0.64 | 2.70 |
| 12/31/24 | 35.74 | 0.97 | 1.16 | 2.13 |  |  | 37.87 | 5.96 | 1652675 | 11 | 0.64 | 0.64 | 2.52 |
| 12/31/23 | 36.19 | 0.99 | (1.44)  | (0.45)  |  |  | 35.74 | (1.24)  | 1938729 | 4 | 0.63 | 0.63 | 2.78 |
| 12/31/22 | 22.43 | 1.07 | 12.69 | 13.76 |  |  | 36.19 | 61.35 | 2893112 | 27 | 0.64 | 0.64 | 3.35 |
| 12/31/21 | 14.50 | 0.74 | 7.19 | 7.93 |  |  | 22.43 | 54.69 | 1380863 | 30 | 0.64 | 0.64 | 3.69 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 39.34 | 1.23 | 1.62 | 2.85 |  |  | 42.19 | 7.24 | 20818 | 9 | 0.29 | 0.34 | 3.03 |
| 12/31/24 | 37.00 | 1.15 | 1.19 | 2.34 |  |  | 39.34 | 6.32 | 25393 | 11 | 0.29 | 0.34 | 2.87 |
| 12/31/23 | 37.33 | 1.15 | (1.48)  | (0.33)  |  |  | 37.00 | (0.88)  | 26510 | 4 | 0.28 | 0.33 | 3.13 |
| 12/31/22 | 23.06 | 1.22 | 13.05 | 14.27 |  |  | 37.33 | 61.88 | 32566 | 27 | 0.29 | 0.34 | 3.71 |
| 12/31/21 | 14.86 | 0.84 | 7.36 | 8.20 |  |  | 23.06 | 55.18 | 14211 | 30 | 0.29 | 0.34 | 4.03 |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 24.90 | 0.25 | 3.78 | 4.03 |  |  | 28.93 | 16.18 | 1515337 | 10 | 0.64 | 0.64 | 0.95 |
| 12/31/24 | 19.10 | 0.25 | 5.55 | 5.80 |  |  | 24.90 | 30.37 | 1508985 | 14 | 0.64 | 0.64 | 1.13 |
| 12/31/23 | 16.55 | 0.24 | 2.31 | 2.55 |  |  | 19.10 | 15.41 | 1260130 | 3 | 0.64 | 0.64 | 1.45 |
| 12/31/22 | 19.00 | 0.22 | (2.67)  | (2.45)  |  |  | 16.55 | (12.89)  | 1352012 | 16 | 0.64 | 0.64 | 1.30 |
| 12/31/21 | 14.69 | 0.21 | 4.10 | 4.31 |  |  | 19.00 | 29.34 | 1628528 | 28 | 0.64 | 0.64 | 1.14 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 25.51 | 0.36 | 3.87 | 4.23 |  |  | 29.74 | 16.58 | 27056 | 10 | 0.29 | 0.34 | 1.30 |
| 12/31/24 | 19.50 | 0.33 | 5.68 | 6.01 |  |  | 25.51 | 30.82 | 25565 | 14 | 0.29 | 0.34 | 1.48 |
| 12/31/23 | 16.84 | 0.31 | 2.35 | 2.66 |  |  | 19.50 | 15.80 | 20475 | 3 | 0.29 | 0.34 | 1.80 |
| 12/31/22 | 19.26 | 0.28 | (2.70)  | (2.42)  |  |  | 16.84 | (12.56)  | 20436 | 16 | 0.29 | 0.34 | 1.64 |
| 12/31/21 | 14.84 | 0.27 | 4.15 | 4.42 |  |  | 19.26 | 29.78 | 23731 | 28 | 0.29 | 0.34 | 1.46 |

---

See accompanying Notes to Financial Statements.

714

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 43.94 | 0.47 | 5.89 | 6.36 |  |  | 50.30 | 14.47 | 2769463 | 4 | 0.63 | 0.63 | 1.03 |
| 12/31/24 | 43.07 | 0.42 | 0.45 | 0.87 |  |  | 43.94 | 2.02 | 2887872 | 3 | 0.63 | 0.63 | 0.91 |
| 12/31/23 | 42.39 | 0.41 | 0.27 | 0.68 |  |  | 43.07 | 1.60 | 3291512 | 4 | 0.63 | 0.63 | 0.99 |
| 12/31/22 | 44.99 | 0.36 | (2.96)  | (2.60)  |  |  | 42.39 | (5.78)  | 3665432 | 3 | 0.63 | 0.63 | 0.87 |
| 12/31/21 | 37.43 | 0.29 | 7.27 | 7.56 |  |  | 44.99 | 20.20 | 4262922 | 10 | 0.63 | 0.63 | 0.71 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 45.12 | 0.64 | 6.07 | 6.71 |  |  | 51.83 | 14.87 | 36353 | 4 | 0.28 | 0.33 | 1.38 |
| 12/31/24 | 44.07 | 0.60 | 0.45 | 1.05 |  |  | 45.12 | 2.38 | 34544 | 3 | 0.28 | 0.33 | 1.26 |
| 12/31/23 | 43.23 | 0.56 | 0.28 | 0.84 |  |  | 44.07 | 1.94 | 35552 | 4 | 0.28 | 0.33 | 1.34 |
| 12/31/22 | 45.71 | 0.51 | (2.99)  | (2.48)  |  |  | 43.23 | (5.43)  | 36655 | 3 | 0.28 | 0.33 | 1.22 |
| 12/31/21 | 37.90 | 0.44 | 7.37 | 7.81 |  |  | 45.71 | 20.61 | 37075 | 10 | 0.28 | 0.33 | 1.06 |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 20.68 | 0.15 | 3.59 | 3.74 |  |  | 24.42 | 18.09 | 375718 | 21 | 0.65 | 0.65 | 0.65 |
| 12/31/24 | 17.87 | 0.17 | 2.64 | 2.81 |  |  | 20.68 | 15.72 | 275792 | 30 | 0.66 | 0.66 | 0.88 |
| 12/31/23 | 14.88 | 0.17 | 2.82 | 2.99 |  |  | 17.87 | 20.09 | 219737 | 32 | 0.66 | 0.66 | 1.09 |
| 12/31/22 | 16.30 | 0.14 | (1.56)  | (1.42)  |  |  | 14.88 | (8.71)  | 183611 | 24 | 0.66 | 0.66 | 0.97 |
| 12/31/21 | 13.48 | 0.10 | 2.72 | 2.82 |  |  | 16.30 | 20.92 | 241085 | 37 | 0.66 | 0.66 | 0.68 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 21.20 | 0.23 | 3.69 | 3.92 |  |  | 25.12 | 18.49 | 10017 | 21 | 0.30 | 0.35 | 0.99 |
| 12/31/24 | 18.26 | 0.25 | 2.69 | 2.94 |  |  | 21.20 | 16.10 | 8531 | 30 | 0.31 | 0.36 | 1.24 |
| 12/31/23 | 15.15 | 0.23 | 2.88 | 3.11 |  |  | 18.26 | 20.53 | 5429 | 32 | 0.31 | 0.36 | 1.44 |
| 12/31/22 | 16.53 | 0.20 | (1.58)  | (1.38)  |  |  | 15.15 | (8.35)  | 5193 | 24 | 0.31 | 0.36 | 1.34 |
| 12/31/21 | 13.62 | 0.16 | 2.75 | 2.91 |  |  | 16.53 | 21.37 | 4772 | 37 | 0.31 | 0.36 | 1.02 |
| **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 62.29 | (0.01) | 12.92 | 12.91 |  |  | 75.20 | 20.73 | 7499440 | 25 | 0.61 | 0.61 | (0.01)  |
| 12/31/24 | 46.05 | 0.02 | 16.22 | 16.24 |  |  | 62.29 | 35.27 | 7041180 | 19 | 0.61 | 0.61 | 0.03 |
| 12/31/23 | 29.11 | 0.10 | 16.84 | 16.94 |  |  | 46.05 | 58.19 | 5572091 | 8 | 0.62 | 0.62 | 0.25 |
| 12/31/22 | 42.80 | 0.10 | (13.79)  | (13.69)  |  |  | 29.11 | (31.99)  | 3475561 | 9 | 0.62 | 0.62 | 0.31 |
| 12/31/21 | 32.13 | 0.07 | 10.60 | 10.67 |  |  | 42.80 | 33.21 | 5983103 | 22 | 0.62 | 0.62 | 0.19 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 64.96 | 0.24 | 13.50 | 13.74 |  |  | 78.70 | 21.15 | 133881 | 25 | 0.26 | 0.31 | 0.34 |
| 12/31/24 | 47.86 | 0.22 | 16.88 | 17.10 |  |  | 64.96 | 35.73 | 124880 | 19 | 0.26 | 0.31 | 0.38 |
| 12/31/23 | 30.14 | 0.24 | 17.48 | 17.72 |  |  | 47.86 | 58.79 | 87895 | 8 | 0.27 | 0.32 | 0.60 |
| 12/31/22 | 44.17 | 0.23 | (14.26)  | (14.03)  |  |  | 30.14 | (31.76)  | 53514 | 9 | 0.27 | 0.32 | 0.67 |
| 12/31/21 | 33.04 | 0.20 | 10.93 | 11.13 |  |  | 44.17 | 33.69 | 84968 | 22 | 0.27 | 0.32 | 0.54 |

---

See accompanying Notes to Financial Statements.

715

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.00 | 0.17 | 2.14 | 2.31 |  |  | 18.31 | 14.44 | 156949 | 35 | 0.67 | 0.67 | 1.01 |
| 12/31/24 | 16.38 | 0.16 | (0.54)  | (0.38)  |  |  | 16.00 | (2.32)  | 135311 | 24 | 0.67 | 0.67 | 0.94 |
| 12/31/23 | 14.34 | 0.18 | 1.86 | 2.04 |  |  | 16.38 | 14.23 | 173262 | 33 | 0.67 | 0.67 | 1.19 |
| 12/31/22 | 16.28 | 0.19 | (2.13)  | (1.94)  |  |  | 14.34 | (11.92)  | 187042 | 46 | 0.66 | 0.66 | 1.34 |
| 12/31/21 | 12.68 | 0.16 | 3.44 | 3.60 |  |  | 16.28 | 28.39 | 193535 | 70 | 0.67 | 0.67 | 1.07 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.39 | 0.24 | 2.20 | 2.44 |  |  | 18.83 | 14.89 | 5257 | 35 | 0.32 | 0.37 | 1.37 |
| 12/31/24 | 16.73 | 0.23 | (0.57)  | (0.34)  |  |  | 16.39 | (2.03)  | 3924 | 24 | 0.32 | 0.37 | 1.30 |
| 12/31/23 | 14.60 | 0.24 | 1.89 | 2.13 |  |  | 16.73 | 14.59 | 4591 | 33 | 0.32 | 0.37 | 1.53 |
| 12/31/22 | 16.51 | 0.24 | (2.15)  | (1.91)  |  |  | 14.60 | (11.57)  | 4829 | 46 | 0.31 | 0.36 | 1.61 |
| 12/31/21 | 12.82 | 0.21 | 3.48 | 3.69 |  |  | 16.51 | 28.78 | 6415 | 70 | 0.32 | 0.37 | 1.41 |
| **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 75.78 | 0.09 | 15.28 | 15.37 |  |  | 91.15 | 20.28 | 9267094 | 11 | 0.63 | 0.63 | 0.11 |
| 12/31/24 | 60.58 | 0.15 | 15.05 | 15.20 |  |  | 75.78 | 25.09 | 8200926 | 9 | 0.64 | 0.64 | 0.22 |
| 12/31/23 | 39.28 | 0.19 | 21.11 | 21.30 |  |  | 60.58 | 54.23 | 7130051 | 22 | 0.64 | 0.64 | 0.37 |
| 12/31/22 | 58.47 | 0.12 | (19.31)  | (19.19)  |  |  | 39.28 | (32.82)  | 4276647 | 8 | 0.65 | 0.65 | 0.27 |
| 12/31/21 | 46.15 | 0.02 | 12.30 | 12.32 |  |  | 58.47 | 26.70 | 6826247 | 10 | 0.64 | 0.64 | 0.04 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 50.83 | 0.24 | 10.28 | 10.52 |  |  | 61.35 | 20.70 | 446998 | 11 | 0.28 | 0.33 | 0.44 |
| 12/31/24 | 40.49 | 0.26 | 10.08 | 10.34 |  |  | 50.83 | 25.54 | 153782 | 9 | 0.29 | 0.34 | 0.57 |
| 12/31/23 | 26.17 | 0.25 | 14.07 | 14.32 |  |  | 40.49 | 54.72 | 129498 | 22 | 0.29 | 0.34 | 0.72 |
| 12/31/22 | 38.81 | 0.19 | (12.83)  | (12.64)  |  |  | 26.17 | (32.57)  | 77284 | 8 | 0.30 | 0.35 | 0.62 |
| 12/31/21 | 30.52 | 0.14 | 8.15 | 8.29 |  |  | 38.81 | 27.16 | 124040 | 10 | 0.29 | 0.34 | 0.39 |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.94 | 0.37 | 0.10 | 0.47 |  |  | 14.41 | 3.37 | 184279 | 12 | 0.66 | 0.66 | 2.60 |
| 12/31/24 | 13.36 | 0.34 | 0.24 | 0.58 |  |  | 13.94 | 4.34 | 192026 | 18 | 0.66 | 0.66 | 2.49 |
| 12/31/23 | 12.04 | 0.34 | 0.98 | 1.32 |  |  | 13.36 | 10.96 | 177753 | 15 | 0.67 | 0.67 | 2.81 |
| 12/31/22 | 16.29 | 0.28 | (4.53)  | (4.25)  |  |  | 12.04 | (26.09)  | 174079 | 32 | 0.66 | 0.66 | 2.05 |
| 12/31/21 | 11.74 | 0.20 | 4.35 | 4.55 |  |  | 16.29 | 38.76 | 249641 | 36 | 0.66 | 0.66 | 1.41 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.24 | 0.43 | 0.10 | 0.53 |  |  | 14.77 | 3.72 | 9031 | 12 | 0.31 | 0.36 | 2.95 |
| 12/31/24 | 13.60 | 0.39 | 0.25 | 0.64 |  |  | 14.24 | 4.71 | 11555 | 18 | 0.31 | 0.36 | 2.84 |
| 12/31/23 | 12.21 | 0.39 | 1.00 | 1.39 |  |  | 13.60 | 11.38 | 11728 | 15 | 0.32 | 0.37 | 3.16 |
| 12/31/22 | 16.46 | 0.34 | (4.59)  | (4.25)  |  |  | 12.21 | (25.82)  | 11384 | 32 | 0.31 | 0.36 | 2.45 |
| 12/31/21 | 11.82 | 0.26 | 4.38 | 4.64 |  |  | 16.46 | 39.26 | 15651 | 36 | 0.31 | 0.36 | 1.81 |

---

See accompanying Notes to Financial Statements.

716

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 46.46 | 0.39 | 7.64 | 8.03 |  |  | 54.49 | 17.28 | 17086314 | 3 | 0.52 | 0.52 | 0.78 |
| 12/31/24 | 37.35 | 0.38 | 8.73 | 9.11 |  |  | 46.46 | 24.39 | 15393471 | 2 | 0.52 | 0.52 | 0.89 |
| 12/31/23 | 29.72 | 0.40 | 7.23 | 7.63 |  |  | 37.35 | 25.67 | 13151310 | 3 | 0.52 | 0.52 | 1.19 |
| 12/31/22 | 36.48 | 0.36 | (7.12)  | (6.76)  |  |  | 29.72 | (18.53)  | 10650597 | 3 | 0.52 | 0.52 | 1.13 |
| 12/31/21 | 28.48 | 0.29 | 7.71 | 8.00 |  |  | 36.48 | 28.09 | 13175436 | 3 | 0.52 | 0.52 | 0.90 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 48.46 | 0.56 | 7.98 | 8.54 |  |  | 57.00 | 17.62 | 11045 | 3 | 0.22 | 0.22 | 1.08 |
| 12/31/24 | 38.84 | 0.53 | 9.09 | 9.62 |  |  | 48.46 | 24.77 | 9588 | 2 | 0.22 | 0.22 | 1.19 |
| 12/31/23 | 30.81 | 0.51 | 7.52 | 8.03 |  |  | 38.84 | 26.06 | 8985 | 3 | 0.22 | 0.22 | 1.49 |
| 12/31/22 | 37.70 | 0.47 | (7.36)  | (6.89)  |  |  | 30.81 | (18.28)  | 7886 | 3 | 0.22 | 0.22 | 1.43 |
| 12/31/21 | 29.35 | 0.38 | 7.97 | 8.35 |  |  | 37.70 | 28.45 | 9552 | 3 | 0.22 | 0.22 | 1.24 |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 24.58 | 0.17 | 3.92 | 4.09 |  |  | 28.67 | 16.64 | 4828013 | 2 | 0.61 | 0.61 | 0.65 |
| 12/31/24 | 19.92 | 0.17 | 4.49 | 4.66 |  |  | 24.58 | 23.39 | 5061129 | 2 | 0.61 | 0.61 | 0.77 |
| 12/31/23 | 15.84 | 0.18 | 3.90 | 4.08 |  |  | 19.92 | 25.76 | 4934182 | 2 | 0.61 | 0.61 | 1.02 |
| 12/31/22 | 19.78 | 0.17 | (4.11)  | (3.94)  |  |  | 15.84 | (19.92)  | 4521043 | 2 | 0.60 | 0.60 | 0.98 |
| 12/31/21 | 15.78 | 0.13 | 3.87 | 4.00 |  |  | 19.78 | 25.35 | 6594525 | 52 | 0.61 | 0.61 | 0.72 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 25.15 | 0.25 | 4.02 | 4.27 |  |  | 29.42 | 16.98 | 74920 | 2 | 0.31 | 0.31 | 0.95 |
| 12/31/24 | 20.32 | 0.25 | 4.58 | 4.83 |  |  | 25.15 | 23.77 | 73247 | 2 | 0.31 | 0.31 | 1.07 |
| 12/31/23 | 16.11 | 0.24 | 3.97 | 4.21 |  |  | 20.32 | 26.13 | 70032 | 2 | 0.31 | 0.31 | 1.33 |
| 12/31/22 | 20.05 | 0.22 | (4.16)  | (3.94)  |  |  | 16.11 | (19.65)  | 59858 | 2 | 0.30 | 0.30 | 1.28 |
| 12/31/21 | 15.96 | 0.19 | 3.90 | 4.09 |  |  | 20.05 | 25.63 | 84430 | 52 | 0.30 | 0.31 | 1.00 |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 21.82 | 0.55 | 3.52 | 4.07 |  |  | 25.89 | 18.65 | 736156 | 28 | 0.65 | 0.65 | 2.22 |
| 12/31/24 | 17.36 | 0.49 | 3.97 | 4.46 |  |  | 21.82 | 25.69 | 551911 | 31 | 0.65 | 0.65 | 2.47 |
| 12/31/23 | 18.81 | 0.48 | (1.93)  | (1.45)  |  |  | 17.36 | (7.71)  | 390888 | 5 | 0.65 | 0.65 | 2.71 |
| 12/31/22 | 18.66 | 0.44 | (0.29)  | 0.15 |  |  | 18.81 | 0.80 | 650159 | 16 | 0.65 | 0.65 | 2.35 |
| 12/31/21 | 15.98 | 0.41 | 2.27 | 2.68 |  |  | 18.66 | 16.77 | 319659 | 16 | 0.66 | 0.66 | 2.44 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 22.34 | 0.64 | 3.61 | 4.25 |  |  | 26.59 | 19.02 | 15273 | 28 | 0.30 | 0.35 | 2.56 |
| 12/31/24 | 17.71 | 0.58 | 4.05 | 4.63 |  |  | 22.34 | 26.14 | 13359 | 31 | 0.30 | 0.35 | 2.84 |
| 12/31/23 | 19.12 | 0.55 | (1.96)  | (1.41)  |  |  | 17.71 | (7.37)  | 8497 | 5 | 0.30 | 0.35 | 3.06 |
| 12/31/22 | 18.89 | 0.51 | (0.28)  | 0.23 |  |  | 19.12 | 1.22 | 11735 | 16 | 0.30 | 0.35 | 2.69 |
| 12/31/21 | 16.13 | 0.48 | 2.28 | 2.76 |  |  | 18.89 | 17.11 | 5113 | 16 | 0.31 | 0.36 | 2.79 |

---

See accompanying Notes to Financial Statements.

717

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 44.10 | 0.49 | 8.68 | 9.17 |  |  | 53.27 | 20.79 | 875639 | 16 | 0.65 | 0.65 | 1.00 |
| 12/31/24 | 37.36 | 0.49 | 6.25 | 6.74 |  |  | 44.10 | 18.04 | 439625 | 3 | 0.65 | 0.65 | 1.17 |
| 12/31/23 | 30.29 | 0.49 | 6.58 | 7.07 |  |  | 37.36 | 23.34 | 392947 | 3 | 0.65 | 0.65 | 1.46 |
| 12/31/22 | 36.96 | 0.45 | (7.12)  | (6.67)  |  |  | 30.29 | (18.05)  | 345897 | 2 | 0.65 | 0.65 | 1.41 |
| 12/31/21 | 31.02 | 0.38 | 6.17 | 6.55 | (0.43) | (0.18) | 36.96 | 21.17 | 416249 | 8 | 0.66 | 0.66 | 1.11 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 44.81 | 0.67 | 8.83 | 9.50 |  |  | 54.31 | 21.20 | 22523 | 16 | 0.30 | 0.35 | 1.35 |
| 12/31/24 | 37.82 | 0.64 | 6.35 | 6.99 |  |  | 44.81 | 18.48 | 11709 | 3 | 0.30 | 0.35 | 1.52 |
| 12/31/23 | 30.56 | 0.61 | 6.65 | 7.26 |  |  | 37.82 | 23.76 | 10354 | 3 | 0.30 | 0.35 | 1.80 |
| 12/31/22 | 37.16 | 0.56 | (7.16)  | (6.60)  |  |  | 30.56 | (17.76)  | 8408 | 2 | 0.30 | 0.35 | 1.76 |
| 12/31/21 | 31.16 | 0.50 | 6.21 | 6.71 | (0.53) | (0.18) | 37.16 | 21.59 | 8601 | 8 | 0.31 | 0.36 | 1.43 |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 20.80 | 0.23 | 1.02 | 1.25 |  |  | 22.05 | 6.01 | 1730442 | 23 | 0.95 | 0.95 | 1.11 |
| 12/31/24 | 18.26 | 0.20 | 2.34 | 2.54 |  |  | 20.80 | 13.91 | 1877044 | 28 | 0.95 | 0.95 | 0.99 |
| 12/31/23 | 16.26 | 0.21 | 1.79 | 2.00 |  |  | 18.26 | 12.30 | 1895682 | 19 | 0.95 | 0.95 | 1.25 |
| 12/31/22 | 17.87 | 0.22 | (1.83)  | (1.61)  |  |  | 16.26 | (9.01)  | 1973870 | 19 | 0.95 | 0.95 | 1.31 |
| 12/31/21 | 13.69 | 0.13 | 4.05 | 4.18 |  |  | 17.87 | 30.53 | 2162629 | 27 | 0.95 | 0.95 | 0.79 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 21.32 | 0.31 | 1.04 | 1.35 |  |  | 22.67 | 6.33 | 176993 | 23 | 0.65 | 0.65 | 1.42 |
| 12/31/24 | 18.67 | 0.29 | 2.36 | 2.65 |  |  | 21.32 | 14.19 | 154595 | 28 | 0.65 | 0.65 | 1.37 |
| 12/31/23 | 16.57 | 0.27 | 1.83 | 2.10 |  |  | 18.67 | 12.67 | 48996 | 19 | 0.65 | 0.65 | 1.56 |
| 12/31/22 | 18.16 | 0.27 | (1.86)  | (1.59)  |  |  | 16.57 | (8.76)  | 45649 | 19 | 0.65 | 0.65 | 1.62 |
| 12/31/21 | 13.87 | 0.18 | 4.11 | 4.29 |  |  | 18.16 | 30.93 | 47902 | 27 | 0.65 | 0.65 | 1.11 |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.54 | 0.24 | 0.18 | 0.42 |  |  | 13.96 | 3.10 | 11162 | 50 | 0.72 | 0.72 | 1.75 |
| 12/31/24 | 11.18 | 0.21 | 2.15 | 2.36 |  |  | 13.54 | 21.11 | 9694 | 77 | 0.72 | 0.72 | 1.65 |
| 12/31/23 | 7.91 | 0.21 | 3.06 | 3.27 |  |  | 11.18 | 41.34 | 9134 | 58 | 0.72 | 0.72 | 2.32 |
| 12/31/22 | 12.07 | 0.18 | (4.34)  | (4.16)  |  |  | 7.91 | (34.47)  | 3548 | 67 | 0.71 | 0.71 | 2.06 |
| 12/31/21<br> (a) | 10.00 | 0.06 | 2.01 | 2.07 |  |  | 12.07 | 20.70 | 4200 | 56 | 0.72 | 0.72 | 0.80 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.69 | 0.28 | 0.19 | 0.47 |  |  | 14.16 | 3.43 | 7077 | 50 | 0.42 | 0.42 | 2.06 |
| 12/31/24 | 11.28 | 0.25 | 2.16 | 2.41 |  |  | 13.69 | 21.37 | 6843 | 77 | 0.42 | 0.42 | 1.98 |
| 12/31/23 | 7.95 | 0.24 | 3.09 | 3.33 |  |  | 11.28 | 41.89 | 5635 | 58 | 0.42 | 0.42 | 2.64 |
| 12/31/22 | 12.10 | 0.22 | (4.37)  | (4.15)  |  |  | 7.95 | (34.30)  | 3972 | 67 | 0.41 | 0.41 | 2.42 |
| 12/31/21<br> (a) | 10.00 | 0.14 | 1.96 | 2.10 |  |  | 12.10 | 21.00 | 6046 | 56 | 0.42 | 0.42 | 1.82 |

---

(a) The Fund commenced operations on April 26, 2021.

See accompanying Notes to Financial Statements.

718

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** | **JNL/Morningstar SMID Moat Focus Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.76 | 0.10 | 0.57 | 0.67 |  |  | 11.43 | 6.23 | 15325 | 108 | 0.76 | 0.76 | 0.90 |
| 12/31/24<br> (a) | 10.00 | 0.12 | 0.64 | 0.76 |  |  | 10.76 | 7.60 | 1785 | 82 | 0.76 | 0.76 | 1.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.78 | 0.12 | 0.59 | 0.71 |  |  | 11.49 | 6.59 | 61269 | 108 | 0.46 | 0.46 | 1.15 |
| 12/31/24<br> (a) | 10.00 | 0.11 | 0.67 | 0.78 |  |  | 10.78 | 7.80 | 124819 | 82 | 0.46 | 0.46 | 1.56 |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 26.34 | 0.20 | 3.33 | 3.53 |  |  | 29.87 | 13.40 | 405073 | 28 | 0.71 | 0.71 | 0.72 |
| 12/31/24 | 21.87 | 0.19 | 4.28 | 4.47 |  |  | 26.34 | 20.44 | 454087 | 23 | 0.71 | 0.71 | 0.75 |
| 12/31/23 | 17.37 | 0.18 | 4.32 | 4.50 |  |  | 21.87 | 25.91 | 301052 | 28 | 0.71 | 0.71 | 0.94 |
| 12/31/22 | 21.71 | 0.15 | (4.49)  | (4.34)  |  |  | 17.37 | (19.99)  | 218915 | 68 | 0.73 | 0.73 | 0.84 |
| 12/31/21 | 16.62 | 0.12 | 4.97 | 5.09 |  |  | 21.71 | 30.63 | 320580 | 24 | 0.76 | 0.76 | 0.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 26.94 | 0.31 | 3.41 | 3.72 |  |  | 30.66 | 13.81 | 19589 | 28 | 0.36 | 0.41 | 1.07 |
| 12/31/24 | 22.30 | 0.28 | 4.36 | 4.64 |  |  | 26.94 | 20.81 | 17103 | 23 | 0.36 | 0.41 | 1.10 |
| 12/31/23 | 17.64 | 0.26 | 4.40 | 4.66 |  |  | 22.30 | 26.42 | 14363 | 28 | 0.36 | 0.41 | 1.29 |
| 12/31/22 | 21.97 | 0.22 | (4.55)  | (4.33)  |  |  | 17.64 | (19.71)  | 9841 | 68 | 0.38 | 0.43 | 1.21 |
| 12/31/21 | 16.76 | 0.19 | 5.02 | 5.21 |  |  | 21.97 | 31.09 | 11279 | 24 | 0.41 | 0.46 | 0.97 |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.70 | 0.13 | 1.45 | 1.58 | (0.28) | (3.55) | 10.45 | 12.95 | 634932 | 73 | 0.76 | 0.76 | 1.01 |
| 12/31/24 | 12.49 | 0.14 | 1.23 | 1.37 | (0.11) | (1.05) | 12.70 | 10.51 | 766853 | 76 | 0.75 | 0.75 | 1.09 |
| 12/31/23 | 9.96 | 0.11 | 2.99 | 3.10 | (0.08) | (0.49) | 12.49 | 31.48 | 881798 | 71 | 0.76 | 0.76 | 0.93 |
| 12/31/22 | 14.70 | 0.11 | (2.09)  | (1.98)  | (0.17) | (2.59) | 9.96 | (13.80)  | 380653 | 71 | 0.76 | 0.76 | 0.87 |
| 12/31/21 | 13.18 | 0.15 | 2.96 | 3.11 | (0.19) | (1.40) | 14.70 | 23.89 | 392339 | 61 | 0.76 | 0.76 | 0.96 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.91 | 0.17 | 1.48 | 1.65 | (0.34) | (3.55) | 10.67 | 13.23 | 183847 | 73 | 0.46 | 0.46 | 1.29 |
| 12/31/24 | 12.66 | 0.19 | 1.25 | 1.44 | (0.14) | (1.05) | 12.91 | 10.95 | 541184 | 76 | 0.45 | 0.45 | 1.39 |
| 12/31/23 | 10.08 | 0.14 | 3.03 | 3.17 | (0.10) | (0.49) | 12.66 | 31.78 | 510357 | 71 | 0.46 | 0.46 | 1.16 |
| 12/31/22 | 14.83 | 0.15 | (2.11)  | (1.96)  | (0.20) | (2.59) | 10.08 | (13.52)  | 408289 | 71 | 0.46 | 0.46 | 1.15 |
| 12/31/21 | 13.26 | 0.19 | 2.99 | 3.18 | (0.21) | (1.40) | 14.83 | 24.31 | 639557 | 61 | 0.46 | 0.46 | 1.24 |

---

(a) The Fund commenced operations on April 29, 2024.

See accompanying Notes to Financial Statements.

719

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.78 | 0.67 | 2.28 | 2.95 |  |  | 19.73 | 17.58 | 45185 | 73 | 0.90 | 0.90 | 3.67 |
| 12/31/24 | 15.79 | 0.77 | 0.22 | 0.99 |  |  | 16.78 | 6.27 | 38102 | 103 | 0.91 | 0.91 | 4.69 |
| 12/31/23 | 16.75 | 0.74 | (1.70)  | (0.96)  |  |  | 15.79 | (5.73)  | 41146 | 33 | 0.91 | 0.91 | 4.59 |
| 12/31/22 | 13.78 | 0.20 | 2.77 | 2.97 |  |  | 16.75 | 21.55 | 65072 | 19 | 0.91 | 0.91 | 1.19 |
| 12/31/21 | 10.62 | (0.11)  | 3.27 | 3.16 |  |  | 13.78 | 29.76 | 25559 | 36 | 0.90 | 0.90 | (0.86)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 17.06 | 0.76 | 2.32 | 3.08 |  |  | 20.14 | 18.05 | 1 | 73 | 0.48 | 0.48 | 4.06 |
| 12/31/24 | 15.99 | 0.86 | 0.21 | 1.07 |  |  | 17.06 | 6.69 | 1 | 103 | 0.61 | 0.61 | 5.29 |
| 12/31/23 | 16.92 | 0.78 | (1.71)  | (0.93)  |  |  | 15.99 | (5.50)  | 79418 | 33 | 0.61 | 0.61 | 4.77 |
| 12/31/22 | 13.87 | 0.36 | 2.69 | 3.05 |  |  | 16.92 | 21.99 | 317695 | 19 | 0.61 | 0.61 | 2.16 |
| 12/31/21 | 10.65 | (0.06)  | 3.28 | 3.22 |  |  | 13.87 | 30.23 | 1 | 36 | 0.60 | 0.60 | (0.46)  |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.11 | 0.54 | 7.67 | 8.21 |  |  | 21.32 | 62.62 | 117653 | 66 | 1.16 | 1.20 | 3.18 |
| 12/31/24 | 10.50 | 0.50 | 2.11 | 2.61 |  |  | 13.11 | 24.86 | 52864 | 140 | 1.20 | 1.20 | 4.11 |
| 12/31/23 | 9.29 | 0.38 | 0.83 | 1.21 |  |  | 10.50 | 13.02 | 30926 | 62 | 1.20 | 1.20 | 3.85 |
| 12/31/22<br> (a) | 10.00 | 0.08 | (0.79)  | (0.71)  |  |  | 9.29 | (7.10)  | 16599 | 5 | 1.19 | 1.19 | 1.25 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.22 | 0.60 | 7.75 | 8.35 |  |  | 21.57 | 63.16 | 2 | 66 | 0.86 | 0.92 | 3.49 |
| 12/31/24 | 10.56 | 0.53 | 2.13 | 2.66 |  |  | 13.22 | 25.19 | 1 | 140 | 0.91 | 0.91 | 4.42 |
| 12/31/23 | 9.32 | 0.42 | 0.82 | 1.24 |  |  | 10.56 | 13.30 | 1 | 62 | 0.83 | 0.83 | 4.20 |
| 12/31/22<br> (a) | 10.00 | 0.10 | (0.78)  | (0.68)  |  |  | 9.32 | (6.80)  | 1 | 5 | 0.79 | 0.79 | 1.52 |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.79 | 0.66 | 0.53 | 1.19 |  |  | 13.98 | 9.30 | 982266 | 89<br> (b) | 0.94 | 0.94 | 4.88 |
| 12/31/24 | 12.12 | 0.61 | 0.06 | 0.67 |  |  | 12.79 | 5.53 | 630923 | 67<br> (b) | 0.94 | 0.94 | 4.94 |
| 12/31/23 | 11.04 | 0.54 | 0.54 | 1.08 |  |  | 12.12 | 9.78 | 618751 | 68<br> (b) | 0.94 | 0.94 | 4.76 |
| 12/31/22 | 12.38 | 0.39 | (1.73)  | (1.34)  |  |  | 11.04 | (10.82)  | 562041 | 55<br> (b) | 0.94 | 0.94 | 3.42 |
| 12/31/21 | 12.06 | 0.31 | 0.01 | 0.32 |  |  | 12.38 | 2.65 | 705176 | 68<br> (b) | 0.93 | 0.93 | 2.53 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.10 | 0.71 | 0.54 | 1.25 |  |  | 14.35 | 9.54 | 93404 | 89<br> (b) | 0.64 | 0.64 | 5.20 |
| 12/31/24 | 12.37 | 0.67 | 0.06 | 0.73 |  |  | 13.10 | 5.90 | 74219 | 67<br> (b) | 0.64 | 0.64 | 5.24 |
| 12/31/23 | 11.23 | 0.59 | 0.55 | 1.14 |  |  | 12.37 | 10.15 | 79998 | 68<br> (b) | 0.64 | 0.64 | 5.06 |
| 12/31/22 | 12.56 | 0.43 | (1.76)  | (1.33)  |  |  | 11.23 | (10.59)  | 83256 | 55<br> (b) | 0.64 | 0.64 | 3.69 |
| 12/31/21 | 12.19 | 0.35 | 0.02 | 0.37 |  |  | 12.56 | 3.04 | 166937 | 68<br> (b) | 0.63 | 0.63 | 2.84 |

---

(a) The Fund commenced operations on April 25, 2022.

(b) Portfolio turnover including
dollar roll transactions for JNL/Neuberger Berman Strategic Income Fund was as follows: December 31,
2025: 262%; December 31, 2024: 199%; December 31, 2023: 289%; December 31, 2022: 309%; December 31, 2021:
305%;

See accompanying Notes to Financial Statements.

720

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 33.52 | 0.46 | 5.90 | 6.36 |  |  | 39.88 | 18.97 | 2907714 | 77 | 0.86 | 0.86 | 1.27 |
| 12/31/24 | 28.64 | 0.49 | 4.39 | 4.88 |  |  | 33.52 | 17.04 | 2160071 | 70 | 0.86 | 0.87 | 1.53 |
| 12/31/23 | 25.95 | 0.40 | 2.29 | 2.69 |  |  | 28.64 | 10.37 | 1738567 | 84 | 0.88 | 0.88 | 1.50 |
| 12/31/22 | 25.00 | 0.37 | 0.58 | 0.95 |  |  | 25.95 | 3.80 | 1715044 | 76 | 0.90 | 0.90 | 1.48 |
| 12/31/21 | 18.83 | 0.28 | 5.89 | 6.17 |  |  | 25.00 | 32.77 | 547497 | 96 | 0.91 | 0.91 | 1.21 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 34.22 | 0.58 | 6.03 | 6.61 |  |  | 40.83 | 19.32 | 918325 | 77 | 0.56 | 0.56 | 1.58 |
| 12/31/24 | 29.14 | 0.60 | 4.48 | 5.08 |  |  | 34.22 | 17.43 | 557930 | 70 | 0.56 | 0.57 | 1.84 |
| 12/31/23 | 26.33 | 0.49 | 2.32 | 2.81 |  |  | 29.14 | 10.67 | 162330 | 84 | 0.58 | 0.58 | 1.80 |
| 12/31/22 | 25.29 | 0.53 | 0.51 | 1.04 |  |  | 26.33 | 4.11 | 157541 | 76 | 0.60 | 0.60 | 2.08 |
| 12/31/21 | 18.99 | 0.36 | 5.94 | 6.30 |  |  | 25.29 | 33.18 | 10008 | 96 | 0.61 | 0.61 | 1.53 |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.74 | 0.61 | 0.69 | 1.30 |  |  | 13.04 | 11.07 | 1278040 | 19<br> (a) | 0.99<br> (b) | 0.99<br> (b) | 4.90 |
| 12/31/24 | 11.22 | 0.61 | (0.09)  | 0.52 |  |  | 11.74 | 4.63 | 1040912 | 25<br> (a) | 1.15<br> (b) | 1.15<br> (b) | 5.27 |
| 12/31/23 | 10.34 | 0.53 | 0.35 | 0.88 |  |  | 11.22 | 8.51 | 904665 | 532 | 1.04<br> (b) | 1.04<br> (b) | 4.95 |
| 12/31/22 | 11.25 | 0.38 | (1.29)  | (0.91)  |  |  | 10.34 | (8.09)  | 733830 | 407 | 0.94<br> (b) | 0.94<br> (b) | 3.66 |
| 12/31/21 | 11.03 | 0.28 | (0.06)  | 0.22 |  |  | 11.25 | 1.99 | 913625 | 464 | 0.93 | 0.93 | 2.48 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.99 | 0.66 | 0.71 | 1.37 |  |  | 13.36 | 11.43 | 609286 | 19<br> (a) | 0.69<br> (b) | 0.69<br> (b) | 5.20 |
| 12/31/24 | 11.42 | 0.65 | (0.08)  | 0.57 |  |  | 11.99 | 4.99 | 472927 | 25<br> (a) | 0.85<br> (b) | 0.85<br> (b) | 5.56 |
| 12/31/23 | 10.50 | 0.57 | 0.35 | 0.92 |  |  | 11.42 | 8.76 | 599169 | 532 | 0.74<br> (b) | 0.74<br> (b) | 5.25 |
| 12/31/22 | 11.39 | 0.42 | (1.31)  | (0.89)  |  |  | 10.50 | (7.81)  | 512658 | 407 | 0.64<br> (b) | 0.64<br> (b) | 3.95 |
| 12/31/21 | 11.13 | 0.31 | (0.05)  | 0.26 |  |  | 11.39 | 2.34 | 787820 | 464 | 0.63 | 0.63 | 2.77 |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.31 | 0.54 | 0.49 | 1.03 |  |  | 13.34 | 8.37 | 468148 | 27<br> (c) | 0.85<br> (d) | 0.85<br> (d) | 4.18 |
| 12/31/24 | 11.98 | 0.47 | (0.14)  | 0.33 |  |  | 12.31 | 2.75 | 478081 | 45<br> (c) | 1.16<br> (d) | 1.16<br> (d) | 3.86 |
| 12/31/23 | 11.12 | 0.41 | 0.45 | 0.86 |  |  | 11.98 | 7.73 | 485483 | 126 | 0.84<br> (d) | 0.84<br> (d) | 3.60 |
| 12/31/22 | 13.33 | 0.36 | (2.57)  | (2.21)  |  |  | 11.12 | (16.58)  | 452278 | 74 | 0.81<br> (d) | 0.81<br> (d) | 3.08 |
| 12/31/21 | 13.55 | 0.35 | (0.57)  | (0.22)  |  |  | 13.33 | (1.62)  | 635066 | 105 | 0.73<br> (d) | 0.73<br> (d) | 2.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.52 | 0.58 | 0.51 | 1.09 |  |  | 13.61 | 8.71 | 321791 | 27<br> (c) | 0.55<br> (d) | 0.55<br> (d) | 4.47 |
| 12/31/24 | 12.15 | 0.51 | (0.14)  | 0.37 |  |  | 12.52 | 3.05 | 390923 | 45<br> (c) | 0.86<br> (d) | 0.86<br> (d) | 4.17 |
| 12/31/23 | 11.25 | 0.45 | 0.45 | 0.90 |  |  | 12.15 | 8.00 | 398825 | 126 | 0.54<br> (d) | 0.54<br> (d) | 3.89 |
| 12/31/22 | 13.43 | 0.40 | (2.58)  | (2.18)  |  |  | 11.25 | (16.23)  | 479106 | 74 | 0.51<br> (d) | 0.51<br> (d) | 3.37 |
| 12/31/21 | 13.62 | 0.39 | (0.58)  | (0.19)  |  |  | 13.43 | (1.40)  | 1001193 | 105 | 0.43<br> (d) | 0.43<br> (d) | 2.91 |

---

(a) Portfolio turnover including dollar roll transactions for JNL/PIMCO Income Fund
was as follows: December 31, 2025: 657%; December 31, 2024: 642%;

(b) The total and net expense
ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities
sold short or interest expense for JNL/PIMCO Income Fund were as follows: Class A: December 31, 2025:
0.94%, 0.94% December 31, 2024: 0.94%, 0.94% December 31, 2023: 0.95%, 0.95% December 31, 2022: 0.94%,
0.94% Class I: December 31, 2025: 0.64%, 0.64% December 31, 2024: 0.64%, 0.64% December 31, 2023: 0.65%,
0.65% December 31, 2022: 0.64%, 0.64%

(c) Portfolio turnover including dollar roll transactions for
JNL/PIMCO Investment Grade Credit Bond Fund was as follows: December 31, 2025: 176%; December 31, 2024:
212%;

(d) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL/PIMCO Investment
Grade Credit Bond Fund were as follows: Class A: December 31, 2025: 0.75%, 0.75% December 31, 2024: 0.75%,
0.75% December 31, 2023: 0.76%, 0.76% December 31, 2022: 0.74%, 0.74% December 31, 2021: 0.73%, 0.73%
Class I: December 31, 2025: 0.45%, 0.45% December 31, 2024: 0.45%, 0.45% December 31, 2023: 0.46%, 0.46%
December 31, 2022: 0.44%, 0.44% December 31, 2021: 0.43%, 0.43%

See accompanying Notes to Financial Statements.

721

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.51 | 0.42 | 0.48 | 0.90 |  |  | 12.41 | 7.82 | 921318 | 50<br> (a) | 1.68<br> (b) | 1.68<br> (b) | 3.46 |
| 12/31/24 | 11.28 | 0.38 | (0.15)  | 0.23 |  |  | 11.51 | 2.04 | 921609 | 13<br> (a) | 1.34<br> (b) | 1.34<br> (b) | 3.33 |
| 12/31/23 | 10.85 | 0.41 | 0.02 | 0.43 |  |  | 11.28 | 3.96 | 1043415 | 141 | 1.06<br> (b) | 1.06<br> (b) | 3.69 |
| 12/31/22 | 12.30 | 0.65 | (2.10)  | (1.45)  |  |  | 10.85 | (11.79)  | 1172015 | 39 | 0.95<br> (b) | 0.95<br> (b) | 5.68 |
| 12/31/21 | 11.67 | 0.37 | 0.26 | 0.63 |  |  | 12.30 | 5.40 | 1449465 | 49 | 0.81<br> (b) | 0.81<br> (b) | 3.09 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.85 | 0.47 | 0.49 | 0.96 |  |  | 12.81 | 8.10 | 190165 | 50<br> (a) | 1.38<br> (b) | 1.38<br> (b) | 3.75 |
| 12/31/24 | 11.57 | 0.43 | (0.15)  | 0.28 |  |  | 11.85 | 2.42 | 160147 | 13<br> (a) | 1.04<br> (b) | 1.04<br> (b) | 3.68 |
| 12/31/23 | 11.10 | 0.45 | 0.02 | 0.47 |  |  | 11.57 | 4.23 | 360623 | 141 | 0.76<br> (b) | 0.76<br> (b) | 4.00 |
| 12/31/22 | 12.55 | 0.70 | (2.15)  | (1.45)  |  |  | 11.10 | (11.55)  | 364464 | 39 | 0.65<br> (b) | 0.65<br> (b) | 5.99 |
| 12/31/21 | 11.86 | 0.43 | 0.26 | 0.69 |  |  | 12.55 | 5.82 | 467665 | 49 | 0.51<br> (b) | 0.51<br> (b) | 3.56 |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 16.61 | 1.21 | 0.19 | 1.40 |  |  | 18.01 | 8.43 | 1126872 | 70 | 0.75 | 0.75 | 7.04 |
| 12/31/24 | 15.39 | 1.16 | 0.06 | 1.22 |  |  | 16.61 | 7.93 | 1202046 | 79 | 0.74 | 0.74 | 7.25 |
| 12/31/23 | 13.64 | 0.98 | 0.77 | 1.75 |  |  | 15.39 | 12.83 | 1203837 | 58 | 0.75 | 0.75 | 6.84 |
| 12/31/22 | 15.45 | 0.80 | (2.61)  | (1.81)  |  |  | 13.64 | (11.72)  | 1155672 | 49 | 0.74 | 0.74 | 5.65 |
| 12/31/21 | 14.61 | 0.75 | 0.09 | 0.84 |  |  | 15.45 | 5.75 | 1537895 | 62 | 0.74 | 0.74 | 4.95 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 19.82 | 1.51 | 0.23 | 1.74 |  |  | 21.56 | 8.78 | 195186 | 70 | 0.45 | 0.45 | 7.33 |
| 12/31/24 | 18.31 | 1.44 | 0.07 | 1.51 |  |  | 19.82 | 8.25 | 227742 | 79 | 0.44 | 0.44 | 7.54 |
| 12/31/23 | 16.18 | 1.21 | 0.92 | 2.13 |  |  | 18.31 | 13.16 | 206168 | 58 | 0.45 | 0.45 | 7.12 |
| 12/31/22 | 18.27 | 0.99 | (3.08)  | (2.09)  |  |  | 16.18 | (11.44)  | 231880 | 49 | 0.44 | 0.44 | 5.89 |
| 12/31/21 | 17.22 | 0.93 | 0.12 | 1.05 |  |  | 18.27 | 6.10 | 411167 | 62 | 0.44 | 0.44 | 5.26 |
| **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** | **JNL/PPM America Investment Grade Credit Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.41 | 0.47 | 0.28 | 0.75 |  |  | 11.16 | 7.20 | 16000 | 70 | 0.83 | 0.83 | 4.32 |
| 12/31/24<br> (c) | 10.00 | 0.31 | 0.10 | 0.41 |  |  | 10.41 | 4.10 | 995 | 47 | 0.83 | 0.83 | 4.39 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.44 | 0.51 | 0.28 | 0.79 |  |  | 11.23 | 7.57 | 170478 | 70 | 0.53 | 0.53 | 4.69 |
| 12/31/24<br> (c) | 10.00 | 0.34 | 0.10 | 0.44 |  |  | 10.44 | 4.40 | 294596 | 47 | 0.53 | 0.53 | 4.76 |

---

(a) Portfolio turnover including dollar roll transactions for JNL/PIMCO Real Return
Fund was as follows: December 31, 2025: 215%; December 31, 2024: 206%;

(b) The total and net expense
ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities
sold short or interest expense for JNL/PIMCO Real Return Fund were as follows: Class A: December 31,
2025: 0.79%, 0.79% December 31, 2024: 0.79%, 0.79% December 31, 2023: 0.79%, 0.79% December 31, 2022:
0.79%, 0.79% December 31, 2021: 0.79%, 0.79% Class I: December 31, 2025: 0.49%, 0.49% December 31, 2024:
0.49%, 0.49% December 31, 2023: 0.49%, 0.49% December 31, 2022: 0.49%, 0.49% December 31, 2021: 0.49%,
0.49%

(c) The Fund commenced operations on April 29, 2024.

See accompanying Notes to Financial Statements.

722

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.89 | 0.55 | 0.32 | 0.87 |  |  | 13.76 | 6.75 | 546258 | 106<br> (a) | 0.79 | 0.79 | 4.11 |
| 12/31/24 | 12.63 | 0.53 | (0.27)  | 0.26 |  |  | 12.89 | 2.06 | 579058 | 88<br> (a) | 0.79 | 0.79 | 4.16 |
| 12/31/23 | 11.84 | 0.43 | 0.36 | 0.79 |  |  | 12.63 | 6.67 | 588245 | 93<br> (a) | 0.79 | 0.79 | 3.59 |
| 12/31/22 | 13.78 | 0.28 | (2.22)  | (1.94)  |  |  | 11.84 | (14.08)  | 544995 | 75<br> (a) | 0.78 | 0.78 | 2.28 |
| 12/31/21 | 13.94 | 0.21 | (0.37)  | (0.16)  |  |  | 13.78 | (1.15)  | 784767 | 105<br> (a) | 0.78 | 0.78 | 1.55 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.09 | 0.60 | 0.33 | 0.93 |  |  | 14.02 | 7.10 | 817733 | 106<br> (a) | 0.49 | 0.49 | 4.41 |
| 12/31/24 | 12.79 | 0.58 | (0.28)  | 0.30 |  |  | 13.09 | 2.35 | 925440 | 88<br> (a) | 0.49 | 0.49 | 4.46 |
| 12/31/23 | 11.96 | 0.48 | 0.35 | 0.83 |  |  | 12.79 | 6.94 | 1081782 | 93<br> (a) | 0.49 | 0.49 | 3.92 |
| 12/31/22 | 13.87 | 0.32 | (2.23)  | (1.91)  |  |  | 11.96 | (13.77)  | 768233 | 75<br> (a) | 0.48 | 0.48 | 2.58 |
| 12/31/21 | 13.99 | 0.26 | (0.38)  | (0.12)  |  |  | 13.87 | (0.86)  | 1177823 | 105<br> (a) | 0.48 | 0.48 | 1.85 |
| **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.71 | 0.10 | 0.56 | 0.66 |  |  | 10.37 | 6.80 | 371013 | 26 | 0.67 | 0.67 | 0.99 |
| 12/31/24 | 8.77 | 0.08 | 0.86 | 0.94 |  |  | 9.71 | 10.72 | 401718 | 20 | 0.67 | 0.67 | 0.92 |
| 12/31/23 | 7.48 | 0.09 | 1.20 | 1.29 |  |  | 8.77 | 17.25 | 422736 | 21 | 0.67 | 0.67 | 1.12 |
| 12/31/22 | 8.70 | 0.09 | (1.31)  | (1.22)  |  |  | 7.48 | (14.02)  | 404209 | 21 | 0.67 | 0.67 | 1.10 |
| 12/31/21 | 6.68 | 0.06 | 1.96 | 2.02 |  |  | 8.70 | 30.24 | 534346 | 40 | 0.67 | 0.67 | 0.75 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.63 | 0.13 | 0.56 | 0.69 |  |  | 10.32 | 7.17 | 5625 | 26 | 0.32 | 0.37 | 1.34 |
| 12/31/24 | 8.67 | 0.12 | 0.84 | 0.96 |  |  | 9.63 | 11.07 | 6304 | 20 | 0.32 | 0.37 | 1.27 |
| 12/31/23 | 7.37 | 0.11 | 1.19 | 1.30 |  |  | 8.67 | 17.64 | 5389 | 21 | 0.32 | 0.37 | 1.47 |
| 12/31/22 | 8.54 | 0.11 | (1.28)  | (1.17)  |  |  | 7.37 | (13.70)  | 5188 | 21 | 0.32 | 0.37 | 1.45 |
| 12/31/21 | 6.53 | 0.09 | 1.92 | 2.01 |  |  | 8.54 | 30.78 | 7080 | 40 | 0.32 | 0.37 | 1.11 |
| **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 24.25 | 0.34 | 3.59 | 3.93 |  |  | 28.18 | 16.21 | 2048760 | 40 | 0.67 | 0.67 | 1.31 |
| 12/31/24 | 20.44 | 0.29 | 3.52 | 3.81 |  |  | 24.25 | 18.64 | 2115129 | 37 | 0.67 | 0.67 | 1.28 |
| 12/31/23 | 18.24 | 0.32 | 1.88 | 2.20 |  |  | 20.44 | 12.06 | 2118805 | 33 | 0.67 | 0.67 | 1.72 |
| 12/31/22 | 19.83 | 0.30 | (1.89)  | (1.59)  |  |  | 18.24 | (8.02)  | 2174350 | 33 | 0.67 | 0.67 | 1.63 |
| 12/31/21 | 15.69 | 0.21 | 3.93 | 4.14 |  |  | 19.83 | 26.39 | 2725657 | 36 | 0.67 | 0.67 | 1.18 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 24.68 | 0.43 | 3.65 | 4.08 |  |  | 28.76 | 16.53 | 28356 | 40 | 0.37 | 0.37 | 1.61 |
| 12/31/24 | 20.73 | 0.37 | 3.58 | 3.95 |  |  | 24.68 | 19.05 | 26445 | 37 | 0.37 | 0.37 | 1.58 |
| 12/31/23 | 18.44 | 0.38 | 1.91 | 2.29 |  |  | 20.73 | 12.42 | 22517 | 33 | 0.37 | 0.37 | 2.02 |
| 12/31/22 | 19.99 | 0.36 | (1.91)  | (1.55)  |  |  | 18.44 | (7.75)  | 21945 | 33 | 0.37 | 0.37 | 1.94 |
| 12/31/21 | 15.77 | 0.27 | 3.95 | 4.22 |  |  | 19.99 | 26.76 | 25867 | 36 | 0.37 | 0.37 | 1.49 |

---

(a) Portfolio turnover including dollar roll transactions for JNL/PPM America Total
Return Fund was as follows: December 31, 2025: 108%; December 31, 2024: 95%; December 31, 2023: 122%;
December 31, 2022: 97%; December 31, 2021: 146%;

See accompanying Notes to Financial Statements.

723

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.53 | 0.35 | 2.55 | 2.90 |  |  | 21.43 | 15.65 | 580612 | 56 | 0.96 | 0.96 | 1.78 |
| 12/31/24 | 16.61 | 0.32 | 1.60 | 1.92 |  |  | 18.53 | 11.56 | 520453 | 58 | 0.96 | 0.97 | 1.78 |
| 12/31/23 | 14.15 | 0.28 | 2.18 | 2.46 |  |  | 16.61 | 17.39 | 514090 | 64 | 0.98 | 0.99 | 1.80 |
| 12/31/22 | 17.18 | 0.22 | (3.25)  | (3.03)  |  |  | 14.15 | (17.64)  | 442413 | 151 | 1.00 | 1.00 | 1.45 |
| 12/31/21 | 15.24 | 0.14 | 1.80 | 1.94 |  |  | 17.18 | 12.73 | 566873 | 156 | 1.00 | 1.00 | 0.87 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 18.92 | 0.42 | 2.62 | 3.04 |  |  | 21.96 | 16.07 | 6911 | 56 | 0.66 | 0.66 | 2.06 |
| 12/31/24 | 16.91 | 0.38 | 1.63 | 2.01 |  |  | 18.92 | 11.89 | 6887 | 58 | 0.66 | 0.67 | 2.06 |
| 12/31/23 | 14.36 | 0.33 | 2.22 | 2.55 |  |  | 16.91 | 17.76 | 4188 | 64 | 0.68 | 0.69 | 2.11 |
| 12/31/22 | 17.39 | 0.26 | (3.29)  | (3.03)  |  |  | 14.36 | (17.42)  | 3278 | 151 | 0.70 | 0.70 | 1.76 |
| 12/31/21 | 15.38 | 0.19 | 1.82 | 2.01 |  |  | 17.39 | 13.07 | 2398 | 156 | 0.70 | 0.70 | 1.15 |
| **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** | **JNL/T. Rowe Price Capital Appreciation Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.91 | 0.01 | 1.44 | 1.45 |  |  | 11.36 | 14.63 | 362737 | 82 | 0.99 | 1.00 | 0.05 |
| 12/31/24<br> (a) | 10.00 | 0.01 | (0.10)  | (0.09)  |  |  | 9.91 | (0.90)  | 72368 | 11 | 1.00 | 1.00 | 0.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 9.92 | 0.03 | 1.45 | 1.48 |  |  | 11.40 | 14.92 | 599834 | 82 | 0.69 | 0.70 | 0.33 |
| 12/31/24<br> (a) | 10.00 | 0.01 | (0.09)  | (0.08)  |  |  | 9.92 | (0.80)  | 455905 | 11 | 0.70 | 0.70 | 0.45 |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 27.93 | 0.49 | 2.71 | 3.20 |  |  | 31.13 | 11.46 | 14383701 | 124 | 0.95 | 0.95 | 1.65 |
| 12/31/24 | 24.87 | 0.54 | 2.52 | 3.06 |  |  | 27.93 | 12.30 | 13779730 | 84 | 0.95 | 0.95 | 2.02 |
| 12/31/23 | 21.00 | 0.49 | 3.38 | 3.87 |  |  | 24.87 | 18.43 | 12688769 | 69 | 0.95 | 0.96 | 2.14 |
| 12/31/22 | 23.85 | 0.25 | (3.10)  | (2.85)  |  |  | 21.00 | (11.95)  | 10288548 | 85 | 0.96 | 0.96 | 1.18 |
| 12/31/21 | 20.23 | 0.13 | 3.49 | 3.62 |  |  | 23.85 | 17.89 | 11340946 | 51 | 0.96 | 0.96 | 0.56 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 28.50 | 0.58 | 2.78 | 3.36 |  |  | 31.86 | 11.79 | 433777 | 124 | 0.65 | 0.65 | 1.94 |
| 12/31/24 | 25.30 | 0.63 | 2.57 | 3.20 |  |  | 28.50 | 12.65 | 549969 | 84 | 0.65 | 0.65 | 2.33 |
| 12/31/23 | 21.30 | 0.57 | 3.43 | 4.00 |  |  | 25.30 | 18.78 | 665335 | 69 | 0.65 | 0.66 | 2.44 |
| 12/31/22 | 24.11 | 0.32 | (3.13)  | (2.81)  |  |  | 21.30 | (11.65)  | 595286 | 85 | 0.66 | 0.66 | 1.47 |
| 12/31/21 | 20.40 | 0.19 | 3.52 | 3.71 |  |  | 24.11 | 18.19 | 682938 | 51 | 0.66 | 0.66 | 0.87 |

---

(a) The Fund commenced operations on October 21, 2024.

See accompanying Notes to Financial Statements.

724

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** | **JNL/T. Rowe Price Growth Stock Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 91.99 | (0.40) | 14.44 | 14.04 |  |  | 106.03 | 15.26 | 8488899 | 34 | 0.83 | 0.83 | (0.42)  |
| 12/31/24 | 70.79 | (0.31)  | 21.51 | 21.20 |  |  | 91.99 | 29.95 | 8953590 | 34 | 0.83 | 0.83 | (0.37)  |
| 12/31/23 | 47.82 | (0.18)  | 23.15 | 22.97 |  |  | 70.79 | 48.03 | 8171284 | 32 | 0.83 | 0.83 | (0.30)  |
| 12/31/22 | 78.17 | (0.23)  | (30.12)  | (30.35)  |  |  | 47.82 | (38.83)  | 5962625 | 28 | 0.83 | 0.83 | (0.40)  |
| 12/31/21 | 68.31 | (0.37)  | 10.23 | 9.86 |  |  | 78.17 | 14.43 | 10597738 | 29 | 0.83 | 0.83 | (0.49)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 96.90 | (0.12)  | 15.25 | 15.13 |  |  | 112.03 | 15.61 | 1027132 | 34 | 0.53 | 0.53 | (0.12)  |
| 12/31/24 | 74.35 | (0.06)  | 22.61 | 22.55 |  |  | 96.90 | 30.33 | 1256024 | 34 | 0.53 | 0.53 | (0.07)  |
| 12/31/23 | 50.08 | 0.00 | 24.27 | 24.27 |  |  | 74.35 | 48.46 | 1310492 | 32 | 0.53 | 0.53 | 0.01 |
| 12/31/22 | 81.61 | (0.07)  | (31.46)  | (31.53)  |  |  | 50.08 | (38.63)  | 1259656 | 28 | 0.53 | 0.53 | (0.11)  |
| 12/31/21 | 71.10 | (0.15)  | 10.66 | 10.51 |  |  | 81.61 | 14.78 | 2717304 | 29 | 0.53 | 0.53 | (0.19)  |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 79.86 | (0.22) | 2.73 | 2.51 |  |  | 82.37 | 3.14 | 4340445 | 33 | 0.97 | 0.98 | (0.28)  |
| 12/31/24 | 73.15 | (0.19)  | 6.90 | 6.71 |  |  | 79.86 | 9.17 | 4922240 | 22 | 0.97 | 0.97 | (0.24)  |
| 12/31/23 | 60.98 | (0.09)  | 12.26 | 12.17 |  |  | 73.15 | 19.96 | 5154807 | 22 | 0.98 | 0.98 | (0.13)  |
| 12/31/22 | 78.25 | (0.20)  | (17.07)  | (17.27)  |  |  | 60.98 | (22.07)  | 4655799 | 22 | 0.97 | 0.98 | (0.31)  |
| 12/31/21 | 69.30 | (0.37)  | 9.32 | 8.95 |  |  | 78.25 | 12.91 | 6664276 | 19 | 0.98 | 0.98 | (0.49)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 85.34 | 0.02 | 2.93 | 2.95 |  |  | 88.29 | 3.46 | 55666 | 33 | 0.67 | 0.68 | 0.03 |
| 12/31/24 | 77.93 | 0.05 | 7.36 | 7.41 |  |  | 85.34 | 9.51 | 216464 | 22 | 0.67 | 0.67 | 0.06 |
| 12/31/23 | 64.77 | 0.12 | 13.04 | 13.16 |  |  | 77.93 | 20.32 | 261383 | 22 | 0.68 | 0.68 | 0.17 |
| 12/31/22 | 82.86 | (0.01)  | (18.08)  | (18.09)  |  |  | 64.77 | (21.83)  | 235328 | 22 | 0.67 | 0.68 | (0.01)  |
| 12/31/21 | 73.17 | (0.15)  | 9.84 | 9.69 |  |  | 82.86 | 13.24 | 329433 | 19 | 0.68 | 0.68 | (0.19)  |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.02 | 0.45 | 0.15 | 0.60 |  |  | 11.62 | 5.44 | 1054856 | 103 | 0.72 | 0.72 | 3.99 |
| 12/31/24 | 10.53 | 0.42 | 0.07 | 0.49 |  |  | 11.02 | 4.65 | 1077914 | 109 | 0.72 | 0.72 | 3.94 |
| 12/31/23 | 10.04 | 0.32 | 0.17 | 0.49 |  |  | 10.53 | 4.88 | 1162682 | 70 | 0.71 | 0.71 | 3.15 |
| 12/31/22 | 10.53 | 0.17 | (0.66)  | (0.49)  |  |  | 10.04 | (4.65)  | 1292391 | 94 | 0.71 | 0.71 | 1.72 |
| 12/31/21 | 10.57 | 0.11 | (0.15)  | (0.04)  |  |  | 10.53 | (0.38)  | 1369640 | 77 | 0.71 | 0.71 | 1.00 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.34 | 0.50 | 0.14 | 0.64 |  |  | 11.98 | 5.64 | 30066 | 103 | 0.42 | 0.42 | 4.29 |
| 12/31/24 | 10.79 | 0.47 | 0.08 | 0.55 |  |  | 11.34 | 5.10 | 38688 | 109 | 0.42 | 0.42 | 4.24 |
| 12/31/23 | 10.27 | 0.34 | 0.18 | 0.52 |  |  | 10.79 | 5.06 | 35545 | 70 | 0.41 | 0.41 | 3.30 |
| 12/31/22 | 10.73 | 0.22 | (0.68)  | (0.46)  |  |  | 10.27 | (4.29)  | 468649 | 94 | 0.41 | 0.41 | 2.16 |
| 12/31/21 | 10.74 | 0.14 | (0.15)  | (0.01)  |  |  | 10.73 | (0.09)  | 300785 | 77 | 0.41 | 0.41 | 1.30 |

---

See accompanying Notes to Financial Statements.

725

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.50 | 0.88 | 0.07 | 0.95 |  |  | 13.45 | 7.60 | 198898 | 76 | 0.92 | 0.92 | 6.85 |
| 12/31/24 | 11.57 | 0.85 | 0.08 | 0.93 |  |  | 12.50 | 8.04 | 194362 | 125 | 0.93 | 0.93 | 7.06 |
| 12/31/23 | 10.18 | 0.80 | 0.59 | 1.39 |  |  | 11.57 | 13.65 | 189014 | 54 | 0.93 | 0.93 | 7.40 |
| 12/31/22 | 11.95 | 0.67 | (2.44)  | (1.77)  |  |  | 10.18 | (14.81)  | 141134 | 51 | 0.94 | 0.96 | 6.31 |
| 12/31/21 | 11.40 | 0.60 | (0.05)  | 0.55 |  |  | 11.95 | 4.82 | 163555 | 95 | 0.97 | 0.97 | 5.15 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 12.61 | 0.93 | 0.07 | 1.00 |  |  | 13.61 | 7.93 | 59082 | 76 | 0.62 | 0.62 | 7.18 |
| 12/31/24 | 11.64 | 0.89 | 0.08 | 0.97 |  |  | 12.61 | 8.33 | 272237 | 125 | 0.63 | 0.63 | 7.34 |
| 12/31/23 | 10.21 | 0.83 | 0.60 | 1.43 |  |  | 11.64 | 14.01 | 211304 | 54 | 0.63 | 0.64 | 7.69 |
| 12/31/22 | 11.95 | 0.71 | (2.45)  | (1.74)  |  |  | 10.21 | (14.56)  | 381917 | 51 | 0.64 | 0.66 | 6.56 |
| 12/31/21 | 11.37 | 0.64 | (0.06)  | 0.58 |  |  | 11.95 | 5.10 | 549450 | 95 | 0.67 | 0.67 | 5.45 |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 28.17 | 0.28 | 3.10 | 3.38 |  |  | 31.55 | 12.00 | 2954451 | 55 | 0.86 | 0.87 | 0.92 |
| 12/31/24 | 24.53 | 0.27 | 3.37 | 3.64 |  |  | 28.17 | 14.84 | 3045873 | 58 | 0.87 | 0.87 | 0.97 |
| 12/31/23 | 21.92 | 0.29 | 2.32 | 2.61 |  |  | 24.53 | 11.91 | 2985641 | 60 | 0.87 | 0.87 | 1.28 |
| 12/31/22 | 24.77 | 0.25 | (3.10)  | (2.85)  |  |  | 21.92 | (11.51)  | 3003508 | 190 | 0.86 | 0.86 | 1.11 |
| 12/31/21 | 19.12 | 0.13 | 5.52 | 5.65 |  |  | 24.77 | 29.55 | 3453316 | 104 | 0.86 | 0.86 | 0.56 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 30.04 | 0.39 | 3.32 | 3.71 |  |  | 33.75 | 12.35 | 1105487 | 55 | 0.56 | 0.57 | 1.22 |
| 12/31/24 | 26.08 | 0.37 | 3.59 | 3.96 |  |  | 30.04 | 15.18 | 1428457 | 58 | 0.57 | 0.57 | 1.27 |
| 12/31/23 | 23.23 | 0.38 | 2.47 | 2.85 |  |  | 26.08 | 12.27 | 1536298 | 60 | 0.57 | 0.57 | 1.58 |
| 12/31/22 | 26.18 | 0.33 | (3.28)  | (2.95)  |  |  | 23.23 | (11.27)  | 1469019 | 190 | 0.56 | 0.56 | 1.37 |
| 12/31/21 | 20.15 | 0.20 | 5.83 | 6.03 |  |  | 26.18 | 29.93 | 2391289 | 104 | 0.56 | 0.56 | 0.86 |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 8.47 | 0.01 | 1.98 | 1.99 |  |  | 10.46 | 23.49 | 11423 | 150 | 1.34 | 1.34 | 0.14 |
| 12/31/24 | 8.54 | 0.12 | (0.19)  | (0.07)  |  |  | 8.47 | (0.82)  | 5629 | 94 | 1.35 | 1.35 | 1.52 |
| 12/31/23 | 10.41 | 0.05 | (1.92)  | (1.87)  |  |  | 8.54 | (17.96)  | 5242 | 90 | 1.35 | 1.35 | 0.56 |
| 12/31/22<br> (a) | 10.00 | 0.02 | 0.39 | 0.41 |  |  | 10.41 | 4.10 | 5735 | 28 | 1.32 | 1.32 | 0.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 8.53 | 0.04 | 2.00 | 2.04 |  |  | 10.57 | 23.92 | 1 | 150 | 1.06 | 1.06 | 0.38 |
| 12/31/24 | 8.58 | 0.14 | (0.19)  | (0.05)  |  |  | 8.53 | (0.58)  | 1 | 94 | 0.95 | 0.95 | 1.78 |
| 12/31/23 | 10.42 | 0.09 | (1.93)  | (1.84)  |  |  | 8.58 | (17.66)  | 1 | 90 | 1.04 | 1.04 | 0.92 |
| 12/31/22<br> (a) | 10.00 | 0.04 | 0.38 | 0.42 |  |  | 10.42 | 4.20 | 1 | 28 | 1.05 | 1.05 | 0.53 |

---

(a) The Fund commenced operations on April 25, 2022.

See accompanying Notes to Financial Statements.

726

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.42 | (0.01) | 3.08 | 3.07 | (0.06) | (1.05) | 16.38 | 21.41 | 1060329 | 31 | 1.10 | 1.10 | (0.04)  |
| 12/31/24 | 13.77 | 0.01 | 0.99 | 1.00 |  | (0.35) | 14.42 | 7.10 | 732771 | 38 | 1.11 | 1.12 | 0.04 |
| 12/31/23 | 13.77 | 0.00 | 2.16 | 2.16 |  | (2.16) | 13.77 | 16.46 | 688564 | 32 | 1.12 | 1.12 | 0.00 |
| 12/31/22 | 23.45 | (0.04)  | (6.60)  | (6.64)  |  | (3.04) | 13.77 | (28.69)  | 536968 | 28 | 1.12 | 1.12 | (0.21)  |
| 12/31/21 | 21.69 | (0.12)  | 3.80 | 3.68 |  | (1.92) | 23.45 | 17.08 | 659219 | 22 | 1.11 | 1.11 | (0.52)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 14.68 | 0.05 | 3.14 | 3.19 | (0.10) | (1.05) | 16.72 | 21.85 | 1122882 | 31 | 0.80 | 0.80 | 0.27 |
| 12/31/24 | 14.01 | 0.05 | 1.01 | 1.06 | (0.04) | (0.35) | 14.68 | 7.36 | 1031774 | 38 | 0.81 | 0.82 | 0.34 |
| 12/31/23 | 13.93 | 0.05 | 2.19 | 2.24 |  | (2.16) | 14.01 | 16.85 | 841113 | 32 | 0.82 | 0.82 | 0.31 |
| 12/31/22 | 23.61 | 0.02 | (6.66)  | (6.64)  |  | (3.04) | 13.93 | (28.50)  | 801996 | 28 | 0.82 | 0.82 | 0.10 |
| 12/31/21 | 21.76 | (0.05)  | 3.82 | 3.77 |  | (1.92) | 23.61 | 17.44 | 1770361 | 22 | 0.81 | 0.81 | (0.21)  |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.12 | 0.26 | 0.71 | 0.97 |  |  | 14.09 | 7.39<br> (a) | 45657 | 291 | 1.52<br> (b) | 1.52<br> (b) | 1.94 |
| 12/31/24 | 12.52 | 0.32 | 0.28 | 0.60 |  |  | 13.12 | 4.79 | 48331 | 250 | 1.66<br> (b) | 1.66<br> (b) | 2.49 |
| 12/31/23 | 11.76 | 0.17 | 0.59 | 0.76 |  |  | 12.52 | 6.46 | 58792 | 297 | 1.84<br> (b) | 1.84<br> (b) | 1.45 |
| 12/31/22 | 12.16 | 0.13 | (0.53)  | (0.40)  |  |  | 11.76 | (3.29)  | 61635 | 213 | 1.57<br> (b) | 1.57<br> (b) | 1.09 |
| 12/31/21 | 11.81 | (0.02)  | 0.37 | 0.35 |  |  | 12.16 | 2.96 | 55020 | 315 | 1.64<br> (b) | 1.64<br> (b) | (0.19)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 13.26 | 0.31 | 0.71 | 1.02 |  |  | 14.28 | 7.69<br> (a) | 1795 | 291 | 1.22<br> (b) | 1.22<br> (b) | 2.26 |
| 12/31/24 | 12.62 | 0.32 | 0.32 | 0.64 |  |  | 13.26 | 5.07 | 1641 | 250 | 1.48<br> (b) | 1.48<br> (b) | 2.53 |
| 12/31/23 | 11.82 | 0.21 | 0.59 | 0.80 |  |  | 12.62 | 6.77 | 21067 | 297 | 1.54<br> (b) | 1.54<br> (b) | 1.74 |
| 12/31/22 | 12.19 | 0.16 | (0.53)  | (0.37)  |  |  | 11.82 | (3.04)  | 70025 | 213 | 1.27<br> (b) | 1.27<br> (b) | 1.34 |
| 12/31/21 | 11.80 | 0.01 | 0.38 | 0.39 |  |  | 12.19 | 3.31 | 75117 | 315 | 1.34<br> (b) | 1.34<br> (b) | 0.10 |
| **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.89 | 0.07 | 2.49 | 2.56 | (0.08) |  | 13.37 | 23.50 | 534692 | 86 | 0.97 | 0.97 | 0.60 |
| 12/31/24 | 11.03 | 0.06 | (0.16)  | (0.10)  | (0.04) |  | 10.89 | (0.95)  | 514060 | 73 | 0.97 | 0.97 | 0.48 |
| 12/31/23 | 9.77 | 0.05 | 1.21 | 1.26 |  |  | 11.03 | 12.90 | 619343 | 44 | 0.97 | 0.97 | 0.51 |
| 12/31/22 | 15.69 | 0.07 | (3.95)  | (3.88)  | (0.22) | (1.82) | 9.77 | (25.10)  | 612250 | 144 | 0.97 | 0.97 | 0.53 |
| 12/31/21 | 15.25 | 0.08 | 0.86 | 0.94 | (0.19) | (0.31) | 15.69 | 6.20 | 893543 | 38 | 0.98 | 0.98 | 0.53 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 11.75 | 0.12 | 2.67 | 2.79 | (0.12) |  | 14.42 | 23.78 | 462768 | 86 | 0.67 | 0.67 | 0.91 |
| 12/31/24 | 11.90 | 0.10 | (0.17)  | (0.07)  | (0.08) |  | 11.75 | (0.65)  | 461674 | 73 | 0.67 | 0.67 | 0.77 |
| 12/31/23 | 10.52 | 0.09 | 1.30 | 1.39 | (0.01) |  | 11.90 | 13.26 | 205086 | 44 | 0.67 | 0.67 | 0.80 |
| 12/31/22 | 16.70 | 0.11 | (4.20)  | (4.09)  | (0.27) | (1.82) | 10.52 | (24.82)  | 194427 | 144 | 0.67 | 0.67 | 0.82 |
| 12/31/21 | 16.20 | 0.14 | 0.90 | 1.04 | (0.23) | (0.31) | 16.70 | 6.48 | 269901 | 38 | 0.68 | 0.68 | 0.81 |

---

(a) Total return for the Fund includes class action settlement proceeds. The return
for Class A and Class I, respectively, without the class action settlement proceeds was as follows: JNL/Westchester
Capital Event Driven Fund: 6.55% and 6.94%.

(b) The total and net expense ratios, respectively, to average
net assets without dividend expenses, net borrowing fees on securities sold short or interest expense
for JNL/Westchester Capital Event Driven Fund were as follows: Class A: December 31, 2025: 1.46%, 1.46%
December 31, 2024: 1.46%, 1.46% December 31, 2023: 1.46%, 1.46% December 31, 2022: 1.46%, 1.46% December
31, 2021: 1.46%, 1.46% Class I: December 31, 2025: 1.16%, 1.16% December 31, 2024: 1.16%, 1.16% December
31, 2023: 1.16%, 1.16% December 31, 2022: 1.16%, 1.16% December 31, 2021: 1.16%, 1.16%

See accompanying Notes to Financial Statements.

727

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 38.06 | 0.66 | 5.31 | 5.97 |  |  | 44.03 | 15.69 | 9239849 | 99<br> (a) | 0.71 | 0.71 | 1.63 |
| 12/31/24 | 33.20 | 0.63 | 4.23 | 4.86 |  |  | 38.06 | 14.64 | 9086876 | 99 | 0.71 | 0.71 | 1.75 |
| 12/31/23 | 29.36 | 0.58 | 3.26 | 3.84 |  |  | 33.20 | 13.08 | 8893103 | 96 | 0.71 | 0.71 | 1.88 |
| 12/31/22 | 34.12 | 0.38 | (5.14)  | (4.76)  |  |  | 29.36 | (13.95)  | 8491226 | 144 | 0.71 | 0.71 | 1.27 |
| 12/31/21 | 28.75 | 0.30 | 5.07 | 5.37 |  |  | 34.12 | 18.68 | 10525994 | 69<br> (a) | 0.71 | 0.71 | 0.94 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 40.03 | 0.82 | 5.60 | 6.42 |  |  | 46.45 | 16.04 | 91660 | 99<br> (a) | 0.41 | 0.41 | 1.93 |
| 12/31/24 | 34.82 | 0.77 | 4.44 | 5.21 |  |  | 40.03 | 14.96 | 83475 | 99 | 0.41 | 0.41 | 2.05 |
| 12/31/23 | 30.70 | 0.70 | 3.42 | 4.12 |  |  | 34.82 | 13.42 | 80652 | 96 | 0.41 | 0.41 | 2.18 |
| 12/31/22 | 35.57 | 0.50 | (5.37)  | (4.87)  |  |  | 30.70 | (13.69)  | 71144 | 144 | 0.41 | 0.41 | 1.57 |
| 12/31/21 | 29.88 | 0.40 | 5.29 | 5.69 |  |  | 35.57 | 19.04 | 81138 | 69<br> (a) | 0.41 | 0.41 | 1.22 |
| **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** | **JNL/WMC Equity Income Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 19.20 | 0.36 | 2.85 | 3.21 |  |  | 22.41 | 16.72 | 703334 | 67 | 0.89 | 0.89 | 1.73 |
| 12/31/24 | 17.06 | 0.37 | 1.77 | 2.14 |  |  | 19.20 | 12.54 | 693121 | 46 | 0.89 | 0.89 | 2.01 |
| 12/31/23 | 16.00 | 0.36 | 0.70 | 1.06 |  |  | 17.06 | 6.63 | 720550 | 47 | 0.88 | 0.88 | 2.24 |
| 12/31/22 | 15.92 | 0.33 | (0.25)  | 0.08 |  |  | 16.00 | 0.50 | 825844 | 40 | 0.89 | 0.89 | 2.14 |
| 12/31/21 | 12.67 | 0.44 | 2.81 | 3.25 |  |  | 15.92 | 25.65 | 660717 | 50 | 0.80 | 0.90 | 3.01 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 19.64 | 0.42 | 2.94 | 3.36 |  |  | 23.00 | 17.11 | 218469 | 67 | 0.59 | 0.59 | 2.01 |
| 12/31/24 | 17.41 | 0.43 | 1.80 | 2.23 |  |  | 19.64 | 12.81 | 340715 | 46 | 0.59 | 0.59 | 2.32 |
| 12/31/23 | 16.27 | 0.41 | 0.73 | 1.14 |  |  | 17.41 | 7.01 | 475258 | 47 | 0.58 | 0.58 | 2.54 |
| 12/31/22 | 16.14 | 0.40 | (0.27)  | 0.13 |  |  | 16.27 | 0.81 | 450875 | 40 | 0.59 | 0.59 | 2.55 |
| 12/31/21 | 12.81 | 0.48 | 2.85 | 3.33 |  |  | 16.14 | 26.00 | 20846 | 50 | 0.50 | 0.60 | 3.25 |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.14 | 0.21 | 0.73 | 0.94 |  |  | 11.08 | 9.27 | 531107 | 117 | 1.03 | 1.03 | 2.03 |
| 12/31/24 | 9.60 | 0.17 | 0.37 | 0.54 |  |  | 10.14 | 5.63 | 593211 | 80 | 1.03 | 1.03 | 1.76 |
| 12/31/23 | 8.77 | 0.20 | 0.63 | 0.83 |  |  | 9.60 | 9.46 | 667767 | 127 | 1.03 | 1.03 | 2.20 |
| 12/31/22 | 12.11 | 0.18 | (3.52)  | (3.34)  |  |  | 8.77 | (27.58)  | 670073 | 103 | 1.03 | 1.03 | 1.77 |
| 12/31/21 | 9.56 | 0.11 | 2.44 | 2.55 |  |  | 12.11 | 26.67 | 1019522 | 147 | 1.04 | 1.04 | 0.97 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 10.49 | 0.26 | 0.75 | 1.01 |  |  | 11.50 | 9.63 | 4662 | 117 | 0.73 | 0.73 | 2.33 |
| 12/31/24 | 9.91 | 0.21 | 0.37 | 0.58 |  |  | 10.49 | 5.85 | 4691 | 80 | 0.73 | 0.73 | 2.06 |
| 12/31/23 | 9.02 | 0.23 | 0.66 | 0.89 |  |  | 9.91 | 9.87 | 4956 | 127 | 0.73 | 0.73 | 2.51 |
| 12/31/22 | 12.42 | 0.22 | (3.62)  | (3.40)  |  |  | 9.02 | (27.38)  | 4425 | 103 | 0.73 | 0.73 | 2.13 |
| 12/31/21 | 9.77 | 0.14 | 2.51 | 2.65 |  |  | 12.42 | 27.12 | 5383 | 147 | 0.74 | 0.74 | 1.28 |

---

(a) Portfolio turnover including dollar roll transactions for JNL/WMC Balanced Fund
was as follows: December 31, 2025: 125%; December 31, 2021: 137%;

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of each Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/WMC Equity Income Fund
- Class A: December 31, 2021: 0.89%, 0.99%, 2.92%. JNL/WMC Equity Income Fund - Class I: December 31,
2021: 0.59%, 0.69%, 3.16%.

See accompanying Notes to Financial Statements.

728

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 35.25 | 0.56 | 4.61 | 5.17 |  |  | 40.42 | 14.67 | 714790 | 42 | 0.79 | 0.79 | 1.51 |
| 12/31/24 | 31.79 | 0.53 | 2.93 | 3.46 |  |  | 35.25 | 10.88 | 729049 | 31 | 0.79 | 0.79 | 1.56 |
| 12/31/23 | 29.11 | 0.52 | 2.16 | 2.68 |  |  | 31.79 | 9.21 | 752412 | 27 | 0.78 | 0.78 | 1.75 |
| 12/31/22 | 30.59 | 0.44 | (1.92)  | (1.48)  |  |  | 29.11 | (4.84)  | 837010 | 36 | 0.78 | 0.78 | 1.50 |
| 12/31/21 | 24.09 | 0.37 | 6.13 | 6.50 |  |  | 30.59 | 26.98 | 874473 | 29 | 0.78 | 0.78 | 1.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/25 | 36.97 | 0.71 | 4.83 | 5.54 |  |  | 42.51 | 14.99 | 257448 | 42 | 0.49 | 0.49 | 1.82 |
| 12/31/24 | 33.24 | 0.65 | 3.08 | 3.73 |  |  | 36.97 | 11.22 | 334451 | 31 | 0.49 | 0.49 | 1.85 |
| 12/31/23 | 30.34 | 0.63 | 2.27 | 2.90 |  |  | 33.24 | 9.56 | 647008 | 27 | 0.48 | 0.48 | 2.06 |
| 12/31/22 | 31.79 | 0.54 | (1.99)  | (1.45)  |  |  | 30.34 | (4.56)  | 621313 | 36 | 0.48 | 0.48 | 1.78 |
| 12/31/21 | 24.96 | 0.47 | 6.36 | 6.83 |  |  | 31.79 | 27.36 | 804602 | 29 | 0.48 | 0.48 | 1.63 |

---

See accompanying Notes to Financial Statements.

729

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

#### NOTE 1. ORGANIZATION
JNL Series Trust ("Trust") is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated June 1, 1994 as amended and restated September 25, 2017. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), and its shares are registered under the Securities Act of 1933, as amended ("1933 Act"). The Trust operates as a series trust and at December 31, 2025 consisted of one hundred and thirty-one (131) separate funds (each a "Fund", and collectively, "Funds"). Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective.

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

Shares of each Fund are sold to Jackson and its separate accounts to fund the benefits of variable annuity contracts and variable life insurance policies and to other affiliated registered investment companies. The Funds and each Fund's Adviser/Sub-Advisers/Sub-Sub-Advisers are:

---

| | |
|:---|:---|
| **Fund:**  | **Adviser(s)/Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| **The following funds operate under a Master Feeder structure and seek to achieve their respective investment objectives by investing all of their assets in a separate mutual fund ("Master Fund"):** | **The following funds operate under a Master Feeder structure and seek to achieve their respective investment objectives by investing all of their assets in a separate mutual fund ("Master Fund"):** |
| JNL/American Funds Balanced Fund, JNL/American Funds Bond Fund of America Fund, JNL/American Funds Capital Income Builder Fund, JNL/American Funds Capital World Bond Fund, JNL/American Funds Global Growth Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund and JNL/American Funds Washington Mutual Investors Fund. These Funds are collectively known as "JNL/American Funds Feeder Funds". | JNAM (Adviser to each Feeder Fund)<br>Capital Research and Management Company (Investment Adviser to each Master Fund) |
| JNL/Mellon Bond Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon International Index Fund, JNL/Mellon S&P 400 MidCap Index Fund and JNL/Mellon Small Cap Index Fund. These Funds are collectively known as "JNL/Mellon Feeder Funds". | JNAM (Adviser to each Feeder Fund)<br>Mellon Investments Corporation (Sub-Adviser to each Master Fund) |
| **The following funds operate under a "Fund of Funds" structure, investing all of their assets in other affiliated or unaffiliated funds (each, an "underlying fund", and collectively, the "underlying funds"):** | **The following funds operate under a "Fund of Funds" structure, investing all of their assets in other affiliated or unaffiliated funds (each, an "underlying fund", and collectively, the "underlying funds"):** |
| JNL/American Funds Growth Allocation Fund, JNL/American Funds Moderate Allocation Fund and JNL/American Funds Moderate Growth Allocation Fund. These Funds are collectively known as "JNL/American Funds Funds of Funds".<br>JNL Aggressive Growth Allocation Fund, JNL Conservative Allocation Fund, JNL Growth Allocation Fund, JNL Moderate Allocation Fund and JNL Moderate Growth Allocation Fund. These Funds are collectively known as "JNL Allocation Funds". | JNAM (Adviser to each Fund) |
| JNL/JPMorgan Managed Aggressive Growth Fund, JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Growth Fund, JNL/JPMorgan Managed Moderate Fund and JNL/JPMorgan Managed Moderate Growth Fund. These Funds are collectively known as "JNL/JPMorgan Funds of Funds". | JNAM (Adviser to each Fund)<br>J.P. Morgan Investment Management Inc. (Sub-Adviser to each Fund) |

---

730

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | |
|:---|:---|
| **Fund:**  | **Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| **The following funds are advised by JNAM and sub-advised by each Fund's respective Sub-Adviser(s):** | **The following funds are advised by JNAM and sub-advised by each Fund's respective Sub-Adviser(s):** |
| JNL Growth ETF Allocation Fund, JNL Moderate ETF Allocation Fund and JNL Moderate Growth ETF Allocation Fund. These Funds are collectively known as "JNL ETF Allocation Funds".<br>JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund and JNL S&P 500 Index Fund. These Funds are collectively known as "JNL Mellon Master Funds".<br>JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund, JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund. These Funds are collectively known as "JNL/Mellon Index Funds". JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund and JNL/Vanguard Moderate Growth ETF Allocation Fund. These Funds are collectively known as "JNL/Vanguard ETF Allocation Funds". | Mellon Investments Corporation |
| JNL Multi-Manager Alternative Fund | Boston Partners Global Investors, Inc.<br>DoubleLine Capital LP<br>First Pacific Advisors, LP<br>Kayne Anderson Rudnick Investment Management, LLC<br>Lazard Asset Management LLC<br>Loomis, Sayles & Company, L.P.<br>Westchester Capital Management, LLC |
| JNL Multi-Manager Emerging Markets Equity Fund | GQG Partners LLC<br>Kayne Anderson Rudnick Investment Management, LLC<br>T. Rowe Price Associates, Inc.<br>T. Rowe Price Hong Kong Limited (Sub-Sub-Adviser)<br>WCM Investment Management, LLC |
| JNL Multi-Manager Floating Rate Income Fund | FIAM LLC<br>PPM America, Inc.\* |
| JNL Multi-Manager International Small Cap Fund | Causeway Capital Management LLC<br>WCM Investment Management, LLC |
| JNL Multi-Manager Mid Cap Fund | Champlain Investment Partners, LLC<br>Kayne Anderson Rudnick Investment Management, LLC <br>River Road Asset Management, LLC<br>Victory Capital Management Inc. |
| JNL Multi-Manager Small Cap Growth Fund | BAMCO, Inc.<br>Driehaus Capital Management LLC<br>Granahan Investment Management, LLC<br>Kayne Anderson Rudnick Investment Management, LLC<br>Segall Bryant & Hamill, LLC<br>WCM Investment Management, LLC |
| JNL Multi-Manager Small Cap Value Fund | Congress Asset Management Company, LLP<br>Cooke & Bieler, L.P.<br>Reinhart Partners, LLC<br>River Road Asset Management, LLC<br>WCM Investment Management, LLC |
| JNL Multi-Manager U.S. Select Equity Fund | GQG Partners LLC<br>River Road Asset Management, LLC<br>WCM Investment Management, LLC |
| JNL/AB Sustainable Global Thematic Fund | AllianceBernstein L.P. |
| JNL/AQR Large Cap Defensive Style Fund | AQR Capital Management, LLC |

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#### Notes to Financial Statements
December 31, 2025

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| | |
|:---|:---|
| **Fund:**  | **Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| JNL/BlackRock Global Allocation Fund | BlackRock Investment Management, LLC<br>BlackRock International Limited (Sub-Sub-Adviser)<br>BlackRock (Singapore) Limited (Sub-Sub-Adviser) |
| JNL/BlackRock Global Natural Resources Fund | BlackRock International Limited |
| JNL/BlackRock Large Cap Select Growth Fund | BlackRock Investment Management, LLC |
| JNL/Causeway International Value Select Fund | Causeway Capital Management LLC |
| JNL/ClearBridge Large Cap Growth Fund | ClearBridge Investments, LLC |
| JNL/Cohen & Steers U.S. Realty Fund | Cohen & Steers Capital Management, Inc. |
| JNL/DFA International Core Equity Fund, JNL/DFA U.S. Core Equity Fund and JNL/DFA U.S. Small Cap Fund | Dimensional Fund Advisors LP |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund and JNL/DoubleLine<sup>®</sup> Total Return Fund | DoubleLine Capital LP |
| JNL/Dreyfus Government Money Market Fund | Mellon Investments Corporation |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund | FIAM LLC |
| JNL/First Sentier Global Infrastructure Fund | First Sentier Investors (Australia) IM Ltd |
| JNL/Franklin Templeton Income Fund | Franklin Advisers, Inc. |
| JNL/Goldman Sachs 4 Fund | Goldman Sachs Asset Management, L.P. |
| JNL/GQG Emerging Markets Equity Fund | GQG Partners LLC |
| JNL/Invesco Diversified Dividend Fund, JNL/Invesco Global Growth Fund and JNL/Invesco Small Cap Growth Fund | Invesco Advisers, Inc. |
| JNL/JPMorgan Global Allocation Fund, JNL/JPMorgan Hedged Equity Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund and JNL/JPMorgan U.S. Value Fund | J.P. Morgan Investment Management Inc. |
| JNL/Lazard International Quality Growth Fund | Lazard Asset Management LLC |
| JNL/Loomis Sayles Global Growth Fund | Loomis, Sayles & Company, L.P. |
| JNL/Lord Abbett Short Duration Income Fund | Lord, Abbett & Co. LLC |
| JNL/MFS Mid Cap Value Fund | Massachusetts Financial Services Company (d/b/a MFS Investment Management) |
| JNL/Neuberger Berman Commodity Strategy Fund, JNL/Neuberger Berman Gold Plus Strategy Fund and JNL/Neuberger Berman Strategic Income Fund | Neuberger Berman Investment Advisers LLC |
| JNL/Newton Equity Income Fund | Newton Investment Management North America, LLC |
| JNL/PIMCO Income Fund, JNL/PIMCO Investment Grade Credit Bond Fund and JNL/PIMCO Real Return Fund | Pacific Investment Management Company LLC |
| JNL/PPM America High Yield Bond Fund, JNL/PPM America Investment Grade Credit Fund and JNL/PPM America Total Return Fund | PPM America, Inc.\* |
| JNL/T. Rowe Price Balanced Fund | T. Rowe Price Associates, Inc.<br>T. Rowe Price Australia Limited (Sub-Sub-Adviser)<br>T. Rowe Price International Ltd (Sub-Sub-Adviser)<br>T. Rowe Price Investment Management, Inc. (Sub-Sub-Adviser) |
| JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Mid-Cap Growth Fund and JNL/T. Rowe Price U.S. High Yield Fund | T. Rowe Price Associates, Inc.<br>T. Rowe Price Investment Management, Inc. (Sub-Sub-Adviser) |
| JNL/T. Rowe Price Growth Stock Fund and JNL/T. Rowe Price Value Fund | T. Rowe Price Associates, Inc. |
| JNL/T. Rowe Price Short-Term Bond Fund | T. Rowe Price Associates, Inc.<br>T. Rowe Price Hong Kong Limited (Sub-Sub-Adviser)<br>T. Rowe Price International Ltd (Sub-Sub-Adviser) |
| JNL/WCM China Quality Growth Fund and JNL/WCM Focused International Equity Fund | WCM Investment Management, LLC |
| JNL/Westchester Capital Event Driven Fund | Westchester Capital Management, LLC |
| JNL/William Blair International Leaders Fund | William Blair Investment Management, LLC |
| JNL/WMC Balanced Fund, JNL/WMC Equity Income Fund, JNL/WMC Global Real Estate Fund and JNL/WMC Value Fund | Wellington Management Company LLP |

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\* PPM America, Inc. is an affiliate of JNAM.

Each Master Fund is a series of the American Funds Insurance Series<sup>®</sup> or JNL Mellon Master Funds, respectively, each a registered open-end management investment company that has the same investment objective as its corresponding Feeder Fund. The American Funds Insurance Series<sup>®</sup> Master Funds are series of an open-end investment company organized as a Massachusetts business trust. Each Master Fund directly acquires securities and the Feeder Fund, by investing in the Master Fund, acquires an indirect interest in those securities. As of December 31, 2025, the JNL/American

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

Funds Feeder Funds and JNL/Mellon Feeder Funds owned the following percentage of its corresponding Master Fund: JNL/American Funds Balanced Fund 13.1%, JNL/American Funds Bond Fund of America Fund 4.5%, JNL/American Funds Capital Income Builder Fund 34.1%, JNL/American Funds Capital World Bond Fund 21.3%, JNL/American Funds Global Growth Fund 12.4%, JNL/American Funds Global Small Capitalization Fund 19.5%, JNL/American Funds Growth Fund 16.0%, JNL/American Funds Growth-Income Fund 28.6%, JNL/American Funds International Fund 19.6%, JNL/American Funds New World Fund 37.2%, JNL/American Funds Washington Mutual Investors Fund 35.3%, JNL/Mellon Bond Index Fund 97.9%, JNL/Mellon Emerging Markets Index Fund 99.6%, JNL/Mellon International Index Fund 99.5%, JNL/Mellon S&P 400 MidCap Index Fund 99.6% and JNL/Mellon Small Cap Index Fund 99.6%. All Feeder Funds' financial statements should be read in conjunction with their respective Master Fund's financial statements. The Master Funds' Schedules of Investments, financial statements and accounting policies are outlined in each Master Fund's financial statements. For the JNL/Mellon Feeder Funds, the JNL Mellon Master Funds' financial statements are included here in this report as series of the Trust. For the JNL/American Funds Feeder Funds, the American Funds Insurance Series Master Funds' financial statements are available on the SEC's website at <u>www.sec.gov</u> or at <u>www.jackson.com/fund-literature.html</u>.

The Funds are diversified Funds for purposes of the 1940 Act, with the exception of the following non-diversified Funds: JNL/American Funds Capital World Bond Fund, JNL Multi-Manager U.S. Select Equity Fund, JNL/BlackRock Global Natural Resources Fund, JNL/Cohen & Steers U.S. Realty Fund, JNL/GQG Emerging Markets Equity Fund, JNL/JPMorgan Nasdaq Hedged Equity Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Growth Stock Fund and JNL/WCM China Quality Growth Fund.

Each Fund offers Class A shares and Class I shares with the exception of JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund and JNL S&P 500 Index Fund, which only offer Class I shares. Class A shares and Class I shares differ primarily due to 12b-1 fees attributable to Class A shares. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class. From time to time, a Fund may have significant subscription and redemption activity which, when executed at the net asset value ("NAV") rounded to two decimals, can impact the NAV per share of either class and cause a divergence in the NAV between each class. Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights.

**Fund Changes.** Effective June 5, 2025, River Road Asset Management, LLC was added as a Sub-Adviser to JNL Multi-Manager Mid Cap Fund. Effective August 28, 2025, Baillie Gifford Overseas Limited was removed as a Sub-Adviser to JNL Multi-Manager International Small Cap Fund. Effective August 28, 2025, Nuance Investments, LLC was removed as a Sub-Adviser to JNL Multi-Manager Mid Cap Fund. Effective August 28, 2025, Victory Capital Management Inc. was removed as a Sub-Adviser to JNL Multi-Manager Small Cap Growth Fund. Effective August 29, 2025, River Road Asset Management, LLC was added as a Sub-Adviser to JNL Multi-Manager U.S. Select Equity Fund.

The following mergers were effective after close of business on April 25, 2025:

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| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| JNL/Baillie Gifford International Growth Fund<br>JNL/Harris Oakmark Global Equity Fund<br>JNL/Western Asset Global Multi-Sector Bond Fund | JNL/Mellon International Index Fund<br>JNL/Mellon World Index Fund<br>JNL/Neuberger Berman Strategic Income Fund |

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On December 11, 2025, the Board approved the following mergers that will be effective after close of business on April 24, 2026:

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| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| JNL/AB Sustainable Global Thematic Fund | JNL/Loomis Sayles Global Growth Fund |
| JNL/AQR Large Cap Defensive Style Fund | JNL/DFA U.S. Core Equity Fund |
| JNL/American Funds Capital World Bond Fund | JNL/Neuberger Berman Strategic Income Fund |
| JNL/Invesco Global Growth Fund | JNL/Loomis Sayles Global Growth Fund |
| JNL/JPMorgan Global Allocation Fund | JNL/BlackRock Global Allocation Fund |
| JNL/Lazard International Quality Growth Fund | JNL/William Blair International Leaders Fund |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Mellon Financial Sector Fund |
| JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/T. Rowe Price U.S. High Yield Bond Fund | JNL/PPM America High Yield Bond Fund |
| JNL/WCM China Quality Growth Fund | JNL Multi-Manager Emerging Markets Equity Fund |
| JNL/WMC Global Real Estate Fund | JNL/Cohen & Steers U.S. Realty Fund |

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On December 11, 2025, the Board approved the following name changes that will be effective on April 27, 2026:

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| | |
|:---|:---|
| **Prior Fund Name** | **Effective April 27, 2026 Fund Name** |
| JNL Multi-Manager U.S. Select Equity Fund | JNL Multi-Manager Select Equity Fund |
| JNL/American Funds Global Small Capitalization Fund<sup>1</sup> | JNL Multi-Manager Global Small Cap Fund |
| JNL/ClearBridge Large Cap Growth Fund<sup>2</sup> | JNL/Fidelity Institutional AM<sup>®</sup> & JPMorgan Large Cap Growth Fund |

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

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| | |
|:---|:---|
| **Prior Fund Name** | **Effective April 27, 2026 Fund Name** |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/Fidelity Institutional AM<sup>®</sup> Total Bond Fund |
| JNL/Invesco Diversified Dividend Fund<sup>3</sup> | JNL/MFS Equity Income Fund |
| JNL/William Blair International Leaders Fund<sup>4</sup> | JNL Multi-Manager International Equity Fund |
| <sup>1</sup> Effective April 27, 2026, the Fund will operate as a Fund of Funds. Prior to April 27, 2026, the Fund will continue to operate as a Feeder Fund. | <sup>1</sup> Effective April 27, 2026, the Fund will operate as a Fund of Funds. Prior to April 27, 2026, the Fund will continue to operate as a Feeder Fund. |
| <sup>2</sup> Effective April 27, 2026, the Sub-Adviser for the Fund will change from ClearBridge Investments, LLC to FIAM LLC and J.P. Morgan Investment Management Inc. | <sup>2</sup> Effective April 27, 2026, the Sub-Adviser for the Fund will change from ClearBridge Investments, LLC to FIAM LLC and J.P. Morgan Investment Management Inc. |
| <sup>3</sup> Effective April 27, 2026, the Sub-Adviser for the Fund will change from Invesco Advisers, Inc. to MFS Investment Management. | <sup>3</sup> Effective April 27, 2026, the Sub-Adviser for the Fund will change from Invesco Advisers, Inc. to MFS Investment Management. |
| <sup>4</sup> Effective April 27, 2026, Causeway Capital Management, LLC, Lazard Asset Management LLC, and WCM Investment Management, LLC will be added as Sub-Advisers to the Fund. William Blair Investment Management, LLC will remain a Sub-Adviser to the Fund. | <sup>4</sup> Effective April 27, 2026, Causeway Capital Management, LLC, Lazard Asset Management LLC, and WCM Investment Management, LLC will be added as Sub-Advisers to the Fund. William Blair Investment Management, LLC will remain a Sub-Adviser to the Fund. |

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

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

The NAV of a Fund's shares is generally determined once each day on which the New York Stock Exchange ("NYSE") is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). The NAV of a Fund's shares may also not be determined on days designated by the Board or on days designated by the SEC. However, consistent with legal requirements, calculation of the Fund's NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Fund's Valuation Committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE closed for purposes of measuring and calculating the Funds' NAVs. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the valuation committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds' NAVs. The Funds of Funds' investments in the underlying funds are valued at the daily NAV of the applicable underlying fund determined as of the close of the NYSE on each valuation date. Valuation of investments by the underlying funds is discussed in the underlying funds' financial statements, which are filed with the SEC and are available on the SEC's website at <u>www.sec.gov</u>. Each Feeder Fund's investment in its corresponding Master Fund is valued at the daily NAV per share of the applicable Master Fund determined as of the close of the NYSE on each valuation date. Valuation of the investments by the Master Fund is discussed in each Master Fund's financial statements, which are available on the SEC's website at <u>www.sec.gov</u>.

Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter ("OTC") market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. The Adviser has retained an independent statistical fair value pricing service to assist in the fair valuation process for equities traded in foreign markets to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined. All securities in the JNL/Dreyfus Government Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 under the 1940 Act, are valued at amortized cost, unless it is determined that such practice does not approximate fair value. If a valuation from a third party pricing service is unavailable or it is determined that such valuation does not approximate fair value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair value. Debt and derivative securities are generally valued by independent pricing services approved by the Board. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Private Investment Funds ("Private Funds") are generally valued using the latest NAV reported by the third-party fund manager or General Partner ("GP") as a practical expedient to estimate the fair value of such interests. The NAV and other information provided by a GP is reviewed for reasonableness based on knowledge of current market conditions and the individual characteristics of each Private Fund. If market information indicates that the NAV is not as of the measurement date, not calculated in a manner consistent with FASB ASC Topic 946 ("Topic 946"), or otherwise not reflective of the current value, best efforts shall be used to adjust the relevant Private Fund's NAV in a manner consistent with the measurement principals of Topic 946, which could include adjusting the Private Fund's NAV based on a proxy or investment model which is correlated to the underlying investment return. Private debt is generally fair valued according to procedures approved by the Board, which take into account factors such as the size of the holding, the nature and duration of the securities and the volume and depth of trading, among others. Futures contracts traded on an exchange are generally valued at the exchange's settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Options traded on an exchange are generally valued at the last traded price as of the close of business on the local exchange. If the last trade is determined to not

734

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

be representative of fair value, exchange traded options are valued at the current day's mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE. If pricing services are unable to provide valuations, OTC derivatives are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or by pricing models using observable inputs. Swap agreements that clear on exchanges are valued at the most recent bid quotation or evaluated price, as applicable, obtained from pricing models or by the clearing exchange using observable inputs.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board, which take into account factors such as the size of the holding, the nature and duration of the securities and the volume and depth of trading, among others. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Adviser's or Valuation Committee's own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Adviser may utilize pricing services or other sources, including each Fund's Sub-Adviser(s), to assist in determining the fair value of an investment. A market-based approach may be utilized whereby related or comparable assets or liabilities, recent transactions, market multiples, book values and other inputs may be considered in determining fair value. An income-based valuation approach may also be used in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Inputs considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund's holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

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

**Distributions to Shareholders.** The amount and timing of distributions for the RIC Funds (as discussed in Note 11) are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends from net investment income are generally declared and paid annually by the RIC Funds, but may be paid more frequently to avoid excise tax. Distributions of net realized capital gains by the RIC Funds, if any, are distributed at least annually, to the extent they exceed available capital loss carryforwards. The JNL/Dreyfus Government Money Market Fund declares dividends from net investment income daily and pays dividends monthly. No distributions of net investment income or realized capital gains are required for Funds that are not RICs, therefore, undistributed net investment income and accumulated net realized gain/loss are reclassed to paid-in capital on a semi-annual basis. Capital gains distributions received from the Master Funds and underlying funds are recorded as Net realized gain on Distributions from Affiliated or Unaffiliated investment companies, as applicable, in the Statements of Operations.

**Security Transactions and Investment Income.** Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses are determined on the specific identification basis. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Corporate actions involving foreign securities, including dividends, are recorded when the information becomes available. Income received in lieu of dividends for securities loaned is included in Dividends in the Statements of Operations. Interest income, including effective-yield amortization of discounts and premiums on debt securities and convertible bonds, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income, and value, by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become uncollectible. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Following Russia's invasion of Ukraine on February 24, 2022, economic sanctions and other restrictive measures have limited the ability of the Funds to receive and record dividend, interest and maturity payments from certain Russian securities or to repatriate Russian currency. Distributions from Private Funds are recorded when communicated by the GP. Distributions from Private Funds that represent returns of capital in excess of cumulative profits and losses are credited to cost of investments rather than investment income. Portfolio investment fees that are paid outside of a Private Fund's investment are expensed as incurred.

**Expenses.** Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Expenses attributable to a specific class of shares are charged to that class and any other expenses are allocated to the classes on a pro rata basis using the daily net assets of each class. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund. As it relates to expenses in Master Funds, the Feeder Fund's shareholders bear the fees and expenses of each respective Master Fund in which the Feeder Fund invests because each Feeder Fund invests all of its assets in its respective Master Fund. Such expenses are not included in the Statements of Operations but are incurred indirectly in the calculation of the NAV of the respective Master Fund. As a result, the Feeder Funds' actual expenses may be higher than those of other mutual funds that invest directly in securities. A similar situation exists for the Funds of Funds as it relates to the expenses associated with the investments in underlying funds.

**Foreign Taxes.** The Funds may be subject to foreign taxes on income, gains on investments or foreign currency purchases and repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and

735

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

regulations that exist in the markets in which the Funds invest. When a capital gains tax is determined to apply, a Fund will record an estimated tax liability in an amount that may be payable if the securities were disposed of on the valuation date. The estimated liability is recorded as Deferred foreign capital gains tax liability in the Statements of Assets and Liabilities. Foreign capital gains tax paid and the current period's change in deferred foreign capital gains tax liability are recorded in Net realized gain (loss) on Investments - unaffiliated and Net change in unrealized appreciation (depreciation) on Investments - unaffiliated, respectively, in the Statements of Operations.

**Foreign Currency Translations.** The accounting records of each Fund are maintained in U.S. dollars. Each business day, the fair values of foreign securities, currency holdings and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars based on current exchange rates. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars based on the respective exchange rates prevailing on the dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of foreign securities. Such fluctuations are included in Net realized gain (loss) on Investments - unaffiliated and Net change in unrealized appreciation (depreciation) on Investments - unaffiliated, respectively, in the Statements of Operations.

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

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

**Statement of Cash Flows.** GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a statement of cash flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions including that the investment company had little or no debt, based on the average debt outstanding during the period, in relation to average total assets and that substantially all the investment company's investments were carried at Level 1 or Level 2 measurements in accordance with FASB ASC Topic 820. Funds with certain degrees of borrowing activity, typically through the use of securities sold short, transactions characterized as secured borrowing transactions or reverse repurchase agreements, have been determined to require a statement of cash flows.

**Recent Accounting Pronouncements.** In December 2023, FASB released Accounting Standards Update ("ASU") 2023-09, titled "Improvements to Income Tax Disclosures" under Topic 740. This update aims to enhance the transparency and consistency of income tax disclosures by requiring disclosure of specific categories in the rate reconciliation and by providing disaggregated information on income taxes paid by jurisdiction, both domestically and internationally. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management has evaluated the amendments and determined that they do not have a significant impact on the Funds' financial statements.

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

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

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

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

Inputs used in the determination of the fair value level of Level 3 securities, which were deemed to be material, are disclosed within the notes below. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

736

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

The following table is a rollforward of asset types with significant Level 3 valuations (in thousands) and transfers by category for which significant unobservable inputs were used to determine fair value during the year ended December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance at Beginning of Year ($)** | **Transfers into Level 3 During the Period<sup>1</sup>** | **Transfers out of Level 3 During the Period<sup>1</sup>** | **Realized Gain/(Loss)** | **Amortization/Accretion** | **Purchases** | (Sales) | **Balance at End of Year ($)** | **Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at End of Period<sup>2</sup> ($)** |

---

**JNL/PIMCO Income Fund**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Senior Floating Rate Instruments | 23287 |  | 1240 |  | 8814 | (4074) | 26852 | 65 |
| Common Stocks | 11384 | 122 | 2644 | 1663 | 1139 | (5836) | 5949 | 121 |
| Credit Default Swap Agreements |  |  |  |  |  |  | (4) | (4) |
| Preferred Stocks |  |  |  |  | 832 |  | 827 | (5) |
| Warrants | 933 |  |  | 108 | 155 | (1041) | 171 | 16 |
| Government And Agency Obligations |  | 2633 |  |  |  |  |  | (2633) |
| Corporate Bonds And Notes | 1650 |  | 1650 |  |  |  |  |  |
|  | 37254 | 2755 | 5534 | 1771 | 10940 | (10951) | 33795 | (2440) |

---

**JNL/PIMCO Real Return Fund**<br>

<br> Non-U.S. Government Agency Asset-Backed Securities — — — — — 11,246 — 11,478 232 <br>                  

**JNL/Westchester Capital Event Driven Fund**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Other Equity Interests | 1179 |  | (168) | 1070 | 59 |
| Rights | 78 |  |  | 101 | 23 |
| Warrants | 1 | 1 |  | 1 | (1) |
| Total Return Swap Agreements | 32 |  |  | 41 | 9 |
|  | 1290 | 1 | (168) | 1213 | 90 |

---

<br> <sup>1</sup> There were no significant transfers between Level 3 and Level 2 during the Year except for those noted. <br> <sup>2</sup> Reflects the change in unrealized appreciation/(depreciation) for Level 3 investments held December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (In Thousands $)** | **Valuation Technique** | **Unobservable Input** | **Range (Weighted Average†)** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| Senior Floating Rate Instruments | 19090 | Merger Terms | Merger Indicated Value | 100.00 - 103.00 (102.59) |
| Senior Floating Rate Instruments | 7736 | Discounted Cash Flow Model | Discount Rate | 1.69% - 70.00% (4.00%) |
| Senior Floating Rate Instruments | 26 | Market Approach | Broker Quote | 39.00 - 83.00 (67.77) |
|  | 26852 |  |  |  |
| Common Stocks | 4557 | Merger Terms | Merger Indicated Value | $3.9B (N/A) |
| Common Stocks | 879 | Proxy Price Model | Discount Rate | 4.28% (N/A) |
| Common Stocks | 373 | Market Approach | Broker Quote | 14.42 - 15.04 (14.72) |
| Common Stocks | 138 | Market Approach | Current Trade Price | 1.51 - 2.95 (1.67) |
| Common Stocks | 2 | Market Approach | Broker Quote | 0.63 (N/A) |
|  | 5949 |  |  |  |
| Credit Default Swap Agreements | (4) | Market Approach | Broker Quote | -0.81 - 1.18 (0.40) |
| Preferred Stocks | 827 | Discounted Cash Flow Model | Discount Rate | 99.24% - 99.39% (99.24%) |
| Warrants | 171 | Black Scholes Model | Volatility | 64.90% (N/A) |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| Non-U.S. Government Agency Asset-Backed Securities  | 11478 | Recent Transaction | N/A‡ | 100.00 (N/A) |
|  | 11478 |  |  |  |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |
| Other Equity Interests | 1070 | Market Approach | Broker Quote | 1.28 - 1.50 (1.36) |
| Rights | 101 | Market Approach | Broker Quote | 0.30 - 1.00 (0.71) |
| Warrants | 1 | Market Approach | Current Trade Price | 0.01 - 0.06 (0.01) |
| Total Return Swap Agreements | 41 | Market Approach | Broker Quote | 0.50 - 1.75 (0.77) |

---

† Unobservable inputs were weighted by the relative fair value of the instruments.

‡ The valuations within this category are based on recent transactions. There were no quantitative unobservable inputs significant to the valuation technique.

The following table summarizes Funds with significant exposure to Russian securities with Level 3 valuations (in thousands) at December 31, 2025. These securities were fair valued at or near zero due to economic sanctions that prohibit the Funds from transacting in these securities or to repatriate Russian currency.

737

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | |
|:---|:---|
|  | **Unrealized Gain/(Loss) ($)** |
| **JNL Emerging Markets Index Fund** |  |
| Common Stocks | (24725) |
| **JNL Multi-Manager Emerging Markets Equity Fund** |  |
| Common Stocks | (20149) |
| **JNL/BlackRock Global Natural Resources Fund** |  |
| Common Stocks | (40428) |
| **JNL/GQG Emerging Markets Equity Fund** |  |
| Common Stocks | (57254) |
| **JNL/PIMCO Investment Grade Credit Bond Fund** |  |
| Corporate Bonds and Notes | (6680) |

---

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security's valuation.

#### NOTE 4. SECURITIES AND OTHER INVESTMENTS
**Securities Lending and Securities Lending Collateral.** All Funds, except JNL/Dreyfus Government Money Market Fund, JNL Multi-Manager Floating Rate Income Fund, the Funds of Funds and the Feeder Funds, participate in agency based securities lending programs. JPMorgan Chase Bank, N.A. ("JPM Chase") and State Street Bank and Trust Company ("State Street") (each a "Custodian" and together the "Custodians") each serve as securities lending agent to the eligible Funds for which they are Custodian. Per the securities lending agreements, the securities lending agent is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Collateral is maintained over the life of the loan as determined at the close of Fund business each day; any additional collateral required due to changes in security values is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. The securities lending agents have agreed to indemnify the Fund in the event of default by a third-party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, which is shared with the borrower through negotiated rebates. The Fund bears the risk that the agent may default on its obligations to the Fund. Non-cash collateral which a Fund receives may include U.S. Government securities; U.S. Government agencies' debt securities; and U.S. Government-sponsored agencies' debt securities and mortgage-backed securities. For non-cash collateral, the Fund receives lending fees negotiated with the borrower. The securities lending agents have agreed to indemnify the Fund with respect to the market risk related to the non-cash collateral investments. The Fund also bears the market risk with respect to the collateral received and securities loaned. JPM Chase and State Street receive a portion of the earnings from the Funds' securities lending program.

Except as described below, cash collateral received is invested in the JNL Government Money Market Fund – Class SL, a registered government money market fund under the 1940 Act and series of the JNL Investors Series Trust. JNAM serves as the Adviser and Administrator for the JNL Government Money Market Fund. The JNL Government Money Market Fund is offered to the Funds and their affiliates and is not available for direct purchase by members of the public. The JNL Government Money Market Fund pays JNAM annual fees, accrued daily and payable monthly, for investment advisory and administrative services. In addition to investing cash collateral in the JNL Government Money Market Fund – Class SL, JNL/Mellon S&P 500 Index Fund may invest cash collateral in repurchase agreements collateralized by equity and U.S. Government or agency securities. JPM Chase has agreed to bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the repurchase agreements collateralized by equity and U.S. Government or agency securities. Reinvestments in repurchase agreements will not exceed 10% of a Fund's net assets, shall be collateralized by equity and U.S. Government or agency securities equal to not less than 110% of the cash collateral reinvested in such transactions, and shall be marked-to-market daily.

Cash collateral received from the borrower is recorded in the Statements of Assets and Liabilities as Payable for Return of securities loaned. Investments acquired with such cash collateral are reported in a manner consistent with other portfolio investments held by each Fund as Investments - affiliated, at value or Investments - unaffiliated, at value, as applicable, on the Statements of Assets and Liabilities. The value of securities on loan is disclosed as Securities on loan included in Investments – unaffiliated, at value on the Statements of Assets and Liabilities. Each Fund's net exposure to a borrower is determined by the amount of any shortfall in collateral received compared to the value of securities on loan. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities. The value of securities on loan and collateral received (in thousands) at December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Securities on Loan ($)** | **NonCash Collateral ($)** | **Cash Collateral ($)** | **Total Collateral ($)** |
| JNL Growth ETF Allocation Fund | 36499 | 11473 | 25817 | 37290 |
| JNL Moderate ETF Allocation Fund | 18064 | 2546 | 15956 | 18502 |
| JNL Moderate Growth ETF Allocation Fund | 47130 | 23837 | 24871 | 48708 |
| JNL/Vanguard Growth ETF Allocation Fund | 164357 | 87866 | 80295 | 168161 |
| JNL/Vanguard Moderate ETF Allocation Fund | 83432 | 41749 | 43951 | 85700 |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | 84678 | 61699 | 25219 | 86918 |
| JNL Bond Index Fund | 10490 | 662 | 10065 | 10727 |
| JNL Emerging Markets Index Fund | 9173 | 3883 | 5636 | 9519 |
| JNL International Index Fund | 56834 | 34569 | 25458 | 60027 |
| JNL Mid Cap Index Fund | 63834 | 51988 | 14359 | 66347 |
| JNL Small Cap Index Fund | 53601 | 29340 | 25870 | 55210 |
| JNL Multi-Manager Alternative Fund | 2615 | 1579 | 1154 | 2733 |
| JNL Multi-Manager Emerging Markets Equity Fund | 32152 | 22402 | 11786 | 34188 |

---

738

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Securities on Loan ($)** | **NonCash Collateral ($)** | **Cash Collateral ($)** | **Total Collateral ($)** |
| JNL Multi-Manager International Small Cap Fund | 40738 | 42645 |  | 42645 |
| JNL Multi-Manager Mid Cap Fund | 7707 | 673 | 7337 | 8010 |
| JNL Multi-Manager Small Cap Growth Fund | 87000 | 53593 | 35928 | 89521 |
| JNL Multi-Manager Small Cap Value Fund | 36608 | 26775 | 11073 | 37848 |
| JNL Multi-Manager U.S. Select Equity Fund | 12909 | 93 | 13135 | 13228 |
| JNL S&P 500 Index Fund | 256 | 40 | 221 | 261 |
| JNL/BlackRock Global Allocation Fund | 48216 | 12924 | 36943 | 49867 |
| JNL/BlackRock Global Natural Resources Fund | 22919 |  | 23385 | 23385 |
| JNL/Causeway International Value Select Fund | 5126 | 5432 |  | 5432 |
| JNL/Cohen & Steers U.S. Realty Fund | 564 |  | 594 | 594 |
| JNL/DFA International Core Equity Fund | 28030 | 19236 | 10338 | 29574 |
| JNL/DFA U.S. Core Equity Fund | 3097 | 1579 | 1642 | 3221 |
| JNL/DFA U.S. Small Cap Fund | 13007 | 4851 | 8852 | 13703 |
| JNL/DoubleLine Core Fixed Income Fund | 11188 | 196 | 11231 | 11427 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | 351 |  | 371 | 371 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | 9062 | 934 | 8264 | 9198 |
| JNL/First Sentier Global Infrastructure Fund | 17726 | 17799 | 849 | 18648 |
| JNL/Franklin Templeton Income Fund | 46634 | 195 | 47419 | 47614 |
| JNL/Goldman Sachs 4 Fund | 273 |  | 283 | 283 |
| JNL/GQG Emerging Markets Equity Fund | 14020 | 4746 | 10339 | 15085 |
| JNL/Invesco Global Growth Fund | 11749 | 12335 |  | 12335 |
| JNL/Invesco Small Cap Growth Fund | 28291 | 29097 |  | 29097 |
| JNL/JPMorgan Global Allocation Fund | 7736 | 2897 | 5082 | 7979 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | 3302 |  | 3371 | 3371 |
| JNL/Loomis Sayles Global Growth Fund | 7906 | 8641 |  | 8641 |
| JNL/Lord Abbett Short Duration Income Fund | 817 | 590 | 241 | 831 |
| JNL/Mellon Communication Services Sector Fund | 5385 | 4806 | 732 | 5538 |
| JNL/Mellon Consumer Discretionary Sector Fund | 1937 | 878 | 1102 | 1980 |
| JNL/Mellon Consumer Staples Sector Fund | 611 |  | 626 | 626 |
| JNL/Mellon Energy Sector Fund | 3890 | 3437 | 571 | 4008 |
| JNL/Mellon Financial Sector Fund | 5332 | 3569 | 1911 | 5480 |
| JNL/Mellon Healthcare Sector Fund | 11212 | 9856 | 1631 | 11487 |
| JNL/Mellon Industrials Sector Fund | 1284 | 154 | 1158 | 1312 |
| JNL/Mellon Information Technology Sector Fund | 28825 | 16413 | 13095 | 29508 |
| JNL/Mellon Materials Sector Fund | 509 | 556 |  | 556 |
| JNL/Mellon Nasdaq 100 Index Fund | 47192 | 23360 | 25075 | 48435 |
| JNL/Mellon Real Estate Sector Fund | 2372 | 435 | 2006 | 2441 |
| JNL/Mellon S&P 500 Index Fund | 839586 | 516 | 857250 | 857766 |
| JNL/Mellon U.S. Stock Market Index Fund | 16323 | 6868 | 10027 | 16895 |
| JNL/Mellon Utilities Sector Fund | 6854 | 31 | 6977 | 7008 |
| JNL/Mellon World Index Fund | 5597 | 3004 | 2905 | 5909 |
| JNL/MFS Mid Cap Value Fund | 3257 |  | 3374 | 3374 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 698 | 321 | 414 | 735 |
| JNL/Morningstar U.S. Sustainability Index Fund | 157 | 160 |  | 160 |
| JNL/Morningstar Wide Moat Index Fund | 4013 | 4100 |  | 4100 |
| JNL/Neuberger Berman Strategic Income Fund | 13296 | 807 | 12802 | 13609 |
| JNL/PIMCO Income Fund | 3894 |  | 3975 | 3975 |
| JNL/PIMCO Investment Grade Credit Bond Fund | 7394 |  | 7545 | 7545 |
| JNL/PPM America High Yield Bond Fund | 75145 | 552 | 76204 | 76756 |
| JNL/PPM America Investment Grade Credit Fund | 2786 |  | 2846 | 2846 |
| JNL/PPM America Total Return Fund | 1797 |  | 1838 | 1838 |
| JNL/RAFI Fundamental U.S. Small Cap Fund | 5972 | 1283 | 4978 | 6261 |
| JNL/RAFI Multi-Factor U.S. Equity Fund | 9193 | 3279 | 6269 | 9548 |
| JNL/T. Rowe Price Balanced Fund | 6075 | 2979 | 3378 | 6357 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund | 7585 | 252 | 7541 | 7793 |
| JNL/T. Rowe Price Capital Appreciation Fund | 10631 |  | 10856 | 10856 |
| JNL/T. Rowe Price Short-Term Bond Fund | 1596 |  | 1628 | 1628 |
| JNL/T. Rowe Price U.S. High Yield Fund | 11544 | 5214 | 6567 | 11781 |
| JNL/T. Rowe Price Value Fund | 215 |  | 224 | 224 |
| JNL/WCM China Quality Growth Fund | 362 | 143 | 243 | 386 |
| JNL/WMC Balanced Fund | 63277 | 48539 | 17349 | 65888 |
| JNL/WMC Equity Income Fund | 3317 |  | 3455 | 3455 |
| JNL/WMC Global Real Estate Fund | 18069 | 1129 | 17432 | 18561 |
| JNL/WMC Value Fund | 12325 | 11068 | 1622 | 12690 |

---

**U.S. Government Agencies or Government Sponsored Enterprises.** Certain Funds may invest in U.S. Government agencies or government sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks ("FHLBanks"), are supported by the right of the issuer to borrow from the U.S. Department of the Treasury ("U.S. Treasury"); others, such as those of the Federal National Mortgage Association ("Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's

739

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

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

**Unregistered Securities.** Certain Funds may own certain investment securities that are unregistered and thus restricted to resale. These securities may also be referred to as "private placements". Unregistered securities may be classified as "illiquid" because there is no readily available market for sale of the securities. Where future dispositions of the securities require registration under the 1933 Act, the Funds have the right to include those securities in such registration generally without cost to the Funds. The Funds have no right to require registration of unregistered securities. Private placements and other restricted securities are subject to legal and/or contractual restrictions on their sales. These securities may not be listed on an exchange and may have no active trading market. As a result of the absence of a public trading market, the prices of these securities may be more volatile and more difficult to determine than publicly traded securities and these securities may involve heightened risk as compared to investments in securities of publicly traded companies. Private placements and other restricted securities may be illiquid, and it frequently can be difficult to sell them at a time when it may otherwise be desirable to do so or the Fund may be able to sell them only at prices that are less than what a Fund regards as their fair market value. Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase a Fund's level of illiquidity.

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

**Reverse Repurchase Agreements.** Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund delivers to a counterparty a security in exchange for cash with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. Cash received in exchange for securities delivered plus accrued interest to be paid by the Fund are reflected as Payable for Reverse repurchase agreements on the Statements of Assets and Liabilities. Interest paid is recorded as interest expense to the Fund. The Fund receives principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. In periods of increased demand of the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the value of the security delivered by the Fund may decline below the repurchase price of the security.

The average daily balance (in thousands) and the weighted average interest rate for reverse repurchase agreements, for the year ended December 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Weighted Average Interest Rate (%)** | **Days Outstanding** | **Average Daily Balance ($)** |
| JNL Multi-Manager Alternative Fund | 4.70% | 127 | 10822  |
| JNL/PIMCO Income Fund | 4.50% | 149 | 16879  |
| JNL/PIMCO Investment Grade Credit Bond Fund | 1.50% | 48 | 218  |
| JNL/PIMCO Real Return Fund | 0.79% | 136 | 19537  |

---

The value of reverse repurchase agreements and collateral pledged (in thousands) at December 31, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Collateral** | **Interest Rate**<br>**Expense/ Income(%)** | **Maturity**<br>**Date** | **Collateral Amount ($)** | **Payable for Reverse Repurchase Agreement Including Interest Payable ($)** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |
| BCL | Synthos Spolka Akcyjna, 2.50% due 06/07/28 | 1.50 | 11/13/27 | 220 | 220 |

---

**Forward Sales Commitments.** Certain Funds may purchase or sell forward sales commitments. A forward sales commitment involves a Fund entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of a forward sales commitment involves the risk of loss if the value of the security to be purchased declines before the settlement date while the sale of a forward sales commitment involves the risk that the value of the securities to be sold may increase before the settlement date. A Fund may dispose of or renegotiate forward sales commitments after they are entered into, and may close these positions before they are delivered, which may result in realized gain or loss.

740

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**Delayed-Delivery Securities.** Certain Funds may purchase or sell securities on a delayed-delivery basis, including To Be Announced ("TBA") or "To Be Acquired" securities. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. In TBA transactions, the Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. When delayed-delivery purchases are outstanding, the Fund is required to have sufficient cash and/or liquid securities to cover its commitments on these transactions. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights of ownership of the security, including the risk of price and yield fluctuations, and considers such fluctuations when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and the Fund may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss.

**Mortgage-Backed Dollar and Treasury Roll Transactions.** Certain Funds may purchase or sell mortgage-backed or Treasury securities and simultaneously contract to sell or repurchase securities at a future date at an agreed upon price. The Funds may only enter into covered rolls. A "covered roll" is a type of dollar or Treasury roll for which a Fund maintains offsetting positions in cash, U.S. Government securities, or other liquid assets which mature on or before the forward sale or repurchase settlement date of the dollar or Treasury roll transaction. During the period between the purchase or sale and subsequent sale or repurchase, a Fund foregoes interest and principal paid on the mortgage-backed or Treasury securities. A Fund is compensated by the interest earned on the cash proceeds of the sale and from negotiated fees paid by brokers offered as an inducement to the Fund to "roll over" its purchase commitments. A Fund may dispose of "covered roll" securities after they are entered into and close these positions before their maturity, which may result in a realized gain or loss.

Dollar or Treasury roll transactions involve the risk that the fair value of the securities sold by a Fund may decline below the repurchase price of those securities which the Fund is obligated to purchase or that the return earned by the Fund with the proceeds of a dollar roll may not exceed transaction costs.

In a mortgage-backed or Treasury securities roll transaction, if the repurchased security is determined to be similar, but not substantially the same, the transaction is accounted for as a purchase and sale, and any gains, losses and any income or fees earned are recorded to realized gain or loss. If the repurchased security is determined to be substantially the same, the transaction is accounted for as a secured borrowing and any income or fees earned are recorded to investment income and financing costs associated with the transaction are recorded to interest expense.

The average daily balance (in thousands), the weighted average interest rate, and the amount of deferred income (in thousands) for Treasury roll transactions accounted for as secured borrowing transactions, for the year ended December 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Avgerage Daily Balance ($)** | **Weighted Average Interest Rate (%)** | **Days Outstanding** | **Deferred Income ($)** |
| JNL/PIMCO Income Fund | 40939 | 2.92% | 138 |  |
| JNL/PIMCO Investment Grade Credit Bond Fund | 38168 | 3.21% | 235 | 5 |
| JNL/PIMCO Real Return Fund | 305625 | 3.21% | 365 | 232 |

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The following table details Treasury roll transactions (in thousands) outstanding accounted for as secured borrowings as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Borrowing Rate/(Fee Income)(%)** | **Maturity Date** | **Payable for Treasury Roll Transactions Including Interest Payable($)** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |
| Treasury, United States Department of | BCL | 3.97 | 1/2/2026 | 1556 |
| Treasury, United States Department of | GSC | 3.86 | 1/9/2026 | 1344 |
| Treasury, United States Department of | UBS | 3.94 | 1/8/2026 | 1128 |
|  |  |  |  | 4028 |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| Treasury, United States Department of | BCL | 3.90 | 1/6/2026 | 611502 |
| Treasury, United States Department of | GSC | 3.91 | 1/6/2026 | 3273 |
| Treasury, United States Department of | GSC | 3.95 | 1/7/2026 | 301790 |
|  |  |  |  | 916565 |

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**Inflation-Indexed Bonds.** Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive principal payments until maturity.

**Senior and Junior Loans.** Certain Funds may invest in Senior loans or secured and unsecured subordinated loans, second lien loans and subordinated bridge loans ("Junior loans") which are purchased or sold on a when-issued or delayed-delivery basis and may be settled a month or more after the trade date. Interest income on these loans is accrued based on the terms of the securities. Senior and Junior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan. When a Fund invests in a loan or participation, the Fund is subject to the risk that an intermediate participant between the Fund and the borrower will fail to meet its obligations to the Fund, in addition to the risk that the borrower under the loan may default on its obligations. Senior and Junior loans typically are of below investment grade

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#### Notes to Financial Statements
December 31, 2025

quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics. The Fund is also subject to the risk that the agent bank administering the loan may fail to meet its obligations.

**Securities Sold Short.** Certain Funds may enter into short sales transactions whereby the Fund sells a security it does not own in anticipation of a decline in the market price of the security or to engage in arbitrage transactions. When a Fund engages in a short sale, the Fund borrows the security sold short to make delivery to the buyer. The Fund may have to pay a fee to borrow securities and is often obligated to repay the lender of the securities for any interest or dividends that accrues on the borrowed securities during the period of the loan. Until the Fund closes its short position, the lending broker or lending agent requires assets in the form of securities or cash to be segregated as collateral, which is marked-to-market daily, to the extent necessary to meet margin requirements or cover the short sale obligation. A Fund is obligated to deliver securities at the market price at the time the short position is closed. If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a capital loss; conversely, if the price declines, the Fund will realize a capital gain. A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

**Convertible Securities.** Certain Funds may invest in fixed-income securities which are convertible into common stock. Convertible securities may be converted either at a stated price or rate within a specified period of time into a specified number of shares of common stock. Typically, convertible securities pay dividends or interest greater than on the related common stocks, but less than fixed income non-convertible securities. A convertible security tends to perform more like a stock when the underlying stock price is high and more like a debt security when the underlying stock price is low. A convertible security is not as sensitive to interest rate changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.

**Equity-Linked Structured Notes.** Certain Funds may invest in equity-linked notes. Equity-linked notes are financial instruments that combine debt and equity characteristics. These notes typically pay interest that is linked to the performance of the underlying equity. Equity-linked notes may be more volatile and less liquid than the underlying equity. In addition to fluctuating price movements in the underlying equity, these notes are debt securities of the issuer and will be subject to credit and interest rate risks that typically affect debt instruments.

**Master Limited Partnerships.** Certain Funds may invest in Master Limited Partnerships ("MLPs"). An MLP is a publicly traded company organized as a limited partnership or limited liability company and treated as a partnership for federal income tax purposes. Investment in MLPs involves some risks that differ from an investment in the common stock of a corporation. Holders of MLPs have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources.

**Real Estate Investment Trusts.** Certain Funds may invest in Real Estate Investment Trusts ("REITs"). REITs are traded as a stock on major stock exchanges and invests in real estate directly, either through properties or mortgages. REITs typically concentrate on a specific geographic region or property type, receive special tax considerations and are a liquid method of investing in real estate. The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REITs could be adversely affected by failure to maintain their exemptions from registration under the 1940 Act or failure to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

**Unfunded Commitments.** Certain Funds may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers' discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily. Net unrealized appreciation/depreciation on unfunded commitments is reflected in Other assets and Payable for Investment securities purchased in the Statements of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on Investments – unaffiliated in the Statements of Operations.

#### NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL
Under various agreements, certain investment transactions require collateral to be pledged to or from a Fund and a counterparty or segregated at the custodian and the collateral is managed pursuant to the terms of the agreement. U.S. Treasury Bills and U.S. dollars are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the Schedules of Investments. Collateral for OTC financial derivative transactions paid to or received from brokers and counterparties is included in Receivable from Deposits with brokers and counterparties and Payable for Deposits from counterparties in the Statements of Assets and Liabilities.

**Master Netting Agreements ("Master Agreements").** Certain Funds are subject to various Master Agreements, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing

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December 31, 2025

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

Master Agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Agreement. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds' Sub-Advisers attempt to limit counterparty risk by only entering into Master Agreements with counterparties that the Sub-Advisers believe to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For swap agreements executed with a Derivatives Clearing Organization ("DCO") in a multilateral or other trade facility platform ("centrally cleared swaps"), counterparty risk is reduced by shifting exposure from the counterparty to the DCO. Additionally, the DCO has broad powers to provide an orderly liquidation in the event of a default.

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

**Master Securities Forward Transaction Agreements ("Master Forward Agreements").** Master Forward Agreements govern the considerations and factors surrounding the settlement of certain forward-settling transactions, such as delayed-delivery transactions, TBA securities and Treasury roll transactions between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. Losses may arise due to changes in the value of the underlying securities prior to settlement date, if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic or other factors. In the event of default, the unrealized gain or loss will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. In the ordinary course of business, settlements of transactions are not typically subject to net settlement, except for TBA pools.

**Customer Account Agreements.** Customer Account Agreements and related addendums govern exchange traded or centrally cleared derivative transactions such as futures, options on futures and centrally cleared derivatives. If a Fund transacts in exchange traded or centrally cleared derivatives, the Sub-Advisers are parties to agreements with (1) a Futures Commissions Merchant ("FCM") in which the FCM facilitates the execution of the exchange traded and centrally cleared derivative with the DCO and (2) with an executing broker/swap dealer to agree to the terms of the swap and resolution process in the event the centrally cleared swap is not accepted for clearing by the designated DCO. Exchange traded and centrally cleared derivatives transactions require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the "initial margin" as determined by each relevant clearing agency and is segregated at an FCM which is registered with the Commodity Futures Trading Commission ("CFTC") or the applicable regulator. The Fund receives from, or pays to, the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as the "variation margin". For certain exchanges or DCOs, variation margin may include more than one day's fluctuation in the value of the contracts. Variation margin on the Statements of Assets and Liabilities may include variation margin on closed unsettled derivative transactions. Variation margin received may not be netted between exchange traded and centrally cleared derivatives. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund's assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

**International Swaps and Derivatives Association Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements").** ISDA Master Agreements govern OTC financial derivative transactions entered into by a Fund's Sub-Advisers and select counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, events of default, termination and maintenance of collateral. Termination includes conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early termination could be material to the financial statements. In the event of default, the total financial derivative value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. The amount of collateral exchanged is based on provisions within the ISDA Master Agreements and is determined by the net exposure with the counterparty and is not identified for a specific OTC derivative instrument.

**Prime Brokerage Arrangements and Other Securities Borrowing Agreements.** Certain Funds may enter into Prime Brokerage Arrangements or Securities Borrowing Agreements to facilitate execution and/or clearing of listed equity option transactions or short sales of securities between the Fund and select counterparties. The arrangements provide general guidelines surrounding the rights, obligations and other events, including but not limited to,

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December 31, 2025

margin, execution and settlement. These arrangements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Cash margin and securities delivered as collateral are typically in the possession of the prime broker or lending agent and offset any obligations due to the prime broker or lending agent. Cash collateral held at the prime broker is reflected in Cash collateral segregated for short sales in the Statements of Assets and Liabilities. In the event of default, the value of securities sold short will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

#### NOTE 6. DERIVATIVE FINANCIAL INSTRUMENTS
**Options Transactions.** Certain Funds may buy and sell ("write") call and put options on securities, futures, indices, currencies, swap agreements ("swaptions") and inflation caps and floors. An option is a contract that gives the purchaser of the option, in return for a premium paid, the right to buy a specified underlying instrument from the writer of the option (in the case of a call option), or to sell a specified underlying instrument to the writer of the option (in the case of a put option) at a designated price. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. When a Fund purchases an option, the premium paid by the Fund is recorded as an asset. When a Fund writes a call or put option or an inflation cap or floor, the premium received by the Fund is recorded as a liability. All types of options are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the cost basis of the underlying investment or offset against the proceeds of the underlying investment transaction to determine realized gain or loss. Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. The risks associated with purchasing options are limited to premiums paid and the failure of the counterparty to honor its obligation under the contract. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds of the underlying investment transaction or reduce the cost basis of the underlying investment to determine the realized gain or loss. Writing call options tends to decrease a Fund's exposure to the underlying instrument. Writing put options tends to increase a Fund's exposure to the underlying instrument. The risk associated with writing an option that is exercised is that an unfavorable change in the price of the security underlying the option could result in a Fund buying the underlying security at a price higher than the current value or selling the underlying security at a price lower than the current fair value. There is also the risk a Fund may not be able to enter into a closing transaction if the market is illiquid. Options written by a Fund do not give rise to counterparty credit risk, as they obligate the Fund, not the counterparty, to perform.

Depending on the exchange on which an exchange traded futures option is traded, premium may be paid/received when purchasing/writing the option or there may be no premium paid/received when purchasing/writing the option. Variation margin on these options is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Exchange traded futures options involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Swaptions are similar to options on securities except that instead of purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. Straddle options are written or purchased with premiums to be determined on a future date which are based upon implied volatility parameters at specified terms. An inflation cap can be used to protect the buyer from inflation erosion above a certain rate. An inflation floor can be used to provide downside protection to investments in inflation-linked products. The maximum potential amount of future payments (undiscounted) that a Fund could be required to make under an inflation cap or floor would be the notional amount times the percentage increase (for an inflation cap) or decrease (for an inflation floor) in inflation determined by the difference between the index's current value and the value at the time the inflation cap or floor was entered into.

**Futures Contracts.** Certain Funds may buy and sell futures on equities, indices, interest rates, commodities and currencies. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the securities held by the Fund or the change in the value of an underlying entity and the prices of the futures contracts and the possibility the Fund may not be able to enter into a closing transaction because of an illiquid market. With futures, counterparty risk to the Fund is reduced because futures contracts are exchange traded and the exchange's clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

**Forward Foreign Currency Contracts.** A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund's investment securities, but it does establish a fixed rate of currency exchange that can be achieved in the future. The value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss and as a receivable or payable from forward foreign currency contracts. Upon settlement, or delivery or receipt of the currency, a realized gain or loss is recorded which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Forward foreign currency contracts involve market risk in excess of the receivable or payable related to forward foreign currency contracts recorded by the Funds. Although contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Additionally, a Fund could be exposed to the risk of a previously hedged position becoming unhedged if the counterparty to a contract is unable to meet the terms of the contract or if the currency changes unfavorably to the value of the offsetting currency.

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**Swap Agreements.** Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the OTC market or executed and centrally cleared with a DCO.

All types of swap agreements are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. For OTC swaps, premiums paid or received at the beginning of the measurement period are recorded as an asset or liability by the Fund and represent payments made or received upon entering into the OTC swap to compensate for differences between the stated terms of the OTC swap and prevailing market conditions relating to credit spreads, interest rates, currency exchange rates and other relevant factors as appropriate. These upfront payments are recorded as a realized gain or loss upon termination or maturity of the OTC swap. For centrally cleared swaps, daily changes in valuation are recorded as a receivable or payable, as appropriate, and received from or paid to the DCO on a daily basis until the contracts are terminated at which time a realized gain or loss is recorded. The use of centrally cleared swaps may require a Fund to commit initial and variation margin that may otherwise not be required under an OTC swap. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss. Net periodic payments received or paid by a Fund are included as part of realized gain or loss.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the unrealized gain or loss recorded by a Fund. Such risks include that there is no liquid market for OTC swaps, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement and that there may be unfavorable changes in interest rates or value of underlying securities. Centrally cleared swaps involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

**Interest Rate Swap Agreements.** Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Forms of interest rate swap agreements that certain Funds have entered into may include: fixed-for-floating rate swaps, under which a party agrees to pay a fixed rate in exchange for receiving a floating rate tied to a benchmark; floating-for-fixed rate swaps, under which a party agrees to pay a floating rate in exchange for receiving a fixed rate; floating-for-floating rate swaps, under which a party agrees to pay a floating rate in exchange for another floating rate; interest rate caps, under which, in return for a premium, one party agrees to make payments to the other party to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other party to the extent that interest rates fall below a specified rate, or "floor"; interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding certain levels; callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date; or forward spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

A Fund's maximum risk of loss from counterparty credit risk for an interest rate swap agreement is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent this amount is positive.

**Cross-Currency Swap Agreements.** Cross-currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps may also involve an exchange of notional amounts at the start, during or at expiration of the contract, either at the current spot or another specified rate. A Fund's maximum risk of loss from counterparty credit risk is generally the aggregate unrealized gain netted against any collateral pledged by the counterparty.

**Credit Default Swap Agreements.** Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. As a seller of protection, a Fund will generally receive from the buyer of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. As a buyer of protection, a Fund will generally pay the seller of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, restructuring, write-down, principal shortfall or interest shortfall. As a seller, a Fund adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the credit default swap. If a Fund is a seller or buyer of protection and a credit event occurs, as defined under the terms of that particular credit default swap agreement, the Fund will either (i) pay or receive an amount equal to the notional amount of the referenced obligation agreement and take delivery or deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Until a credit event occurs, recovery values are determined by market makers considering either industry standard recovery rates or entity specific factors and considerations. When a credit event occurs, the recovery value is determined by a facilitated auction, administered by ISDA, whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

**Total Return Swap Agreements.** Some total return swap agreements involve a commitment to pay periodic interest payments in exchange for a market linked return based on a security or a basket of securities. To the extent the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund's maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract's remaining life, to the extent this amount is positive. Other total return swap agreements involve a right to receive the appreciation in value of a specified security, index, basket of securities or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon rate. To the extent the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the value of that decline to the counterparty. Additionally, long total return swap agreements on equity securities entitle a Fund to

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December 31, 2025

receive from the counterparty dividends paid on an individual security and short total return equity swap agreements obligate a Fund to pay the counterparty dividends paid on an individual security. Total return swap agreements where the reference entity is a futures contract do not pay/receive periodic interest payments. A Fund's maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the value of the underlying security, index, basket of securities or other financial instrument along with any dividends or interest receivable.

**Non-Deliverable Bond Forward Contracts.** A non-deliverable bond forward contract is a short-term forward agreement between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified price and date. Non-deliverable bond forward contracts are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. Upfront premiums paid or received are recorded as an asset or liability by the Fund and represent payments paid or received upon entering into the contract that correlate to the stated price of the underlying security. These upfront premiums are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the contract. The use of these instruments involves the risk that the counterparty to the agreements may default on its obligation to perform. Changes in contract value may not directly correlate with changes in the value of the underlying security. The maximum amount of potential loss for a non-deliverable bond forward contract is the value of the contract.

**Contracts for Difference.** Contracts for differences ("CFDs") are privately negotiated contracts between a buyer and seller stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument's value at the end of the contract. The Fund can take either a short or long position on the underlying instrument. In exchange for exposure to the underlying asset, the buyer pays a financing fee, which depending on market factors, can result in either expense or income for the buyer. The financing fee disclosed reflects the cost of each CFD from the perspective of the Fund and is dependent upon whether the position is long or short. For long positions, the Fund pays the financing fee. For short positions, the financing fee can be positive or negative depending on whether the spread is greater or less than the floating rate. To the extent the floating rate plus or minus the spread is negative, that is the financing fee paid by the Fund. If the rate is positive, the financing fee generates income for the Fund. CFDs are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. There is no expiration date to the contract, but a CFD is typically terminated by the buyer. A Fund's maximum risk of loss from counterparty credit risk for a CFD agreement is the ability for the counterparty to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty is unable to make payments, the value of the contract may be reduced.

**Derivatives and Hedging and Financial Instruments Eligible for Offset.** FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments, as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument's primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund's derivative investments during the year; (2) A summary table (in thousands) of the fair valuations of each Fund's derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of December 31, 2025. Funds which held only one type of derivative during the year are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations can be referenced directly on each Fund's respective statements; (3) A summary table (in thousands) of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of December 31, 2025. For Funds which held only one type of derivative during the year, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the net exposure is offset by collateral identified in the segregated or pledged collateral table; and (4) A table reflecting each Fund's average monthly derivative volume (in thousands) for the year ended December 31, 2025.

746

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL Emerging Markets Index Fund Derivative Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. The Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 41 |  |  | 41 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 41 |  |  | 41 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (1) |  | (1) |
|  | Futures/futures options contracts |  |  | 1500 |  |  | 1500 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  | 623 |  |  | 623 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL Emerging Markets Index Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL Emerging Markets Index Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL Emerging Markets Index Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL Emerging Markets Index Fund – Derivative and Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 41 |  |  |  |
|  | 41 |  |  |  |

---

#### JNL Emerging Markets Index Fund – Average Derivative Volume <sup>6</sup>

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 10277 | 333 |

---

747

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL International Index Fund Derivatives Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. The Fund entered into forward foreign currency contracts to create foreign currency exposure in U.S. dollar cash balances.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund — Derivative Instruments Categorized by Risk Exposure** |
|  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: |  |  |  |  |  |  |
| Forward foreign currency contracts<sup>†</sup> |  |  |  | 243 |  | 243 |
| Variation margin on futures/futures options contracts |  |  | 2 |  |  | 2 |
| Total derivative instruments assets |  |  | 2 | 243 |  | 245 |
| Derivative instruments liabilities: |  |  |  |  |  |  |
| Forward foreign currency contracts<sup>†</sup> |  |  |  | 231 |  | 231 |
| Variation margin on futures/futures options contracts |  |  | 44 |  |  | 44 |
| Total derivative instruments liabilities |  |  | 44 | 231 |  | 275 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | 767 |  | 767 |
| Futures/futures options contracts |  |  | 5725 |  |  | 5725 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | 380 |  | 380 |
| Futures/futures options contracts |  |  | 647 |  |  | 647 |
| † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. |

---

#### JNL International Index Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| CIT | 14 | (14) |  |  |
| HSB | 163 |  |  | 163 |
| RBC | 21 |  |  | 21 |
| SCB | 45 | (45) |  |  |
| Derivatives eligible for offset | 243 | (59) |  | 184 |
| Derivatives not eligible for offset | 2 |  |  |  |
|  | 245 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 11 |  |  | 11 |
| CIT | 40 | (14) |  | 26 |
| SCB | 180 | (45) |  | 135 |
| Derivatives eligible for offset | 231 | (59) |  | 172 |
| Derivatives not eligible for offset | 44 |  |  |  |
|  | 275 |  |  |  |

---

**JNL International Index Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 30119 | 68317 |

---

748

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL Multi-Manager Alternative Fund Derivative Strategies -** The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, as a means of risk management/hedging, to reduce foreign currency exposure on investment securities denominated in foreign currencies, to create foreign currency exposure in U.S. dollar cash balances and to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales. The Fund entered into total return swap agreements as a substitute for investment in physical securities. The Fund entered into contracts for difference as a substitute for investment in physical securities and to obtain short exposure.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 71 |  |  | 71 |
|  | Forward foreign currency contracts |  |  |  | 1 |  | 1 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 10 | 10 |
|  | OTC swap agreements |  |  | 1876 |  |  | 1876 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 1947 | 1 | 10 | 1958 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 903 |  |  | 903 |
|  | Forward foreign currency contracts |  |  |  | 17 |  | 17 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 14 | 14 |
|  | OTC swap agreements |  |  | 1224 |  |  | 1224 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 2127 | 17 | 14 | 2158 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  | (198) |  |  | (198) |
|  | Written option contracts |  |  | (930) |  |  | (930) |
|  | Forward foreign currency contracts |  |  |  | (334) |  | (334) |
|  | Futures/futures options contracts |  |  |  |  | 246 | 246 |
|  | Swap agreements |  |  | 9116 |  |  | 9116 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | (179) |  |  | (179) |
|  | Written options |  |  | (384) |  |  | (384) |
|  | Forward foreign currency contracts |  |  |  | (270) |  | (270) |
|  | Futures/futures options contracts |  |  |  |  | 145 | 145 |
|  | Swap agreements |  |  | (4546) |  |  | (4546) |

---

749

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

#### JNL Multi-Manager Alternative Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BOA | 23 | (15) |  | 8 |
| GSC | 1789 | (697) |  | 1092 |
| JPM | 56 | (56) |  |  |
| MSC | 9 | (9) |  |  |
| Derivatives eligible for offset | 1877 | (777) |  | 1100 |
| Derivatives not eligible for offset | 81 |  |  |  |
|  | 1958 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 15 | (15) |  |  |
| GSC | 697 | (697) |  |  |
| JPM | 309 | (56) | (253) |  |
| MSC | 218 | (9) | (209) |  |
| SSB | 2 |  |  | 2 |
| Derivatives eligible for offset | 1241 | (777) | (462) | 2 |
| Derivatives not eligible for offset | 917 |  |  |  |
|  | 2158 |  |  |  |

---

**JNL Multi-Manager Alternative Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** | **Notional Amount of Contracts for Difference ($)** |
| Average monthly volume | 491 | 24300 | 13594 | 39476 | 6368 |

---

750

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/BlackRock Global Allocation Fund Derivative Strategies** - The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management and/or hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, interest rate swap valuations, credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management and/or hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management and/or hedging, to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative values trades, to express views on a country's interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to maintain its ability to generate income at prevailing market rates and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, to obtain credit exposure, to provide a measure of protection against defaults of issuers and to speculate on changes in credit quality. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. The Fund entered into contracts for difference as a substitute for investment in physical securities, to obtain exposure to or hedge changes in securities prices, to obtain short exposure and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value | 4024 | 4 | 4589 | 71 | 189 | 8877 |
|  | Forward foreign currency contracts |  |  |  | 4268 |  | 4268 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 1308 |  | 618 | 1926 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 44 |  |  | 619 | 663 |
|  | OTC swap agreements |  | 244 | 1487 |  | 55 | 1786 |
|  | OTC swap premiums paid |  | 644 |  |  |  | 644 |
| Total derivative instruments assets | Total derivative instruments assets | 4024 | 936 | 7384 | 4339 | 1481 | 18164 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value | 2092 | 39 | 3093 | 317 | 1659 | 7200 |
|  | Forward foreign currency contracts |  |  |  | 4282 |  | 4282 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 840 |  | 342 | 1182 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 13 |  |  | 1578 | 1591 |
|  | OTC swap agreements |  | 352 | 1562 |  | 1616 | 3530 |
|  | OTC swap premiums received |  | 164 |  |  |  | 164 |
| Total derivative instruments liabilities | Total derivative instruments liabilities | 2092 | 568 | 5495 | 4599 | 5195 | 17949 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts | 9029 | (242) | (19820) | (2104) | (3753) | (16890) |
|  | Written option contracts | 2769 | 105 | 17929 | 1957 | 7982 | 30742 |
|  | Forward foreign currency contracts |  |  |  | (2989) |  | (2989) |
|  | Futures/futures options contracts |  |  | 28107 |  | (19928) | 8179 |
|  | Swap agreements |  | 888 | (13670) |  | 432 | (12350) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options | 1704 | 13 | 994 | (33) | 457 | 3135 |
|  | Written options | (324) | 37 | 1336 | (3) | 555 | 1601 |
|  | Forward foreign currency contracts |  |  |  | 9321 |  | 9321 |
|  | Futures/futures options contracts |  |  | (3412) |  | (30) | (3442) |
|  | Swap agreements |  | 288 | (900) |  | 16422 | 15810 |

---

751

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

#### JNL/BlackRock Global Allocation Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 223 | (106) | (110) | 7 |
| BNP | 129 | (129) |  |  |
| BOA | 1582 | (1582) |  |  |
| CIB | 461 |  |  | 461 |
| CIT | 687 | (453) |  | 234 |
| DUB | 281 | (281) |  |  |
| GSC | 373 | (373) |  |  |
| HSB | 42 | (37) |  | 5 |
| JPM | 529 | (529) |  |  |
| MSC | 245 | (245) |  |  |
| NSI | 3 | (3) |  |  |
| RBC | 159 |  |  | 159 |
| RBS | 2 | (2) |  |  |
| SCB | 131 | (131) |  |  |
| SGS | 822 | (98) | (210) | 514 |
| TDB | 3 | (3) |  |  |
| UBS | 890 | (41) | (23) | 826 |
| Derivatives eligible for offset | 6562 | (4013) | (343) | 2206 |
| Derivatives not eligible for offset | 11602 |  |  |  |
|  | 18164 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 106 | (106) |  |  |
| BNP | 725 | (129) | (596) |  |
| BOA | 2397 | (1582) | (815) |  |
| CIT | 453 | (453) |  |  |
| DUB | 2755 | (281) | (150) | 2324 |
| GSC | 946 | (373) | (510) | 63 |
| HSB | 37 | (37) |  |  |
| JPM | 1288 | (529) | (488) | 271 |
| MSC | 435 | (245) | (130) | 60 |
| NSI | 274 | (3) | (260) | 11 |
| RBS | 8 | (2) |  | 6 |
| SCB | 298 | (131) |  | 167 |
| SGS | 98 | (98) |  |  |
| TDB | 19 | (3) |  | 16 |
| UBS | 41 | (41) |  |  |
| WBC | 1 |  |  | 1 |
| Derivatives eligible for offset | 9881 | (4013) | (2949) | 2919 |
| Derivatives not eligible for offset | 8068 |  |  |  |
|  | 17949 |  |  |  |

---

**JNL/BlackRock Global Allocation Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** | **Notional Amount of Contracts for Difference ($)** |
| Average monthly volume | 19538 | 1347034 | 1032976 | 2300048 | 61261 | 45876 | 117027 |

---

752

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/DoubleLine Core Fixed Income Fund Derivative Strategies** - The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/DoubleLine Core Fixed Income Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 31 |  | 31 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 621 | 621 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 31 | 621 | 652 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 28 |  | 28 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 851 | 851 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  | 28 | 851 | 879 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (45) |  | (45) |
|  | Futures/futures options contracts |  |  |  |  | 2629 | 2629 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 48 |  | 48 |
|  | Futures/futures options contracts |  |  |  |  | (5) | (5) |

---

#### JNL/DoubleLine Core Fixed Income Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| GSC | 7 |  |  | 7 |
| SSB | 24 | (24) |  |  |
| Derivatives eligible for offset | 31 | (24) |  | 7 |
| Derivatives not eligible for offset | 621 |  |  |  |
|  | 652 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| SSB | 28 | (24) |  | 4 |
| Derivatives eligible for offset | 28 | (24) |  | 4 |
| Derivatives not eligible for offset | 851 |  |  |  |
|  | 879 |  |  |  |

---

**JNL/DoubleLine Core Fixed Income Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 1864829 | 2597 |

---

753

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/Fidelity Institutional Asset Management Total Bond Fund Derivative Strategies** – The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as a part of its investment strategy and to obtain exposure to or hedge changes in interest rates, inflation and in interest rate swap valuations. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. The Fund entered into interest rate swap agreements to manage duration, to execute yield curve, swap spread and sovereign relative value trades, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall and to obtain interest and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to provide a measure of protection against defaults of issuers, to speculate on changes in credit quality, on asset-backed securities to provide a measure of protection against defaults of the referenced obligation and on asset-backed securities to take an active long or short position with respect to the likelihood of a particular referenced obligation's default used in combination with cash bonds exposure (1) to take advantage of spread variances between cash bonds and the credit default swap agreement or (2) to hedge the underlying exposure to the cash bonds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  |  |  | 636 | 636 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 1 | 1 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 56 | 56 |
|  | OTC swap agreements |  | 78 |  |  |  | 78 |
|  | OTC swap premiums paid |  | 230 |  |  |  | 230 |
| Total derivative instruments assets | Total derivative instruments assets |  | 308 |  |  | 693 | 1001 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 167 | 167 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 4 | 4 |
|  | OTC swap agreements |  | 70 |  |  |  | 70 |
|  | OTC swap premiums received |  | 66 |  |  |  | 66 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 136 |  |  | 171 | 307 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  |  |  | (267) | (267) |
|  | Written option contracts |  |  |  |  | 35 | 35 |
|  | Futures/futures options contracts |  |  |  |  | 2072 | 2072 |
|  | Swap agreements |  | (253) |  |  | 76 | (177) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  |  |  | 35 | 35 |
|  | Futures/futures options contracts |  |  |  |  | 145 | 145 |
|  | Swap agreements |  | 256 |  |  | (484) | (228) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/Fidelity Institutional Asset Management Total Bond Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/Fidelity Institutional Asset Management Total Bond Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/Fidelity Institutional Asset Management Total Bond Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/Fidelity Institutional Asset Management Total Bond Fund – Derivative and Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BOA | 252 |  |  | 252 |
| CIT | 101 | (21) |  | 80 |
| GSC | 145 | (16) | (129) |  |
| JPM | 12 | (12) |  |  |
| MSC | 204 | (11) |  | 193 |
| Derivatives eligible for offset | 714 | (60) | (129) | 525 |
| Derivatives not eligible for offset | 287 |  |  |  |
|  | 1001 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| CIT | 21 | (21) |  |  |
| GSC | 16 | (16) |  |  |
| JPM | 22 | (12) |  | 10 |
| MSC | 11 | (11) |  |  |
| Derivatives eligible for offset | 70 | (60) |  | 10 |
| Derivatives not eligible for offset | 237 |  |  |  |
|  | 307 |  |  |  |

---

754

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund – Financial Instruments Eligible for Offset** | **JNL/Fidelity Institutional Asset Management Total Bond Fund – Financial Instruments Eligible for Offset** | **JNL/Fidelity Institutional Asset Management Total Bond Fund – Financial Instruments Eligible for Offset** | **JNL/Fidelity Institutional Asset Management Total Bond Fund – Financial Instruments Eligible for Offset** | **JNL/Fidelity Institutional Asset Management Total Bond Fund – Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1,7</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 10457 | (10450) |  | 7 |
| BOA | 4556 | (4556) |  |  |
| CIT | 10459 | (10459) |  |  |
| GSC | 26628 | (26615) |  | 13 |
| JPM | 2928 | (2928) |  |  |
| MLP | 962 | (961) |  | 1 |
| MSC | 14179 | (14179) |  |  |
| WFI | 10540 | (10536) |  | 4 |
|  | 80709 | (80684) |  | 25 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 10450 | (10450) |  |  |
| BOA | 4556 | (4556) |  |  |
| CIT | 10471 | (10459) |  | 12 |
| GSC | 26615 | (26615) |  |  |
| JPM | 2932 | (2928) |  | 4 |
| MLP | 961 | (961) |  |  |
| MSC | 14193 | (14179) |  | 14 |
| WFI | 10536 | (10536) |  |  |
|  | 80714 | (80684) |  | 30 |

---

**JNL/Fidelity Institutional Asset Management Total Bond Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 1043 | 145480 | 54019 | 10195 |

---

755

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/JPMorgan Global Allocation Fund Derivatives Strategies** – The Fund entered into options contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy and to obtain exposure to or hedge changes in securities prices. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts as a means of risk management/hedging.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 145 |  | 145 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 733 |  | 293 | 1026 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 733 | 145 | 293 | 1171 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 293 |  | 293 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 2097 | 35 | 391 | 2523 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 2097 | 328 | 391 | 2816 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (1061) |  | (1061) |
|  | Futures/futures options contracts |  |  | 11385 | 646 | (2463) | 9568 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 344 |  | 344 |
|  | Futures/futures options contracts |  |  | 5319 | 375 | 848 | 6542 |

---

#### JNL/JPMorgan Global Allocation Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 26 | (8) |  | 18 |
| BNP | 40 | (40) |  |  |
| GSC | 12 | (5) |  | 7 |
| HSB | 30 | (30) |  |  |
| MSC | 25 | (25) |  |  |
| SCB | 12 | (1) |  | 11 |
| Derivatives eligible for offset | 145 | (109) |  | 36 |
| Derivatives not eligible for offset | 1026 |  |  |  |
|  | 1171 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 8 | (8) |  |  |
| BNP | 68 | (40) |  | 28 |
| CIT | 9 |  | (9) |  |
| GSC | 5 | (5) |  |  |
| HSB | 164 | (30) |  | 134 |
| MSC | 38 | (25) |  | 13 |
| SCB | 1 | (1) |  |  |
| Derivatives eligible for offset | 293 | (109) | (9) | 175 |
| Derivatives not eligible for offset | 2523 |  |  |  |
|  | 2816 |  |  |  |

---

**JNL/JPMorgan Global Allocation Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 465487 | 105457 |

---

756

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/JPMorgan Hedged Equity Fund Derivative Strategies** - The Fund entered into options contracts as a means of risk management/hedging. The Fund entered into futures contracts as a means of risk management/hedging and to manage cash flows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 10781 |  |  | 10781 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 10781 |  |  | 10781 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 10839 |  |  | 10839 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 28 |  |  | 28 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 10867 |  |  | 10867 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  | (48730) |  |  | (48730) |
|  | Written option contracts |  |  | (24509) |  |  | (24509) |
|  | Futures/futures options contracts |  |  | 296 |  |  | 296 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | 345 |  |  | 345 |
|  | Written options |  |  | (118) |  |  | (118) |
|  | Futures/futures options contracts |  |  | 423 |  |  | 423 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/JPMorgan Hedged Equity Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/JPMorgan Hedged Equity Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/JPMorgan Hedged Equity Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/JPMorgan Hedged Equity Fund – Derivative and Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 10781 |  |  |  |
|  | 10781 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 10867 |  |  |  |
|  | 10867 |  |  |  |

---

**JNL/JPMorgan Hedged Equity Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** |
| Average monthly volume | 24024 | 9164 |

---

757

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/JPMorgan Nasdaq Hedged Equity Fund Derivative Strategies -** The Fund entered into options contracts as a means of risk management/hedging. The Fund entered into futures contracts as a means of risk management/hedging and to manage cash flows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 854 |  |  | 854 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 854 |  |  | 854 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 832 |  |  | 832 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 7 |  |  | 7 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 839 |  |  | 839 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  | (2873) |  |  | (2873) |
|  | Written option contracts |  |  | (3603) |  |  | (3603) |
|  | Futures/futures options contracts |  |  | 68 |  |  | 68 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | 3 |  |  | 3 |
|  | Written options |  |  | (3) |  |  | (3) |
|  | Futures/futures options contracts |  |  | 7 |  |  | 7 |

---

**JNL/JPMorgan Nasdaq Hedged Equity Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** |
| Average monthly volume | 1971 | 490 |

---

758

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/Mellon World Index Fund Derivative Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. The Fund entered into forward foreign currency contracts to create foreign currency exposure in U.S. dollar cash balances.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 6 |  | 6 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 6 |  | 6 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 35 |  |  | 35 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 35 |  |  | 35 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 38 |  | 38 |
|  | Futures/futures options contracts |  |  | 956 |  |  | 956 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 21 |  | 21 |
|  | Futures/futures options contracts |  |  | 80 |  |  | 80 |

---

**JNL/Mellon World Index Fund – Derivative and Financial Instruments Eligible for Offset**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 1 |  |  | 1 |
| HSB | 5 |  |  | 5 |
| Derivatives eligible for offset | 6 |  |  | 6 |
| Derivatives not eligible for offset |  |  |  |  |
|  | 6 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 35 |  |  |  |
|  | 35 |  |  |  |

---

**JNL/ Mellon World Index Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 6154 | 1120 |

---

759

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/Neuberger Berman Strategic Income Fund Derivative Strategies** – The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates, to hedge accrued dividends and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management/hedging, to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades, to express views on a country's interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to maintain its ability to generate income at prevailing market rates and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, to obtain credit exposure, to provide a measure of protection against defaults of issuers, to speculate on changes in credit quality, to manage duration at the cross-sector level, on asset-backed securities to provide a measure of protection against defaults of the referenced obligation and on asset-backed securities to take an active long or short position with respect to the likelihood of a particular referenced obligation's default used in combination with cash bonds exposure (1) to take advantage of spread variances between cash bonds and the credit default swap agreement or (2) to hedge the underlying exposure to the cash bonds. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices and interest rates, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 899 |  | 899 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 4 | 4 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 23 | 23 |
|  | OTC swap agreements |  | 55 |  |  |  | 55 |
| Total derivative instruments assets | Total derivative instruments assets |  | 55 |  | 899 | 27 | 981 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 779 |  | 779 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 134 | 134 |
|  | OTC swap agreements |  |  |  |  | 22 | 22 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  | 779 | 156 | 935 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (506) |  | (506) |
|  | Futures/futures options contracts |  |  |  |  | 8874 | 8874 |
|  | Swap agreements |  | 1380 |  |  | 328 | 1708 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (4184) |  | (4184) |
|  | Futures/futures options contracts |  |  |  |  | (1254) | (1254) |
|  | Swap agreements |  | 144 |  |  | 18 | 162 |

---

#### JNL/Neuberger Berman Strategic Income Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 10 | (1) |  | 9 |
| CIT | 367 | (367) |  |  |
| GSC | 467 | (228) |  | 239 |
| JPM | 64 | (53) |  | 11 |
| SCB | 34 | (4) |  | 30 |
| SSB | 12 | (3) |  | 9 |
| Derivatives eligible for offset | 954 | (656) |  | 298 |
| Derivatives not eligible for offset | 27 |  |  |  |
|  | 981 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 1 | (1) |  |  |
| CIT | 512 | (367) |  | 145 |
| GSC | 228 | (228) |  |  |
| JPM | 53 | (53) |  |  |
| SCB | 4 | (4) |  |  |

---

760

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| SSB | 3 | (3) |  |  |
| Derivatives eligible for offset | 801 | (656) |  | 145 |
| Derivatives not eligible for offset | 134 |  |  |  |
|  | 935 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund – Financial Instruments Eligible for Offset** | **JNL/Neuberger Berman Strategic Income Fund – Financial Instruments Eligible for Offset** | **JNL/Neuberger Berman Strategic Income Fund – Financial Instruments Eligible for Offset** | **JNL/Neuberger Berman Strategic Income Fund – Financial Instruments Eligible for Offset** | **JNL/Neuberger Berman Strategic Income Fund – Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1,7</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BNP | 20142 | (20111) |  | 31 |
| BOA | 2203 | (2196) |  | 7 |
| CIT | 10694 | (10675) |  | 19 |
| JPM | 17828 | (17801) |  | 27 |
| MSC | 22361 | (22332) | (29) |  |
| MZS | 9193 | (9160) |  | 33 |
| WFI | 13036 | (13011) |  | 25 |
|  | 95457 | (95286) | (29) | 142 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BNP | 20111 | (20111) |  |  |
| BOA | 2196 | (2196) |  |  |
| CIT | 10675 | (10675) |  |  |
| JPM | 17801 | (17801) |  |  |
| MSC | 22332 | (22332) |  |  |
| MZS | 9160 | (9160) |  |  |
| WFI | 13011 | (13011) |  |  |
|  | 95286 | (95286) |  |  |

---

**JNL/Neuberger Berman Strategic Income Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 201334 | 169505 | 7519 | 9675 | 19923 |

---

761

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/PIMCO Income Fund Derivative Strategies –** The Fund entered into option contracts as a substitute for investment in physical securities, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physcial securities, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to magange cash flows, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitue for investment in physical securities, to obtain credit exposure and to provide a measure of protection against defaults of issuers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 1198 |  | 1198 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 405 | 405 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 7 |  |  | 2627 | 2634 |
|  | OTC swap agreements |  | 3221 |  |  |  | 3221 |
|  | OTC swap premiums paid |  | 1512 |  |  |  | 1512 |
| Total derivative instruments assets | Total derivative instruments assets |  | 4740 |  | 1198 | 3032 | 8970 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 2738 |  | 2738 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 1084 | 1084 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 49 |  |  | 1055 | 1104 |
|  | OTC swap agreements |  | 20 |  |  |  | 20 |
|  | OTC swap premiums received |  | 2550 |  |  |  | 2550 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 2619 |  | 2738 | 2139 | 7496 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  |  | (253) |  | (253) |
|  | Written option contracts |  |  |  | 700 | 1660 | 2360 |
|  | Forward foreign currency contracts |  |  |  | (11747) |  | (11747) |
|  | Futures/futures options contracts |  |  |  |  | 7047 | 7047 |
|  | Swap agreements |  | 6692 |  |  | 8136 | 14828 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Written options |  |  |  | 393 | 32 | 425 |
|  | Forward foreign currency contracts |  |  |  | (6199) |  | (6199) |
|  | Futures/futures options contracts |  |  |  |  | 522 | 522 |
|  | Swap agreements |  | (176) |  |  | (4343) | (4519) |

---

762

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/PIMCO Income Fund – Derivative and Financial Instruments Eligible for Offset**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 450 | (26) | (200) | 224 |
| BOA | 79 | (79) |  |  |
| CIT | 631 | (239) | (320) | 72 |
| DUB | 172 | (87) |  | 85 |
| GSC | 2963 | (667) | (560) | 1736 |
| HSB | 40 | (40) |  |  |
| JPM | 84 | (84) |  |  |
| Derivatives eligible for offset | 4419 | (1222) | (1080) | 2117 |
| Derivatives not eligible for offset | 4551 |  |  |  |
|  | 8970 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 26 | (26) |  |  |
| BOA | 843 | (79) |  | 764 |
| CIT | 239 | (239) |  |  |
| DUB | 87 | (87) |  |  |
| GSC | 667 | (667) |  |  |
| HSB | 616 | (40) | (576) |  |
| JPM | 280 | (84) |  | 196 |
| Derivatives eligible for offset | 2758 | (1222) | (576) | 960 |
| Derivatives not eligible for offset | 4738 |  |  |  |
|  | 7496 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund - Financial Instruments Eligible for Offset** | **JNL/PIMCO Income Fund - Financial Instruments Eligible for Offset** | **JNL/PIMCO Income Fund - Financial Instruments Eligible for Offset** | **JNL/PIMCO Income Fund - Financial Instruments Eligible for Offset** | **JNL/PIMCO Income Fund - Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1,7</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 2375 | (2368) |  | 7 |
| BOA | 245546 | (245253) | (293) |  |
| CIT | 1443 | (1441) |  | 2 |
| GSC | 228091 | (227633) | (458) |  |
| JPM | 394992 | (393641) | (1351) |  |
| MSC | 84358 | (84236) | (122) |  |
| MZS | 46874 | (46874) |  |  |
|  | 1003679 | (1001446) | (2224) | 9 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 2368 | (2368) |  |  |
| BOA | 245253 | (245253) |  |  |
| CIT | 1441 | (1441) |  |  |
| GSC | 227633 | (227633) |  |  |
| JPM | 393641 | (393641) |  |  |
| MSC | 84236 | (84236) |  |  |
| MZS | 46876 | (46874) |  | 2 |
|  | 1001448 | (1001446) |  | 2 |

---

**JNL/PIMCO Income Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 396 | 708352 | 520262 | 2480823 | 351718 |

---

763

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/PIMCO Investment Grade Credit Bond Fund Derivative Strategies -** The Fund entered into option contracts as a substitute for investment in physical securities, as a means of risk management, to generate income, to obtain exposure to or hedge changes in interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, to obtain credit exposure and to provide a measure of protection against defaults of issuers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  |  | 59 |  | 59 |
|  | Forward foreign currency contracts |  |  |  | 554 |  | 554 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 321 | 321 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 3 |  |  | 326 | 329 |
|  | OTC swap agreements |  | 25 |  |  |  | 25 |
|  | OTC swap premiums paid |  | 706 |  |  |  | 706 |
| Total derivative instruments assets | Total derivative instruments assets |  | 734 |  | 613 | 647 | 1994 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  |  | 18 | 29 | 47 |
|  | Forward foreign currency contracts |  |  |  | 1801 |  | 1801 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 516 | 516 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 10 |  |  | 46 | 56 |
|  | OTC swap agreements |  | 1 |  |  |  | 1 |
|  | OTC swap premiums received |  | 2 |  |  |  | 2 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 13 |  | 1819 | 591 | 2423 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  |  | (22) | (10) | (32) |
|  | Written option contracts |  | 20 |  | 45 | 964 | 1029 |
|  | Forward foreign currency contracts |  |  |  | (2694) |  | (2694) |
|  | Futures/futures options contracts |  |  |  |  | (1042) | (1042) |
|  | Swap agreements |  | 2291 |  |  | 863 | 3154 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  |  | (34) | 2 | (32) |
|  | Written options |  |  |  | (10) | 55 | 45 |
|  | Forward foreign currency contracts |  |  |  | (2547) |  | (2547) |
|  | Futures/futures options contracts |  |  |  |  | 1422 | 1422 |
|  | Swap agreements |  | (109) |  |  | (32) | (141) |

---

#### JNL/PIMCO Investment Grade Credit Bond Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 53 | (49) |  | 4 |

---

764

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| BNP | 62 | (62) |  |  |
| BOA | 113 | (113) |  |  |
| BPC | 3 | (3) |  |  |
| CIT | 129 | (129) |  |  |
| DUB | 46 | (46) |  |  |
| GSC | 195 | (52) |  | 143 |
| HSB | 15 | (15) |  |  |
| JPM | 16 | (16) |  |  |
| SCB | 4 | (4) |  |  |
| UBS | 2 | (2) |  |  |
| Derivatives eligible for offset | 638 | (491) |  | 147 |
| Derivatives not eligible for offset | 1356 |  |  |  |
|  | 1994 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| ANZ | 8 |  |  | 8 |
| BCL | 49 | (49) |  |  |
| BNP | 101 | (62) |  | 39 |
| BOA | 212 | (113) |  | 99 |
| BPC | 5 | (3) |  | 2 |
| CIT | 468 | (129) | (308) | 31 |
| DUB | 122 | (46) |  | 76 |
| GSC | 52 | (52) |  |  |
| HSB | 466 | (15) | (451) |  |
| JPM | 223 | (16) |  | 207 |
| MSC | 40 |  | (23) | 17 |
| SCB | 12 | (4) |  | 8 |
| UBS | 72 | (2) | (21) | 49 |
| Derivatives eligible for offset | 1830 | (491) | (803) | 536 |
| Derivatives not eligible for offset | 593 |  |  |  |
|  | 2423 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund – Financial Instruments Eligible for Offset** | **JNL/PIMCO Investment Grade Credit Bond Fund – Financial Instruments Eligible for Offset** | **JNL/PIMCO Investment Grade Credit Bond Fund – Financial Instruments Eligible for Offset** | **JNL/PIMCO Investment Grade Credit Bond Fund – Financial Instruments Eligible for Offset** | **JNL/PIMCO Investment Grade Credit Bond Fund – Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1,7</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 12797 | (12768) |  | 29 |
| GSC | 35313 | (35185) |  | 128 |
| UBS | 1109 | (1109) |  |  |
|  | 49219 | (49062) |  | 157 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 12768 | (12768) |  |  |
| GSC | 35185 | (35185) |  |  |
| UBS | 1128 | (1109) |  | 19 |
|  | 49081 | (49062) |  | 19 |

---

#### JNL/PIMCO Investment Grade Credit Bond Fund – Average Derivative Volume <sup>6</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 124 | 608398 | 193060 | 223284 | 149547 |

---

765

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/PIMCO Real Return Fund Derivative Strategies** - The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in interest rates, securities prices and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, as a means of risk management/hedging, to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales, to create foreign currency exposure in U.S. dollar cash balances, and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades, to express views on a country's interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to maintain its ability to generate income at prevailing market rates and to obtain interest rate and yield curve exposure. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in interest rates and securities prices, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 1349 |  | 1349 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 400 | 400 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 754 | 754 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 1349 | 1154 | 2503 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  |  |  | 498 | 498 |
|  | Forward foreign currency contracts |  |  |  | 2092 |  | 2092 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 282 | 282 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 362 | 362 |
|  | OTC swap agreements |  |  |  |  | 734 | 734 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  | 2092 | 1876 | 3968 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Written option contracts |  |  |  |  | 526 | 526 |
|  | Forward foreign currency contracts |  |  |  | (5251) |  | (5251) |
|  | Futures/futures options contracts |  |  |  |  | (3439) | (3439) |
|  | Swap agreements |  |  |  |  | 981 | 981 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Written options |  |  |  |  | 46 | 46 |
|  | Forward foreign currency contracts |  |  |  | (3038) |  | (3038) |
|  | Futures/futures options contracts |  |  |  |  | (1174) | (1174) |
|  | Swap agreements |  |  |  |  | 13105 | 13105 |

---

**JNL/PIMCO Real Return Fund – Derivative and Financial Instruments Eligible for Offset**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| ANZ | 1 |  |  | 1 |
| BCL | 95 | (95) |  |  |
| BNP | 222 | (200) |  | 22 |
| BOA | 106 | (44) | (62) |  |
| CIT | 190 | (158) |  | 32 |
| DUB | 199 | (48) |  | 151 |
| GSC | 76 | (73) |  | 3 |
| HSB | 62 | (62) |  |  |
| JPM | 121 | (121) |  |  |
| SCB | 70 | (21) |  | 49 |
| SGS | 186 | (186) |  |  |
| UBS | 21 | (6) |  | 15 |
| Derivatives eligible for offset | 1349 | (1014) | (62) | 273 |
| Derivatives not eligible for offset | 1154 |  |  |  |
|  | 2503 |  |  |  |

---

766

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 505 | (95) | (410) |  |
| BNP | 200 | (200) |  |  |
| BOA | 44 | (44) |  |  |
| CIT | 158 | (158) |  |  |
| DUB | 48 | (48) |  |  |
| GSC | 73 | (73) |  |  |
| HSB | 508 | (62) | (446) |  |
| JPM | 260 | (121) |  | 139 |
| MSC | 744 |  | (310) | 434 |
| SCB | 21 | (21) |  |  |
| SGS | 757 | (186) | (571) |  |
| UBS | 6 | (6) |  |  |
| Derivatives eligible for offset | 3324 | (1014) | (1737) | 573 |
| Derivatives not eligible for offset | 644 |  |  |  |
|  | 3968 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund – Financial Instruments Eligible for Offset** | **JNL/PIMCO Real Return Fund – Financial Instruments Eligible for Offset** | **JNL/PIMCO Real Return Fund – Financial Instruments Eligible for Offset** | **JNL/PIMCO Real Return Fund – Financial Instruments Eligible for Offset** | **JNL/PIMCO Real Return Fund – Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1,7</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 608343 | (608343) |  |  |
| BOA | 19737 | (19695) |  | 42 |
| CIT | 40837 | (40747) |  | 90 |
| GSC | 317740 | (317740) |  |  |
| JPM | 33155 | (32994) | (161) |  |
| MSC | 19488 | (19456) | (30) | 2 |
|  | 1039300 | (1038975) | (191) | 134 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 611501 | (608343) |  | 3158 |
| BOA | 19695 | (19695) |  |  |
| CIT | 40747 | (40747) |  |  |
| GSC | 319798 | (317740) |  | 2058 |
| JPM | 32994 | (32994) |  |  |
| MSC | 19456 | (19456) |  |  |
|  | 1044191 | (1038975) |  | 5216 |

---

**JNL/PIMCO Real Return Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 1400 | 755525 | 505995 | 833476 | 184860 |

---

767

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/PPM America Investment Grade Credit Fund** – The Fund entered into futures contracts as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, and to obtain exposure to or hedge changes in interest rates. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to obtain credit exposure, to provide a measure of protection against defaults of issuers, and to hedge a portfolio of credit default swap agreements or bonds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/PPM America Investment Grade Credit Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 2 | 2 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  |  | 2 | 2 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 11 | 11 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 11 | 11 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | (266) | (266) |
|  | Swap agreements |  | 1 |  |  |  | 1 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | 49 | 49 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America Investment Grade Credit Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/PPM America Investment Grade Credit Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/PPM America Investment Grade Credit Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/PPM America Investment Grade Credit Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/PPM America Investment Grade Credit Fund – Derivative and Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 2 |  |  |  |
|  | 2 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 11 |  |  |  |
|  | 11 |  |  |  |

---

**JNL/PPM America Investment Grade Credit Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 16686 | 308 |

---

768

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/T. Rowe Price Balanced Fund Derivative Strategies** – The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settle dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes. The Fund entered into credit default swap agreements to obtain credit exposure.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 1 | 1 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  |  | 1 | 1 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 9 | 9 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 9 | 9 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 4 |  | 4 |
|  | Futures/futures options contracts |  |  |  |  | 122 | 122 |
|  | Swap agreements |  | 5 |  |  |  | 5 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Swap agreements |  | 5 |  |  |  | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/T. Rowe Price Balanced Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/T. Rowe Price Balanced Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/T. Rowe Price Balanced Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/T. Rowe Price Balanced Fund – Derivative and Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 1 |  |  |  |
|  | 1 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 9 |  |  |  |
|  | 9 |  |  |  |

---

**JNL/T. Rowe Price Balanced Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 9862 | 137 | 1385 |

---

769

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/T. Rowe Price Short-Term Bond Fund** – The Fund entered into options contracts as a means of risk management/hedging and to obtain exposure to or hedge changes in interest rates. The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to obtain credit exposure and to provide a measure of protection against defaults of issuers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Short-Term Bond Fund — Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 140 | 140 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  |  | 140 | 140 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 124 | 124 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 124 | 124 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  | (132) |  |  | (97) | (229) |
|  | Written option contracts |  | 26 |  |  |  | 26 |
|  | Futures/futures options contracts |  |  |  |  | (6) | (6) |
|  | Swap agreements |  | (15) |  |  |  | (15) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | (559) | (559) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/T. Rowe Price Short-Term Bond Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/T. Rowe Price Short-Term Bond Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/T. Rowe Price Short-Term Bond Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/T. Rowe Price Short-Term Bond Fund – Derivative and Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 140 |  |  |  |
|  | 140 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset | 124 |  |  |  |
|  | 124 |  |  |  |

---

**JNL/T. Rowe Price Short-Term Bond Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Notional Amount of Credit Default Swap Agreements ($)** |
| Average monthly volume | 74 | 434073 | 1265 |

---

770

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/Westchester Capital Event Driven Fund Derivative Strategies** - The Fund entered into option contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income and to obtain exposure to or hedge changes in securities prices. The Fund entered into forward foreign currency contracts as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into total return swap agreements as a substitute for investment in physical securities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund — Derivative Instruments Categorized by Risk Exposure** |
|  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: |  |  |  |  |  |  |
| Purchased options, at value |  |  | 69 |  |  | 69 |
| Forward foreign currency contracts |  |  |  | 1 |  | 1 |
| OTC swap agreements |  |  | 1410 |  |  | 1410 |
| Total derivative instruments assets |  |  | 1479 | 1 |  | 1480 |
| Derivative instruments liabilities: |  |  |  |  |  |  |
| Written options, at value |  |  | 862 |  |  | 862 |
| Forward foreign currency contracts |  |  |  | 5 |  | 5 |
| OTC swap agreements |  |  | 717 |  |  | 717 |
| Total derivative instruments liabilities |  |  | 1579 | 5 |  | 1584 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Purchased option contracts |  |  | (424) |  |  | (424) |
| Written option contracts |  |  | 227 |  |  | 227 |
| Forward foreign currency contracts |  |  |  | (164) |  | (164) |
| Swap agreements |  |  | 1172 |  | (69) | 1103 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Purchased options |  |  | (166) |  |  | (166) |
| Written options |  |  | (314) |  |  | (314) |
| Forward foreign currency contracts |  |  |  | (129) |  | (129) |
| Swap agreements |  |  | 906 |  | 30 | 936 |

---

#### JNL/Westchester Capital Event Driven Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BOA | 41 |  |  | 41 |
| GSC | 1088 | (472) |  | 616 |
| JPM | 282 | (250) |  | 32 |
| Derivatives eligible for offset | 1411 | (722) |  | 689 |
| Derivatives not eligible for offset | 69 |  |  |  |
|  | 1480 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| GSC | 472 | (472) |  |  |
| JPM | 250 | (250) |  |  |
| Derivatives eligible for offset | 722 | (722) |  |  |
| Derivatives not eligible for offset | 862 |  |  |  |
|  | 1584 |  |  |  |

---

**JNL/Westchester Capital Event Driven Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 784 | 6070 | 31633 |

---

771

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**JNL/WMC Balanced Fund Derivative Strategies** – The Fund entered into futures contracts as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to obtain exposure to or hedge changes in securities prices and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund — Derivative Instruments Categorized by Risk Exposure** |
|  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025** |
| Derivative instruments assets: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | 1 |  | 1 |
| Total derivative instruments assets |  |  |  | 1 |  | 1 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | 47 |  | 47 |
| Futures/futures options contracts |  |  |  |  | 910 | 910 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | 1 |  | 1 |
| Futures/futures options contracts |  |  |  |  | (332) | (332) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/WMC Balanced Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/WMC Balanced Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/WMC Balanced Fund – Derivative and Financial Instruments Eligible for Offset** | **JNL/WMC Balanced Fund – Derivative and Financial Instruments Eligible for Offset** |
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| DUB | 1 |  |  | 1 |
| Derivatives eligible for offset | 1 |  |  | 1 |
| Derivatives not eligible for offset |  |  |  |  |
|  | 1 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset |  |  |  |  |

---

**JNL/WMC Balanced Fund – Average Derivative Volume<sup>6</sup>**

---

| | | |
|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** |
| Average monthly volume | 41856 | 2022 |

---

772

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

The financial instruments eligible for offset table is presented for the following Funds, which held derivatives instruments with significant exposure to several counterparties which were eligible for offset with each counterparty.

#### JNL Bond Index Fund – Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1,7</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** | **Master Forward Transaction Agreement Assets by Counterparty\*** |
| BCL | 3143 | (3136) |  | 7 |
| BOA | 7049 | (7033) |  | 16 |
| GSC | 8866 | (8861) |  | 5 |
| JPM | 20717 | (20672) |  | 45 |
| MSC | 3496 | (3496) |  |  |
| NSI | 6121 | (6103) |  | 18 |
|  | 49392 | (49301) |  | 91 |
| **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** | **Master Forward Transaction Agreement Liabilities by Counterparty\*** |
| BCL | 3136 | (3136) |  |  |
| BOA | 7033 | (7033) |  |  |
| GSC | 8861 | (8861) |  |  |
| JPM | 20672 | (20672) |  |  |
| MSC | 3497 | (3496) |  | 1 |
| NSI | 6103 | (6103) |  |  |
|  | 49302 | (49301) |  | 1 |

---

#### JNL/AB Sustainable Global Thematic Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| CIT | 10 |  |  | 10 |
| MSC | 46 | (46) |  |  |
| UBS | 26 | (17) |  | 9 |
| Derivatives eligible for offset | 82 | (63) |  | 19 |
| Derivatives not eligible for offset |  |  |  |  |
|  | 82 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 10 |  |  | 10 |
| MSC | 53 | (46) |  | 7 |
| SCB | 5 |  |  | 5 |
| UBS | 17 | (17) |  |  |
| Derivatives eligible for offset | 85 | (63) |  | 22 |
| Derivatives not eligible for offset |  |  |  |  |
|  | 85 |  |  |  |

---

#### JNL/DoubleLine Shiller Enhanced CAPE Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 173 |  | (173) |  |

---

773

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| BNP | 738 | (738) |  |  |
| BOA | 2967 | (2305) | (662) |  |
| CIB | 1886 | (1886) |  |  |
| Derivatives eligible for offset | 5764 | (4929) | (835) |  |
| Derivatives not eligible for offset |  |  |  |  |
|  | 5764 |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BNP | 4442 | (738) | (592) | 3112 |
| BOA | 2305 | (2305) |  |  |
| CIB | 5009 | (1886) |  | 3123 |
| Derivatives eligible for offset | 11756 | (4929) | (592) | 6235 |
| Derivatives not eligible for offset |  |  |  |  |
|  | 11756 |  |  |  |

---

#### JNL/T. Rowe Price Capital Appreciation Fund– Derivative and Financial Instruments Eligible for Offset

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statement of**<br>**Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3,5</sup>($)** | **Net Amount<sup>4</sup>($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |
| Derivatives not eligible for offset |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 11067 |  |  | 11067 |
| BOA | 148 |  | (148) |  |
| CIT | 2442 |  | (2442) |  |
| GSC | 5813 |  | (5813) |  |
| JPM | 4 |  |  | 4 |
| UBS | 20689 |  |  | 20689 |
| WFI | 419 |  | (419) |  |
| Derivatives eligible for offset | 40582 |  | (8822) | 31760 |
| Derivatives not eligible for offset |  |  |  |  |
|  | 40582 |  |  |  |

---

<sup>1</sup> Amounts eligible for offset are presented on a gross basis in the Statements of Assets and Liabilities.

<sup>2</sup> Financial instruments eligible for offset, but not offset in the Statements of Assets and Liabilities.

<sup>3</sup> Cash and security collateral not offset in the Statements of Assets and Liabilities. For derivative assets and liabilities, amounts do not reflect over-collateralization.

<sup>4</sup> For assets, net amount represents the amount payable by the counterparty to the Fund in the event of default. For liabilities, net amount represents the amount payable by the Fund to the counterparty in the event of default.

<sup>5</sup> Cash and security collateral pledged or segregated for derivative investments. For assets, amount reflects collateral received from or segregated by the counterparty. For liabilities, amount reflects collateral pledged or segregated by the Fund.

<sup>6</sup> The derivative instruments outstanding as of December 31, 2025, as disclosed in the Schedules of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2025, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

<sup>7</sup> Investment liabilities and assets include delayed delivery securities and secured borrowings. Liabilities reflect amounts payable to the counterparty for the cost of the investment, assets reflect the market value of the investments. The net amount reflects net unrealized gain or loss offset by any collateral with the counterparty. The net unrealized gain or loss constitutes

the amount which is subject to margin or collateral requirements as required under the Master Forward Agreement.

<sup>8</sup> Derivative asset or liability is not eligible for offset, and a Derivative and Financial Instruments Eligible for Offset table is not presented for the asset or liability, as applicable.

\* Counterparties are defined on page [603](#counterparties) in the Schedules of Investments.

The derivative strategy for Funds which had significant derivative exposure during the year is as follows: JNL Mid Cap Index Fund, JNL S&P 500 Index Fund, JNL Small Cap Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar SMID Moat Focus Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI Fundamental U.S. Small Cap Fund and JNL/RAFI Multi-Factor U.S. Equity Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. JNL/AB Sustainable Global Thematic Fund entered into forward

774

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

foreign currency contracts as a means of risk management/hedging. JNL/AQR Large Cap Defensive Style Fund and JNL/Goldman Sachs 4 Fund entered into futures contracts to manage cash flows. JNL/DFA International Core Equity Fund entered into futures contracts as a means of short-term cash deployment and to manage cash flows. JNL/DoubleLine Total Return Fund and DoubleLine Opportunistic Income Strategy entered into futures contracts to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. JNL/JPMorgan U.S. Government & Quality Bond Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. JNL/DoubleLine Shiller Enhanced CAPE Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. JNL/Lord Abbett Short Duration Income Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. JNL/Neuberger Berman Commodity Strategy Fund and JNL/Neuberger Berman Gold Plus Strategy Fund entered into futures contracts as an efficient means of obtaining exposure to certain markets as part of its investment strategy. JNL/PPM America Total Return Fund entered into futures contracts as a means of risk management/hedging and to obtain exposure to or hedge changes in interest rates. JNL/T. Rowe Price Capital Appreciation Fund entered into options contracts as a directional investment, to generate income and to obtain exposure to or hedge changes in security prices. JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL/BlackRock Global Natural Resources Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL/Causeway International Value Select Fund, JNL/DFA International Core Equity Fund, JNL/First Sentier Global Infrastructure Fund, JNL/GQG Emerging Markets Equity Fund, JNL/Invesco Global Growth Fund, JNL/Invesco Small Cap Growth Fund, JNL/Lazard International Strategic Equity Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Value Fund, JNL/WCM China Quality Growth Fund, JNL/WCM Focused International Equity Fund, JNL/William Blair International Leaders Fund, JNL/WMC Value Fund, JNL/WMC Equity Income Fund and JNL/WMC Global Real Estate Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes.

The derivative instruments outstanding as of December 31, 2025, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and change in unrealized gains and losses on derivative instruments during the year ended December 31, 2025, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds. For Funds which did not have significant exposure to more than one type of derivative during the year, the average monthly derivative volume (in thousands) is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| JNL Mid Cap Index Fund |  | 30045 |  |  |
| JNL Small Cap Index Fund |  | 11868 |  |  |
| JNL Multi-Manager Emerging Markets Equity Fund |  |  | 1601 |  |
| JNL Multi-Manager International Small Cap Fund |  |  | 3366 |  |
| JNL Multi-Manager Small Cap Growth Fund |  |  | 38 |  |
| JNL S&P 500 Index Fund |  | 1825 |  |  |
| JNL/AB Sustainable Global Thematic Fund |  |  | 10157 |  |
| JNL/AQR Large Cap Defensive Style Fund |  | 12872 |  |  |
| JNL/BlackRock Global Natural Resources Fund |  |  | 335 |  |
| JNL/BlackRock Large Cap Select Growth Fund |  |  | 199 |  |
| JNL/Causeway International Value Select Fund |  |  | 6284 |  |
| JNL/DFA International Core Equity Fund |  | 698 | 610 |  |
| JNL/DoubleLine Shiller Enhanced CAPE Fund |  |  |  | 1530615 |
| JNL/DoubleLine Total Return Fund |  | 1261750 |  |  |
| JNL/First Sentier Global Infrastructure Fund |  |  | 152 |  |
| JNL/Goldman Sachs 4 Fund |  | 27591 |  |  |
| JNL/GQG Emerging Markets Equity Fund |  |  | 1059 |  |
| JNL/Invesco Global Growth Fund |  |  | 1389 |  |
| JNL/Invesco Small Cap Growth Fund |  |  | 10 |  |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |  | 611 |  |  |
| JNL/Lazard International Quality Growth Fund |  |  | 75 |  |
| JNL/Loomis Sayles Global Growth Fund |  |  | 1234 |  |
| JNL/Lord Abbett Short Duration Income Fund |  | 333600 |  |  |
| JNL/Mellon Communication Services Sector Fund |  | 5743 |  |  |
| JNL/Mellon Consumer Discretionary Sector Fund |  | 5367 |  |  |
| JNL/Mellon Consumer Staples Sector Fund |  | 2815 |  |  |
| JNL/Mellon Dow Index Fund |  | 11058 |  |  |
| JNL/Mellon Energy Sector Fund |  | 12814 |  |  |
| JNL/Mellon Financial Sector Fund |  | 10054 |  |  |
| JNL/Mellon Healthcare Sector Fund |  | 16210 |  |  |
| JNL/Mellon Industrials Sector Fund |  | 2308 |  |  |
| JNL/Mellon Information Technology Sector Fund |  | 31136 |  |  |
| JNL/Mellon Materials Sector Fund |  | 770 |  |  |
| JNL/Mellon Nasdaq 100 Index Fund |  | 73411 |  |  |
| JNL/Mellon Real Estate Sector Fund |  | 1323 |  |  |

---

775

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| JNL/Mellon S&P 500 Index Fund |  | 117650 |  |  |
| JNL/Mellon U.S. Stock Market Index Fund |  | 27365 |  |  |
| JNL/Mellon Utilities Sector Fund |  | 3915 |  |  |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund |  |  | 14 |  |
| JNL/Morningstar SMID Moat Focus Index Fund |  | 480 |  |  |
| JNL/Morningstar U.S. Sustainability Index Fund |  | 1398 |  |  |
| JNL/Morningstar Wide Moat Index Fund |  | 6079 |  |  |
| JNL/Neuberger Berman Commodity Strategy Fund |  | 44861 |  |  |
| JNL/Neuberger Berman Gold Plus Strategy Fund |  | 78799 |  |  |
| JNL/PPM America Total Return Fund |  | 362850 |  |  |
| JNL/RAFI Fundamental U.S. Small Cap Fund |  | 2135 |  |  |
| JNL/RAFI Multi-Factor U.S. Equity Fund |  | 12119 |  |  |
| JNL/T. Rowe Price Capital Appreciation Fund | 29019 |  |  |  |
| JNL/T. Rowe Price Growth Stock Fund |  |  | 432 |  |
| JNL/T. Rowe Price Value Fund |  |  | 32 |  |
| JNL/WCM China Quality Growth Fund |  |  | 26 |  |
| JNL/WCM Focused International Equity Fund |  |  | 4527 |  |
| JNL/William Blair International Leaders Fund |  |  | 9642 |  |
| JNL/WMC Equity Income Fund |  |  | 187 |  |
| JNL/WMC Global Real Estate Fund |  |  | 1395 |  |
| JNL/WMC Value Fund |  |  | 159 |  |

---

**Pledged or Segregated Collateral.** The following tables summarize cash and securities collateral pledged (in thousands) for Funds at December 31, 2025 for which collateral exists but was not presented in a Derivative and Financial Instruments Eligible for Offset table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Futures Contracts** | **Futures Contracts** | **Option Contracts** |
|  | **Counterparties** | **Pledged or Segregated Cash($)** | **Pledged or Segregated Securities($)** | **Pledged or Segregated Securities($)** |
| JNL Mid Cap Index Fund | GSC | 1109 |  |  |
| JNL Small Cap Index Fund | GSC | 923 |  |  |
| JNL S&P 500 Index Fund | GSC | 153 |  |  |
| JNL/AQR Large Cap Defensive Style Fund | JPM | 1077 |  |  |
| JNL/DFA International Core Equity Fund | GSC | 179 |  |  |
| JNL/DoubleLine Total Return Fund | JPM | 11738 |  |  |
| JNL/Goldman Sachs 4 Fund | BOA | 740 |  |  |
| JNL/JPMorgan Nasdaq Hedged Equity Fund | GSC | 27 |  | 9005 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | BOA |  | 117 |  |
| JNL/Lord Abbett Short Duration Income Fund | BOA | 1858 |  |  |
| JNL/Mellon Communication Services Sector Fund | GSC | 357 |  |  |
| JNL/Mellon Consumer Discretionary Sector Fund | GSC | 322 |  |  |
| JNL/Mellon Consumer Staples Sector Fund | GSC | 168 |  |  |
| JNL/Mellon Dow Index Fund | GSC | 492 |  |  |
| JNL/Mellon Energy Sector Fund | GSC | 747 |  |  |
| JNL/Mellon Financial Sector Fund | GSC | 624 |  |  |
| JNL/Mellon Healthcare Sector Fund | GSC | 796 |  |  |
| JNL/Mellon Industrials Sector Fund | GSC | 116 |  |  |
| JNL/Mellon Information Technology Sector Fund | GSC | 2229 |  |  |
| JNL/Mellon Materials Sector Fund | GSC | 81 |  |  |
| JNL/Mellon Nasdaq 100 Index Fund | GSC | 3504 |  |  |
| JNL/Mellon Real Estate Sector Fund | GSC | 176 |  |  |
| JNL/Mellon S&P 500 Index Fund | GSC | 6587 |  |  |
| JNL/Mellon U.S. Stock Market Index Fund | GSC | 1684 |  |  |
| JNL/Mellon Utilities Sector Fund | GSC | 225 |  |  |
| JNL/Morningstar SMID Moat Focus Index Fund | GSC | 37 |  |  |
| JNL/Morningstar U.S. Sustainability Index Fund | GSC | 101 |  |  |
| JNL/Morningstar Wide Moat Index Fund | GSC | 431 |  |  |
| JNL/Neuberger Berman Commodity Strategy Fund | GSC | 2971 |  |  |
| JNL/Neuberger Berman Gold Plus Strategy Fund | GSC | 6055 |  |  |
| JNL/PPM America Total Return Fund | MLP | 993 |  |  |
| JNL/RAFI Fundamental U.S. Small Cap Fund | GSC | 163 |  |  |
| JNL/RAFI Multi-Factor U.S. Equity Fund | GSC | 403 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Securities Sold Short** | **Securities Sold Short** |
|  | **Lending Agent/Prime Broker** | **Pledged Cash($)** | **Segregated Securities($)** |
| JNL Multi-Manager Alternative Fund | JPM | 1233 | 383595 |
| JNL/BlackRock Global Allocation Fund | UBS | 13 |  |
| JNL/Westchester Capital Event Driven Fund | JPM | 486 |  |

---

776

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

#### NOTE 7. PRINCIPAL RISKS
**Market and Volatility Risk.** In the normal course of business, certain Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market ("market risk"). Additionally, prices of financial instruments may fluctuate over short periods or extended periods of time in response to company, market, economic or political news ("volatility risk"). Equity securities generally have more price volatility than fixed-income securities, and long term fixed-income securities normally have more price volatility than short term fixed-income securities. Certain Funds may invest in derivatives to hedge a Fund's portfolio as well as for investment purposes which may increase volatility. Volatility may cause a Fund's NAV per share to experience significant appreciation or depreciation in value over short periods of time.

**Sector Risk.** Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or to changes in investor perceptions regarding a sector. Because certain Funds may allocate relatively more assets to certain sectors than others, a Fund's performance may be more susceptible to any developments which affect those sectors emphasized by a Fund.

**Concentration Risk.** To the extent that a Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or a limited number of securities from time to time, including (if applicable) as a result of its investment objective to track the performance of an index, a Fund may be subject to greater risks of adverse economic, business or political developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

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

**Feeder Funds, Funds of Funds, and Underlying Fund Investment Risks.** The value of an investment in a Feeder Fund changes with the value of the corresponding Master Fund and its investments. The value of an investment in a Fund of Funds changes with the values of the corresponding underlying funds and their investments. The Master Fund's and underlying fund's shares may be purchased by other investment companies and shareholders. In some cases, the Master Fund or underlying fund may experience large subscriptions or redemptions due to allocation changes or rebalancing. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund performance. As it relates to Funds of Funds and Master Feeder Funds, each Fund's prospectus includes a discussion of the principal investment risks of the Master Fund or underlying fund in which it invests, if applicable. Additional risks associated with a Master Fund's or underlying fund's investments are described within the respective Master Fund's or underlying fund's annual financial statements. The American Funds Insurance Series Master Funds' shareholder reports and financial statements are also available on the SEC's website at www.sec.gov.

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

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

A Master Fund or underlying fund manages credit and counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. A Master Fund's or underlying fund's Adviser(s) and sub-advisers attempt to mitigate credit and counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Master Fund and underlying fund restrict their exposure to credit and counterparty losses by entering into master netting agreements with counterparties with whom they undertake a significant volume of transactions. In the event of default, the total fair value exposure would be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

**Foreign Securities Risk.** Investing in securities of foreign companies or issued by foreign governments generally involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. Government. These risks include the potential for revaluation of currencies, different accounting policies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices may be more volatile than those of securities of comparable U.S. companies and the U.S. Government.

777

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**Currency Risk.** Investing directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, involves the risk that those currencies will decline in value relative to the base currency of a Fund, or, in the case of hedging positions, that a Fund's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time or currencies may become illiquid for a number of reasons, including changes in interest rates, general economics of a country, actions (or inaction) of the U.S. Government or banks, foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the U.S. or abroad.

**Leverage Risk.** Certain Funds may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions may involve leverage of a Fund's assets. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

**Emerging Market Securities Risk.** Investing in securities of emerging market countries generally involves greater risk than investing in foreign securities in developed markets. Emerging market countries typically have economic and political systems that are less fully developed and are likely to be less stable than those in more advanced countries. These risks include the potential for government intervention, adverse changes in earnings and business prospects, liquidity, credit and currency risks, and price volatility. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

**Sanction Risk.** When sanctions are placed on a country, a Fund may experience limitations on its investments including the inability to dispose of securities in that country, the inability to settle securities transactions in that country and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned country securities. Investments in sanctioned countries are subject to several risks, including, but not limited to, liquidity risk, foreign securities risk and currency risk. Russia launched a large-scale invasion of Ukraine in February 2022, which resulted in the U.S. Government imposing sanctions on Russia. The current and any future sanctions or other government actions against Russia may result in the decline in the value and liquidity of Russian securities, devaluation of Russian currency, a downgrade in Russia's credit rating, the inability to freely trade sanctioned companies (either due to the sanctions imposed or related operational issues) and/or other adverse consequences to the Russian economy, any of which could negatively impact the Fund's investments in Russian securities. In addition, the U.S. Government has imposed restrictions on U.S. investor participation in publicly traded securities of certain companies with ties to China's military or surveillance industry (each a "CMIC Company"). If the Fund holds securities in a company later deemed to be a CMIC Company, the Fund may be forced to sell such securities and incur a loss. Such restrictions could also adversely affect China's economy.

**Real Estate Investment Risk.** Certain Funds may concentrate their assets in the real estate industry and investments in these Funds will be closely linked to the performance of the real estate markets. Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions.

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

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

**Artificial Intelligence Risk.** Recent technological developments in, and the increasingly widespread use of, Artificial Intelligence ("AI") Technologies may pose risks to the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI Technologies. As AI Technologies are used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Funds. The legal and regulatory frameworks within which AI Technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

778

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

#### NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES
**Advisory and Administrative Fees.** Under an investment advisory and management agreement with JNAM, which applies to all Funds except the JNL Mellon Master Funds, JNAM provides investment management services. Each Fund, except the JNL Mellon Master Funds, pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of each Fund. A portion of this fee is paid by JNAM to the Sub-Advisers as compensation for their services.

The advisory fee JNAM charges to the JNL Mellon Master Funds is a unitary fee and is shown in the schedule below. Under the unitary fee agreement for the JNL Mellon Master Funds, JNAM pays all of these Funds' expenses, except the advisory fees and expenses payable under the agreement, anti-money laundering service fees, borrowing expenses, brokerage commissions, licensing costs, registration fees, Rule 12b-1 fees, short sales costs, taxes, expenses related to these Funds' Chief Compliance Officer, Trustee insurance premiums and other Trustee insurance expenses, fees and expenses of the Independent Trustees and of independent legal counsel to the Independent Trustees, and nonrecurring and extraordinary expenses.

JNAM also serves as the Administrator to the Funds. The Funds, except the JNL Mellon Master Funds and the JNL Mellon Feeder Funds, pay an administrative fee based on the average daily net assets of each Fund, accrued daily and paid monthly. The JNL Mellon Feeder Funds pay JNAM an administrative fee, as shown in the schedule below, equal to a certain percentage of the average daily net assets of each such Fund's respective JNL Mellon Master Fund, accrued daily and paid monthly. In return for the administrative fee, JNAM provides or procures all necessary administrative functions and services for the operation of the Funds. In addition, JNAM, at its own expense, arranges for legal, audit, fund accounting, transfer agency, custody (except overdraft and interest expense), printing and mailing, a portion of the Chief Compliance Officer costs, and all other services necessary for the operation of each Fund. Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, other non-operating expenses, registration fees, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees ("Independent Trustees") and independent legal counsel to the Independent Trustees, and a portion of the costs associated with the Chief Compliance Officer. The JNL Mellon Master Funds have a unitary fee structure, as described above, and therefore do not pay JNAM an administrative fee.

The following schedules indicate the range of the advisory fee or the unitary fee, as applicable, at various net asset levels and the administrative fee each Fund, except for the JNL Mellon Master Funds, was obligated to pay JNAM.

#### Advisory Fees

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL/American Funds Balanced Fund | $0 to $500 million  | .550% |  |
|  | $500 million to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .51% |
| JNL/American Funds Bond Fund of America Fund | $0 to $1 billion  | .400% |  |
|  | $1 billion to $3 billion  | .375% |  |
|  | $3 billion to $5 billion  | .350% |  |
|  | Over $5 billion  | .340% | .40% |
| JNL/American Funds Capital Income Builder Fund | $0 to $1 billion  | .525% |  |
|  | $1 billion to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .53% |
| JNL/American Funds Capital World Bond Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .60% |
| JNL/American Funds Global Growth Fund | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .65% |
| JNL/American Funds Global Small Capitalization Fund<sup>1</sup> | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .65% |
| JNL/American Funds Growth Fund | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .60% |
| JNL/American Funds Growth-Income Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .54% |
| JNL/American Funds International Fund | $0 to $1 billion  | .750% |  |
|  | $1 billion to $3 billion  | .700% |  |
|  | $3 billion to $5 billion  | .690% |  |
|  | Over $5 billion  | .680% | .74% |
| JNL/American Funds New World Fund | $0 to $1 billion  | .950% |  |
|  | $1 billion to $3 billion  | .900% |  |
|  | $3 billion to $5 billion  | .890% |  |
|  | Over $5 billion  | .880% | .94% |

---

779

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL/American Funds Washington Mutual Investors Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .56% |
| JNL/Mellon Bond Index Fund | $0 to $500 million  | .180% |  |
|  | $500 million to $750 million  | .150% |  |
|  | $750 million to $3 billion  | .140% |  |
|  | $3 billion to $5 billion  | .130% |  |
|  | Over $5 billion  | .120% | .16% |
| JNL/Mellon Emerging Markets Index Fund | $0 to $500 million  | .300% |  |
|  | $500 million to $750 million  | .250% |  |
|  | $750 million to $3 billion  | .200% |  |
|  | $3 billion to $5 billion  | .190% |  |
|  | Over $5 billion  | .180% | .27% |
| JNL/Mellon International Index Fund | $0 to $500 million  | .200% |  |
|  | $500 million to $750 million  | .150% |  |
|  | $750 million to $3 billion  | .140% |  |
|  | $3 billion to $5 billion  | .130% |  |
|  | Over $5 billion  | .120% | .15% |
| JNL/Mellon S&P 400 MidCap Index Fund | $0 to $500 million  | .190% |  |
|  | $500 million to $750 million  | .140% |  |
|  | $750 million to $3 billion  | .130% |  |
|  | $3 billion to $5 billion  | .120% |  |
|  | Over $5 billion  | .110% | .14% |
| JNL/Mellon Small Cap Index Fund | $0 to $500 million  | .190% |  |
|  | $500 million to $750 million  | .140% |  |
|  | $750 million to $3 billion  | .130% |  |
|  | $3 billion to $5 billion  | .120% |  |
|  | Over $5 billion  | .110% | .14% |
| JNL Aggressive Growth Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .10% |
| JNL Conservative Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .12% |
| JNL Growth Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |
| JNL Moderate Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |
| JNL Moderate Growth Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |
| JNL/JPMorgan Managed Aggressive Growth Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |
| JNL/JPMorgan Managed Conservative Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .12% |
| JNL/JPMorgan Managed Growth Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .08% |
| JNL/JPMorgan Managed Moderate Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .10% |
| JNL/JPMorgan Managed Moderate Growth Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |

---

780

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL/American Funds Growth Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .18% |
| JNL/American Funds Moderate Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/American Funds Moderate Growth Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .19% |
| JNL Growth ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .150% |  |
|  | $3 billion to $5 billion  | .140% |  |
|  | Over $5 billion  | .130% | .20% |
| JNL Moderate ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .150% |  |
|  | $3 billion to $5 billion  | .140% |  |
|  | Over $5 billion  | .130% | .20% |
| JNL Moderate Growth ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .150% |  |
|  | $3 billion to $5 billion  | .140% |  |
|  | Over $5 billion  | .130% | .20% |
| JNL/Vanguard Growth ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .19% |
| JNL/Vanguard Moderate ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL Bond Index Fund | All Assets  | .200% | .20% |
| JNL Emerging Markets Index Fund | All Assets  | .200% | .20% |
| JNL International Index Fund | All Assets  | .200% | .20% |
| JNL Mid Cap Index Fund | All Assets  | .200% | .20% |
| JNL Small Cap Index Fund | All Assets  | .200% | .20% |
| JNL Multi-Manager Alternative Fund | $0 to $850 million  | 1.200% |  |
|  | $850 million to $3 billion  | 1.100% |  |
|  | $3 billion to $5 billion  | 1.090% |  |
|  | Over $5 billion  | 1.080% | 1.19% |
| JNL Multi-Manager Emerging Markets Equity Fund | $0 to $250 million  | .800% |  |
|  | $250 million to $3 billion  | .750% |  |
|  | $3 billion to $5 billion  | .740% |  |
|  | Over $5 billion  | .730% | .76% |
| JNL Multi-Manager Floating Rate Income Fund | $0 to $500 million  | .500% |  |
|  | $500 million to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .425% |  |
|  | $3 billion to $5 billion  | .415% |  |
|  | Over $5 billion  | .405% | .47% |
| JNL Multi-Manager International Small Cap Fund<sup>2</sup> | $0 to $1 billion  | .750% |  |
|  | $1 billion to $3 billion  | .725% |  |
|  | $3 billion to $5 billion  | .715% |  |
|  | Over $5 billion  | .705% | .75% |
| JNL Multi-Manager Mid Cap Fund<sup>3</sup> | $0 to $500 million  | .650% |  |
|  | $500 million to $1 billion  | .625% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .63% |
| JNL Multi-Manager Small Cap Growth Fund | $0 to $100 million  | .650% |  |
|  | $100 million to $500 million  | .600% |  |
|  | $500 million to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .56% |

---

781

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL Multi-Manager Small Cap Value Fund | $0 to $200 million  | .750% |  |
|  | $200 million to $500 million  | .670% |  |
|  | $500 million to $3 billion  | .650% |  |
|  | $3 billion to $5 billion  | .640% |  |
|  | Over $5 billion  | .630% | .66% |
| JNL Multi-Manager U.S. Select Equity Fund | $0 to $1 billion  | .530% |  |
|  | $1 billion to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .480% |  |
|  | Over $5 billion  | .460% | .52% |
| JNL S&P 500 Index Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/AB Sustainable Global Thematic Fund | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .550% |  |
|  | Over $5 billion  | .540% | .65% |
| JNL/AQR Large Cap Defensive Style Fund | $0 to $1 billion  | .400% |  |
|  | $1 billion to $3 billion  | .370% |  |
|  | $3 billion to $5 billion  | .360% |  |
|  | Over $5 billion  | .350% | .40% |
| JNL/BlackRock Global Allocation Fund<sup>4</sup> | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .565% |  |
|  | $3 billion to $5 billion  | .550% |  |
|  | Over $5 billion  | .540% | .58% |
| JNL/BlackRock Global Natural Resources Fund | $0 to $300 million  | .600% |  |
|  | $300 million to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .490% |  |
|  | $3 billion to $5 billion  | .480% |  |
|  | Over $5 billion  | .470% | .54% |
| JNL/BlackRock Large Cap Select Growth Fund | $0 to $150 million  | .600% |  |
|  | $150 million to $500 million  | .550% |  |
|  | $500 million to $750 million  | .500% |  |
|  | $750 million to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .46% |
| JNL/Causeway International Value Select Fund | $0 to $500 million  | .550% |  |
|  | $500 million to $2 billion  | .500% |  |
|  | $2 billion to $5 billion  | .470% |  |
|  | Over $5 billion  | .460% | .51% |
| JNL/ClearBridge Large Cap Growth Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $1.5 billion  | .450% |  |
|  | $1.5 billion to $3 billion  | .440% |  |
|  | $3 billion to $5 billion  | .430% |  |
|  | Over $5 billion  | .420% | .48% |
| JNL/Cohen & Steers U.S. Realty Fund<sup>5</sup> | $0 to $1 billion  | .580% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .58% |
| JNL/DFA International Core Equity Fund | $0 to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .45% |
| JNL/DFA U.S. Core Equity Fund | $0 to $1 billion  | .400% |  |
|  | $1 billion to $3 billion  | .375% |  |
|  | $3 billion to $5 billion  | .360% |  |
|  | Over $5 billion  | .350% | .39% |
| JNL/DFA U.S. Small Cap Fund | $0 to $3 billion  | .530% |  |
|  | $3 billion to $5 billion  | .520% |  |
|  | Over $5 billion  | .510% | .53% |
| JNL/DoubleLine Core Fixed Income Fund | $0 to $1 billion  | .390% |  |
|  | $1 billion to $3 billion  | .360% |  |
|  | $3 billion to $5 billion  | .350% |  |
|  | Over $5 billion  | .340% | .37% |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | $0 to $500 million  | .625% |  |
|  | $500 million to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .63% |
| JNL/DoubleLine Shiller Enhanced CAPE Fund<sup>6</sup> | $0 to $500 million  | .575% |  |
|  | $500 million to $1 billion  | .550% |  |
|  | $1 billion to $3 billion  | .470% |  |
|  | $3 billion to $5 billion  | .460% |  |
|  | Over $5 billion  | .450% | .54% |

---

782

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL/DoubleLine Total Return Fund | $0 to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .400% |  |
|  | $3 billion to $5 billion  | .390% |  |
|  | Over $5 billion  | .380% | .43% |
| JNL/Dreyfus Government Money Market Fund | $0 to $500 million  | .180% |  |
|  | $500 million to $3 billion  | .150% |  |
|  | $3 billion to $5 billion  | .140% |  |
|  | Over $5 billion  | .130% | .16% |
| JNL/Fidelity Institutional Asset Management Total Bond Fund<sup>7</sup> | $0 to $500 million  | .400% |  |
|  | $500 million to $1 billion  | .380% |  |
|  | $1 billion to $3 billion  | .350% |  |
|  | $3 billion to $5 billion  | .340% |  |
|  | Over $5 billion  | .330% | .38% |
| JNL/First Sentier Global Infrastructure Fund | $0 to $500 million  | .700% |  |
|  | $500 million to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .610% |  |
|  | $3 billion to $5 billion  | .600% |  |
|  | Over $5 billion  | .590% | .70% |
| JNL/Franklin Templeton Income Fund<sup>8</sup> | $0 to $200 million  | .600% |  |
|  | $200 million to $500 million  | .550% |  |
|  | $500 million to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .52% |
| JNL/Goldman Sachs 4 Fund | $0 to $500 million  | .300% |  |
|  | $500 million to $3 billion  | .250% |  |
|  | $3 billion to $5 billion  | .240% |  |
|  | Over $5 billion  | .230% | .25% |
| JNL/GQG Emerging Markets Equity Fund | $0 to $1 billion  | .870% |  |
|  | $1 billion to $3 billion  | .850% |  |
|  | $3 billion to $5 billion  | .825% |  |
|  | Over $5 billion  | .815% | .87% |
| JNL/Invesco Diversified Dividend Fund<sup>9</sup> | $0 to $1 billion  | .525% |  |
|  | $1 billion to $3 billion  | .470% |  |
|  | $3 billion to $5 billion  | .460% |  |
|  | Over $5 billion  | .450% | .53% |
| JNL/Invesco Global Growth Fund | $0 to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .50% |
| JNL/Invesco Small Cap Growth Fund | $0 to $500 million  | .650% |  |
|  | $500 million to $1 billion  | .630% |  |
|  | $1 billion to $3 billion  | .610% |  |
|  | $3 billion to $5 billion  | .600% |  |
|  | Over $5 billion  | .590% | .63% |
| JNL/JPMorgan Global Allocation Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .60% |
| JNL/JPMorgan Hedged Equity Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .50% |
| JNL/JPMorgan MidCap Growth Fund | $0 to $250 million  | .600% |  |
|  | $250 million to $750 million  | .550% |  |
|  | $750 million to $1.5 billion  | .500% |  |
|  | $1.5 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .49% |
| JNL/JPMorgan Nasdaq Hedged Equity Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .50% |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | $0 to $150 million  | .400% |  |
|  | $150 million to $300 million  | .350% |  |
|  | $300 million to $500 million  | .300% |  |
|  | $500 million to $3 billion  | .250% |  |
|  | $3 billion to $5 billion  | .240% |  |
|  | Over $5 billion  | .230% | .29% |
| JNL/JPMorgan U.S. Value Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .48% |

---

783

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL/Lazard International Quality Growth Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .575% |  |
|  | $3 billion to $5 billion  | .565% |  |
|  | Over $5 billion  | .555% | .60% |
| JNL/Loomis Sayles Global Growth Fund<sup>10</sup> | $0 to $1 billion  | .550% |  |
|  | $1 billion to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .55% |
| JNL/Lord Abbett Short Duration Income Fund | $0 to $1 billion  | .350% |  |
|  | $1 billion to $3 billion  | .300% |  |
|  | $3 billion to $5 billion  | .290% |  |
|  | Over $5 billion  | .280% | .35% |
| JNL/Mellon Communication Services Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/Mellon Consumer Discretionary Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/Mellon Consumer Staples Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .19% |
| JNL/Mellon Dow Index Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/Mellon Energy Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/Mellon Financial Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/Mellon Healthcare Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .17% |
| JNL/Mellon Industrials Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .19% |
| JNL/Mellon Information Technology Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .16% |
| JNL/Mellon Materials Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .21% |

---

784

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL/Mellon Nasdaq 100 Index Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .16% |
| JNL/Mellon Real Estate Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .20% |
| JNL/Mellon S&P 500 Index Fund | $0 to $500 million  | .170% |  |
|  | $500 million to $750 million  | .130% |  |
|  | $750 million to $3 billion  | .120% |  |
|  | $3 billion to $5 billion  | .110% |  |
|  | Over $5 billion  | .090% | .10% |
| JNL/Mellon U.S. Stock Market Index Fund | $0 to $1 billion  | .175% |  |
|  | $1 billion to $5 billion  | .150% |  |
|  | Over $5 billion  | .140% | .16% |
| JNL/Mellon Utilities Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .19% |
| JNL/Mellon World Index Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/MFS Mid Cap Value Fund | $0 to $100 million  | .600% |  |
|  | $100 million to $1 billion  | .550% |  |
|  | $1 billion to $3 billion  | .540% |  |
|  | $3 billion to $5 billion  | .530% |  |
|  | Over $5 billion  | .520% | .55% |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/Morningstar SMID Moat Focus Index Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/Morningstar U.S. Sustainability Index Fund | $0 to $1 billion  | .250% |  |
|  | $1 billion to $3 billion  | .200% |  |
|  | $3 billion to $5 billion  | .190% |  |
|  | Over $5 billion  | .180% | .25% |
| JNL/Morningstar Wide Moat Index Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/Neuberger Berman Commodity Strategy Fund | $0 to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .400% |  |
|  | $3 billion to $5 billion  | .390% |  |
|  | Over $5 billion  | .380% | .45% |
| JNL/Neuberger Berman Gold Plus Strategy Fund<sup>11</sup> | $0 to $500 million  | .750% |  |
|  | $500 million to $1 billion  | .700% |  |
|  | $1 billion to $3 billion  | .650% |  |
|  | $3 billion to $5 billion  | .600% |  |
|  | Over $5 billion  | .590% | .75% |
| JNL/Neuberger Berman Strategic Income Fund | $0 to $500 million  | .500% |  |
|  | $500 million to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .400% |  |
|  | $3 billion to $5 billion  | .390% |  |
|  | Over $5 billion  | .380% | .47% |
| JNL/Newton Equity Income Fund | $0 to $1 billion  | .440% |  |
|  | $1 billion to $3 billion  | .390% |  |
|  | $3 billion to $5 billion  | .380% |  |
|  | Over $5 billion  | .370% | .40% |

---

785

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL/PIMCO Income Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .48% |
| JNL/PIMCO Investment Grade Credit Bond Fund | $0 to $1 billion  | .350% |  |
|  | $1 billion to $3 billion  | .300% |  |
|  | $3 billion to $5 billion  | .290% |  |
|  | Over $5 billion  | .280% | .35% |
| JNL/PIMCO Real Return Fund | $0 to $1 billion  | .390% |  |
|  | $1 billion to $2 billion  | .375% |  |
|  | $2 billion to $3 billion  | .365% |  |
|  | $3 billion to $5 billion  | .355% |  |
|  | Over $5 billion  | .345% | .39% |
| JNL/PPM America High Yield Bond Fund | $0 to $150 million  | .400% |  |
|  | $150 million to $500 million  | .350% |  |
|  | $500 million to $3 billion  | .325% |  |
|  | $3 billion to $5 billion  | .315% |  |
|  | Over $5 billion  | .305% | .34% |
| JNL/PPM America Investment Grade Credit Fund | $0 to $1 billion  | .375% |  |
|  | $1 billion to $3 billion  | .325% |  |
|  | $3 billion to $5 billion  | .315% |  |
|  | Over $5 billion  | .305% | .38% |
| JNL/PPM America Total Return Fund | $0 to $1 billion  | .400% |  |
|  | $1 billion to $3 billion  | .350% |  |
|  | $3 billion to $5 billion  | .340% |  |
|  | Over $5 billion  | .330% | .38% |
| JNL/RAFI Fundamental U.S. Small Cap Fund | $0 to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/RAFI Multi-Factor U.S. Equity Fund | $0 to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .17% |
| JNL/T. Rowe Price Balanced Fund | $0 to $500 million  | .510% |  |
|  | $500 million to $1 billion  | .475% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .51% |
| JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>12</sup> | $0 to $1 billion  | .550% |  |
|  | $1 billion to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .55% |
| JNL/T. Rowe Price Capital Appreciation Fund<sup>13</sup> | $0 to $500 million  | .575% |  |
|  | $500 million to $1 billion  | .550% |  |
|  | $1 billion to $3 billion  | .530% |  |
|  | $3 billion to $5 billion  | .520% |  |
|  | $5 billion to $10 billion  | .510% |  |
|  | Over $10 billion  | .500% | .51% |
| JNL/T. Rowe Price Growth Stock Fund<sup>14,15</sup> | $0 to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .440% |  |
|  | $3 billion to $5 billion  | .430% |  |
|  | Over $5 billion  | .420% | .43% |
| JNL/T. Rowe Price Mid-Cap Growth Fund<sup>16</sup> | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .580% |  |
|  | Over $3 billion  | .560% | .58% |
| JNL/T. Rowe Price Short-Term Bond Fund | $0 to $250 million  | .350% |  |
|  | $250 million to $1.5 billion  | .300% |  |
|  | $1.5 billion to $3 billion  | .275% |  |
|  | $3 billion to $5 billion  | .265% |  |
|  | Over $5 billion  | .255% | .31% |
| JNL/T. Rowe Price U.S. High Yield Fund | $0 to $3 billion  | .470% |  |
|  | $3 billion to $5 billion  | .460% |  |
|  | Over $5 billion  | .450% | .47% |
| JNL/T. Rowe Price Value Fund<sup>17</sup> | $0 to $150 million  | .550% |  |
|  | $150 million to $1 billion  | .480% |  |
|  | $1 billion to $3 billion  | .470% |  |
|  | $3 billion to $5 billion  | .450% |  |
|  | Over $5 billion  | .440% | .47% |

---

786

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Fund**  | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2025** |
| JNL/WCM China Quality Growth Fund | JNL/WCM China Quality Growth Fund | $0 to $1 billion  | .850% |  |
|  |  | $1 billion to $3 billion  | .800% |  |
|  |  | $3 billion to $5 billion  | .790% |  |
|  |  | Over $5 billion  | .780% | .85% |
| JNL/WCM Focused International Equity Fund<sup>18</sup> | JNL/WCM Focused International Equity Fund<sup>18</sup> | $0 to $500 million  | .680% |  |
|  |  | $500 million to $3 billion  | .630% |  |
|  |  | $3 billion to $5 billion  | .620% |  |
|  |  | Over $5 billion  | .610% | .65% |
| JNL/Westchester Capital Event Driven Fund | JNL/Westchester Capital Event Driven Fund | $0 to $1 billion  | 1.050% |  |
|  |  | $1 billion to $3 billion  | .900% |  |
|  |  | $3 billion to $5 billion  | .890% |  |
|  |  | Over $5 billion  | .880% | 1.05% |
| JNL/William Blair International Leaders Fund | JNL/William Blair International Leaders Fund | $0 to $500 million  | .525% |  |
|  |  | $500 million to $2 billion  | .500% |  |
|  |  | $2 billion to $3 billion  | .480% |  |
|  |  | $3 billion to $5 billion  | .470% |  |
|  |  | Over $5 billion  | .460% | .51% |
| JNL/WMC Balanced Fund | JNL/WMC Balanced Fund | $0 to $50 million  | .450% |  |
|  |  | $50 million to $150 million  | .400% |  |
|  |  | $150 million to $300 million  | .375% |  |
|  |  | $300 million to $500 million  | .350% |  |
|  |  | $500 million to $3 billion  | .325% |  |
|  |  | $3 billion to $5 billion  | .315% |  |
|  |  | Over $5 billion  | .305% | .32% |
| JNL/WMC Equity Income Fund | JNL/WMC Equity Income Fund | $0 to $500 million  | .440% |  |
|  |  | $500 million to $1 billion  | .430% |  |
|  |  | Over $1 billion  | .420% | .44% |
| JNL/WMC Global Real Estate Fund | JNL/WMC Global Real Estate Fund | $0 to $1 billion  | .575% |  |
|  |  | $1 billion to $3 billion  | .550% |  |
|  |  | $3 billion to $5 billion  | .530% |  |
|  |  | Over $5 billion  | .520% | .57% |
| JNL/WMC Value Fund | JNL/WMC Value Fund | $0 to $300 million  | .450% |  |
|  |  | $300 million to $500 million  | .400% |  |
|  |  | $500 million to $3 billion  | .350% |  |
|  |  | $3 billion to $5 billion  | .340% |  |
|  |  | Over $5 billion  | .330% | .39% |
| <sup><sup>1</sup></sup> | On December 11, 2025, the Board approved that, effective April 27, 2026, the advisory fees on all assets will be 0.00%. | On December 11, 2025, the Board approved that, effective April 27, 2026, the advisory fees on all assets will be 0.00%. | On December 11, 2025, the Board approved that, effective April 27, 2026, the advisory fees on all assets will be 0.00%. | On December 11, 2025, the Board approved that, effective April 27, 2026, the advisory fees on all assets will be 0.00%. |
| <sup><sup>2</sup></sup> | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.740%, the range for $1 billion - $3 billion will be 0.725%, the range for $3 billion - $5 billion will be 0.715% and for over $5 billion will be 0.705%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.740%, the range for $1 billion - $3 billion will be 0.725%, the range for $3 billion - $5 billion will be 0.715% and for over $5 billion will be 0.705%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.740%, the range for $1 billion - $3 billion will be 0.725%, the range for $3 billion - $5 billion will be 0.715% and for over $5 billion will be 0.705%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.740%, the range for $1 billion - $3 billion will be 0.725%, the range for $3 billion - $5 billion will be 0.715% and for over $5 billion will be 0.705%. |
| <sup><sup>3</sup></sup> | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.625%, the range for $500 million - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.580%, the range for $3 billion - $5 billion will be 0.570% and for over $5 billion will be 0.560%. | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.625%, the range for $500 million - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.580%, the range for $3 billion - $5 billion will be 0.570% and for over $5 billion will be 0.560%. | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.625%, the range for $500 million - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.580%, the range for $3 billion - $5 billion will be 0.570% and for over $5 billion will be 0.560%. | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.625%, the range for $500 million - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.580%, the range for $3 billion - $5 billion will be 0.570% and for over $5 billion will be 0.560%. |
| <sup>4</sup> | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.560%, the range for $3 billion - $5 billion will be 0.510% and for over $5 billion will be 0.500%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.560%, the range for $3 billion - $5 billion will be 0.510% and for over $5 billion will be 0.500%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.560%, the range for $3 billion - $5 billion will be 0.510% and for over $5 billion will be 0.500%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.600%, the range for $1 billion - $3 billion will be 0.560%, the range for $3 billion - $5 billion will be 0.510% and for over $5 billion will be 0.500%. |
| <sup><sup>5</sup></sup> | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.560%, the range for $1 billion - $3 billion will be 0.530%, the range for $3 billion - $5 billion will be 0.520% and for over $5 billion will be 0.510%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.560%, the range for $1 billion - $3 billion will be 0.530%, the range for $3 billion - $5 billion will be 0.520% and for over $5 billion will be 0.510%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.560%, the range for $1 billion - $3 billion will be 0.530%, the range for $3 billion - $5 billion will be 0.520% and for over $5 billion will be 0.510%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.560%, the range for $1 billion - $3 billion will be 0.530%, the range for $3 billion - $5 billion will be 0.520% and for over $5 billion will be 0.510%. |
| <sup><sup>6</sup></sup> | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.600%, the range for $500 million - $1 billion was 0.575%, the range for $1 billion - $3 billion was 0.520%, the range for $3 billion - $5 billion was 0.510% and for over $5 billion was 0.500%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.600%, the range for $500 million - $1 billion was 0.575%, the range for $1 billion - $3 billion was 0.520%, the range for $3 billion - $5 billion was 0.510% and for over $5 billion was 0.500%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.600%, the range for $500 million - $1 billion was 0.575%, the range for $1 billion - $3 billion was 0.520%, the range for $3 billion - $5 billion was 0.510% and for over $5 billion was 0.500%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.600%, the range for $500 million - $1 billion was 0.575%, the range for $1 billion - $3 billion was 0.520%, the range for $3 billion - $5 billion was 0.510% and for over $5 billion was 0.500%. |
| <sup>7</sup> | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.390%, the range for $500 million - $1 billion will be 0.365%, the range for $1 billion - $3 billion will be 0.320%, the range for $3 billion - $5 billion will be 0.310% and for over $5 billion will be 0.300%. | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.390%, the range for $500 million - $1 billion will be 0.365%, the range for $1 billion - $3 billion will be 0.320%, the range for $3 billion - $5 billion will be 0.310% and for over $5 billion will be 0.300%. | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.390%, the range for $500 million - $1 billion will be 0.365%, the range for $1 billion - $3 billion will be 0.320%, the range for $3 billion - $5 billion will be 0.310% and for over $5 billion will be 0.300%. | On June 5, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.390%, the range for $500 million - $1 billion will be 0.365%, the range for $1 billion - $3 billion will be 0.320%, the range for $3 billion - $5 billion will be 0.310% and for over $5 billion will be 0.300%. |
| <sup>8</sup> | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $200 million will be 0.550%, the range for $200 million - $500 million will be 0.525%, the range for $500 million - $3 billion will be 0.50%, the range for $3 billion - $5 billion will be 0.490% and for over $5 billion will be 0.480%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $200 million will be 0.550%, the range for $200 million - $500 million will be 0.525%, the range for $500 million - $3 billion will be 0.50%, the range for $3 billion - $5 billion will be 0.490% and for over $5 billion will be 0.480%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $200 million will be 0.550%, the range for $200 million - $500 million will be 0.525%, the range for $500 million - $3 billion will be 0.50%, the range for $3 billion - $5 billion will be 0.490% and for over $5 billion will be 0.480%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $200 million will be 0.550%, the range for $200 million - $500 million will be 0.525%, the range for $500 million - $3 billion will be 0.50%, the range for $3 billion - $5 billion will be 0.490% and for over $5 billion will be 0.480%. |
| <sup>9</sup> | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.460%, the range for $1 billion - $3 billion will be 0.420%, the range for $3 billion - $5 billion will be 0.410% and for over $5 billion will be 0.400%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.460%, the range for $1 billion - $3 billion will be 0.420%, the range for $3 billion - $5 billion will be 0.410% and for over $5 billion will be 0.400%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.460%, the range for $1 billion - $3 billion will be 0.420%, the range for $3 billion - $5 billion will be 0.410% and for over $5 billion will be 0.400%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.460%, the range for $1 billion - $3 billion will be 0.420%, the range for $3 billion - $5 billion will be 0.410% and for over $5 billion will be 0.400%. |
| <sup><sup>10</sup></sup> | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.530%, the range for $1 billion - $3 billion will be 0.500%, the range for $3 billion - $5 billion will be 0.490% and for over $5 billion will be 0.480%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.530%, the range for $1 billion - $3 billion will be 0.500%, the range for $3 billion - $5 billion will be 0.490% and for over $5 billion will be 0.480%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.530%, the range for $1 billion - $3 billion will be 0.500%, the range for $3 billion - $5 billion will be 0.490% and for over $5 billion will be 0.480%. | On December 11, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.530%, the range for $1 billion - $3 billion will be 0.500%, the range for $3 billion - $5 billion will be 0.490% and for over $5 billion will be 0.480%. |
| <sup><sup>11</sup></sup> | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.650%, the range for $1 billion - $3 billion will be 0.600%, the range for $3 billion - $5 billion will be 0.550%, and for over $5 billion will be 0.540%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.650%, the range for $1 billion - $3 billion will be 0.600%, the range for $3 billion - $5 billion will be 0.550%, and for over $5 billion will be 0.540%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.650%, the range for $1 billion - $3 billion will be 0.600%, the range for $3 billion - $5 billion will be 0.550%, and for over $5 billion will be 0.540%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.650%, the range for $1 billion - $3 billion will be 0.600%, the range for $3 billion - $5 billion will be 0.550%, and for over $5 billion will be 0.540%. |
| <sup>12</sup> | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.520%, the range for $1 billion - $3 billion will be 0.470%, the range for $3 billion - $5 billion will be 0.460%, and for over $5 billion will be 0.450%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.520%, the range for $1 billion - $3 billion will be 0.470%, the range for $3 billion - $5 billion will be 0.460%, and for over $5 billion will be 0.450%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.520%, the range for $1 billion - $3 billion will be 0.470%, the range for $3 billion - $5 billion will be 0.460%, and for over $5 billion will be 0.450%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.520%, the range for $1 billion - $3 billion will be 0.470%, the range for $3 billion - $5 billion will be 0.460%, and for over $5 billion will be 0.450%. |
| <sup>13</sup> | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.575%, the range for $500 million - $1 billion will be 0.550%, the range for $1 billion - $3 billion will be 0.520%, the range for $3 billion - $5 billion will be 0.510%, the range for $5 billion - $10 billion will be 0.500% and for over $10 billion will be 0.490%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.575%, the range for $500 million - $1 billion will be 0.550%, the range for $1 billion - $3 billion will be 0.520%, the range for $3 billion - $5 billion will be 0.510%, the range for $5 billion - $10 billion will be 0.500% and for over $10 billion will be 0.490%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.575%, the range for $500 million - $1 billion will be 0.550%, the range for $1 billion - $3 billion will be 0.520%, the range for $3 billion - $5 billion will be 0.510%, the range for $5 billion - $10 billion will be 0.500% and for over $10 billion will be 0.490%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $500 million will be 0.575%, the range for $500 million - $1 billion will be 0.550%, the range for $1 billion - $3 billion will be 0.520%, the range for $3 billion - $5 billion will be 0.510%, the range for $5 billion - $10 billion will be 0.500% and for over $10 billion will be 0.490%. |
| <sup><sup>14</sup></sup> | Prior to April 28, 2025, for advisory fees, the range for $0 - $150 million was 0.550%, the range for $150 million - $500 million was 0.500%, the range for $500 million - $1 billion was 0.450%, the range for $1 billion - $3 billion was 0.440%, the range for $3 billion - $5 billion was 0.430% and for over $5 billion was 0.420%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $150 million was 0.550%, the range for $150 million - $500 million was 0.500%, the range for $500 million - $1 billion was 0.450%, the range for $1 billion - $3 billion was 0.440%, the range for $3 billion - $5 billion was 0.430% and for over $5 billion was 0.420%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $150 million was 0.550%, the range for $150 million - $500 million was 0.500%, the range for $500 million - $1 billion was 0.450%, the range for $1 billion - $3 billion was 0.440%, the range for $3 billion - $5 billion was 0.430% and for over $5 billion was 0.420%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $150 million was 0.550%, the range for $150 million - $500 million was 0.500%, the range for $500 million - $1 billion was 0.450%, the range for $1 billion - $3 billion was 0.440%, the range for $3 billion - $5 billion was 0.430% and for over $5 billion was 0.420%. |
| <sup>15</sup> | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.450%, the range for $1 billion - $3 billion will be 0.440%, the range for $3 billion - $5 billion will be 0.430%, the range for $5 billion - $10 billion will be 0.420% and for over $10 billion will be 0.410%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.450%, the range for $1 billion - $3 billion will be 0.440%, the range for $3 billion - $5 billion will be 0.430%, the range for $5 billion - $10 billion will be 0.420% and for over $10 billion will be 0.410%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.450%, the range for $1 billion - $3 billion will be 0.440%, the range for $3 billion - $5 billion will be 0.430%, the range for $5 billion - $10 billion will be 0.420% and for over $10 billion will be 0.410%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.450%, the range for $1 billion - $3 billion will be 0.440%, the range for $3 billion - $5 billion will be 0.430%, the range for $5 billion - $10 billion will be 0.420% and for over $10 billion will be 0.410%. |
| <sup>16</sup> | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.570%, the range for $1 billion - $3 billion will be 0.550% and for over $3 billion will be 0.540%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.570%, the range for $1 billion - $3 billion will be 0.550% and for over $3 billion will be 0.540%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.570%, the range for $1 billion - $3 billion will be 0.550% and for over $3 billion will be 0.540%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.570%, the range for $1 billion - $3 billion will be 0.550% and for over $3 billion will be 0.540%. |
| <sup>17</sup> | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.480%, the range for $1 billion - $3 billion will be 0.440%, the range for $3 billion - $5 billion will be 0.430%, and for over $5 billion will be 0.420%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.480%, the range for $1 billion - $3 billion will be 0.440%, the range for $3 billion - $5 billion will be 0.430%, and for over $5 billion will be 0.420%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.480%, the range for $1 billion - $3 billion will be 0.440%, the range for $3 billion - $5 billion will be 0.430%, and for over $5 billion will be 0.420%. | On August 28, 2025, the Board approved that, effective April 27, 2026, for advisory fees, the range for $0 - $1 billion will be 0.480%, the range for $1 billion - $3 billion will be 0.440%, the range for $3 billion - $5 billion will be 0.430%, and for over $5 billion will be 0.420%. |
| <sup>18</sup> | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.700%, the range for $500 million - $3 billion was 0.650%, the range for $3 billion - $5 billion was 0.640% and for over $5 billion was 0.630%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.700%, the range for $500 million - $3 billion was 0.650%, the range for $3 billion - $5 billion was 0.640% and for over $5 billion was 0.630%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.700%, the range for $500 million - $3 billion was 0.650%, the range for $3 billion - $5 billion was 0.640% and for over $5 billion was 0.630%. | Prior to April 28, 2025, for advisory fees, the range for $0 - $500 million was 0.700%, the range for $500 million - $3 billion was 0.650%, the range for $3 billion - $5 billion was 0.640% and for over $5 billion was 0.630%. |

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787

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

**Advisory Fee Waivers and Expense Reimbursements**. Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive 100% of advisory fees attributable to JNL Multi-Manager Emerging Markets Equity Fund, JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Capital Appreciation Equity Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Growth Stock Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/T. Rowe Price Short-Term Bond Fund, JNL/T. Rowe Price U.S. High Yield Fund and JNL/T. Rowe Price Value Fund's investment in T. Rowe Price Institutional Floating Rate Fund, an affiliate of the Funds' Sub-Adviser. None of the waived advisory fees can be recaptured by JNAM.

Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive a varying portion of its advisory fee for the JNL Multi-Manager Alternative Fund in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. Pursuant to this agreement, 0.08% of advisory fees were waived during the year. None of the waived advisory fees can be recaptured by JNAM.

Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive a varying portion of its advisory fee in an amount equivalent to the Acquired Funds Fees and Expenses ("AFFE") attributable to JNL/JPMorgan Global Allocation Fund's investment in funds managed by the Sub-Adviser, J.P. Morgan Investment Management Inc. (each a "JPMorgan Underlying Fund"). The AFFE is the total annual fund operating expenses after fee waivers and/or expense reimbursements for each JPMorgan Underlying Fund. In the event advisory fees are waived in the future, none of the waived advisory fees can be recaptured by JNAM. Pursuant to this agreement, 0.02% of advisory fees were waived during the year. None of the waived advisory fees can be recaptured by JNAM.

Pursuant to a contractual and voluntary fee waiver agreement, JNAM has agreed to waive a portion of its advisory fees for each of the following Funds. None of the waived advisory fees can be recaptured by JNAM. The amount of waived expenses for each Fund is recorded as Expense waiver in each Fund's Statement of Operations.

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| | |
|:---|:---|
| **Fund** | **Contractual Advisory Fee Waiver as a Percentage of Average Daily Net Assets (%)** |
| JNL/American Funds Balanced Fund | 0.300 |
| JNL/American Funds Bond Fund of America Fund | 0.200 |
| JNL/American Funds Capital Income Builder Fund | 0.250 |
| JNL/American Funds Capital World Bond Fund | 0.430 |
| JNL/American Funds Global Growth Fund | 0.400 |
| JNL/American Funds Global Small Capitalization Fund<sup>1</sup> | 0.470 |
| JNL/American Funds Growth Fund | 0.430 |
| JNL/American Funds Growth-Income Fund | 0.300 |
| JNL/American Funds International Fund | 0.500 |
| JNL/American Funds New World Fund | 0.650 |
| JNL/American Funds Washington Mutual Investors Fund | 0.300 |
| JNL/Mellon Bond Index Fund | 0.070 |
| JNL/Mellon Emerging Markets Index Fund | 0.145 |
| JNL/Mellon International Index Fund | 0.095 |
| JNL/Mellon S&P 400 MidCap Index Fund | 0.080 |
| JNL/Mellon Small Cap Index Fund | 0.080 |
| JNL Bond Index Fund | 0.130 |
| JNL Emerging Markets Index Fund | 0.055 |
| JNL International Index Fund | 0.105 |
| JNL Mid Cap Index Fund | 0.120 |
| JNL Small Cap Index Fund | 0.120 |
| JNL S&P 500 Index Fund | 0.170 |
| JNL/BlackRock Large Cap Select Growth Fund | 0.050 on net assets $0 - $500 million and 0.030 on net assets over $500 million |
| <sup>1</sup> On December 11, 2025, the Board approved this contractual fee waiver will terminate effective April 27, 2026. | <sup>1</sup> On December 11, 2025, the Board approved this contractual fee waiver will terminate effective April 27, 2026. |

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| | |
|:---|:---|
| **Fund** | **Voluntary Advisory Fee Waiver as a Percentage of Average Daily Net Assets (%)** |
| JNL/JPMorgan Funds of Funds | 0.020 on net assets $0 - $500 million |
| JNL Multi-Manager International Small Cap Fund<sup>1</sup> | 0.010 |
| JNL Multi-Manager Mid Cap Fund<sup>2</sup> | 0.025 on net assets $0 - $1 billion and 0.020 on net assets over $1 billion |
| JNL/DoubleLine Shiller Enhanced CAPE Fund<sup>3</sup> | 0.025 on net assets $0 - $1 billion and 0.050 on net assets over $1 billion |
| JNL/Fidelity Institutional Asset Management Total Bond Fund<sup>4</sup> | 0.010 on net assets $0 - $500 million, 0.015 on net assets $500 million - $1 billion and 0.030 on net assets over $1 billion |
| JNL/Franklin Templeton Income Fund<sup>5</sup> | 0.050 on net assets $0 - $200 million and 0.025 on net assets $200 - $500 million |
| JNL/Neuberger Berman Gold Plus Strategy Fund<sup>5</sup> | 0.100 on net assets $0 - $500 million, 0.050 on net assets over $500 million |
| JNL/T. Rowe Price Capital Appreciation Equity Fund<sup>5</sup> | 0.030 on all net assets |
| JNL/T. Rowe Price Capital Appreciation Fund<sup>5</sup> | 0.010 on net assets over $1 billion  |
| JNL/T. Rowe Price Growth Stock Fund<sup>6</sup> | 0.010 on net assets over $10 billion |
| JNL/T. Rowe Price Mid-Cap Growth Fund<sup>5</sup> | 0.030 on net assets $0 - $3 billion and 0.020 on net assets over $3 billion  |
| JNL/T. Rowe Price Value Fund<sup>5</sup> | 0.070 on net assets $0 - $150 million, 0.030 on net assets $1 billion - $3 billion and 0.020 on net assets over $3 billion |
| JNL/WCM Focused International Equity Fund<sup>3</sup>  | 0.020 on all net assets |

---

<sup>1</sup> This voluntary advisory fee waiver was effective May 22, 2025 to August 28, 2025 and represents an amount equivalent to the sub-advisory fees attributable to Baillie Gifford Overseas Limited during that time period.

<sup>2</sup> This voluntary advisory fee waiver is effective July 1, 2025 to April 27, 2026. Effective April 27, 2026, this voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>3</sup> Effective April 28, 2025, this voluntary waiver was converted to a contractual fee reduction.

788

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

<sup>4</sup> This voluntary advisory fee waiver is effective May 1, 2025 to April 27, 2026. Effective April 27, 2026, this voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>5</sup>This voluntary advisory fee waiver is effective September 1, 2025 to April 27, 2026. Effective April 27, 2026, this voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>6</sup>This voluntary advisory fee waiver is effective September 1, 2025 to April 27, 2026. From March 1, 2025 to April 28, 2025 a voluntary advisory fee waiver of 0.100% on net assets $0 - $150 million and 0.050% on net assets $150 million - $500 million was effective, which became a contractual fee reduction effective April 28, 2025.

#### Administrative Fees

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee** |
| JNL/American Funds Balanced Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Bond Fund of America Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Capital Income Builder Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Capital World Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Global Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Global Small Capitalization Fund<sup>1</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Growth-Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds International Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds New World Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Washington Mutual Investors Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/Mellon Bond Index Fund<sup>2</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon Emerging Markets Index Fund<sup>2</sup> | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon International Index Fund<sup>2</sup> | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon S&P 400 MidCap Index Fund<sup>2</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon Small Cap Index Fund<sup>2</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL Aggressive Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Conservative Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Moderate Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Moderate Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Aggressive Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Conservative Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Moderate Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/JPMorgan Managed Moderate Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/American Funds Growth Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/American Funds Moderate Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/American Funds Moderate Growth Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Moderate ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Moderate Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |

---

789

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee** |
| JNL/Vanguard Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Vanguard Moderate ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Bond Index Fund | All Assets |  |
| JNL Emerging Markets Index Fund | All Assets |  |
| JNL International Index Fund | All Assets |  |
| JNL Mid Cap Index Fund | All Assets |  |
| JNL Small Cap Index Fund | All Assets |  |
| JNL Multi-Manager Alternative Fund | $0 to $3 billion | .200% |
|  | Assets over $3 billion | .180% |
| JNL Multi-Manager Emerging Markets Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager Floating Rate Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager International Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager Mid Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager Small Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL Multi-Manager Small Cap Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL Multi-Manager U.S. Select Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL S&P 500 Index Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/AB Sustainable Global Thematic Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/AQR Large Cap Defensive Style Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Global Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Global Natural Resources Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Large Cap Select Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Causeway International Value Select Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/ClearBridge Large Cap Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Cohen & Steers U.S. Realty Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DFA International Core Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DFA U.S. Core Equity Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/DFA U.S. Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Core Fixed Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Total Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/Dreyfus Government Money Market Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/First Sentier Global Infrastructure Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Franklin Templeton Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Goldman Sachs 4 Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/GQG Emerging Markets Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |

---

790

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee** |
| JNL/Invesco Diversified Dividend Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Invesco Global Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Invesco Small Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan Global Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/JPMorgan Hedged Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/JPMorgan MidCap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan Nasdaq Hedged Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan U.S. Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Lazard International Quality Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Loomis Sayles Global Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Lord Abbett Short Duration Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Communication Services Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Consumer Discretionary Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Consumer Staples Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Dow Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Energy Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Financial Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Healthcare Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Industrials Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Information Technology Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Materials Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Nasdaq 100 Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Real Estate Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon S&P 500 Index Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon U.S. Stock Market Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Utilities Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon World Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/MFS Mid Cap Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Morningstar SMID Moat Focus Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Morningstar U.S. Sustainability Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Morningstar Wide Moat Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Commodity Strategy Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Gold Plus Strategy Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Strategic Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |

---

791

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee** |
| JNL/Newton Equity Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PIMCO Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PIMCO Investment Grade Credit Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/PIMCO Real Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/PPM America High Yield Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/PPM America Investment Grade Credit Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PPM America Total Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/RAFI Fundamental U.S. Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/RAFI Multi-Factor U.S. Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Balanced Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Capital Appreciation Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Capital Appreciation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Growth Stock Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price Mid-Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price Short-Term Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price U.S. High Yield Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/WCM China Quality Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/WCM Focused International Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Westchester Capital Event Driven Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/William Blair International Leaders Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/WMC Balanced Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/WMC Equity Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/WMC Global Real Estate Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/WMC Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| On December 11, 2025, the Board Approved that effective April 27, 2026, the administrative fee will be 0.05% on net assets $0 - $3 billion and 0.045% on net assets over $3 billion. | On December 11, 2025, the Board Approved that effective April 27, 2026, the administrative fee will be 0.05% on net assets $0 - $3 billion and 0.045% on net assets over $3 billion. | On December 11, 2025, the Board Approved that effective April 27, 2026, the administrative fee will be 0.05% on net assets $0 - $3 billion and 0.045% on net assets over $3 billion. |
| The effective fee rate for these Funds is based on total net assets of the associated master fund. | The effective fee rate for these Funds is based on total net assets of the associated master fund. |  |

---

**Administrative Fee Waivers.** Pursuant to contractual waiver agreements, JNAM has agreed to waive 0.05% of the administrative fees of the Class I shares of JNL/DFA U.S. Core Equity Fund, JNL/DFA U.S. Small Cap Fund, JNL/DFA International Core Equity Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/RAFI Fundamental U.S. Small Cap Fund, and JNL/Morningstar U.S. Sustainability Index Fund, 0.06% of the administrative fees of the Class I shares of JNL S&P 500 Index Fund, 0.12% of the administrative fee of Class I shares of JNL/Vanguard Growth ETF Allocation Fund and JNL/Vanguard Moderate Growth ETF Allocation Fund and 0.13% of the administrative fees of the Class I shares of JNL/Vanguard Moderate ETF Allocation Fund. None of the waived administrative fees can be recaptured by JNAM. The amount of waived expenses for the Funds is recorded as Expense waiver in each Fund's Statement of Operations.

**Distribution Fees.** The Trust has adopted a Distribution Plan (the "Plan") pursuant to the provisions of Rule 12b-1 under the 1940 Act. Pursuant to the Plan, Class A Shares of the Funds pay a distribution and/or service fee ("Rule 12b-1 fee") to Jackson National Life Distributors LLC ("JNLD"), an affiliate of the Adviser, for the purpose of paying for certain distribution, administrative, or related service expenses from the sale and distribution of each Fund's Class A shares. To the extent consistent with existing law and the Plan, JNLD may use the Rule 12b-1 fees to reimburse or compensate broker-dealers, administrators or others for providing distribution, administrative or other services. The Funds' Plan is structured as a compensation plan. Under a

792

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

compensation plan, the distributor may receive 12b-1 fees in excess of the allowable distribution and related shareholder servicing expenses, but not exceeding the maximum 12b-1 fee, which may be applied to future periods when distribution and related shareholder servicing expenses are less than the maximum 12b-1 fee set by the Plan. Under the Plan, the maximum annual rate for Rule 12b-1 fees paid by the Class A shares of the Funds is 0.30% of the average daily net assets of the Class A shares of each Fund. Each Fund pays the fee monthly to JNLD. JNLD also is the principal underwriter of the variable insurance products issued by Jackson and its subsidiaries. Amounts charged pursuant to the Plan are reflected as 12b-1 fees (Class A) in each Fund's Statement of Operations.

**Affiliated Brokerage Commissions.** During the year ended December 31, 2025, the following Funds paid brokerage fees to affiliates for the execution of purchases and sales of portfolio investments (in thousands): JNL/Invesco Diversified Dividend Fund $6, JNL/Invesco Global Growth Fund $2 and JNL/Invesco Small Cap Growth Fund $77.

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

**Directed Brokerage Commissions.** A Sub-Adviser may allocate a portion of a Fund's equity security transactions (subject to obtaining best execution of each transaction) through certain designated broker/dealers which will rebate a portion of the brokerage commissions to that Fund. Any amount credited to the Fund is reflected as Brokerage commissions recaptured in the Statements of Operations.

**Security Transactions.** Security transactions can occur in the Funds where both the buyer and seller of the security are portfolios or accounts for which JNAM serves as the Adviser or the other party to the transaction is another fund advised by the Sub-Adviser. Such transactions occur to eliminate transaction costs normally associated with security trading activity. Such transactions are subject to compliance with Rule 17a-7 under the 1940 Act ("Rule 17a-7 transactions"), and are reviewed by the Chief Compliance Officer and reported quarterly to the Board. Rule 17a-7 transactions are executed at current market price at the time of the transaction. Realized gain/(loss) (in thousands) on Rule 17a-7 transactions is included in Net realized gain (loss) on Investments - unaffiliated on the Statements of Operations. The following Funds have Rule 17a-7 transactions (in thousands) during the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchase of Securities($)** | **Proceeds from Sales of Securities($)** | **Realized Gain/Loss($)** |
| JNL/MFS Mid Cap Value Fund |  | 1039 | 401 |
| JNL/T. Rowe Price Balanced Fund |  | 16 | (4) |
| JNL/T. Rowe Price Growth Stock Fund |  | 18366 | 3754 |
| JNL/T. Rowe Price Mid-Cap Growth Fund |  | 643 | (394) |
| JNL/WMC Balanced Fund | 17899 | 17200 | 1467 |
| JNL/WMC Equity Income Fund | 3002 | 868 | 360 |
| JNL/WMC Global Real Estate Fund |  | 5080 | (376) |

---

**Other Transactions with Affiliates.** Funds with partnership status for federal income tax purposes may not be eligible for beneficial withholding rates, available to RICs, in certain foreign jurisdictions. JNAM has agreed to reimburse these Funds for an amount equal to the additional tax withheld. These amounts are included in Foreign taxes withheld on the Statements of Operations. The Funds could also experience delays in receipt of tax reclaim payments due to their partnership status, as compared to the timing experienced by funds with RIC status for federal income tax purposes. JNAM has agreed to contribute to these Funds an amount equal to the outstanding tax reclaims, within the timeframe the Funds would have received payment under RIC status. The Funds will then reimburse JNAM once the reclaim payments are received from the foreign tax authorities. Amounts paid to the Funds by JNAM due to delayed tax reclaim receipts are included in Payable to affiliates on the Statements of Assets and Liabilities.

For the year ended December 31, 2025, transactions between the Funds and JNAM, related to foreign tax reclaims, due to the Funds' partnership status for federal income tax purposes, are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross Payments From JNAM ($)** | **Reclaimed Amounts Refunded to JNAM ($)** | **Reclaimed Amounts Payable to JNAM ($)** | **Net Withholdings Tax Reimbursed from JNAM ($)** |
| JNL Growth Allocation Fund | 47 | 35 | 12 |  |
| JNL Multi-Manager Alternative Fund | 84 | 10 | 14 | 60 |
| JNL Multi-Manager Mid Cap Fund | 57 |  | 3 | 54 |
| JNL/AB Sustainable Global Thematic Fund | 4 |  | 4 |  |
| JNL/BlackRock Global Allocation Fund | 1365 | 860 | 505 |  |
| JNL/BlackRock Global Natural Resources Fund | 152 | 87 | 65 |  |
| JNL/BlackRock Large Cap Select Growth Fund | 64 | 56 | 8 |  |
| JNL/ClearBridge Large Cap Growth Fund | 19 |  |  | 19 |
| JNL/First Sentier Global Infrastructure Fund | 244 | 94 | 150 |  |
| JNL/Franklin Templeton Income Fund | 107 | 97 | 7 | 3 |
| JNL/GQG Emerging Markets Equity Fund | 426 | 74 | 214 | 138 |

---

793

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross Payments From JNAM ($)** | **Reclaimed Amounts Refunded to JNAM ($)** | **Reclaimed Amounts Payable to JNAM ($)** | **Net Withholdings Tax Reimbursed from JNAM ($)** |
| JNL/Invesco Diversified Dividend Fund | 167 | 136 | 28 | 3 |
| JNL/Invesco Global Growth Fund | 1114 | 409 | 625 | 80 |
| JNL/JPMorgan Global Allocation Fund | 536 | 134 | 324 | 78 |
| JNL/Mellon World Index Fund | 324 | 34 | 181 | 109 |
| JNL/MFS Mid Cap Value Fund | 77 |  | 77 |  |
| JNL/T. Rowe Price Balanced Fund | 298 | 50 | 178 | 70 |
| JNL/T. Rowe Price Growth Stock Fund | 113 |  | 113 |  |
| JNL/T. Rowe Price Mid-Cap Growth Fund | 15 |  |  | 15 |
| JNL/T. Rowe Price Value Fund | 184 |  | 184 |  |
| JNL/WMC Balanced Fund | 1 |  | 1 |  |
| JNL/WMC Equity Income Fund | 167 | 56 | 110 | 1 |
| JNL/WMC Global Real Estate Fund | 235 | 132 | 81 | 22 |
| JNL/WMC Value Fund | 3 |  |  | 3 |

---

#### NOTE 9. BORROWING ARRANGEMENTS
The Trust is party to a Syndicated Credit Agreement ("SCA") with lender banks. The Funds, with the exception of JNL/Dreyfus Government Money Market Fund, participate in the SCA with other funds managed by JNAM ("Participating Funds") in a credit facility which is available solely to finance shareholder redemptions or for other temporary or emergency purposes. The Participating Funds may borrow up to $180,000,000, the amount available under the facility; the limits set for borrowing by the Participating Funds' prospectuses and the 1940 Act; or an amount prescribed within the SCA. JNL Multi-Manager Floating Rate Income Fund has priority to utilize $100,000,000 of the SCA under an InterFund Allocation Agreement. The Participating Funds pay an annual fee of 0.15% of the available commitments. These fees are allocated pro-rata based on the allocated commitment as well as the Participating Funds' total net assets. During the year, the Participating Funds, with the exception of the JNL/Mellon Feeder Funds, paid an annual administration fee to JPM Chase which is allocated based on the weighted average of net assets. The fees related to the SCA are included in Other expenses in each Fund's Statement of Operations. No amounts were borrowed by the Funds under the facility during the year.

Pursuant to an Exemptive Order issued by the SEC, the Funds, with the exception of JNL/Dreyfus Government Money Market Fund, may participate in an InterFund Lending Program ("Program"). The Program provides an alternative credit facility allowing a Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans at year end are included in Receivable for Interfund lending or Payable for Interfund lending, as appropriate, in the respective Fund's Statement of Assets and Liabilities. No amounts were borrowed through the Program during the year.

#### NOTE 10. FUND ACQUISITIONS AND REORGANIZATIONS
**Tax-Free Exchange.** The following tables include information (in thousands) relating to the acquisitions completed after the close of business on April 25, 2025. The acquisitions were completed by a tax-free exchange of Class A and Class I shares for the acquired and acquiring Funds indicated below pursuant to plans of reorganization approved by the Board and approved by the acquired Funds' shareholders. The purpose of the acquisitions was to combine Funds with similar investment objectives and strategies. Costs and expenses associated with the reorganizations relating to the solicitation of any proxies, including preparing, filing, printing, and mailing of any proxy statement, prospectus, and/or related disclosure documents, the related legal fees, including the legal fees incurred in connection with the analysis under the Internal Revenue Code of 1986, as amended, of the tax treatment of these transactions, as well as the costs associated with the preparation of the tax opinions, and obtaining consents of an independent registered public accounting firm were borne by JNAM. Shares were issued at NAV based on the fair value of the assets received by the acquiring Funds. The cost basis of the investments received from the acquired Funds was carried forward to align ongoing reporting of the acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Acquired Fund** | **Acquired Fund** | **Acquiring Fund** | **Acquiring Fund** |  |
| **Acquired Fund** | **Acquiring Fund** | **Net Assets on Acquisition Date($)** | **Shares Outstanding on Acquisition Date** | **Net Assets on Acquisition Date($)** | **Shares Outstanding on Acquisition Date** | **Shares of Acquiring Fund Issued in Exchange** |
| JNL/Baillie Gifford International Growth Fund | JNL/Mellon International Index Fund |  |  |  |  |  |
| Class A | Class A | 603876 | 47227 | 2176690 | 123978 | 34389 |
| Class I | Class I | 16818 | 1293 | 53858 | 2893 | 903 |
| JNL/Harris Oakmark Global Equity Fund | JNL/Mellon World Index Fund |  |  |  |  |  |
| Class A | Class A | 376153 | 28568 | 412595 | 9520 | 8679 |
| Class I | Class I | 7959 | 603 | 11063 | 251 | 171 |
| JNL/Western Asset Global Multi-Sector Bond Fund | JNL/Neuberger Berman Strategic Income Fund |  |  |  |  |  |
| Class A | Class A | 340221 | 43691 | 631222 | 48145 | 43691 |
| Class I | Class I | 4405 | 553 | 71629 | 5333 | 553 |

---

Immediately prior to the reorganizations, the cost, fair value and unrealized appreciation (depreciation) of investments (in thousands) for the acquired Funds were as follows. Cost of Investments is included in Purchases of securities on the Statements of Changes in Net Assets.

794

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Cost of Investments($)** | **Value of Investments($)** | **Net Unrealized Appreciation/ (Depreciation)($)** |
| JNL/Baillie Gifford International Growth Fund |  |  |  |
| JNL/Harris Oakmark Global Equity Fund | 365468 | 376865 | 11397 |
| JNL/Western Asset Global Multi-Sector Bond Fund | 307724 | 304922 | (2803) |

---

Assuming the acquisitions had been completed on January 1, 2025, the acquiring Funds' unaudited pro forma results of operations (in thousands) for the year ended December 31, 2025, would have been:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acquiring Fund** | **Net Investment Income (Loss)($)** | **Net Realized Gain (Loss)($)** | **Net Change in Unrealized Appreciation/ (Depreciation)($)** | **Net Change in Net Assets from Operations($)** |
| JNL/Mellon International Index Fund | 52841 | 57078 | 606315 | 716234 |
| JNL/Mellon World Index Fund | 8853 | 63351 | 113941 | 186145 |
| JNL/Neuberger Berman Strategic Income Fund | 52023 | 10425 | 31016 | 93464 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisitions were completed after the close of business on April 25, 2025, it is not practicable to separate the amounts of net investment income (loss) and net realized and unrealized gain (loss) of the acquired Funds in the acquiring Funds' Statement of Operations.

#### NOTE 11. INCOME TAX MATTERS

---

| | |
|:---|:---|
| **The Funds listed below are treated as partnerships for federal income tax purposes. These Funds are generally not subject to federal income tax, and therefore, there is no provision for federal income taxes. Each Fund is treated as a separate entity for federal income tax purposes.** | **The Funds listed below are treated as partnerships for federal income tax purposes. These Funds are generally not subject to federal income tax, and therefore, there is no provision for federal income taxes. Each Fund is treated as a separate entity for federal income tax purposes.** |
| JNL/American Funds Balanced Fund | JNL/Goldman Sachs 4 Fund |
| JNL/American Funds Bond Fund of America Fund | JNL/GQG Emerging Markets Equity Fund |
| JNL/American Funds Capital Income Builder Fund | JNL/Invesco Diversified Dividend Fund |
| JNL/American Funds Capital World Bond Fund | JNL/Invesco Global Growth Fund |
| JNL/American Funds Global Growth Fund | JNL/Invesco Small Cap Growth Fund |
| JNL/American Funds Global Small Capitalization Fund | JNL/JPMorgan Global Allocation Fund |
| JNL/American Funds Growth Fund | JNL/JPMorgan Hedged Equity Fund |
| JNL/American Funds Growth-Income Fund | JNL/JPMorgan MidCap Growth Fund |
| JNL/American Funds International Fund | JNL/JPMorgan Nasdaq Hedged Equity Fund |
| JNL/American Funds New World Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/American Funds Washington Mutual Investors Fund | JNL/JPMorgan U.S. Value Fund |
| JNL/Mellon Bond Index Fund | JNL/Mellon Communication Services Sector Fund |
| JNL/Mellon International Index Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| JNL/Mellon S&P 400 MidCap Index Fund | JNL/Mellon Consumer Staples Sector Fund |
| JNL/Mellon Small Cap Index Fund | JNL/Mellon Dow Index Fund |
| JNL Aggressive Growth Allocation Fund | JNL/Mellon Emerging Markets Index Fund |
| JNL Conservative Allocation Fund | JNL/Mellon Energy Sector Fund |
| JNL Emerging Markets Index Fund | JNL/Mellon Financial Sector Fund |
| JNL Growth Allocation Fund | JNL/Mellon Healthcare Sector Fund |
| JNL Moderate Allocation Fund | JNL/Mellon Industrials Sector Fund |
| JNL Moderate Growth Allocation Fund | JNL/Mellon Information Technology Sector Fund |
| JNL/JPMorgan Managed Aggressive Growth Fund | JNL/Mellon Materials Sector Fund |
| JNL/JPMorgan Managed Conservative Fund | JNL/Mellon Nasdaq 100 Index Fund |
| JNL/JPMorgan Managed Growth Fund | JNL/Mellon Real Estate Sector Fund |
| JNL/JPMorgan Managed Moderate Fund | JNL/Mellon S&P 500 Index Fund |
| JNL/JPMorgan Managed Moderate Growth Fund | JNL/Mellon U.S. Stock Market Index Fund |
| JNL/American Funds Growth Allocation Fund | JNL/Mellon Utilities Sector Fund |
| JNL/American Funds Moderate Allocation Fund | JNL/Mellon World Index Fund |
| JNL/American Funds Moderate Growth Allocation Fund | JNL/MFS Mid Cap Value Fund |
| JNL/Vanguard Growth ETF Allocation Fund | JNL/Morningstar SMID Moat Focus Index Fund |
| JNL/Vanguard Moderate ETF Allocation Fund | JNL/Morningstar U.S. Sustainability Index Fund |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL/Neuberger Berman Commodity Strategy Fund |
| JNL Bond Index Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL Mid Cap Index Fund | JNL/Neuberger Berman Strategic Income Fund |
| JNL Multi-Manager Alternative Fund | JNL/Newton Equity Income Fund |
| JNL Multi-Manager Floating Rate Income Fund | JNL/PIMCO Income Fund |
| JNL Multi-Manager Mid Cap Fund | JNL/PIMCO Investment Grade Credit Bond Fund |

---

795

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | |
|:---|:---|
| JNL Multi-Manager Small Cap Growth Fund | JNL/PIMCO Real Return Fund |
| JNL Multi-Manager Small Cap Value Fund | JNL/PPM America Investment Grade Credit Fund |
| JNL Multi-Manager U.S. Select Equity Fund | JNL/PPM America High Yield Bond Fund |
| JNL S&P 500 Index Fund | JNL/PPM America Total Return Fund |
| JNL Small Cap Index Fund | JNL/RAFI Fundamental U.S. Small Cap Fund |
| JNL/AB Sustainable Global Thematic Fund | JNL/RAFI Multi-Factor U.S. Equity Fund |
| JNL/AQR Large Cap Defensive Style Fund | JNL/T. Rowe Price Balanced Fund |
| JNL/BlackRock Global Allocation Fund | JNL/T. Rowe Price Capital Appreciation Equity Fund |
| JNL/BlackRock Global Natural Resources Fund | JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/BlackRock Large Cap Select Growth Fund | JNL/T. Rowe Price Growth Stock Fund |
| JNL/ClearBridge Large Cap Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/DFA U.S. Core Equity Fund | JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/DFA U.S. Small Cap Fund | JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/DoubleLine Core Fixed Income Fund | JNL/T. Rowe Price Value Fund |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/Westchester Capital Event Driven Fund |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/WMC Balanced Fund |
| JNL/DoubleLine Total Return Fund | JNL/WMC Equity Income Fund |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/WMC Global Real Estate Fund |
| JNL/First Sentier Global Infrastructure Fund | JNL/WMC Value Fund |
| JNL/Franklin Templeton Income Fund |  |

---

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

The Funds paid income taxes in foreign jurisdictions during the year. For Funds with payments which were deemed to be material, taxes paid, net of refunds received, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Taxes Paid ($)** |
| **JNL/GQG Emerging Markets Equity Fund** |  |
| Brazil | 861 |
| India | 6289 |
| Indonesia | 506 |
| Other Jurisdictions | 783 |
|  | 8439 |

---

The following information for Funds treated as RICs is presented on an income tax basis (in thousands). Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: foreign currency reclassifications, premium amortization or paydown reclassifications, reclassifications on the sale of passive foreign investment company ("PFIC") or REIT securities, net operating losses, accounting treatment of notional principal contracts and partnerships, equalization, consent dividends and other distribution adjustments. These reclassifications have no impact on net assets.

---

| | | |
|:---|:---|:---|
|  | **Net Increase(Decrease)** | **Net Increase(Decrease)** |
|  | **Total Distributable Earnings (Loss)($)** | **Paid-in Capital($)** |
| JNL/Lazard International Quality Growth Fund | (16137) | 16137 |
| JNL/Loomis Sayles Global Growth Fund | (13) | 13 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | (1683) | 1683 |
| JNL/WCM China Quality Growth Fund | (487) | 487 |

---

796

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

At December 31, 2025, the following Funds treated as RICs had capital loss carryforwards (in thousands) available for U.S. federal income tax purposes to offset future net realized capital gains. The amount and character of the capital loss carryforwards are listed in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforwards with No Expiration** | **Capital Loss Carryforwards with No Expiration** |  |
|  | **Short Term ($)** | **Long Term ($)** | **Total ($)** |
| JNL Multi-Manager Emerging Markets Equity Fund | 26911 |  | 26911 |
| JNL Multi-Manager International Small Cap Fund | 4692 | 35089 | 39781 |
| JNL/Cohen & Steers U.S. Realty Fund | 2000 | 18648 | 20648 |
| JNL/DFA International Core Equity Fund | 3477 |  | 3477 |
| JNL/Loomis Sayles Global Growth Fund | 2344 |  | 2344 |
| JNL/Lord Abbett Short Duration Income Fund | 15993 | 35503 | 51496 |
| JNL/WCM China Quality Growth Fund |  | 883 | 883 |

---

At December 31, 2025, the Funds' last fiscal year end, the following Funds had capital, currency and/or PFIC mark-to-market losses (in thousands) realized after October, 31, 2025 ("Post-October losses"), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2026:

---

| | |
|:---|:---|
|  | **Amount($)** |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 196 |
| JNL/WCM China Quality Growth Fund | 217 |

---

As of December 31, 2025, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) for Funds treated as RICs for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Investments($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| JNL Growth ETF Allocation Fund | 376673 | 56477 | (496) | 55981 |
| JNL Moderate ETF Allocation Fund | 231186 | 14518 | (2487) | 12031 |
| JNL Moderate Growth ETF Allocation Fund | 345888 | 39563 | (2578) | 36985 |
| JNL International Index Fund | 2334895 | 899554 | (135751) | 763803 |
| JNL Multi-Manager Emerging Markets Equity Fund | 1220608 | 266904 | (85538) | 181366 |
| JNL Multi-Manager International Small Cap Fund | 629891 | 106503 | (34626) | 71877 |
| JNL/Causeway International Value Select Fund | 2253665 | 619483 | (87056) | 532427 |
| JNL/Cohen & Steers U.S. Realty Fund | 85596 | 4281 | (9988) | (5707) |
| JNL/DFA International Core Equity Fund | 505207 | 154550 | (20033) | 134517 |
| JNL/Dreyfus Government Money Market Fund | 2424851 | 26 | (26) |  |
| JNL/Lazard International Quality Growth Fund | 377534 | 48461 | (33171) | 15290 |
| JNL/Loomis Sayles Global Growth Fund | 644232 | 334133 | (25982) | 308151 |
| JNL/Lord Abbett Short Duration Income Fund | 697738 | 7121 | (590) | 6531 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 18919 | 894 | (1098) | (204) |
| JNL/Morningstar Wide Moat Index Fund | 821735 | 40793 | (44858) | (4065) |
| JNL/WCM China Quality Growth Fund | 11803 | 530 | (666) | (136) |
| JNL/WCM Focused International Equity Fund | 1648607 | 598259 | (62824) | 535435 |
| JNL/William Blair International Leaders Fund | 814560 | 192046 | (10736) | 181310 |

---

As of December 31, 2025, the components of net unrealized appreciation (depreciation) (in thousands) for derivatives held in Funds treated as RICs were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost/Premiums/Adjustment($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| JNL International Index Fund |  |  |  |  |
| Futures/Futures Options Contracts | 421 | 135 |  | 135 |
| Forward Foreign Currency Contracts | 12 |  |  |  |
| JNL Multi-Manager Emerging Markets Equity Fund |  |  |  |  |
| Forward Foreign Currency Contracts | (1) |  |  |  |
| JNL Multi-Manager International Small Cap Fund |  |  |  |  |
| Forward Foreign Currency Contracts | (4) |  |  |  |
| JNL/DFA International Core Equity Fund |  |  |  |  |
| Futures/Futures Options Contracts | (35) |  |  |  |
| JNL/Lord Abbett Short Duration Income Fund |  |  |  |  |
| Futures/Futures Options Contracts | 316 |  |  |  |
| JNL/Morningstar Wide Moat Index Fund |  |  |  |  |
| Futures/Futures Options Contracts | (8) |  |  |  |
| JNL/William Blair International Leaders Fund |  |  |  |  |
| Forward Foreign Currency Contracts | 3 | 1 |  | 1 |

---

As of December 31, 2025, for Funds treated as RICs, the components of distributable taxable earnings for U.S. federal income tax purposes (in thousands) were as follows:

797

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed Net Ordinary Income\*($)** | **Undistributed Net Long-Term Capital Gain($)** | **Unrealized Gains (Losses)\*\*($)** | **Capital Loss Carryforward($)** |
| JNL Growth ETF Allocation Fund | 14129 | 28197 | 55969 |  |
| JNL Moderate ETF Allocation Fund | 7876 | 4527 | 12024 |  |
| JNL Moderate Growth ETF Allocation Fund | 12543 | 18558 | 36972 |  |
| JNL International Index Fund | 106209 | 100383 | 764588 |  |
| JNL Multi-Manager Emerging Markets Equity Fund | 34113 |  | 176680 | (26911) |
| JNL Multi-Manager International Small Cap Fund | 14694 |  | 70858 | (39781) |
| JNL/Causeway International Value Select Fund | 98118 | 216198 | 532629 |  |
| JNL/Cohen & Steers U.S. Realty Fund | 1694 |  | (5720) | (20648) |
| JNL/DFA International Core Equity Fund | 13723 |  | 134571 | (3477) |
| JNL/Dreyfus Government Money Market Fund | 7125 |  | (6975) |  |
| JNL/Lazard International Quality Growth Fund |  |  | 15340 |  |
| JNL/Loomis Sayles Global Growth Fund | 630 | 44157 | 308617 | (2344) |
| JNL/Lord Abbett Short Duration Income Fund | 33433 |  | 6517 | (51495) |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund |  |  | (399) |  |
| JNL/Morningstar Wide Moat Index Fund | 84172 | 51112 | (4094) |  |
| JNL/WCM China Quality Growth Fund |  |  | (354) | (883) |
| JNL/WCM Focused International Equity Fund | 2590 | 115750 | 535614 |  |
| JNL/William Blair International Leaders Fund | 5729 | 30451 | 180544 |  |

---

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

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

The tax character of distributions paid by the Funds treated as RICs (in thousands) during the Funds' fiscal year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain\*\*($)** | **Return of Capital($)** |
| JNL Growth ETF Allocation Fund | 8048 | 27123 |  |
| JNL Moderate ETF Allocation Fund | 5230 | 7412 |  |
| JNL Moderate Growth ETF Allocation Fund | 8516 | 22277 |  |
| JNL International Index Fund | 69197 | 47219 |  |
| JNL Multi-Manager Emerging Markets Equity Fund | 11592 |  |  |
| JNL Multi-Manager International Small Cap Fund | 13957 |  |  |
| JNL/Causeway International Value Select Fund | 71890 | 153537 |  |
| JNL/Cohen & Steers U.S. Realty Fund | 3030 |  |  |
| JNL/DFA International Core Equity Fund | 8159 |  |  |
| JNL/Dreyfus Government Money Market Fund | 96951 |  |  |
| JNL/Lazard International Quality Growth Fund | 7943 | 45820 |  |
| JNL/Loomis Sayles Global Growth Fund |  | 57422 |  |
| JNL/Lord Abbett Short Duration Income Fund | 32845 |  |  |
| JNL/Morningstar Wide Moat Index Fund | 90817 | 127742 |  |
| JNL/WCM Focused International Equity Fund | 24369 | 110832 |  |
| JNL/William Blair International Leaders Fund | 6944 |  |  |

---

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

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

Funds related to net capital gains to zero for the fiscal year ended December 31, 2025.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain($)** | **Return of Capital($)** |
| JNL Growth ETF Allocation Fund | 6370 | 2154 |  |
| JNL Moderate ETF Allocation Fund | 5029 |  |  |
| JNL Moderate Growth ETF Allocation Fund | 7259 | 1932 |  |
| JNL International Index Fund | 79461 | 8590 |  |
| JNL Multi-Manager Emerging Markets Equity Fund | 14487 |  |  |
| JNL Multi-Manager International Small Cap Fund | 25697 |  |  |
| JNL/Causeway International Value Select Fund | 70464 | 113662 |  |
| JNL/Cohen & Steers U.S. Realty Fund | 5104 |  |  |
| JNL/DFA International Core Equity Fund | 7627 |  |  |
| JNL/Dreyfus Government Money Market Fund | 134787 |  |  |
| JNL/Lazard International Quality Growth Fund | 15499 |  |  |
| JNL/Loomis Sayles Global Growth Fund | 1102 | 14910 |  |
| JNL/Lord Abbett Short Duration Income Fund | 42205 |  |  |
| JNL/Morningstar Wide Moat Index Fund | 110551 |  |  |
| JNL/WCM Focused International Equity Fund | 2439 | 41815 |  |
| JNL/William Blair International Leaders Fund | 4766 |  |  |

---

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

798

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2025

The Funds file U.S. federal and various state and local tax returns. A Fund's federal tax returns are generally subject to examination for a period of three fiscal years after the date they are filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management completed an evaluation of the Funds' tax positions taken for all open tax years and based on that evaluation, determined that no provision for federal income tax was required in the Funds' financial statements during the year ended December 31, 2025.

#### NOTE 12. SEGMENT REPORTING
The Funds' President and Chief Executive Officer is the Funds' Chief Operating Decision Maker ("CODM"). Each Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of each Fund. The CODM manages the allocation of resources in accordance with each Funds' objective and the terms of their prospectus and evaluates total return of the Funds versus their comparative benchmarks. The Adviser or Sub-Adviser implements the investment objective and program by selecting securities and determining asset allocation ranges. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition is consistent with that presented within each Funds' financial statements and financial highlights. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as Total Assets and significant segment expenses are listed on the accompanying Statement of Operations.

#### NOTE 13. SUBSEQUENT EVENTS
Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there were no events that require adjustments to the financial statements or disclosure in the Notes to Financial Statements.

799

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|:---|:---|
| ![](img_94050b8d86c04.jpg) |  |
|  | KPMG LLP<br>Aon Center<br>Suite 5500<br>200 E. Randolph Street<br>Chicago, IL 60601-6436 |

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

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of each of the Funds listed in the Appendix, each a series within JNL Series Trust (the Funds), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year or period ended listed in the Appendix, the statement of cash flows with the respect to JNL/PIMCO Real Return Fund for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year or period then ended listed in the Appendix, JNL/PIMCO Real Returns Fund's cash flows for the year then ended, the changes in their net assets for each of the years or periods listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with custodians, transfer agents, agent banks and brokers; when replies were not received from transfer agents, agent banks, or brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

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

Chicago, Illinois<br>February 23, 2026

<br> KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part ofthe KPMG global organization of independent member firms affiliated with KPMGInternational Limited, a private English company limited by guarantee.

800

**Appendix**

#### Statements of operations for the year ended December 31, 2025;

#### Statements of changes in net assets for each of the years in the two-year period ended December 31, 2025;

---

| |
|:---|
| JNL/American Funds Balanced Fund |
| JNL/American Funds Bond Fund of America Fund |
| JNL/American Funds Capital Income Builder Fund |
| JNL/American Funds Capital World Bond Fund |
| JNL/American Funds<sup>®</sup> Global Growth Fund |
| JNL/American Funds Global Small Capitalization Fund |
| JNL/American Funds<sup>®</sup> Growth Fund |
| JNL/American Funds Growth-Income Fund |
| JNL/American Funds International Fund |
| JNL/American Funds New World Fund |
| JNL/American Funds<sup>®</sup> Washington Mutual Investors Fund |
| JNL/Mellon Bond Index Fund |
| JNL/Mellon Emerging Markets Index Fund |
| JNL/Mellon International Index Fund |
| JNL/Mellon S&P 400 MidCap Index Fund |
| JNL/Mellon Small Cap Index Fund |
| JNL Aggressive Growth Allocation Fund |
| JNL Conservative Allocation Fund |
| JNL Growth Allocation Fund |
| JNL Moderate Allocation Fund |
| JNL Moderate Growth Allocation Fund |
| JNL/JPMorgan Managed Aggressive Growth Fund |
| JNL/JPMorgan Managed Conservative Fund |
| JNL/JPMorgan Managed Growth Fund |
| JNL/JPMorgan Managed Moderate Fund |
| JNL/JPMorgan Managed Moderate Growth Fund |
| JNL/American Funds Growth Allocation Fund |
| JNL/American Funds Moderate Growth Allocation Fund |
| JNL Growth ETF Allocation Fund |
| JNL Moderate ETF Allocation Fund |
| JNL Moderate Growth ETF Allocation Fund |
| JNL/Vanguard Growth ETF Allocation Fund |
| JNL/Vanguard Moderate ETF Allocation Fund |
| JNL/Vanguard Moderate Growth ETF Allocation Fund |
| JNL Bond Index Fund |
| JNL Emerging Markets Index Fund |
| JNL International Index Fund |
| JNL Mid Cap Index Fund |
| JNL Small Cap Index Fund |
| JNL Multi-Manager Alternative Fund |
| JNL Multi-Manager Emerging Markets Equity Fund |

---

801

---

| |
|:---|
| JNL Multi-Manager Floating Rate Income Fund |
| JNL Multi-Manager International Small Cap Fund |
| JNL Multi-Manager Mid Cap Fund |
| JNL Multi-Manager Small Cap Growth Fund |
| JNL Multi-Manager Small Cap Value Fund |
| JNL Multi-Manager U.S. Select Equity Fund |
| JNL S&P 500 Index Fund |
| JNL/AB Sustainable Global Thematic Fund |
| JNL/AQR Large Cap Defensive Style Fund |
| JNL/BlackRock Global Allocation Fund |
| JNL/BlackRock Global Natural Resources Fund |
| JNL/BlackRock Large Cap Select Growth Fund |
| JNL/Causeway International Value Select Fund |
| JNL/ClearBridge Large Cap Growth Fund |
| JNL/Cohen & Steers U.S. Realty Fund |
| JNL/DFA International Core Equity Fund |
| JNL/DFA U.S. Core Equity Fund |
| JNL/DFA U.S. Small Cap Fund |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund |
| JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund |
| JNL/DoubleLine<sup>®</sup> Total Return Fund |
| JNL/Dreyfus Government Money Market Fund |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund |
| JNL/First Sentier Global Infrastructure Fund |
| JNL/Franklin Templeton Income Fund |
| JNL/Goldman Sachs 4 Fund |
| JNL/GQG Emerging Markets Equity Fund |
| JNL/Invesco Diversified Dividend Fund |
| JNL/Invesco Global Growth Fund |
| JNL/Invesco Small Cap Growth Fund |
| JNL/JPMorgan Global Allocation Fund |
| JNL/JPMorgan Hedged Equity Fund |
| JNL/JPMorgan MidCap Growth Fund |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/JPMorgan U.S. Value Fund |
| JNL/Lazard International Quality Growth Fund |
| JNL/Loomis Sayles Global Growth Fund |
| JNL/Lord Abbett Short Duration Income Fund |
| JNL/Mellon Communication Services Sector Fund |
| JNL/Mellon Consumer Discretionary Sector Fund |
| JNL/Mellon Consumer Staples Sector Fund |
| JNL/Mellon Dow<sup>SM</sup> Index Fund |
| JNL/Mellon Energy Sector Fund |
| JNL/Mellon Financial Sector Fund |

---

802

---

| |
|:---|
| JNL/Mellon Healthcare Sector Fund |
| JNL/Mellon Industrials Sector Fund |
| JNL/Mellon Information Technology Sector Fund |
| JNL/Mellon Materials Sector Fund |
| JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund |
| JNL/Mellon Real Estate Sector Fund |
| JNL/Mellon S&P 500 Index Fund |
| JNL/Mellon U.S. Stock Market Index Fund |
| JNL/Mellon Utilities Sector Fund |
| JNL/Mellon World Index Fund |
| JNL/MFS Mid Cap Value Fund |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund |
| JNL/Morningstar U.S. Sustainability Index Fund |
| JNL/Morningstar Wide Moat Index Fund |
| JNL/Neuberger Berman Commodity Strategy Fund |
| JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL/Neuberger Berman Strategic Income Fund |
| JNL/Newton Equity Income Fund |
| JNL/PIMCO Income Fund |
| JNL/PIMCO Investment Grade Credit Bond Fund |
| JNL/PIMCO Real Return Fund |
| JNL/PPM America High Yield Bond Fund |
| JNL/PPM America Total Return Fund |
| JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund |
| JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund |
| JNL/T. Rowe Price Balanced Fund |
| JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/T. Rowe Price Growth Stock Fund |
| JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/T. Rowe Price Value Fund |
| JNL/WCM China Quality Growth Fund |
| JNL/WCM Focused International Equity Fund |
| JNL/Westchester Capital Event Driven Fund |
| JNL/William Blair International Leaders Fund |
| JNL/WMC Balanced Fund |
| JNL/WMC Equity Income Fund |
| JNL/WMC Global Real Estate Fund |
| JNL/WMC Value Fund |

---

803

#### Statements of operations for the year ended December 31, 2025;
**Statements of changes in net assets for the year ended December 31, 2025, and for the period from October 21, 2024 (commencement of operations) through December 31, 2024;**

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| |
|:---|
| JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund |
| JNL/T. Rowe Price Capital Appreciation Equity Fund |
| JNL/American Funds Moderate Allocation Fund |

---

**Statements of changes in net assets for the year ended December 31, 2025, and for the period from April 29, 2024 (commencement of operations) through December 31, 2024;**

<br> <u>JNL/Morningstar SMID Moat Focus Index Fund</u> <br> <u>JNL/PPM America Investment Grade Credit Fund</u>

804

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2025

**Quarterly Portfolio Holdings.** The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at <u>www.sec.gov</u>. The information on Form N-PORT is also available upon request from the registrant by calling the Funds toll-free at 1-866-255-1935.

**Proxy Voting Policies and Procedures and Proxy Voting Record.** A description of the Policy that the Funds' Adviser (and Sub-Advisers) used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2025, are available without charge (1) by calling 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), (2) by writing the JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, (3) by visiting <u>www.jackson.com</u>, and (4) by visiting the SEC's website at <u>www.sec.gov</u>.

805

#### Form N-CSR Item 8: Changes in and Disagreements with Accountants:
Not Applicable

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

Not Applicable

#### Form N-CSR Item 10: Remuneration Paid to Directors, Officers and Others
Included within the Statements of Operations of the financial statements.

#### Form N-CSR Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract:
**JNL SERIES TRUST** 

*(the "Trust")* 

**APPROVAL OF THE TRUST'S** 

**INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS** 

The Board of Trustees of the Trust ("Board") oversees the management of the Trust and its separate series (each a "Fund," and collectively, the "Funds") and, as required by law, determines annually whether to approve the Funds' advisory agreement ("Advisory Agreement") with Jackson National Asset Management, LLC ("JNAM"), unitary fee agreement for its master funds ("Master Fund Advisory Agreement"), and sub-advisory agreements ("Sub-Advisory Agreements" and, collectively with the Advisory Agreement, the "Agreements") with the Funds' respective investment sub-advisers ("Sub-Adviser(s)"), including certain sub-sub-advisers.

At meetings held on June 3-5, 2025, and August 26-28, 2025, the Board, including all of the trustees who are not considered interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered information relating to the continuation of the Agreements and the amendment of certain Sub-Advisory Agreements. In advance of the meetings, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Agreements. The Board received, and had the opportunity to review, this and other materials, ask questions, and request further information in connection with its consideration. At the conclusion of the Board's discussions, the Board approved the Agreements through September 30, 2026.

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

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

***Nature, Quality and Extent of Services*** 

806

The Board examined the nature, quality and extent of the services provided by JNAM and the Sub-Advisers.

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

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

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

***Investment Performance of the Funds*** 

The Board considered the investment performance of each Fund as described in quarterly reports prepared by management. The Board noted that JNAM reviews with the Board on a quarterly basis detailed information about each Fund's performance results and investment strategies. The Board also considered the performance of each Fund, including how the Fund's gross performance (unless otherwise noted) compared to the average performance of a group of comparable funds ("peer group") selected by an independent data service and how the Fund performed versus its primary benchmark index ("benchmark"). For certain Funds, the Board considered the relevant custom benchmark, blended benchmark, or custom peer group. This consideration was based on JNAM's assertion that the custom or blended benchmark or custom peer group is, in some circumstances, a more meaningful source of comparative information than a broad-based benchmark index or peer group for certain Funds that use a limited or unique investment focus or where the peer group may not be a good source of comparative information. With respect to these peer groups and custom peer groups, the Board further considered that comparison to these groups provides a helpful way to measure the Funds' performance, but noted that peer universes are constantly evolving, and, as such, the Funds' peer groups and, where applicable, custom peer groups, may change from time to time. The performance reviewed by the Board was for periods ended on December 31, 2024 (unless otherwise noted). When available, the Board considered one-, three-, five-, and ten-year performance.

807

**JNL Aggressive Growth Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the one-, five- and ten-year periods, though the Fund underperformed its benchmark for the three-year period and its custom peer group for all periods. The Board considered management's representation that the Fund has historically performed in accordance with its diverse construction across style and asset class, which may lead to less favorable comparisons against the custom peer group during periods of high performance in the U.S. mega cap sector, and that management is taking steps to mitigate this active risk. The Board considered further that the Fund outperformed its peer group for the first quarter of 2025 (ranking in the 11th percentile), and for the year-to-date period ended June 30, 2025 (ranking in the 17th percentile). The Board further considered that the Fund outperformed its benchmark in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/AB Sustainable Global Thematic Fund.** The Board considered that the Fund underperformed its peer group and benchmark for the one-year period. The Board noted that the Fund commenced operations in April 2022 and had only two calendar years of performance data as of December 31, 2024. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board also considered management's assertion that the performance in 2023 and 2024 by the U.S. mega-cap sector has hurt the relative performance of the Fund, which is focused on stocks with a sustainable investment theme. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/American Funds Balanced Fund.** The Board considered that the Fund outperformed its blended benchmark for the one-, three-, and five-year periods and its peer group for all periods, though it underperformed its blended benchmark for the ten-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Bond Fund of America Fund.** The Board considered that the Fund outperformed its benchmark for the one- and three-year periods and its peer group for the three-year period, though it underperformed its peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Capital Income Builder Fund.** The Board considered that the Fund outperformed its blended benchmark for the three-year period and its peer group for all applicable periods, though it underperformed its blended benchmark for the one- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Capital World Bond Fund.** The Board considered that the Fund outperformed its benchmark for the five- and ten-year periods, though it underperformed its benchmark for the other periods and its custom peer group for all periods. The Board took into account that the Fund outperformed its benchmark and custom peer group (ranking in the 27th percentile) for the first quarter of 2025. Additionally, the Board considered that the Fund outperformed its benchmark and custom peer group for the second quarter of 2025. The Board further noted that the Fund outperformed its benchmark in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds<sup>®</sup> Global Growth Fund.** The Board considered that the Fund outperformed its peer group for the ten-year period and its benchmark for the five- and ten-year periods, though it underperformed its benchmark and peer group for the other periods. The Board took into account that the Fund outperformed its benchmark in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Global Small Capitalization Fund.** The Board considered that the Fund outperformed its peer group for the fourth quarter of 2024, though it underperformed its peer group for the other

808

periods and its benchmark for all periods. The Board also considered that the Fund outperformed its benchmark and peer group for the second quarter 2025. The Board took into account that the Fund outperformed its benchmark in calendar year 2023. The Board further considered portfolio manager changes in the last two years, and the Board determined that, in light of the recent changes, it would be prudent to allow the reconfigured team more time to develop its performance record with the Fund. The Board also considered management's assertion that the Fund has exhibited a growth style bias relative to the benchmark over the trailing 3- and 5-year periods, which has been a headwind for the Fund's performance. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Growth Allocation Fund.** The Board considered that the Fund outperformed its benchmark and custom peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds<sup>®</sup> Growth Fund.** The Board considered that the Fund outperformed its benchmark and peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Growth-Income Fund.** The Board considered that the Fund outperformed its benchmark for the three-year period and its peer group for the one-, three-, and ten-year periods, though it underperformed its benchmark and peer group for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds International Fund.** The Board considered that the Fund outperformed its peer group for the three-year period (ranking in the 38th percentile over that period), though the Fund underperformed its peer group for the other periods and its benchmark for all periods. The Board also considered that the Fund outperformed its benchmark for the second quarter of 2025 and that the Fund outperformed its benchmark in calendar year 2023. The Board further considered management's assertion that the portfolio management team had recently repositioned the Fund's portfolio. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Moderate Allocation Fund, JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund, and JNL/T. Rowe Price Capital Appreciation Equity Fund.** The Board considered that each Fund commenced operations in October 2024 and did not yet have a complete calendar year of performance as of December 31, 2024. The Board noted, therefore, that it would be prudent to allow each team more time to develop its performance record with each Fund. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/American Funds Moderate Growth Allocation Fund.** The Board considered that the Fund outperformed its benchmark for all periods and its custom peer group for the one-, five-, and ten-year periods, though it underperformed its custom peer group for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds New World Fund.** The Board considered that the Fund outperformed its peer group for the one-, three-, five-, and ten-year periods, though it underperformed its benchmark for those same periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds<sup>®</sup> Washington Mutual Investors Fund.** The Board considered that the Fund outperformed its benchmark for the three-year period and its peer group for all periods, though it underperformed its benchmark for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

809

**JNL/AQR Large Cap Defensive Style Fund.** The Board considered that, while the Fund underperformed its benchmark and peer group for all periods, it outperformed its benchmark and peer group for the calendar year 2022, ranking in the 5th percentile. The Board also considered that the Fund outperformed its benchmark and peer group (ranking in the 1st percentile) for the first quarter of 2025. The Board considered management's representation that the Fund has performed in accordance with its "defensive" style, *i.e.*, to outperform when equity markets draw down while participating in them during periods of broadly rising markets. In accordance with its defensive construction, this may lead to underperformance during periods of unusually high market concentration such as 2021, 2023, and 2024 but overperformance in down markets such as 2022. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/BlackRock Global Allocation Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund, JNL/Neuberger Berman Commodity Strategy Fund, JNL/Newton Equity Income Fund, JNL/PIMCO Real Return Fund, and JNL/PPM America Total Return Fund.** The Board considered that each Fund outperformed its benchmark and peer group for all periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/BlackRock Global Natural Resources Fund.** The Board considered that the Fund outperformed its benchmark for all periods and its peer group for the five-year period, though it underperformed its peer group for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/BlackRock Large Cap Select Growth Fund.** The Board considered that the Fund outperformed its benchmark for the ten-year period and its peer group for the one- and ten-year periods, though it underperformed its benchmark and peer group for the other periods. The Board also noted that the Fund outperformed its peer group in three of the last five calendar years. The Board further took into account that the Fund outperformed its peer group for the fourth quarter of 2024. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL Mid Cap Index Fund, and JNL Small Cap Index Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund underperformed its benchmark for the one- and three-year periods. The Board noted that each Fund commenced operations in April 2021 and had only three calendar years of performance data as of December 31, 2024. The Board noted, therefore, that it would be prudent to allow each team more time to develop its performance record with each Fund. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Master Fund Advisory Agreements.

**JNL/Causeway International Value Select.** The Board considered that the Fund outperformed its benchmark for all periods and its peer group for the three-, five-, and ten-year periods, though it underperformed the peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/ClearBridge Large Cap Growth Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the three-year period, though the Fund underperformed its benchmark and peer group for the one- and five-year periods. The Board also considered the Fund's recent performance, noting that the Fund outperformed its benchmark and peer group for the 2023 calendar year. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

810

**JNL/Cohen & Steers U.S. Realty Fund.** The Board considered that the Fund outperformed its benchmark for all periods, although it underperformed its peer group for all periods. The Board also took into account that Cohen & Steers Capital Management, Inc. took over as Sub-Adviser of the Fund in October 2024, and that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Conservative Allocation Fund and JNL Moderate Allocation Fund.** The Board considered that each Fund outperformed its benchmark and custom peer group for the one-, three-, five-, and ten-year periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Advisory Agreements.

**JNL/DFA International Core Equity Fund and JNL/PIMCO Income Fund.** The Board considered that each Fund outperformed its benchmark for the one-, three-, and five-year periods and its peer group for the three- and five-year periods, though each Fund underperformed its peer group for the one-year period. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/DFA U.S. Core Equity Fund.** The Board considered that the Fund outperformed its benchmark for the three-year period, though it underperformed its benchmark and peer group for the other periods. The Board further noted that the Fund outperformed its benchmark and peer group in two of the last four calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DFA U.S. Small Cap Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the three-, five-, and ten-year periods, though it underperformed its benchmark and peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods and its peer group for the one- and three-year periods, though it underperformed its peer group for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods and its peer group for the one- and five-year periods, though it underperformed its peer group for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund.** The Board considered that the Fund outperformed its peer group for the five-year period, though it underperformed its peer group for the one- and three-year periods and its benchmark for all applicable periods. The Board noted that the Fund outperformed its peer group for the fourth quarter of 2024 and its benchmark for the first quarter of 2025. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DoubleLine<sup>®</sup> Total Return Fund.** The Board considered that the Fund outperformed its benchmark for all periods and its custom peer group for the one-, three-, and ten-year periods, while the Fund equaled the performance of its custom peer group for the five-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Dreyfus Government Money Market Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one- and ten-year periods, though it underperformed its benchmark and peer group for the three- and five-year periods. The Board noted that the Fund operates as a government money market

811

fund and, as such, invests at least 99.5% of its total assets in cash, government securities and/or repurchase agreements that are "collateralized fully" (i.e., backed by cash or government securities). The Board considered that a Sub-Adviser replacement for this Fund occurred in October 2024 and that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund, JNL Multi-Manager Small Cap Value Fund, and JNL/Neuberger Berman Strategic Income Fund.** The Board considered that each Fund outperformed its benchmark for all periods and its peer group for the three- and five-year periods, though each Fund underperformed its peer group for the one- and ten-year periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/First Sentier Global Infrastructure Fund.** The Board observed that, while the Fund underperformed its benchmark and peer group for all annualized trailing periods, it has outperformed its benchmark since the current Sub-Adviser began managing the Fund in August 2018. The Board also considered that the Fund outperformed its benchmark and peer group (ranking in the 38th percentile) for the first quarter of 2025. The Board considered the manager's assertion that the Fund's peer group is relatively small, making its peer group comparisons more limited and volatile than such comparisons for more traditional equity asset class funds. The Board also took into account JNAM's assertion that the Fund's relative return profile can vary depending on its investment exposure within the infrastructure industry. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Franklin Templeton Income Fund.** The Board considered that the Fund outperformed its custom peer group for the three-, five-, and ten-year periods, though it underperformed its custom peer group for the one-year period and its blended benchmark for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Goldman Sachs 4 Fund.** The Board considered that the Fund outperformed its peer group for the one-, three-, and five-year periods, though it underperformed its benchmark for all periods and its peer group for the ten-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/GQG Emerging Markets Equity Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the three- and five-year periods, though it underperformed its benchmark and peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Growth Allocation Fund.** The Board considered that the Fund outperformed its benchmark for all periods and its custom peer group for the ten-year period, though it underperformed its custom peer group for the other periods. The Board considered management's representation that the Fund has historically performed in accordance with its diverse construction across style and asset class, which may lead to less favorable comparisons against the custom peer group during periods of high performance in the U.S. mega cap sector, and that management is taking steps to mitigate this active risk. The Board also considered that the Fund outperformed its peer group for the first quarter of 2025 (ranking in the 13th percentile) and was in-line with its peer group for the one-year period ended March 31, 2025. The Board further considered that the Fund outperformed its benchmark in four of the last five calendar years. In addition, the Board considered that the Fund has reduced exposure to its low conviction managers in the last year. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL Growth ETF Allocation Fund, JNL Moderate ETF Allocation Fund, and JNL Moderate Growth ETF Allocation Fund.** The Board considered that each Fund outperformed its benchmark for all periods

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and its custom peer group for the ten-year period, though each Fund underperformed its custom peer group for the other periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL International Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund outperformed its benchmark for the three-year period, though it underperformed for the one-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Master Fund Advisory Agreement.

**JNL/Invesco Diversified Dividend Fund.** The Board considered that the Fund outperformed its benchmark and peer group in the fourth quarter of 2024 and outperformed its peer group for the three-year period, though the Fund underperformed its benchmark and peer group for the other periods. The Board further noted that the Fund outperformed its benchmark and peer group for the first quarter of 2025. The Board also considered the impact of the Fund's mandate of investing only in dividend-paying stocks. Many of the Fund's peers have more flexible mandates that permit investment in non-dividend-paying stocks, which are also included in the Fund's benchmark. In 2023, this difference explained most of the Fund's underperformance. The Board further considered JNAM's assertion that it will continue to closely monitor the Fund's performance and will consider possible strategic alternatives if performance does not continue to improve. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Invesco Global Growth Fund.** The Board considered that the Fund outperformed its blended benchmark for the five- and ten-year periods, though it underperformed its blended benchmark for the one- and three-year periods and its peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Invesco Small Cap Growth Fund.** The Board considered that the Fund outperformed its benchmark for the one-, five- and ten-year periods and outperformed its peer group for the one-year period, though it underperformed its benchmark and peer group for the other periods. The Board noted that the Fund outperformed its benchmark in three of the last five calendar years. The Board also considered changes made to the Sub-Adviser's investment process in 2024 and the resulting improved performance, such that the Fund outperformed its benchmark and peer group (ranking in the 31st percentile) for the calendar year 2024. The Board concluded that it would be advisable to give the revised investment process time to establish a longer track record. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Global Allocation Fund.** The Board considered that the Fund outperformed its peer group and blended benchmark for the one-year period, though it underperformed its peer group and blended benchmark for all other periods. The Board further noted that the Fund outperformed its blended benchmark for the first quarter of 2025. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Hedged Equity Fund.** The Board considered that the Fund outperformed its benchmark for the three- and five-year periods and its peer group for all periods, though it underperformed its benchmark for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Managed Aggressive Growth Fund.** The Board considered that the Fund outperformed its blended benchmark for the ten-year period and its custom peer group for all periods, though it underperformed

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its blended benchmark for the other periods. The Board further noted that the Fund underwent a change in Sub-Adviser and an investment strategy change in October 2024. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Managed Conservative Fund.** The Board considered that the Fund outperformed its benchmark for all periods and its custom peer group for the one-, five-, and ten-year periods. The Board noted that the Fund's performance equaled its custom peer group for the three-year period. The Board further noted that the Fund underwent a change in Sub-Adviser and an investment strategy change in October 2024. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Managed Growth Fund.** The Board considered that the Fund outperformed its custom peer group for all periods, though it underperformed its blended benchmark for all periods. The Board further noted that the Fund underwent a change in Sub-Adviser and an investment strategy change in October 2024. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Managed Moderate Fund.** The Board considered that the Fund outperformed its blended benchmark for the five- and ten-year periods and its custom peer group for all periods, though it underperformed its blended benchmark for the other periods. The Board further noted that the Fund underwent a change in Sub-Adviser and an investment strategy change in October 2024. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Managed Moderate Growth Fund.** The Board considered that the Fund outperformed its custom peer group for the one-, five-, and ten-year periods, though it underperformed its blended benchmark for all periods. The Board further noted that the Fund underwent a change in Sub-Adviser and an investment strategy change in October 2024. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan MidCap Growth Fund.** The Board considered that the Fund outperformed its benchmark for the five- and ten-year periods and its peer group for the three-, five-, and ten-year periods, though the Fund underperformed its benchmark for the one- and three-year periods and its peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan U.S. Value Fund.** The Board considered that the Fund outperformed its peer group for the one- and three-year periods, though it underperformed its peer group for the remaining periods and its benchmark for all periods. The Board took into account that the Fund outperformed its benchmark in two of the last four calendar years and its peer group in three of the last four calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Lazard International Quality Growth Fund.** The Board considered that the Fund outperformed its benchmark for the five- and ten-year periods and its peer group for the ten-year period, though it underperformed its benchmark and peer group for the other periods. The Board also noted that it previously approved an investment strategy change for this Fund that went effective in October 2024 and that it would be prudent to allow the team more time to develop its performance record with the Fund. As a result, the Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Loomis Sayles Global Growth Fund, JNL/Lord Abbett Short Duration Income Fund, and JNL/Westchester Capital Event Driven Fund.** The Board considered that each Fund outperformed its benchmark and peer group for all applicable periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

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**JNL/Mellon Bond Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance was within 6 basis points, 8 basis points, 4 basis points, and 6 basis points of its benchmark for the one-, three-, five-, and ten-year periods, respectively. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/Mellon Communication Services Sector Fund and JNL/Mellon S&P 500 Index Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund's performance surpassed its benchmark for the one-, three-, five-, and ten-year periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/Mellon Consumer Discretionary Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the ten-year period, equaled its benchmark for the one- and three-year periods, and lagged its benchmark for the five-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Consumer Staples Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the one- and five-year periods and equaled its benchmark for the three-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Dow<sup>SM</sup> Index Fund and JNL/Mellon Energy Sector Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for its passive investment mandate. The Board noted that each Fund's performance surpassed its benchmark for the ten-year period and lagged its benchmark for the one-, three-, and five-year periods. The Board took into account JNAM's assertions that it is comfortable with each Fund's tracking performance for each period and that each Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/Mellon Emerging Markets Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance lagged its benchmark for the one-year period and lagged its benchmark by no more than 47 basis points for the three-, five-, and ten-year periods. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

815

**JNL/Mellon Financial Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the three-, five-, and ten-year periods, though it lagged its benchmark for the one-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Healthcare Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the five- and ten-year periods, equaled its benchmark for the three-year period, and lagged its benchmark for the one-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Industrials Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the five-year period and was within 9 basis points and 4 basis points for the one- and three-year periods, respectively. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Information Technology Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance equaled its benchmark for the three-, five-, and ten-year periods, though it lagged its benchmark for the one-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon International Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the three- and ten-year periods, equaled its benchmark for the five-year period, and lagged its benchmark for the one-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/Mellon Materials Sector Fund and JNL/Morningstar U.S. Sustainability Index Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund's performance surpassed its benchmark for the one-, three-, and five-year periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

816

**JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon World Index Fund, and JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund's performance surpassed its benchmark for the one-, three-, and five-year periods, though each Fund lagged its benchmark for the ten-year period. The Board took into account JNAM's assertions that it is comfortable with each Fund's tracking performance for each period and that each Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/Mellon Real Estate Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the one-year period and was within 4 basis points and 5 basis points of its benchmark for the three- and five-year periods, respectively. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon S&P 400 MidCap Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance was within 8 basis points, 9 basis points, 7 basis points, and 1 basis point for the one-, three-, five-, and ten-year periods, respectively. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/Mellon Small Cap Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance was within 18 basis points, 11 basis points, 5 basis points, and 21 basis points for the one-, three-, five-, and ten-year periods, respectively. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/Mellon U.S. Stock Market Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for its passive investment mandate. The Board considered that the Fund outperformed its benchmark for the one- and three-year periods and equaled its benchmark for the five-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Utilities Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance was within 24 basis points, 15 basis points, 8 basis points, and 7 basis points for the one-, three-, five-, and ten-year periods, respectively. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking

817

performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/MFS Mid Cap Value Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-, three-, and five-year periods, though it underperformed its benchmark and peer group for the ten-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Moderate Growth Allocation Fund.** The Board considered that the Fund outperformed its benchmark for all periods and its custom peer group for the three-, five-, and ten-year periods, but underperformed the custom peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/Morningstar PitchBook Listed Private Equity Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund surpassed its benchmark for the one-year period and the fourth quarter of 2024. The Board noted that the Fund commenced operations in April 2021 and had only three calendar years of performance data as of December 31, 2024, and that the Fund outperformed its benchmark in two of those three calendar years. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for the period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Morningstar SMID Moat Focus Index Fund and JNL/PPM America Investment Grade Credit Fund.** The Board considered that both Funds commenced operations in April 2024 and did not yet have a complete calendar year of performance as of December 31, 2024. The Board noted, therefore, that it would be prudent to allow each team more time to develop its performance record with each Fund. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/Morningstar Wide Moat Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance lagged its benchmark for all periods. The Board considered, however, that the Fund surpassed its benchmark in two out of the prior three calendar years. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager Emerging Markets Equity Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the fourth quarter of 2024, though it underperformed its benchmark and peer group for the other periods. The Board further took into account that the Fund outperformed its benchmark for the first quarter of 2025. The Board further noted that management replaced one of the Sub-Advisers in April 2024. In light of this, the Board concluded it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager Floating Rate Income Fund.** The Board considered that the Fund outperformed its benchmark for the fourth quarter of 2024 and for the one-year period, though it underperformed its benchmark for the other periods and its peer group for all periods. The Board noted that, effective September 2022, a new Sub-Adviser was appointed to the Fund and began managing a portion of the Fund's assets. The Board also considered that the Fund outperformed its benchmark in the last two calendar years and outperformed its peer group in calendar year 2023 (ranking in the 22nd percentile). The Board noted that, because of the recent Sub-Adviser

818

addition and other various changes, it would be prudent to allow the teams more time to develop their performance records with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager International Small Cap Fund.** The Board considered that the Fund outperformed its benchmark for the one- and five-year periods and its peer group for all periods, though it underperformed its benchmark for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager Mid Cap Fund.** The Board considered that the Fund underperformed its benchmark and peer group for all periods. The Board took into account that the Fund outperformed its benchmark for two of the last four calendar years and that longer-term underperformance has been impacted by underperformance in calendar years 2023 and 2024. Further, the Board determined that because of the termination of a Fund strategy and Sub-Adviser in October 2024, the addition of a new Fund strategy and Sub-Adviser in June 2025, and the termination of a Fund strategy and Sub-Adviser in August 2025, it would be prudent to allow the current portfolio management teams more time to develop their performance records with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager Small Cap Growth Fund.** The Board considered that the Fund outperformed its benchmark for the ten-year period and outperformed its peer group for the fourth quarter of 2024, though it underperformed its benchmark and peer group for the other periods. The Board also noted that the Fund outperformed its peer group for the first quarter of 2025. Further, the Board considered the recent addition of a new strategy in 2024 and two new strategies in 2022, as well as the termination of a strategy and Sub-Adviser in August 2025. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager U.S. Select Equity Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-year period. The Board also noted that, effective August 29, 2025, a new Sub-Adviser was appointed to the Fund and began managing a portion of the Fund's assets. As it relates to the new Sub-Adviser, the Board reviewed the performance of the new Sub-Adviser's proposed investment mandate with a similar investment strategy as compared to a benchmark index and peer group returns. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Neuberger Berman Gold Plus Strategy Fund.** The Board considered that the Fund outperformed its custom peer group for the one-year period, though it underperformed its benchmark for the same period. The Board noted that the Fund commenced operations in April 2022 and only had two calendar years of performance data as of December 31, 2024. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/PIMCO Investment Grade Credit Bond Fund.** The Board considered that the Fund outperformed its benchmark for all periods and its peer group for the one-year period, though it underperformed its peer group for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/PPM America High Yield Bond Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods and its peer group for the one- and five-year periods, though it underperformed its benchmark and peer group for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

819

**JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund.** The Board noted the Fund's unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board considered that the Fund outperformed its benchmark for the three- and five-year periods, though it underperformed its benchmark for the one- and ten-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL S&P 500 Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance was within 4 basis points, 1 basis point, and 4 basis points of its benchmark for the one-, three-, and five-year periods, respectively. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price Balanced Fund.** The Board considered that the Fund outperformed its benchmark for the one-year period and its peer group for the one- and five-year periods, though it underperformed its benchmark and peer group for the other periods. The Board further considered JNAM's assertion that it will continue to closely monitor the Fund's performance and will consider possible strategic alternatives if performance does not continue to improve. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price Capital Appreciation Fund.** The Board considered that the Fund outperformed its blended benchmark for the three-, five-, and ten-year periods and its peer group for all periods, though it underperformed its benchmark for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price Growth Stock Fund.** The Board considered that the Fund outperformed its peer group for the one-year period, though it underperformed its peer group for the other periods and its benchmark for all periods. The Board noted that the Fund outperformed its peer group in the fourth quarter of 2024 and in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price Mid-Cap Growth Fund.** The Board considered that the Fund outperformed its peer group for the three-year period, though it underperformed its peer group for the other periods and its benchmark for all periods. The Board noted that the Fund outperformed its peer group for the first quarter of 2025. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price Short-Term Bond Fund.** The Board considered that the Fund outperformed its benchmark for all periods, equaled the performance of its peer group for the three-year period, and underperformed its peer group for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price U.S. High Yield Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-year period, though it underperformed its benchmark and peer group for the other remaining periods. However, the Board considered JNAM's assertion that the underperformance record was largely driven by two challenging calendar years: 2020 and 2022. The Board further noted that the Fund outperformed its benchmark and peer group for the 2024 and 2023 calendar years. The Board further considered JNAM's assertion that it will continue to closely monitor the Fund's performance and will consider possible strategic alternatives if performance does not continue to improve. In light of the foregoing, the Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreements.

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**JNL/T. Rowe Price Value Fund.** The Board considered that the Fund outperformed its benchmark for the five-year period and its peer group for the one-, five-, and ten-year periods, though it underperformed its benchmark and peer group for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Vanguard Growth ETF Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods, though it underperformed its custom peer group for all periods. The Board further noted that the Fund outperformed its benchmark in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Vanguard Moderate ETF Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods, though it underperformed its custom peer group for all periods. The Board further noted that the Fund outperformed its benchmark in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Vanguard Moderate Growth ETF Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods, though it underperformed its custom peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WCM China Quality Growth Fund.** The Board considered that the Fund underperformed its peer group and benchmark for the one-year period. The Board took into account that the Fund outperformed its peer group in the fourth quarter of 2024, the first quarter of 2025, and the second quarter of 2025. The Board noted that the Fund commenced operations in April 2022 and had only two calendar years of performance data as of December 31, 2024. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board further considered JNAM's assertion that it will continue to closely monitor the Fund's performance and will consider possible strategic alternatives if performance does not improve. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WCM Focused International Equity Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-, five-, and ten-year periods, though it underperformed its benchmark and peer group for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/William Blair International Leaders Fund.** The Board considered that the Fund underperformed its benchmark and peer group for all periods. The Board noted, however, that the Fund changed Sub-Advisers effective April 2022, and the new team has been continually repositioning the Fund's portfolio. The Board also considered that the Fund outperformed its benchmark and peer group for the second quarter of 2025. The Board further took into account that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WMC Balanced Fund.** The Board considered that the Fund outperformed its peer group for all periods, though it underperformed its blended benchmark for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WMC Equity Income Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the three-year period, though the Fund underperformed its benchmark and peer group for the other

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applicable periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WMC Global Real Estate Fund.** The Board considered that the Fund outperformed its benchmark for all periods and its peer group for the one- and three-year periods, though it underperformed its peer group for the five- and ten-year periods. The Board further noted that the Fund outperformed its benchmark in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WMC Value Fund.** The Board considered that the Fund underperformed its benchmark and peer group for all periods, though the Fund outperformed its benchmark and peer group in the first quarter of 2025 (ranking in the 32nd percentile). The Board further noted that the Fund outperformed its benchmark and peer group in two of the last four calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

***Costs of Services*** 

The Board reviewed the fees paid to JNAM and each Fund's Sub-Adviser(s). For each Fund, the Board reviewed fee and expense information as compared to that of comparable funds managed by other advisers, as well as fees charged by each Sub-Adviser to similar clients, if any. The Board also noted that JNAM does not manage any institutional accounts with which the Funds' fees could be compared*.* Using information provided by an independent data service, the Board evaluated each Fund's advisory fees compared to the average advisory fees for other funds similar in size, character, and investment strategy (the "peer group"). The Board considered each Fund's total expense ratio and compared that to the average total expense ratio of the peer group. For certain Funds, the Board considered the total expense ratio without the inclusion of, where applicable, transfer agency and Rule 12b-1 fees. This consideration was based on JNAM's assertion that, due to the composition of certain peer groups that contain both retail and variable annuity funds, the total expense ratio (excluding transfer agency and Rule 12b-1 fees) was a more meaningful source of comparative information. While the Board also considered each Fund's sub-advisory fee and compared that to the average sub-advisory fee of the peer group, the Board noted that each Fund's sub-advisory fee would be paid by JNAM (not the Fund) and, therefore, would be neither a direct shareholder expense nor a direct influence on a Fund's total expense ratio. The Board noted that comparison to peer groups provides a helpful way to evaluate the Funds' fees but took into account that peer group universes are constantly evolving, and, as such, the universe of comparable funds in the Funds' peer groups may change from time to time.

The Board also took into account that various fee reductions and other fee changes were implemented for certain Funds on March 1, 2023, April 1, 2023, May 1, 2023, September 1, 2023, October 1, 2023, February 1, 2024, June 28, 2024, September 1, 2024, October 21, 2024, November 1, 2024, January 1, 2025, March 1, 2025, April 28, 2025, May 1, 2025, June 1, 2025, July 1, 2025, and September 1, 2025. It noted that these reductions will serve to further reduce certain Funds' advisory fees, sub-advisory fees, and/or total expense ratios.

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

**JNL/AB Sustainable Global Thematic Fund, JNL/ClearBridge Large Cap Growth Fund, and JNL/PPM America Total Return Fund.** The Board took into account that each Fund's advisory fee is lower than its peer group average, while each Fund's sub-advisory fee is equal to its peer group average. The Board considered that each Fund's total expense ratio is within one basis point of its respective peer group average. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

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**JNL Aggressive Growth Allocation Fund and JNL Moderate Allocation Fund.** The Board noted that each Fund's advisory fee is lower than its peer group average. The Board considered that each Fund's total expense ratio (including underlying fund expenses) is higher than its peer group average. The Board also considered that each Fund's total expense ratio (excluding underlying fund expenses) is within three basis points of its peer group average. The Board noted that each of the Funds' underlying funds is subject to individual oversight. The Board also considered that each Fund does not have a sub-advisory fee. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/American Funds Balanced Fund.** The Board considered that the Fund's advisory fee is higher than the peer group average, while the Fund's total expense ratio (including Master Fund expenses) is equal to the peer group average. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Bond Fund of America Fund and JNL/American Funds Capital Income Builder Fund.** The Board considered that each Fund's advisory fee is lower than its peer group average, while its total expense ratio (including Master Fund expenses) is within three basis points of its peer group average. The Board considered that each Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/American Funds Capital World Bond Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average, while its total expense ratio (including Master Fund expenses) is within seven basis points of its peer group average. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Global Small Capitalization Fund.** The Board noted that the Fund's advisory fee is lower than the peer group average. The Board considered that the Fund's total expense ratio (including Master Fund expenses) is higher than the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction effective April 29, 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Growth Allocation Fund and JNL/American Funds Moderate Growth Allocation Fund.** The Board considered that each Fund's advisory fee and total expense ratio (including and excluding underlying fund expenses) are higher than their respective peer group averages. The Board considered that each Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/American Funds Growth Fund.** The Board considered that the Fund's total expense ratio (including Master Fund expenses) is lower than the peer group average, though the Fund's advisory fee is higher than the peer group average. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Growth-Income Fund and JNL/American Funds International Fund.** The Board considered that each Fund's advisory fee is lower than the peer group average, while each Fund's total expense ratio (including Master Fund expenses) is within five basis points of its peer group average. The Board considered that each Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

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**JNL/American Funds Moderate Allocation Fund.** The Board considered that the Fund's advisory fee is higher than the peer group average, while the Fund's total expense ratio (including underlying fund expenses) is within three basis points of the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds New World Fund and JNL/Mellon International Index Fund.** The Board considered that each Fund's advisory fee is lower than its peer group average and that each Fund's total expense ratio (including Master Fund expenses) is within four basis points of its peer group average. The Board considered that each Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/American Funds Washington Mutual Investors Fund, JNL/American Funds Global Growth Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, and JNL/Mellon Small Cap Index Fund.** The Board considered that each Fund's advisory fee and total expense ratio (including Master Fund expenses) are lower than their respective peer group averages. The Board considered that each Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/AQR Large Cap Defensive Style Fund, JNL/BlackRock Global Natural Resources Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL Bond Index Fund, JNL/Causeway International Value Select Fund, JNL/DFA U.S. Core Equity Fund, JNL/DFA U.S. Small Cap Fund, JNL/Dreyfus Government Money Market Fund, JNL Emerging Markets Index Fund, JNL/Goldman Sachs 4 Fund, JNL International Index Fund, JNL/Invesco Global Growth Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon World Index Fund, JNL Mid Cap Index Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Newton Equity Income Fund, JNL Multi-Manager Emerging Markets Equity Fund, JNL/PPM America High Yield Bond Fund, JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund, JNL S&P 500 Index Fund, JNL Small Cap Index Fund, JNL/William Blair International Leaders Fund, JNL/WMC Balanced Fund, and JNL/WMC Value Fund.** The Board considered that each Fund's advisory and sub-advisory fees and total expense ratio are lower than their respective peer group averages. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/BlackRock Global Allocation Fund.** The Board considered that the Fund's advisory and sub-advisory fees are equal to its peer group average, while its total expense ratio is within seven basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Cohen & Steers U.S. Realty Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, the Fund's sub-advisory fee is within seven basis points of its peer group average, and the Fund's total expense ratio is within five basis points of its peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction effective October 21, 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Conservative Allocation Fund.** The Board considered that the Fund's advisory fee is within two basis points of its peer group average and the Fund's total expense ratio (including underlying fund expenses) is higher than its peer group average. The Board also considered that the Fund's total expense ratio (excluding underlying fund expenses) is within seven basis points of its peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board also considered that

824

the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/DFA International Core Equity Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, and JNL/T. Rowe Price Short-Term Bond Fund.** The Board considered that each Fund's advisory fee and total expense ratio are lower than their respective peer group averages, while each Fund's sub-advisory fee is within one basis point of its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average and the Fund's total expense ratio is within three basis points of the peer group average. The Board considered that the Fund's sub-advisory fee is within five basis points of the peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund.** The Board considered that the Fund's advisory fee is within four basis points of its peer group average, the sub-advisory fee is equal to its peer group average, and the total expense ratio is within one basis point of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE Fund.** The Board considered that the Fund's advisory fee is within one basis point of the peer group average, the sub-advisory fee is within four basis points of the peer group average, and the total expense ratio is higher than the peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a contractual advisory fee waiver effective April 2025. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/DoubleLine<sup>®</sup> Total Return Fund and JNL/GQG Emerging Markets Equity Fund.** The Board considered that each Fund's advisory fee is lower than its respective peer group average and each Fund's total expense ratio is only three basis points higher than its respective peer group average. The Board considered that each Fund's sub-advisory fee is higher than its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while the Fund's total expense ratio is equal to its peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective May 1, 2025, which will convert to a contractual advisory fee reduction in April 2026. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/First Sentier Global Infrastructure Fund.** The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages and the Fund's sub-advisory fee is within three basis points of its peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction in April 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

825

**JNL/Franklin Templeton Income Fund.** The Board considered that the Fund's advisory fee is within two basis points of its peer group average and the Fund's sub-advisory fee is within three basis points of its peer group average, while the Fund's total expense ratio is lower than its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board also took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2025, which will convert to a contractual advisory fee reduction in April 2026. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Growth Allocation Fund.** The Board took into account that the Fund's advisory fee is within three basis points of its peer group average. The Board considered that the Fund's total expense ratio (including and excluding underlying fund expenses) is higher than its peer group average. The Board noted that each of the Fund's underlying funds is subject to individual oversight. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Growth ETF Allocation Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board noted that the Fund's total expense ratio (including underlying fund expenses) is within four basis points of its peer group average, while the Fund's total expense ratio (excluding underlying fund expenses) is within three basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Invesco Diversified Dividend Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average and that the Fund's total expense ratio is within five basis points of its peer group average. The Board also considered that the Fund's sub-advisory fee is higher than the peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Invesco Small Cap Growth Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average and the Fund's total expense ratio is within one basis points of the peer group average. The Board also considered that the Fund's sub-advisory fee is within seven basis points of its peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction in April 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Global Allocation Fund.** The Board considered that the Fund's advisory fee is less than the peer group average while the Fund's sub-advisory fee is within one basis point of the peer group average. The Board noted that the Fund's total expense ratio is within seven basis points of the peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Hedged Equity Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average while its sub-advisory fee is equal to the peer group average. The Board considered that the Fund's total expense ratio is within three basis points of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Managed Aggressive Growth Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board further considered that the Fund's total expense ratio (including underlying fund expenses) is higher than its peer group average, though the Fund's total expense ratio (excluding underlying fund expenses) is within four basis points of its peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual

826

oversight. The Board also took into account that the Fund underwent a change in Sub-Adviser in October 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Managed Conservative Fund.** The Board considered that the Fund's advisory fee is within two basis points of the peer group average and the Fund's sub-advisory fee is equal to the peer group average. The Board further considered that the Fund's total expense ratio (including and excluding underlying fund expenses) is higher than its peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board took into account the Fund underwent a change in Sub-Adviser in October 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Managed Growth Fund.** The Board considered that the Fund's advisory and sub-advisory fees are equal to their respective peer group averages. The Board further considered that the Fund's total expense ratio (including underlying fund expenses) is higher than its peer group average, though the Fund's total expense ratio (excluding underlying fund expenses) is within four basis points of the peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board took into account the Fund underwent a change in Sub-Adviser in October 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Managed Moderate Fund.** The Board considered that the Fund's advisory fee is within one basis point of the peer group average and its sub-advisory fee is equal to the peer group average. The Board further considered that the Fund's total expense ratio (including underlying fund expenses) is higher than the peer group average, though the Fund's total expense ratio (excluding underlying fund expenses) is within seven basis points of the peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board took into account the Fund underwent a change in Sub-Adviser in October 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Managed Moderate Growth Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average and its sub-advisory fee is equal to the peer group average. The Board further considered that the Fund's total expense ratio (including underlying fund expenses) is higher than its peer group average, though the Fund's total expense ratio (excluding underlying fund expenses) is within four basis points of the peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board took into account the Fund underwent a change in Sub-Adviser in October 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Nasdaq<sup>®</sup> Hedged Equity Fund.** The Board considered that the Fund's advisory and sub-advisory fees are within one basis point of their respective peer group averages, while the Fund's total expense ratio is within five basis points of the peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan U.S. Value Fund and JNL Multi-Manager Floating Rate Income Fund.** The Board took into account that each Fund's advisory and sub-advisory fees are lower than their respective peer group averages and that each Fund's total expense ratio is within two points of its respective peer group average. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/Lazard International Quality Growth Fund.** The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages, while the Fund's sub-advisory fee is

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equal to its peer group average. The Board also took into account that JNAM, in conversations with the Board, implemented an advisory fee reduction effective October 21, 2024. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Loomis Sayles Global Growth Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL Multi-Manager Small Cap Value Fund, JNL/MFS Mid Cap Value Fund, JNL/Neuberger Berman Commodity Strategy Fund, JNL/WMC Equity Income Fund, and JNL/WMC Global Real Estate Fund.** The Board considered that each Fund's advisory fee and total expense ratio are lower than their respective peer group averages, while each Fund's sub-advisory fee is equal to its peer group average. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/Lord Abbett Short Duration Income Fund.** The Board considered that the Fund's advisory fee is within one basis point of its peer group average, the Fund's sub-advisory fee is within four basis points of its peer group average, and the Fund's total expense ratio is within two basis points of its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Mellon Bond Index Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average while its total expense ratio (including Master Fund expenses) is within two basis points of its peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Mellon S&P 500 Index Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board noted that the Fund's total expense ratio is within five basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Mellon U.S. Stock Market Index Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board noted that the Fund's total expense ratio is within three basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Moderate ETF Allocation Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board noted that the Fund's total expense ratio (excluding underlying fund expenses) is within three basis points of its peer group average and the Fund's total expense ratio (including underlying fund expenses) is within two basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Moderate Growth Allocation Fund.** The Board considered that the Fund's advisory fee is equal to its peer group average, while the Fund's total expense ratio (including underlying fund expenses) is higher than its peer group average, though the Fund's total expense ratio (excluding underlying fund expenses) is within seven basis points of its peer group average. The Board further noted that the Fund's underlying funds are subject to individual oversight. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Moderate Growth ETF Allocation Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board noted that the Fund's total expense ratio (excluding and including underlying fund expenses) is within two basis points of its peer group average. The

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Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Morningstar SMID Moat Focus Index Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board noted that the Fund's total expense ratio is higher than its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Morningstar Wide Moat Index Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while the Fund's total expense ratio is within six basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Multi-Manager Alternative Fund.** The Board considered that the Fund's advisory fee is within two basis points of its peer group average, while the Fund's total expense ratio is within five basis points of its peer group average. The Board noted that the Fund's sub-advisory fee is higher than its peer group average. The Board also took into account that JNAM, in conversations with the Board, implemented an advisory fee waiver in April 2025. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Multi-Manager International Small Cap Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, while the Fund's sub-advisory fee is higher than its peer group average. The Board also considered that the Fund's total expense ratio is within six basis points of its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Multi-Manager Mid Cap Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, and the Fund's sub-advisory fee is within two basis points of its peer group average. The Board also considered that the Fund's total expense ratio is within six basis points of its respective peer group average and considered management's representation that none of the peers were multi-manager funds which require different levels of oversight. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective July 1, 2025, which will convert to a contractual advisory fee reduction in April 2026. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Multi-Manager Small Cap Growth Fund.** The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages, while the Fund's sub-advisory fee is higher than its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Multi-Manager U.S. Select Equity Fund and JNL/Neuberger Berman Strategic Income Fund.** The Board considered that each Fund's advisory and sub-advisory fee is lower than its respective peer group average, while each Fund's total expense ratio is within one basis point of its peer group average. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/Neuberger Berman Gold Plus Strategy Fund.** The Board considered that the Fund's advisory and sub-advisory fees are higher than their respective peer group averages. The Board also considered that the Fund's total expense ratio is within six basis points of its peer group average. The Board took into account that

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JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2025, which will convert to a contractual advisory fee reduction in April 2026. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/PIMCO Income Fund.** The Board considered that the Fund's advisory fee and total expense ratio is lower than its peer group average and the Fund's sub-advisory fee is within three basis points of its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/PIMCO Investment Grade Credit Bond Fund.** The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages. The Board noted that the Fund's sub-advisory fee is within four basis points of its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/PIMCO Real Return Fund and JNL/PPM America Investment Grade Credit Fund.** The Board considered that each Fund's advisory fee is lower than its peer group average and each Fund's total expense ratio is within two basis points of its peer group average. The Board noted that each Fund's sub-advisory fee is within three basis points of its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while its total expense ratio is within five basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Balanced Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while the Fund's total expense ratio is equal to its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Capital Appreciation Equity Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while its total expense ratio is within five basis points of its peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2025, which will convert to a contractual advisory fee reduction in April 2026. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/ T. Rowe Price Capital Appreciation Fund.** The Board took into account that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while its total expense ratio is within two basis points of its peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2025, which will convert to a contractual advisory fee reduction in April 2026. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Growth Stock Fund.** The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio are lower than their respective peer group averages. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction effective April 28, 2025, as well as a voluntary advisory fee waiver effective September 1, 2025, which will

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convert to an additional contractual advisory fee reduction in April 2026. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Mid-Cap Growth Fund.** The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio are lower than their respective peer group averages. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2025, which will convert to a contractual advisory fee reduction in April 2026. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price U.S. High Yield Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, while the Fund's sub-advisory fee is within one basis point of its peer group average and the Fund's total expense ratio is within five basis points of its peer group averages. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Value Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while the Fund's total expense ratio is within four basis points of its peer group averages. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2025, which will convert to a contractual advisory fee reduction in April 2026. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Vanguard Growth ETF Allocation Fund.** The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio (including underlying fund expenses) are lower than their respective peer group averages. The Board also considered that the Fund's expense ratio (excluding underlying fund expenses) is within one basis point of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Vanguard Moderate ETF Allocation Fund and JNL/Vanguard Moderate Growth ETF Allocation Fund.** The Board considered that each Fund's advisory and sub-advisory fees and total expense ratio total expense ratio (including underlying fund expenses) are lower than their respective peer group averages. The Board also considered that each Fund's total expense ratio (excluding underlying fund expenses) is within three basis points of its peer group average. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/WCM China Quality Growth Fund.** The Board considered that the Fund's sub-advisory fee and total expense ratio are lower than their respective peer group averages, while the Fund's advisory fee is higher than its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/WCM Focused International Equity Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, the Fund's sub-advisory fee is equal to its peer group average, and the Fund's total expense ratio is within four basis points of its peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction in April 2025. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Westchester Capital Event Driven Fund.** The Board considered that the Fund's advisory fee is higher than its peer group average while the Fund's total expense ratio is lower than its peer group average. The Board noted that the Fund's sub-advisory fee is equal to its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

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***Economies of Scale*** 

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

The Board also considered that the sub-advisory fee rates have been separately negotiated between JNAM and each Sub-Adviser at arm'slength. These sub-advisory fees are paid by JNAM to each Sub-Adviser. For this reason, JNAM, rather than shareholders, directly benefits from these breakpoints. Additionally, to the extent that JNAM is waiving its advisory fee with respect to a certain Fund, it may also be benefitting from the breakpoints in sub-advisory fees. The Board concluded that the sub-advisory fee schedules, where applicable, in some measure allow for adequate participation by shareholders in economies of scale.

***Profitability*** 

The Board considered information concerning the costs incurred and profits realized by JNAM and each Sub-Adviser. The Board also considered JNAM's fee waivers for certain Funds, pursuant to which it has reduced its fees and reimburses other expenses of the Funds, as applicable, to reduce the total annual operating expenses of the Funds. The Board determined that profits realized by JNAM, and each Sub-Adviser were not unreasonable.

***Other Benefits to JNAM and the Sub-Advisers*** 

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

In evaluating the benefits that may accrue to the Sub-Advisers through their relationship with the Fund(s), the Board noted that each Sub-Adviser may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Funds' assets and may also develop additional investment advisory business with JNAM, the Funds or other clients of the Sub-Adviser as a result of its relationship with the Fund(s). The Board also considered that, in the case of J.P. Morgan Investment Management, Inc. ("JPMorgan"), affiliates serve as the custodian and/or the securities lending agent for the Funds, as well as for JNL Investors Series Trust.

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The Board considered that each service provided to the Funds by JPMorgan affiliates are pursuant to a written agreement, which the Board evaluates periodically as required by law.

#### JNL Series Trust

#### (the "Trust")

#### APPROVAL OF INVESTMENT ADVISORY, SUB-ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS
The Board of Trustees of the Trust (the "Board") oversees the management of the Trust and its separate series (each, a "Fund" and collectively, the "Funds") and, as required by law, determines whether to approve the Trust's advisory agreements ("Advisory Agreements") with Jackson National Asset Management, LLC ("JNAM" or the "Adviser") and each Fund's Sub-Adviser(s) ("Sub-Advisory Agreement" or "Sub-Advisory Agreements," as applicable) and Sub-Sub-Adviser(s) ("Sub-Sub-Advisory Agreement" or "Sub-Sub-Advisory Agreements," as applicable, and, collectively with the Advisory Agreement and Sub-Advisory Agreements, the "Agreements").

At a meeting on December 10-11, 2025, the Board, including all of the independent trustees, who are not interested persons of the Trust (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered information relating to the addition of the following new Fund (the "New Fund") to the existing Advisory Agreement and the corresponding amended Sub-Advisory Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JNL/PPM America Emerging Markets Debt Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An amendment to the Trust's existing Sub-Advisory Agreement with PPM America, Inc. ("PPM").

In addition, the Board considered information relating to Sub-Adviser and Sub-Sub-Adviser replacements and additions for the following existing Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JNL Multi-Manager International Small Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An amendment to the Trust's existing Sub-Advisory Agreement with Fidelity Institutional Asset Management LLC ("FIAM") whereby FIAM is appointed to manage a sleeve of the Fund, and a new Sub-Sub-Advisory Agreement between FIAM and FMR Investment Management (UK) Limited ("FMR"), whereby FMR is appointed as a Sub-Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. JNL/ClearBridge Large Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An amendment to the Trust's existing Sub-Advisory Agreement with FIAM, whereby FIAM would replace ClearBridge as Sub-Adviser, and the Fund is renamed the JNL/Fidelity Institutional AM & JPMorgan Large Cap Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An amendment to the Trust's existing Sub-Advisory Agreement with J.P. Morgan Investment Management Inc. ("JPM"), whereby JPM would replace ClearBridge as Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. JNL/Invesco Diversified Dividend Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An amendment to the Trust's existing Sub-Advisory Agreement with Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS"), whereby MFS would replace Invesco Advisers, Inc. ("Invesco") as Sub-Adviser, and the Fund is renamed the JNL/MFS Equity Income Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. JNL/William Blair International Leaders Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An amendment to the Trust's existing Sub-Advisory Agreement with Causeway Capital

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Management LLC ("Causeway"), whereby Causeway is appointed as a Sub-Adviser, and the Fund is renamed the JNL Multi-Manager International Equity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An amendment to the Trust's existing Sub-Advisory Agreement with Lazard Asset Management LLC ("Lazard"), whereby Lazard is appointed as a Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An amendment to the Trust's existing Sub-Advisory Agreement with WCM Investment Management, LLC ("WCM"), whereby WCM is appointed as a Sub-Adviser.

Also, the Board considered information relating to a new Sub-Advisory Agreement between Reinhart Partners, LLC ("Reinhart"), sub-adviser for a sleeve of the JNL Multi-Manager Small Cap Value Fund, and JNAM, to be effective upon the completion of the change of control of Reinhart. The Board noted that Baird Financial Corporation ("Baird") was purchasing a minority interest in Reinhart. The Board noted that that this transaction will trigger a change of control of Reinhart, which will automatically terminate the current sub-advisory agreement with Reinhart.

In advance of the meeting, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Agreements. The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration of the Agreements. With respect to its approval of an amendment to the Sub-Advisory Agreement with each of Causeway, FIAM, JPM, Lazard, MFS, PPM and WCM, the Board noted that these Sub-Advisory Agreements were with Sub-Advisers that already provide services to one or more existing Funds in the Trust. Thus, with respect to these Sub-Advisers, the Board also considered relevant information provided at previous Board meetings. At the conclusion of the Board's discussions, the Board approved the Agreements.

In reviewing the Agreements and considering the information, the Board was advised by independent legal counsel. The Board considered the factors it deemed relevant and the information provided by the Adviser, Sub-Advisers and Sub-Sub-Adviser for this meeting and for previous meetings, as applicable, including: (1) the nature, quality and extent of the services to be provided; (2) the investment performance of the Funds; (3) cost of services of the Funds; (4) profitability data; (5) whether economies of scale may be realized and shared, in some measure, with investors as the Funds grow; and (6) other benefits that may accrue to the Sub-Advisers and the Sub-Sub-Advisers through their relationships with the Trust. In its deliberations, the Board, in exercising its business judgment, did not identify any single factor that alone was responsible for the Board's decision to approve the Agreements. Certain of the factors considered in the Board's deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

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

***Nature, Quality and Extent of Services***

The Board examined the nature, quality and extent of the services provided and to be provided by JNAM, the Sub-Advisers and the Sub-Sub-Advisers.

For the New Fund, the Board considered the services to be provided by JNAM, including, but not limited to, the oversight of the Sub-Adviser pursuant to the Trust's "Manager of Managers" exemptive relief, as well as the provision of recordkeeping and compliance services to the Fund. The Board also took into account that JNAM would monitor the performance of the various organizations that would provide services to the Funds,

834

including the Funds' distributor and custodian. With respect to JNAM's oversight of the Sub-Advisers, the Board noted that JNAM would be responsible for screening and recommending new sub-advisers when appropriate, as well as monitoring and reporting to the Board on a regular basis as to the performance and operations of the Funds' existing Sub-Advisers.

The Board also considered the investment sub-advisory services to be provided by each Sub-Adviser and Sub-Sub-Adviser. The Board noted JNAM's evaluation of each Sub-Adviser and Sub-Sub-Adviser, as well as JNAM's recommendations, based on its review of each Sub-Adviser and Sub-Sub-Adviser, in connection with its approval of the Sub-Advisory Agreements and Sub-Sub-Advisory Agreements. The Board also considered the various business-related risks JNAM faces as a result of managing the series of the Trust, including entrepreneurial, legal and litigation risks, some of which may be significant.

The Board reviewed the qualifications, backgrounds and responsibilities of JNAM's senior management that would be responsible for oversight of the New Fund and each Sub-Adviser and Sub-Sub-Adviser, and also reviewed the qualifications, backgrounds and responsibilities of the Sub-Advisers' and Sub-Sub-Advisers' portfolio managers who are and would be responsible for the day-to-day management of each Fund and relevant sleeve of a Fund, as applicable. Regarding the anticipated change of control of Reinhart, the Board noted the portfolio managers would not change in connection with the change of control. The Board reviewed information pertaining to each Sub-Adviser's organizational structure, senior management, financial condition, investment operations, and other relevant information pertaining to each Sub-Adviser and Sub-Sub-Adviser. The Board considered compliance reports about JNAM, the Sub-Advisers and the Sub-Sub-Advisers from the Trust's Chief Compliance Officer.

Based on the foregoing, the Board concluded for each Fund that the Fund is likely to benefit from the nature, extent and quality of the services provided and to be provided, as applicable, by JNAM under the Advisory Agreement and each Sub-Adviser and Sub-Sub-Adviser under the applicable Sub-Advisory Agreement and Sub-Sub-Advisory Agreement.

***Investment Performance of the Funds***

#### New Fund:
**JNL/PPM America Emerging Markets Debt Fund. The Board took into account that the Fund had not commenced operations and there was no Fund performance data to review. The Board further noted that the proposed Sub-Adviser's investment mandate is a custom strategy for the Fund. Accordingly, the Board considered past performance results for a representative investment strategy as compared to the Fund's proposed benchmark index and peer group returns.**

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#### Sub-Adviser and Sub-Sub-Adviser Replacements and Additions for Existing Funds:
**JNL Multi-Manager International Small Cap Fund.** The Board reviewed the performance of the Fund's proposed Sub-Adviser's investment mandates with similar investment strategies as compared to the Fund, the Fund's benchmark index and the Fund's peer group returns. The Board also considered the Sub-Adviser's proposal regarding how the Sub-Sub-Adviser would have certain investment responsibilities.

**JNL/ClearBridge Large Cap Growth Fund (to be renamed JNL/Fidelity Institutional AM & JPMorgan Large Cap Growth Fund).** The Board reviewed the performance of the Fund's proposed Sub-Advisers' investment mandates with similar investment strategies as compared to the Fund, the Fund's benchmark index and the Fund's peer group returns.

**JNL/Invesco Diversified Dividend Fund (to be renamed JNL/MFS Equity Income Fund). The Board reviewed the performance of the Fund's proposed Sub-Adviser's investment mandates with similar investment strategies as compared to the Fund, the Fund's benchmark index and the Fund's peer group returns.** 

**JNL/William Blair International Leaders Fund (to be renamed JNL Multi-Manager International Equity Fund). The Board reviewed the performance of the Fund's proposed Sub-Advisers' investment mandates with similar investment strategies as compared to the Fund, the Fund's benchmark index and the Fund's peer group returns.** 

#### Change of Control
**JNL Multi-Manager Small Cap Value Fund.** The Board noted that the sleeve of the Fund sub-advised by Reinhart outperformed its benchmark and peer group median for the three- and five-year periods ended September 30, 2025, though the sleeve underperformed its benchmark and peer group median for the one-year period ended September 30, 2025. The Board considered information relating to the change of control and noted JNAM's and Reinhart's assertions that the change of control will not affect the services provided to the Fund, and that there will be no material changes to the investment philosophy, process or investment team for the Fund.

***Costs of Services***

The Board reviewed the fees to be paid to the Adviser, each Sub-Adviser and Sub-Sub-Adviser, as applicable. The Board noted that the Funds' sub-advisory fees would be paid by JNAM (not the Fund) and that for JNL Multi-Manager International Small Cap Fund, sub-sub-advisory fees would be paid by the Fund's Sub-Adviser, and, therefore, would be neither a direct shareholder expense nor a direct influence on the Fund's total expense ratio.

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

#### New Fund:
**JNL/ PPM America Emerging Markets Debt Fund.** The Board considered that the Fund's proposed advisory fee and total expense ratio are each lower than their respective peer group averages, while the Fund's sub-advisory fee is equal to its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services to be provided.

836

#### Sub-Adviser and Sub-Sub-Adviser Replacements and Additions for Existing Funds:
**JNL Multi-Manager International Small Cap Fund.** The Board considered that the Fund's advisory fee is below its peer group average, while its sub-advisory fee is within seven basis points of its peer group average and the Fund's total expense ratio is within six basis points of the peer group average. The Board noted that in conjunction with the Sub-Adviser addition, the Fund's advisory fee is proposed to change. In this regard, the Board noted that the proposed advisory fee is lower than the current advisory fee and the peer group average. The Board also noted that the Fund's total expense ratio, after taking account of the proposed advisory and sub-advisory fee changes, will be lower than the current total expense ratio. The Board noted that the Fund's sub-sub-advisory fees would be paid by the Fund's Sub-Adviser (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/ClearBridge Large Cap Growth Fund (to be renamed JNL/Fidelity Institutional AM & JPMorgan Large Cap Growth Fund).** The Board considered that the Fund's advisory fee is below its peer group average, the proposed sub-advisory fee is equal to is peer group average, and the Fund's total expense ratio is within one basis point of its peer group average. The Board further noted that in conjunction with the Sub-Adviser change, the Fund's advisory fee and total expense ratio are not proposed to change. The Board concluded that the sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services to be provided.

**JNL/Invesco Diversified Dividend Fund (to be renamed JNL/MFS Equity Income Fund).** The Board considered that the proposed sub-advisory fee is lower than the current sub-advisory fee and the peer group average. The Board noted that in conjunction with the Sub-Adviser change, the Fund's advisory fee is proposed to change. In this regard, the Board noted that the proposed advisory fee is lower than the current advisory fee and the peer group average. The Board also noted that the Fund's total expense ratio, after taking account of the proposed advisory and sub-advisory fee changes, will be lower than both the current total expense ratio and the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services to be provided.

**JNL/William Blair International Leaders Fund (to be renamed JNL Multi-Manager International Equity Fund).** The Board considered that the Fund's advisory fee, proposed sub-advisory fees and total expense ratio are lower than their respective peer group averages. The Board further noted that in conjunction with the Sub-Adviser additions, the Fund's advisory fee and total expense ratio are not proposed to change. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

#### Change of Control
**JNL Multi-Manager Small Cap Value Fund.** The Board reviewed the fees to be paid to the Fund's Sub-Adviser. The Board noted that the fee schedule for the Fund will not change as a result of the change of control and will remain the same as the one in the current sub-advisory agreement. The Board concluded that the sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services to be provided.

***Profitability***

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

837

***Economies of Scale***

The Board considered whether each Fund's proposed fees reflect the potential for economies of scale for the benefit of Fund shareholders. Based on information provided by JNAM and the Sub-Advisers, the Board noted that the advisory fee arrangements for each Fund contain breakpoints that decrease the fee rate as assets increase. The Board also noted that each Sub-Adviser has agreed to breakpoints in the sub-advisory fee rates, with the exception of Causeway and WCM for the relevant sleeves of the JNL/William Blair International Leaders Fund (to be renamed JNL Multi-Manager International Equity Fund) and Reinhart for the relevant sleeve of JNL Multi-Manager Small Cap Value Fund. The Board also noted that the sub-advisory fee for each Fund will be paid by JNAM (not the Fund) and that, for JNL Multi-Manager International Small Cap Fund, the sub-sub-advisory fees will be paid by the Fund's Sub-Adviser (not the Fund).

The Board concluded that the Funds' fee schedules in some measure share economies of scale with shareholders.

***Other Benefits to the Adviser, the Sub-Advisers and the Sub-Sub-Advisers***

In evaluating the benefits that may accrue to JNAM through its relationship with the Funds, the Board noted that JNAM and certain of its affiliates would serve the Funds in various capacities, including as adviser, administrator, transfer agent, and distributor, and receive compensation from the Funds in connection with providing services to the Funds. The Board noted that each service to be provided to the Funds by JNAM or one of its affiliates would be pursuant to a written agreement, which the Board would evaluate periodically as required by law. In its periodic evaluation of the benefits to the Sub-Advisers, the Board also noted that certain Sub-Advisers may from time to time pay for portions of meetings organized by the Funds' distributor to educate wholesalers about the Fund(s) that each of those Sub-Advisers manage. The Board considered JNAM's assertion that those meetings do not yield a profit to the distributor that a sub-adviser is not required to participate in the meetings and that recommendations to hire or fire sub-advisers are not influenced by the sub-adviser's willingness to participate in the meetings. Lastly, the Board noted that certain affiliates of JNAM may receive benefits under the federal income tax laws with respect to tax deductions and credits.

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

838

**Supplement Dated August 29, 2025**

**To The Prospectus Dated April 28, 2025**

#### JNL <sup>®</sup> Series Trust
Please note that the changes below may impact your variable annuity and/or variable life product(s).

Unless otherwise noted, all changes are effective August 28, 2025.

*Please delete all references to and information for Baillie Gifford Overseas Limited.*

*Please delete all references to and information for Nuance Investments, LLC.*

*Effective August 1, 2025, for the JNL/American Funds Global Growth Fund, please delete all references to and information for Roz Hongsaranagon.*

*For the JNL Multi-Manager Small Cap Growth Fund, please delete all references to and information for Victory Capital Management Inc.*

*Effective August 1, 2025, for the JNL/T. Rowe Price Growth Stock Fund, please delete all references to and information for Joseph B. Fath.*

*Effective August 1, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/American Funds Global Growth Fund, please delete the Portfolio Managers table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Patrice Collette | November 2015 | Partner, Capital World Investors, CRMC |
| Matt Hochstetler | January 2024 | Partner, Capital World Investors, CRMC |
| Piyada Phanaphat | August 2023 | Partner, Capital World Investors, CRMC |
| Barbara Burtin | August 2025 | Partner, Capital World Investors, CRMC |
| Jason B. Smith | August 2025 | Partner, Capital World Investors, CRMC |

---

*Effective August 28, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager International Small Cap Fund, please delete the seventh paragraph in the entirety and replace with the following:*

Two unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

*In the section, "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager International Small Cap Fund, please delete the "****Baillie Gifford Strategy****" in the entirety.*

*In the section, "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL Multi-Manager International Small Cap Fund, please delete all references to and information for Brian Lum, CFA, Charlie Broughton, CFA and Remya Nair.*

*In the section, "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager Mid Cap Fund, please delete the "****Nuance Strategy****" in the entirety.*

*In the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager Mid Cap Fund, please delete the third paragraph in the entirety and replace with the following:*

Four unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

*In the section, "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL Multi-Manager Mid Cap Fund, please delete all references to and information for Scott A. Moore, CFA, Jack Meurer, CFA and D. Adam West, CFA.*

*In the section, "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager Small Cap Growth Fund, please delete the "****Victory RS Investments Strategy****" in the entirety.*

*In the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager Small Cap Growth Fund, please delete the third paragraph in the entirety and replace with the following:*

Six unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

*In the section, "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL Multi-Manager Mid Cap Fund, please delete all references to and information for D. Scott Tracy, CFA, Stephen J. Bishop, Melissa Chadwick-Dunn and Paul Leung, CFA.*

*In the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager Small Cap Growth Fund, please delete the "GIM Strategy" in the entirety and replace with the following:*

*GIM Strategy*

Granahan Investment Management, LLC ("GIM") constructs the GIM Strategy by blending Small Cap Focused Growth strategy and their Small Cap Select Strategy.

GIM's Small Cap Focused Growth strategy is grounded in the belief that superior long term returns are best achieved by focusing on smaller companies that are poised to grow at 15% or more, and using a strict methodology to own the stocks of these sustainable growth companies when risk/reward is attractive.

Within this philosophy, GIM's Small Cap Focused Growth strategy seeks to own companies with large open-ended opportunities, a favorable competitive landscape and products or services providing a significant value proposition to the customer.

*The Small Cap Select strategy takes a diversified approach to growth by seeking companies that can either sustain growth for an extended time, or materially accelerate their growth rate over the near to medium term. The strategy believes that this approach expands the investment opportunity set and mitigates risk.*

*Effective August 29, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager U.S. Select Equity Fund, please delete the sixth paragraph in the entirety and replace with the following:*

Three unaffiliated investment managers ("Sub-Advisers") generally provide day to day management for a portion of the Fund's assets (each portion is sometimes referred to as a "sleeve"). Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

*Effective August 29, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL Multi-Manager U.S. Select Equity Fund, after "GQG Strategy" please add the following:*

*River Road Strategy*

River Road Asset Management, LLC ("River Road") constructs the River Road Strategy by investing primarily in equity securities of large-capitalization U.S. companies that River Road believes are undervalued. River Road generally considers a company to be a U.S. company if it has been organized under the laws of, has its principal offices in, or has its securities principally traded in the U.S. The River Road Strategy's equity investments may include common stock, foreign securities (directly and through depositary receipts, including ADRs, EDRs, and GDRs), and real estate investment trusts ("REITs").

The River Road Strategy may also invest in common stock of companies of other market capitalizations (measured at the time of acquisition), and publicly traded partnerships, including, but not limited to, master limited partnerships.

*Effective August 29, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Risks of Investing in the Fund****," for the JNL Multi-Manager U.S. Select Equity Fund, please delete "Investment style risk" in the entirety and replace with the following:*

*Investment style risk* – The returns from a certain investment style may be lower than the returns from the overall stock market. Value stocks may not increase in price if other investors fail to recognize the company's value or the factors that are expected to increase the price of the security do not occur. Growth stock prices frequently reflect projections of future earnings or revenues, and if earnings growth expectations are not met, their stock prices will likely fall, which may reduce the value of a Fund's investment in those stocks. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

*Effective August 29, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Risks of Investing in the Fund****," for the JNL Multi-Manager U.S. Select Equity Fund, after "Depositary receipts risk," please add the following:*

*REIT investment risk* **–** The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws; environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REITs could be adversely affected by failure to maintain their exemptions from registration under the Investment Company Act of 1940, as amended, or failure to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

*Effective August 29, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Risks of Investing in the Fund****," for the JNL Multi-Manager U.S. Select Equity Fund, after "Portfolio turnover risk," please add the following:*

*Master limited partnership risk* – An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Certain MLPs may be illiquid securities.

*Effective August 29, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL Multi-Manager U.S. Select Equity Fund, please delete the Sub-Advisers list and Portfolio Managers table in the entirety and replace with the following:*

**Sub-Advisers:** <br>GQG Partners LLC ("GQG")

River Road Asset Management, LLC ("River Road")

WCM Investment Management, LLC ("WCM")

#### Portfolio Managers:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| William Harding, CFA | November 2022 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | November 2022 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | November 2022 | Vice President and Portfolio Manager, JNAM |
| Rajiv Jain | November 2022 | Chairman and Chief Investment Officer, GQG |
| Brian Kersmanc | November 2022 | Senior Investment Analyst and Portfolio Manager, GQG |
| Sudarshan Murthy, CFA | November 2022 | Senior Investment Analyst and Portfolio Manager, GQG |
| Siddharth Jain | January 2024 | Investment Analyst and Deputy Portfolio Manager, GQG |
| Matthew W. Moran, CFA | August 2025 | Portfolio Manager, River Road |
| Daniel R. Johnson, CFA, CPA | August 2025 | Portfolio Manager, River Road |
| Sanjay Ayer, CFA | November 2022 | Portfolio Manager, WCM |
| Michael B. Trigg | November 2022 | Portfolio Manager and co-CEO, WCM |
| Michael Hayward | April 2025 | Portfolio Manager and Business Analyst, WCM |
| Ross Bendetson | April 2025 | Portfolio Manager and Business Analyst, WCM |

---

*Effective May 13, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/Lord Abbett Short Duration Income Fund, please delete the Portfolio Managers table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Andrew H. O'Brien, CFA | April 2020 | Partner and Portfolio Manager, Lord Abbett |
| Robert A. Lee | April 2020 | Partner and Co-Head of Taxable Fixed Income, Lord Abbett |
| Steven F. Rocco, CFA | April 2020 | Partner and Co-Head of Taxable Fixed Income, Lord Abbett |
| Adam C. Castle, CFA | April 2022 | Partner and Portfolio Manager, Lord Abbett |
| Harris A. Trifon | April 2022 | Partner and Portfolio Manager, Lord Abbett |
| Yoana N. Koleva, CFA | April 2022 | Partner and Portfolio Manager, Lord Abbett |
| Gregory Benz, CFA | May 2025 | Managing Director and Portfolio Manager, Lord Abbett |
| Ty J. Kern | May 2025 | Managing Director and Portfolio Manager, Lord Abbett |

---

*In the section "****Summary Overview of Each Fund****," under "****Principal Risks of Investing in the Fund****," for the JNL/T. Rowe Price Capital Appreciation Equity Fund, please delete the fourth paragraph in the entirety and replace with the following:*

The Fund's sector allocations are largely the result of the Sub-Adviser's focus on stock selection. At times, the Fund may have a significant portion of its assets invested in the same economic sector, such as the information technology and healthcare sectors.

*This Supplement is dated August 29, 2025.*

**Supplement Dated September 29, 2025**

**To The Prospectus Dated April 28, 2025**

#### JNL <sup>®</sup> Series Trust
Please note that the changes below may impact your variable annuity and/or variable life product(s).

Unless otherwise noted, all changes are effective immediately.

*Effective August 25, 2025, for the JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, and JNL/JPMorgan Managed Aggressive Growth Fund, please delete all references to and information for Silvia Trillo.*

*Effective August 1, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL Multi-Manager Small Cap Value Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| William Harding, CFA | September 2015 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | September 2015 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | September 2015 | Vice President and Portfolio Manager, JNAM |

---

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Jeff Kerrigan, CFA | September 2015 | Portfolio Manager, Congress |
| Steve Lyons, CFA | September 2015 | Partner, C&B |
| Michael Meyer, CFA | September 2015 | Partner, C&B |
| Edward O'Connor, CFA | September 2015 | Partner, C&B |
| R. James O'Neil, CFA | September 2015 | Partner, C&B |
| Mehul Trivedi, CFA | September 2015 | Partner, C&B |
| William Weber, CFA | September 2015 | Partner, C&B |
| Andrew Armstrong, CFA | December 2015 | Partner, C&B |
| Wesley Lim, CFA | December 2018 | Principal, C&B |
| Matthew Martinek, CFA | October 2019 | Principal and Lead Portfolio Manager, Reinhart |
| Josh Wheeler, CFA | September 2024 | Principal and Portfolio Manager, Reinhart |
| J. Justin Akin | April 2021 | Senior Portfolio Manager, River Road |
| Todd Mayberry, CFA | August 2025 | Portfolio Manager, River Road |
| R. Andrew Beck | April 2021 | Chief Executive Officer & Senior Portfolio Manager, River Road |
| Jon Detter | August 2018 | Portfolio Manager and Business Analyst, WCM |
| Anthony Glickhouse | August 2018 | Portfolio Manager and Business Analyst, WCM |
| Patrick F. McGee | August 2018 | Portfolio Manager and Business Analyst, WCM |

---

*Effective September 30, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/T. Rowe Price Mid-Cap Growth Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:* 

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Ashley R. Woodruff, CFA<sup>1</sup> | January 2025 | Chairperson of Investment Advisory Committee, T. Rowe Price |
| Brian W.H. Berghuis, CFA<sup>1</sup> | 1995 | Co-Chair of Investment Advisory Committee, T. Rowe Price  |
| Donald J. Easley, CFA | January 2025 | Co-Chair of Investment Advisory Committee, T. Rowe Price |

---

<sup>1</sup>Effective December 31, 2025, Mr. Berghuis plans to retire from T. Rowe Price and will step down from his role on the Fund, and Ms. Woodruff will continue as the Fund's Chairperson of the Investment Advisory Committee and Mr. Easley will continue as the Fund's Co-Chair of the Investment Advisory Committee.

*Effective August 25, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/JPMorgan Managed Conservative Fund, JNL/JPMorgan Managed Moderate Fund, JNL/JPMorgan Managed Moderate Growth Fund, JNL/JPMorgan Managed Growth Fund, and JNL/JPMorgan Managed Aggressive Growth Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| William Harding, CFA | May 2023 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | May 2023 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | May 2023 | Vice President and Portfolio Manager, JNAM |
| Kyle Ottwell, CFA, CAIA | May 2023 | Director and Portfolio Manager, JNAM |
| Gary Herbert, CFA | October 2024 | Managing Director, Co-Chief Investment Officer and Portfolio Manager, JPMorgan |
| Morgan Moriarty, CFA | August 2025 | Executive Director and Portfolio Manager, JPMorgan |

---

*This Supplement is dated September 29, 2025.*

**Supplement Dated December 12, 2025**

**To The Prospectus Dated April 28, 2025**

Please note that the changes below may impact your variable annuity and/or variable life product(s).

Unless otherwise noted, all changes are effective immediately.

*Effective December 31, 2025, for the JNL/Dreyfus Government Money Market Fund, please change all references to the Bloomberg USD 1 Month Cash Deposit Index to the Bloomberg USD 1 Month Swap Rate Cash Deposit Index.*

*Effective November 19, 2025, for the JNL/BlackRock Large Cap Select Growth Fund, please delete all references to and information for Phil Ruvinsky and Caroline Bottinelli.*

*Effective November 17, 2025, for the JNL/PIMCO Investment Grade Credit Bond Fund, please delete all references to and information for Mark Kiesel.*

*Effective December 31, 2025, in the section entitled, "****Summary Overview of Each Fund****," under "****Performance****" for the JNL/Franklin Templeton Income Fund, please add the following after the second paragraph:*

Effective December 31, 2025, for consistency with the Fund's principal investment strategies, the Fund will replace the 50% S&P 500 Value Index, 50% ICE BofA U.S. High Yield Index with the 50% Morningstar Dividend Composite Index, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index as the Fund's secondary benchmark.

*Effective November 19, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/BlackRock Large Cap Select Growth Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Reid Menge | November 2025 | Managing Director, BlackRock |
| Sally Du, CFA | November 2025 | Director, BlackRock |

---

*Effective November 3, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/JPMorgan Global Allocation Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Jeffrey A. Geller, CFA | June 2019 | Managing Director, JPMorgan |
| Grace Koo | June 2019 | Executive Director, JPMorgan |
| Michael Feser | January 2021 | Managing Director, JPMorgan |
| Philip Camporeale | January 2021 | Managing Director, JPMorgan |
| Daniel Bloomgarden, CFA | November 2025 | Managing Director, JPMorgan |
| William Harding, CFA | April 2021 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | April 2021 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | April 2021 | Vice President and Portfolio Manager, JNAM |

---

*Effective December 11, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL/Loomis Sayles Global Growth Fund, please delete the second and third paragraphs in the entirety and replace with the following:*

Notwithstanding the foregoing, to determine if a security is classified as U.S. or non-U.S., Loomis, Sayles & Company, L.P., the Fund's sub-adviser ("Sub-Adviser") considers a variety of factors (collectively designed to assess whether an issuer is economically tied to a particular country or region), including but not limited to: the markets in which the issuer's securities are primarily traded; the location of the issuer's headquarters, principal offices, or operations; the country where the issuer is organized; the percentage of the issuer's revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country; and information provided by third-party data analytics service providers.

The Fund may also invest up to 30% of its assets in emerging markets securities. The Fund considers a security to be an emerging markets security if its "country of risk" is included within the Morningstar<sup>®</sup> Emerging Markets Index℠. The Fund focuses on stocks of large capitalization companies, but the Fund may invest in companies of any size.

The Fund normally invests across a wide range of sectors and industries. The Sub-Adviser employs a growth style of equity management, which means that the Fund seeks to invest in companies with sustainable competitive advantages versus others, long-term structural growth drivers that will lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders. The Sub-Adviser also aims to invest in companies when they trade at a significant discount to the estimate of intrinsic value (i.e. companies with share prices trading significantly below what the portfolio manager believes the share price should be).

*Effective December 11, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL/Mellon S&P 500 Index Fund, please add the following paragraph after the fourth paragraph:*

Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner.

*Effective December 11, 2025, in the section "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL S&P 500 Index Fund, please add the following paragraph after the fifth paragraph:*

Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner.

*Effective November 17, 2025, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/PIMCO Investment Grade Credit Bond Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Amit Arora, CFA, FRM | October 2016 | Executive Vice President and Portfolio Manager, PIMCO |
| Mohit Mittal | October 2016 | Managing Director and Portfolio Manager, PIMCO |
| Jelle Brons, CFA, FRM | November 2025 | Executive Vice President and Portfolio Manager, PIMCO |
| Saurabh Sud, CFA | November 2025 | Executive Vice President and Portfolio Manager, PIMCO |

---

*This Supplement is dated December 12, 2025.*

**Supplement Dated January 23, 2026**

**To The Prospectus Dated April 28, 2025**

Please note that the changes below may impact your variable annuity and/or variable life product(s).

Unless otherwise noted, all changes are effective immediately.

*Effective January 1, 2026, for the JNL/American Funds Capital Income Builder Fund, please delete all references to and information for Caroline Randall and Steven T. Watson.*

*Effective January 1, 2026, for the JNL/American Funds Global Growth Fund, please delete all references to and information for Piyada Phanaphat.*

*Effective January 1, 2026, for the JNL/American Funds Growth-Income Fund, please delete all references to and information for Keiko McKibben.*

*Effective December 31, 2025, for the JNL Multi-Manager Mid Cap Fund, please delete all references to and information for Corey Bronner, CFA.*

*Effective December 31, 2025, for the JNL/PIMCO Real Return Fund, please delete all references to and information for Stephen Rodosky.*

*Effective December 31, 2025, for the JNL/T. Rowe Price Mid-Cap Growth Fund, please delete all references to and information for Brian W.H. Berghuis, CFA.*

*Effective January 31, 2026, for the JNL/William Blair International Leaders Fund, please delete all references to and information for Kenneth J. McAtamney.*

*Effective January 1, 2026, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL Multi-Manager Emerging Markets Equity Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| William Harding, CFA | April 2020 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | April 2020 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | April 2020 | Vice President and Portfolio Manager, JNAM |
| Rajiv Jain | April 2024 | Chairman and Chief Investment Officer, GQG |
| Brian Kersmanc | April 2024 | Senior Investment Analyst and Portfolio Manager, GQG |
| Sudarshan Murthy, CFA | April 2024 | Senior Investment Analyst and Portfolio Manager, GQG |
| Siddharth Jain | April 2024 | Investment Analyst and Deputy Portfolio Manager, GQG |
| Hyung Kim | April 2020 | Portfolio Manager and Senior Research Analyst, KAR |
| Craig Thrasher, CFA | April 2020 | Portfolio Manager and Senior Research Analyst, KAR |
| Sean Pompa, CFA | January 2026 | Portfolio Manager and Senior Research Analyst, KAR |
| Ernest Yeung, CFA, IMC | April 2020 | Portfolio Manager and Vice President, T. Rowe Price |
| Sanjay Ayer, CFA | April 2020 | Portfolio Manager, WCM |
| Gregory S. Ise, CFA | April 2020 | Portfolio Manager and Business Analyst, WCM |
| Mike Tian, CFA | April 2020 | Portfolio Manager and Business Analyst, WCM |

---

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Michael B. Trigg | April 2020 | Portfolio Manager and co-CEO, WCM |

---

*Effective January 1, 2026, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL Multi-Manager Small Cap Growth Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| William Harding, CFA | September 2015 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | September 2015 | Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | September 2015 | Vice President and Portfolio Manager, JNAM |
| Laird Bieger | April 2022 | Vice President and Portfolio Manager, BAMCO |
| Randolph Gwirtzman, CFA | April 2022 | Vice President and Portfolio Manager, BAMCO |
| Jeffrey James | October 2024 | Lead Portfolio Manager, Driehaus |
| Michael Buck | October 2024 | Portfolio Manager, Driehaus |
| Prakash Vijayan, CFA | October 2024 | Assistant Portfolio Manager, Driehaus |
| Andrew L. Beja, CFA | September 2015 | Senior Vice President, Managing Director, Portfolio Manager, GIM |
| David Rose, CFA | October 2020 | Managing Director, Chief Investment Officer, Portfolio Manager, GIM |
| Jeffrey A. Harrison, CFA | October 2020 | Managing Director, Portfolio Manager, GIM |
| Todd Beiley, CFA | April 2018 | Portfolio Manager and Senior Research Analyst, KAR |
| Jon Christensen, CFA | April 2018 | Portfolio Manager and Senior Research Analyst, KAR |
| Julie Biel, CFA | April 2021 | Portfolio Manager and Senior Research Analyst, KAR |
| Chris Wright, CFA | March 2022 | Portfolio Manager and Senior Research Analyst, KAR |
| Adam Xiao, CFA | January 2026 | Portfolio Manager and Senior Research Analyst, KAR |
| Brian C. Fitzsimons, CFA | April 2022 | Director of Small-Cap Growth Strategies, SBH |
| Mitch S. Begun, CFA | April 2022 | Senior Portfolio Manager, SBH |
| D. Scott Tracy, CFA | September 2015 | Chief Investment Officer and Co-Portfolio Manager, Victory Capital/RS Investments |
| John Rackers | October 2019 | Portfolio Manager and Business Analyst, WCM |
| Chad E. Hoffman | October 2019 | Portfolio Manager and Business Analyst, WCM |

---

*Effective January 1, 2026, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/American Funds Capital Income Builder Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Aline Avzaradel | April 2021 | Partner, Capital International Investors, CRMC |
| Alfonso Barroso | April 2020 | Partner, Capital Research Global Investors, CRMC |
| Grant L. Cambridge | April 2020 | Partner, Capital International Investors, CRMC |
| Charles E. Ellwein | March 2022 | Partner, Capital Research Global Investors, CRMC |
| David A. Hoag | April 2020 | Partner, Capital Fixed Income Investors, CRMC |
| Saurav Jain | January 2025 | Partner, Capital International Investors, CRMC |
| Winnie Kwan | April 2020 | Partner, Capital Research Global Investors, CRMC |

---

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| James B. Lovelace | April 2020 | Partner, Capital Research Global Investors, CRMC |
| Fergus N. MacDonald | April 2020 | Partner, Capital Fixed Income Investors, CRMC |
| William L. Robbins | January 2024 | Partner, Capital International Investors, CRMC |
| Brian Wong | January 2025 | Partner, Capital Fixed Income Investors, CRMC |
| Dimitrije M. Mitrinovic | January 2026 | Partner, Capital International Investors, CRMC |
| Andrea Montero | January 2026 | Vice President, Capital Fixed Income Investors, CRMC |

---

*Effective January 1, 2026, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/American Funds Global Growth Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Patrice Collette | November 2015 | Partner, Capital World Investors, CRMC |
| Matt Hochstetler | January 2024 | Partner, Capital World Investors, CRMC |
| Barbara Burtin | August 2025 | Partner, Capital World Investors, CRMC |
| Jason B. Smith | August 2025 | Partner, Capital World Investors, CRMC |
| Mathews Cherian | January 2026 | Partner, Capital World Investors, CRMC |

---

*Effective January 1, 2026, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/American Funds Growth-Income Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Charles E. Ellwein | May 2020 | Partner, Capital Research Global Investors, CRMC |
| J. Blair Frank | 2010 | Partner, Capital Research Global Investors, CRMC |
| Caroline Jones | June 2024 | Partner, Capital Research Global Investors, CRMC |
| Brad Barrett | January 2026 | Partner, Capital Research Global Investors, CRMC |
| Cheryl E. Frank | January 2026 | Partner, Capital Research Global Investors, CRMC |
| Martin Jacobs | January 2026 | Partner, Capital Research Global Investors, CRMC |
| Jessica C. Spaly | January 2026 | Partner, Capital Research Global Investors, CRMC |

---

*Effective February 1, 2026, in the section "****Summary Overview of Each Fund****," under "****Portfolio Management****," for the JNL/William Blair International Leaders Fund, please delete the "Portfolio Managers" table in the entirety and replace with the following:* 

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Alaina Anderson, CFA | April 2022 | Partner, William Blair |
| Simon Fennell | April 2022 | Partner, William Blair |
| Chandan Khanna | February 2026 | Portfolio Manager, William Blair  |

---

*This Supplement is dated January 23, 2026.*

![](backcover001.jpg)

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> Asset Allocation Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Asset Allocation Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$32 | &nbsp;&nbsp;0.30% |

---

**Management's discussion of fund performance** 

The fund's Class 1 shares gained 16.16% for the year ended December 31, 2025. That result compares with a 13.70% gain for the 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

U.S. equities saw strong gains, with the S&P 500 Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

Within the fund, most equity sectors produced positive returns, with information technology being particularly additive to results. The materials, industrials and consumer staples sectors also saw returns surpassing those of the overall portfolio. Conversely, the fund's holdings in the financials, energy and utilities sectors detracted from the broader portfolio's returns.

Fixed income returns lagged equities but continued to help fulfill their roles of serving as a ballast and generating income. Corporate bonds and securitized debt were among the top contributors, though securitized debt lagged the total portfolio return. A modest allocation to high-yield bonds also supported returns.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs002.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Asset Allocation Fund — Class 1<sup>\*</sup> | 16.16% | 9.24% | 10.05% |
| S&P 500 Index<sup>†</sup> | 17.88% | 14.42% | 14.82% |
| 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index<sup>†</sup> | 13.70% | 8.47% | 9.78% |
| Bloomberg U.S. Aggregate Index<sup>†</sup> | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC and Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs003.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information** 

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-070-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> Capital Income Builder | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital Income Builder (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;0.27% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 20.69% for the year ended December 31, 2025. That result compares with a 17.73% gain for the 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

Global equities surged in 2025, overcoming trade tensions and geopolitical volatility. All major equity markets delivered solid returns, led by the eurozone and the United Kingdom. U.S. stocks advanced (albeit by less than international equities), led by continued growth of large-cap technology companies. Major central banks, including the U.S. Federal Reserve, cut rates as inflation generally eased. Global bonds rallied on U.S. rate-cut expectations and a weakening U.S. dollar. Simultaneously, the U.S. fixed income market posted strong gains, supported by corporate bonds.

Overall, equities contributed meaningfully to the portfolio's absolute returns, particularly within the financials and information technology sectors. While stocks domiciled overseas outpaced domestic ones, they remained a smaller portion of the portfolio than U.S. equities.

The fund's bond holdings, while providing income and stability, delivered smaller gains. Securitized debt, emerging markets debt and corporates were the largest detractors from absolute returns.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs004.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Capital Income Builder — Class 1<sup>\*</sup> | 20.69% | 9.36% | 7.84% |
| MSCI ACWI (All Country World Index)<sup>†</sup> | 22.34% | 11.19% | 11.72% |
| 70%/30% MSCI All Country World Index/Bloomberg U.S. Aggregate Index<sup>†</sup> | 17.73% | 7.73% | 8.92% |
| Bloomberg U.S. Aggregate Index<sup>†</sup> | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI and Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-101-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> Capital World Bond Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Capital World Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;0.48% |

---

**Management's discussion of fund performance** 

The fund's Class 1 shares gained 9.55% for the year ended December 31, 2025. That result compares with a 8.17% gain for the Bloomberg Global Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

Emerging markets bonds posted strong gains, supported by U.S. rate cuts and a weaker dollar. European yields climbed amid a global sell-off toward the end of the year, which was sparked by rising Japanese yields. The euro, British pound and Mexican peso strengthened, while the Argentine peso and Indian rupee declined.

Sector allocation and security selection contributed to relative results. Country/market allocation decisions added to relative returns, driven primarily by duration management. From a country perspective, off-benchmark positions in Brazilian government bonds benefitted results. Currency positioning contributed to comparative results, supported by gains from unhedged currency exposure.

At the broad level, the impact of currency hedging weighed on relative returns over the period. Underweight positions in Japanese and Chinese government bonds, as well as select non-benchmark positions, detracted from results. Finally, underweight positions in uniform mortgage-backed securities and U.S. Treasuries, which outperformed over the period, were a detriment to results.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs006.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Capital World Bond Fund — Class 1<sup>\*</sup> | 9.55% | (2.27)% | 1.47% |
| Bloomberg Global Aggregate Index<sup>†</sup> | 8.17% | (2.15)% | 1.26% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs007.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-079-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> Global Growth Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Global Growth Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$47 | &nbsp;&nbsp;0.42% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 21.98% for the year ended December 31, 2025. That result compares with a 22.34% gain for the MSCI ACWI (All Country World Index). For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large-cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Most sectors posted gains for the fund, with information technology, industrials, financials and consumer staples contributing most significantly. Returns from the communication services and consumer discretionary sectors were also positive, though below the portfolio's overall returns. Companies based in the U.S., France and Taiwan made meaningful contributions to investment results.

Conversely, the health care and real estate sectors were the largest detractors from overall results. Country-wise, holdings in Denmark and Australia were among the most notable detractors for the fund.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs008.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **1 year** | **1 year** |
| Global Growth Fund — Class 1\* | 21.98% | 8.51% | 12.46% |
| MSCI ACWI (All Country World Index)† | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs009.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information** 

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-077-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> Global Small Capitalization Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Global Small Capitalization Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/AFIS-literature-1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $70 | 0.65% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 14.89% for the year ended December 31, 2025. That result compares with a 19.72% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Most sectors posted gains for the fund, with industrials, materials and information technology contributing the most. Returns from the financials and utilities sectors were also positive. Companies based in Japan, the U.S. and Canada made meaningful contributions to the portfolio.

Conversely, the consumer discretionary and health care sectors were significant detractors from overall results. On a country and region basis, holdings in the Netherlands and Hong Kong were among the most notable detractors.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs010.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Global Small Capitalization Fund — Class 1<sup>\*</sup> | 14.89% | 0.73% | 7.50% |
| MSCI ACWI IMI Index<sup>†</sup> | 22.06% | 10.75% | 11.45% |
| MSCI All Country World Small Cap Index<sup>†</sup> | 19.72% | 7.29% | 9.32% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs011.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-075-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> Growth Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Growth Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $37 | 0.34% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 20.54% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation drove the S&P 500 Index to record highs. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Most sectors posted gains for the fund, with information technology and communication services contributing significantly. The industrials and materials sectors also delivered positive returns. U.S.-based holdings, representing the majority of the portfolio, contributed most of the fund's performance.

Conversely, the financials and energy sectors were detractors from overall results.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs012.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Growth Fund — Class 1<sup>\*</sup> | 20.54% | 13.66% | 18.26% |
| S&P 500 Index<sup>†</sup> | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs013.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information** 

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-027-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> Growth-Income Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Growth-Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $31 | 0.28% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 18.37% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 reached record highs as solid corporate earnings from large-cap technology companies outweighed concerns about the economic impact of tariffs. Consumer spending remained resilient, fueling economic growth. However, persistent labor market softness led the U.S. Federal Reserve to implement three 25-basis-point rate cuts during the year.

Most sectors contributed positively to fund results, with information technology, industrials and communication services being particularly impactful. Financials posted positive returns, although they lagged the overall portfolio. Consumer staples also added to absolute returns but represented a relatively small portion of fund holdings.

Conversely, the materials and utilities sectors had negative returns and detracted from overall results.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs014.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Growth-Income Fund — Class 1<sup>\*</sup> | 18.37% | 14.19% | 14.20% |
| S&P 500 Index<sup>†</sup> | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs015.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information** 

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-026-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> International Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - International Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $60 | 0.53% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 27.04% for the year ended December 31, 2025. That result compares with a 32.39% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/AFIS-returns-1**.

**What factors influenced results**

Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Most sectors posted gains, with financials, information technology, communication services and materials contributing significantly. Returns from the industrials and consumer staples sectors were also positive, though below the portfolio's overall results. Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.

Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns. Country-wise, Denmark was the most notable detractor on absolute results.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs016.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| International Fund — Class 1<sup>\*</sup> | 27.04% | 3.66% | 7.26% |
| MSCI ACWI (All Country World Index) ex USA<sup>†</sup> | 32.39% | 7.91% | 8.41% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs017.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-026-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> New World Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - New World Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $66 | 0.58% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 28.60% for the year ended December 31, 2025. That result compares with a 33.57% gain for the MSCI Emerging Markets Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets largely drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Holdings in most sectors delivered positive returns for the fund, with shares of information technology and financial companies significantly boosting results. Returns from the industrials, communication services and materials sectors surpassed those of the overall portfolio. Companies based in South Korea, the U.S., Taiwan and China also made meaningful contributions to the fund.

In contrast, holdings in the real estate sector detracted from overall results, posting the lowest returns among all sectors. Likewise, holdings in companies based in Denmark and Indonesia were the most notable detractors for the portfolio.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs018.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| New World Fund — Class 1<sup>\*</sup> | 28.60% | 5.59% | 9.53% |
| MSCI Emerging Markets Index<sup>†</sup> | 33.57% | 4.20% | 8.42% |
| MSCI ACWI (All Country World Index)<sup>†</sup> | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs019.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information** 

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-076-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> The Bond Fund of America | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - The Bond Fund of America (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $25 | 0.24% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 7.40% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and broader economic uncertainty, helping to push short term yields lower. Meanwhile, long-term yields remained relatively high and supported a steepening of the yield curve. Yields on corporate bonds declined but remained elevated relative to their levels over the past 15 years.

Within the fund, an underweight to Treasuries in favor of other sectors including agency mortgage-backed securities and emerging markets debt contributed positively to relative results. The fund's overweight to duration for much of the year was also additive.

In terms of detractors, the fund was positioned for a steepening of the yield curve by having an overweight position to the front-end of the curve and an underweight to the long-end. The steepening of the yield curve added to results, however, this was more than offset by the cost of maintaining the position. Security selection within asset-backed securities also detracted from returns.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs020.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| The Bond Fund of America — Class 1\* | 7.40% | 0.10% | 2.61% |
| Bloomberg U.S. Aggregate Index† | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs021.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information** 

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-078-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> – <br> Washington Mutual Investors Fund | ![](afistsrs001.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Washington Mutual Investors Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $28 | 0.26% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 17.50% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/AFIS-** **returns-1**.

**What factors influenced results**

U.S equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 Index climbed to record highs, driven by resilient consumer spending and expanded corporate investment in AI infrastructure. Moderating inflation and labor market softness prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Within the fund, each sector contributed positively to overall portfolio return, with information technology, industrials and financials being particularly additive, despite weakness in some financials holdings. Additionally, holdings in communication services, utilities and real estate all saw returns surpass those of the overall portfolio. The consumer staples and health care sectors posted double-digit gains but trailed the portfolio's total return.

Conversely, holdings in energy, materials and consumer discretionary provided minimal contributions to total return.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](afistsrs022.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Washington Mutual Investors Fund — Class 1\* | 17.50% | 14.17% | 12.65% |
| S&P 500 Index† | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

![](afistsrs023.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

&nbsp;&nbsp;Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.<br>

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-072-0226© 2026 Capital Group. All rights reserved.

![](img8960ed031.jpg)

**American Funds Insurance Series**<sup>®</sup>

Financial Statements and Other Information <br>N-CSR Items 7-11

for the year ended December 31, 2025

Lit. No. INGEFP4-998-0226© 2026 Capital Group. All rights reserved.

------

Global Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.94% | Shares | Value<br> (000)<br>|
| **Information technology 29.37%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 10705200 | $522985 |
| Broadcom, Inc.  | 1107449 | 383288 |
| Microsoft Corp.  | 740348 | 358047 |
| NVIDIA Corp.  | 1437636 | 268119 |
| ASML Holding NV (ADR)  | 120673 | 129103 |
| ASML Holding NV  | 105955 | 113257 |
| Micron Technology, Inc.  | 433659 | 123771 |
| NEC Corp.  | 2693871 | 90835 |
| Samsung Electronics Co., Ltd.  | 1068680 | 89068 |
| SK hynix, Inc.  | 157999 | 71546 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 336935 | 66427 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 85473 | 57593 |
| Tokyo Electron, Ltd.  | 237700 | 52203 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 278761 | 44872 |
| International Business Machines Corp.  | 131299 | 38892 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 179438 | 36763 |
| Salesforce, Inc.  | 126566 | 33529 |
| Intel Corp. <sup>(a)</sup>  | 902119 | 33288 |
| Capgemini SE  | 176911 | 29299 |
| Apple, Inc.  | 107144 | 29128 |
| Ubiquiti, Inc.  | 51660 | 28586 |
| Oracle Corp.  | 102383 | 19956 |
| Dassault Systemes SE  | 701879 | 19604 |
| Nemetschek SE  | 140877 | 15361 |
| Check Point Software Technologies, Ltd. <sup>(a)</sup>  | 79736 | 14796 |
| Synopsys, Inc. <sup>(a)</sup>  | 23849 | 11202 |
|  |  | 2681518 |
| **Industrials 17.72%** |  |  |
| Airbus SE, non-registered shares  | 640525 | 148572 |
| Comfort Systems USA, Inc.  | 140027 | 130686 |
| Safran SA  | 324785 | 113019 |
| General Electric Co.  | 315857 | 97293 |
| Siemens AG  | 330684 | 92868 |
| Ryanair Holdings PLC (ADR)  | 1180370 | 85211 |
| Boeing Co. (The) <sup>(a)</sup>  | 372821 | 80947 |
| Saab AB, Class B  | 1217750 | 70832 |
| BAE Systems PLC  | 2424921 | 55747 |
| GT Capital Holdings, Inc.  | 5411899 | 54732 |
| ATI, Inc. <sup>(a)</sup>  | 476446 | 54677 |
| TransDigm Group, Inc.  | 38430 | 51106 |
| RS Group PLC  | 5414909 | 45232 |
| Howmet Aerospace, Inc.  | 212197 | 43505 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 797398 | 41441 |
| ASSA ABLOY AB, Class B  | 1034590 | 40110 |
| Rocket Lab Corp. <sup>(a)</sup>  | 565667 | 39461 |
| DSV A/S  | 153094 | 38526 |
| Hitachi, Ltd.  | 1228900 | 38125 |
| Copart, Inc. <sup>(a)</sup>  | 878862 | 34407 |
| Crane Co.  | 178460 | 32913 |
| PACCAR, Inc.  | 286995 | 31429 |
| The Toro Co.  | 373724 | 29420 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 270675 | 27477 |
| Hanwha Aerospace Co., Ltd.  | 40475 | 26333 |
| Alliance Global Group, Inc.  | 156400700 | 21772 |
| FTAI Aviation, Ltd.  | 102740 | 20224 |
| Mitsui & Co., Ltd.  | 676500 | 19994 |
| Deere & Co.  | 39278 | 18287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| GE Vernova, Inc.  | 24758 | $16181 |
| Daikin Industries, Ltd.  | 76900 | 9872 |
| Ingersoll-Rand, Inc.  | 96000 | 7605 |
|  |  | 1618004 |
| **Consumer discretionary 13.88%** |  |  |
| Prosus NV, Class N  | 1846586 | 114052 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 42043 | 84686 |
| Renault SA  | 1688781 | 69914 |
| Inchcape PLC  | 6234573 | 64629 |
| Booking Holdings, Inc.  | 11574 | 61983 |
| Starbucks Corp.  | 729678 | 61446 |
| Compagnie Financiere Richemont SA, Class A  | 279343 | 60287 |
| Amazon.com, Inc. <sup>(a)</sup>  | 239344 | 55245 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1462554 | 54114 |
| Hyundai Motor Co.  | 254391 | 52086 |
| LKQ Corp.  | 1640562 | 49545 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 64729 | 48799 |
| Trip.com Group, Ltd. (ADR)  | 672433 | 48355 |
| MGM China Holdings, Ltd.  | 28793200 | 48329 |
| General Motors Co.  | 519771 | 42268 |
| InterContinental Hotels Group PLC  | 299249 | 41918 |
| Restaurant Brands International, Inc. (CAD denominated)  | 607375 | 41446 |
| Alibaba Group Holding, Ltd. (ADR)  | 268854 | 39409 |
| Entain PLC  | 3341847 | 34412 |
| Industria de Diseno Textil SA  | 501952 | 33064 |
| Hermes International  | 12384 | 30597 |
| Sanrio Co., Ltd.  | 912300 | 28622 |
| Carvana Co., Class A <sup>(a)</sup>  | 61924 | 26133 |
| D.R. Horton, Inc.  | 173953 | 25054 |
| Toll Brothers, Inc.  | 167692 | 22675 |
| Wynn Macau, Ltd.  | 21430000 | 16295 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 134120 | 12233 |
|  |  | 1267596 |
| **Financials 13.85%** |  |  |
| Citigroup, Inc.  | 1215819 | 141874 |
| Banco Bilbao Vizcaya Argentaria SA  | 5187583 | 121338 |
| 3i Group PLC  | 2294508 | 99828 |
| Brookfield Corp., Class A  | 2138896 | 98154 |
| Aon PLC, Class A  | 244466 | 86267 |
| Visa, Inc., Class A  | 237305 | 83225 |
| Prudential PLC  | 5215411 | 80470 |
| Fiserv, Inc. <sup>(a)</sup>  | 1031889 | 69312 |
| Societe Generale  | 809341 | 65207 |
| Ameriprise Financial, Inc.  | 104697 | 51337 |
| Allianz SE  | 106923 | 49042 |
| Aviva PLC  | 4545916 | 41620 |
| Halyk Savings Bank of Kazakhstan OJSC (GDR)  | 1293921 | 38688 |
| Japan Post Insurance Co., Ltd.  | 1156950 | 34716 |
| UniCredit SpA  | 359971 | 29883 |
| CME Group, Inc., Class A  | 103473 | 28256 |
| Coinbase Global, Inc., Class A <sup>(a)</sup>  | 97796 | 22116 |
| MS&AD Insurance Group Holdings, Inc.  | 831800 | 19587 |
| Arthur J. Gallagher & Co.  | 74138 | 19186 |
| CaixaBank SA, non-registered shares  | 1557890 | 19025 |
| HSBC Holdings PLC (GBP denominated)  | 1163368 | 18239 |
| HDFC Bank, Ltd.  | 1328758 | 14683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>2</sub>

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Eurobank SA  | 3558529 | $14263 |
| Swissquote Group Holding, Ltd.  | 15017 | 9116 |
| CVC Capital Partners PLC  | 542527 | 9085 |
|  |  | 1264517 |
| **Health care 7.75%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 213311 | 96707 |
| Argenx SE (ADR) <sup>(a)</sup>  | 80747 | 67904 |
| Regeneron Pharmaceuticals, Inc.  | 83600 | 64528 |
| Thermo Fisher Scientific, Inc.  | 103186 | 59791 |
| UnitedHealth Group, Inc.  | 179184 | 59150 |
| Eli Lilly and Co.  | 43922 | 47202 |
| EssilorLuxottica SA  | 144508 | 45690 |
| Sanofi  | 378504 | 36721 |
| Cigna Group (The)  | 132736 | 36533 |
| AstraZeneca PLC  | 194247 | 35779 |
| Pfizer, Inc.  | 1418993 | 35333 |
| Haleon PLC  | 6192098 | 31333 |
| Centene Corp. <sup>(a)</sup>  | 580852 | 23902 |
| Bayer AG  | 537074 | 23168 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 50179 | 19954 |
| Novo Nordisk AS, Class B  | 237847 | 12124 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 367000 | 11454 |
|  |  | 707273 |
| **Communication services 5.39%** |  |  |
| Meta Platforms, Inc., Class A  | 213121 | 140679 |
| Alphabet, Inc., Class A  | 269199 | 84259 |
| Spotify Technology SA <sup>(a)</sup>  | 118391 | 68751 |
| Publicis Groupe SA  | 549935 | 57051 |
| Bharti Airtel, Ltd.  | 2029589 | 47612 |
| Netflix, Inc. <sup>(a)</sup>  | 419340 | 39317 |
| Nintendo Co., Ltd.  | 566253 | 38250 |
| Tencent Holdings, Ltd.  | 213900 | 16391 |
|  |  | 492310 |
| **Consumer staples 3.33%** |  |  |
| Nestle SA  | 695583 | 69136 |
| Dollar General Corp.  | 408173 | 54193 |
| Costco Wholesale Corp.  | 44829 | 38658 |
| Carrefour SA, non-registered shares  | 2201230 | 36717 |
| Pernod Ricard SA  | 384768 | 32940 |
| Coca-Cola HBC AG (CDI) <sup>(a)</sup>  | 445087 | 23050 |
| Philip Morris International, Inc.  | 121081 | 19421 |
| Monster Beverage Corp. <sup>(a)</sup>  | 239297 | 18347 |
| Loblaw Cos., Ltd.  | 267760 | 12105 |
|  |  | 304567 |
| **Materials 2.48%** |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 5358289 | 44201 |
| Agnico Eagle Mines, Ltd.  | 240735 | 40824 |
| Amcor PLC (CDI)  | 3567000 | 29808 |
| Linde PLC  | 63907 | 27249 |
| Sherwin-Williams Co.  | 81338 | 26356 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 802920 | 21527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Syensqo SA  | 168919 | $13566 |
| Ecolab, Inc.  | 46140 | 12113 |
| LyondellBasell Industries NV  | 250227 | 10835 |
|  |  | 226479 |
| **Energy 1.34%** |  |  |
| NAC Kazatomprom JSC (GDR)  | 673935 | 37443 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 1066948 | 36139 |
| Tourmaline Oil Corp.  | 612792 | 27489 |
| Reliance Industries, Ltd.  | 789344 | 13778 |
| TotalEnergies SE (EUR denominated)  | 112486 | 7331 |
|  |  | 122180 |
| **Real estate 1.24%** |  |  |
| Mirvac Group REIT  | 25439540 | 34719 |
| Simon Property Group, Inc. REIT  | 168674 | 31223 |
| Sun Hung Kai Properties, Ltd.  | 2378500 | 28855 |
| Dexus REIT  | 3935855 | 18150 |
|  |  | 112947 |
| **Utilities 0.59%** |  |  |
| Oklo, Inc., Class A <sup>(a)(b)</sup>  | 258331 | 18538 |
| Veolia Environnement SA  | 429985 | 14981 |
| FirstEnergy Corp.  | 286296 | 12818 |
| NRG Energy, Inc.  | 50420 | 8029 |
|  |  | 54366 |
| **Total common stocks** (cost: $5,566,337,000) |  | 8851757 |
| Short-term securities 3.17% |  |  |
| **Money market investments 3.16%** | **Money market investments 3.16%** | **Money market investments 3.16%** |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2888549 | 288884 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 1098443 | 1098 |
| **Total short-term securities** (cost: $289,944,000) |  | 289982 |
| **Total investment securities 100.11%** (cost: $5,856,281,000) |  | 9141739 |
| Other assets less liabilities (0.11)% |  | (10393)<br>|
| **Net assets 100.00%** |  | $9131346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>4</sub>

------

Global Growth Fund (continued)

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.16%** |  |  |  |  |  |  |  |
| **Money market investments 3.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $283574 | &nbsp;&nbsp; $1841815 | &nbsp;&nbsp; $1836409 | &nbsp;&nbsp; $(82)<br>| &nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp; $288884 | &nbsp;&nbsp; $12461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.08% | Shares | Value<br> (000)<br>|
| **Industrials 21.20%** |  |  |
| International Container Terminal Services, Inc.  | 3664220 | $35133 |
| ATI, Inc. <sup>(a)</sup>  | 265862 | 30510 |
| Cleanaway Waste Management, Ltd.  | 17157789 | 29580 |
| Trelleborg AB, Class B  | 565261 | 23920 |
| Takasago Thermal Engineering Co., Ltd.  | 806148 | 22853 |
| Diploma PLC  | 300405 | 21440 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 212525 | 20815 |
| Adecco Group AG  | 694197 | 20168 |
| Nexans SA  | 134522 | 19782 |
| Modine Manufacturing Co. <sup>(a)</sup>  | 146345 | 19539 |
| UL Solutions, Inc., Class A  | 236384 | 18641 |
| Qantas Airways, Ltd.  | 2530925 | 17461 |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 343688 | 17287 |
| CBIZ, Inc. <sup>(a)</sup>  | 340016 | 17154 |
| Carel Industries SpA  | 555967 | 16010 |
| Comfort Systems USA, Inc.  | 16788 | 15668 |
| VSE Corp.  | 90068 | 15561 |
| Oshkosh Corp.  | 106689 | 13403 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 75000 | 12759 |
| Rumo SA  | 4373675 | 11683 |
| ICF International, Inc.  | 133699 | 11405 |
| Inox Wind, Ltd. <sup>(a)</sup>  | 7777781 | 10690 |
| Kandenko Co., Ltd.  | 327900 | 10538 |
| AFRY AB, Class B  | 642228 | 10430 |
| Badger Infrastructure Solutions, Ltd.  | 183079 | 9755 |
| Applied Industrial Technologies, Inc.  | 35926 | 9225 |
| Addtech AB, Class B  | 245222 | 8714 |
| Howden Joinery Group PLC  | 747163 | 8320 |
| Neway Valve (Suzhou) Co., Ltd., Class A  | 1107550 | 8219 |
| dormakaba Holding AG  | 97220 | 7861 |
| ESAB Corp.  | 68792 | 7685 |
| First Advantage Corp. <sup>(a)</sup>  | 528767 | 7683 |
| Sterling Infrastructure, Inc. <sup>(a)</sup>  | 24972 | 7647 |
| Beijer Ref AB, Class B  | 445805 | 7172 |
| Visional, Inc. <sup>(a)</sup>  | 105238 | 6730 |
| IMCD NV  | 71611 | 6515 |
| Sinfonia Technology Co., Ltd.  | 110986 | 6443 |
| Huber + Suhner AG  | 35267 | 6381 |
| Tetra Tech, Inc.  | 186785 | 6265 |
| Engcon AB, Class B  | 624455 | 5619 |
| Localiza Rent a Car SA, ordinary nominative shares  | 663945 | 5236 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 25536 | 194 |
| SATS, Ltd.  | 1817900 | 5378 |
| SPIE SA  | 90533 | 5211 |
| Rosebank Industries PLC <sup>(a)</sup>  | 1094795 | 5163 |
| WESCO International, Inc.  | 20529 | 5022 |
| XPO, Inc. <sup>(a)</sup>  | 35214 | 4786 |
| Saia, Inc. <sup>(a)</sup>  | 13577 | 4433 |
| RENK Group AG  | 60784 | 3806 |
| Hensoldt AG <sup>(b)</sup>  | 41633 | 3598 |
| Matson, Inc.  | 28475 | 3518 |
| Reliance Worldwide Corp., Ltd.  | 1357484 | 3485 |
| Takuma Co., Ltd.  | 204600 | 3237 |
| KEI Industries, Ltd.  | 64373 | 3195 |
| IndiaMart InterMesh, Ltd.  | 113259 | 2802 |
| Huaming Power Equipment Co., Ltd., Class A  | 647600 | 2314 |
| Byrna Technologies, Inc. <sup>(a)(b)</sup>  | 98413 | 1652 |
| McGrath RentCorp  | 3980 | 418 |
|  |  | 626112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>6</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials 16.44%** |  |  |
| IIFL Finance, Ltd. <sup>(a)</sup>  | 4298688 | $29178 |
| Stifel Financial Corp.  | 224039 | 28054 |
| HDFC Asset Management Co., Ltd.  | 907132 | 26969 |
| SLM Corp.  | 972198 | 26308 |
| Porto Seguro SA  | 2915882 | 25720 |
| Glacier Bancorp, Inc.  | 577688 | 25447 |
| Cholamandalam Investment and Finance Co., Ltd.  | 1274960 | 24092 |
| First American Financial Corp.  | 379577 | 23321 |
| Vontobel Holding AG  | 257533 | 20820 |
| Max Financial Services, Ltd. <sup>(a)</sup>  | 975628 | 18142 |
| SiriusPoint, Ltd. <sup>(a)</sup>  | 767775 | 16807 |
| Kyoto Financial Group, Inc.  | 750000 | 16355 |
| Pluxee NV  | 1010488 | 15831 |
| Janus Henderson Group PLC  | 299721 | 14258 |
| Lazard, Inc., Class A  | 274252 | 13318 |
| Home BancShares, Inc.  | 449364 | 12483 |
| Gunma Bank, Ltd. (The)  | 1068100 | 11747 |
| Sprott, Inc.  | 109623 | 10737 |
| GQG Partners, Inc. (CDI)  | 9139164 | 10643 |
| Banco del Bajio SA  | 3890796 | 9827 |
| Asia Commercial Joint Stock Bank  | 10676850 | 9743 |
| SouthState Bank Corp.  | 94096 | 8855 |
| Eurobank SA  | 2174630 | 8716 |
| EFG International AG  | 334117 | 7988 |
| FirstCash Holdings, Inc.  | 48401 | 7714 |
| Hokuhoku Financial Group, Inc.  | 253900 | 7410 |
| IG Group Holdings PLC  | 382385 | 6778 |
| Patria Investments, Ltd., Class A  | 397904 | 6323 |
| Discovery, Ltd.  | 381042 | 5240 |
| JB Financial Group Co., Ltd.  | 282792 | 5023 |
| PJT Partners, Inc., Class A  | 28318 | 4735 |
| 360 ONE WAM, Ltd.  | 356178 | 4703 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup>  | 180849 | 4346 |
| CVB Financial Corp.  | 226040 | 4204 |
| Root, Inc., Class A <sup>(a)</sup>  | 53525 | 3866 |
| Pinnacle Investment Management Group, Ltd.  | 322427 | 3655 |
| Haci A–mer Sabanci Holding AS  | 1367842 | 2691 |
| Capitec Bank Holdings, Ltd.  | 8764 | 2201 |
| EZCORP, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 74602 | 1449 |
|  |  | 485697 |
| **Information technology 14.52%** |  |  |
| King Slide Works Co., Ltd.  | 253784 | 30159 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 80942 | 29834 |
| Semtech Corp. <sup>(a)</sup>  | 376056 | 27712 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup>  | 156241 | 26761 |
| Lattice Semiconductor Corp. <sup>(a)</sup>  | 358889 | 26407 |
| Kokusai Electric Corp.  | 663891 | 23173 |
| Q2 Holdings, Inc. <sup>(a)</sup>  | 305539 | 22048 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup>  | 948877 | 17014 |
| CompoSecure, Inc., Class A <sup>(a)</sup>  | 145811 | 2811 |
| PAR Technology Corp. <sup>(a)(b)</sup>  | 466983 | 16942 |
| Silicon Laboratories, Inc. <sup>(a)</sup>  | 116697 | 15252 |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 555183 | 14646 |
| Rogers Corp. <sup>(a)</sup>  | 147666 | 13522 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 92021 | 13241 |
| Unity Software, Inc. <sup>(a)</sup>  | 277946 | 12277 |
| Agilysys, Inc. <sup>(a)</sup>  | 96907 | 11516 |
| Maruwa Co., Ltd.  | 41254 | 11156 |
| Riken Keiki Co., Ltd.  | 530000 | 10840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| Pegasystems, Inc.  | 159265 | $9511 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 284599 | 9241 |
| Tokyo Seimitsu Co., Ltd.  | 124023 | 8770 |
| eMemory Technology, Inc.  | 157430 | 8595 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 14995 | 6827 |
| Soitec <sup>(a)</sup>  | 177920 | 4810 |
| Cellebrite DI, Ltd. <sup>(a)</sup>  | 253216 | 4565 |
| Netskope, Inc., Class A <sup>(a)(b)</sup>  | 251977 | 4420 |
| Via Transportation, Inc., Class A <sup>(a)(b)</sup>  | 141377 | 4101 |
| OBIC Business Consultants Co., Ltd.  | 73900 | 3990 |
| Insight Enterprises, Inc. <sup>(a)</sup>  | 47429 | 3864 |
| Softcat PLC  | 195529 | 3717 |
| Topicus.com, Inc., subordinate voting shares <sup>(a)</sup>  | 38110 | 3530 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 8355 | 3507 |
| Shibaura Mechatronics Corp.  | 26300 | 3190 |
| Commvault Systems, Inc. <sup>(a)</sup>  | 24418 | 3061 |
| HPSP Co., Ltd.  | 132490 | 3056 |
| Cipher Mining, Inc. <sup>(a)(b)</sup>  | 206487 | 3048 |
| MARA Holdings, Inc. <sup>(a)(b)</sup>  | 327085 | 2937 |
| ASMPT, Ltd.  | 293500 | 2921 |
| Domo, Inc., Class B <sup>(a)</sup>  | 300977 | 2537 |
| Wolfspeed, Inc. <sup>(a)(b)</sup>  | 89368 | 1556 |
| Hexaware Technologies, Ltd.  | 126699 | 1079 |
| Bitdeer Technologies Group, Class A <sup>(a)(b)</sup>  | 49512 | 555 |
| Yotpo, Ltd. <sup>(a)(c)(d)</sup>  | 678736 | 265 |
|  |  | 428964 |
| **Consumer discretionary 11.70%** |  |  |
| CAVA Group, Inc. <sup>(a)(b)</sup>  | 547511 | 32133 |
| Light & Wonder, Inc. CHESS Depositary Interest <sup>(a)</sup>  | 266937 | 27998 |
| Entain PLC  | 2694154 | 27743 |
| TopBuild Corp. <sup>(a)</sup>  | 49920 | 20826 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 535848 | 18465 |
| Thor Industries, Inc.  | 170817 | 17538 |
| Champion Homes, Inc. <sup>(a)</sup>  | 182251 | 15400 |
| Sega Sammy Holdings, Inc.  | 878000 | 13727 |
| Wyndham Hotels & Resorts, Inc.  | 175062 | 13228 |
| Acushnet Holdings Corp.  | 165000 | 13170 |
| LKQ Corp.  | 420833 | 12709 |
| Patrick Industries, Inc.  | 96348 | 10447 |
| Guzman y Gomez, Ltd.  | 668245 | 9643 |
| Food & Life Cos., Ltd.  | 184900 | 9373 |
| Steven Madden, Ltd. <sup>(b)</sup>  | 208312 | 8674 |
| Ollies Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 74296 | 8144 |
| Aditya Vision, Ltd.  | 1363712 | 7408 |
| Cartrade Tech, Ltd. <sup>(a)</sup>  | 227495 | 7154 |
| tonies SE, Class A <sup>(a)</sup>  | 568903 | 6987 |
| Grand Canyon Education, Inc. <sup>(a)</sup>  | 41039 | 6825 |
| Dominos Pizza Enterprises, Ltd.  | 486762 | 6810 |
| Lottomatica Group SpA  | 254958 | 6691 |
| MRF, Ltd.  | 3861 | 6567 |
| Yonex Co., Ltd.  | 300000 | 6362 |
| Boot Barn Holdings, Inc. <sup>(a)</sup>  | 33840 | 5972 |
| Inchcape PLC  | 420301 | 4357 |
| Camping World Holdings, Inc., Class A  | 426336 | 4148 |
| Cairn Homes PLC (EUR denominated)  | 1597882 | 3891 |
| Savers Value Village, Inc. <sup>(a)</sup>  | 367506 | 3433 |
| Zalando SE, non-registered shares <sup>(a)</sup>  | 115415 | 3427 |
| Smartfit Escola de Ginastica e Danca SA  | 677584 | 2865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>8</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Coats Group PLC  | 2231726 | $2529 |
| Groupe Dynamite, Inc.  | 8500 | 512 |
| Metaplanet, Inc. <sup>(a)</sup>  | 137850 | 350 |
|  |  | 345506 |
| **Health care 10.57%** |  |  |
| Insulet Corp. <sup>(a)</sup>  | 85352 | 24260 |
| Ensign Group, Inc. (The)  | 127853 | 22272 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup>  | 417299 | 19593 |
| IDEAYA Biosciences, Inc. <sup>(a)(b)</sup>  | 486851 | 16830 |
| Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup>  | 54843 | 16617 |
| Max Healthcare Institute, Ltd.  | 1220256 | 14191 |
| Addus HomeCare Corp. <sup>(a)</sup>  | 125640 | 13492 |
| Kymera Therapeutics, Inc. <sup>(a)</sup>  | 171932 | 13378 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup>  | 112926 | 12088 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 873841 | 12047 |
| ADMA Biologics, Inc. <sup>(a)</sup>  | 596196 | 10875 |
| Vitrolife AB  | 730264 | 10864 |
| Bio-Techne Corp.  | 178365 | 10490 |
| Zealand Pharma AS <sup>(a)</sup>  | 132343 | 9631 |
| Masimo Corp. <sup>(a)(b)</sup>  | 72354 | 9410 |
| Vimian Group AB (publ) <sup>(a)(b)</sup>  | 2729438 | 8952 |
| Asker Healthcare Group AB <sup>(a)</sup>  | 964065 | 8829 |
| iRhythm Technologies, Inc. <sup>(a)</sup>  | 45776 | 8122 |
| Encompass Health Corp.  | 62771 | 6662 |
| BridgeBio Pharma, Inc. <sup>(a)</sup>  | 86007 | 6579 |
| Shanghai Conant Optical Co., Ltd., Class H  | 902000 | 6258 |
| Establishment Labs Holdings, Inc. <sup>(a)(b)</sup>  | 85657 | 6243 |
| Indegene, Ltd.  | 933888 | 5409 |
| Denali Therapeutics, Inc. <sup>(a)</sup>  | 315416 | 5208 |
| CONMED Corp.  | 124153 | 5041 |
| Dr. Lal PathLabs, Ltd.  | 301052 | 4966 |
| AddLife AB, Class B  | 285033 | 4923 |
| Aster DM Healthcare, Ltd.  | 688425 | 4725 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup>  | 53648 | 3310 |
| Inhibrx Biosciences, Inc. <sup>(a)(b)</sup>  | 41358 | 3267 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup>  | 138269 | 2129 |
| Waystar Holding Corp. <sup>(a)</sup>  | 59700 | 1955 |
| Biohaven, Ltd. <sup>(a)</sup>  | 164617 | 1859 |
| GeneDx Holdings Corp., Class A <sup>(a)</sup>  | 12764 | 1660 |
|  |  | 312135 |
| **Materials 7.75%** |  |  |
| Resonac Holdings Co., Ltd.  | 1078714 | 45051 |
| Materion Corp.  | 237927 | 29579 |
| Sumitomo Bakelite Co., Ltd.  | 830059 | 27399 |
| Celanese Corp.  | 567064 | 23975 |
| Lundin Mining Corp.  | 1000000 | 21493 |
| Lundin Gold, Inc.  | 202100 | 16789 |
| Knife River Corp. <sup>(a)</sup>  | 174361 | 12266 |
| Dyno Nobel, Ltd.  | 5112453 | 10919 |
| Louisiana-Pacific Corp.  | 110000 | 8884 |
| Vicat SACA  | 85775 | 7625 |
| Acerinox SA  | 437480 | 6481 |
| Mitsui Kinzoku Co., Ltd.  | 41700 | 4711 |
| Umicore SA  | 168404 | 3515 |
| Cabot Corp.  | 48229 | 3197 |
| Huhtamaki OYJ  | 82277 | 2867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Arkema SA  | 34302 | $2098 |
| Mayr-Melnhof Karton AG, non-registered shares  | 17249 | 1882 |
| Titan SA  | 1455 | 90 |
|  |  | 228821 |
| **Communication services 3.97%** |  |  |
| Nippon Television Holdings, Inc.  | 986700 | 23925 |
| Magnite, Inc. <sup>(a)</sup>  | 1429601 | 23202 |
| Springer Nature AG & Co. KGaA, non-registered shares  | 593839 | 13346 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 900000 | 12177 |
| New York Times Co., Class A  | 175000 | 12149 |
| Indosat Tbk PT  | 85573409 | 11905 |
| Kadokawa Corp.  | 529800 | 10749 |
| Rightmove PLC  | 1080615 | 7555 |
| Bharti Hexacom, Ltd.  | 63232 | 1282 |
| Starz Entertainment Corp. <sup>(a)</sup>  | 82800 | 969 |
|  |  | 117259 |
| **Consumer staples 3.25%** |  |  |
| Raia Drogasil SA, ordinary nominative shares  | 7751754 | 33248 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 767003 | 25610 |
| Universal Robina Corp.  | 13048305 | 14887 |
| Lamb Weston Holdings, Inc.  | 320000 | 13405 |
| Apotea Sverige AB <sup>(a)</sup>  | 593629 | 5929 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 40599 | 3087 |
|  |  | 96166 |
| **Energy 2.66%** |  |  |
| Weatherford International  | 409326 | 32034 |
| CNX Resources Corp. <sup>(a)</sup>  | 525389 | 19319 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 207708 | 10107 |
| Aegis Logistics Ltd.  | 790464 | 6306 |
| Secure Waste Infrastructure Corp.  | 369037 | 4643 |
| Cactus, Inc., Class A  | 77043 | 3519 |
| Aegis Vopak Terminals, Ltd. <sup>(a)</sup>  | 953011 | 2643 |
|  |  | 78571 |
| **Real estate 2.41%** |  |  |
| Charter Hall Group REIT  | 1491963 | 24257 |
| Embassy Office Parks REIT  | 4429528 | 21465 |
| Mindspace Business Parks REIT  | 1250000 | 6607 |
| NTT DC REIT <sup>(a)</sup>  | 5706900 | 5815 |
| Lodha Developers, Ltd.  | 442564 | 5226 |
| St. Joe Co.  | 70902 | 4209 |
| Altus Group, Ltd.  | 88775 | 3668 |
|  |  | 71247 |
| **Utilities 1.61%** |  |  |
| Black Hills Corp.  | 280286 | 19457 |
| Talen Energy Corp. <sup>(a)</sup>  | 23357 | 8755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>10</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Nippon Gas Co., Ltd.  | 364000 | $6893 |
| SembCorp Industries, Ltd.  | 1425500 | 6655 |
| IDACORP, Inc.  | 45900 | 5809 |
|  |  | 47569 |
| **Total common stocks** (cost: $2,108,611,000) | **Total common stocks** (cost: $2,108,611,000) | 2838047 |
| Preferred securities 0.66% |  |  |
| **Information technology 0.41%** |  |  |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 3006 | 10054 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup>  | 2158609 | 842 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup>  | 287894 | 112 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup>  | 274070 | 107 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup>  | 183819 | 72 |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup>  | 89605 | 35 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup>  | 75980 | 30 |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 42368 | 16 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup>  | 33838 | 13 |
| Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup>  | 154354 | 807 |
|  |  | 12088 |
| **Financials 0.25%** |  |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup>  | 500000 | 7200 |
| **Total preferred securities** (cost: $27,808,000) | **Total preferred securities** (cost: $27,808,000) | 19288 |
| Rights & warrants 0.00% |  |  |
| **Consumer discretionary 0.00%** |  |  |
| Smartfit Escola de Ginastica e Danca SA, rights, expire 1/6/2026 <sup>(a)</sup>  | 21419 | 12 |
| Convertible bonds & notes 0.05% | Principal amount<br> (000)<br>|  |
| **Information technology 0.05%** |  |  |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031  | USD773 | 1149 |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 <sup>(e)</sup>  | 291 | 432 |
| **Total convertible bonds & notes** (cost: $923,000) | **Total convertible bonds & notes** (cost: $923,000) | 1581 |
| Bonds, notes & other debt instruments 0.03% |  |  |
| **Corporate bonds and notes 0.03%** | **Corporate bonds and notes 0.03%** | **Corporate bonds and notes 0.03%** |
| **Information technology 0.03%** |  |  |
| Wolfspeed, Inc. 7.00% Cash 6/15/2031 (7.00% on 12/15/2030) <sup>(f)(g)</sup>  | 1173 | 945 |
| **Total bonds, notes & other debt instruments** (cost: $1,334,000) | **Total bonds, notes & other debt instruments** (cost: $1,334,000) | 945 |
| Short-term securities 6.72% | Shares |  |
| **Money market investments 2.90%** | **Money market investments 2.90%** | **Money market investments 2.90%** |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)</sup>  | 856817 | 85690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) |  | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup>  | 55116990 | $55117 |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  | Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  | 138082 | 13810 |
|  |  |  | 68927 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Commercial paper 1.49%** | **Commercial paper 1.49%** | **Commercial paper 1.49%** | **Commercial paper 1.49%** |
| Oversea-Chinese Banking Corp., Ltd. 1/16/2026 <sup>(e)</sup>  | 3.214<br> %<br>| USD21,500 | 21464 |
| TOTAL Holdings USA, Inc. 1/9/2026 <sup>(e)</sup>  | 2.868 | 22500 | 22479 |
|  |  |  | 43943 |
| **Total short-term securities** (cost: $198,558,000) | **Total short-term securities** (cost: $198,558,000) | **Total short-term securities** (cost: $198,558,000) | 198560 |
| **Total investment securities 103.54%** (cost: $2,337,234,000) | **Total investment securities 103.54%** (cost: $2,337,234,000) | **Total investment securities 103.54%** (cost: $2,337,234,000) | 3058433 |
| Other assets less liabilities (3.54)% | Other assets less liabilities (3.54)% |  | (104630)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $2953803 |

---

**Investments in affiliates** <sup>(i)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc. <sup>(a)(k)</sup>  | $27594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16981 | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $(12789)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Short-term securities 3.37%** |  |  |  |  |  |  |  |
| **Money market investments 2.90%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(h)</sup>  | 16001 | &nbsp;&nbsp; 781768 | &nbsp;&nbsp; 712093 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 85690 | &nbsp;&nbsp; 4646 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.47%**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(h)(j)</sup>  | 19927 |  | &nbsp;&nbsp; 6117 <br><sup>(l)</sup><br>|  |  | &nbsp;&nbsp; 13810 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 99500 |  |
| **Total 3.37%** |  |  |  | &nbsp;&nbsp; $2186 | &nbsp;&nbsp; $(12785)<br>| &nbsp;&nbsp; $99500 | &nbsp;&nbsp; $4646 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A <sup>(a)</sup> <br>| 12/24/2025 | $17554 | $17014 | 0.57<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> <br>| 5/28/2021 | 14344 | 10054 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> <br>| 2/25/2021 | 4748 | 842 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd. <sup>(a)(d)</sup> <br>| 3/16/2021 | 1418 | 265 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 602 | 112 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 573 | 107 | 0.00 <br><sup>(n)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 384 | 72 | 0.00 <br><sup>(n)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 187 | 35 | 0.00 <br><sup>(n)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 159 | 30 | 0.00 <br><sup>(n)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 88 | 16 | 0.00 <br><sup>(n)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>12</sub>

------

Global Small Capitalization Fund (continued)

**Restricted securities** <sup>(c)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | $71 | $13 | 0.00 %<sup>(n)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> <br>| 5/27/2021 | 4517 | 807 | 0.03 |
| **Total** |  | $44645 | $29367 | 0.99<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $44,375,000, which represented 1.50% of the net assets of the fund. 

<sup>(f)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(i)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(j)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2025.

<sup>(l)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(n)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series |

---

------

Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.05% | Shares | Value<br> (000)<br>|
| **Information technology 30.03%** |  |  |
| NVIDIA Corp.  | 14633168 | $2729086 |
| Broadcom, Inc.  | 7127917 | 2466972 |
| Microsoft Corp.  | 4705891 | 2275863 |
| Micron Technology, Inc.  | 4145247 | 1183095 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 6681199 | 1075473 |
| Apple, Inc.  | 3469920 | 943333 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 3933670 | 775523 |
| Salesforce, Inc.  | 2329847 | 617200 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 9590699 | 468538 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 178139 | 54135 |
| SK hynix, Inc.  | 1021431 | 462530 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 2430046 | 369246 |
| Constellation Software, Inc.  | 144522 | 347619 |
| Fair Isaac Corp. <sup>(a)</sup>  | 159463 | 269591 |
| Synopsys, Inc. <sup>(a)</sup>  | 548921 | 257839 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 321334 | 216521 |
| KLA Corp.  | 161842 | 196651 |
| Unity Software, Inc. <sup>(a)</sup>  | 4187714 | 184971 |
| Adobe, Inc. <sup>(a)</sup>  | 464126 | 162440 |
| Intel Corp. <sup>(a)</sup>  | 4381849 | 161690 |
| Amphenol Corp., Class A  | 1061587 | 143463 |
| ASML Holding NV (ADR)  | 121131 | 129593 |
| ASML Holding NV  | 11142 | 11910 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 3758673 | 122044 |
| Gartner, Inc. <sup>(a)</sup>  | 440392 | 111102 |
| DocuSign, Inc. <sup>(a)</sup>  | 1362952 | 93226 |
| Intuit, Inc.  | 109602 | 72603 |
| Fortinet, Inc. <sup>(a)</sup>  | 840566 | 66749 |
| Monday.com, Ltd. <sup>(a)</sup>  | 437980 | 64628 |
| HubSpot, Inc. <sup>(a)</sup>  | 133103 | 53414 |
| Accenture PLC, Class A  | 194545 | 52196 |
| Datadog, Inc., Class A <sup>(a)</sup>  | 322570 | 43866 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 1465500 | 42324 |
| Tower Semiconductor, Ltd. <sup>(a)</sup>  | 328759 | 38603 |
| Atlassian Corp., Class A <sup>(a)</sup>  | 175462 | 28449 |
| Applied Materials, Inc.  | 102877 | 26438 |
| Hewlett Packard Enterprise Co.  | 1097823 | 26370 |
| OpenAI Group PBC, Class A <sup>(a)(b)</sup>  | 35568 | 17228 |
| MKS, Inc.  | 101047 | 16147 |
| ServiceNow, Inc. <sup>(a)</sup>  | 100415 | 15383 |
| TE Connectivity PLC  | 58501 | 13310 |
| Stripe, Inc., Class B <sup>(a)(b)(c)</sup>  | 168598 | 6983 |
| Figma, Inc. <sup>(a)</sup>  | 181900 | 6798 |
|  |  | 16421143 |
| **Communication services 17.08%** |  |  |
| Meta Platforms, Inc., Class A  | 6338307 | 4183853 |
| Alphabet, Inc., Class A  | 5117670 | 1601831 |
| Alphabet, Inc., Class C  | 4890122 | 1534520 |
| Netflix, Inc. <sup>(a)</sup>  | 11967549 | 1122077 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 1673146 | 238423 |
| Snap, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 27200000 | 219504 |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 2022582 | 163890 |
| Reddit, Inc., Class A <sup>(a)</sup>  | 385000 | 88500 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 257459 | 53745 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 205671 | 52658 |
| T-Mobile US, Inc.  | 142902 | 29015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>14</sub>

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services (continued)** |  |  |
| Nintendo Co., Ltd.  | 411400 | $27790 |
| Spotify Technology SA <sup>(a)</sup>  | 36511 | 21202 |
| Stubhub Holdings, Inc., Class A <sup>(a)(d)</sup>  | 289405 | 3916 |
|  |  | 9340924 |
| **Consumer discretionary 15.69%** |  |  |
| Tesla, Inc. <sup>(a)</sup>  | 7508443 | 3376697 |
| Amazon.com, Inc. <sup>(a)</sup>  | 4731936 | 1092225 |
| Royal Caribbean Cruises, Ltd.  | 1873957 | 522684 |
| D.R. Horton, Inc.  | 3192890 | 459872 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 9143057 | 338293 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 1463440 | 331440 |
| NIKE, Inc., Class B  | 4175649 | 266031 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 1088583 | 234089 |
| Burlington Stores, Inc. <sup>(a)</sup>  | 606948 | 175317 |
| Tractor Supply Co.  | 3325000 | 166283 |
| Hermes International  | 61000 | 150713 |
| Wayfair, Inc., Class A <sup>(a)</sup>  | 1406061 | 141183 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup>  | 6094950 | 136039 |
| Rivian Automotive, Inc., Class A <sup>(a)</sup>  | 6072024 | 119680 |
| Aramark  | 3218114 | 118620 |
| Home Depot, Inc.  | 315781 | 108660 |
| Texas Roadhouse, Inc.  | 569220 | 94491 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 103754 | 78220 |
| CAVA Group, Inc. <sup>(a)</sup>  | 1153603 | 67705 |
| Service Corp. International  | 848647 | 66169 |
| Amadeus IT Group SA, Class A, non-registered shares  | 900457 | 66047 |
| Five Below, Inc. <sup>(a)</sup>  | 252000 | 47467 |
| Duolingo, Inc., Class A <sup>(a)</sup>  | 267716 | 46984 |
| TopBuild Corp. <sup>(a)</sup>  | 109349 | 45619 |
| Churchill Downs, Inc.  | 393735 | 44799 |
| Booking Holdings, Inc.  | 8123 | 43501 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 1260429 | 43434 |
| Floor & Decor Holdings, Inc., Class A <sup>(a)</sup>  | 690678 | 42055 |
| YUM! Brands, Inc.  | 246744 | 37327 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 310795 | 28348 |
| Polaris, Inc.  | 371000 | 23466 |
| Starbucks Corp.  | 250453 | 21091 |
| AutoZone, Inc. <sup>(a)</sup>  | 5049 | 17124 |
| Marriott International, Inc., Class A  | 46380 | 14389 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 356300 | 8334 |
| Helen of Troy, Ltd. <sup>(a)</sup>  | 269597 | 5729 |
|  |  | 8580125 |
| **Health care 10.98%** |  |  |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 1991933 | 1128151 |
| Eli Lilly and Co.  | 939135 | 1009270 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1501764 | 680840 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 1708686 | 679459 |
| HCA Healthcare, Inc.  | 627846 | 293116 |
| UnitedHealth Group, Inc.  | 835333 | 275752 |
| Thermo Fisher Scientific, Inc.  | 472926 | 274037 |
| Boston Scientific Corp. <sup>(a)</sup>  | 2452163 | 233814 |
| Amgen, Inc.  | 520625 | 170406 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 1674900 | 132501 |
| Illumina, Inc. <sup>(a)</sup>  | 993454 | 130302 |
| Guardant Health, Inc. <sup>(a)</sup>  | 1005728 | 102725 |
| Ascendis Pharma AS (ADR) <sup>(a)</sup>  | 444896 | 94870 |
| Moderna, Inc. <sup>(a)</sup>  | 3047100 | 89859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 62042 | $86498 |
| Danaher Corp.  | 375705 | 86006 |
| Align Technology, Inc. <sup>(a)</sup>  | 540602 | 84415 |
| Hims & Hers Health, Inc., Class A <sup>(a)(d)</sup>  | 2320554 | 75348 |
| Insmed, Inc. <sup>(a)</sup>  | 418330 | 72806 |
| EssilorLuxottica SA  | 229003 | 72405 |
| BioNTech SE (ADR) <sup>(a)</sup>  | 562734 | 53572 |
| Royalty Pharma PLC, Class A  | 955185 | 36908 |
| Abbott Laboratories  | 241437 | 30250 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 105500 | 23781 |
| CRISPR Therapeutics AG <sup>(a)(d)</sup>  | 334619 | 17547 |
| Regeneron Pharmaceuticals, Inc.  | 21203 | 16366 |
| Humana, Inc.  | 52111 | 13347 |
| QIAGEN NV  | 294396 | 13239 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 41200 | 9197 |
| Verily Life Sciences, LLC <sup>(a)(b)(c)</sup>  | 300178 | 8789 |
| Doximity, Inc., Class A <sup>(a)</sup>  | 172495 | 7638 |
|  |  | 6003214 |
| **Industrials 9.20%** |  |  |
| TransDigm Group, Inc.  | 716472 | 952800 |
| General Electric Co.  | 1458179 | 449163 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 3678126 | 300540 |
| Quanta Services, Inc.  | 656371 | 277028 |
| FTAI Aviation, Ltd.  | 1289761 | 253889 |
| Ingersoll-Rand, Inc.  | 3178452 | 251797 |
| ATI, Inc. <sup>(a)</sup>  | 2086140 | 239405 |
| Republic Services, Inc.  | 1037338 | 219843 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 1596411 | 178511 |
| Rocket Lab Corp. <sup>(a)</sup>  | 2320675 | 161890 |
| Northrop Grumman Corp.  | 202123 | 115253 |
| United Rentals, Inc.  | 132903 | 107561 |
| GE Vernova, Inc.  | 164046 | 107216 |
| Ryanair Holdings PLC (ADR)  | 1404492 | 101390 |
| Ryanair Holdings PLC  | 96554 | 3353 |
| Airbus SE, non-registered shares  | 426445 | 98915 |
| Copart, Inc. <sup>(a)</sup>  | 2348144 | 91930 |
| Saia, Inc. <sup>(a)</sup>  | 280378 | 91549 |
| Axon Enterprise, Inc. <sup>(a)</sup>  | 157223 | 89292 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 518058 | 88133 |
| Old Dominion Freight Line, Inc.  | 490000 | 76832 |
| Tetra Tech, Inc.  | 2192104 | 73523 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 701174 | 68673 |
| Equifax, Inc.  | 308063 | 66843 |
| Boeing Co. (The) <sup>(a)</sup>  | 307821 | 66834 |
| Willscot Holdings Corp., Class A  | 3295427 | 62053 |
| ITT, Inc.  | 343000 | 59514 |
| Rolls-Royce Holdings PLC  | 3673109 | 57092 |
| Loar Holdings, Inc. <sup>(a)</sup>  | 817165 | 55567 |
| HEICO Corp.  | 137622 | 44533 |
| Carrier Global Corp.  | 709345 | 37482 |
| XPO, Inc. <sup>(a)</sup>  | 263564 | 35821 |
| Enerpac Tool Group Corp., Class A  | 924087 | 35337 |
| Applied Industrial Technologies, Inc.  | 93197 | 23930 |
| Lennox International, Inc.  | 43370 | 21060 |
| Caterpillar, Inc.  | 30500 | 17472 |
| Builders FirstSource, Inc. <sup>(a)</sup>  | 160656 | 16530 |
| SPX Technologies, Inc. <sup>(a)</sup>  | 65962 | 13196 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **16** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Safran SA  | 31998 | $11135 |
| Einride AB <sup>(a)(b)(c)</sup>  | 128088 | 2621 |
| Einride AB (EUR denominated) <sup>(a)(b)(c)</sup>  | 78648 | 1609 |
|  |  | 5027115 |
| **Financials 7.45%** |  |  |
| Visa, Inc., Class A  | 2133721 | 748317 |
| Bank of America Corp.  | 9094572 | 500202 |
| Toast, Inc., Class A <sup>(a)</sup>  | 8375874 | 297427 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 3595701 | 267628 |
| Mastercard, Inc., Class A  | 467855 | 267089 |
| Capital One Financial Corp.  | 955209 | 231504 |
| KKR & Co., Inc.  | 1738534 | 221628 |
| Apollo Asset Management, Inc.  | 1370731 | 198427 |
| LPL Financial Holdings, Inc.  | 477139 | 170420 |
| Block, Inc., Class A <sup>(a)</sup>  | 2393874 | 155817 |
| Brookfield Corp., Class A  | 3275187 | 150298 |
| American Express Co.  | 292646 | 108264 |
| UBS Group AG  | 2174000 | 100498 |
| Blue Owl Capital, Inc., Class A <sup>(d)</sup>  | 6686183 | 99892 |
| Coinbase Global, Inc., Class A <sup>(a)</sup>  | 330462 | 74731 |
| Progressive Corp.  | 307337 | 69987 |
| Truist Financial Corp.  | 1350366 | 66452 |
| Blackstone, Inc.  | 372497 | 57417 |
| Ares Management Corp., Class A  | 346466 | 55999 |
| Marsh & McLennan Cos., Inc.  | 267515 | 49629 |
| Brown & Brown, Inc.  | 598260 | 47681 |
| Ryan Specialty Holdings, Inc., Class A  | 870000 | 44918 |
| Kinsale Capital Group, Inc.  | 73584 | 28780 |
| Intercontinental Exchange, Inc.  | 176208 | 28539 |
| Aon PLC, Class A  | 57337 | 20233 |
| Tradeweb Markets, Inc., Class A  | 118829 | 12779 |
|  |  | 4074556 |
| **Consumer staples 1.87%** |  |  |
| Performance Food Group Co. <sup>(a)</sup>  | 3559500 | 320070 |
| Costco Wholesale Corp.  | 303405 | 261638 |
| Philip Morris International, Inc.  | 1376564 | 220801 |
| Bunge Global SA  | 679809 | 60557 |
| Church & Dwight Co., Inc.  | 600863 | 50382 |
| Walmart, Inc.  | 421746 | 46987 |
| Dollar Tree Stores, Inc. <sup>(a)</sup>  | 326400 | 40151 |
| Estee Lauder Cos., Inc. (The), Class A  | 163107 | 17081 |
| JUUL Labs, Inc., Class A <sup>(a)(b)(c)(e)</sup>  | 2496349 | 4743 |
|  |  | 1022410 |
| **Materials 1.79%** |  |  |
| Wheaton Precious Metals Corp.  | 2483836 | 291900 |
| Grupo Mexico, SAB de CV, Series B  | 19156155 | 180876 |
| Albemarle Corp.  | 1072000 | 151624 |
| Royal Gold, Inc.  | 551247 | 122537 |
| Barrick Mining Corp.  | 1945890 | 84743 |
| Franco-Nevada Corp. (CAD denominated)  | 323280 | 67011 |
| Glencore PLC  | 5275000 | 28695 |
| Linde PLC  | 61350 | 26159 |
| Ecolab, Inc.  | 93883 | 24646 |
|  |  | 978191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy 1.55%** |  |  |
| EOG Resources, Inc.  | 2238224 | $235036 |
| Baker Hughes Co., Class A  | 3500000 | 159390 |
| TechnipFMC PLC  | 2000000 | 89120 |
| ConocoPhillips  | 815850 | 76372 |
| Viper Energy, Inc., Class A  | 1904761 | 73581 |
| Diamondback Energy, Inc.  | 325000 | 48857 |
| EQT Corp.  | 775751 | 41580 |
| Cenovus Energy, Inc. (CAD denominated)  | 2415901 | 40871 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 1087226 | 36826 |
| Tourmaline Oil Corp.  | 596759 | 26769 |
| SLB, Ltd.  | 470914 | 18074 |
|  |  | 846476 |
| **Real estate 0.74%** |  |  |
| Welltower, Inc. REIT  | 908669 | 168658 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup>  | 2105080 | 143609 |
| CoStar Group, Inc. <sup>(a)</sup>  | 1393047 | 93668 |
|  |  | 405935 |
| **Utilities 0.67%** |  |  |
| Constellation Energy Corp.  | 509942 | 180147 |
| NRG Energy, Inc.  | 505712 | 80530 |
| Vistra Corp.  | 455512 | 73488 |
| Southern Co. (The)  | 357034 | 31133 |
|  |  | 365298 |
| **Total common stocks** (cost: $21,705,770,000) |  | 53065387 |
| Preferred securities 0.58% |  |  |
| **Information technology 0.57%** |  |  |
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)(c)</sup>  | 613792 | 154007 |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 2763342 | 114458 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 52656 | 2181 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)(c)</sup>  | 906761 | 37291 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)(c)</sup>  | 56040 | 2305 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)(c)</sup>  | 406310 | 1706 |
|  |  | 311948 |
| **Industrials 0.01%** |  |  |
| Einride AB, Series C, preferred shares <sup>(a)(b)(c)</sup>  | 154765 | 3167 |
| **Total preferred securities** (cost: $182,580,000) |  | 315115 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup>  | 53352 | — <br><sup>(f)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(f)</sup><br>|
| Convertible stocks 0.08% |  |  |
| **Information technology 0.07%** |  |  |
| OpenAI Group PBC, Class A-2, convertible preferred shares <sup>(b)</sup>  | 73144 | 35429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **18** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 0.01%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 128700 | $7644 |
| **Industrials 0.00%** |  |  |
| Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 809003 | 534 |
| Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 171920 | 113 |
|  |  | 647 |
| **Total convertible stocks** (cost: $32,010,000) |  | 43720 |
| Short-term securities 2.43% |  |  |
| **Money market investments 2.38%** | **Money market investments 2.38%** | **Money market investments 2.38%** |
| Capital Group Central Cash Fund 3.79% <sup>(g)(h)</sup>  | 13034717 | 1303602 |
| **Money market investments purchased with collateral from securities on loan 0.05%** | **Money market investments purchased with collateral from securities on loan 0.05%** | **Money market investments purchased with collateral from securities on loan 0.05%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup>  | 26762407 | 26762 |
| **Total short-term securities** (cost: $1,330,110,000) |  | 1330364 |
| **Total investment securities 100.14%** (cost: $23,250,470,000) |  | 54754586 |
| Other assets less liabilities (0.14)% |  | (75804)<br>|
| **Net assets 100.00%** |  | $54678782 |

---

**Investments in affiliates** <sup>(h)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.38%** |  |  |  |  |  |  |  |
| **Money market investments 2.38%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | $1045665 | &nbsp;&nbsp; $5918652 | &nbsp;&nbsp; $5660837 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $1303602 | &nbsp;&nbsp; $51607 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | 4032 |  | &nbsp;&nbsp; 4032 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total 2.38%** |  |  |  | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $1303602 | &nbsp;&nbsp; $51607 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Anthropic, PBC, Class F, preferred shares <sup>(a)(b)</sup> <br>| 8/29/2025 | $86525 | $154007 | 0.28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> <br>| 3/15/2023 | 55638 | 114458 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Class B <sup>(a)(b)</sup> <br>| 5/6/'2021 | 6766 | 6983 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> <br>| 3/15/2021 | 2113 | 2181 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/28/2021 | 23781 | 37291 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)</sup> <br>| 5/23/2025-6/3/2025 | 2305 | 2305 | 0.00 <br><sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Verily Life Sciences, LLC <sup>(a)(b)</sup> <br>| 12/21/2018 | 37000 | 8789 | 0.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series |

---

------

Growth Fund (continued)

**Restricted securities** <sup>(c)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB, Series C, preferred shares <sup>(a)(b)</sup> <br>| 11/23/2022-8/1/2024 | $5262 | $3167 | 0.01<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB <sup>(a)(b)</sup> <br>| 7/14/2025 | 4355 | 2621 | 0.00 <br><sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB (EUR denominated) <sup>(a)(b)</sup> <br>| 2/1/2023 | 2674 | 1609 | 0.00 <br><sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; JUUL Labs, Inc., Class A <sup>(a)(b)(e)</sup> <br>| 7/29/2024 | 19001 | 4743 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)</sup> <br>| 12/1/2021 | 6956 | 1706 | 0.00 <br><sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Wall Co., Class A-10, noncumulative convertible preferred <br> shares <sup>(b)</sup> <br>| 12/14/2023 | 1382 | 534 | 0.00 <br><sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Wall Co., Class A-9, noncumulative convertible preferred <br> shares <sup>(b)</sup> <br>| 10/22/2021 | 10452 | 113 | 0.00 <br><sup>(l)</sup><br>|
| **Total** |  | $264210 | $340507 | 0.62<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $4,743,000, which represented 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(h)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(i)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **20** |

---

------

International Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.16% | Shares | Value<br> (000)<br>|
| **Financials 16.89%** |  |  |
| Standard Chartered PLC  | 11011203 | $268904 |
| 3i Group PLC  | 2897302 | 126054 |
| Banco Bilbao Vizcaya Argentaria SA  | 5332751 | 124734 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 6922206 | 115878 |
| KB Financial Group, Inc.  | 1185335 | 102470 |
| Mizuho Financial Group, Inc.  | 2515100 | 91328 |
| Banco Santander SA  | 6836212 | 80222 |
| Banco BPM SpA  | 3615692 | 54921 |
| AIA Group, Ltd.  | 5207391 | 53488 |
| ING Groep NV  | 1613867 | 45368 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 56655 | 37414 |
| Tokio Marine Holdings, Inc.  | 905800 | 33629 |
| Bank Central Asia Tbk PT  | 56767400 | 27401 |
| BPER Banca SpA <sup>(b)</sup>  | 1418221 | 19178 |
| NatWest Group PLC  | 1567793 | 13674 |
| Allianz SE  | 27705 | 12707 |
| Hana Financial Group, Inc.  | 186011 | 12133 |
| Brookfield Corp., Class A (CAD denominated)  | 233122 | 10704 |
| Japan Post Bank Co., Ltd.  | 619400 | 8711 |
| China Merchants Bank Co., Ltd., Class A  | 1205700 | 7264 |
| ICICI Bank, Ltd.  | 442491 | 6606 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup>  | 35499 | 5829 |
|  |  | 1258617 |
| **Industrials 16.27%** |  |  |
| Airbus SE, non-registered shares  | 1101390 | 255471 |
| Rolls-Royce Holdings PLC  | 8463724 | 131553 |
| Siemens AG  | 303400 | 85206 |
| MTU Aero Engines AG  | 179935 | 75054 |
| Recruit Holdings Co., Ltd.  | 1308162 | 74627 |
| Melrose Industries PLC  | 9427170 | 74169 |
| Techtronic Industries Co., Ltd.  | 5617550 | 64539 |
| Volvo AB, Class B  | 1368822 | 43876 |
| Diploma PLC  | 598717 | 42730 |
| Localiza Rent a Car SA, ordinary nominative shares  | 5068783 | 39975 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 194953 | 1476 |
| WEG SA  | 3980205 | 35650 |
| ITOCHU Corp.  | 2657500 | 33545 |
| Marubeni Corp.  | 1159900 | 32276 |
| IHI Corp.  | 1824200 | 32164 |
| Hitachi, Ltd.  | 990979 | 30744 |
| Schneider Electric SE  | 95190 | 26092 |
| Rumo SA  | 9764390 | 26083 |
| Safran SA  | 56700 | 19730 |
| RELX PLC  | 379889 | 15366 |
| DSV A/S  | 50961 | 12824 |
| Bureau Veritas SA  | 386859 | 12320 |
| AtkinsRealis Group, Inc.  | 172152 | 11113 |
| Singapore Technologies Engineering, Ltd.  | 1674050 | 10922 |
| Experian PLC  | 236977 | 10718 |
| Larsen & Toubro, Ltd.  | 126454 | 5745 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 46865 | 4757 |
| Ashtead Group PLC  | 54171 | 3696 |
|  |  | 1212421 |
| **Information technology 15.10%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 9377867 | 458141 |
| SK hynix, Inc.  | 314984 | 142633 |
| Tokyo Electron, Ltd.  | 647298 | 142158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| ASML Holding NV  | 120453 | $128754 |
| Samsung Electronics Co., Ltd.  | 1529763 | 127497 |
| Nebius Group NV, Class A <sup>(a)(b)</sup>  | 330786 | 27689 |
| ARM Holdings PLC (ADR) <sup>(a)</sup>  | 196800 | 21512 |
| SAP SE  | 74969 | 18343 |
| Xiaomi Corp., Class B <sup>(a)</sup>  | 1932600 | 9754 |
| NEC Corp.  | 244075 | 8230 |
| Infineon Technologies AG  | 183939 | 8150 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(c)(d)</sup>  | 4819 | 7933 |
| Elite Material Co., Ltd.  | 151233 | 7844 |
| Delta Electronics, Inc.  | 244000 | 7424 |
| Tata Consultancy Services, Ltd.  | 137136 | 4902 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 28772 | 4632 |
|  |  | 1125596 |
| **Materials 12.39%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 14456903 | 387610 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 8609925 | 97921 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(d)</sup>  | 3675281 | 41799 |
| Grupo Mexico, SAB de CV, Series B  | 8937237 | 84387 |
| Nitto Denko Corp.  | 3520415 | 83649 |
| Anglo American PLC  | 1721774 | 70953 |
| Nippon Steel Corp.  | 9999000 | 40892 |
| Shin-Etsu Chemical Co., Ltd.  | 1077664 | 33513 |
| Air Liquide SA  | 118039 | 22213 |
| Antofagasta PLC  | 379688 | 16665 |
| Wheaton Precious Metals Corp.  | 88388 | 10387 |
| Smurfit Westrock PLC  | 247511 | 9571 |
| Nippon Sanso Holdings Corp.  | 304021 | 9078 |
| Akzo Nobel NV  | 88591 | 6153 |
| Buzzi SpA  | 87826 | 5339 |
| DSM-Firmenich AG  | 36039 | 2912 |
|  |  | 923042 |
| **Communication services 9.56%** |  |  |
| SoftBank Group Corp.  | 10784964 | 304053 |
| Tencent Holdings, Ltd.  | 1764115 | 135179 |
| Bharti Airtel, Ltd.  | 4398206 | 103178 |
| Singapore Telecommunications, Ltd.  | 11548300 | 40916 |
| Nintendo Co., Ltd.  | 536900 | 36267 |
| Deutsche Telekom AG  | 974869 | 31622 |
| NetEase, Inc.  | 734816 | 20222 |
| Universal Music Group NV  | 657391 | 17175 |
| Spotify Technology SA <sup>(a)</sup>  | 25659 | 14900 |
| Advanced Info Service PCL, foreign registered shares  | 867289 | 8614 |
|  |  | 712126 |
| **Consumer discretionary 9.04%** |  |  |
| Moncler SpA  | 1032407 | 66354 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 32883 | 66235 |
| Kering SA  | 179269 | 63257 |
| Compagnie Financiere Richemont SA, Class A  | 273347 | 58993 |
| Maruti Suzuki India, Ltd.  | 288268 | 53589 |
| Trip.com Group, Ltd.  | 580746 | 41659 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 313738 | 40023 |
| Prosus NV, Class N  | 643657 | 39754 |
| Industria de Diseno Textil SA  | 566003 | 37283 |
| Hyundai Motor Co.  | 162486 | 33269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **22** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Ferrari NV (EUR denominated)  | 87650 | $32635 |
| NEXT PLC  | 129015 | 23737 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 98385 | 21157 |
| Midea Group Co., Ltd., Class A  | 1128302 | 12614 |
| Fast Retailing Co., Ltd.  | 33500 | 12149 |
| Aristocrat Leisure, Ltd.  | 297447 | 11535 |
| Shimano, Inc. <sup>(b)</sup>  | 101600 | 10727 |
| Zensho Holdings Co., Ltd.  | 166100 | 9520 |
| Galaxy Entertainment Group, Ltd.  | 1925384 | 9443 |
| Compass Group PLC  | 292214 | 9297 |
| ANTA Sports Products, Ltd.  | 596775 | 6164 |
| Ryohin Keikaku Co., Ltd.  | 321757 | 5717 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 5799 | 4372 |
| Hermes International  | 1637 | 4044 |
|  |  | 673527 |
| **Health care 6.01%** |  |  |
| Novo Nordisk AS, Class B  | 3391577 | 172878 |
| Daiichi Sankyo Co., Ltd.  | 5868579 | 124987 |
| Zealand Pharma AS <sup>(a)</sup>  | 463564 | 33735 |
| Eurofins Scientific SE, non-registered shares  | 451508 | 33021 |
| AstraZeneca PLC  | 177294 | 32656 |
| EssilorLuxottica SA  | 70441 | 22272 |
| Sanofi  | 130708 | 12681 |
| Sandoz Group AG  | 159215 | 11604 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 274738 | 3788 |
|  |  | 447622 |
| **Energy 5.59%** |  |  |
| Reliance Industries, Ltd.  | 12131748 | 211754 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 4062860 | 137614 |
| Cenovus Energy, Inc. (CAD denominated)  | 2880905 | 48738 |
| Shell PLC (GBP denominated)  | 316792 | 11637 |
| Neste OYJ  | 300618 | 6803 |
|  |  | 416546 |
| **Consumer staples 4.50%** |  |  |
| British American Tobacco PLC  | 2634440 | 149314 |
| Danone SA  | 659961 | 59548 |
| L'Oreal SA, non-registered shares  | 86941 | 37344 |
| JBS NV (BDR) <sup>(a)</sup>  | 2188693 | 31566 |
| Marks and Spencer Group PLC  | 4024381 | 17902 |
| Ajinomoto Co., Inc.  | 669004 | 14150 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 262709 | 11052 |
| Kweichow Moutai Co., Ltd., Class A  | 46534 | 9164 |
| Imperial Brands PLC  | 136845 | 5753 |
|  |  | 335793 |
| **Utilities 2.81%** |  |  |
| Engie SA  | 2395754 | 62993 |
| Gulf Development PCL  | 27764456 | 36817 |
| E.ON SE  | 1586206 | 30069 |
| SSE PLC  | 987562 | 28958 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 783149 | 18770 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| SembCorp Industries, Ltd.  | 2815100 | $13142 |
| National Grid PLC  | 702416 | 10825 |
| RWE AG  | 148645 | 7909 |
|  |  | 209483 |
| **Total common stocks** (cost: $4,876,359,000) |  | 7314773 |
| Preferred securities 0.46% |  |  |
| **Financials 0.45%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 4652963 | 33353 |
| **Information technology 0.01%** |  |  |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 422 | 695 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 18 | 29 |
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 1 | 2 |
|  |  | 726 |
| **Total preferred securities** (cost: $27,145,000) |  | 34079 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup>  | 7730 | — <br><sup>(e)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(e)</sup><br>|
| Short-term securities 2.00% |  |  |
| **Money market investments 1.65%** | **Money market investments 1.65%** | **Money market investments 1.65%** |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 1227629 | 122775 |
| **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** | **Money market investments purchased with collateral from securities on loan 0.35%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 26275215 | 26276 |
| **Total short-term securities** (cost: $149,031,000) |  | 149051 |
| **Total investment securities 100.62%** (cost: $5,052,535,000) |  | 7497903 |
| Other assets less liabilities (0.62)% |  | (45923)<br>|
| **Net assets 100.00%** |  | $7451980 |

---

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.65%** |  |  |  |  |  |  |  |
| **Money market investments 1.65%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $396476 | &nbsp;&nbsp; $1657364 | &nbsp;&nbsp; $1930982 | &nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; $122775 | &nbsp;&nbsp; $11400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

------

International Fund (continued)

**Investments in affiliates** <sup>(g)</sup> (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000)<br>| Additions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 12/31/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $1000 | &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $1000 <br><sup>(i)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(j)</sup><br>|
| **Total 1.65%** |  |  | &nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; $122775 | &nbsp;&nbsp; $11400 |

---

**Restricted securities** <sup>(d)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> <br>| 12/18/2023 | $32962 | $41799 | 0.56<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd. <sup>(a)(c)</sup> <br>| 8/26/2021-11/04/2021 | 8215 | 7933 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 719 | 695 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 31 | 29 | 0.00 <br><sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative <br> preferred shares <sup>(a)(c)</sup> <br>| 11/4/2021 | 2 | 2 | 0.00 <br><sup>(k)</sup><br>|
| **Total** |  | $41929 | $50458 | 0.68<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(e)</sup> Amount less than one thousand.

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(k)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| GBP = British pounds |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.33% | Shares | Value<br> (000)<br>|
| **Information technology 22.63%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 6571269 | $321028 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 11523 | 3502 |
| SK hynix, Inc.  | 251877 | 114056 |
| Microsoft Corp.  | 157353 | 76099 |
| Broadcom, Inc.  | 210679 | 72916 |
| NVIDIA Corp.  | 320938 | 59855 |
| ASML Holding NV  | 25289 | 27032 |
| ASML Holding NV (ADR)  | 8318 | 8899 |
| Tokyo Electron, Ltd.  | 162200 | 35622 |
| KLA Corp.  | 14976 | 18197 |
| Samsung Electronics Co., Ltd.  | 191723 | 15979 |
| MediaTek, Inc.  | 326000 | 14772 |
| Xiaomi Corp., Class B <sup>(a)</sup>  | 2534000 | 12789 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 59018 | 11635 |
| Elite Material Co., Ltd.  | 220800 | 11453 |
| Capgemini SE  | 66733 | 11052 |
| Accton Technology Corp.  | 248000 | 9289 |
| Apple, Inc.  | 28459 | 7737 |
| Intel Corp. <sup>(a)</sup>  | 194842 | 7190 |
| Jentech Precision Industrial Co., Ltd.  | 77000 | 6634 |
| SAP SE  | 21612 | 5288 |
| SAP SE (ADR)  | 4295 | 1043 |
| Corning, Inc.  | 63115 | 5526 |
| E Ink Holdings, Inc.  | 780000 | 4901 |
| Oracle Corp.  | 24649 | 4804 |
| Micron Technology, Inc.  | 16655 | 4753 |
| Baidu, Inc., Class A <sup>(a)</sup>  | 275000 | 4508 |
| Kokusai Electric Corp.  | 114900 | 4011 |
| TDK Corp.  | 234000 | 3311 |
| Synopsys, Inc. <sup>(a)</sup>  | 7030 | 3302 |
| eMemory Technology, Inc.  | 59000 | 3221 |
| Infineon Technologies AG  | 67805 | 3004 |
| Zhongji Innolight Co., Ltd., Class A  | 33800 | 2928 |
| Keyence Corp.  | 7900 | 2862 |
| Globant SA <sup>(a)</sup>  | 36120 | 2361 |
| Delta Electronics, Inc.  | 74000 | 2252 |
| Unity Software, Inc. <sup>(a)</sup>  | 47136 | 2082 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 9701 | 1988 |
| ASE Technology Holding Co., Ltd.  | 242000 | 1918 |
| Tata Consultancy Services, Ltd.  | 40821 | 1459 |
| LITE-ON Technology Corp.  | 207000 | 1066 |
| HCL Technologies, Ltd.  | 51253 | 926 |
| Coforge, Ltd.  | 49378 | 914 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 5689 | 819 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(b)(c)</sup>  | 385 | 634 |
| Disco Corp.  | 1400 | 432 |
|  |  | 916049 |
| **Financials 17.42%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 2139537 | 50044 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 2908006 | 48680 |
| Mastercard, Inc., Class A  | 56665 | 32349 |
| Standard Chartered PLC  | 1298185 | 31703 |
| Abu Dhabi Islamic Bank PJSC  | 4188342 | 23675 |
| AIA Group, Ltd.  | 2150600 | 22090 |
| Capitec Bank Holdings, Ltd.  | 84912 | 21323 |
| KB Financial Group, Inc.  | 241411 | 20869 |
| HDFC Bank, Ltd.  | 1864902 | 20607 |
| Kotak Mahindra Bank, Ltd.  | 836821 | 20495 |
| UniCredit SpA  | 246716 | 20481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **26** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Eurobank SA  | 4059024 | $16268 |
| Hana Financial Group, Inc.  | 227598 | 14846 |
| Cholamandalam Investment and Finance Co., Ltd.  | 773211 | 14611 |
| PICC Property and Casualty Co., Ltd., Class H  | 6828947 | 14318 |
| Al Rajhi Banking and Investment Corp., non-registered shares  | 549635 | 14288 |
| ICICI Bank, Ltd.  | 612943 | 9151 |
| ICICI Bank, Ltd. (ADR)  | 161921 | 4825 |
| Visa, Inc., Class A  | 39040 | 13692 |
| Banco Santander SA  | 1156519 | 13572 |
| XP, Inc., Class A  | 827903 | 13553 |
| Axis Bank, Ltd.  | 911541 | 12903 |
| PB Fintech, Ltd. <sup>(a)</sup>  | 622762 | 12650 |
| National Bank of Greece SA  | 658867 | 10036 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 1164044 | 9792 |
| Shriram Finance, Ltd.  | 879069 | 9744 |
| AU Small Finance Bank, Ltd.  | 854088 | 9451 |
| Emirates NBD Bank PJSC  | 1224960 | 9289 |
| Credicorp, Ltd.  | 29914 | 8585 |
| Saudi National Bank (The)  | 810380 | 8182 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H  | 8799000 | 7605 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup>  | 44570 | 7319 |
| FirstRand, Ltd.  | 1266252 | 6927 |
| Brookfield Corp., Class A  | 149687 | 6869 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 721373 | 6687 |
| Banco BTG Pactual SA, units  | 690847 | 6593 |
| China Merchants Bank Co., Ltd., Class H  | 827000 | 5593 |
| China Merchants Bank Co., Ltd., Class A  | 145100 | 874 |
| Bank of the Philippine Islands  | 3172748 | 6261 |
| BSE, Ltd.  | 210546 | 6167 |
| Commercial International Bank - Egypt (CIB) SAE (GDR)  | 2846265 | 6083 |
| Samsung Life Insurance Co., Ltd.  | 53225 | 5796 |
| Hong Kong Exchanges and Clearing, Ltd.  | 103600 | 5413 |
| Prudential PLC  | 347501 | 5362 |
| Bajaj Finance, Ltd.  | 486776 | 5345 |
| Saudi Awwal Bank SJSC, non-registered shares  | 603009 | 5200 |
| Abu Dhabi Commercial Bank PJSC  | 1288462 | 5017 |
| Aon PLC, Class A  | 12683 | 4476 |
| Vietnam Technological and Commercial JSCB (The)  | 3227600 | 4279 |
| Kasikornbank PCL, foreign registered shares  | 680500 | 4204 |
| Bank Central Asia Tbk PT  | 8589523 | 4146 |
| Central Depository Services (India), Ltd.  | 257071 | 4129 |
| Banco Santander (Brasil) SA, units <sup>(a)</sup>  | 672725 | 4114 |
| Public Bank Bhd.  | 3623000 | 4054 |
| B3 SA - Brasil, Bolsa, Balcao  | 1469781 | 3826 |
| Samsung Fire & Marine Insurance Co., Ltd.  | 10900 | 3757 |
| 3i Group PLC  | 85342 | 3713 |
| Qatar National Bank QPSC  | 621752 | 3186 |
| HSBC Holdings PLC (GBP denominated)  | 189882 | 2977 |
| Akbank TAS  | 1817792 | 2963 |
| OTP Bank PLC  | 25466 | 2729 |
| Discovery, Ltd.  | 193692 | 2664 |
| CVC Capital Partners PLC  | 158241 | 2650 |
| 360 ONE WAM, Ltd.  | 177690 | 2346 |
| Kaspi.kz JSC (ADR) <sup>(a)</sup>  | 28783 | 2249 |
| Bajaj Finserv, Ltd.  | 74043 | 1679 |
| Bank of Ningbo Co., Ltd., Class A  | 407300 | 1637 |
| Woori Financial Group, Inc.  | 80845 | 1573 |
| BDO Unibank, Inc.  | 685630 | 1563 |
| S&P Global, Inc.  | 2769 | 1447 |
| Wise PLC, Class A <sup>(a)</sup>  | 101638 | 1221 |
| Shinhan Financial Group Co., Ltd.  | 13940 | 744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Asia Commercial Joint Stock Bank  | 584970 | $534 |
| Edenred SA  | 18236 | 405 |
| Haci A–mer Sabanci Holding AS  | 140669 | 277 |
| Erste Group Bank AG  | 1804 | 217 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 2662164 | — <br><sup>(d)</sup><br>|
|  |  | 704942 |
| **Consumer discretionary 12.67%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup>  | 33795 | 68072 |
| Trip.com Group, Ltd. (ADR)  | 474251 | 34103 |
| Trip.com Group, Ltd.  | 385395 | 27646 |
| Alibaba Group Holding, Ltd.  | 1441572 | 26383 |
| Alibaba Group Holding, Ltd. (ADR)  | 119790 | 17559 |
| Midea Group Co., Ltd., Class A  | 2890833 | 32318 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 40672 | 30663 |
| Eicher Motors, Ltd.  | 219346 | 17835 |
| Compagnie Financiere Richemont SA, Class A  | 81116 | 17506 |
| MakeMyTrip, Ltd. <sup>(a)</sup>  | 168896 | 13870 |
| Prosus NV, Class N  | 213414 | 13181 |
| Maruti Suzuki India, Ltd.  | 69319 | 12886 |
| H World Group, Ltd. (ADR)  | 253777 | 11940 |
| H World Group, Ltd.  | 190600 | 901 |
| BYD Co., Ltd., Class A  | 722123 | 10082 |
| BYD Co., Ltd., Class H  | 211400 | 2574 |
| Galaxy Entertainment Group, Ltd.  | 2192000 | 10751 |
| Ryohin Keikaku Co., Ltd.  | 574800 | 10212 |
| Eternal, Ltd. <sup>(a)</sup>  | 3260114 | 10115 |
| Jumbo SA  | 289567 | 9514 |
| TVS Motor Co., Ltd.  | 204915 | 8475 |
| Vibra Energia SA  | 1778591 | 8364 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 65079 | 8302 |
| Hyundai Motor Co.  | 38193 | 7820 |
| Meituan, Class B <sup>(a)</sup>  | 464500 | 6129 |
| Naspers, Ltd., Class N  | 88840 | 5901 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup>  | 50247 | 5698 |
| Wynn Resorts, Ltd.  | 44454 | 5349 |
| Tesla, Inc. <sup>(a)</sup>  | 11561 | 5199 |
| Li Ning Co., Ltd.  | 2006155 | 4804 |
| Inchcape PLC  | 461897 | 4788 |
| Hermes International  | 1746 | 4314 |
| Moncler SpA  | 66313 | 4262 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 41403 | 3150 |
| Royal Caribbean Cruises, Ltd.  | 10578 | 2950 |
| Coupang, Inc., Class A <sup>(a)</sup>  | 124997 | 2949 |
| Lenskart Solutions, Ltd. <sup>(a)</sup>  | 578142 | 2899 |
| YUM! Brands, Inc.  | 18610 | 2815 |
| Pepkor Holdings, Ltd.  | 1716852 | 2745 |
| Amadeus IT Group SA, Class A, non-registered shares  | 37373 | 2741 |
| ANTA Sports Products, Ltd.  | 239200 | 2471 |
| Swiggy, Ltd. <sup>(a)</sup>  | 550157 | 2364 |
| Marriott International, Inc., Class A  | 7554 | 2344 |
| Starbucks Corp.  | 27127 | 2284 |
| Shenzhou International Group Holdings, Ltd.  | 284200 | 2221 |
| Booking Holdings, Inc.  | 402 | 2153 |
| InterContinental Hotels Group PLC  | 15169 | 2125 |
| Mahindra & Mahindra, Ltd.  | 50625 | 2090 |
| adidas AG  | 10534 | 2074 |
| Ferrari NV (EUR denominated)  | 4981 | 1855 |
| Industria de Diseno Textil SA  | 27544 | 1814 |
| Fast Retailing Co., Ltd.  | 3900 | 1414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **28** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Sands China, Ltd.  | 496000 | $1250 |
| Laopu Gold Co., Ltd., Class H  | 15700 | 1245 |
| NIKE, Inc., Class B  | 18962 | 1208 |
| Shangri-La Asia, Ltd.  | 1774000 | 1083 |
| Tube Investments of India, Ltd.  | 36685 | 1067 |
| Renault SA  | 25328 | 1049 |
| Cyrela Brazil Realty SA, ordinary nominative shares  | 179166 | 984 |
| Kering SA  | 2102 | 742 |
| Hilton Worldwide Holdings, Inc.  | 2449 | 704 |
| Evolution AB  | 6810 | 463 |
| Compagnie Generale des Etablissements Michelin  | 1122 | 37 |
|  |  | 512806 |
| **Industrials 12.11%** |  |  |
| Airbus SE, non-registered shares  | 221232 | 51315 |
| International Container Terminal Services, Inc.  | 4053790 | 38869 |
| Rolls-Royce Holdings PLC  | 2174320 | 33796 |
| Hitachi, Ltd.  | 960800 | 29807 |
| General Electric Co.  | 84289 | 25964 |
| Kanzhun, Ltd., Class A (ADR)  | 932453 | 19003 |
| Kanzhun, Ltd., Class A  | 98200 | 994 |
| Copa Holdings SA, Class A  | 149024 | 17974 |
| Rumo SA  | 5874027 | 15691 |
| Safran SA  | 42173 | 14675 |
| Localiza Rent a Car SA, ordinary nominative shares  | 1712066 | 13502 |
| Localiza Rent a Car SA <sup>(a)</sup>  | 65848 | 499 |
| IHI Corp.  | 716379 | 12631 |
| Contemporary Amperex Technology Co., Ltd., Class A  | 230376 | 12061 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 1115202 | 11996 |
| DSV A/S  | 45402 | 11425 |
| Daikin Industries, Ltd.  | 78900 | 10129 |
| BAE Systems PLC  | 436368 | 10032 |
| WEG SA  | 1109286 | 9936 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 352685 | 9265 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR)  | 1043 | 275 |
| AGCO Corp.  | 88171 | 9198 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 112415 | 9185 |
| Leonardo SpA  | 157234 | 9007 |
| Aselan Elektronik Sanayi ve Ticaret AS  | 1557059 | 8420 |
| TransDigm Group, Inc.  | 6188 | 8229 |
| Siemens AG  | 28236 | 7930 |
| Mitsui & Co., Ltd.  | 242100 | 7155 |
| Techtronic Industries Co., Ltd.  | 620500 | 7129 |
| Weichai Power Co., Ltd., Class A  | 1977896 | 4847 |
| Weichai Power Co., Ltd., Class H  | 947000 | 2279 |
| Motiva Infraestrutura de Mobilidade SA  | 2511108 | 6872 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 399864 | 6272 |
| Hanwha Aerospace Co., Ltd.  | 9460 | 6155 |
| Larsen & Toubro, Ltd.  | 126929 | 5767 |
| Full Truck Alliance Co., Ltd., Class A (ADR)  | 433721 | 4654 |
| Mitsubishi Heavy Industries, Ltd.  | 162100 | 3970 |
| Schneider Electric SE  | 14248 | 3905 |
| SM Investments Corp.  | 321280 | 3820 |
| Ayala Corp.  | 383020 | 3047 |
| GT Capital Holdings, Inc.  | 288570 | 2918 |
| Carrier Global Corp.  | 54462 | 2878 |
| InPost SA <sup>(a)(e)</sup>  | 218978 | 2682 |
| International Consolidated Airlines Group SA (CDI)  | 463348 | 2566 |
| Embraer SA  | 143113 | 2312 |
| Ingersoll-Rand, Inc.  | 25137 | 1991 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Bureau Veritas SA  | 61362 | $1954 |
| Boeing Co. (The) <sup>(a)</sup>  | 7510 | 1631 |
| Turk Hava Yollari Anonim Ortakligi, non-registered shares  | 218301 | 1368 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup>  | 200986 | 1003 |
| Wizz Air Holdings PLC <sup>(a)</sup>  | 57166 | 983 |
| Haitian International Holdings, Ltd.  | 103146 | 293 |
|  |  | 490259 |
| **Communication services 9.72%** |  |  |
| Tencent Holdings, Ltd.  | 1429401 | 109531 |
| Alphabet, Inc., Class C  | 86392 | 27110 |
| Alphabet, Inc., Class A  | 82543 | 25836 |
| Bharti Airtel, Ltd.  | 2045799 | 47992 |
| Bharti Airtel, Ltd., interim shares  | 50511 | 952 |
| Meta Platforms, Inc., Class A  | 60664 | 40044 |
| NetEase, Inc.  | 1132600 | 31168 |
| MTN Group, Ltd.  | 2718770 | 27783 |
| KT Corp. (ADR)  | 648437 | 12301 |
| Netflix, Inc. <sup>(a)</sup>  | 118609 | 11121 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 43499200 | 9047 |
| America Movil, SAB de CV, Class B (ADR)  | 384073 | 7939 |
| True Corp. PCL, foreign registered shares  | 22087986 | 7629 |
| True Corp. PCL, nonvoting depository receipts  | 753600 | 260 |
| Baidu, Inc., Class A (ADR) <sup>(a)</sup>  | 56652 | 7402 |
| Spotify Technology SA <sup>(a)</sup>  | 10315 | 5990 |
| Tencent Music Entertainment Group, Class A (ADR)  | 338146 | 5928 |
| Orange  | 311481 | 5197 |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 38832 | 3146 |
| Advanced Info Service PCL, foreign registered shares  | 267800 | 2660 |
| NAVER Corp.  | 9774 | 1638 |
| TIM SA  | 412735 | 1615 |
| Singapore Telecommunications, Ltd.  | 349300 | 1237 |
|  |  | 393526 |
| **Materials 6.40%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1702702 | 45652 |
| Grupo Mexico, SAB de CV, Series B  | 2472433 | 23345 |
| Barrick Mining Corp.  | 438294 | 19088 |
| Vale SA, ordinary nominative shares  | 1025947 | 13414 |
| Vale SA (ADR), ordinary nominative shares  | 205656 | 2680 |
| Glencore PLC  | 2503454 | 13618 |
| APL Apollo Tubes, Ltd.  | 546975 | 11649 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 128112 | 10846 |
| Valterra Platinum, Ltd. (ADR)  | 41308 | 578 |
| Amcor PLC (CDI)  | 1254386 | 10482 |
| Nitto Denko Corp.  | 428636 | 10185 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 436300 | 8156 |
| BASF SE  | 145775 | 7616 |
| Anhui Conch Cement Co., Ltd., Class H  | 2253000 | 6373 |
| Linde PLC  | 14574 | 6214 |
| Impala Platinum Holdings, Ltd.  | 375422 | 5913 |
| Saudi Basic Industries Corp. non-registered shares  | 353199 | 4829 |
| Nutrien, Ltd. (CAD denominated) <sup>(e)</sup>  | 71918 | 4439 |
| Siam Cement PCL, foreign registered shares  | 730100 | 4239 |
| Suzano SA  | 438657 | 4109 |
| Pan American Silver Corp.  | 77019 | 3990 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 344873 | 3922 |
| Southern Copper Corp.  | 25418 | 3647 |
| Wheaton Precious Metals Corp. (CAD denominated)  | 29705 | 3492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **30** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Anglo American PLC  | 79828 | $3290 |
| Sika AG  | 15591 | 3195 |
| Nippon Steel Corp.  | 776600 | 3176 |
| Freeport-McMoRan, Inc.  | 59811 | 3038 |
| Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup>  | 212068 | 2746 |
| Antofagasta PLC  | 52060 | 2285 |
| Corteva, Inc.  | 31708 | 2125 |
| Asian Paints, Ltd.  | 66679 | 2054 |
| Ecolab, Inc.  | 7627 | 2002 |
| Heidelberg Materials AG, non-registered shares  | 6287 | 1646 |
| Syensqo SA  | 19822 | 1592 |
| SRF, Ltd.  | 41937 | 1435 |
| Arkema SA  | 17359 | 1062 |
| China Hongqiao Group Ltd. <sup>(a)</sup>  | 177000 | 736 |
| Alrosa PJSC <sup>(a)(b)</sup>  | 1123215 | — <br><sup>(d)</sup><br>|
|  |  | 258858 |
| **Health care 5.19%** |  |  |
| Novo Nordisk AS, Class B  | 683766 | 34853 |
| Max Healthcare Institute, Ltd.  | 2447517 | 28464 |
| AstraZeneca PLC  | 113238 | 20858 |
| Laurus Labs, Ltd.  | 1535536 | 18916 |
| Eli Lilly and Co.  | 17384 | 18682 |
| Thermo Fisher Scientific, Inc.  | 25506 | 14779 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup>  | 30544 | 9280 |
| BeOne Medicines, Ltd. <sup>(a)</sup>  | 36200 | 841 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A  | 879888 | 7483 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 184800 | 1688 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 236793 | 7390 |
| Innovent Biologics, Inc. <sup>(a)</sup>  | 741373 | 7225 |
| EssilorLuxottica SA  | 18490 | 5846 |
| Abbott Laboratories  | 39403 | 4937 |
| Danaher Corp.  | 18692 | 4279 |
| Dr. Sulaiman Al Habib Medical Services Group Co.  | 52908 | 3625 |
| Rede D'Or Sao Luiz SA  | 427339 | 3164 |
| OdontoPrev SA  | 1320175 | 2690 |
| Align Technology, Inc. <sup>(a)</sup>  | 16246 | 2537 |
| bioMerieux SA  | 17603 | 2279 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 1181 | 1647 |
| Mankind Pharma, Ltd.  | 62374 | 1527 |
| Lupin, Ltd.  | 59641 | 1398 |
| WuXi AppTec Co., Ltd., Class H  | 107700 | 1357 |
| Asahi Intecc Co., Ltd.  | 71500 | 1339 |
| Alcon, Inc.  | 13781 | 1095 |
| Wuxi Biologics (Cayman), Inc. <sup>(a)</sup>  | 240500 | 969 |
| Medtronic PLC  | 6899 | 663 |
| CanSino Biologics, Inc., Class H <sup>(a)</sup>  | 35921 | 161 |
|  |  | 209972 |
| **Consumer staples 4.47%** |  |  |
| Nestle SA  | 291813 | 29004 |
| Kweichow Moutai Co., Ltd., Class A  | 121770 | 23981 |
| Arca Continental, SAB de CV  | 1036505 | 11217 |
| JBS NV (BDR) <sup>(a)</sup>  | 641172 | 9247 |
| Carlsberg A/S, Class B  | 60316 | 7907 |
| Raia Drogasil SA, ordinary nominative shares  | 1634665 | 7011 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 161965 | 6814 |
| Shoprite Holdings, Ltd.  | 411541 | 6721 |
| ITC, Ltd.  | 1420089 | 6374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Anheuser-Busch InBev SA/NV  | 91753 | $5887 |
| KT&G Corp.  | 54838 | 5399 |
| Tsingtao Brewery Co., Ltd., Class H  | 782634 | 4891 |
| Philip Morris International, Inc.  | 29930 | 4801 |
| Dino Polska SA, non-registered shares <sup>(a)</sup>  | 398251 | 4585 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 125631 | 4195 |
| Pernod Ricard SA  | 47700 | 4084 |
| Monster Beverage Corp. <sup>(a)</sup>  | 51591 | 3956 |
| Varun Beverages, Ltd.  | 712894 | 3882 |
| Wal-Mart de Mexico, SAB de CV, Series V  | 1180937 | 3681 |
| United Spirits, Ltd.  | 219491 | 3526 |
| British American Tobacco PLC  | 57337 | 3250 |
| PepsiCo, Inc.  | 18460 | 2649 |
| Danone SA  | 28109 | 2536 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates  | 1141636 | 2434 |
| L'Oreal SA, non-registered shares  | 5436 | 2335 |
| Zabka Group <sup>(a)</sup>  | 321671 | 2049 |
| Coca-Cola Co.  | 27396 | 1915 |
| Walmart, Inc.  | 14179 | 1580 |
| Mondelez International, Inc., Class A  | 29118 | 1567 |
| WH Group, Ltd.  | 1189000 | 1324 |
| Godrej Consumer Products, Ltd.  | 85234 | 1159 |
| JD Health International, Inc. <sup>(a)</sup>  | 107650 | 765 |
|  |  | 180726 |
| **Energy 2.20%** |  |  |
| Reliance Industries, Ltd.  | 1530507 | 26714 |
| TotalEnergies SE (EUR denominated)  | 197891 | 12898 |
| ADNOC Drilling Co. PJSC  | 7034034 | 10228 |
| Adnoc Gas PLC  | 9312887 | 9002 |
| SLB, Ltd.  | 220133 | 8449 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 172702 | 8404 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares  | 633133 | 7502 |
| Shell PLC (GBP denominated)  | 75967 | 2790 |
| Chevron Corp.  | 16599 | 2530 |
| Borr Drilling, Ltd. <sup>(a)</sup>  | 149981 | 604 |
| Rosneft Oil Co. PJSC <sup>(b)</sup>  | 588661 | — <br><sup>(d)</sup><br>|
|  |  | 89121 |
| **Real estate 1.37%** |  |  |
| Lodha Developers, Ltd.  | 2449911 | 28933 |
| China Resources Mixc Lifestyle Services, Ltd.  | 1563200 | 8595 |
| China Resources Land, Ltd.  | 1570000 | 5468 |
| Emaar Properties PJSC  | 1141749 | 4368 |
| CK Asset Holdings, Ltd.  | 762500 | 3841 |
| SM Prime Holdings, Inc.  | 8122500 | 3133 |
| Fibra Uno Administracion REIT, SA de CV  | 300200 | 450 |
| Longfor Group Holdings, Ltd. <sup>(e)</sup>  | 336846 | 369 |
| ALLOS SA, ordinary nominative shares  | 60365 | 312 |
|  |  | 55469 |
| **Utilities 1.15%** |  |  |
| Power Grid Corp. of India, Ltd.  | 3911064 | 11505 |
| Gulf Development PCL  | 7715193 | 10231 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 401325 | 9618 |
| SembCorp Industries, Ltd.  | 1195100 | 5579 |
| Equatorial Energia SA  | 782855 | 5486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **32** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| CPFL Energia SA  | 251145 | $2438 |
| AES Corp.  | 74667 | 1071 |
| Engie SA  | 23878 | 628 |
|  |  | 46556 |
| **Total common stocks** (cost: $2,320,519,000) |  | 3858284 |
| Preferred securities 0.73% |  |  |
| **Financials 0.32%** |  |  |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 1332401 | 9540 |
| Itau Unibanco Holding SA, preferred nominative shares  | 459389 | 3293 |
|  |  | 12833 |
| **Real estate 0.20%** |  |  |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(c)</sup>  | 32657 | 6550 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(c)</sup>  | 8400 | 1685 |
|  |  | 8235 |
| **Information technology 0.16%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 104453 | 6410 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 34 | 56 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 1 | 2 |
|  |  | 6468 |
| **Consumer discretionary 0.05%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares <sup>(e)</sup>  | 35497 | 1902 |
| TVS Motor Co., Ltd., 6.00% preferred shares <sup>(a)</sup>  | 915260 | 102 |
| Getir BV, Series D, preferred shares <sup>(a)(b)(c)</sup>  | 7768 | — <br><sup>(d)</sup><br>|
|  |  | 2004 |
| **Total preferred securities** (cost: $27,027,000) |  | 29540 |
| Bonds, notes & other debt instruments 2.81% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 2.48%** | **Bonds & notes of governments & government agencies outside the U.S. 2.48%** | **Bonds & notes of governments & government agencies outside the U.S. 2.48%** |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup>  | USD200 | 178 |
| Angola (Republic of) 8.25% 5/9/2028  | 600 | 604 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup>  | 445 | 435 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup>  | 280 | 273 |
| Asian Development Bank 5.25% 4/29/2035  | PHP25,800 | 432 |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL13,989 | 2473 |
| Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(g)</sup>  | 15081 | 2674 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | 21 | 3 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 6065 | 973 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(g)</sup>  | 3325 | 557 |
| Brazil (Federative Republic of) 10.00% 1/1/2033  | 14543 | 2237 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 17300 | 2589 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(g)</sup>  | 5298 | 842 |
| Chile (Republic of) 4.70% 9/1/2030  | CLP810,000 | 884 |
| Chile (Republic of) 5.30% 11/1/2037  | 425000 | 471 |
| Chile (Republic of) 4.34% 3/7/2042  | USD350 | 312 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | CNY5,610 | 830 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051  | 23270 | 4192 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 1250 | 206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| China (People's Republic of), Series INBK, 2.57% 5/20/2054  | CNY4,480 | $668 |
| Colombia (Republic of) 3.25% 4/22/2032  | USD700 | 592 |
| Colombia (Republic of) 5.20% 5/15/2049  | 391 | 288 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031  | COP4,320,700 | 895 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033  | 1734800 | 463 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | 2054300 | 387 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035  | 877300 | 217 |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(g)</sup>  | 6870 | 562 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042  | 4146300 | 820 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 3235300 | 493 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | EUR150 | 171 |
| Czech Republic 3.50% 5/30/2035  | CZK15,840 | 713 |
| Czech Republic 1.95% 7/30/2037  | 17900 | 661 |
| Dominican Republic (Government of) 8.625% 4/20/2027 <sup>(f)</sup>  | USD383 | 396 |
| Dominican Republic (Government of) 5.875% 1/30/2060  | 335 | 300 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup>  | 960 | 979 |
| Egypt (Arab Republic of) 25.318% 8/13/2027  | EGP33,072 | 715 |
| Egypt (Arab Republic of) 6.375% 4/11/2031  | EUR100 | 121 |
| Egypt (Arab Republic of) 7.625% 5/29/2032  | USD1,165 | 1246 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | 400 | 393 |
| Egypt (Arab Republic of) 8.875% 5/29/2050  | 386 | 392 |
| Gabonese (Republic of) 6.625% 2/6/2031  | 720 | 560 |
| Gabonese (Republic of) 7.00% 11/24/2031  | 500 | 383 |
| Honduras (Republic of) 6.25% 1/19/2027  | 875 | 885 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup>  | 281 | 279 |
| Hungary (Republic of) 2.00% 5/23/2029  | HUF255,550 | 684 |
| Hungary (Republic of) 6.75% 7/23/2031  | 433980 | 1347 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup>  | USD330 | 353 |
| Hungary (Republic of) 4.75% 11/24/2032  | HUF180,830 | 498 |
| India (Republic of) 7.32% 11/13/2030  | INR3,480 | 40 |
| India (Republic of) 6.54% 1/17/2032  | 15620 | 174 |
| India (Republic of) 7.18% 7/24/2037  | 176070 | 2008 |
| India (Republic of) 7.09% 8/5/2054  | 280280 | 3044 |
| Indonesia (Republic of) 6.375% 4/15/2032  | IDR317,000 | 20 |
| Indonesia (Republic of) 7.50% 6/15/2035  | 7953000 | 522 |
| Indonesia (Republic of) 6.625% 2/17/2037  | USD300 | 343 |
| Indonesia (Republic of) 7.125% 6/15/2038  | IDR7,242,000 | 464 |
| Indonesia (Republic of) 7.50% 4/15/2040  | 8852000 | 581 |
| Indonesia (Republic of) 7.125% 8/15/2040  | 13148000 | 847 |
| Indonesia (Republic of) 7.125% 6/15/2042  | 8210000 | 522 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030  | 2341000 | 148 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033  | 16818000 | 1062 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29553000 | 1834 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup>  | USD945 | 976 |
| Kenya (Republic of) 6.30% 1/23/2034  | 645 | 591 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup>  | 555 | 593 |
| Kenya (Republic of) 9.50% 3/5/2036  | 330 | 353 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR8,766 | 2215 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038  | 616 | 169 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 3245 | 824 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 2200 | 540 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049  | 1030 | 283 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050  | 2202 | 553 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052  | 989 | 301 |
| Malaysia (Federation of), Series 0124, 4.28% 3/23/2054  | 1255 | 324 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028  | USD490 | 511 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | EUR340 | 409 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup>  | USD255 | 263 |
| Morocco (Kingdom of) 3.875% 4/2/2029  | EUR625 | 743 |
| Morocco (Kingdom of) 4.75% 4/2/2035  | 200 | 240 |
| Mozambique (Republic of) 9.00% 9/15/2031  | USD540 | 463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **34** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Nigeria (Republic of) 18.50% 2/21/2031  | NGN730,360 | $534 |
| Nigeria (Republic of) 7.875% 2/16/2032  | USD280 | 293 |
| Nigeria (Republic of) 8.631% 1/13/2036 <sup>(f)</sup>  | 390 | 419 |
| Oman (Sultanate of) 6.00% 8/1/2029  | 715 | 751 |
| Oman (Sultanate of) 6.75% 1/17/2048  | 485 | 535 |
| Panama (Republic of) 3.75% 4/17/2026  | 100 | 100 |
| Panama (Republic of) 7.875% 3/1/2057  | 600 | 701 |
| Paraguay (Republic of) 4.95% 4/28/2031  | 320 | 325 |
| Peru (Republic of) 3.00% 1/15/2034  | 225 | 196 |
| Peru (Republic of) 6.55% 3/14/2037  | 360 | 399 |
| Peru (Republic of) 3.55% 3/10/2051  | 490 | 344 |
| Peru (Republic of) 2.78% 12/1/2060  | 100 | 55 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup>  | 400 | 353 |
| Philippines (Republic of) 6.375% 7/27/2030  | PHP12,110 | 211 |
| Philippines (Republic of) 6.00% 8/20/2030  | 14790 | 253 |
| Philippines (Republic of) 6.75% 9/15/2032  | 41240 | 734 |
| Philippines (Republic of) 6.375% 10/23/2034  | USD145 | 163 |
| Philippines (Republic of) 3.95% 1/20/2040  | 500 | 443 |
| Poland (Republic of), Series 0429, 5.75% 4/25/2029  | PLN2,410 | 705 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033  | USD370 | 377 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | PLN8,434 | 2514 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034  | 6920 | 1921 |
| Romania (Republic of) 5.25% 5/30/2032  | EUR450 | 542 |
| Romania (Republic of) 5.25% 5/30/2032  | 230 | 277 |
| Romania (Republic of) 2.00% 4/14/2033  | 300 | 288 |
| Romania (Republic of) 5.625% 5/30/2037  | 390 | 448 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033  | USD480 | 488 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054  | 2300 | 2277 |
| Sharjah (Emirate of) 4.625% 2/13/2032  | EUR506 | 602 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup>  | USD200 | 215 |
| South Africa (Republic of) 11.625% 3/31/2053  | ZAR13,912 | 1061 |
| South Africa (Republic of), Series R-213, 7.00% 2/28/2031  | 482 | 28 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 11495 | 711 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035  | 8388 | 528 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040  | 28192 | 1707 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044  | 15670 | 906 |
| Thailand (Kingdom of) 3.45% 6/17/2043  | THB40,963 | 1521 |
| Turkey (Republic of) 37.84% 7/14/2027  | TRY30,000 | 728 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028  | USD200 | 221 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028  | TRY23,445 | 419 |
| Turkey (Republic of), Series 30Y, 11.875% 1/15/2030  | USD500 | 629 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043  | 1710 | 1323 |
| United Mexican States 6.875% 5/13/2037  | 610 | 652 |
| United Mexican States 5.125% 3/19/2038  | EUR420 | 492 |
| United Mexican States 4.75% 3/8/2044  | USD800 | 661 |
| United Mexican States 3.75% 4/19/2071  | 200 | 119 |
| United Mexican States, Series M20, 8.50% 5/31/2029  | MXN29,350 | 1645 |
| United Mexican States, Series M, 7.75% 5/29/2031  | 56500 | 3025 |
| United Mexican States, Series M, 7.50% 5/26/2033  | 36500 | 1887 |
| United Mexican States, Series M, 7.75% 11/23/2034  | 38324 | 1976 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21600 | 1126 |
| United Mexican States, Series M, 7.75% 11/13/2042  | 20000 | 951 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 19887 | 943 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(h)</sup>  | USD244 | 65 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(h)</sup>  | 145 | 41 |
|  |  | 100414 |
| **Corporate bonds and notes 0.33%** | **Corporate bonds and notes 0.33%** | **Corporate bonds and notes 0.33%** |
| **Energy 0.07%** |  |  |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup>  | 410 | 429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup>  | USD255 | $252 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 610 | 591 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030  | 200 | 191 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup>  | 430 | 318 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup>  | 250 | 260 |
| Transportadora de Gas del Sur SA 7.75% 11/20/2035 <sup>(f)</sup>  | 220 | 218 |
| Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(f)</sup>  | 390 | 390 |
| YPF SA 8.25% 1/17/2034 <sup>(f)</sup>  | 335 | 343 |
|  |  | 2992 |
| **Communication services 0.06%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,710 | 786 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 17130 | 969 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 2820 | 166 |
| PLDT, Inc. 2.50% 1/23/2031  | USD210 | 192 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup>  | 380 | 273 |
|  |  | 2386 |
| **Consumer discretionary 0.05%** |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051  | 410 | 279 |
| Meituan 3.05% 10/28/2030 <sup>(f)</sup>  | 400 | 373 |
| Meituan 3.05% 10/28/2030  | 200 | 187 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup>  | 345 | 363 |
| MercadoLibre, Inc. 3.125% 1/14/2031  | 200 | 185 |
| Sands China, Ltd. 4.375% 6/18/2030  | 220 | 217 |
| Wynn Macau, Ltd. 5.625% 8/26/2028  | 260 | 260 |
|  |  | 1864 |
| **Financials 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(i)</sup>  | 400 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(f)(i)</sup>  | 340 | 376 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030  | 300 | 282 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(i)</sup>  | 400 | 438 |
|  |  | 1476 |
| **Materials 0.03%** |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup>  | 355 | 139 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup>  | 400 | 372 |
| PT Krakatau Posco 6.375% 6/11/2027  | 345 | 352 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(c)</sup>  | 520 | 530 |
|  |  | 1393 |
| **Utilities 0.03%** |  |  |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup>  | 275 | 291 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup>  | 261 | 246 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup>  | 173 | 172 |
| Greenko Dutch BV 3.85% 3/29/2026  | 173 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 6.404% on 3/2/2030) <sup>(i)</sup>  | 350 | 354 |
|  |  | 1235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **36** |

---

------

New World Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials 0.02%** | **Industrials 0.02%** |  |  |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  | IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  | USD335 | $346 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | 355 | 374 |
| Mexico City Airport Trust 4.25% 10/31/2026  | Mexico City Airport Trust 4.25% 10/31/2026  | 200 | 199 |
|  |  |  | 919 |
| **Consumer staples 0.02%** | **Consumer staples 0.02%** |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | 200 | 213 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup>  | NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup>  | 200 | 200 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup>  | NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup>  | 420 | 426 |
|  |  |  | 839 |
| **Health care 0.01%** | **Health care 0.01%** |  |  |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | Rede D'Or Finance SARL 4.50% 1/22/2030  | 280 | 273 |
| **Total corporate bonds and notes** | **Total corporate bonds and notes** |  | 13377 |
| **Total bonds, notes & other debt instruments** (cost: $110,411,000) | **Total bonds, notes & other debt instruments** (cost: $110,411,000) |  | 113791 |
| Short-term securities 1.66% |  | Shares |  |
| **Money market investments 1.50%** | **Money market investments 1.50%** | **Money market investments 1.50%** | **Money market investments 1.50%** |
| Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup>  | Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup>  | 608937 | 60900 |
| **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** | **Money market investments purchased with collateral from securities on loan 0.15%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup>  | 5942714 | 5943 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** |
| Egypt (Arab Republic of) 1/6/2026  | 19.531<br> %<br>| EGP12,600 | 264 |
| **Total short-term securities** (cost: $67,083,000) | **Total short-term securities** (cost: $67,083,000) | **Total short-term securities** (cost: $67,083,000) | 67107 |
| **Total investment securities 100.53%** (cost: $2,525,040,000) | **Total investment securities 100.53%** (cost: $2,525,040,000) | **Total investment securities 100.53%** (cost: $2,525,040,000) | 4068722 |
| Other assets less liabilities (0.53)% | Other assets less liabilities (0.53)% |  | (21354)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $4047368 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Short | 2 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(417)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| 5 Year Euro-Bobl Futures | Short | 13 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1775)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| 5 Year U.S. Treasury Note Futures | Long | 6 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Euro-Bund Futures | Short | 12 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| MXN | 1600 | USD | 89 | UBS AG | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(d)</sup><br>|
| USD | 88 | MXN | 1600 | Goldman Sachs | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| MYR | 397 | USD | 97 | BNP Paribas | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| MYR | 350 | USD | 86 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 835 | MYR | 3443 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| CZK | 52445 | USD | 2529 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| USD | 196 | IDR | 3257000 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| IDR | 1360795 | USD | 82 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| INR | 5512 | USD | 61 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| INR | 7000 | USD | 77 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| IDR | 1452260 | USD | 87 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 145 | MXN | 2603 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 1570 | CZK | 32520 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 784 | COP | 3027600 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| ZAR | 21461 | USD | 1256 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| CNH | 13485 | USD | 1920 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| THB | 30030 | USD | 953 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| ZAR | 1300 | USD | 78 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| BRL | 470 | USD | 86 | Barclays Bank PLC | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| PLN | 517 | USD | 144 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| PLN | 250 | USD | 70 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 819 | BRL | 4516 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2267 | ZAR | 37931 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| BRL | 4255 | USD | 782 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 1859 | EUR | 1580 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 917 | PHP | 54395 | Bank of America | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

**Investments in affiliates** <sup>(k)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.50%** |  |  |  |  |  |  |  |
| **Money market investments 1.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(j)</sup>  | $94686 | &nbsp;&nbsp; $618645 | &nbsp;&nbsp; $652434 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $60900 | &nbsp;&nbsp; $5504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

------

New World Fund<sup>®</sup> (continued)

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> <br>| 5/26/2021  | $5258 | $6550 | 0.16<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> <br>| 12/20/2021  | 1716 | 1685 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd. <sup>(a)(b)</sup> <br>| 8/26/2021-11/4/2021 | 656 | 634 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A, noncumulative <br> preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021  | 58 | 56 | 0.00 <br><sup>(m)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative <br> preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021  | 2 | 2 | 0.00 <br><sup>(m)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Getir BV, Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/27/2021 | 3500 | — <br><sup>(d</sup>)<br>| 0.00 <br><sup>(m)</sup><br>|
| **Total** |  | $11190 | $8927 | 0.22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,247,000, which represented 0.28% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(h)</sup> Scheduled interest and/or principal payment was not received.

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CLP = Chilean pesos |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| EGP = Egyptian pounds |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |
| HUF = Hungarian forints |

---

---

| |
|:---|
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NGN = Nigerian naira |
| PHP = Philippine pesos |
| PLN = Polish zloty |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.71% | Shares | Value<br> (000)<br>|
| **Information technology 22.47%** |  |  |
| Broadcom, Inc.  | 2374965 | $821975 |
| Microsoft Corp.  | 1413570 | 683631 |
| Apple, Inc.  | 1139590 | 309809 |
| NVIDIA Corp.  | 1094267 | 204081 |
| KLA Corp.  | 103353 | 125582 |
| ASML Holding NV (ADR)  | 110497 | 118216 |
| International Business Machines Corp.  | 319206 | 94552 |
| Salesforce, Inc.  | 288774 | 76499 |
| Accenture PLC, Class A  | 257970 | 69213 |
| Intel Corp. <sup>(a)</sup>  | 943406 | 34812 |
| SAP SE (ADR) <sup>(b)</sup>  | 108684 | 26401 |
| Texas Instruments, Inc.  | 108648 | 18849 |
| Amphenol Corp., Class A  | 134593 | 18189 |
| Synopsys, Inc. <sup>(a)</sup>  | 31950 | 15008 |
| Applied Materials, Inc.  | 56534 | 14529 |
| TE Connectivity PLC  | 61452 | 13981 |
| Fair Isaac Corp. <sup>(a)</sup>  | 8068 | 13640 |
| Adobe, Inc. <sup>(a)</sup>  | 34743 | 12160 |
| Hewlett Packard Enterprise Co.  | 406300 | 9759 |
| Motorola Solutions, Inc.  | 9895 | 3793 |
| Oracle Corp.  | 19421 | 3785 |
| ASM International NV (ADR) <sup>(b)</sup>  | 4561 | 2752 |
|  |  | 2691216 |
| **Financials 17.03%** |  |  |
| Marsh & McLennan Cos., Inc.  | 1130032 | 209644 |
| JPMorgan Chase & Co.  | 593105 | 191110 |
| Bank of America Corp.  | 3357568 | 184666 |
| Visa, Inc., Class A  | 493213 | 172975 |
| Capital One Financial Corp.  | 511844 | 124050 |
| BlackRock, Inc.  | 103920 | 111230 |
| Mastercard, Inc., Class A  | 191588 | 109374 |
| Truist Financial Corp.  | 1734572 | 85358 |
| Citizens Financial Group, Inc.  | 1377669 | 80470 |
| Arthur J. Gallagher & Co.  | 300484 | 77762 |
| KKR & Co., Inc.  | 535221 | 68230 |
| Wells Fargo & Co.  | 712560 | 66411 |
| Chubb, Ltd.  | 187408 | 58494 |
| Progressive Corp.  | 249074 | 56719 |
| Apollo Asset Management, Inc.  | 387751 | 56131 |
| Morgan Stanley  | 290174 | 51515 |
| American Express Co.  | 138945 | 51403 |
| Blackstone, Inc.  | 247025 | 38076 |
| CME Group, Inc., Class A  | 134353 | 36689 |
| Aon PLC, Class A  | 95985 | 33871 |
| S&P Global, Inc.  | 50609 | 26448 |
| Citigroup, Inc.  | 207496 | 24213 |
| KeyCorp  | 1068093 | 22045 |
| PNC Financial Services Group, Inc.  | 89774 | 18738 |
| Brookfield Asset Management, Ltd., Class A  | 345786 | 18116 |
| Goldman Sachs Group, Inc.  | 19811 | 17414 |
| Carlyle Group, Inc. (The)  | 270192 | 15971 |
| Equitable Holdings, Inc.  | 217170 | 10348 |
| Fifth Third Bancorp  | 178306 | 8346 |
| Intercontinental Exchange, Inc.  | 48480 | 7852 |
| Charles Schwab Corp. (The)  | 57745 | 5769 |
|  |  | 2039438 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **40** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials 12.74%** |  |  |
| RTX Corp.  | 1032583 | $189376 |
| General Electric Co.  | 510619 | 157286 |
| Northrop Grumman Corp.  | 268954 | 153360 |
| Union Pacific Corp.  | 381988 | 88361 |
| Paychex, Inc.  | 783023 | 87839 |
| Caterpillar, Inc.  | 147575 | 84541 |
| Boeing Co. (The) <sup>(a)</sup>  | 371244 | 80604 |
| Deere & Co.  | 161235 | 75066 |
| L3Harris Technologies, Inc.  | 231680 | 68014 |
| 3M Co.  | 390205 | 62472 |
| Delta Air Lines, Inc.  | 807328 | 56029 |
| Parker-Hannifin Corp.  | 58375 | 51309 |
| Lennox International, Inc.  | 89406 | 43414 |
| Deutsche Post AG (ADR)  | 688904 | 37676 |
| Ingersoll-Rand, Inc.  | 459350 | 36390 |
| Verisk Analytics, Inc.  | 160459 | 35893 |
| Watsco, Inc.  | 93957 | 31659 |
| Siemens AG (ADR)  | 196210 | 27460 |
| Waste Connections, Inc.  | 130488 | 22882 |
| Johnson Controls International PLC  | 162195 | 19423 |
| FedEx Corp.  | 61924 | 17887 |
| HEICO Corp.  | 44486 | 14395 |
| Republic Services, Inc.  | 67539 | 14314 |
| Equifax, Inc.  | 60828 | 13198 |
| BAE Systems PLC (ADR)  | 136409 | 12670 |
| CSX Corp.  | 290528 | 10532 |
| RELX PLC (ADR)  | 231829 | 9371 |
| Waste Management, Inc.  | 40322 | 8859 |
| Applied Industrial Technologies, Inc.  | 22716 | 5833 |
| Trane Technologies PLC  | 14265 | 5552 |
| ITT, Inc.  | 20862 | 3620 |
|  |  | 1525285 |
| **Health care 12.16%** |  |  |
| Eli Lilly and Co.  | 244400 | 262652 |
| UnitedHealth Group, Inc.  | 621229 | 205074 |
| Amgen, Inc.  | 599792 | 196318 |
| Abbott Laboratories  | 1132764 | 141924 |
| CVS Health Corp.  | 1753200 | 139134 |
| AbbVie, Inc.  | 388820 | 88841 |
| Gilead Sciences, Inc.  | 687176 | 84344 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 137037 | 62127 |
| Johnson & Johnson  | 246753 | 51065 |
| Danaher Corp.  | 217204 | 49722 |
| Thermo Fisher Scientific, Inc.  | 84887 | 49188 |
| AstraZeneca PLC (ADR)  | 391907 | 36028 |
| Zimmer Biomet Holdings, Inc.  | 220098 | 19791 |
| Illumina, Inc. <sup>(a)</sup>  | 110721 | 14522 |
| Elevance Health, Inc.  | 39244 | 13757 |
| Humana, Inc.  | 47537 | 12176 |
| Novo Nordisk AS, Class B (ADR)  | 187415 | 9536 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 79881 | 6547 |
| Bristol-Myers Squibb Co.  | 96148 | 5186 |
| McKesson Corp.  | 4752 | 3898 |
| Align Technology, Inc. <sup>(a)</sup>  | 15745 | 2459 |
| Cardinal Health, Inc.  | 6793 | 1396 |
|  |  | 1455685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples 8.25%** |  |  |
| Philip Morris International, Inc.  | 2510056 | $402613 |
| British American Tobacco PLC (ADR)  | 2455192 | 139013 |
| Keurig Dr Pepper, Inc.  | 2702930 | 75709 |
| Mondelez International, Inc., Class A  | 1268407 | 68278 |
| Coca-Cola Co.  | 758395 | 53020 |
| Constellation Brands, Inc., Class A  | 284585 | 39261 |
| Costco Wholesale Corp.  | 41990 | 36210 |
| Altria Group, Inc.  | 590291 | 34036 |
| Hershey Co.  | 124140 | 22591 |
| Nestle SA (ADR)  | 200456 | 19801 |
| Procter & Gamble Co.  | 136221 | 19522 |
| Church & Dwight Co., Inc.  | 227492 | 19075 |
| Walmart, Inc.  | 150441 | 16761 |
| Estee Lauder Cos., Inc. (The), Class A  | 152224 | 15941 |
| Kraft Heinz Co. (The)  | 413643 | 10031 |
| Target Corp.  | 98519 | 9630 |
| Bunge Global SA  | 74092 | 6600 |
|  |  | 988092 |
| **Consumer discretionary 6.88%** |  |  |
| Royal Caribbean Cruises, Ltd.  | 596363 | 166337 |
| Home Depot, Inc.  | 256784 | 88359 |
| Starbucks Corp.  | 1021649 | 86033 |
| Amazon.com, Inc. <sup>(a)</sup>  | 331292 | 76469 |
| YUM! Brands, Inc.  | 502512 | 76020 |
| D.R. Horton, Inc.  | 411529 | 59272 |
| TJX Cos., Inc. (The)  | 383447 | 58901 |
| Darden Restaurants, Inc.  | 317938 | 58507 |
| NIKE, Inc., Class B  | 537367 | 34236 |
| Marriott International, Inc., Class A  | 88679 | 27512 |
| General Motors Co.  | 276739 | 22504 |
| Vail Resorts, Inc.  | 149560 | 19862 |
| Tractor Supply Co.  | 373740 | 18691 |
| Toll Brothers, Inc.  | 81236 | 10985 |
| Texas Roadhouse, Inc.  | 43999 | 7304 |
| Sony Group Corp. (ADR)  | 268839 | 6882 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 165637 | 6129 |
|  |  | 824003 |
| **Communication services 5.40%** |  |  |
| Alphabet, Inc., Class A  | 591527 | 185148 |
| Alphabet, Inc., Class C  | 565134 | 177339 |
| Meta Platforms, Inc., Class A  | 234761 | 154963 |
| Comcast Corp., Class A  | 3570517 | 106723 |
| Verizon Communications, Inc.  | 261888 | 10667 |
| Walt Disney Co. (The)  | 56380 | 6414 |
| AT&T, Inc.  | 210004 | 5217 |
|  |  | 646471 |
| **Utilities 4.03%** |  |  |
| Constellation Energy Corp.  | 322322 | 113867 |
| Sempra  | 1251080 | 110458 |
| Southern Co. (The)  | 946592 | 82543 |
| FirstEnergy Corp.  | 1218911 | 54571 |
| DTE Energy Co.  | 221096 | 28517 |
| Exelon Corp.  | 631441 | 27525 |
| Entergy Corp.  | 182766 | 16893 |
| CenterPoint Energy, Inc.  | 437803 | 16785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **42** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Public Service Enterprise Group, Inc.  | 184231 | $14794 |
| NextEra Energy, Inc.  | 125328 | 10061 |
| Atmos Energy Corp.  | 38564 | 6464 |
|  |  | 482478 |
| **Energy 2.92%** |  |  |
| Exxon Mobil Corp.  | 678218 | 81617 |
| ConocoPhillips  | 836045 | 78262 |
| Canadian Natural Resources, Ltd.  | 1659500 | 56174 |
| EOG Resources, Inc.  | 404283 | 42454 |
| Baker Hughes Co., Class A  | 572294 | 26062 |
| TC Energy Corp.  | 425469 | 23405 |
| Chevron Corp.  | 114799 | 17496 |
| Halliburton Co.  | 398694 | 11267 |
| SLB, Ltd.  | 216823 | 8322 |
| TotalEnergies SE <sup>(b)</sup>  | 65622 | 4293 |
|  |  | 349352 |
| **Real estate 2.59%** |  |  |
| Welltower, Inc. REIT  | 972251 | 180459 |
| Simon Property Group, Inc. REIT  | 158605 | 29359 |
| Public Storage REIT  | 107805 | 27975 |
| Prologis, Inc. REIT  | 200496 | 25595 |
| Ventas, Inc. REIT  | 219292 | 16969 |
| American Tower Corp. REIT  | 95755 | 16812 |
| Rexford Industrial Realty, Inc. REIT  | 156135 | 6046 |
| Extra Space Storage, Inc. REIT  | 42274 | 5505 |
| CoStar Group, Inc. <sup>(a)</sup>  | 23002 | 1547 |
|  |  | 310267 |
| **Materials 2.24%** |  |  |
| Air Products and Chemicals, Inc.  | 314661 | 77728 |
| Wheaton Precious Metals Corp.  | 558352 | 65618 |
| International Paper Co.  | 1327824 | 52303 |
| Linde PLC  | 63825 | 27214 |
| Royal Gold, Inc.  | 81893 | 18204 |
| Corteva, Inc.  | 260264 | 17445 |
| H.B. Fuller Co.  | 114890 | 6831 |
| Nucor Corp.  | 16976 | 2769 |
|  |  | 268112 |
| **Total common stocks** (cost: $7,030,725,000) |  | 11580399 |
| Convertible stocks 0.86% |  |  |
| **Industrials 0.36%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 627490 | 43334 |
| **Financials 0.33%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 590703 | 30622 |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 116666 | 8811 |
|  |  | 39433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities 0.17%** |  |  |
| Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028  | 406324 | $20463 |
| **Total convertible stocks** (cost: $91,575,000) |  | 103230 |
| Short-term securities 2.29% |  |  |
| **Money market investments 2.28%** | **Money market investments 2.28%** | **Money market investments 2.28%** |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2725029 | 272530 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 776786 | 777 |
| **Total short-term securities** (cost: $273,250,000) |  | 273307 |
| **Total investment securities 99.86%** (cost: $7,395,550,000) |  | 11956936 |
| Other assets less liabilities 0.14% |  | 17120 |
| **Net assets 100.00%** |  | $11974056 |

---

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.28%** |  |  |  |  |  |  |  |
| **Money market investments 2.28%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $245250 | &nbsp;&nbsp; $1790503 | &nbsp;&nbsp; $1763183 | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $272530 | &nbsp;&nbsp; $13883 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 9850 |  | &nbsp;&nbsp; 9850 <br><sup>(f)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(g)</sup><br>|
| **Total 2.28%** |  |  |  | &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $272530 | &nbsp;&nbsp; $13883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **44** |

---

------

U.S. Small and Mid Cap Equity Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.32% | Shares | Value<br> (000)<br>|
| **Financials 23.78%** |  |  |
| Capital One Financial Corp.  | 12848 | $3114 |
| Brown & Brown, Inc.  | 29424 | 2345 |
| Fifth Third Bancorp  | 42787 | 2003 |
| RenaissanceRe Holdings, Ltd.  | 6629 | 1864 |
| Victory Capital Holdings, Inc., Class A  | 27021 | 1705 |
| LPL Financial Holdings, Inc.  | 3231 | 1154 |
| StepStone Group, Inc., Class A  | 17773 | 1140 |
| KeyCorp  | 47885 | 988 |
| Hamilton Lane, Inc., Class A  | 7175 | 964 |
| TPG, Inc., Class A  | 13727 | 876 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 11444 | 852 |
| WEX, Inc. <sup>(a)</sup>  | 5173 | 771 |
| Radian Group, Inc.  | 18868 | 679 |
| Kinsale Capital Group, Inc.  | 1670 | 653 |
| Fiserv, Inc. <sup>(a)</sup>  | 9281 | 623 |
| Ally Financial, Inc.  | 10613 | 481 |
| Ameriprise Financial, Inc.  | 957 | 469 |
| Accelerant Holdings, Class A <sup>(a)</sup>  | 27142 | 444 |
| Artisan Partners Asset Management, Inc., Class A  | 10148 | 413 |
| Tradeweb Markets, Inc., Class A  | 3687 | 396 |
| Arthur J. Gallagher & Co.  | 1462 | 378 |
| Citizens Financial Group, Inc.  | 6328 | 370 |
| Essent Group, Ltd.  | 4628 | 301 |
| Figure Technology Solutions, Inc. <sup>(a)</sup>  | 6252 | 255 |
| GQG Partners, Inc. (CDI)  | 195382 | 228 |
| Blue Owl Capital, Inc., Class A  | 15107 | 226 |
|  |  | 23692 |
| **Industrials 19.73%** |  |  |
| XPO, Inc. <sup>(a)</sup>  | 11702 | 1590 |
| Comfort Systems USA, Inc.  | 1510 | 1409 |
| Crane Co.  | 7592 | 1400 |
| Ingersoll-Rand, Inc.  | 16463 | 1304 |
| United Rentals, Inc.  | 1565 | 1267 |
| Karman Holdings, Inc. <sup>(a)</sup>  | 16913 | 1238 |
| AGCO Corp.  | 8507 | 887 |
| ATI, Inc. <sup>(a)</sup>  | 7165 | 822 |
| Bloom Energy Corp., Class A <sup>(a)</sup>  | 9349 | 812 |
| APi Group Corp. <sup>(a)</sup>  | 18288 | 700 |
| Generac Holdings, Inc. <sup>(a)</sup>  | 5120 | 698 |
| AMETEK, Inc.  | 3100 | 637 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 5013 | 624 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 11721 | 609 |
| PACCAR, Inc.  | 4584 | 502 |
| Applied Industrial Technologies, Inc.  | 1852 | 476 |
| The Toro Co.  | 5383 | 424 |
| CSW Industrials, Inc.  | 1425 | 418 |
| FTAI Aviation, Ltd.  | 2030 | 400 |
| Copart, Inc. <sup>(a)</sup>  | 9486 | 371 |
| HEICO Corp.  | 1059 | 343 |
| Builders FirstSource, Inc. <sup>(a)</sup>  | 3265 | 336 |
| L3Harris Technologies, Inc.  | 1140 | 335 |
| Kadant, Inc.  | 1153 | 329 |
| ESCO Technologies, Inc.  | 1528 | 299 |
| VSE Corp.  | 1708 | 295 |
| Graco, Inc.  | 3172 | 260 |
| Oshkosh Corp.  | 1699 | 213 |
| Robert Half, Inc.  | 6882 | 187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Fluor Corp. <sup>(a)</sup>  | 4663 | $185 |
| United Parcel Service, Inc., Class B  | 1684 | 167 |
| CBIZ, Inc. <sup>(a)</sup>  | 2383 | 120 |
|  |  | 19657 |
| **Consumer discretionary 15.60%** |  |  |
| Hilton Worldwide Holdings, Inc.  | 5955 | 1711 |
| YUM! Brands, Inc.  | 9944 | 1504 |
| Vail Resorts, Inc.  | 10303 | 1368 |
| LKQ Corp.  | 42592 | 1286 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 13584 | 1034 |
| General Motors Co.  | 11011 | 895 |
| Five Below, Inc. <sup>(a)</sup>  | 4322 | 814 |
| Adtalem Global Education, Inc. <sup>(a)</sup>  | 7439 | 770 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 5826 | 591 |
| TopBuild Corp. <sup>(a)</sup>  | 1258 | 525 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 2429 | 522 |
| Wingstop, Inc.  | 2071 | 494 |
| Darden Restaurants, Inc.  | 2559 | 471 |
| D.R. Horton, Inc.  | 3011 | 434 |
| Murphy USA, Inc.  | 927 | 374 |
| Toll Brothers, Inc.  | 2406 | 325 |
| Cavco Industries, Inc. <sup>(a)</sup>  | 546 | 322 |
| Royal Caribbean Cruises, Ltd.  | 1101 | 307 |
| Chewy, Inc., Class A <sup>(a)</sup>  | 8811 | 291 |
| Texas Roadhouse, Inc.  | 1657 | 275 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 7178 | 266 |
| Brinker International, Inc. <sup>(a)</sup>  | 1778 | 255 |
| SharkNinja, Inc. <sup>(a)</sup>  | 1946 | 218 |
| AutoZone, Inc. <sup>(a)</sup>  | 53 | 180 |
| Polaris, Inc.  | 2608 | 165 |
| CAVA Group, Inc. <sup>(a)</sup>  | 2391 | 140 |
|  |  | 15537 |
| **Information technology 11.44%** |  |  |
| Ingram Micro Holding Corp. <sup>(b)</sup>  | 64723 | 1381 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 3571 | 1316 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 2398 | 1092 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 4973 | 1010 |
| Ciena Corp. <sup>(a)</sup>  | 3954 | 925 |
| Flex, Ltd. <sup>(a)</sup>  | 13238 | 800 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 1765 | 741 |
| Procore Technologies, Inc. <sup>(a)</sup>  | 8507 | 619 |
| Vontier Corp.  | 16007 | 595 |
| Fair Isaac Corp. <sup>(a)</sup>  | 313 | 529 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 2395 | 472 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup>  | 20637 | 370 |
| Hewlett Packard Enterprise Co.  | 12286 | 295 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 1350 | 277 |
| Snowflake, Inc. <sup>(a)</sup>  | 1173 | 257 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 7980 | 230 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup>  | 8318 | 201 |
| CoreWeave, Inc., Class A <sup>(a)</sup>  | 1559 | 112 |
| Figma, Inc. <sup>(a)</sup>  | 2983 | 111 |
| Via Transportation, Inc., Class A <sup>(a)</sup>  | 2340 | 68 |
|  |  | 11401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **46** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care 8.63%** |  |  |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 14469 | $1145 |
| Illumina, Inc. <sup>(a)</sup>  | 5359 | 703 |
| Align Technology, Inc. <sup>(a)</sup>  | 4477 | 699 |
| Medline, Inc., Class A <sup>(a)</sup>  | 14700 | 617 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 6773 | 555 |
| Exact Sciences Corp. <sup>(a)</sup>  | 4899 | 498 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 6858 | 462 |
| Doximity, Inc., Class A <sup>(a)</sup>  | 8847 | 392 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 1752 | 391 |
| Penumbra, Inc. <sup>(a)</sup>  | 1219 | 379 |
| Natera, Inc. <sup>(a)</sup>  | 1649 | 378 |
| Alignment Healthcare, Inc. <sup>(a)</sup>  | 18667 | 369 |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup>  | 10863 | 353 |
| NewAmsterdam Pharma Co. NV <sup>(a)</sup>  | 9798 | 344 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 1442 | 325 |
| Regeneron Pharmaceuticals, Inc.  | 376 | 290 |
| Centessa Pharmaceuticals PLC (ADR) <sup>(a)</sup>  | 9157 | 229 |
| Krystal Biotech, Inc. <sup>(a)</sup>  | 886 | 218 |
| Zimmer Biomet Holdings, Inc.  | 1962 | 176 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 200 | 79 |
|  |  | 8602 |
| **Consumer staples 7.13%** |  |  |
| US Foods Holding Corp. <sup>(a)</sup>  | 29695 | 2237 |
| Monster Beverage Corp. <sup>(a)</sup>  | 16752 | 1284 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 11527 | 877 |
| Dollar General Corp.  | 4932 | 655 |
| Caseys General Stores, Inc.  | 1137 | 628 |
| Estee Lauder Cos., Inc. (The), Class A  | 4095 | 429 |
| Keurig Dr Pepper, Inc.  | 11715 | 328 |
| Maplebear, Inc. <sup>(a)</sup>  | 6897 | 310 |
| Constellation Brands, Inc., Class A  | 1758 | 243 |
| The Campbell's Co.  | 4131 | 115 |
|  |  | 7106 |
| **Energy 2.50%** |  |  |
| Diamondback Energy, Inc.  | 5754 | 865 |
| Baker Hughes Co., Class A  | 13613 | 620 |
| Viper Energy, Inc., Class A  | 8310 | 321 |
| Permian Resources Corp., Class A  | 18919 | 266 |
| SLB, Ltd.  | 6256 | 240 |
| EOG Resources, Inc.  | 1661 | 174 |
|  |  | 2486 |
| **Real estate 2.43%** |  |  |
| Simon Property Group, Inc. REIT  | 6717 | 1244 |
| Essex Property Trust, Inc. REIT  | 2217 | 580 |
| Crown Castle, Inc. REIT  | 5004 | 445 |
| Alexandria Real Estate Equities, Inc. REIT  | 3072 | 150 |
|  |  | 2419 |
| **Materials 2.29%** |  |  |
| International Paper Co.  | 19368 | 763 |
| Westlake Corp.  | 6765 | 500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Element Solutions, Inc.  | 17078 | $427 |
| Perpetua Resources Corp. <sup>(a)</sup>  | 16342 | 396 |
| Corteva, Inc.  | 2901 | 194 |
|  |  | 2280 |
| **Communication services 1.90%** |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 14370 | 1164 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 3723 | 530 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 761 | 159 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 2858 | 39 |
|  |  | 1892 |
| **Utilities 1.89%** |  |  |
| Exelon Corp.  | 29519 | 1287 |
| NRG Energy, Inc.  | 3150 | 501 |
| FirstEnergy Corp.  | 2147 | 96 |
|  |  | 1884 |
| **Total common stocks** (cost: $93,297,000) |  | 96956 |
| Short-term securities 3.82% |  |  |
| **Money market investments 2.97%** | **Money market investments 2.97%** | **Money market investments 2.97%** |
| Capital Group Central Cash Fund 3.79% <sup>(d)(e)</sup>  | 29620 | 2963 |
| **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** | **Money market investments purchased with collateral from securities on loan 0.85%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup>  | 846291 | 846 |
| **Total short-term securities** (cost: $3,808,000) |  | 3809 |
| **Total investment securities 101.14%** (cost: $97,105,000) |  | 100765 |
| Other assets less liabilities (1.14)% |  | (1139)<br>|
| **Net assets 100.00%** |  | $99626 |

---

**Investments in affiliates** <sup>(e)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.97%** |  |  |  |  |  |  |  |
| **Money market investments 2.97%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(d)</sup>  | $288 | &nbsp;&nbsp; $29708 | &nbsp;&nbsp; $27033 | &nbsp;&nbsp; $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $2963 | &nbsp;&nbsp; $60 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A <sup>(a)</sup> <br>| 12/24/2025 | $382 | $370 | 0.37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(e)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(f)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CDI = CREST Depository Interest  |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.15% | Shares | Value<br> (000)<br>|
| **Information technology 23.97%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 2005772 | $97989 |
| Broadcom, Inc.  | 268307 | 92861 |
| Microsoft Corp.  | 146416 | 70810 |
| NVIDIA Corp.  | 281180 | 52440 |
| Apple, Inc.  | 140959 | 38321 |
| Micron Technology, Inc.  | 111566 | 31842 |
| ASML Holding NV  | 16667 | 17815 |
| ASML Holding NV (ADR)  | 1512 | 1618 |
| International Business Machines Corp.  | 48120 | 14254 |
| Tokyo Electron, Ltd.  | 51975 | 11415 |
| Intel Corp. <sup>(a)</sup>  | 273031 | 10075 |
| MediaTek, Inc.  | 157094 | 7118 |
| Amphenol Corp., Class A  | 32412 | 4380 |
| Lenovo Group, Ltd.  | 3686000 | 4371 |
| Seagate Technology Holdings PLC  | 15867 | 4370 |
| Synopsys, Inc. <sup>(a)</sup>  | 8886 | 4174 |
| Applied Materials, Inc.  | 15190 | 3904 |
| Oracle Corp.  | 18982 | 3700 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 18872 | 3038 |
| Accenture PLC, Class A  | 10643 | 2855 |
| Samsung Electronics Co., Ltd.  | 33844 | 2821 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 12488 | 2462 |
| Capgemini SE  | 14098 | 2335 |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 88141 | 2325 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 9877 | 2024 |
| Constellation Software, Inc.  | 721 | 1734 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 2510 | 1691 |
| KLA Corp.  | 1314 | 1597 |
| Marvell Technology, Inc.  | 18061 | 1535 |
| Salesforce, Inc.  | 4029 | 1067 |
| SAP SE  | 3885 | 950 |
| Fair Isaac Corp. <sup>(a)</sup>  | 458 | 774 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 4258 | 647 |
| Corning, Inc.  | 7323 | 641 |
| Advantech Co., Ltd.  | 30098 | 274 |
|  |  | 500227 |
| **Industrials 16.25%** |  |  |
| General Electric Co.  | 80356 | 24752 |
| Airbus SE, non-registered shares  | 90056 | 20889 |
| BAE Systems PLC  | 890700 | 20476 |
| Siemens AG  | 64151 | 18016 |
| RTX Corp.  | 95086 | 17439 |
| TransDigm Group, Inc.  | 11792 | 15682 |
| Leonardo SpA  | 255861 | 14657 |
| Deere & Co.  | 29808 | 13878 |
| Volvo AB, Class B  | 391329 | 12544 |
| Melrose Industries PLC  | 1317195 | 10363 |
| Ryanair Holdings PLC (ADR)  | 143498 | 10359 |
| Hitachi, Ltd.  | 269600 | 8364 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 78427 | 7961 |
| Union Pacific Corp.  | 34166 | 7903 |
| Carrier Global Corp.  | 147179 | 7777 |
| Safran SA  | 22132 | 7701 |
| United Rentals, Inc.  | 9239 | 7477 |
| Mitsui & Co., Ltd.  | 252500 | 7463 |
| Rolls-Royce Holdings PLC  | 438695 | 6819 |
| Siemens Energy AG  | 41713 | 5895 |
| Ingersoll-Rand, Inc.  | 73089 | 5790 |
| L3Harris Technologies, Inc.  | 19651 | 5769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **50** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Parker-Hannifin Corp.  | 5942 | $5223 |
| Deutsche Post AG  | 94991 | 5203 |
| Lockheed Martin Corp.  | 10189 | 4928 |
| ITOCHU Corp.  | 377000 | 4759 |
| Prysmian SpA  | 47580 | 4744 |
| RELX PLC  | 102326 | 4139 |
| Techtronic Industries Co., Ltd.  | 352500 | 4050 |
| IHI Corp.  | 204168 | 3600 |
| XPO, Inc. <sup>(a)</sup>  | 24624 | 3347 |
| Saab AB, Class B  | 50858 | 2958 |
| International Consolidated Airlines Group SA (CDI)  | 528593 | 2927 |
| GE Vernova, Inc.  | 4428 | 2894 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 54167 | 2815 |
| Bureau Veritas SA  | 84710 | 2698 |
| Weir Group PLC (The)  | 53913 | 2058 |
| MTU Aero Engines AG  | 4854 | 2025 |
| FTAI Aviation, Ltd.  | 9560 | 1882 |
| Crane Co.  | 9711 | 1791 |
| Marubeni Corp.  | 63000 | 1753 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 9858 | 1677 |
| Bouygues SA  | 30905 | 1602 |
| Comfort Systems USA, Inc.  | 1627 | 1518 |
| Recruit Holdings Co., Ltd.  | 25350 | 1446 |
| Bunzl PLC  | 42369 | 1182 |
| Randstad NV, non-registered shares  | 28055 | 1067 |
| Woodward, Inc.  | 3354 | 1014 |
| Vestas Wind Systems AS  | 35740 | 965 |
| SECOM Co., Ltd.  | 27100 | 963 |
| Howmet Aerospace, Inc.  | 4522 | 927 |
| Rocket Lab Corp. <sup>(a)</sup>  | 12810 | 894 |
| Boeing Co. (The) <sup>(a)</sup>  | 3785 | 822 |
| Diploma PLC  | 11469 | 818 |
| PACCAR, Inc.  | 7084 | 776 |
| Ferguson Enterprises, Inc.  | 2880 | 641 |
| Valmet OYJ  | 17763 | 588 |
| FedEx Corp.  | 1469 | 424 |
|  |  | 339092 |
| **Financials 14.57%** |  |  |
| Chubb, Ltd.  | 41141 | 12841 |
| Citigroup, Inc.  | 109791 | 12811 |
| NatWest Group PLC  | 1411295 | 12309 |
| Zurich Insurance Group AG  | 15887 | 12058 |
| JPMorgan Chase & Co.  | 36957 | 11908 |
| Capital One Financial Corp.  | 44690 | 10831 |
| Aviva PLC  | 1178167 | 10787 |
| Mastercard, Inc., Class A  | 18307 | 10451 |
| Apollo Asset Management, Inc.  | 66212 | 9585 |
| BPER Banca SpA  | 688480 | 9310 |
| Visa, Inc., Class A  | 23806 | 8349 |
| Bank of America Corp.  | 151204 | 8316 |
| American Express Co.  | 21561 | 7976 |
| Wells Fargo & Co.  | 73531 | 6853 |
| UniCredit SpA  | 82515 | 6850 |
| ING Groep NV  | 242789 | 6825 |
| BlackRock, Inc.  | 5785 | 6192 |
| Arthur J. Gallagher & Co.  | 22281 | 5766 |
| Banco Bilbao Vizcaya Argentaria SA  | 240821 | 5633 |
| Blackstone, Inc.  | 34103 | 5257 |
| Galaxy Digital, Inc., Class A <sup>(a)(b)</sup>  | 153894 | 3441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Galaxy Digital, Inc., Class A <sup>(a)</sup>  | 73055 | $1634 |
| AIA Group, Ltd.  | 489469 | 5028 |
| HDFC Life Insurance Co., Ltd.  | 586869 | 4905 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 7210 | 4761 |
| Mizuho Financial Group, Inc.  | 128300 | 4659 |
| 3i Group PLC  | 103448 | 4501 |
| Aon PLC, Class A  | 12706 | 4484 |
| Israel Discount Bank, Ltd., Class A  | 416534 | 4423 |
| Erste Group Bank AG  | 33771 | 4063 |
| Partners Group Holding AG  | 3097 | 3804 |
| Postal Savings Bank of China Co., Ltd., Class H  | 5553383 | 3790 |
| FinecoBank SpA  | 138712 | 3602 |
| BNP Paribas SA  | 36364 | 3441 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 404280 | 3401 |
| KB Financial Group, Inc.  | 39325 | 3400 |
| Blue Owl Capital, Inc., Class A  | 224513 | 3354 |
| Svenska Handelsbanken AB, Class A  | 226988 | 3310 |
| Progressive Corp.  | 13531 | 3081 |
| DBS Group Holdings, Ltd.  | 66200 | 2897 |
| Marsh & McLennan Cos., Inc.  | 14198 | 2634 |
| Danske Bank AS  | 52190 | 2603 |
| Ares Management Corp., Class A  | 14926 | 2412 |
| Morgan Stanley  | 13148 | 2334 |
| TPG, Inc., Class A  | 36181 | 2310 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 132234 | 2214 |
| HDFC Bank, Ltd.  | 127497 | 1409 |
| HDFC Bank, Ltd. (ADR)  | 17258 | 630 |
| HSBC Holdings PLC (HKD denominated)  | 130000 | 2036 |
| B3 SA - Brasil, Bolsa, Balcao  | 732050 | 1905 |
| AXA SA  | 39014 | 1876 |
| American International Group, Inc.  | 20908 | 1789 |
| Brown & Brown, Inc.  | 22407 | 1786 |
| Banco Comercial Portugues, SA  | 1692704 | 1774 |
| IG Group Holdings PLC  | 93625 | 1660 |
| CaixaBank SA, non-registered shares  | 125217 | 1529 |
| CVC Capital Partners PLC  | 88920 | 1489 |
| National Bank of Canada  | 11544 | 1452 |
| Skandinaviska Enskilda Banken AB, Class A  | 62547 | 1320 |
| Federal Home Loan Mortgage Corp. <sup>(a)</sup>  | 122752 | 1245 |
| Fannie Mae <sup>(a)</sup>  | 99902 | 1072 |
| Allianz SE  | 2300 | 1055 |
| Bank Hapoalim BM  | 46635 | 1055 |
| Credicorp, Ltd.  | 3392 | 973 |
| Abu Dhabi Islamic Bank PJSC  | 164126 | 928 |
| China Merchants Bank Co., Ltd., Class H  | 122403 | 828 |
| Goldman Sachs Group, Inc.  | 871 | 766 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated)  | 14178 | 743 |
| LPL Financial Holdings, Inc.  | 2038 | 728 |
| Fidelity National Information Services, Inc.  | 10845 | 721 |
| Macquarie Group, Ltd.  | 4650 | 626 |
| XP, Inc., Class A  | 36512 | 598 |
| Standard Chartered PLC  | 19485 | 476 |
| Tokio Marine Holdings, Inc.  | 6000 | 223 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 3196952 | — <br><sup>(d)</sup><br>|
|  |  | 304086 |
| **Communication services 9.18%** |  |  |
| Alphabet, Inc., Class A  | 119827 | 37506 |
| Alphabet, Inc., Class C  | 112570 | 35324 |
| Meta Platforms, Inc., Class A  | 40871 | 26979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **52** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services (continued)** |  |  |
| SoftBank Group Corp.  | 669268 | $18868 |
| Netflix, Inc. <sup>(a)</sup>  | 123855 | 11613 |
| Publicis Groupe SA  | 105250 | 10919 |
| Singapore Telecommunications, Ltd.  | 2193563 | 7772 |
| NetEase, Inc.  | 212900 | 5859 |
| NetEase, Inc. (ADR)  | 4006 | 551 |
| Orange  | 323745 | 5402 |
| Bharti Airtel, Ltd.  | 210509 | 4938 |
| Bharti Airtel, Ltd., interim shares  | 12466 | 235 |
| Tencent Holdings, Ltd.  | 58900 | 4513 |
| Comcast Corp., Class A  | 149929 | 4481 |
| Universal Music Group NV  | 157145 | 4106 |
| AT&T, Inc.  | 129224 | 3210 |
| Nintendo Co., Ltd.  | 38800 | 2621 |
| Spotify Technology SA <sup>(a)</sup>  | 4149 | 2409 |
| Omnicom Group, Inc.  | 25602 | 2067 |
| Walt Disney Co. (The)  | 10917 | 1242 |
| SoftBank Corp.  | 677450 | 930 |
|  |  | 191545 |
| **Consumer discretionary 8.32%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 144814 | 33426 |
| Industria de Diseno Textil SA  | 183973 | 12118 |
| Trip.com Group, Ltd. (ADR)  | 79347 | 5706 |
| Trip.com Group, Ltd.  | 77636 | 5569 |
| Compagnie Financiere Richemont SA, Class A  | 50205 | 10835 |
| Tesla, Inc. <sup>(a)</sup>  | 23878 | 10738 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 41831 | 8995 |
| Starbucks Corp.  | 104616 | 8810 |
| Royal Caribbean Cruises, Ltd.  | 31446 | 8771 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 4232 | 8524 |
| NEXT PLC  | 38851 | 7148 |
| Las Vegas Sands Corp.  | 94294 | 6138 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 7475 | 5635 |
| Booking Holdings, Inc.  | 927 | 4964 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 124254 | 4597 |
| D.R. Horton, Inc.  | 28110 | 4049 |
| Alibaba Group Holding, Ltd. (ADR)  | 20723 | 3038 |
| Hermes International  | 1159 | 2864 |
| Compagnie Generale des Etablissements Michelin  | 73679 | 2444 |
| Restaurant Brands International, Inc. (CAD denominated)  | 27334 | 1865 |
| Hyundai Motor Co.  | 8986 | 1840 |
| InterContinental Hotels Group PLC  | 12632 | 1769 |
| Moncler SpA  | 27170 | 1746 |
| Compass Group PLC  | 54547 | 1735 |
| Carvana Co., Class A <sup>(a)</sup>  | 3915 | 1652 |
| Suzuki Motor Corp.  | 98200 | 1459 |
| Aristocrat Leisure, Ltd.  | 34618 | 1343 |
| Midea Group Co., Ltd., Class A  | 113000 | 1263 |
| NIKE, Inc., Class B  | 16141 | 1028 |
| Accor SA  | 15785 | 894 |
| Zensho Holdings Co., Ltd.  | 14300 | 820 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 5758 | 735 |
| Dollarama, Inc.  | 4772 | 713 |
| Kering SA  | 1243 | 439 |
|  |  | 173670 |
| **Health care 8.25%** |  |  |
| Eli Lilly and Co.  | 36376 | 39093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 35954 | $16300 |
| Abbott Laboratories  | 108041 | 13536 |
| Medtronic PLC  | 125128 | 12020 |
| UnitedHealth Group, Inc.  | 24947 | 8235 |
| Novo Nordisk AS, Class B  | 160061 | 8159 |
| Johnson & Johnson  | 36478 | 7549 |
| Gilead Sciences, Inc.  | 57932 | 7111 |
| Stryker Corp.  | 17674 | 6212 |
| AstraZeneca PLC  | 32200 | 5931 |
| Takeda Pharmaceutical Co., Ltd.  | 189000 | 5872 |
| Sanofi  | 57677 | 5596 |
| Thermo Fisher Scientific, Inc.  | 9013 | 5223 |
| Daiichi Sankyo Co., Ltd.  | 225900 | 4811 |
| Amgen, Inc.  | 14470 | 4736 |
| EssilorLuxottica SA  | 14229 | 4499 |
| Insulet Corp. <sup>(a)</sup>  | 10684 | 3037 |
| AbbVie, Inc.  | 10898 | 2490 |
| GE HealthCare Technologies, Inc.  | 18849 | 1546 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 24993 | 1485 |
| CVS Health Corp.  | 17836 | 1415 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 7751 | 1345 |
| Haleon PLC  | 244709 | 1238 |
| Lonza Group AG  | 1598 | 1081 |
| Boston Scientific Corp. <sup>(a)</sup>  | 10853 | 1035 |
| Rede D'Or Sao Luiz SA  | 122458 | 907 |
| Chugai Pharmaceutical Co., Ltd.  | 17100 | 899 |
| Fresenius SE & Co. KGaA  | 11068 | 637 |
| agilon health, Inc. <sup>(a)</sup>  | 125582 | 86 |
|  |  | 172084 |
| **Materials 6.04%** |  |  |
| Vale SA, ordinary nominative shares  | 1042597 | 13632 |
| Vale SA (ADR), ordinary nominative shares  | 147928 | 1927 |
| Freeport-McMoRan, Inc.  | 290202 | 14739 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 356560 | 9560 |
| Heidelberg Materials AG, non-registered shares  | 31146 | 8156 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 626382 | 7124 |
| Anglo American PLC  | 157771 | 6502 |
| Glencore PLC  | 958289 | 5213 |
| Linde PLC  | 11690 | 4984 |
| Anglogold Ashanti PLC  | 58022 | 4948 |
| Air Products and Chemicals, Inc.  | 18354 | 4534 |
| Corteva, Inc.  | 64430 | 4319 |
| Antofagasta PLC  | 91571 | 4019 |
| Agnico Eagle Mines, Ltd.  | 23441 | 3975 |
| Nippon Steel Corp.  | 865000 | 3538 |
| Smurfit Westrock PLC  | 88600 | 3426 |
| CRH PLC  | 26681 | 3330 |
| Southern Copper Corp.  | 22583 | 3240 |
| Rio Tinto PLC  | 40408 | 3224 |
| Air Liquide SA  | 12636 | 2378 |
| Grupo Mexico, SAB de CV, Series B  | 249486 | 2356 |
| LyondellBasell Industries NV  | 51002 | 2208 |
| Lundin Mining Corp.  | 100869 | 2168 |
| Dow, Inc.  | 84972 | 1987 |
| Franco-Nevada Corp.  | 8714 | 1806 |
| Akzo Nobel NV  | 11772 | 818 |
| Shin-Etsu Chemical Co., Ltd.  | 26000 | 809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **54** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 76018 | $627 |
| BASF SE  | 6478 | 338 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 8900 | 166 |
|  |  | 126051 |
| **Consumer staples 4.82%** |  |  |
| Philip Morris International, Inc.  | 264831 | 42479 |
| British American Tobacco PLC  | 257586 | 14599 |
| Nestle SA  | 124694 | 12394 |
| Imperial Brands PLC  | 254415 | 10696 |
| JBS NV (BDR) <sup>(a)</sup>  | 221456 | 3194 |
| Ocado Group PLC <sup>(a)</sup>  | 792264 | 2515 |
| Danone SA  | 23736 | 2142 |
| Bunge Global SA  | 22247 | 1982 |
| Sysco Corp.  | 23248 | 1713 |
| Walmart, Inc.  | 12868 | 1434 |
| US Foods Holding Corp. <sup>(a)</sup>  | 14397 | 1084 |
| Ajinomoto Co., Inc.  | 49400 | 1045 |
| Procter & Gamble Co.  | 7275 | 1042 |
| Loblaw Cos., Ltd.  | 21096 | 954 |
| Arca Continental, SAB de CV  | 87378 | 946 |
| Keurig Dr Pepper, Inc.  | 29253 | 819 |
| Kweichow Moutai Co., Ltd., Class A  | 4100 | 807 |
| Coca-Cola Co.  | 10706 | 748 |
|  |  | 100593 |
| **Energy 3.72%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 482117 | 16330 |
| Cameco Corp. (CAD denominated)  | 118635 | 10863 |
| Cameco Corp.  | 46105 | 4218 |
| Shell PLC (GBP denominated)  | 341079 | 12530 |
| Shell PLC (EUR denominated)  | 14064 | 519 |
| EOG Resources, Inc.  | 110268 | 11579 |
| Baker Hughes Co., Class A  | 95061 | 4329 |
| TC Energy Corp. (CAD denominated)  | 74780 | 4118 |
| Neste OYJ  | 166062 | 3758 |
| BP PLC  | 633071 | 3675 |
| Suncor Energy, Inc.  | 68819 | 3055 |
| Expand Energy Corp.  | 12380 | 1366 |
| Tourmaline Oil Corp.  | 14829 | 665 |
| ADNOC Drilling Co. PJSC  | 381223 | 554 |
|  |  | 77559 |
| **Utilities 2.19%** |  |  |
| Engie SA  | 596827 | 15693 |
| Southern Co. (The)  | 61750 | 5385 |
| Iberdrola SA, non-registered shares  | 225821 | 4888 |
| Pinnacle West Capital Corp.  | 36700 | 3255 |
| NextEra Energy, Inc.  | 38632 | 3101 |
| E.ON SE  | 150047 | 2845 |
| National Grid PLC  | 154423 | 2380 |
| Dominion Energy, Inc.  | 39815 | 2333 |
| Duke Energy Corp.  | 18764 | 2199 |
| Constellation Energy Corp.  | 5656 | 1998 |
| DTE Energy Co.  | 10779 | 1390 |
| SSE PLC  | 5948 | 174 |
|  |  | 45641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 0.84%** |  |  |
| Prologis, Inc. REIT  | 48096 | $6140 |
| China Resources Mixc Lifestyle Services, Ltd.  | 924400 | 5083 |
| Mitsubishi Estate Co., Ltd.  | 73600 | 1793 |
| Simon Property Group, Inc. REIT  | 7706 | 1426 |
| UDR, Inc. REIT  | 32096 | 1177 |
| VICI Properties, Inc. REIT  | 39802 | 1119 |
| Goodman Logistics (HK), Ltd. REIT  | 40304 | 829 |
|  |  | 17567 |
| **Total common stocks** (cost: $1,169,007,000) |  | 2048115 |
| Preferred securities 0.30% |  |  |
| **Financials 0.30%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 330165 | 2367 |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 226056 | 1618 |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)</sup>  | 80909 | 1232 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(e)</sup>  | 69041 | 994 |
|  |  | 6211 |
| **Total preferred securities** (cost: $5,265,000) |  | 6211 |
| Bonds, notes & other debt instruments 0.05% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL3,300 | 584 |
| **Corporate bonds and notes 0.02%** | **Corporate bonds and notes 0.02%** | **Corporate bonds and notes 0.02%** |
| **Health care 0.02%** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | USD432 | 428 |
| **Total bonds, notes & other debt instruments** (cost: $967,000) |  | 1012 |
| Short-term securities 1.30% | Shares |  |
| **Money market investments 1.26%** | **Money market investments 1.26%** | **Money market investments 1.26%** |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 262010 | 26204 |
| **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 906417 | 906 |
| **Total short-term securities** (cost: $27,106,000) | **Total short-term securities** (cost: $27,106,000) | 27110 |
| **Total investment securities 99.80%** (cost: $1,202,345,000) | **Total investment securities 99.80%** (cost: $1,202,345,000) | 2082448 |
| Other assets less liabilities 0.20% |  | 4261 |
| **Net assets 100.00%** |  | $2086709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **56** |

---

------

Capital World Growth and Income Fund (continued)

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.26%** |  |  |  |  |  |  |  |
| **Money market investments 1.26%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $46673 | &nbsp;&nbsp; $322340 | &nbsp;&nbsp; $342810 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $(4)<br>| &nbsp;&nbsp; $26204 | &nbsp;&nbsp; $2805 |

---

**Restricted securities** <sup>(b)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Digital, Inc., Class A <sup>(a)</sup> <br>| 10/10/2025 | $5540 | $3441 | 0.16<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **57** | American Funds Insurance Series |

---

------

Growth-Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.39% | Shares | Value<br> (000)<br>|
| **Information technology 31.31%** |  |  |
| NVIDIA Corp.  | 16585113 | $3093124 |
| Microsoft Corp.  | 6355199 | 3073501 |
| Broadcom, Inc.  | 6636411 | 2296862 |
| Apple, Inc.  | 6072252 | 1650802 |
| Applied Materials, Inc.  | 3375839 | 867557 |
| Amphenol Corp., Class A  | 3401335 | 459656 |
| Oracle Corp.  | 1505598 | 293456 |
| Seagate Technology Holdings PLC  | 1046348 | 288154 |
| Cognizant Technology Solutions Corp., Class A  | 3381043 | 280627 |
| Accenture PLC, Class A  | 888876 | 238485 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 4102000 | 200397 |
| Arista Networks, Inc. <sup>(a)</sup>  | 1418856 | 185913 |
| Entegris, Inc.  | 1768942 | 149033 |
| Salesforce, Inc.  | 535038 | 141737 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 102313 | 68940 |
| Texas Instruments, Inc.  | 374945 | 65049 |
| Marvell Technology, Inc.  | 761477 | 64710 |
| Adobe, Inc. <sup>(a)</sup>  | 163526 | 57232 |
| Corning, Inc.  | 600000 | 52536 |
| Palo Alto Networks, Inc. <sup>(a)</sup>  | 220554 | 40626 |
| ASML Holding NV  | 28845 | 30833 |
| QUALCOMM, Inc.  | 141313 | 24172 |
| Micron Technology, Inc.  | 78021 | 22268 |
| Fair Isaac Corp. <sup>(a)</sup>  | 8541 | 14440 |
|  |  | 13660110 |
| **Industrials 13.55%** |  |  |
| RTX Corp.  | 7418732 | 1360595 |
| Automatic Data Processing, Inc.  | 1993331 | 512745 |
| Airbus SE, non-registered shares  | 1921964 | 445806 |
| General Dynamics Corp.  | 1230528 | 414270 |
| GFL Environmental, Inc., subordinate voting shares  | 8706752 | 373955 |
| Carrier Global Corp.  | 6005807 | 317347 |
| General Electric Co.  | 1019662 | 314087 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 2826696 | 230969 |
| XPO, Inc. <sup>(a)</sup>  | 1695007 | 230368 |
| Union Pacific Corp.  | 862971 | 199622 |
| Ingersoll-Rand, Inc.  | 2494401 | 197606 |
| Caterpillar, Inc.  | 326877 | 187258 |
| Paychex, Inc.  | 1519430 | 170450 |
| Honeywell International, Inc.  | 828971 | 161724 |
| United Rentals, Inc.  | 188542 | 152591 |
| TransDigm Group, Inc.  | 113503 | 150942 |
| L3Harris Technologies, Inc.  | 459926 | 135020 |
| CSX Corp.  | 3114334 | 112895 |
| APi Group Corp. <sup>(a)</sup>  | 1733157 | 66311 |
| Waste Management, Inc.  | 284081 | 62415 |
| Woodward, Inc.  | 204293 | 61762 |
| Boeing Co. (The) <sup>(a)</sup>  | 238104 | 51697 |
|  |  | 5910435 |
| **Financials 11.99%** |  |  |
| JPMorgan Chase & Co.  | 2413448 | 777661 |
| Mastercard, Inc., Class A  | 1060909 | 605652 |
| BlackRock, Inc.  | 504695 | 540195 |
| Wells Fargo & Co.  | 5041337 | 469853 |
| Fidelity National Information Services, Inc.  | 6205397 | 412411 |
| Progressive Corp.  | 766051 | 174445 |
| Morgan Stanley  | 957257 | 169942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **58** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Capital One Financial Corp.  | 697472 | $169039 |
| Visa, Inc., Class A  | 445602 | 156277 |
| Chubb, Ltd.  | 495560 | 154674 |
| Goldman Sachs Group, Inc.  | 174257 | 153172 |
| Marsh & McLennan Cos., Inc.  | 798956 | 148222 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup>  | 269334 | 135381 |
| B3 SA - Brasil, Bolsa, Balcao  | 44971737 | 117059 |
| American Express Co.  | 303325 | 112215 |
| PNC Financial Services Group, Inc.  | 520903 | 108728 |
| Pinnacle Financial Partners, Inc.  | 1131294 | 107937 |
| U.S. Bancorp  | 1948827 | 103989 |
| Arthur J. Gallagher & Co.  | 374193 | 96837 |
| Apollo Asset Management, Inc.  | 665703 | 96367 |
| State Street Corp.  | 681940 | 87977 |
| S&P Global, Inc.  | 165000 | 86227 |
| CME Group, Inc., Class A  | 292470 | 79868 |
| Blackstone, Inc.  | 400140 | 61678 |
| PayPal Holdings, Inc.  | 1053348 | 61495 |
| American International Group, Inc.  | 507353 | 43404 |
|  |  | 5230705 |
| **Health care 10.04%** |  |  |
| Eli Lilly and Co.  | 1648956 | 1772100 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1484547 | 673034 |
| AbbVie, Inc.  | 1684603 | 384915 |
| UnitedHealth Group, Inc.  | 1032933 | 340981 |
| Abbott Laboratories  | 2330871 | 292035 |
| Thermo Fisher Scientific, Inc.  | 277075 | 160551 |
| Cencora, Inc.  | 401982 | 135769 |
| Cigna Group (The)  | 321281 | 88426 |
| Johnson & Johnson  | 426488 | 88262 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 122132 | 69171 |
| Danaher Corp.  | 250263 | 57290 |
| Gilead Sciences, Inc.  | 430961 | 52896 |
| Amgen, Inc.  | 151000 | 49424 |
| GE HealthCare Technologies, Inc.  | 582499 | 47777 |
| Insulet Corp. <sup>(a)</sup>  | 162641 | 46229 |
| CVS Health Corp.  | 535085 | 42464 |
| Stryker Corp.  | 111700 | 39259 |
| Medtronic PLC  | 210000 | 20173 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 49075 | 19515 |
|  |  | 4380271 |
| **Consumer discretionary 10.04%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 8601419 | 1985379 |
| Starbucks Corp.  | 5641121 | 475039 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 4910876 | 371066 |
| Royal Caribbean Cruises, Ltd.  | 1137038 | 317143 |
| Tesla, Inc. <sup>(a)</sup>  | 703606 | 316426 |
| Home Depot, Inc.  | 737552 | 253792 |
| Las Vegas Sands Corp.  | 2000000 | 130180 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 1559413 | 111358 |
| Carvana Co., Class A <sup>(a)</sup>  | 214692 | 90604 |
| Sony Group Corp.  | 3009200 | 76915 |
| TJX Cos., Inc. (The)  | 495864 | 76170 |
| Booking Holdings, Inc.  | 12304 | 65892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **59** | American Funds Insurance Series |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| YUM! Brands, Inc.  | 272921 | $41287 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 155002 | 35105 |
| Hilton Worldwide Holdings, Inc.  | 107229 | 30801 |
|  |  | 4377157 |
| **Communication services 8.04%** |  |  |
| Alphabet, Inc., Class A  | 3942665 | 1234054 |
| Alphabet, Inc., Class C  | 1489089 | 467276 |
| Meta Platforms, Inc., Class A  | 2114599 | 1395826 |
| Netflix, Inc. <sup>(a)</sup>  | 2229300 | 209019 |
| SoftBank Group Corp.  | 3459180 | 97522 |
| Universal Music Group NV  | 3239458 | 84633 |
| Comcast Corp., Class A  | 624053 | 18653 |
|  |  | 3506983 |
| **Energy 3.96%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 14093913 | 477379 |
| Baker Hughes Co., Class A  | 8127441 | 370124 |
| Exxon Mobil Corp.  | 2651600 | 319094 |
| Halliburton Co.  | 6689719 | 189051 |
| Expand Energy Corp.  | 1031973 | 113888 |
| TC Energy Corp.  | 1629755 | 89653 |
| Chevron Corp.  | 444985 | 67820 |
| EOG Resources, Inc.  | 575078 | 60389 |
| ConocoPhillips  | 434738 | 40696 |
|  |  | 1728094 |
| **Consumer staples 2.85%** |  |  |
| British American Tobacco PLC  | 9929507 | 562781 |
| Procter & Gamble Co.  | 1304474 | 186944 |
| Philip Morris International, Inc.  | 1042193 | 167168 |
| Coca-Cola Co.  | 1948634 | 136229 |
| Imperial Brands PLC  | 2747647 | 115516 |
| Mondelez International, Inc., Class A  | 791236 | 42592 |
| Keurig Dr Pepper, Inc.  | 1164623 | 32621 |
|  |  | 1243851 |
| **Materials 2.32%** |  |  |
| Air Products and Chemicals, Inc.  | 1408433 | 347911 |
| Linde PLC  | 650775 | 277484 |
| International Paper Co.  | 5806574 | 228721 |
| Eastman Chemical Co.  | 1101906 | 70335 |
| Freeport-McMoRan, Inc.  | 983347 | 49944 |
| LyondellBasell Industries NV  | 769974 | 33340 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup>  | 82401 | 4003 |
|  |  | 1011738 |
| **Utilities 2.06%** |  |  |
| Dominion Energy, Inc.  | 5379096 | 315161 |
| PG&E Corp.  | 12562973 | 201887 |
| CenterPoint Energy, Inc.  | 3037684 | 116465 |
| Entergy Corp.  | 1203020 | 111195 |
| NextEra Energy, Inc.  | 1051314 | 84400 |
| Sempra  | 800000 | 70632 |
|  |  | 899740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **60** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 1.23%** |  |  |
| Equinix, Inc. REIT  | 235188 | $180192 |
| VICI Properties, Inc. REIT  | 4092873 | 115092 |
| Prologis, Inc. REIT  | 866060 | 110561 |
| American Tower Corp. REIT  | 428106 | 75162 |
| Welltower, Inc. REIT  | 306310 | 56854 |
|  |  | 537861 |
| **Total common stocks** (cost: $21,697,459,000) | **Total common stocks** (cost: $21,697,459,000) | 42486945 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br> (000)<br>|  |
| **Corporate bonds and notes 0.00%** | **Corporate bonds and notes 0.00%** | **Corporate bonds and notes 0.00%** |
| **Consumer discretionary 0.00%** |  |  |
| General Motors Financial Co., Inc. 5.25% 3/1/2026  | USD827 | 828 |
| **Total bonds, notes & other debt instruments** (cost: $823,000) | **Total bonds, notes & other debt instruments** (cost: $823,000) | 828 |
| Short-term securities 2.57% | Shares |  |
| **Money market investments 2.57%** | **Money market investments 2.57%** | **Money market investments 2.57%** |
| Capital Group Central Cash Fund 3.79% <sup>(b)(c)</sup>  | 11226233 | 1122736 |
| **Total short-term securities** (cost: $1,122,564,000) | **Total short-term securities** (cost: $1,122,564,000) | 1122736 |
| **Total investment securities 99.96%** (cost: $22,820,846,000) | **Total investment securities 99.96%** (cost: $22,820,846,000) | 43610509 |
| Other assets less liabilities 0.04% |  | 16802 |
| **Net assets 100.00%** |  | $43627311 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.85%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.85%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc.  | $509003 | &nbsp;&nbsp; $16347 | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $(128676)<br>| &nbsp;&nbsp; $371066 | &nbsp;&nbsp; $7713 |
| **Short-term securities 2.57%** |  |  |  |  |  |  |  |
| **Money market investments 2.57%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 1471964 | &nbsp;&nbsp; 7003318 | &nbsp;&nbsp; 7352457 | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; 1122736 | &nbsp;&nbsp; 58916 |
| **Total 3.42%** |  |  |  | &nbsp;&nbsp; $6384 | &nbsp;&nbsp; $(128689)<br>| &nbsp;&nbsp; $1493802 | &nbsp;&nbsp; $66629 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended. <br> <sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAD = Canadian dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series |

---

------

International Growth and Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 98.22% | Shares | Value<br> (000)<br>|
| **Financials 23.17%** |  |  |
| Societe Generale  | 71822 | $5787 |
| UniCredit SpA  | 64734 | 5374 |
| Banco Bilbao Vizcaya Argentaria SA  | 180709 | 4227 |
| CaixaBank SA, non-registered shares  | 322031 | 3933 |
| Skandinaviska Enskilda Banken AB, Class A  | 181807 | 3838 |
| AIA Group, Ltd.  | 315000 | 3235 |
| AXA SA  | 55165 | 2653 |
| Prudential PLC  | 167374 | 2582 |
| Zurich Insurance Group AG  | 3392 | 2575 |
| HSBC Holdings PLC (GBP denominated)  | 106640 | 1672 |
| HSBC Holdings PLC (HKD denominated)  | 54400 | 852 |
| KB Financial Group, Inc.  | 27563 | 2383 |
| NatWest Group PLC  | 257839 | 2249 |
| Bank Hapoalim BM  | 94366 | 2135 |
| DBS Group Holdings, Ltd.  | 48424 | 2119 |
| London Stock Exchange Group PLC  | 17476 | 2104 |
| Banco Santander SA  | 179202 | 2103 |
| Aviva PLC  | 203542 | 1864 |
| Euronext NV  | 12370 | 1857 |
| HDFC Bank, Ltd.  | 165124 | 1825 |
| Bank Leumi le-Israel BM  | 80689 | 1779 |
| PICC Property and Casualty Co., Ltd., Class H  | 814000 | 1707 |
| Resona Holdings, Inc.  | 177400 | 1682 |
| Allianz SE  | 3484 | 1598 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H  | 188500 | 1586 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 2235 | 1476 |
| Japan Post Bank Co., Ltd.  | 101247 | 1424 |
| Kotak Mahindra Bank, Ltd.  | 51877 | 1270 |
| Axis Bank, Ltd.  | 82195 | 1163 |
| Tokio Marine Holdings, Inc.  | 29600 | 1099 |
| Deutsche Bank AG  | 26134 | 1016 |
| Aon PLC, Class A  | 2825 | 997 |
| 3i Group PLC  | 20568 | 895 |
| Hiscox, Ltd.  | 46402 | 885 |
| Pluxee NV  | 55838 | 875 |
| Mizuho Financial Group, Inc.  | 23000 | 835 |
| Standard Chartered PLC  | 33124 | 809 |
| Canadian Imperial Bank of Commerce  | 8888 | 806 |
| Tryg A/S  | 30239 | 791 |
| CVC Capital Partners PLC  | 45723 | 766 |
| ING Groep NV  | 27110 | 762 |
| Credicorp, Ltd.  | 2641 | 758 |
| Abu Dhabi Islamic Bank PJSC  | 132924 | 751 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H  | 862000 | 745 |
| Plus500, Ltd.  | 15229 | 743 |
| T&D Holdings, Inc.  | 30700 | 707 |
| Adyen NV <sup>(a)</sup>  | 440 | 706 |
| XP, Inc., Class A  | 37915 | 621 |
| Etoro Group, Ltd., Class A <sup>(a)</sup>  | 17585 | 618 |
| Rakuten Bank, Ltd. <sup>(a)</sup>  | 14100 | 617 |
| Macquarie Group, Ltd.  | 4442 | 598 |
| Partners Group Holding AG  | 481 | 591 |
| Hana Financial Group, Inc.  | 8229 | 537 |
| Brookfield Corp., Class A (CAD denominated)  | 11523 | 529 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 53789 | 499 |
| Abu Dhabi Commercial Bank PJSC  | 117171 | 456 |
| Samsung Life Insurance Co., Ltd.  | 4190 | 456 |
| Saudi National Bank (The)  | 43606 | 440 |
| Intesa Sanpaolo SpA  | 62539 | 433 |
| Sampo Oyj, Class A  | 35512 | 430 |
| Royal Bank of Canada  | 2381 | 406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **62** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Banca Generali SpA  | 5981 | $401 |
| MS&AD Insurance Group Holdings, Inc.  | 15900 | 374 |
| Hong Kong Exchanges and Clearing, Ltd.  | 6400 | 334 |
| Grupo Financiero Inbursa, SAB de CV  | 133251 | 322 |
| FirstRand, Ltd.  | 55703 | 305 |
| BAWAG Group AG <sup>(a)</sup>  | 2019 | 303 |
| Bank Central Asia Tbk PT  | 602500 | 291 |
| Medibank Private, Ltd.  | 34548 | 110 |
| Edenred SA  | 3313 | 74 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 476388 | — <br><sup>(c)</sup><br>|
|  |  | 93743 |
| **Industrials 14.36%** |  |  |
| Airbus SE, non-registered shares  | 28600 | 6634 |
| BAE Systems PLC  | 270689 | 6223 |
| Ryanair Holdings PLC (ADR)  | 73850 | 5331 |
| Siemens AG  | 11417 | 3206 |
| Deutsche Post AG  | 42158 | 2309 |
| Hitachi, Ltd.  | 69400 | 2153 |
| RELX PLC  | 45021 | 1821 |
| DSV A/S  | 6897 | 1736 |
| Safran SA  | 4958 | 1725 |
| ABB, Ltd.  | 21982 | 1625 |
| ITOCHU Corp.  | 103000 | 1300 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 12706 | 1290 |
| Canadian National Railway Co. (CAD denominated)  | 12406 | 1227 |
| Diploma PLC  | 17130 | 1223 |
| Deutsche Lufthansa AG  | 118669 | 1173 |
| Copa Holdings SA, Class A  | 9695 | 1169 |
| ASSA ABLOY AB, Class B  | 29656 | 1150 |
| Alliance Global Group, Inc.  | 7546600 | 1051 |
| Singapore Technologies Engineering, Ltd.  | 158800 | 1036 |
| Motiva Infraestrutura de Mobilidade SA  | 334768 | 916 |
| Epiroc AB, Class B  | 32965 | 665 |
| Epiroc AB, Class A  | 9201 | 208 |
| Rolls-Royce Holdings PLC  | 55860 | 868 |
| SPIE SA  | 15016 | 864 |
| Mitsui & Co., Ltd.  | 29200 | 863 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 4769 | 811 |
| IHI Corp.  | 45641 | 805 |
| Wolters Kluwer NV  | 7371 | 765 |
| Kanzhun, Ltd., Class A (ADR)  | 27807 | 567 |
| Kanzhun, Ltd., Class A  | 16700 | 169 |
| Full Truck Alliance Co., Ltd., Class A (ADR)  | 68004 | 730 |
| SGH, Ltd.  | 21792 | 672 |
| Caterpillar, Inc.  | 1129 | 647 |
| Komatsu, Ltd.  | 19300 | 617 |
| Volvo AB, Class B  | 17440 | 559 |
| Kingspan Group PLC  | 5764 | 498 |
| Daikin Industries, Ltd.  | 3800 | 488 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 18040 | 474 |
| Recruit Holdings Co., Ltd.  | 8000 | 456 |
| SMC Corp.  | 1200 | 418 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 22500 | 353 |
| International Consolidated Airlines Group SA (CDI)  | 62974 | 349 |
| Brambles, Ltd.  | 20392 | 313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **63** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Ashtead Group PLC  | 4377 | $299 |
| International Container Terminal Services, Inc.  | 30700 | 294 |
| Wizz Air Holdings PLC <sup>(a)</sup>  | 3748 | 64 |
|  |  | 58114 |
| **Information technology 13.46%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 383000 | 18711 |
| ASML Holding NV  | 7692 | 8222 |
| Samsung Electronics Co., Ltd.  | 65385 | 5449 |
| MediaTek, Inc.  | 91000 | 4123 |
| SK hynix, Inc.  | 6576 | 2978 |
| Broadcom, Inc.  | 7657 | 2650 |
| SAP SE  | 8332 | 2039 |
| NEC Corp.  | 53700 | 1811 |
| ASMPT, Ltd.  | 128900 | 1283 |
| Tokyo Electron, Ltd.  | 5400 | 1186 |
| Sage Group PLC (The)  | 61338 | 893 |
| Capgemini SE  | 4775 | 791 |
| Accton Technology Corp.  | 21000 | 786 |
| Halma PLC  | 13514 | 640 |
| Bechtle AG, non-registered shares  | 11841 | 608 |
| Lenovo Group, Ltd.  | 422000 | 500 |
| Fujitsu, Ltd.  | 14800 | 406 |
| ASM International NV  | 605 | 365 |
| Jentech Precision Industrial Co., Ltd.  | 4000 | 345 |
| Lumine Group, Inc., subordinate voting shares <sup>(a)</sup>  | 10019 | 198 |
| Keyence Corp.  | 500 | 181 |
| eMemory Technology, Inc.  | 3000 | 164 |
| Newgen Software Technologies, Ltd.  | 13433 | 126 |
|  |  | 54455 |
| **Consumer discretionary 9.16%** |  |  |
| Industria de Diseno Textil SA  | 84429 | 5561 |
| Trip.com Group, Ltd. (ADR)  | 34793 | 2502 |
| Trip.com Group, Ltd.  | 9800 | 703 |
| Prosus NV, Class N  | 46295 | 2859 |
| Renault SA  | 63846 | 2643 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 2789 | 2103 |
| MGM China Holdings, Ltd.  | 1130400 | 1897 |
| H World Group, Ltd. (ADR)  | 27339 | 1286 |
| Nitori Holdings Co., Ltd.  | 68900 | 1206 |
| Amadeus IT Group SA, Class A, non-registered shares  | 16285 | 1195 |
| Moncler SpA  | 17462 | 1122 |
| Midea Group Co., Ltd., Class A  | 88300 | 987 |
| Hyundai Motor Co.  | 4578 | 937 |
| Entain PLC  | 90259 | 930 |
| ANTA Sports Products, Ltd.  | 88200 | 911 |
| Compagnie Financiere Richemont SA, Class A  | 3955 | 854 |
| Evolution AB  | 12432 | 846 |
| InterContinental Hotels Group PLC  | 5768 | 808 |
| Suzuki Motor Corp.  | 48300 | 717 |
| Games Workshop Group PLC  | 2550 | 647 |
| B&M European Value Retail SA  | 255033 | 580 |
| Accor SA  | 9477 | 537 |
| Berkeley Group Holdings PLC  | 9423 | 495 |
| Restaurant Brands International, Inc. (CAD denominated)  | 7186 | 490 |
| Meituan, Class B <sup>(a)</sup>  | 36700 | 484 |
| Compagnie Generale des Etablissements Michelin  | 13559 | 450 |
| Galaxy Entertainment Group, Ltd.  | 87361 | 429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **64** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Paltac Corp.  | 13700 | $422 |
| Dixon Technologies (India), Ltd.  | 3136 | 422 |
| D'Ieteren Group  | 2336 | 421 |
| Aristocrat Leisure, Ltd.  | 9860 | 383 |
| Maruti Suzuki India, Ltd.  | 1900 | 353 |
| Alibaba Group Holding, Ltd. (ADR)  | 2241 | 329 |
| Amber Enterprises India, Ltd. <sup>(a)</sup>  | 4286 | 305 |
| BYD Co., Ltd., Class A  | 17800 | 249 |
|  |  | 37063 |
| **Consumer staples 8.06%** |  |  |
| British American Tobacco PLC  | 121643 | 6894 |
| Nestle SA  | 48668 | 4837 |
| Philip Morris International, Inc.  | 23763 | 3812 |
| Pernod Ricard SA  | 31124 | 2665 |
| Imperial Brands PLC  | 47541 | 1999 |
| Carlsberg A/S, Class B  | 13206 | 1731 |
| Carrefour SA, non-registered shares  | 87378 | 1458 |
| KT&G Corp.  | 13480 | 1327 |
| Arca Continental, SAB de CV  | 122057 | 1321 |
| L'Oreal SA, non-registered shares  | 2952 | 1268 |
| Danone SA  | 12837 | 1158 |
| Anheuser-Busch InBev SA/NV  | 14891 | 955 |
| Yamazaki Baking Co., Ltd.  | 38000 | 800 |
| Kweichow Moutai Co., Ltd., Class A  | 2990 | 589 |
| Ocado Group PLC <sup>(a)</sup>  | 168153 | 534 |
| Unilever PLC  | 7516 | 491 |
| Tsingtao Brewery Co., Ltd., Class H  | 65738 | 411 |
| United Spirits, Ltd.  | 23192 | 373 |
|  |  | 32623 |
| **Materials 7.38%** |  |  |
| Barrick Mining Corp.  | 84106 | 3663 |
| Glencore PLC  | 562062 | 3057 |
| BASF SE  | 43621 | 2279 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 21023 | 1780 |
| Valterra Platinum, Ltd. (GBP denominated)  | 1235 | 102 |
| Agnico Eagle Mines, Ltd.  | 10958 | 1858 |
| Heidelberg Materials AG, non-registered shares  | 7035 | 1842 |
| Amcor PLC  | 111303 | 928 |
| Amcor PLC (CDI)  | 83938 | 702 |
| Vale SA (ADR), ordinary nominative shares  | 71119 | 927 |
| Vale SA, ordinary nominative shares  | 31452 | 411 |
| Linde PLC  | 2521 | 1075 |
| Norsk Hydro ASA  | 136521 | 1055 |
| Anhui Conch Cement Co., Ltd., Class H  | 364000 | 1030 |
| Southern Copper Corp.  | 7079 | 1016 |
| Impala Platinum Holdings, Ltd.  | 60988 | 960 |
| Grupo Mexico, SAB de CV, Series B  | 96492 | 911 |
| Mitsubishi Chemical Group Corp.  | 148200 | 866 |
| Nutrien, Ltd. (CAD denominated) <sup>(d)</sup>  | 12924 | 798 |
| Air Liquide SA  | 3291 | 619 |
| Pan American Silver Corp.  | 10970 | 568 |
| Franco-Nevada Corp. (CAD denominated)  | 2507 | 520 |
| Shin-Etsu Chemical Co., Ltd.  | 15900 | 494 |
| Holcim, Ltd.  | 4384 | 430 |
| Saudi Basic Industries Corp. non-registered shares  | 30558 | 418 |
| Rio Tinto PLC  | 4810 | 384 |
| Fortescue, Ltd.  | 23214 | 339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Smurfit Westrock PLC  | 6985 | $270 |
| Givaudan SA  | 43 | 171 |
| Freeport-McMoRan, Inc.  | 2750 | 140 |
| Antofagasta PLC  | 3109 | 136 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 5700 | 107 |
| Alrosa PJSC <sup>(a)(b)</sup>  | 53607 | — <br><sup>(c)</sup><br>|
|  |  | 29856 |
| **Health care 7.34%** |  |  |
| AstraZeneca PLC  | 38403 | 7074 |
| Sanofi  | 69990 | 6790 |
| Novo Nordisk AS, Class B  | 53114 | 2707 |
| Roche Holding AG, nonvoting non-registered shares  | 6476 | 2676 |
| EssilorLuxottica SA  | 7815 | 2471 |
| Bayer AG  | 41796 | 1803 |
| Chugai Pharmaceutical Co., Ltd.  | 23600 | 1241 |
| Grifols SA, Class B (ADR)  | 111869 | 1046 |
| bioMerieux SA  | 7827 | 1013 |
| Haleon PLC  | 171515 | 868 |
| Genus PLC  | 14818 | 516 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 39000 | 356 |
| Max Healthcare Institute, Ltd.  | 29463 | 343 |
| Fresenius SE & Co. KGaA  | 5932 | 341 |
| Daiichi Sankyo Co., Ltd.  | 13300 | 283 |
| HOYA Corp.  | 1100 | 167 |
| Euroapi SA <sup>(a)</sup>  | 1412 | 4 |
|  |  | 29699 |
| **Communication services 6.89%** |  |  |
| Koninklijke KPN NV  | 788424 | 3688 |
| Tencent Holdings, Ltd.  | 41600 | 3188 |
| Singapore Telecommunications, Ltd.  | 888400 | 3148 |
| Orange  | 157504 | 2628 |
| Publicis Groupe SA  | 23008 | 2387 |
| Bharti Airtel, Ltd.  | 87940 | 2063 |
| BT Group PLC  | 457419 | 1131 |
| Nintendo Co., Ltd.  | 15800 | 1067 |
| MTN Group, Ltd.  | 99852 | 1020 |
| Nippon Television Holdings, Inc.  | 40600 | 984 |
| Swisscom AG <sup>(a)</sup>  | 1279 | 929 |
| NetEase, Inc.  | 32700 | 900 |
| HYBE Co., Ltd.  | 3482 | 794 |
| Advanced Info Service PCL, foreign registered shares  | 79600 | 791 |
| America Movil, SAB de CV, Class B (ADR)  | 28591 | 591 |
| Universal Music Group NV  | 19644 | 513 |
| Indus Towers, Ltd. <sup>(a)</sup>  | 95111 | 443 |
| Spotify Technology SA <sup>(a)</sup>  | 718 | 417 |
| Bezeq - The Israel Telecommunication Corp., Ltd.  | 179312 | 400 |
| KT Corp. (ADR)  | 21009 | 399 |
| Deutsche Telekom AG  | 11484 | 373 |
|  |  | 27854 |
| **Energy 4.09%** |  |  |
| TotalEnergies SE (EUR denominated)  | 61065 | 3980 |
| Cameco Corp. (CAD denominated)  | 30495 | 2792 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 55772 | 1889 |
| Shell PLC (GBP denominated)  | 47821 | 1757 |
| Cenovus Energy, Inc. (CAD denominated)  | 82434 | 1395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **66** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Cenovus Energy, Inc.  | 12261 | $207 |
| SLB, Ltd.  | 31870 | 1223 |
| Gaztransport & Technigaz SA  | 3851 | 706 |
| TC Energy Corp. (CAD denominated)  | 12547 | 691 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares  | 44300 | 525 |
| BP PLC  | 80418 | 467 |
| ADNOC Drilling Co. PJSC  | 255406 | 371 |
| Tourmaline Oil Corp.  | 5853 | 263 |
| Adnoc Gas PLC  | 236746 | 229 |
| South Bow Corp.  | 2470 | 68 |
| Sovcomflot PAO <sup>(a)(b)</sup>  | 356717 | — <br><sup>(c)</sup><br>|
|  |  | 16563 |
| **Utilities 2.82%** |  |  |
| Engie SA  | 109339 | 2875 |
| RWE AG  | 42284 | 2250 |
| SSE PLC  | 76631 | 2247 |
| Iberdrola SA, non-registered shares  | 103600 | 2242 |
| Brookfield Infrastructure Partners, LP  | 17993 | 625 |
| Snam SpA  | 79832 | 530 |
| CPFL Energia SA  | 44362 | 431 |
| Veolia Environnement SA  | 6331 | 221 |
|  |  | 11421 |
| **Real estate 1.49%** |  |  |
| Mitsubishi Estate Co., Ltd.  | 76900 | 1873 |
| Prologis Property Mexico, SA de CV, REIT  | 183868 | 770 |
| CK Asset Holdings, Ltd.  | 120500 | 607 |
| Henderson Land Development Co., Ltd.  | 162000 | 585 |
| China Resources Land, Ltd.  | 152500 | 531 |
| Link REIT  | 91068 | 406 |
| Sun Hung Kai Properties, Ltd.  | 33000 | 400 |
| CapitaLand Integrated Commercial Trust REIT  | 207700 | 385 |
| Longfor Group Holdings, Ltd. <sup>(d)</sup>  | 236242 | 259 |
| Goodman Logistics (HK), Ltd. REIT  | 10467 | 215 |
|  |  | 6031 |
| **Total common stocks** (cost: $267,862,000) |  | 397422 |
| Preferred securities 0.05% |  |  |
| **Materials 0.05%** |  |  |
| Gerdau SA, preferred nominative shares  | 54142 | 201 |
| **Total preferred securities** (cost: $203,000) |  | 201 |
| Short-term securities 1.54% |  |  |
| **Money market investments 1.35%** | **Money market investments 1.35%** | **Money market investments 1.35%** |
| Capital Group Central Cash Fund 3.79% <sup>(e)(f)</sup>  | 54405 | 5441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **67** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** | **Money market investments purchased with collateral from securities on loan 0.19%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup>  | 762897 | $763 |
| **Total short-term securities** (cost: $6,203,000) |  | 6204 |
| **Total investment securities 99.81%** (cost: $274,268,000) |  | 403827 |
| Other assets less liabilities 0.19% |  | 788 |
| **Net assets 100.00%** |  | $404615 |

---

**Investments in affiliates** <sup>(f)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 1.35%** |  |  |  |  |  |  |  |
| **Money market investments 1.35%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(e)</sup>  | $11674 | &nbsp;&nbsp; $93352 | &nbsp;&nbsp; $99583 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $5441 | &nbsp;&nbsp; $489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(e)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(f)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **68** |

---

------

Capital Income Builder

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 77.84% | Shares | Value<br> (000)<br>|
| **Financials 16.08%** |  |  |
| JPMorgan Chase & Co.  | 79207 | $25522 |
| NatWest Group PLC  | 1731569 | 15103 |
| Morgan Stanley  | 85027 | 15095 |
| Zurich Insurance Group AG  | 15915 | 12080 |
| Wells Fargo & Co.  | 121236 | 11299 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 15382 | 10158 |
| BlackRock, Inc.  | 9038 | 9674 |
| ING Groep NV  | 336786 | 9467 |
| DBS Group Holdings, Ltd.  | 201816 | 8832 |
| PNC Financial Services Group, Inc.  | 42111 | 8790 |
| Progressive Corp.  | 31499 | 7173 |
| Truist Financial Corp.  | 133958 | 6592 |
| Banco Santander SA  | 543341 | 6376 |
| Tokio Marine Holdings, Inc.  | 169500 | 6293 |
| Banco Bilbao Vizcaya Argentaria SA  | 255877 | 5985 |
| KB Financial Group, Inc.  | 67948 | 5874 |
| American International Group, Inc.  | 61289 | 5243 |
| AIA Group, Ltd.  | 475600 | 4885 |
| TPG, Inc., Class A  | 74597 | 4762 |
| Sampo Oyj, Class A  | 382120 | 4632 |
| National Bank of Canada  | 34385 | 4324 |
| Power Corp. of Canada, subordinate voting shares  | 73430 | 3903 |
| Toronto-Dominion Bank (The) (CAD denominated)  | 39762 | 3747 |
| East West Bancorp, Inc.  | 32600 | 3664 |
| UniCredit SpA  | 43377 | 3601 |
| Intact Financial Corp.  | 16137 | 3359 |
| Euronext NV  | 21230 | 3186 |
| Hana Financial Group, Inc.  | 48224 | 3146 |
| 360 ONE WAM, Ltd.  | 229493 | 3031 |
| EFG International AG  | 108196 | 2587 |
| BNP Paribas SA  | 25427 | 2406 |
| PICC Property and Casualty Co., Ltd., Class H  | 1138000 | 2386 |
| Mizuho Financial Group, Inc.  | 64500 | 2342 |
| Skandinaviska Enskilda Banken AB, Class A  | 108326 | 2287 |
| 3i Group PLC  | 51598 | 2245 |
| Webster Financial Corp.  | 35040 | 2205 |
| Apollo Asset Management, Inc.  | 13850 | 2005 |
| Marsh & McLennan Cos., Inc.  | 10553 | 1958 |
| Banco BPM SpA  | 128347 | 1950 |
| London Stock Exchange Group PLC  | 15893 | 1914 |
| Deutsche Bank AG  | 49165 | 1912 |
| BPER Banca SpA  | 141331 | 1911 |
| Swiss Re AG  | 10507 | 1752 |
| State Street Corp.  | 12200 | 1574 |
| CME Group, Inc., Class A  | 5612 | 1533 |
| Bank Central Asia Tbk PT  | 2982500 | 1440 |
| Standard Chartered PLC  | 56936 | 1390 |
| Japan Post Bank Co., Ltd.  | 98700 | 1388 |
| Western Union Co. <sup>(a)</sup>  | 142256 | 1324 |
| Allianz SE  | 2883 | 1322 |
| Hong Kong Exchanges and Clearing, Ltd.  | 22700 | 1186 |
| Bank of America Corp.  | 21552 | 1185 |
| Canadian Imperial Bank of Commerce  | 12297 | 1115 |
| Patria Investments, Ltd., Class A  | 70098 | 1114 |
| Blackstone, Inc.  | 7179 | 1107 |
| Citizens Financial Group, Inc.  | 18221 | 1064 |
| SouthState Bank Corp.  | 10883 | 1024 |
| Vontobel Holding AG  | 10189 | 824 |
| Equitable Holdings, Inc.  | 16750 | 798 |
| Resona Holdings, Inc.  | 62400 | 592 |
| Houlihan Lokey, Inc., Class A  | 2796 | 487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **69** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| T&D Holdings, Inc.  | 21000 | $484 |
| Medibank Private, Ltd.  | 134820 | 430 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 204176 | — <br><sup>(c)</sup><br>|
|  |  | 267037 |
| **Information technology 10.58%** |  |  |
| Broadcom, Inc.  | 198986 | 68869 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 857800 | 41907 |
| Microsoft Corp.  | 48647 | 23527 |
| Accenture PLC, Class A  | 42563 | 11420 |
| Seagate Technology Holdings PLC  | 21770 | 5995 |
| KLA Corp.  | 3790 | 4605 |
| Texas Instruments, Inc.  | 19132 | 3319 |
| Tokyo Electron, Ltd.  | 14700 | 3228 |
| TE Connectivity PLC  | 11194 | 2547 |
| MediaTek, Inc.  | 52000 | 2356 |
| TDK Corp.  | 145400 | 2057 |
| SAP SE  | 8376 | 2049 |
| Analog Devices, Inc.  | 5814 | 1577 |
| Skyworks Solutions, Inc.  | 17043 | 1081 |
| Samsung Electronics Co., Ltd.  | 7752 | 646 |
| Capgemini SE  | 2465 | 408 |
|  |  | 175591 |
| **Health care 8.92%** |  |  |
| AbbVie, Inc.  | 110866 | 25332 |
| AstraZeneca PLC  | 95762 | 17638 |
| Abbott Laboratories  | 132522 | 16604 |
| Amgen, Inc.  | 48793 | 15970 |
| Gilead Sciences, Inc.  | 110674 | 13584 |
| Sanofi  | 116243 | 11278 |
| Johnson & Johnson  | 38511 | 7970 |
| UnitedHealth Group, Inc.  | 22859 | 7546 |
| Medtronic PLC  | 77419 | 7437 |
| Novo Nordisk AS, Class B  | 120968 | 6166 |
| CVS Health Corp.  | 46518 | 3692 |
| Takeda Pharmaceutical Co., Ltd.  | 108825 | 3381 |
| Bristol-Myers Squibb Co.  | 51448 | 2775 |
| Merck & Co., Inc.  | 20750 | 2184 |
| Sandoz Group AG  | 19286 | 1406 |
| EBOS Group, Ltd.  | 82604 | 1302 |
| Roche Holding AG, nonvoting non-registered shares  | 2615 | 1081 |
| GSK PLC  | 43796 | 1076 |
| Royalty Pharma PLC, Class A  | 24004 | 927 |
| EssilorLuxottica SA  | 2582 | 816 |
|  |  | 148165 |
| **Industrials 8.89%** |  |  |
| RTX Corp.  | 170579 | 31284 |
| Volvo AB, Class B  | 337790 | 10827 |
| Siemens AG  | 32234 | 9052 |
| Marubeni Corp.  | 248100 | 6904 |
| BAE Systems PLC  | 262306 | 6030 |
| Deutsche Post AG  | 105963 | 5804 |
| RELX PLC  | 135157 | 5467 |
| Mitsubishi Corp.  | 214081 | 4906 |
| Union Pacific Corp.  | 20631 | 4772 |
| Singapore Technologies Engineering, Ltd.  | 657600 | 4290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **70** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| ITOCHU Corp.  | 307500 | $3881 |
| Bouygues SA  | 71499 | 3706 |
| Northrop Grumman Corp.  | 6044 | 3446 |
| Honeywell International, Inc.  | 17528 | 3420 |
| Paychex, Inc.  | 29637 | 3325 |
| Automatic Data Processing, Inc.  | 12517 | 3220 |
| Airbus SE, non-registered shares  | 12478 | 2894 |
| FedEx Corp.  | 9893 | 2858 |
| Watsco, Inc.  | 8477 | 2856 |
| Schneider Electric SE  | 9854 | 2701 |
| Broadridge Financial Solutions, Inc.  | 11281 | 2518 |
| Localiza Rent a Car SA, ordinary nominative shares  | 281769 | 2222 |
| Localiza Rent a Car SA <sup>(d)</sup>  | 10837 | 82 |
| Hikari Tsushin, Inc.  | 7100 | 1984 |
| Bureau Veritas SA  | 60554 | 1928 |
| Trinity Industries, Inc.  | 71017 | 1878 |
| Canadian National Railway Co. (CAD denominated)  | 17596 | 1740 |
| Wolters Kluwer NV  | 14975 | 1555 |
| Epiroc AB, Class A  | 60943 | 1379 |
| Epiroc AB, Class B  | 4933 | 100 |
| SPIE SA  | 24869 | 1432 |
| PACCAR, Inc.  | 12078 | 1323 |
| Ryanair Holdings PLC (ADR)  | 18149 | 1310 |
| UL Solutions, Inc., Class A  | 16361 | 1290 |
| Carrier Global Corp.  | 23347 | 1234 |
| Transurban Group  | 121112 | 1145 |
| Sulzer AG  | 3498 | 649 |
| Brambles, Ltd.  | 40982 | 628 |
| Caterpillar, Inc.  | 1059 | 607 |
| Computershare Ltd.  | 22570 | 513 |
| Robert Half, Inc.  | 16144 | 438 |
|  |  | 147598 |
| **Consumer staples 8.01%** |  |  |
| Philip Morris International, Inc.  | 243788 | 39104 |
| British American Tobacco PLC  | 522457 | 29612 |
| British American Tobacco PLC (ADR)  | 42214 | 2390 |
| Mondelez International, Inc., Class A  | 238135 | 12819 |
| Imperial Brands PLC  | 193418 | 8132 |
| Nestle SA  | 56409 | 5607 |
| Sysco Corp.  | 57332 | 4225 |
| Danone SA  | 46784 | 4221 |
| Coca-Cola Co.  | 50926 | 3560 |
| Altria Group, Inc.  | 60789 | 3505 |
| Procter & Gamble Co.  | 18551 | 2658 |
| Carlsberg A/S, Class B  | 18209 | 2387 |
| Kimberly-Clark Corp.  | 20235 | 2041 |
| WH Group, Ltd.  | 1742500 | 1940 |
| General Mills, Inc.  | 39690 | 1846 |
| Unilever PLC  | 23728 | 1551 |
| Marks and Spencer Group PLC  | 341848 | 1521 |
| PepsiCo, Inc.  | 8237 | 1182 |
| Dollar General Corp.  | 8654 | 1149 |
| Anheuser-Busch InBev SA/NV  | 12119 | 777 |
| ITC, Ltd.  | 169385 | 760 |
| Pernod Ricard SA  | 8821 | 755 |
| Molson Coors Beverage Co., Class B, restricted voting shares  | 15116 | 706 |
| Constellation Brands, Inc., Class A  | 4173 | 576 |
|  |  | 133024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **71** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities 5.67%** |  |  |
| Dominion Energy, Inc.  | 193401 | $11331 |
| National Grid PLC  | 593470 | 9146 |
| SSE PLC  | 303935 | 8912 |
| Engie SA  | 334941 | 8807 |
| Iberdrola SA, non-registered shares  | 368808 | 7983 |
| E.ON SE  | 279307 | 5295 |
| Pinnacle West Capital Corp.  | 58731 | 5209 |
| DTE Energy Co.  | 38794 | 5004 |
| CenterPoint Energy, Inc.  | 126239 | 4840 |
| Sempra  | 49773 | 4395 |
| Duke Energy Corp.  | 33977 | 3982 |
| RWE AG  | 59273 | 3154 |
| Atmos Energy Corp.  | 16350 | 2741 |
| Exelon Corp.  | 62697 | 2733 |
| AES Corp.  | 138163 | 1981 |
| Power Grid Corp. of India, Ltd.  | 637504 | 1875 |
| Entergy Corp.  | 17392 | 1608 |
| NextEra Energy, Inc.  | 19324 | 1551 |
| Southern Co. (The)  | 17393 | 1517 |
| SembCorp Industries, Ltd.  | 268900 | 1255 |
| Power Assets Holdings, Ltd.  | 127000 | 900 |
|  |  | 94219 |
| **Consumer discretionary 5.15%** |  |  |
| Industria de Diseno Textil SA  | 200194 | 13187 |
| McDonald's Corp.  | 28168 | 8609 |
| Starbucks Corp.  | 98994 | 8336 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 9855 | 7430 |
| Home Depot, Inc.  | 19641 | 6758 |
| YUM! Brands, Inc.  | 38261 | 5788 |
| Midea Group Co., Ltd., Class A  | 497866 | 5566 |
| Compagnie Generale des Etablissements Michelin  | 154783 | 5133 |
| Royal Caribbean Cruises, Ltd.  | 18121 | 5054 |
| Evolution AB  | 62107 | 4227 |
| Amadeus IT Group SA, Class A, non-registered shares  | 44461 | 3261 |
| Compagnie Financiere Richemont SA, Class A  | 11721 | 2530 |
| Tractor Supply Co.  | 38329 | 1917 |
| Restaurant Brands International, Inc.  | 27181 | 1855 |
| NEXT PLC  | 9190 | 1691 |
| Galaxy Entertainment Group, Ltd.  | 288000 | 1413 |
| Vail Resorts, Inc.  | 8836 | 1173 |
| Darden Restaurants, Inc.  | 3355 | 617 |
| Jumbo SA  | 15226 | 500 |
| Aristocrat Leisure, Ltd.  | 11598 | 450 |
|  |  | 85495 |
| **Energy 4.71%** |  |  |
| Exxon Mobil Corp.  | 138000 | 16607 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 426351 | 14441 |
| Canadian Natural Resources, Ltd.  | 19944 | 675 |
| Shell PLC (GBP denominated)  | 231846 | 8517 |
| Shell PLC (ADR)  | 9821 | 721 |
| TC Energy Corp. (CAD denominated) <sup>(a)</sup>  | 133821 | 7369 |
| TotalEnergies SE (EUR denominated)  | 92774 | 6047 |
| ConocoPhillips  | 50076 | 4688 |
| South Bow Corp. <sup>(a)</sup>  | 155157 | 4267 |
| EQT Corp.  | 64885 | 3478 |
| EOG Resources, Inc.  | 28657 | 3009 |
| Chevron Corp.  | 18330 | 2794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **72** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| ONEOK, Inc.  | 35701 | $2624 |
| DT Midstream, Inc.  | 10692 | 1280 |
| Cenovus Energy, Inc.  | 62889 | 1064 |
| Adnoc Gas PLC  | 656312 | 634 |
|  |  | 78215 |
| **Materials 3.55%** |  |  |
| Air Products and Chemicals, Inc.  | 30617 | 7563 |
| Smurfit Westrock PLC  | 158869 | 6143 |
| Nitto Denko Corp.  | 245538 | 5834 |
| Rio Tinto PLC  | 66849 | 5334 |
| International Paper Co.  | 134100 | 5282 |
| Barrick Mining Corp.  | 106459 | 4636 |
| Anglo American PLC  | 103247 | 4255 |
| Vale SA, ordinary nominative shares  | 217725 | 2847 |
| Vale SA (ADR), ordinary nominative shares  | 96273 | 1254 |
| Shin-Etsu Chemical Co., Ltd.  | 121262 | 3771 |
| Linde PLC  | 8159 | 3479 |
| Amcor PLC  | 301316 | 2513 |
| BASF SE  | 44227 | 2311 |
| Antofagasta PLC  | 51846 | 2276 |
| Eastman Chemical Co.  | 8693 | 555 |
| Air Liquide SA  | 2512 | 473 |
| Givaudan SA  | 110 | 437 |
|  |  | 58963 |
| **Communication services 3.52%** |  |  |
| Singapore Telecommunications, Ltd.  | 3937700 | 13951 |
| T-Mobile US, Inc.  | 38544 | 7826 |
| Publicis Groupe SA  | 68287 | 7084 |
| AT&T, Inc.  | 248999 | 6185 |
| Koninklijke KPN NV  | 1163701 | 5444 |
| Comcast Corp., Class A  | 134482 | 4020 |
| Verizon Communications, Inc.  | 67668 | 2756 |
| NetEase, Inc.  | 97400 | 2680 |
| Omnicom Group, Inc.  | 26622 | 2150 |
| Nintendo Co., Ltd.  | 23700 | 1601 |
| HKT Trust and HKT, Ltd., units  | 1023240 | 1512 |
| Deutsche Telekom AG  | 44105 | 1431 |
| America Movil, SAB de CV, Class B (ADR)  | 38200 | 790 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 2512000 | 523 |
| Swisscom AG <sup>(d)</sup>  | 566 | 411 |
|  |  | 58364 |
| **Real estate 2.76%** |  |  |
| Welltower, Inc. REIT  | 58648 | 10886 |
| Prologis, Inc. REIT  | 38994 | 4978 |
| American Tower Corp. REIT  | 26189 | 4598 |
| VICI Properties, Inc. REIT  | 160317 | 4508 |
| Rexford Industrial Realty, Inc. REIT  | 98470 | 3813 |
| Extra Space Storage, Inc. REIT  | 19058 | 2482 |
| Public Storage REIT  | 8874 | 2303 |
| Mindspace Business Parks REIT  | 413863 | 2187 |
| UDR, Inc. REIT  | 48752 | 1788 |
| CK Asset Holdings, Ltd.  | 328500 | 1655 |
| Equinix, Inc. REIT  | 1780 | 1364 |
| Link REIT  | 302148 | 1346 |
| CTP NV  | 56484 | 1183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **73** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate (continued)** |  |  |
| Sun Communities, Inc. REIT  | 5902 | $731 |
| Embassy Office Parks REIT  | 140661 | 681 |
| SBA Communications Corp. REIT, Class A  | 2744 | 531 |
| Longfor Group Holdings, Ltd.  | 357634 | 392 |
| Lineage, Inc. REIT  | 7600 | 266 |
| Kimco Realty Corp. REIT  | 5095 | 103 |
|  |  | 45795 |
| **Total common stocks** (cost: $866,080,000) |  | 1292466 |
| Convertible stocks 0.29% |  |  |
| **Information technology 0.16%** |  |  |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028  | 44749 | 2608 |
| **Utilities 0.09%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 31400 | 1531 |
| **Financials 0.04%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 13000 | 674 |
| **Total convertible stocks** (cost: $4,335,000) |  | 4813 |
| Bonds, notes & other debt instruments 14.62% | Principal amount<br> (000)<br>|  |
| **U.S. Treasury bonds & notes 5.92%** | **U.S. Treasury bonds & notes 5.92%** | **U.S. Treasury bonds & notes 5.92%** |
| **U.S. Treasury 5.92%** |  |  |
| U.S. Treasury 4.00% 2/15/2026  | USD2,369 | 2370 |
| U.S. Treasury 0.75% 3/31/2026  | 1 | 1 |
| U.S. Treasury 0.75% 5/31/2026  | 3850 | 3806 |
| U.S. Treasury 1.875% 6/30/2026  | 3855 | 3825 |
| U.S. Treasury 1.125% 10/31/2026  | 995 | 975 |
| U.S. Treasury 2.00% 11/15/2026  | 2800 | 2763 |
| U.S. Treasury 4.625% 11/15/2026  | 1200 | 1211 |
| U.S. Treasury 4.00% 1/15/2027  | 6541 | 6573 |
| U.S. Treasury 0.50% 4/30/2027  | 2375 | 2284 |
| U.S. Treasury 2.625% 5/31/2027  | 80 | 79 |
| U.S. Treasury 3.50% 9/30/2027  | 1811 | 1812 |
| U.S. Treasury 3.375% 11/30/2027  | 9 | 9 |
| U.S. Treasury 3.375% 12/31/2027  | 17721 | 17687 |
| U.S. Treasury 4.00% 2/29/2028  | 745 | 753 |
| U.S. Treasury 1.25% 3/31/2028  | 1350 | 1285 |
| U.S. Treasury 3.625% 3/31/2028  | 3 | 4 |
| U.S. Treasury 3.50% 12/15/2028 <sup>(e)</sup>  | 10891 | 10878 |
| U.S. Treasury 4.00% 7/31/2029  | 25 | 25 |
| U.S. Treasury 6.25% 5/15/2030  | 345 | 381 |
| U.S. Treasury 3.625% 9/30/2030  | 809 | 806 |
| U.S. Treasury 3.625% 12/31/2030  | 12352 | 12295 |
| U.S. Treasury 3.75% 8/31/2031  | 297 | 296 |
| U.S. Treasury 4.125% 11/15/2032  | 9 | 9 |
| U.S. Treasury 3.875% 12/31/2032  | 6955 | 6927 |
| U.S. Treasury 4.375% 5/15/2034  | 18 | 18 |
| U.S. Treasury 4.00% 11/15/2035  | 6687 | 6596 |
| U.S. Treasury 4.50% 8/15/2039  | 1045 | 1048 |
| U.S. Treasury 4.75% 2/15/2041  | 1730 | 1764 |
| U.S. Treasury 2.00% 11/15/2041  | 300 | 210 |
| U.S. Treasury 4.625% 11/15/2045  | 679 | 664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **74** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.375% 5/15/2051  | USD196 | $124 |
| U.S. Treasury 4.00% 11/15/2052  | 152 | 132 |
| U.S. Treasury 4.75% 8/15/2055  | 8884 | 8753 |
| U.S. Treasury 4.625% 11/15/2055  | 2038 | 1968 |
| **Total U.S. Treasury bonds & notes** |  | 98331 |
| **Mortgage-backed obligations 5.04%** | **Mortgage-backed obligations 5.04%** | **Mortgage-backed obligations 5.04%** |
| **Federal agency mortgage-backed obligations 4.20%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(f)</sup>  | 729 | 697 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(f)</sup>  | 254 | 240 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(f)</sup>  | 1 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(f)</sup>  | 7 | 7 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(f)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(f)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(f)</sup>  | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(f)</sup>  | 14 | 14 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(f)</sup>  | 20 | 19 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(f)</sup>  | 28 | 27 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(f)</sup>  | 154 | 145 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(f)</sup>  | 1759 | 1653 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(f)</sup>  | 2453 | 2212 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(f)</sup>  | 281 | 256 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(f)</sup>  | 111 | 98 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(f)</sup>  | 74 | 66 |
| Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(f)</sup>  | 40 | 36 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(f)</sup>  | 11 | 10 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(f)</sup>  | 117 | 104 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(f)</sup>  | 78 | 70 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(f)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(f)</sup>  | 119 | 107 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(f)</sup>  | 179 | 145 |
| Fannie Mae Pool #MA4255 2.00% 2/1/2051 <sup>(f)</sup>  | 50 | 41 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(f)</sup>  | 21 | 17 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(f)</sup>  | 151 | 135 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(f)</sup>  | 18 | 16 |
| Fannie Mae Pool #BT1267 3.00% 6/1/2051 <sup>(f)</sup>  | 151 | 134 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(f)</sup>  | 14 | 12 |
| Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(f)</sup>  | 104 | 94 |
| Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(f)</sup>  | 167 | 136 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(f)</sup>  | 18 | 17 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(f)</sup>  | 4 | 3 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(f)</sup>  | 70 | 65 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(f)</sup>  | 148 | 126 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(f)</sup>  | 768 | 695 |
| Fannie Mae Pool #BU8803 3.00% 2/1/2052 <sup>(f)</sup>  | 99 | 88 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **75** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(f)</sup>  | USD443 | $393 |
| Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(f)</sup>  | 254 | 237 |
| Fannie Mae Pool #CB3353 2.50% 4/1/2052 <sup>(f)</sup>  | 214 | 182 |
| Fannie Mae Pool #FS8677 2.50% 4/1/2052 <sup>(f)</sup>  | 129 | 110 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(f)</sup>  | 4 | 4 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(f)</sup>  | 100 | 96 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(f)</sup>  | 8 | 8 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(f)</sup>  | 172 | 146 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(f)</sup>  | 143 | 121 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(f)</sup>  | 615 | 545 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(f)</sup>  | 49 | 50 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(f)</sup>  | 145 | 118 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(f)</sup>  | 103 | 105 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(f)</sup>  | 94 | 96 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(f)</sup>  | 138 | 141 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(f)</sup>  | 86 | 87 |
| Fannie Mae Pool #MA5036 3.00% 4/1/2053 <sup>(f)</sup>  | 174 | 154 |
| Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(f)</sup>  | 762 | 726 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(f)</sup>  | 223 | 224 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(f)</sup>  | 57 | 57 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(f)</sup>  | 233 | 237 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(f)</sup>  | 1222 | 1261 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(f)</sup>  | 287 | 293 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(f)</sup>  | 335 | 345 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(f)</sup>  | 211 | 218 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(f)</sup>  | 155 | 160 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(f)</sup>  | 258 | 245 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(f)</sup>  | 95 | 93 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(f)</sup>  | 117 | 117 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(f)</sup>  | 755 | 768 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(f)</sup>  | 355 | 366 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(f)</sup>  | 876 | 833 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(f)</sup>  | 39 | 40 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(f)</sup>  | 586 | 604 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(f)</sup>  | 57 | 60 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(f)</sup>  | 22 | 23 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(f)</sup>  | 396 | 417 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(f)</sup>  | 23 | 25 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(f)</sup>  | 790 | 804 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(f)</sup>  | 106 | 109 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(f)</sup>  | 54 | 56 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(f)</sup>  | 884 | 904 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(f)</sup>  | 99 | 101 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(f)</sup>  | 65 | 66 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(f)</sup>  | 362 | 376 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(f)</sup>  | 105 | 108 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(f)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(f)</sup>  | 17 | 18 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(f)</sup>  | 40 | 41 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(f)</sup>  | 143 | 146 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(f)</sup>  | 701 | 720 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(f)</sup>  | 164 | 169 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(f)</sup>  | 153 | 158 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(f)</sup>  | 94 | 96 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(f)</sup>  | 89 | 93 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(f)</sup>  | 67 | 68 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(f)</sup>  | 18 | 19 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(f)</sup>  | 2561 | 2660 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(f)</sup>  | 299 | 308 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **76** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(f)</sup>  | USD9 | $9 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(f)</sup>  | 6 | 6 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(f)</sup>  | 32 | 33 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(f)</sup>  | 16 | 17 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(f)</sup>  | 217 | 220 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(f)</sup>  | 32 | 33 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(f)</sup>  | 3 | 3 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(f)</sup>  | 94 | 97 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(f)</sup>  | 226 | 230 |
| Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(f)</sup>  | 553 | 543 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(f)</sup>  | 192 | 191 |
| Fannie Mae Pool #MB0294 4.00% 1/1/2055 <sup>(f)</sup>  | 302 | 286 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(f)</sup>  | 65 | 62 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(f)</sup>  | 38 | 39 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(f)</sup>  | 422 | 412 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(f)</sup>  | 524 | 538 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(f)</sup>  | 309 | 302 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(f)</sup>  | 31 | 32 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(f)</sup>  | 421 | 437 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(f)</sup>  | 236 | 246 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(f)</sup>  | 2011 | 2115 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(f)</sup>  | 247 | 234 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(f)</sup>  | 327 | 319 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(f)</sup>  | 67 | 68 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(f)</sup>  | 19 | 19 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(f)</sup>  | 178 | 183 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(f)</sup>  | 13 | 13 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(f)</sup>  | 911 | 936 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(f)</sup>  | 855 | 888 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(f)</sup>  | 169 | 175 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(f)</sup>  | 150 | 152 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(f)</sup>  | 2 | 2 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(f)</sup>  | 104 | 108 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(f)</sup>  | 768 | 808 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(f)</sup>  | 246 | 250 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(f)</sup>  | 311 | 322 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(f)</sup>  | 213 | 218 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(f)</sup>  | 505 | 496 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(f)</sup>  | 356 | 310 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(f)</sup>  | 379 | 359 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(f)</sup>  | 105 | 100 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(f)</sup>  | 59 | 51 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(f)</sup>  | 102 | 89 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(f)</sup>  | 171 | 166 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(f)</sup>  | 10 | 10 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(f)</sup>  | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(f)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(f)</sup>  | 10 | 10 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(f)</sup>  | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(f)</sup>  | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(f)</sup>  | 894 | 890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **77** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(f)</sup>  | USD11 | $10 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(f)</sup>  | 129 | 115 |
| Freddie Mac Pool #QB6480 2.00% 12/1/2050 <sup>(f)</sup>  | 67 | 55 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(f)</sup>  | 60 | 54 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(f)</sup>  | 120 | 107 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(f)</sup>  | 46 | 39 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(f)</sup>  | 11 | 10 |
| Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(f)</sup>  | 101 | 90 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(f)</sup>  | 235 | 191 |
| Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(f)</sup>  | 107 | 95 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(f)</sup>  | 7 | 6 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(f)</sup>  | 440 | 374 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(f)</sup>  | 733 | 651 |
| Freddie Mac Pool #SD8214 3.50% 5/1/2052 <sup>(f)</sup>  | 217 | 201 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(f)</sup>  | 439 | 389 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(f)</sup>  | 284 | 271 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(f)</sup>  | 710 | 696 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(f)</sup>  | 765 | 648 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(f)</sup>  | 354 | 300 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(f)</sup>  | 141 | 125 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(f)</sup>  | 42 | 34 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(f)</sup>  | 107 | 95 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(f)</sup>  | 159 | 157 |
| Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(f)</sup>  | 536 | 537 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(f)</sup>  | 266 | 271 |
| Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(f)</sup>  | 26 | 24 |
| Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(f)</sup>  | 2337 | 2167 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(f)</sup>  | 98 | 100 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(f)</sup>  | 22 | 19 |
| Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(f)</sup>  | 415 | 406 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(f)</sup>  | 727 | 694 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(f)</sup>  | 88 | 88 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(f)</sup>  | 480 | 488 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(f)</sup>  | 362 | 369 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(f)</sup>  | 30 | 30 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(f)</sup>  | 906 | 921 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(f)</sup>  | 71 | 74 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(f)</sup>  | 14 | 14 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(f)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(f)</sup>  | 4 | 4 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(f)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(f)</sup>  | 30 | 30 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(f)</sup>  | 17 | 18 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(f)</sup>  | 198 | 201 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(f)</sup>  | 587 | 588 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(f)</sup>  | 42 | 43 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(f)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(f)</sup>  | 51 | 49 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(f)</sup>  | 6 | 7 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(f)</sup>  | 15 | 15 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(f)</sup>  | 1009 | 1038 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(f)</sup>  | 802 | 814 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(f)</sup>  | 419 | 434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **78** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(f)</sup>  | USD8 | $8 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(f)</sup>  | 261 | 267 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(f)</sup>  | 45 | 46 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(f)</sup>  | 16 | 17 |
| Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(f)</sup>  | 89 | 90 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(f)</sup>  | 22 | 23 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(f)</sup>  | 72 | 73 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(f)</sup>  | 58 | 59 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(f)</sup>  | 272 | 284 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(f)</sup>  | 235 | 243 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(f)</sup>  | 79 | 81 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(f)</sup>  | 68 | 70 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(f)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(f)</sup>  | 134 | 139 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(f)</sup>  | 146 | 150 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(f)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(f)</sup>  | 5 | 5 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(f)</sup>  | 2 | 2 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(f)</sup>  | 111 | 116 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(f)</sup>  | 35 | 37 |
| Freddie Mac Pool #QJ3725 6.00% 9/1/2054 <sup>(f)</sup>  | 23 | 24 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(f)</sup>  | 18 | 19 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(f)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(f)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(f)</sup>  | 44 | 45 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(f)</sup>  | 104 | 106 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(f)</sup>  | 80 | 78 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(f)</sup>  | 51 | 51 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(f)</sup>  | 60 | 61 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(f)</sup>  | 15 | 16 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(f)</sup>  | 320 | 325 |
| Freddie Mac Pool #SD8495 6.00% 12/1/2054 <sup>(f)</sup>  | 46 | 48 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(f)</sup>  | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(f)</sup>  | 452 | 476 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(f)</sup>  | 36 | 35 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(f)</sup>  | 160 | 165 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(f)</sup>  | 85 | 87 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(f)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(f)</sup>  | 97 | 100 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(f)</sup>  | 132 | 137 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(f)</sup>  | 12 | 12 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(f)</sup>  | 387 | 398 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(f)</sup>  | 293 | 301 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(f)</sup>  | 19 | 19 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(f)</sup>  | 36 | 37 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(f)</sup>  | 15 | 15 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(f)</sup>  | 552 | 574 |
| Freddie Mac Pool #QY4677 6.50% 6/1/2055 <sup>(f)</sup>  | 261 | 271 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(f)</sup>  | 492 | 491 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(f)</sup>  | 228 | 231 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(f)</sup>  | 324 | 333 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(f)</sup>  | 132 | 138 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(f)</sup>  | 4 | 4 |
| Freddie Mac Pool #RJ5151 6.50% 8/1/2055 <sup>(f)</sup>  | 450 | 467 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(f)</sup>  | 1 | 1 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(f)</sup>  | 37 | 38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **79** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(f)(g)</sup>  | USD160 | $161 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(f)</sup>  | 85 | 81 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(f)</sup>  | 177 | 169 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(f)(g)</sup>  | 170 | 162 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(f)(g)</sup>  | 78 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(f)</sup>  | 65 | 60 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(f)(g)</sup>  | 13 | 12 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(f)</sup>  | 808 | 726 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(f)</sup>  | 268 | 262 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(f)</sup>  | 426 | 415 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(f)</sup>  | 11 | 11 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(f)</sup>  | 8 | 7 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(f)</sup>  | 644 | 634 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(f)</sup>  | 927 | 893 |
| Government National Mortgage Assn. 4.50% 1/1/2056 <sup>(f)(h)</sup>  | 48 | 47 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(f)</sup>  | 151 | 150 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(f)</sup>  | 2647 | 2523 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(f)</sup>  | 56 | 53 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(f)</sup>  | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(f)</sup>  | 358 | 359 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(f)</sup>  | 963 | 965 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(f)</sup>  | 24 | 23 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(f)</sup>  | 432 | 437 |
| Government National Mortgage Assn. Pool #MB0259 5.50% 3/20/2055 <sup>(f)</sup>  | 95 | 96 |
| Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(f)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(f)(h)</sup>  | 212 | 171 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(f)(h)</sup>  | 261 | 231 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(f)(h)</sup>  | 1 | 1 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(f)(h)</sup>  | 248 | 242 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(f)(h)</sup>  | 78 | 78 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(f)(h)</sup>  | 403 | 419 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(f)(h)</sup>  | 1166 | 1227 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(f)(h)</sup>  | 173 | 160 |
|  |  | 69743 |
| **Commercial mortgage-backed securities 0.45%** |  |  |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.59% 11/10/2029 <sup>(f)(g)(i)</sup>  | 296 | 302 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(f)(g)</sup>  | 41 | 43 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(f)(g)</sup>  | 122 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(f)(g)(i)</sup>  | 332 | 333 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(f)(g)(i)</sup>  | 106 | 106 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(f)(g)(i)</sup>  | 79 | 79 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(f)(g)(i)</sup>  | 78 | 78 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(g)(i)</sup>  | 590 | 599 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(g)(i)</sup>  | 169 | 170 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(f)(g)(i)</sup>  | 732 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(f)(g)(i)</sup>  | 100 | 100 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(g)(i)</sup>  | 120 | 120 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(g)(i)</sup>  | 237 | 244 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(f)(g)(i)</sup>  | 574 | 589 |
| ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup>  | 213 | 214 |
| ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup>  | 191 | 192 |
| ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup>  | 133 | 134 |
| ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup>  | 120 | 121 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(f)(g)(i)</sup>  | 100 | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **80** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(f)(g)(i)</sup>  | USD100 | $100 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(f)(g)</sup>  | 73 | 75 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(f)(g)(i)</sup>  | 592 | 599 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(g)(i)</sup>  | 329 | 342 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(f)(g)(i)</sup>  | 100 | 101 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(f)(g)(i)</sup>  | 243 | 247 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(g)(i)</sup>  | 541 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(f)(g)(i)</sup>  | 108 | 110 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(g)(i)</sup>  | 312 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) <br> 6.391% 2/15/2042 <sup>(f)(g)(i)</sup>  | 597 | 593 |
|  |  | 7427 |
| **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(g)(i)</sup>  | 72 | 66 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(f)(i)(j)</sup>  | 489 | 479 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(f)(g)(i)</sup>  | 56 | 53 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(f)(g)(i)</sup>  | 142 | 141 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(g)(i)</sup>  | 358 | 352 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(f)(g)(i)</sup>  | 131 | 125 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(f)(g)(i)</sup>  | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 12/25/2042 <sup>(f)(g)(i)</sup>  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(f)(g)(i)</sup>  | 187 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(f)(g)(i)</sup>  | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(f)(g)(i)</sup>  | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.474% 9/25/2044 <sup>(f)(g)(i)</sup>  | 87 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(g)(i)</sup>  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(f)(g)(i)</sup>  | 64 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(f)(g)(i)</sup>  | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(f)(g)(i)</sup>  | 90 | 90 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 81 | 81 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(f)(i)</sup>  | 48 | 48 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(f)(i)(j)</sup>  | 670 | 677 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(f)(i)</sup>  | 54 | 54 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(f)(i)</sup>  | 90 | 90 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(f)(i)(j)</sup>  | 392 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(f)(i)(j)</sup>  | 101 | 102 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(f)(g)(i)</sup>  | 138 | 138 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(f)(i)(j)</sup>  | 141 | 143 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 317 | 321 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(f)(i)(j)</sup>  | 814 | 823 |
| Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(f)(i)</sup>  | 554 | 527 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(f)(i)</sup>  | 95 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(f)(g)(i)</sup>  | 140 | 140 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(f)(g)(i)</sup>  | 13 | 13 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(f)(g)(i)</sup>  | 11 | 11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **81** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(f)(g)(i)</sup>  | USD6 | $6 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(f)(i)</sup>  | 304 | 279 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(i)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(f)(i)</sup>  | 195 | 193 |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(f)(i)</sup>  | 167 | 167 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 64 | 65 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(f)(g)(i)</sup>  | 87 | 88 |
|  |  | 6494 |
| **Total mortgage-backed obligations** |  | 83664 |
| **Corporate bonds and notes 2.84%** | **Corporate bonds and notes 2.84%** | **Corporate bonds and notes 2.84%** |
| **Financials 0.49%** |  |  |
| American Express Co. 4.90% 2/13/2026  | 28 | 28 |
| American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(j)</sup>  | 50 | 52 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(j)</sup>  | 28 | 29 |
| American International Group, Inc. 4.85% 5/7/2030  | 685 | 703 |
| American International Group, Inc. 5.125% 3/27/2033  | 17 | 18 |
| Aon Corp. 5.35% 2/28/2033  | 21 | 22 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 125 | 128 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032  | 50 | 51 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(j)</sup>  | 22 | 20 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(j)</sup>  | 238 | 213 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(j)</sup>  | 118 | 122 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(j)</sup>  | 75 | 78 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(i)(j)</sup>  | 400 | 416 |
| CaixaBank SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(i)(j)</sup>  | 200 | 213 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(j)</sup>  | 45 | 49 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(j)</sup>  | 95 | 101 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 35 | 36 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(j)</sup>  | 86 | 88 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(j)</sup>  | 35 | 32 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(j)</sup>  | 44 | 46 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(j)</sup>  | 55 | 56 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 180 | 177 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 32 | 30 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(i)(j)</sup>  | 200 | 200 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(j)</sup>  | 300 | 320 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(j)</sup>  | 150 | 152 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(j)</sup>  | 5 | 5 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(j)</sup>  | 45 | 46 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(j)</sup>  | 60 | 63 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(j)</sup>  | 40 | 40 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(j)</sup>  | 65 | 66 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(j)</sup>  | 50 | 52 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(j)</sup>  | 198 | 203 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(j)</sup>  | 52 | 52 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(j)</sup>  | 20 | 18 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(j)</sup>  | 328 | 339 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(j)</sup>  | 412 | 432 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 25 | 25 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 25 | 24 |
| Mastercard, Inc. 4.875% 3/9/2028  | 31 | 32 |
| Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(j)</sup>  | 25 | 26 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(j)</sup>  | 10 | 10 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(j)</sup>  | 140 | 146 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(j)</sup>  | 488 | 494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **82** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(j)</sup>  | USD35 | $36 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(j)</sup>  | 57 | 59 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(j)</sup>  | 129 | 128 |
| Navient Corp. 5.00% 3/15/2027  | 150 | 150 |
| Navient Corp. 5.625% 8/1/2033  | 125 | 114 |
| New York Life Global Funding 3.00% 1/10/2028 <sup>(i)</sup>  | 150 | 147 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 540 | 560 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(i)</sup>  | 25 | 26 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(j)</sup>  | 50 | 52 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(i)</sup>  | 100 | 102 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(j)</sup>  | 11 | 11 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(j)</sup>  | 50 | 52 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(j)</sup>  | 10 | 11 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(j)</sup>  | 40 | 42 |
| Truist Financial Corp. 4.964% 10/23/2036 (USD-SOFR + 1.395% on 10/23/2035) <sup>(j)</sup>  | 97 | 96 |
| U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(j)</sup>  | 70 | 73 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(j)</sup>  | 85 | 88 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(i)(j)</sup>  | 200 | 209 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(i)(j)</sup>  | 374 | 371 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(j)</sup>  | 98 | 100 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(j)</sup>  | 55 | 57 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(j)</sup>  | 104 | 115 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(j)</sup>  | 80 | 84 |
|  |  | 8142 |
| **Health care 0.36%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 175 | 180 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 240 | 234 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 5.15% 3/2/2028  | 55 | 56 |
| Amgen, Inc. 4.05% 8/18/2029  | 100 | 100 |
| Amgen, Inc. 5.25% 3/2/2030  | 124 | 129 |
| Amgen, Inc. 4.20% 3/1/2033  | 133 | 130 |
| Amgen, Inc. 5.25% 3/2/2033  | 71 | 74 |
| Amgen, Inc. 5.60% 3/2/2043  | 105 | 106 |
| Amgen, Inc. 4.20% 2/22/2052  | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053  | 25 | 22 |
| Amgen, Inc. 5.65% 3/2/2053  | 37 | 36 |
| Amgen, Inc. 5.75% 3/2/2063  | 85 | 83 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 50 | 52 |
| Baxter International, Inc. 4.45% 2/15/2029  | 271 | 272 |
| Baxter International, Inc. 4.90% 12/15/2030  | 338 | 341 |
| Baxter International, Inc. 3.132% 12/1/2051  | 25 | 16 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 260 | 271 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 295 | 307 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 25 | 25 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 325 | 319 |
| Centene Corp. 4.625% 12/15/2029  | 530 | 515 |
| Centene Corp. 2.625% 8/1/2031  | 40 | 35 |
| CVS Health Corp. 5.125% 2/21/2030  | 50 | 51 |
| CVS Health Corp. 5.25% 2/21/2033  | 23 | 24 |
| CVS Health Corp. 5.70% 6/1/2034  | 97 | 102 |
| CVS Health Corp. 6.00% 6/1/2044  | 50 | 50 |
| CVS Health Corp. 6.05% 6/1/2054  | 50 | 50 |
| CVS Health Corp. 6.20% 9/15/2055  | 50 | 51 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 30 | 31 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 13 | 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **83** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Gilead Sciences, Inc. 1.65% 10/1/2030  | USD8 | $7 |
| HCA, Inc. 2.375% 7/15/2031  | 18 | 16 |
| Humana, Inc. 3.70% 3/23/2029  | 12 | 12 |
| Humana, Inc. 5.375% 4/15/2031  | 35 | 36 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(i)</sup>  | 380 | 393 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 118 | 115 |
| Merck & Co., Inc. 3.40% 3/7/2029  | 110 | 108 |
| Merck & Co., Inc. 4.50% 5/17/2033  | 35 | 35 |
| Merck & Co., Inc. 4.90% 5/17/2044  | 35 | 33 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(i)</sup>  | 290 | 285 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(i)</sup>  | 40 | 36 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(i)</sup>  | 105 | 67 |
| Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030  | 10 | 10 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 23 | 23 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 17 | 16 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 362 | 366 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 600 | 661 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 89 | 67 |
|  |  | 6025 |
| **Communication services 0.34%** |  |  |
| Alphabet, Inc. 4.375% 11/15/2032  | 22 | 22 |
| Alphabet, Inc. 4.70% 11/15/2035  | 28 | 28 |
| America Movil, SAB de CV, 8.46% 12/18/2036  | MXN1,300 | 65 |
| AT&T, Inc. 3.50% 6/1/2041  | USD75 | 59 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(i)</sup>  | 25 | 23 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(i)</sup>  | 655 | 558 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 41 | 43 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 17 | 17 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 10 | 10 |
| Discovery Communications, LLC 3.625% 5/15/2030  | 42 | 37 |
| EchoStar Corp. 10.75% 11/30/2029  | 64 | 71 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(k)</sup>  | 313 | 321 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(i)</sup>  | 195 | 203 |
| Meta Platforms, Inc. 4.30% 8/15/2029  | 40 | 40 |
| Meta Platforms, Inc. 4.75% 8/15/2034  | 53 | 53 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 325 | 325 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 134 | 130 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 29 | 27 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 287 | 276 |
| Meta Platforms, Inc. 5.55% 8/15/2064  | 40 | 37 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 138 | 132 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(i)</sup>  | 253 | 248 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(i)</sup>  | 780 | 763 |
| TEGNA, Inc. 5.00% 9/15/2029  | 360 | 357 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 625 | 615 |
| T-Mobile USA, Inc. 2.55% 2/15/2031  | 203 | 185 |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | 69 | 70 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(i)</sup>  | 340 | 347 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 142 | 125 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 250 | 232 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 374 | 264 |
|  |  | 5683 |
| **Industrials 0.26%** |  |  |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(i)</sup>  | 200 | 207 |
| Boeing Co. (The) 2.75% 2/1/2026  | 91 | 91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **84** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 6.259% 5/1/2027  | USD376 | $386 |
| Boeing Co. (The) 6.298% 5/1/2029  | 12 | 13 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031  | 92 | 100 |
| Boeing Co. (The) 6.528% 5/1/2034  | 1291 | 1429 |
| Boeing Co. (The) 5.805% 5/1/2050  | 136 | 134 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 25 | 19 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 80 | 53 |
| CSX Corp. 4.75% 11/15/2048  | 50 | 45 |
| CSX Corp. 4.50% 11/15/2052  | 35 | 30 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(i)</sup>  | 430 | 455 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(i)</sup>  | 90 | 95 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 440 | 434 |
| L3Harris Technologies, Inc. 5.60% 7/31/2053  | 13 | 13 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 15 | 16 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(i)</sup>  | 55 | 54 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 51 | 49 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 21 | 19 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(i)</sup>  | 190 | 199 |
| Republic Services, Inc. 5.00% 4/1/2034  | 13 | 13 |
| RTX Corp. 6.00% 3/15/2031  | 35 | 38 |
| RTX Corp. 6.10% 3/15/2034  | 27 | 29 |
| RTX Corp. 6.40% 3/15/2054  | 22 | 24 |
| Union Pacific Corp. 2.80% 2/14/2032  | 17 | 16 |
| Union Pacific Corp. 3.50% 2/14/2053  | 20 | 14 |
| Waste Management, Inc. 4.625% 2/15/2030  | 60 | 61 |
| Waste Management, Inc. 4.95% 3/15/2035  | 16 | 16 |
| Waste Management, Inc. 5.35% 10/15/2054  | 25 | 24 |
|  |  | 4247 |
| **Consumer discretionary 0.25%** |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 8 | 7 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 7 | 6 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 34 | 34 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 155 | 151 |
| Amazon.com, Inc. 5.55% 11/20/2065  | 70 | 68 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(i)</sup>  | 290 | 288 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(i)</sup>  | 25 | 24 |
| Carnival Corp. 5.75% 3/15/2030 <sup>(i)</sup>  | 310 | 319 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(i)</sup>  | 175 | 181 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 306 | 303 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 604 | 607 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 622 | 637 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 200 | 210 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 970 | 916 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 11 | 11 |
| General Motors Financial Co., Inc. 6.15% 7/15/2035  | 16 | 17 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(i)</sup>  | 55 | 56 |
| McDonald's Corp. 5.15% 9/9/2052  | 10 | 9 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 160 | 157 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(i)</sup>  | 150 | 150 |
|  |  | 4151 |
| **Information technology 0.23%** |  |  |
| Broadcom, Inc. 5.05% 7/12/2027  | 40 | 41 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(i)</sup>  | 3 | 3 |
| Broadcom, Inc. 5.05% 7/12/2029  | 45 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **85** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| Broadcom, Inc. 5.15% 11/15/2031  | USD104 | $108 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(i)</sup>  | 11 | 11 |
| Broadcom, Inc. 4.80% 10/15/2034  | 12 | 12 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(i)</sup>  | 2 | 2 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 11 | 11 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 4 | 4 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 14 | 14 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 8 | 8 |
| Cisco Systems, Inc. 5.35% 2/26/2064  | 11 | 10 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(i)</sup>  | 200 | 209 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(i)</sup>  | 250 | 267 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(i)</sup>  | 100 | 103 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 832 | 796 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 58 | 53 |
| Intel Corp. 3.05% 8/12/2051  | 10 | 6 |
| Intel Corp. 5.60% 2/21/2054  | 42 | 39 |
| Intel Corp. 3.10% 2/15/2060  | 110 | 62 |
| Oracle Corp. 4.80% 9/26/2032  | 55 | 53 |
| Oracle Corp. 5.50% 8/3/2035  | 18 | 18 |
| Oracle Corp. 5.20% 9/26/2035  | 405 | 388 |
| Oracle Corp. 5.875% 9/26/2045  | 40 | 36 |
| Oracle Corp. 6.00% 8/3/2055  | 110 | 97 |
| Oracle Corp. 5.95% 9/26/2055  | 95 | 84 |
| Oracle Corp. 6.10% 9/26/2065  | 40 | 35 |
| Synopsys, Inc. 4.65% 4/1/2028  | 40 | 41 |
| Synopsys, Inc. 4.85% 4/1/2030  | 40 | 41 |
| Synopsys, Inc. 5.00% 4/1/2032  | 40 | 41 |
| Synopsys, Inc. 5.15% 4/1/2035  | 780 | 793 |
| Synopsys, Inc. 5.70% 4/1/2055  | 380 | 377 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(i)</sup>  | 75 | 77 |
|  |  | 3886 |
| **Energy 0.23%** |  |  |
| APA Corp. 4.25% 1/15/2030  | 385 | 379 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(i)</sup>  | 300 | 302 |
| Cenovus Energy, Inc. 5.40% 6/15/2047  | 44 | 40 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(i)</sup>  | 9 | 10 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 50 | 48 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(i)</sup>  | 270 | 256 |
| Energy Transfer, LP 6.10% 12/1/2028  | 41 | 43 |
| Energy Transfer, LP 5.25% 7/1/2029  | 23 | 24 |
| Energy Transfer, LP 6.40% 12/1/2030  | 34 | 37 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 6 | 6 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 110 | 112 |
| Equinor ASA 2.375% 5/22/2030  | 365 | 340 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 210 | 151 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(i)</sup>  | 35 | 36 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(i)</sup>  | 400 | 375 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(i)(l)</sup>  | 148 | 43 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 124 | 127 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 20 | 20 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 177 | 189 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 300 | 305 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(i)</sup>  | 20 | 20 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(i)</sup>  | 20 | 20 |
| TotalEnergies Capital SA 4.724% 9/10/2034  | 17 | 17 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(i)</sup>  | 595 | 542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **86** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(i)</sup>  | USD195 | $200 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(i)</sup>  | 100 | 102 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(i)</sup>  | 75 | 82 |
|  |  | 3826 |
| **Utilities 0.21%** |  |  |
| AEP Transmission Co., LLC 2.75% 8/15/2051  | 50 | 31 |
| DTE Energy Co. 3.00% 3/1/2032  | 42 | 39 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 25 | 26 |
| Edison International 4.125% 3/15/2028  | 132 | 131 |
| Edison International 5.45% 6/15/2029  | 100 | 102 |
| Edison International 5.25% 3/15/2032  | 389 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(i)(j)</sup>  | 200 | 233 |
| FirstEnergy Corp. 2.65% 3/1/2030  | 393 | 367 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 107 | 97 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 35 | 36 |
| NiSource, Inc. 5.40% 6/30/2033  | 25 | 26 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 97 | 97 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 105 | 104 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 284 | 286 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 375 | 338 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 50 | 54 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 377 | 388 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 162 | 137 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 256 | 173 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 25 | 24 |
| PacifiCorp 5.50% 5/15/2054  | 95 | 85 |
| PacifiCorp 5.80% 1/15/2055  | 25 | 23 |
| Southern California Edison Co. 5.20% 6/1/2034  | 40 | 40 |
| Southern California Edison Co. 3.60% 2/1/2045  | 206 | 149 |
| Southern California Edison Co. 5.90% 3/1/2055  | 30 | 29 |
| Union Electric Co. 3.90% 4/1/2052  | 25 | 19 |
| WEC Energy Group, Inc. 5.15% 10/1/2027  | 25 | 26 |
|  |  | 3449 |
| **Real estate 0.18%** |  |  |
| American Tower Corp. 4.05% 3/15/2032  | 11 | 11 |
| Boston Properties, LP 2.45% 10/1/2033  | 7 | 6 |
| Boston Properties, LP 6.50% 1/15/2034  | 38 | 41 |
| Boston Properties, LP 5.75% 1/15/2035  | 95 | 98 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 54 | 55 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(i)</sup>  | 530 | 505 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 550 | 518 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(i)</sup>  | 20 | 21 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 475 | 460 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033  | 99 | 100 |
| Prologis, LP 5.00% 3/15/2034  | 40 | 41 |
| Service Properties Trust 0% 9/30/2027 <sup>(i)</sup>  | 45 | 41 |
| Service Properties Trust 3.95% 1/15/2028  | 480 | 453 |
| Service Properties Trust 8.375% 6/15/2029  | 680 | 684 |
|  |  | 3034 |
| **Consumer staples 0.17%** |  |  |
| Altria Group, Inc. 4.875% 2/4/2028  | 13 | 13 |
| Altria Group, Inc. 5.25% 8/6/2035  | 48 | 49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **87** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(i)</sup>  | USD260 | $256 |
| BAT Capital Corp. 6.343% 8/2/2030  | 9 | 10 |
| BAT Capital Corp. 5.35% 8/15/2032  | 413 | 430 |
| BAT Capital Corp. 6.421% 8/2/2033  | 38 | 42 |
| BAT Capital Corp. 7.079% 8/2/2043  | 31 | 35 |
| BAT Capital Corp. 4.54% 8/15/2047  | 55 | 46 |
| BAT Capital Corp. 4.758% 9/6/2049  | 121 | 102 |
| BAT Capital Corp. 7.081% 8/2/2053  | 69 | 78 |
| BAT International Finance PLC 4.448% 3/16/2028  | 150 | 151 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(i)</sup>  | 119 | 120 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 235 | 202 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(i)</sup>  | 25 | 26 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(i)</sup>  | 165 | 170 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(i)</sup>  | 71 | 72 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(i)</sup>  | 145 | 144 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(i)</sup>  | 24 | 24 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 127 | 127 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 43 | 44 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 23 | 24 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 56 | 58 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 70 | 74 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 16 | 17 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 55 | 57 |
| Philip Morris International, Inc. 5.625% 9/7/2033  | 30 | 32 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 90 | 91 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(i)</sup>  | 330 | 334 |
|  |  | 2828 |
| **Materials 0.12%** |  |  |
| BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026  | 35 | 35 |
| BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028  | 35 | 36 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033  | 16 | 16 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 7 | 7 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 60 | 61 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 36 | 38 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 27 | 29 |
| Celanese US Holdings, LLC 6.879% 7/15/2032  | 10 | 10 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 23 | 24 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(i)</sup>  | 545 | 575 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(i)</sup>  | 40 | 42 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(i)</sup>  | 750 | 488 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 7 | 7 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 4 | 4 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 15 | 13 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 75 | 49 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 6 | 6 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 63 | 55 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 2 | 2 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 5 | 5 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 32 | 32 |
| LYB International Finance III, LLC 3.625% 4/1/2051  | 102 | 66 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(i)</sup>  | 10 | 11 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(i)</sup>  | 325 | 318 |
|  |  | 1929 |
| **Total corporate bonds and notes** |  | 47200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **88** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations 0.73%** | **Asset-backed obligations 0.73%** | **Asset-backed obligations 0.73%** |
| **Other asset-backed securities 0.39%** |  |  |
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(f)(i)</sup>  | USD100 | $100 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(i)</sup>  | 215 | 215 |
| Auxilior Term Funding, LLC, Series 2024-1, Class A2, 5.84% 3/15/2027 <sup>(f)(i)</sup>  | 61 | 61 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(f)(i)</sup>  | 277 | 281 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(f)(i)</sup>  | 42 | 43 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(f)(i)</sup>  | 554 | 565 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(i)</sup>  | 347 | 294 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(i)</sup>  | 86 | 73 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(f)(i)</sup>  | 90 | 57 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(f)(i)</sup>  | 90 | 58 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(i)</sup>  | 312 | 254 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(f)(i)</sup>  | 483 | 477 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(f)(i)</sup>  | 181 | 182 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(f)(i)</sup>  | 134 | 135 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(i)</sup>  | 322 | 309 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(f)(i)</sup>  | 60 | 56 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(i)</sup>  | 73 | 72 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(i)</sup>  | 278 | 267 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(i)</sup>  | 354 | 359 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(f)(i)</sup>  | 138 | 139 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(i)</sup>  | 935 | 783 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(f)(i)</sup>  | 315 | 317 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(f)(i)</sup>  | 100 | 101 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(f)(i)</sup>  | 127 | 128 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(f)(i)</sup>  | 20 | 19 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(f)(i)</sup>  | 85 | 85 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(f)(i)</sup>  | 139 | 141 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(i)</sup>  | 175 | 176 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(f)(i)</sup>  | 175 | 176 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(f)(i)</sup>  | 45 | 46 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(f)(i)</sup>  | 94 | 94 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(f)(i)</sup>  | 28 | 28 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(i)</sup>  | 72 | 70 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(f)(i)</sup>  | 189 | 190 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(i)</sup>  | 69 | 70 |
|  |  | 6421 |
| **Auto loan 0.27%** |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(i)</sup>  | 66 | 66 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(i)</sup>  | 33 | 33 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(i)</sup>  | 339 | 353 |
| CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(f)(i)</sup>  | 497 | 499 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(f)</sup>  | 11 | 11 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(i)</sup>  | 185 | 185 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(f)(i)</sup>  | 150 | 151 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(f)(i)</sup>  | 273 | 275 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(f)(i)</sup>  | 176 | 180 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(i)</sup>  | 181 | 187 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(f)(i)</sup>  | 188 | 189 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(i)</sup>  | 65 | 65 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(f)(i)</sup>  | 285 | 293 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(f)(i)</sup>  | 184 | 191 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(f)</sup>  | 10 | 10 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(f)</sup>  | 48 | 48 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(i)</sup>  | 268 | 263 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(i)</sup>  | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(i)</sup>  | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(i)</sup>  | 187 | 191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **89** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(f)</sup>  | USD5 | $5 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(f)</sup>  | 28 | 28 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(i)</sup>  | 335 | 334 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(f)(i)</sup>  | 632 | 639 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(f)(i)</sup>  | 188 | 190 |
|  |  | 4582 |
| **Credit card 0.04%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(i)</sup>  | 400 | 401 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(f)(i)</sup>  | 246 | 248 |
|  |  | 649 |
| **Student loan 0.03%** |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(f)(i)</sup>  | 23 | 21 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(i)</sup>  | 42 | 39 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(i)</sup>  | 94 | 89 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(i)</sup>  | 188 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(f)(g)(i)</sup>  | 98 | 98 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(f)(i)</sup>  | 39 | 35 |
|  |  | 460 |
| **Total asset-backed obligations** |  | 12112 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |
| **Mexico 0.03%** |  |  |
| United Mexican States 3.25% 4/16/2030  | 200 | 189 |
| United Mexican States 7.375% 5/13/2055  | 245 | 265 |
|  |  | 454 |
| **Saudi Arabia 0.01%** |  |  |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028  | 200 | 198 |
| **Peru 0.01%** |  |  |
| Peru (Republic of) 2.783% 1/23/2031  | 190 | 176 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 828 |
| **Municipals 0.02%** | **Municipals 0.02%** | **Municipals 0.02%** |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 196 | 201 |
| **Massachusetts 0.01%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 135 | 140 |
| **Total municipals** |  | 341 |
| **Loans 0.02%** | **Loans 0.02%** | **Loans 0.02%** |
| **Financials 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(b)(g)(i)(m)</sup>  | 221 | 220 |
| **Total bonds, notes & other debt instruments** (cost: $243,321,000) |  | 242696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **90** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Investment funds 2.29% | Shares | Value<br> (000)<br>|
| Capital Group Central Corporate Bond Fund <sup>(n)</sup>  | 4482146 | $38098 |
| **Total investment funds** (cost: $40,853,000) |  | 38098 |
| Short-term securities 5.53% |  |  |
| **Money market investments 4.90%** | **Money market investments 4.90%** | **Money market investments 4.90%** |
| Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup>  | 814073 | 81415 |
| **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** | **Money market investments purchased with collateral from securities on loan 0.63%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup>  | 10408626 | 10409 |
| **Total short-term securities** (cost: $91,803,000) |  | 91824 |
| **Total investment securities 100.57%** (cost: $1,246,392,000) |  | 1669897 |
| Other assets less liabilities (0.57)% |  | (9521)<br>|
| **Net assets 100.00%** |  | $1660376 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 389 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD81,219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 251 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 21 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2361)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 40 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4601)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| 20 Year U.S. Treasury Bond Futures | Long | 32 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 99 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(279)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | &nbsp;&nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD350 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| U.S. Urban CPI | At maturity | 3.17% | At maturity | &nbsp;&nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD338 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.055% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,700 | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| SOFR | Annual | 4.1275% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp;&nbsp; USD310 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| SOFR | Annual | 2.91% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2050 | &nbsp;&nbsp;&nbsp;&nbsp; USD592 | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $260 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD5,044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|

---

**Investments in affiliates** <sup>(n)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 2.29%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund  | $30920 | &nbsp;&nbsp; $6389 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $38098 | &nbsp;&nbsp; $1550 |
| **Short-term securities 4.90%** |  |  |  |  |  |  |  |
| **Money market investments 4.90%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(o)</sup>  | 60575 | &nbsp;&nbsp; 370953 | &nbsp;&nbsp; 350129 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81415 | &nbsp;&nbsp; 4186 |
| **Total 7.19%** |  |  |  | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $119513 | &nbsp;&nbsp; $5736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Non-income producing.

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,717,000, which represented 0.10% of the net assets of the fund. 

<sup>(f)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(g)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(h)</sup> Represents securities transacted on a TBA basis.

<sup>(i)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $38,579,000, which represented 2.32% of the net assets of the fund. 

<sup>(j)</sup> Step bond; coupon rate may change at a later date.

<sup>(k)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(l)</sup> Scheduled interest and/or principal payment was not received.

<sup>(m)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $219,000, which represented 0.01% of the net assets of the fund. 

<sup>(n)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(o)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(p)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAD = Canadian dollars |
| CME = CME Group |
| CPI = Consumer Price Index |

---

---

| |
|:---|
| EUR = Euros |
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| MXN = Mexican pesos |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

------

Asset Allocation Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 65.21% | Shares | Value<br> (000)<br>|
| **Information technology 17.87%** |  |  |
| Broadcom, Inc.  | 3822547 | $1322984 |
| Microsoft Corp.  | 2068123 | 1000186 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 2399280 | 729117 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 2384000 | 116467 |
| NVIDIA Corp.  | 2011419 | 375130 |
| Apple, Inc.  | 1295354 | 352155 |
| Micron Technology, Inc.  | 764060 | 218070 |
| Intel Corp. <sup>(a)</sup>  | 5553952 | 204941 |
| Salesforce, Inc.  | 503780 | 133456 |
| International Business Machines Corp.  | 427285 | 126566 |
| ASML Holding NV (ADR)  | 93894 | 100453 |
| KLA Corp.  | 77592 | 94280 |
| Hewlett Packard Enterprise Co.  | 2023462 | 48604 |
| Strategy, Inc., Class A <sup>(a)</sup>  | 295563 | 44911 |
| Diebold Nixdorf, Inc. <sup>(a)</sup>  | 532940 | 36181 |
| Adobe, Inc. <sup>(a)</sup>  | 62600 | 21909 |
| Applied Materials, Inc.  | 79781 | 20503 |
|  |  | 4945913 |
| **Financials 10.49%** |  |  |
| Apollo Asset Management, Inc.  | 1920083 | 277951 |
| Arthur J. Gallagher & Co.  | 854008 | 221009 |
| Mastercard, Inc., Class A  | 361601 | 206431 |
| Synchrony Financial  | 2440754 | 203632 |
| Aon PLC, Class A  | 569972 | 201132 |
| Visa, Inc., Class A  | 553014 | 193948 |
| Bank of America Corp.  | 3142147 | 172818 |
| Capital One Financial Corp.  | 702338 | 170219 |
| Blue Owl Capital, Inc., Class A <sup>(b)</sup>  | 9813216 | 146609 |
| Ares Management Corp., Class A  | 845012 | 136579 |
| American Express Co.  | 337999 | 125043 |
| Wells Fargo & Co.  | 1334032 | 124332 |
| JPMorgan Chase & Co.  | 295492 | 95213 |
| Fiserv, Inc. <sup>(a)</sup>  | 1269859 | 85296 |
| Brookfield Corp., Class A  | 1805226 | 82842 |
| Citigroup, Inc.  | 700000 | 81683 |
| Brown & Brown, Inc.  | 964468 | 76868 |
| Chubb, Ltd.  | 235906 | 73631 |
| Progressive Corp.  | 280641 | 63908 |
| Intercontinental Exchange, Inc.  | 374162 | 60599 |
| Blackstone, Inc.  | 320000 | 49325 |
| Kinsale Capital Group, Inc.  | 65779 | 25728 |
| Goldman Sachs Group, Inc.  | 24707 | 21717 |
| Figure Technology Solutions, Inc. <sup>(a)(b)</sup>  | 152555 | 6230 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 8880000 | — <br><sup>(d)</sup><br>|
|  |  | 2902743 |
| **Industrials 9.72%** |  |  |
| ATI, Inc. <sup>(a)</sup>  | 3475291 | 398824 |
| Boeing Co. (The) <sup>(a)</sup>  | 1355000 | 294198 |
| TransDigm Group, Inc.  | 160869 | 213932 |
| L3Harris Technologies, Inc.  | 644021 | 189065 |
| General Electric Co.  | 602503 | 185589 |
| Deere & Co.  | 377997 | 175984 |
| Parker-Hannifin Corp.  | 183536 | 161321 |
| Union Pacific Corp.  | 677572 | 156736 |
| Caterpillar, Inc.  | 190000 | 108845 |
| Safran SA  | 312100 | 108605 |
| United Rentals, Inc.  | 125193 | 101321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **93** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Northrop Grumman Corp.  | 173106 | $98707 |
| GE Vernova, Inc.  | 150939 | 98649 |
| Ingersoll-Rand, Inc.  | 1177013 | 93243 |
| Quanta Services, Inc.  | 152260 | 64263 |
| Airbus SE, non-registered shares  | 230632 | 53496 |
| Trane Technologies PLC  | 137366 | 53463 |
| FTAI Aviation, Ltd.  | 249989 | 49210 |
| CSX Corp.  | 1000000 | 36250 |
| Copart, Inc. <sup>(a)</sup>  | 835833 | 32723 |
| Carrier Global Corp.  | 283011 | 14954 |
|  |  | 2689378 |
| **Health care 6.97%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 720148 | 326486 |
| Gilead Sciences, Inc.  | 1904140 | 233714 |
| Eli Lilly and Co.  | 186995 | 200960 |
| UnitedHealth Group, Inc.  | 596573 | 196935 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 405917 | 161413 |
| Amgen, Inc.  | 441538 | 144520 |
| Thermo Fisher Scientific, Inc.  | 217042 | 125765 |
| CVS Health Corp.  | 1451353 | 115179 |
| Illumina, Inc. <sup>(a)</sup>  | 699527 | 91750 |
| Abbott Laboratories  | 637270 | 79844 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 889428 | 72897 |
| Johnson & Johnson  | 311733 | 64513 |
| AbbVie, Inc.  | 129914 | 29684 |
| Boston Scientific Corp. <sup>(a)</sup>  | 300752 | 28677 |
| Centene Corp. <sup>(a)</sup>  | 675000 | 27776 |
| Rotech Healthcare, Inc. <sup>(a)(c)(e)</sup>  | 184138 | 12613 |
| Medline, Inc., Class A <sup>(a)(b)</sup>  | 272900 | 11462 |
| Mallinckrodt PLC <sup>(a)</sup>  | 36079 | 3227 |
| Par Health, Inc. <sup>(a)(f)</sup>  | 36079 | 338 |
| Carbon Health Technologies, Inc., Class A <sup>(a)(c)</sup>  | 4955500 | 50 |
|  |  | 1927803 |
| **Consumer discretionary 5.73%** |  |  |
| Booking Holdings, Inc.  | 52599 | 281685 |
| Royal Caribbean Cruises, Ltd.  | 648815 | 180967 |
| Amazon.com, Inc. <sup>(a)</sup>  | 780642 | 180188 |
| Starbucks Corp.  | 1513090 | 127417 |
| D.R. Horton, Inc.  | 700917 | 100953 |
| NIKE, Inc., Class B  | 1525710 | 97203 |
| Carnival Corp.  | 2758206 | 84236 |
| Darden Restaurants, Inc.  | 424583 | 78132 |
| Compagnie Financiere Richemont SA, Class A  | 346887 | 74864 |
| Home Depot, Inc.  | 191765 | 65986 |
| Texas Roadhouse, Inc.  | 385658 | 64019 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1692984 | 62640 |
| Tesla, Inc. <sup>(a)</sup>  | 94134 | 42334 |
| Hilton Worldwide Holdings, Inc.  | 122663 | 35235 |
| Toll Brothers, Inc.  | 246730 | 33363 |
| Restaurant Brands International, Inc.  | 461542 | 31491 |
| AutoZone, Inc. <sup>(a)</sup>  | 7013 | 23785 |
| YUM! Brands, Inc.  | 91381 | 13824 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 237954 | 8200 |
| Aimbridge Topco, LLC <sup>(a)(c)</sup>  | 10722 | 793 |
|  |  | 1587315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **94** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services 4.71%** |  |  |
| Alphabet, Inc., Class C  | 1147684 | $360143 |
| Alphabet, Inc., Class A  | 1068646 | 334486 |
| Meta Platforms, Inc., Class A  | 553906 | 365628 |
| Comcast Corp., Class A  | 6199119 | 185292 |
| Netflix, Inc. <sup>(a)</sup>  | 346997 | 32534 |
| Tencent Holdings, Ltd.  | 321500 | 24636 |
|  |  | 1302719 |
| **Materials 4.10%** |  |  |
| Royal Gold, Inc.  | 1301065 | 289214 |
| Wheaton Precious Metals Corp.  | 2388702 | 280720 |
| Franco-Nevada Corp. (CAD denominated)  | 1179377 | 244468 |
| Lundin Mining Corp.  | 7678233 | 165027 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 3889750 | 104290 |
| Corteva, Inc.  | 466775 | 31288 |
| Air Products and Chemicals, Inc.  | 45664 | 11280 |
| Agnico Eagle Mines, Ltd.  | 56110 | 9515 |
| Venator Materials PLC <sup>(a)(c)</sup>  | 4096 | — <br><sup>(d)</sup><br>|
|  |  | 1135802 |
| **Consumer staples 3.48%** |  |  |
| Philip Morris International, Inc.  | 3615272 | 579890 |
| Constellation Brands, Inc., Class A  | 629955 | 86909 |
| Keurig Dr Pepper, Inc.  | 3042963 | 85233 |
| Nestle SA  | 617055 | 61331 |
| Costco Wholesale Corp.  | 69889 | 60268 |
| US Foods Holding Corp. <sup>(a)</sup>  | 514932 | 38785 |
| Estee Lauder Cos., Inc. (The), Class A  | 275858 | 28888 |
| Coca-Cola Co.  | 160431 | 11216 |
| Procter & Gamble Co.  | 75358 | 10799 |
|  |  | 963319 |
| **Utilities 1.01%** |  |  |
| Southern Co. (The)  | 1503479 | 131104 |
| DTE Energy Co.  | 848144 | 109394 |
| Vistra Corp.  | 144910 | 23378 |
| FirstEnergy Corp.  | 323684 | 14491 |
|  |  | 278367 |
| **Energy 0.92%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 3480603 | 117892 |
| ConocoPhillips  | 824000 | 77135 |
| EOG Resources, Inc.  | 222924 | 23409 |
| Halliburton Co.  | 593792 | 16781 |
| SLB, Ltd.  | 286500 | 10996 |
| Exxon Mobil Corp.  | 58185 | 7002 |
| Constellation Oil Services Holding SA (NDR) <sup>(a)</sup>  | 76004 | 897 |
| Altera Infrastructure, LP <sup>(c)</sup>  | 16129 | 655 |
| New Fortress Energy, Inc., Class A <sup>(a)</sup>  | 150315 | 171 |
| Expand Energy Corp.  | 636 | 70 |
|  |  | 255008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **95** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 0.21%** |  |  |
| American Tower Corp. REIT  | 136942 | $24043 |
| Simon Property Group, Inc. REIT  | 114326 | 21163 |
| Crown Castle, Inc. REIT  | 134329 | 11938 |
|  |  | 57144 |
| **Total common stocks** (cost: $10,036,058,000) |  | 18045511 |
| Preferred securities 0.00% |  |  |
| **Industrials 0.00%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(c)(f)</sup>  | 450 | 755 |
| **Total preferred securities** (cost: $465,000) |  | 755 |
| Rights & warrants 0.00% |  |  |
| **Energy 0.00%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(a)</sup>  | 1201 | 119 |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(c)</sup>  | 4 | — <br><sup>(d)</sup><br>|
| **Total rights & warrants** (cost: $875,000) |  | 119 |
| Convertible stocks 0.12% |  |  |
| **Industrials 0.07%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 262145 | 18104 |
| **Information technology 0.05%** |  |  |
| Strategy, Inc. 8.00% perpetual convertible preferred shares  | 189521 | 14926 |
| **Total convertible stocks** (cost: $30,331,000) |  | 33030 |
| Convertible bonds & notes 0.10% | Principal amount<br> (000)<br>|  |
| **Information technology 0.03%** |  |  |
| Macom Technology Solutions Holdings, convertible notes, 0.25% 3/15/2026  | USD1,529 | 3180 |
| Seagate HDD Cayman, convertible notes, 3.50% 6/1/2028  | 536 | 1803 |
| Terawulf, Inc., convertible notes, 1.00% 9/1/2031 <sup>(f)</sup>  | 1739 | 2060 |
| Western Digital Corp., convertible notes, 3.00% 11/15/2028  | 416 | 1908 |
|  |  | 8951 |
| **Communication services 0.02%** |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(g)</sup>  | 1290 | 4312 |
| Spotify USA, Inc., convertible notes, 0% 3/15/2026  | 1800 | 2048 |
|  |  | 6360 |
| **Real estate 0.02%** |  |  |
| Ventas Realty, LP, convertible notes, 3.75% 6/1/2026  | 1873 | 2649 |
| Welltower OP, LLC, convertible notes, 2.75% 5/15/2028 <sup>(f)</sup>  | 1422 | 2789 |
|  |  | 5438 |
| **Utilities 0.01%** |  |  |
| CenterPoint Energy, Inc., convertible notes, 3.00% 8/1/2028 <sup>(f)</sup>  | 2785 | 2822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **96** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible bonds & notes (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Health care 0.01%** |  |  |
| Halozyme Therapeutics, Inc. convertible notes, 1.00% 8/15/2028  | USD1,818 | $2417 |
| **Industrials 0.01%** |  |  |
| Axon Enterprise, Inc., convertible notes, 0.50% 12/15/2027  | 692 | 1743 |
| **Total convertible bonds & notes** (cost: $25,052,000) |  | 27731 |
| Bonds, notes & other debt instruments 28.07% |  |  |
| **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** |
| **Federal agency mortgage-backed obligations 9.21%** |  |  |
| Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(h)</sup>  | 5 | 5 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(h)</sup>  | 120 | 124 |
| Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(h)</sup>  | 76 | 78 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(h)</sup>  | 209 | 210 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(h)</sup>  | 221 | 211 |
| Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(h)</sup>  | 240 | 250 |
| Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(h)</sup>  | 475 | 503 |
| Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(h)</sup>  | 121 | 128 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(h)</sup>  | 3745 | 3567 |
| Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(h)</sup>  | 11 | 11 |
| Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(h)</sup>  | 39 | 42 |
| Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(h)</sup>  | 343 | 363 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(h)</sup>  | 62 | 64 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(h)</sup>  | 116 | 110 |
| Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(h)</sup>  | 37 | 38 |
| Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(h)</sup>  | 565 | 598 |
| Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(h)</sup>  | 7 | 7 |
| Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(h)</sup>  | 213 | 225 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(h)</sup>  | 663 | 703 |
| Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(h)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(h)</sup>  | 208 | 221 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(h)</sup>  | 135 | 142 |
| Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(h)</sup>  | 12 | 13 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(h)</sup>  | 467 | 495 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(h)</sup>  | 65 | 68 |
| Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(h)</sup>  | 10 | 11 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(h)</sup>  | 43 | 46 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(h)</sup>  | 128 | 136 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(h)</sup>  | 155 | 162 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(h)</sup>  | 324 | 342 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(h)</sup>  | 5259 | 4598 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(h)</sup>  | 16006 | 13515 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(h)</sup>  | 2339 | 2240 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(h)</sup>  | 1283 | 1254 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(h)</sup>  | 725 | 709 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(h)</sup>  | 690 | 675 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(h)</sup>  | 4040 | 3856 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(h)</sup>  | 6624 | 6291 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(h)</sup>  | 931 | 885 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(h)</sup>  | 2088 | 1982 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(h)</sup>  | 79 | 76 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(h)</sup>  | 273 | 251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **97** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(h)</sup>  | USD1,089 | $1053 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(h)</sup>  | 1207 | 1137 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(h)</sup>  | 1785 | 1685 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(h)</sup>  | 358 | 328 |
| Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(h)</sup>  | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(h)</sup>  | 1182 | 1110 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(h)</sup>  | 1788 | 1734 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(h)</sup>  | 7 | 7 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(h)</sup>  | 8 | 7 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(h)</sup>  | 12659 | 11913 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(h)</sup>  | 1711 | 1626 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(h)</sup>  | 1341 | 1215 |
| Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(h)</sup>  | 30 | 26 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(h)</sup>  | 4327 | 3740 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(h)</sup>  | 414 | 351 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(h)</sup>  | 298 | 253 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(h)</sup>  | 9745 | 8426 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(h)</sup>  | 515 | 418 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(h)</sup>  | 286 | 256 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(h)</sup>  | 1134 | 960 |
| Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(h)</sup>  | 2292 | 1856 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(h)</sup>  | 7872 | 6762 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(h)</sup>  | 1248 | 1082 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(h)</sup>  | 685 | 581 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(h)</sup>  | 38 | 33 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(h)</sup>  | 10867 | 9832 |
| Fannie Mae Pool #FM5218 2.00% 12/1/2050 <sup>(h)</sup>  | 3688 | 2993 |
| Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(h)</sup>  | 1924 | 1559 |
| Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(h)</sup>  | 1584 | 1285 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(h)</sup>  | 920 | 914 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(h)</sup>  | 4967 | 4057 |
| Fannie Mae Pool #BR1283 2.00% 1/1/2051 <sup>(h)</sup>  | 196 | 159 |
| Fannie Mae Pool #CA8513 2.50% 1/1/2051 <sup>(h)</sup>  | 1079 | 916 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(h)</sup>  | 759 | 643 |
| Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(h)</sup>  | 74 | 63 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(h)</sup>  | 28 | 23 |
| Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(h)</sup>  | 5851 | 4750 |
| Fannie Mae Pool #BR2689 2.00% 2/1/2051 <sup>(h)</sup>  | 1860 | 1506 |
| Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(h)</sup>  | 1806 | 1467 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(h)</sup>  | 328 | 265 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(h)</sup>  | 3067 | 2642 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(h)</sup>  | 370 | 314 |
| Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(h)</sup>  | 59 | 50 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(h)</sup>  | 3989 | 3253 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(h)</sup>  | 1708 | 1383 |
| Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(h)</sup>  | 93 | 79 |
| Fannie Mae Pool #FM7407 2.50% 4/1/2051 <sup>(h)</sup>  | 40 | 34 |
| Fannie Mae Pool #FM6810 3.00% 4/1/2051 <sup>(h)</sup>  | 5630 | 4987 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(h)</sup>  | 4366 | 3899 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(h)</sup>  | 529 | 473 |
| Fannie Mae Pool #FM7751 2.00% 5/1/2051 <sup>(h)</sup>  | 1943 | 1573 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(h)</sup>  | 1933 | 1565 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(h)</sup>  | 4751 | 4022 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(h)</sup>  | 1336 | 1131 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(h)</sup>  | 365 | 309 |
| Fannie Mae Pool #BR9324 2.50% 5/1/2051 <sup>(h)</sup>  | 227 | 192 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(h)</sup>  | 137 | 116 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(h)</sup>  | 2078 | 1682 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(h)</sup>  | 33828 | 28636 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(h)</sup>  | 9006 | 7624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **98** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(h)</sup>  | USD397 | $354 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(h)</sup>  | 149 | 121 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(h)</sup>  | 1988 | 1683 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(h)</sup>  | 1226 | 1038 |
| Fannie Mae Pool #FM8203 2.50% 7/1/2051 <sup>(h)</sup>  | 942 | 798 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(h)</sup>  | 3723 | 3377 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(h)</sup>  | 67 | 59 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(h)</sup>  | 1898 | 1536 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(h)</sup>  | 3960 | 3365 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(h)</sup>  | 1498 | 1268 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(h)</sup>  | 655 | 556 |
| Fannie Mae Pool #BT4725 2.50% 9/1/2051 <sup>(h)</sup>  | 301 | 255 |
| Fannie Mae Pool #BU0341 2.50% 9/1/2051 <sup>(h)</sup>  | 197 | 167 |
| Fannie Mae Pool #BT9289 2.50% 9/1/2051 <sup>(h)</sup>  | 34 | 28 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(h)</sup>  | 1462 | 1237 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(h)</sup>  | 766 | 648 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(h)</sup>  | 516 | 438 |
| Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(h)</sup>  | 131 | 111 |
| Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(h)</sup>  | 86 | 73 |
| Fannie Mae Pool #BU0968 2.00% 11/1/2051 <sup>(h)</sup>  | 11198 | 9064 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(h)</sup>  | 7447 | 6051 |
| Fannie Mae Pool #BU1027 2.00% 11/1/2051 <sup>(h)</sup>  | 4515 | 3655 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(h)</sup>  | 2938 | 2487 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(h)</sup>  | 998 | 845 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(h)</sup>  | 7616 | 6799 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(h)</sup>  | 2352 | 1910 |
| Fannie Mae Pool #CB2361 2.00% 12/1/2051 <sup>(h)</sup>  | 174 | 141 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(h)</sup>  | 41191 | 34868 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(h)</sup>  | 13649 | 11740 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(h)</sup>  | 6406 | 5514 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(h)</sup>  | 155 | 133 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 64 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 64 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 63 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(h)</sup>  | 2869 | 2331 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(h)</sup>  | 1189 | 965 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(h)</sup>  | 7061 | 5977 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(h)</sup>  | 982 | 831 |
| Fannie Mae Pool #FP0038 2.50% 1/1/2052 <sup>(h)</sup>  | 713 | 605 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(h)</sup>  | 695 | 589 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(h)</sup>  | 405 | 343 |
| Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(h)</sup>  | 119 | 101 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(h)</sup>  | 63 | 53 |
| Fannie Mae Pool #FS2534 2.50% 1/1/2052 <sup>(h)</sup>  | 23 | 20 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(h)</sup>  | 22 | 18 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(h)</sup>  | 9435 | 8425 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(h)</sup>  | 6414 | 5193 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(h)</sup>  | 4953 | 4020 |
| Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(h)</sup>  | 1800 | 1458 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(h)</sup>  | 963 | 780 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(h)</sup>  | 8024 | 6805 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(h)</sup>  | 1897 | 1606 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(h)</sup>  | 949 | 805 |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(h)</sup>  | 675 | 574 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(h)</sup>  | 657 | 557 |
| Fannie Mae Pool #FS6380 2.50% 2/1/2052 <sup>(h)</sup>  | 548 | 465 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(h)</sup>  | 141 | 120 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(h)</sup>  | 51302 | 46443 |
| Fannie Mae Pool #CB2913 3.50% 2/1/2052 <sup>(h)</sup>  | 2077 | 1926 |
| Fannie Mae Pool #CB2912 3.50% 2/1/2052 <sup>(h)</sup>  | 38 | 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **99** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(h)</sup>  | USD2,845 | $2303 |
| Fannie Mae Pool #CB3040 2.00% 3/1/2052 <sup>(h)</sup>  | 2578 | 2092 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(h)</sup>  | 2382 | 1932 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(h)</sup>  | 1765 | 1432 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(h)</sup>  | 1261 | 1021 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(h)</sup>  | 1255 | 1016 |
| Fannie Mae Pool #FS1978 2.50% 3/1/2052 <sup>(h)</sup>  | 4296 | 3636 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(h)</sup>  | 786 | 669 |
| Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(h)</sup>  | 769 | 653 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(h)</sup>  | 611 | 520 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(h)</sup>  | 158 | 135 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(h)</sup>  | 336 | 298 |
| Fannie Mae Pool #BV3799 3.50% 3/1/2052 <sup>(h)</sup>  | 40 | 37 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(h)</sup>  | 5722 | 4643 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(h)</sup>  | 2913 | 2363 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(h)</sup>  | 2069 | 1675 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(h)</sup>  | 871 | 741 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(h)</sup>  | 857 | 729 |
| Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(h)</sup>  | 856 | 728 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(h)</sup>  | 157 | 134 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(h)</sup>  | 134 | 114 |
| Fannie Mae Pool #BV6683 3.50% 4/1/2052 <sup>(h)</sup>  | 23 | 21 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(h)</sup>  | 615 | 587 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(h)</sup>  | 9376 | 7619 |
| Fannie Mae Pool #BT2353 2.00% 5/1/2052 <sup>(h)</sup>  | 998 | 808 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(h)</sup>  | 898 | 764 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(h)</sup>  | 836 | 711 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(h)</sup>  | 151 | 128 |
| Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(h)</sup>  | 151 | 128 |
| Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(h)</sup>  | 110 | 93 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(h)</sup>  | 40 | 34 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(h)</sup>  | 2584 | 2396 |
| Fannie Mae Pool #CB3597 3.50% 5/1/2052 <sup>(h)</sup>  | 44 | 41 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(h)</sup>  | 2335 | 1892 |
| Fannie Mae Pool #FS9860 2.00% 6/1/2052 <sup>(h)</sup>  | 1940 | 1571 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(h)</sup>  | 690 | 559 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(h)</sup>  | 1413 | 1202 |
| Fannie Mae Pool #FS6634 3.00% 6/1/2052 <sup>(h)</sup>  | 324 | 287 |
| Fannie Mae Pool #FS3546 3.50% 6/1/2052 <sup>(h)</sup>  | 38 | 35 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(h)</sup>  | 5004 | 4778 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(h)</sup>  | 1272 | 1214 |
| Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(h)</sup>  | 4482 | 4398 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(h)</sup>  | 4816 | 3904 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(h)</sup>  | 59903 | 50708 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(h)</sup>  | 14208 | 12049 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(h)</sup>  | 162 | 138 |
| Fannie Mae Pool #CB4315 3.00% 7/1/2052 <sup>(h)</sup>  | 99 | 88 |
| Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(h)</sup>  | 22 | 21 |
| Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(h)</sup>  | 154 | 131 |
| Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(h)</sup>  | 92 | 79 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(h)</sup>  | 2291 | 2029 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(h)</sup>  | 545 | 537 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(h)</sup>  | 862 | 868 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup>  | 15984 | 12983 |
| Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(h)</sup>  | 15 | 14 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(h)</sup>  | 9021 | 8845 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(h)</sup>  | 832 | 817 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(h)</sup>  | 388 | 390 |
| Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(h)</sup>  | 866 | 826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **100** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(h)</sup>  | USD862 | $823 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup>  | 9335 | 9152 |
| Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(h)</sup>  | 2582 | 2534 |
| Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(h)</sup>  | 873 | 740 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(h)</sup>  | 2212 | 2255 |
| Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(h)</sup>  | 21 | 20 |
| Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(h)</sup>  | 2562 | 2512 |
| Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(h)</sup>  | 560 | 535 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(h)</sup>  | 907 | 921 |
| Fannie Mae Pool #FS8509 3.50% 3/1/2053 <sup>(h)</sup>  | 282 | 261 |
| Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(h)</sup>  | 887 | 847 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup>  | 2321 | 2372 |
| Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(h)</sup>  | 301 | 287 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup>  | 2028 | 2032 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(h)</sup>  | 6645 | 6336 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(h)</sup>  | 10165 | 10195 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(h)</sup>  | 662 | 665 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(h)</sup>  | 896 | 910 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(h)</sup>  | 157 | 160 |
| Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(h)</sup>  | 211 | 220 |
| Fannie Mae Pool #MA5063 2.50% 6/1/2053 <sup>(h)</sup>  | 290 | 245 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(h)</sup>  | 279 | 247 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(h)</sup>  | 22288 | 22347 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(h)</sup>  | 564 | 574 |
| Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(h)</sup>  | 1105 | 1158 |
| Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(h)</sup>  | 402 | 419 |
| Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(h)</sup>  | 312 | 327 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(h)</sup>  | 11111 | 9008 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(h)</sup>  | 811 | 688 |
| Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(h)</sup>  | 758 | 643 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(h)</sup>  | 8193 | 7791 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(h)</sup>  | 13301 | 13030 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(h)</sup>  | 2137 | 2174 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(h)</sup>  | 93 | 95 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup>  | 5144 | 5247 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(h)</sup>  | 17413 | 17924 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(h)</sup>  | 1621 | 1649 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(h)</sup>  | 3950 | 4066 |
| Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(h)</sup>  | 13131 | 12499 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(h)</sup>  | 12922 | 12314 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(h)</sup>  | 3788 | 3852 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup>  | 6118 | 6297 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(h)</sup>  | 27 | 28 |
| Fannie Mae Pool #MA5262 3.50% 12/1/2053 <sup>(h)</sup>  | 33 | 31 |
| Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(h)</sup>  | 10954 | 10413 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(h)</sup>  | 260 | 264 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(h)</sup>  | 144 | 148 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(h)</sup>  | 6339 | 6599 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup>  | 1895 | 1987 |
| Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(h)</sup>  | 12268 | 11652 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(h)</sup>  | 1869 | 1783 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup>  | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(h)</sup>  | 504 | 512 |
| Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(h)</sup>  | 3043 | 3135 |
| Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(h)</sup>  | 1800 | 1871 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup>  | 10411 | 10571 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(h)</sup>  | 4423 | 4499 |
| Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(h)</sup>  | 805 | 831 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup>  | 783 | 805 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(h)</sup>  | 8 | 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **101** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(h)</sup>  | USD6,917 | $7037 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(h)</sup>  | 1025 | 1040 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(h)</sup>  | 1833 | 1885 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup>  | 936 | 972 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(h)</sup>  | 931 | 960 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(h)</sup>  | 831 | 857 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(h)</sup>  | 754 | 781 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(h)</sup>  | 1843 | 1916 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(h)</sup>  | 909 | 948 |
| Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(h)</sup>  | 51 | 54 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(h)</sup>  | 5332 | 5414 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup>  | 2307 | 2353 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(h)</sup>  | 1398 | 1426 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(h)</sup>  | 10396 | 10680 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(h)</sup>  | 1133 | 1164 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(h)</sup>  | 646 | 667 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup>  | 415 | 428 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(h)</sup>  | 112 | 115 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(h)</sup>  | 4088 | 4294 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(h)</sup>  | 3177 | 3327 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(h)</sup>  | 1383 | 1448 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(h)</sup>  | 379 | 396 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(h)</sup>  | 229 | 240 |
| Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(h)</sup>  | 401 | 402 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup>  | 1368 | 1391 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(h)</sup>  | 7916 | 8133 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup>  | 2684 | 2787 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup>  | 1347 | 1388 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup>  | 1197 | 1234 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup>  | 1088 | 1125 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(h)</sup>  | 1053 | 1082 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(h)</sup>  | 854 | 877 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(h)</sup>  | 308 | 319 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(h)</sup>  | 260 | 270 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(h)</sup>  | 248 | 259 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(h)</sup>  | 3859 | 4011 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(h)</sup>  | 1451 | 1518 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(h)</sup>  | 1212 | 1270 |
| Fannie Mae Pool #MA5467 4.00% 9/1/2054 <sup>(h)</sup>  | 1162 | 1103 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(h)</sup>  | 3687 | 3744 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(h)</sup>  | 2297 | 2345 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(h)</sup>  | 2080 | 2120 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(h)</sup>  | 1072 | 1088 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup>  | 2704 | 2796 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(h)</sup>  | 372 | 382 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(h)</sup>  | 183 | 188 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(h)</sup>  | 11790 | 12256 |
| Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(h)</sup>  | 2115 | 2008 |
| Fannie Mae Pool #DC4862 4.00% 10/1/2054 <sup>(h)</sup>  | 494 | 470 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(h)</sup>  | 492 | 506 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(h)</sup>  | 114 | 117 |
| Fannie Mae Pool #FS9439 3.50% 11/1/2054 <sup>(h)</sup>  | 905 | 839 |
| Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(h)</sup>  | 1665 | 1585 |
| Fannie Mae Pool #DB7429 4.00% 11/1/2054 <sup>(h)</sup>  | 1059 | 1006 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(h)</sup>  | 1812 | 1846 |
| Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(h)</sup>  | 498 | 505 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup>  | 285 | 289 |
| Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(h)</sup>  | 980 | 983 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup>  | 83 | 83 |
| Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(h)</sup>  | 1406 | 1432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **102** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(h)</sup>  | USD23,968 | $24641 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(h)</sup>  | 2749 | 2824 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(h)</sup>  | 273 | 281 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(h)</sup>  | 822 | 780 |
| Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(h)</sup>  | 13465 | 13156 |
| Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(h)</sup>  | 1773 | 1779 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(h)</sup>  | 4294 | 4412 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(h)</sup>  | 2640 | 2712 |
| Fannie Mae Pool #MA5635 3.50% 2/1/2055 <sup>(h)</sup>  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(h)</sup>  | 214 | 209 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup>  | 1673 | 1698 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup>  | 18858 | 19373 |
| Fannie Mae Pool #MA5643 4.00% 3/1/2055 <sup>(h)</sup>  | 1500 | 1424 |
| Fannie Mae Pool #MB0304 4.00% 3/1/2055 <sup>(h)</sup>  | 910 | 864 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup>  | 11592 | 11326 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup>  | 6556 | 6736 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(h)</sup>  | 40481 | 42078 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(h)</sup>  | 29589 | 30774 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(h)</sup>  | 4987 | 4735 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup>  | 12283 | 12001 |
| Fannie Mae Pool #DD6453 5.50% 4/1/2055 <sup>(h)</sup>  | 190 | 193 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup>  | 8403 | 8634 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(h)</sup>  | 282 | 290 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(h)</sup>  | 277 | 285 |
| Fannie Mae Pool #DD6102 4.00% 5/1/2055 <sup>(h)</sup>  | 414 | 393 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(h)</sup>  | 162 | 154 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup>  | 16971 | 17438 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup>  | 5642 | 5726 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(h)</sup>  | 2388 | 2454 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(h)</sup>  | 1206 | 1239 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(h)</sup>  | 957 | 984 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup>  | 14216 | 14775 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(h)</sup>  | 9839 | 10233 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(h)</sup>  | 1763 | 1788 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(h)</sup>  | 2066 | 2123 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(h)</sup>  | 1184 | 1232 |
| Fannie Mae Pool #BV6044 3.50% 9/1/2055 <sup>(h)</sup>  | 2000 | 1854 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(h)</sup>  | 4496 | 4562 |
| Fannie Mae Pool #BV6254 4.00% 10/1/2055 <sup>(h)</sup>  | 592 | 562 |
| Fannie Mae Pool #MA5876 4.00% 11/1/2055 <sup>(h)</sup>  | 1294 | 1228 |
| Fannie Mae Pool #DF3744 4.00% 11/1/2055 <sup>(h)</sup>  | 550 | 522 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(h)</sup>  | 447 | 424 |
| Fannie Mae Pool #MA5942 4.00% 1/1/2056 <sup>(h)</sup>  | 442 | 419 |
| Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(h)</sup>  | 5242 | 4991 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(h)</sup>  | 9003 | 8883 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(h)</sup>  | 3211 | 2799 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(h)</sup>  | 8932 | 7368 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(h)</sup>  | 731 | 632 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(h)</sup>  | 3094 | 2816 |
| Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(h)</sup>  | 3366 | 3175 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(h)</sup>  | 18 | 19 |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(h)</sup>  | 50 | 52 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(h)</sup>  | 23 | 21 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(h)</sup>  | 6741 | 6425 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(h)</sup>  | 173 | 163 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(h)</sup>  | 48 | 45 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(h)</sup>  | 282 | 290 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(h)</sup>  | 35 | 38 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(h)</sup>  | 41 | 42 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(h)</sup>  | 17345 | 15228 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **103** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(h)</sup>  | USD398 | $410 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(h)</sup>  | 1161 | 1138 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(h)</sup>  | 776 | 760 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(h)</sup>  | 510 | 499 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(h)(i)</sup>  | 135 | 135 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(h)</sup>  | 3402 | 3305 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(h)</sup>  | 3205 | 3122 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(h)</sup>  | 3124 | 2905 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(h)</sup>  | 169 | 168 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(h)</sup>  | 149 | 149 |
| Freddie Mac Pool #760015 4.021% 1/1/2047 <sup>(h)(i)</sup>  | 320 | 315 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(h)</sup>  | 1036 | 979 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(h)</sup>  | 1757 | 1699 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(h)</sup>  | 1496 | 1489 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(h)</sup>  | 724 | 614 |
| Freddie Mac Pool #SI2046 2.50% 8/1/2050 <sup>(h)</sup>  | 2467 | 2095 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(h)</sup>  | 279 | 249 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(h)</sup>  | 24391 | 19925 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(h)</sup>  | 14020 | 11609 |
| Freddie Mac Pool #RA3952 2.00% 11/1/2050 <sup>(h)</sup>  | 1958 | 1589 |
| Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(h)</sup>  | 1755 | 1420 |
| Freddie Mac Pool #QB8422 2.00% 2/1/2051 <sup>(h)</sup>  | 2154 | 1743 |
| Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(h)</sup>  | 56 | 47 |
| Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(h)</sup>  | 23 | 20 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(h)</sup>  | 57 | 48 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(h)</sup>  | 25274 | 20734 |
| Freddie Mac Pool #SD3984 2.00% 5/1/2051 <sup>(h)</sup>  | 1958 | 1585 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup>  | 51 | 41 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(h)</sup>  | 396 | 336 |
| Freddie Mac Pool #SD0862 2.50% 6/1/2051 <sup>(h)</sup>  | 51 | 43 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(h)</sup>  | 640 | 542 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(h)</sup>  | 318 | 287 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(h)</sup>  | 764 | 622 |
| Freddie Mac Pool #QC5527 2.50% 8/1/2051 <sup>(h)</sup>  | 857 | 725 |
| Freddie Mac Pool #QC5857 3.00% 8/1/2051 <sup>(h)</sup>  | 322 | 286 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(h)</sup>  | 7934 | 6858 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(h)</sup>  | 5449 | 4723 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(h)</sup>  | 1377 | 1166 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(h)</sup>  | 1093 | 925 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(h)</sup>  | 46 | 39 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(h)</sup>  | 5282 | 4768 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(h)</sup>  | 600 | 532 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(h)</sup>  | 93 | 83 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(h)</sup>  | 6616 | 5600 |
| Freddie Mac Pool #QC8196 2.50% 10/1/2051 <sup>(h)</sup>  | 298 | 252 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(h)</sup>  | 144 | 130 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(h)</sup>  | 3564 | 2888 |
| Freddie Mac Pool #QD2256 3.00% 11/1/2051 <sup>(h)</sup>  | 781 | 693 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(h)</sup>  | 1565 | 1270 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(h)</sup>  | 16714 | 14149 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(h)</sup>  | 5300 | 4562 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(h)</sup>  | 2929 | 2485 |
| Freddie Mac Pool #QD2923 2.50% 12/1/2051 <sup>(h)</sup>  | 153 | 130 |
| Freddie Mac Pool #QD6009 2.00% 1/1/2052 <sup>(h)</sup>  | 206 | 166 |
| Freddie Mac Pool #SD0838 2.00% 1/1/2052 <sup>(h)</sup>  | 74 | 60 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(h)</sup>  | 2530 | 2148 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(h)</sup>  | 1888 | 1631 |
| Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(h)</sup>  | 882 | 751 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Freddie Mac Pool #QD5662 3.00% 1/1/2052 <sup>(h)</sup>  | 1983 | 1759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **104** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(h)</sup>  | USD269 | $242 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(h)</sup>  | 4236 | 3429 |
| Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(h)</sup>  | 1623 | 1315 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(h)</sup>  | 1548 | 1253 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(h)</sup>  | 829 | 671 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(h)</sup>  | 800 | 650 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(h)</sup>  | 512 | 436 |
| Freddie Mac Pool #QD6848 2.50% 2/1/2052 <sup>(h)</sup>  | 66 | 56 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(h)</sup>  | 813 | 757 |
| Freddie Mac Pool #SD4526 2.00% 3/1/2052 <sup>(h)</sup>  | 7311 | 5925 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(h)</sup>  | 3659 | 2966 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(h)</sup>  | 2808 | 2279 |
| Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(h)</sup>  | 1702 | 1378 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(h)</sup>  | 1054 | 855 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(h)</sup>  | 823 | 667 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(h)</sup>  | 249 | 201 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(h)</sup>  | 54 | 44 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(h)</sup>  | 775 | 659 |
| Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(h)</sup>  | 28 | 24 |
| Freddie Mac Pool #QD7983 3.50% 3/1/2052 <sup>(h)</sup>  | 456 | 423 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(h)</sup>  | 2852 | 2314 |
| Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(h)</sup>  | 1682 | 1362 |
| Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(h)</sup>  | 1527 | 1237 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(h)</sup>  | 1023 | 828 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(h)</sup>  | 762 | 649 |
| Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(h)</sup>  | 577 | 490 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(h)</sup>  | 335 | 284 |
| Freddie Mac Pool #RA7177 2.50% 4/1/2052 <sup>(h)</sup>  | 133 | 112 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(h)</sup>  | 107 | 91 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(h)</sup>  | 73 | 63 |
| Freddie Mac Pool #QD9765 2.50% 4/1/2052 <sup>(h)</sup>  | 27 | 23 |
| Freddie Mac Pool #QE0744 3.50% 4/1/2052 <sup>(h)</sup>  | 349 | 323 |
| Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(h)</sup>  | 802 | 682 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(h)</sup>  | 153 | 130 |
| Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(h)</sup>  | 113 | 96 |
| Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(h)</sup>  | 28843 | 25619 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(h)</sup>  | 3427 | 2786 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(h)</sup>  | 14498 | 12856 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(h)</sup>  | 282 | 250 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(h)</sup>  | 1748 | 1669 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(h)</sup>  | 10697 | 9055 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(h)</sup>  | 2478 | 2102 |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(h)</sup>  | 336 | 285 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(h)</sup>  | 28640 | 25396 |
| Freddie Mac Pool #QE8277 3.50% 7/1/2052 <sup>(h)</sup>  | 36 | 34 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(h)</sup>  | 1110 | 994 |
| Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(h)</sup>  | 34523 | 34040 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(h)</sup>  | 157 | 154 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(h)</sup>  | 839 | 713 |
| Freddie Mac Pool #RA8252 2.50% 9/1/2052 <sup>(h)</sup>  | 712 | 607 |
| Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(h)</sup>  | 96 | 82 |
| Freddie Mac Pool #QF0925 3.00% 9/1/2052 <sup>(h)</sup>  | 1857 | 1646 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(h)</sup>  | 687 | 674 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(h)</sup>  | 161 | 158 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(h)</sup>  | 101 | 99 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(h)</sup>  | 875 | 879 |
| Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(h)</sup>  | 28 | 27 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(h)</sup>  | 997 | 978 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(h)</sup>  | 67 | 66 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **105** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup>  | USD2,573 | $2523 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(h)</sup>  | 4928 | 4937 |
| Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(h)</sup>  | 221 | 187 |
| Freddie Mac Pool #SD8303 2.50% 1/1/2053 <sup>(h)</sup>  | 68 | 58 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup>  | 11528 | 11302 |
| Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(h)</sup>  | 916 | 777 |
| Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(h)</sup>  | 1774 | 1685 |
| Freddie Mac Pool #RA8676 2.50% 3/1/2053 <sup>(h)</sup>  | 655 | 556 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(h)</sup>  | 2159 | 2061 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(h)</sup>  | 1008 | 1013 |
| Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(h)</sup>  | 9888 | 9394 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(h)</sup>  | 69 | 68 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(h)</sup>  | 9024 | 9040 |
| Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(h)</sup>  | 2887 | 2743 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(h)</sup>  | 3457 | 3462 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(h)</sup>  | 2536 | 2580 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(h)</sup>  | 531 | 556 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(h)</sup>  | 461 | 483 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(h)</sup>  | 437 | 462 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(h)</sup>  | 430 | 453 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(h)</sup>  | 301 | 318 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(h)</sup>  | 241 | 254 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(h)</sup>  | 147 | 153 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(h)</sup>  | 136 | 146 |
| Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(h)</sup>  | 844 | 717 |
| Freddie Mac Pool #SD8356 3.00% 7/1/2053 <sup>(h)</sup>  | 1684 | 1492 |
| Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(h)</sup>  | 7856 | 7462 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(h)</sup>  | 27 | 27 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(h)</sup>  | 7840 | 7977 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(h)</sup>  | 654 | 682 |
| Freddie Mac Pool #SD8359 3.50% 8/1/2053 <sup>(h)</sup>  | 252 | 234 |
| Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(h)</sup>  | 339 | 326 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(h)</sup>  | 24494 | 24916 |
| Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(h)</sup>  | 812 | 689 |
| Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(h)</sup>  | 99 | 84 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(h)</sup>  | 4194 | 4321 |
| Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(h)</sup>  | 24 | 23 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup>  | 83473 | 83578 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(h)</sup>  | 21615 | 21935 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup>  | 670 | 698 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(h)</sup>  | 35 | 36 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(h)</sup>  | 42 | 44 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(h)</sup>  | 494 | 516 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(h)</sup>  | 264 | 275 |
| Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(h)</sup>  | 38 | 38 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup>  | 399 | 406 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(h)</sup>  | 10952 | 11261 |
| Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(h)</sup>  | 299 | 284 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup>  | 10736 | 10901 |
| Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(h)</sup>  | 101 | 105 |
| Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(h)</sup>  | 664 | 630 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(h)</sup>  | 1452 | 1484 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(h)</sup>  | 1070 | 1088 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(h)</sup>  | 343 | 357 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(h)</sup>  | 14898 | 15226 |
| Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(h)</sup>  | 7316 | 7436 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(h)</sup>  | 2917 | 2965 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(h)</sup>  | 484 | 504 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup>  | 413 | 422 |
| Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(h)</sup>  | 1550 | 1604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **106** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup>  | USD1,097 | $1141 |
| Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(h)</sup>  | 1489 | 1550 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(h)</sup>  | 454 | 479 |
| Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(h)</sup>  | 1882 | 1880 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(h)</sup>  | 932 | 946 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(h)</sup>  | 705 | 719 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup>  | 611 | 623 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup>  | 5767 | 5925 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup>  | 2703 | 2789 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(h)</sup>  | 614 | 633 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup>  | 179 | 184 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(h)</sup>  | 9848 | 10237 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(h)</sup>  | 4305 | 4481 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(h)</sup>  | 1824 | 1910 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(h)</sup>  | 335 | 336 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(h)</sup>  | 238 | 238 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(h)</sup>  | 213 | 213 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(h)</sup>  | 5901 | 6000 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(h)</sup>  | 3678 | 3742 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(h)</sup>  | 3436 | 3499 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(h)</sup>  | 1078 | 1102 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(h)</sup>  | 618 | 630 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup>  | 5363 | 5510 |
| Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(h)</sup>  | 2685 | 2796 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(h)</sup>  | 2546 | 2624 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup>  | 1659 | 1715 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(h)</sup>  | 860 | 885 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(h)</sup>  | 208 | 214 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(h)</sup>  | 2356 | 2449 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(h)</sup>  | 1562 | 1635 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(h)</sup>  | 1234 | 1290 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(h)</sup>  | 678 | 708 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(h)</sup>  | 3467 | 3526 |
| Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(h)</sup>  | 2735 | 2799 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(h)</sup>  | 2212 | 2246 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup>  | 2189 | 2226 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(h)</sup>  | 1461 | 1496 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(h)</sup>  | 1324 | 1348 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup>  | 1071 | 1087 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup>  | 5690 | 5867 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup>  | 3067 | 3171 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup>  | 2911 | 3030 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup>  | 2831 | 2946 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup>  | 1661 | 1712 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(h)</sup>  | 1611 | 1655 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(h)</sup>  | 1050 | 1097 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(h)</sup>  | 532 | 558 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(h)</sup>  | 340 | 354 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(h)</sup>  | 200 | 209 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(h)</sup>  | 99 | 103 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup>  | 1457 | 1479 |
| Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(h)</sup>  | 2016 | 1981 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup>  | 116 | 114 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(h)</sup>  | 5046 | 5041 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup>  | 6112 | 6202 |
| Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(h)</sup>  | 5252 | 5339 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(h)</sup>  | 5602 | 5591 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(h)</sup>  | 3365 | 3378 |
| Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(h)</sup>  | 849 | 852 |
| Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(h)</sup>  | 277 | 278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **107** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup>  | USD3,023 | $3068 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(h)</sup>  | 1208 | 1231 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup>  | 277 | 281 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(h)</sup>  | 4043 | 4103 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(h)</sup>  | 9673 | 9938 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(h)</sup>  | 1671 | 1717 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(h)</sup>  | 3031 | 2878 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(h)</sup>  | 3536 | 3454 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(h)</sup>  | 165 | 168 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup>  | 28738 | 29525 |
| Freddie Mac Pool #SL0588 3.50% 3/1/2055 <sup>(h)</sup>  | 231 | 214 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup>  | 987 | 1002 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(h)</sup>  | 2499 | 2567 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(h)</sup>  | 13606 | 14143 |
| Freddie Mac Pool #QY1239 4.00% 4/1/2055 <sup>(h)</sup>  | 1683 | 1597 |
| Freddie Mac Pool #QX9668 4.00% 4/1/2055 <sup>(h)</sup>  | 470 | 446 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup>  | 1655 | 1654 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(h)</sup>  | 4818 | 4951 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup>  | 3113 | 3199 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(h)</sup>  | 84 | 86 |
| Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(h)</sup>  | 4230 | 4398 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(h)</sup>  | 3077 | 3122 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)(j)</sup>  | 61437 | 63132 |
| Freddie Mac Pool #QY3774 6.00% 5/1/2055 <sup>(h)</sup>  | 4291 | 4410 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(h)</sup>  | 664 | 682 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(h)</sup>  | 616 | 633 |
| Freddie Mac Pool #RJ4529 6.00% 5/1/2055 <sup>(h)</sup>  | 190 | 195 |
| Freddie Mac Pool #QY5967 4.00% 6/1/2055 <sup>(h)</sup>  | 1558 | 1479 |
| Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(h)</sup>  | 526 | 499 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup>  | 75 | 76 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(h)</sup>  | 7332 | 7621 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(h)</sup>  | 331 | 314 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(h)</sup>  | 3943 | 3935 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(h)</sup>  | 4154 | 4214 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(h)(j)</sup>  | 90173 | 92616 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(h)</sup>  | 415 | 427 |
| Freddie Mac Pool #SL1959 6.50% 7/1/2055 <sup>(h)</sup>  | 1072 | 1115 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(h)</sup>  | 2884 | 2962 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(h)</sup>  | 297 | 301 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(h)</sup>  | 253 | 260 |
| Freddie Mac Pool #RQ0061 4.00% 11/1/2055 <sup>(h)</sup>  | 1706 | 1619 |
| Freddie Mac, Series T041, Class 3A, 4.449% 7/25/2032 <sup>(h)(i)</sup>  | 139 | 129 |
| Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(h)</sup>  | 10192 | 10682 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(h)</sup>  | 1948 | 1862 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(h)(i)</sup>  | 833 | 804 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(h)</sup>  | 3860 | 3666 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(h)(i)</sup>  | 3708 | 3540 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(h)(i)</sup>  | 737 | 674 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(h)</sup>  | 614 | 561 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(h)(i)</sup>  | 1159 | 1139 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(h)</sup>  | 1582 | 1425 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(h)</sup>  | 6428 | 6267 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(h)</sup>  | 3766 | 3548 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(h)</sup>  | 1503 | 1481 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(h)</sup>  | 2920 | 2874 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(h)</sup>  | 2455 | 2396 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(h)</sup>  | 1831 | 1742 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(h)</sup>  | 269 | 255 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(h)</sup>  | 241 | 239 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(h)</sup>  | 144 | 142 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **108** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(h)</sup>  | USD6,356 | $5271 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(h)</sup>  | 63574 | 52712 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(h)</sup>  | 1236 | 1226 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(h)</sup>  | 344 | 342 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(h)</sup>  | 132 | 114 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(h)</sup>  | 18684 | 16136 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(h)</sup>  | 4536 | 3918 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(h)</sup>  | 17043 | 15345 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(h)</sup>  | 733 | 633 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(h)</sup>  | 12969 | 11676 |
| Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(h)</sup>  | 122 | 112 |
| Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(h)</sup>  | 771 | 669 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(h)</sup>  | 600 | 554 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(h)</sup>  | 9110 | 8671 |
| Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(h)</sup>  | 28825 | 26445 |
| Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(h)</sup>  | 2027 | 1753 |
| Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(h)</sup>  | 1747 | 1512 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(h)</sup>  | 2799 | 2742 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(h)</sup>  | 23698 | 23224 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(h)</sup>  | 5029 | 4780 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(h)</sup>  | 1995 | 1489 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(h)(k)</sup>  | 1152 | 932 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(h)(k)</sup>  | 4130 | 3654 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(h)(k)</sup>  | 1189 | 1099 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(h)(k)</sup>  | 14723 | 13967 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(h)(k)</sup>  | 4947 | 4830 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(h)(k)</sup>  | 29825 | 30627 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(h)(k)</sup>  | 9035 | 9391 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(h)(k)</sup>  | 10503 | 8490 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(h)(k)</sup>  | 113416 | 104506 |
|  |  | 2549588 |
| **Commercial mortgage-backed securities 0.76%** |  |  |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(h)</sup>  | 1400 | 1376 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(h)</sup>  | 645 | 660 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(h)</sup>  | 5368 | 5651 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(h)(i)</sup>  | 857 | 914 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(h)</sup>  | 4615 | 4806 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(h)</sup>  | 1380 | 1446 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(h)(i)</sup>  | 4062 | 4274 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(h)(i)</sup>  | 1914 | 2003 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(h)</sup>  | 2909 | 2672 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(h)(i)</sup>  | 490 | 487 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(h)</sup>  | 3006 | 3120 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(h)(i)</sup>  | 1792 | 1930 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(h)(i)</sup>  | 1828 | 1896 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(h)</sup>  | 1000 | 991 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(h)</sup>  | 2960 | 2679 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(h)(i)</sup>  | 750 | 754 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(h)</sup>  | 2112 | 2196 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(h)(i)</sup>  | 590 | 615 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(h)</sup>  | 618 | 637 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(h)(i)</sup>  | 1750 | 1776 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(h)</sup>  | 1117 | 1171 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(h)(i)</sup>  | 6990 | 7282 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(i)</sup>  | 1450 | 1508 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(h)(i)</sup>  | 3334 | 3493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **109** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%) <br> 5.45% 12/15/2042 <sup>(f)(h)(i)</sup>  | USD3,083 | $3092 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 4.454% 9/15/2034 <sup>(f)(h)(i)</sup>  | 5525 | 5513 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(f)(h)(i)</sup>  | 4099 | 4097 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(f)(h)(i)</sup>  | 6334 | 6332 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.192% 4/15/2041 <sup>(f)(h)(i)</sup>  | 4009 | 4017 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(h)(i)</sup>  | 11410 | 11577 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(h)(i)</sup>  | 7395 | 7419 |
| &nbsp;&nbsp;&nbsp;&nbsp; CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(f)(h)(i)</sup>  | 1153 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.091% <br> 7/15/2041 <sup>(f)(h)(i)</sup>  | 1414 | 1420 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(h)(i)</sup>  | 5162 | 5161 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(h)(i)</sup>  | 3606 | 3718 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(f)(h)</sup>  | 3677 | 3789 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(f)(h)(i)</sup>  | 5942 | 6067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(f)(h)(i)</sup>  | 2748 | 2757 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(f)(h)</sup>  | 3795 | 3409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 5.441% <br> 5/15/2041 <sup>(f)(h)(i)</sup>  | 8302 | 8335 |
| GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/10/2038 <sup>(f)(h)(i)</sup>  | 1214 | 1215 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(h)</sup>  | 2489 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(f)(h)(i)</sup>  | 2059 | 2064 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(h)(i)</sup>  | 5246 | 5445 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(h)(i)</sup>  | 10151 | 10533 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(f)(h)</sup>  | 1522 | 1378 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(f)(h)</sup>  | 578 | 523 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039 <sup>(f)(h)(i)</sup>  | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + <br> 1.593%) 5.343% 11/15/2039 <sup>(f)(h)(i)</sup>  | 1960 | 1966 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(f)(h)</sup>  | 13772 | 13256 |
| Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.791% 4/15/2055 <sup>(h)(i)</sup>  | 370 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 5/25/2055 <sup>(f)(h)(i)</sup>  | 577 | 580 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(h)(i)</sup>  | 627 | 629 |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.25% 9/15/2042 <sup>(f)(h)(i)</sup>  | 1543 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.142% 5/15/2039 <sup>(f)(h)(i)</sup>  | 3964 | 3963 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(f)(h)</sup>  | 2194 | 1964 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 4.595% 11/15/2038 <sup>(f)(h)(i)</sup>  | 4033 | 4032 |
| &nbsp;&nbsp;&nbsp;&nbsp; StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + <br> 1.00%) 4.75% 1/15/2039 <sup>(f)(h)(i)</sup>  | 10709 | 10712 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(f)(h)(i)</sup>  | 9322 | 9250 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 <sup>(f)(h)(i)</sup>  | 345 | 349 |
| Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(h)(i)</sup>  | 1620 | 1553 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(h)</sup>  | 430 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + <br> 2.789%) 6.539% 11/15/2027 <sup>(f)(h)(i)</sup>  | 5000 | 5040 |
|  |  | 211372 |
| **Collateralized mortgage-backed obligations (privately originated) 0.25%** |  |  |
| Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(f)(h)(l)</sup>  | 5331 | 5374 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(h)(i)</sup>  | 563 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br>5/1/2027) <sup>(f)(h)(l)</sup>  | 461 | 465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **110** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(h)(i)</sup>  | USD5,105 | $5011 |
| CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(f)(h)(l)</sup>  | 1487 | 1483 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(f)(h)(l)</sup>  | 2457 | 2474 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(h)</sup>  | 104 | 106 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(f)(h)</sup>  | 6393 | 6198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(h)(i)</sup>  | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.25%) 5.124% 5/25/2044 <sup>(f)(h)(i)</sup>  | 3385 | 3399 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(f)(h)</sup>  | 3062 | 2999 |
| IRV Trust, Series 2025-200P, Class A, 5.295% 3/14/2047 <sup>(f)(h)(i)</sup>  | 6890 | 7081 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(h)</sup>  | 180 | 180 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1943 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(f)(h)(l)</sup>  | 2073 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on <br> 5/1/2029) <sup>(f)(h)(l)</sup>  | 567 | 572 |
| Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(f)(h)(l)</sup>  | 4261 | 4237 |
| Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1833 | 1843 |
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(f)(h)</sup>  | 2436 | 2405 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(f)(h)</sup>  | 2635 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(f)(h)(i)</sup>  | 4921 | 4941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(f)(h)(i)</sup>  | 674 | 675 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(f)(h)</sup>  | 2312 | 2250 |
| Verus Securitization Trust, Series 2025-R1, Class A1, 5.402% 5/25/2065 (6.402% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1048 | 1056 |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(f)(h)(l)</sup>  | 1616 | 1623 |
| Verus Securitization Trust, Series 2024-R1, Class A1, 5.218% 9/25/2069 <sup>(f)(h)(i)</sup>  | 1754 | 1757 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(f)(h)(l)</sup>  | 1104 | 1114 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(f)(h)(l)</sup>  | 492 | 494 |
| Verus Securitization Trust, Series 2025-8, Class A1A, 4.869% 9/25/2070 (5.869% on 9/1/2029) <sup>(f)(h)(l)</sup>  | 2504 | 2507 |
|  |  | 67499 |
| **Total mortgage-backed obligations** |  | 2828459 |
| **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** |
| **U.S. Treasury 8.20%** |  |  |
| U.S. Treasury 0.50% 2/28/2026  | 42515 | 42299 |
| U.S. Treasury 4.625% 2/28/2026  | 1878 | 1881 |
| U.S. Treasury 3.625% 5/15/2026  | 1071 | 1071 |
| U.S. Treasury 4.625% 6/30/2026  | 17210 | 17301 |
| U.S. Treasury 4.125% 2/15/2027  | 1258 | 1266 |
| U.S. Treasury 2.625% 5/31/2027  | 96250 | 95098 |
| U.S. Treasury 0.50% 6/30/2027  | 28098 | 26887 |
| U.S. Treasury 3.75% 6/30/2027  | 18100 | 18170 |
| U.S. Treasury 4.125% 9/30/2027  | 90000 | 90969 |
| U.S. Treasury 3.375% 11/30/2027  | 118 | 118 |
| U.S. Treasury 4.00% 12/15/2027  | 40000 | 40391 |
| U.S. Treasury 3.375% 12/31/2027  | 233676 | 233229 |
| U.S. Treasury 4.00% 2/29/2028  | 46200 | 46687 |
| U.S. Treasury 3.625% 3/31/2028  | 9 | 9 |
| U.S. Treasury 3.50% 4/30/2028  | 5600 | 5599 |
| U.S. Treasury 3.50% 12/15/2028  | 66245 | 66170 |
| U.S. Treasury 4.00% 1/31/2029  | 8844 | 8958 |
| U.S. Treasury 2.875% 4/30/2029  | 50000 | 48902 |
| U.S. Treasury 4.25% 6/30/2029  | 28885 | 29502 |
| U.S. Treasury 4.00% 3/31/2030  | 83865 | 84946 |
| U.S. Treasury 0.625% 5/15/2030  | 9358 | 8214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **111** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.875% 6/30/2030  | USD21,920 | $22087 |
| U.S. Treasury 4.00% 7/31/2030  | 8160 | 8265 |
| U.S. Treasury 4.875% 10/31/2030  | 35491 | 37293 |
| U.S. Treasury 3.50% 11/30/2030  | 7890 | 7813 |
| U.S. Treasury 3.625% 12/31/2030  | 426135 | 424188 |
| U.S. Treasury 4.25% 6/30/2031  | 17165 | 17561 |
| U.S. Treasury 2.875% 5/15/2032  | 50000 | 47164 |
| U.S. Treasury 4.00% 6/30/2032  | 17325 | 17435 |
| U.S. Treasury 4.125% 11/15/2032  | 648 | 656 |
| U.S. Treasury 3.875% 12/31/2032  | 97124 | 96737 |
| U.S. Treasury 3.50% 2/15/2033  | 27034 | 26284 |
| U.S. Treasury 3.875% 8/15/2033 <sup>(j)</sup>  | 114911 | 114031 |
| U.S. Treasury 4.375% 5/15/2034  | 14285 | 14611 |
| U.S. Treasury 4.25% 11/15/2034  | 2075 | 2098 |
| U.S. Treasury 4.00% 11/15/2035  | 126327 | 124610 |
| U.S. Treasury 1.375% 11/15/2040  | 51338 | 33394 |
| U.S. Treasury 1.75% 8/15/2041  | 24960 | 16877 |
| U.S. Treasury 2.00% 11/15/2041  | 1058 | 740 |
| U.S. Treasury 4.625% 5/15/2044  | 14927 | 14680 |
| U.S. Treasury 5.00% 5/15/2045  | 3325 | 3418 |
| U.S. Treasury 4.625% 11/15/2045  | 100612 | 98443 |
| U.S. Treasury 2.50% 2/15/2046  | 3365 | 2347 |
| U.S. Treasury 3.00% 5/15/2047  | 8383 | 6305 |
| U.S. Treasury 3.00% 2/15/2048  | 301 | 225 |
| U.S. Treasury 2.25% 2/15/2052  | 72025 | 43815 |
| U.S. Treasury 4.00% 11/15/2052  | 5700 | 4953 |
| U.S. Treasury 3.625% 2/15/2053 <sup>(j)</sup>  | 121025 | 98188 |
| U.S. Treasury 3.625% 5/15/2053  | 18989 | 15393 |
| U.S. Treasury 4.25% 2/15/2054  | 17191 | 15578 |
| U.S. Treasury 4.25% 8/15/2054  | 37315 | 33817 |
| U.S. Treasury 4.625% 2/15/2055  | 6175 | 5961 |
| U.S. Treasury 4.75% 8/15/2055  | 46670 | 45984 |
|  |  | 2268618 |
| **U.S. Treasury inflation-protected securities 0.04%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(m)</sup>  | 12655 | 12008 |
| **Total U.S. Treasury bonds & notes** |  | 2280626 |
| **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** |
| **Financials 1.38%** |  |  |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 4890 | 4825 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(f)</sup>  | 4470 | 4505 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(f)</sup>  | 1940 | 1936 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(f)</sup>  | 2295 | 2305 |
| Ally Financial, Inc. 8.00% 11/1/2031  | 2688 | 3054 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(l)</sup>  | 2407 | 2630 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(l)</sup>  | 2885 | 2998 |
| American International Group, Inc. 5.125% 3/27/2033  | 2187 | 2252 |
| American International Group, Inc. 5.45% 5/7/2035  | 530 | 552 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(f)</sup>  | 1348 | 1327 |
| Aon North America, Inc. 5.45% 3/1/2034  | 600 | 624 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(f)</sup>  | 2415 | 2520 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(f)</sup>  | 1250 | 1261 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 3194 | 3229 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 567 | 545 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(f)</sup>  | 3600 | 3737 |
| Athene Holding, Ltd. 6.625% 5/19/2055  | 770 | 785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **112** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(l)</sup>  | USD2,176 | $2066 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(l)</sup>  | 485 | 463 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(l)</sup>  | 5533 | 5776 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(l)</sup>  | 1000 | 895 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(l)</sup>  | 4064 | 4185 |
| Bank of Montreal 4.10% 12/15/2027 (USD-SOFR + 0.525% on 12/15/2026) <sup>(l)</sup>  | 2000 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on <br> 2/11/2030) <sup>(f)(l)</sup>  | 2220 | 2337 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026  | 448 | 447 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 8721 | 8902 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 2020 | 2041 |
| Block, Inc. 5.625% 8/15/2030 <sup>(f)</sup>  | 2110 | 2154 |
| Block, Inc. 3.50% 6/1/2031  | 2325 | 2187 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 1230 | 1226 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 800 | 825 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(f)(l)</sup>  | 2535 | 2400 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(f)</sup>  | 1150 | 1223 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(f)(l)</sup>  | 8155 | 8527 |
| Brown & Brown, Inc. 4.60% 12/23/2026  | 1250 | 1257 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 358 | 367 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 7665 | 7864 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 5952 | 6197 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(f)(l)</sup>  | 938 | 975 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 880 | 878 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4623 | 4731 |
| Chubb INA Holdings, LLC 4.90% 8/15/2035  | 600 | 603 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 400 | 350 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(f)</sup>  | 1845 | 1881 |
| Citibank, NA 4.914% 5/29/2030  | 4825 | 4965 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(l)</sup>  | 6497 | 6591 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(l)</sup>  | 2242 | 2301 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(l)</sup>  | 4257 | 4294 |
| Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030) <sup>(l)</sup>  | 53 | 49 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(l)</sup>  | 2506 | 2246 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(l)</sup>  | 1299 | 1361 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(l)</sup>  | 1551 | 1587 |
| CME Group, Inc. 3.75% 6/15/2028  | 3069 | 3074 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(f)</sup>  | 6514 | 6211 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(f)</sup>  | 5766 | 5145 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 914 | 909 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 556 | 547 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 315 | 299 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 182 | 156 |
| Corebridge Financial, Inc. 4.40% 4/5/2052  | 438 | 356 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(l)</sup>  | 6650 | 6542 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(l)</sup>  | 1109 | 1127 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(l)</sup>  | 2016 | 2111 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(l)</sup>  | 750 | 801 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(l)</sup>  | 300 | 286 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(f)</sup>  | 3600 | 3604 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(l)</sup>  | 1970 | 1937 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(l)</sup>  | 3584 | 3529 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(l)</sup>  | 1375 | 1437 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(l)</sup>  | 2184 | 2214 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(l)</sup>  | 5033 | 5022 |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(l)</sup>  | 1443 | 1433 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(l)</sup>  | 1792 | 1389 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(l)</sup>  | 937 | 858 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(l)</sup>  | 873 | 794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **113** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(l)</sup>  | USD15,084 | $15569 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(l)</sup>  | 809 | 855 |
| HSBC Holdings PLC 5.133% 11/6/2036 (USD-SOFR + 1.43% on 11/6/2035) <sup>(l)</sup>  | 480 | 481 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(l)</sup>  | 537 | 589 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(f)</sup>  | 690 | 725 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031  | 2020 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% <br> on 11/21/2032) <sup>(f)(l)</sup>  | 4122 | 4869 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(f)</sup>  | 560 | 568 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(f)</sup>  | 1485 | 1411 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(f)</sup>  | 4700 | 4909 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(f)</sup>  | 330 | 347 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(l)</sup>  | 2666 | 2659 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(l)</sup>  | 1066 | 1077 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(l)</sup>  | 1550 | 1557 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(l)</sup>  | 3351 | 3395 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(l)</sup>  | 3630 | 3666 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(l)</sup>  | 4250 | 4478 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(l)</sup>  | 927 | 967 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(l)</sup>  | 4261 | 4322 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(l)</sup>  | 2360 | 2105 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(l)</sup>  | 1081 | 1116 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(l)</sup>  | 2931 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(l)</sup>  | 1222 | 1207 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029  | 1705 | 1723 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031  | 7000 | 7184 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2250 | 2280 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049  | 719 | 652 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051  | 920 | 586 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2000 | 1927 |
| Mastercard, Inc. 4.35% 1/15/2032  | 551 | 554 |
| Mastercard, Inc. 4.85% 3/9/2033  | 258 | 265 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(f)</sup>  | 1600 | 1647 |
| Morgan Stanley 3.125% 7/27/2026  | 325 | 324 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(l)</sup>  | 2013 | 2053 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(l)</sup>  | 3995 | 4086 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(l)</sup>  | 1547 | 1597 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(l)</sup>  | 3121 | 3201 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(l)</sup>  | 875 | 903 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(l)</sup>  | 575 | 540 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(l)</sup>  | 410 | 423 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(l)</sup>  | 3906 | 3894 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(l)</sup>  | 6468 | 6413 |
| Navient Corp. 6.75% 6/15/2026  | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029  | 11105 | 11032 |
| Navient Corp. 11.50% 3/15/2031  | 4860 | 5447 |
| Navient Corp. 7.875% 6/15/2032  | 1095 | 1147 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(f)</sup>  | 529 | 525 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(f)</sup>  | 1132 | 1129 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(f)</sup>  | 2240 | 2194 |
| PayPal Holdings, Inc. 2.65% 10/1/2026  | 593 | 588 |
| PayPal Holdings, Inc. 2.30% 6/1/2030  | 552 | 511 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(f)</sup>  | 1375 | 1436 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(f)</sup>  | 221 | 233 |
| PNC Bank, NA 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(l)</sup>  | 1720 | 1723 |
| PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) <sup>(l)</sup>  | 442 | 455 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(l)</sup>  | 596 | 622 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028  | 383 | 392 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028  | 350 | 368 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **114** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Power Finance Corp., Ltd. 4.50% 6/18/2029  | USD554 | $554 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030  | 1213 | 1183 |
| Prudential Financial, Inc. 4.35% 2/25/2050  | 1976 | 1644 |
| Prudential Financial, Inc. 3.70% 3/13/2051  | 677 | 507 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(f)</sup>  | 1230 | 1295 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(f)</sup>  | 2110 | 2081 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(f)</sup>  | 1505 | 1455 |
| SLM Corp. 6.50% 1/31/2030  | 1460 | 1513 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(f)</sup>  | 3580 | 3560 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(f)</sup>  | 4650 | 4701 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(f)</sup>  | 970 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.582% on 4/2/2029) <sup>(f)(l)</sup>  | 1000 | 1008 |
| Travelers Cos., Inc. 4.00% 5/30/2047  | 771 | 629 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(l)</sup>  | 2000 | 2004 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(l)</sup>  | 1677 | 1809 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(l)</sup>  | 506 | 520 |
| U.S. Bancorp 2.375% 7/22/2026  | 3584 | 3558 |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(l)</sup>  | 3808 | 3959 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD CME Term SOFR + 1.672% on 1/12/2028) <sup>(f)(l)</sup>  | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br>2/8/2029) <sup>(f)(l)</sup>  | 3575 | 3699 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(f)</sup>  | 625 | 629 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(f)</sup>  | 5950 | 6317 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(l)</sup>  | 6295 | 6426 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(l)</sup>  | 358 | 350 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(l)</sup>  | 6474 | 6842 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(l)</sup>  | 3360 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 11/15/2030) <sup>(l)</sup>  | 2980 | 2701 |
| Westpac Banking Corp. 2.963% 11/16/2040  | 1344 | 1025 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(f)</sup>  | 1025 | 1053 |
|  |  | 381858 |
| **Communication services 1.00%** |  |  |
| Alphabet, Inc. 4.375% 11/15/2032  | 177 | 178 |
| Alphabet, Inc. 4.70% 11/15/2035  | 4643 | 4646 |
| Alphabet, Inc. 5.25% 5/15/2055  | 4660 | 4467 |
| Alphabet, Inc. 5.45% 11/15/2055  | 7155 | 7024 |
| Alphabet, Inc. 5.30% 5/15/2065  | 1654 | 1557 |
| Altice France 6.50% 4/15/2032 <sup>(f)</sup>  | 3440 | 3300 |
| AT&T, Inc. 3.50% 9/15/2053  | 5140 | 3442 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(f)</sup>  | 3200 | 3197 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(f)</sup>  | 1350 | 1290 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(f)</sup>  | 3115 | 2849 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 7189 | 6457 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(f)</sup>  | 2085 | 1828 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(f)</sup>  | 3260 | 2775 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 4823 | 3627 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 5493 | 3471 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 11863 | 7667 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 4965 | 3933 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 1048 | 1006 |
| Comcast Corp. 2.35% 1/15/2027  | 57 | 56 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(f)</sup>  | 8125 | 8629 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(f)</sup>  | 1400 | 1201 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(f)</sup>  | 2352 | 2367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **115** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(f)</sup>  | USD2,825 | $2862 |
| Discovery Communications, LLC 4.125% 5/15/2029  | 1100 | 1064 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(f)</sup>  | 10154 | 10574 |
| EchoStar Corp. 10.75% 11/30/2029  | 6925 | 7663 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(g)</sup>  | 3759 | 3855 |
| Embarq, LLC 7.995% 6/1/2036  | 8084 | 3355 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(f)</sup>  | 6550 | 6604 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 5591 | 5663 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(f)</sup>  | 3196 | 3253 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(f)</sup>  | 1100 | 1150 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(f)</sup>  | 6574 | 7081 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(f)</sup>  | 1656 | 1286 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(f)</sup>  | 4790 | 3596 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(f)</sup>  | 495 | 514 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(f)(g)(n)</sup>  | 7520 | 1918 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(f)</sup>  | 815 | 851 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 10688 | 10777 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 11777 | 11766 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 3092 | 3004 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 7084 | 6596 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 4890 | 4697 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 3180 | 3036 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(f)</sup>  | 1875 | 1886 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(f)</sup>  | 2950 | 2930 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(f)</sup>  | 7802 | 7635 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(f)</sup>  | 1375 | 1437 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(f)</sup>  | 6650 | 6509 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(f)</sup>  | 7282 | 6931 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(f)</sup>  | 7547 | 6955 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032  | 2185 | 2120 |
| T-Mobile USA, Inc. 1.50% 2/15/2026  | 52 | 52 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | 34 | 33 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 1918 | 1955 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 416 | 424 |
| T-Mobile USA, Inc. 5.30% 5/15/2035  | 3347 | 3433 |
| T-Mobile USA, Inc. 4.95% 11/15/2035  | 833 | 828 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(f)</sup>  | 300 | 311 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(f)</sup>  | 6234 | 5993 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(f)</sup>  | 1216 | 1240 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(f)</sup>  | 1375 | 1479 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 410 | 375 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 4078 | 3595 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 3196 | 3194 |
| Verizon Communications, Inc. 5.05% 5/9/2033  | 1946 | 1997 |
| Verizon Communications, Inc. 5.25% 4/2/2035  | 5810 | 5907 |
| Verizon Communications, Inc. 5.00% 1/15/2036  | 6873 | 6817 |
| Verizon Communications, Inc. 5.401% 7/2/2037 <sup>(f)</sup>  | 181 | 183 |
| Verizon Communications, Inc. 2.85% 9/3/2041  | 238 | 172 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 1493 | 1483 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 2781 | 2750 |
| Verizon Communications, Inc. 2.987% 10/30/2056  | 1537 | 916 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 1681 | 1661 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(f)</sup>  | 1445 | 1492 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 2163 | 2152 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 825 | 803 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 6050 | 5318 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 9640 | 6808 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 1425 | 942 |
|  |  | 275790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **116** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary 0.91%** |  |  |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031  | USD501 | $455 |
| Alibaba Group Holding, Ltd. 4.50% 11/28/2034  | 766 | 757 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037  | 200 | 184 |
| Amazon.com, Inc. 4.10% 11/20/2030  | 1700 | 1702 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 7700 | 7672 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 6392 | 6243 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(f)</sup>  | 2115 | 2081 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(f)(g)</sup>  | 7125 | 7871 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(f)</sup>  | 2375 | 2341 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(f)</sup>  | 1500 | 1517 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(f)</sup>  | 1270 | 1312 |
| Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(f)</sup>  | 6570 | 6672 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(f)</sup>  | 604 | 616 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(f)</sup>  | 1350 | 1285 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(f)</sup>  | 3281 | 3370 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(f)</sup>  | 8140 | 8387 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(f)</sup>  | 5937 | 6023 |
| Flutter Treasury DAC 6.125% 6/4/2031  | GBP1,700 | 2312 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | USD2,111 | 2215 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3385 | 3460 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 6830 | 7014 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 6818 | 6926 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 4600 | 4813 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 1425 | 1531 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 10930 | 11111 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 4800 | 4975 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 16021 | 15829 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030  | 10705 | 11058 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 5417 | 5651 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(f)</sup>  | 3525 | 3563 |
| Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(f)</sup>  | 1385 | 1428 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(f)</sup>  | 1885 | 1806 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(f)</sup>  | 3580 | 3480 |
| Home Depot, Inc. 1.50% 9/15/2028  | 3000 | 2832 |
| Home Depot, Inc. 3.90% 12/6/2028  | 825 | 828 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1174 | 1136 |
| Home Depot, Inc. 1.875% 9/15/2031  | 3000 | 2646 |
| Home Depot, Inc. 4.50% 12/6/2048  | 428 | 370 |
| Home Depot, Inc. 5.30% 6/25/2054  | 3000 | 2872 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 3726 | 3796 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 3520 | 3690 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(f)</sup>  | 762 | 753 |
| Hyundai Capital America 5.45% 6/24/2026 <sup>(f)</sup>  | 3905 | 3929 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(f)</sup>  | 1334 | 1349 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(f)</sup>  | 6273 | 6381 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(f)</sup>  | 2311 | 2244 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(f)</sup>  | 4992 | 5071 |
| Hyundai Capital America 2.10% 9/15/2028 <sup>(f)</sup>  | 2756 | 2608 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(f)</sup>  | 10081 | 10392 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(f)</sup>  | 4980 | 5098 |
| Hyundai Capital America 5.40% 1/8/2031 <sup>(f)</sup>  | 991 | 1024 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(f)</sup>  | 2445 | 2448 |
| KB Home 7.25% 7/15/2030  | 1295 | 1339 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(f)</sup>  | 440 | 434 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(f)</sup>  | 1025 | 1085 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(f)</sup>  | 2900 | 2806 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(f)</sup>  | 1025 | 986 |
| Marriott International, Inc. 4.90% 4/15/2029  | 1207 | 1236 |
| Marriott International, Inc. 2.75% 10/15/2033  | 2500 | 2188 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(f)</sup>  | 528 | 505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **117** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| McDonald's Corp. 4.60% 9/9/2032  | USD642 | $654 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(f)</sup>  | 1710 | 1711 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(f)</sup>  | 715 | 751 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 1850 | 1846 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 535 | 523 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 385 | 374 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 1025 | 964 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 475 | 397 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(f)</sup>  | 320 | 313 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(f)</sup>  | 1940 | 2037 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(f)</sup>  | 1600 | 1701 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(f)</sup>  | 1220 | 1297 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(c)</sup>  | 1355 | 27 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(f)</sup>  | 910 | 917 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(f)</sup>  | 1030 | 1059 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 6767 | 6798 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 920 | 962 |
| Sands China, Ltd. 2.30% 3/8/2027  | 1859 | 1817 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(f)</sup>  | 530 | 471 |
| Starbucks Corp. 5.00% 2/15/2034  | 1457 | 1489 |
| Starbucks Corp. 5.40% 5/15/2035  | 2997 | 3118 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026  | 384 | 384 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027  | 2240 | 2199 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(f)</sup>  | 2100 | 2057 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(f)</sup>  | 1475 | 1449 |
|  |  | 251021 |
| **Health care 0.80%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(f)</sup>  | 5606 | 5834 |
| AbbVie, Inc. 5.20% 3/15/2035  | 3056 | 3166 |
| AbbVie, Inc. 5.40% 3/15/2054  | 4085 | 3975 |
| AbbVie, Inc. 5.60% 3/15/2055  | 2261 | 2268 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(f)</sup>  | 545 | 551 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(f)</sup>  | 1990 | 1937 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(f)</sup>  | 945 | 926 |
| Amgen, Inc. 5.25% 3/2/2030  | 129 | 134 |
| Amgen, Inc. 5.25% 3/2/2033  | 4050 | 4194 |
| Amgen, Inc. 5.60% 3/2/2043  | 1500 | 1510 |
| Amgen, Inc. 5.65% 3/2/2053  | 2464 | 2414 |
| Amgen, Inc. 4.40% 2/22/2062  | 1521 | 1190 |
| Amgen, Inc. 5.75% 3/2/2063  | 231 | 226 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028  | 1677 | 1603 |
| AstraZeneca Finance, LLC 4.90% 2/26/2031  | 1658 | 1717 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031  | 665 | 606 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 3181 | 3293 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(f)</sup>  | 4000 | 3964 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(f)</sup>  | 1236 | 1107 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(f)</sup>  | 620 | 643 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(f)</sup>  | 1000 | 656 |
| Baxter International, Inc. 1.915% 2/1/2027  | 2061 | 2012 |
| Baxter International, Inc. 2.272% 12/1/2028  | 3180 | 3003 |
| Baxter International, Inc. 4.45% 2/15/2029  | 259 | 260 |
| Baxter International, Inc. 4.90% 12/15/2030  | 941 | 949 |
| Baxter International, Inc. 5.65% 12/15/2035  | 682 | 690 |
| Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(f)</sup>  | 5419 | 5498 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(f)</sup>  | 3092 | 3254 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 187 | 195 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 825 | 858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **118** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(f)</sup>  | USD1,750 | $1756 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(f)</sup>  | 257 | 281 |
| Cigna Group (The) 5.25% 1/15/2036  | 7390 | 7528 |
| Cigna Group (The) 6.00% 1/15/2056  | 4957 | 5101 |
| CVS Health Corp. 5.00% 1/30/2029  | 3831 | 3913 |
| CVS Health Corp. 5.40% 6/1/2029  | 4144 | 4294 |
| CVS Health Corp. 5.55% 6/1/2031  | 3039 | 3182 |
| CVS Health Corp. 5.70% 6/1/2034  | 4053 | 4249 |
| CVS Health Corp. 6.20% 9/15/2055  | 4630 | 4704 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(f)</sup>  | 2865 | 2653 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(f)</sup>  | 810 | 844 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(f)</sup>  | 1600 | 1660 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 610 | 624 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 308 | 279 |
| Elevance Health, Inc. 5.70% 9/15/2055  | 7000 | 6863 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 8075 | 8351 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(f)</sup>  | 2200 | 2328 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 1522 | 1556 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 2642 | 2777 |
| Gilead Sciences, Inc. 5.10% 6/15/2035  | 500 | 513 |
| Humana, Inc. 5.375% 4/15/2031  | 2862 | 2960 |
| Humana, Inc. 5.55% 5/1/2035  | 6289 | 6424 |
| Humana, Inc. 5.75% 4/15/2054  | 1359 | 1284 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(f)</sup>  | 2885 | 3018 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(f)</sup>  | 2050 | 2122 |
| Medtronic Global Holdings S.C.A. 4.25% 3/30/2028  | 1983 | 1998 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(f)</sup>  | 545 | 536 |
| Novant Health, Inc. 3.168% 11/1/2051  | 3360 | 2246 |
| Novartis Capital Corp. 2.00% 2/14/2027  | 570 | 560 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(f)</sup>  | 6269 | 4260 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(f)</sup>  | 2300 | 1470 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 1000 | 947 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(f)</sup>  | 4445 | 4649 |
| Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(f)</sup>  | 3450 | 3476 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(f)</sup>  | 2244 | 2240 |
| Summa Health 3.511% 11/15/2051  | 1483 | 1200 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 8987 | 9158 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055  | 656 | 664 |
| Tenet Healthcare Corp. 4.625% 6/15/2028  | 645 | 649 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1975 | 1947 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 5360 | 5310 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 11995 | 12140 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2000 | 2305 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 5863 | 6012 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 3650 | 3740 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 5621 | 5822 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 5400 | 5303 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 4549 | 4674 |
| Viatris, Inc. 4.00% 6/22/2050  | 2937 | 1957 |
|  |  | 221160 |
| **Information technology 0.67%** |  |  |
| Accenture Capital, Inc. 4.25% 10/4/2031  | 4734 | 4740 |
| Accenture Capital, Inc. 4.50% 10/4/2034  | 4453 | 4393 |
| Amphenol Corp. 3.90% 11/15/2028  | 1500 | 1499 |
| Amphenol Corp. 4.40% 2/15/2033  | 743 | 735 |
| Amphenol Corp. 4.625% 2/15/2036  | 12046 | 11806 |
| Amphenol Corp. 5.30% 11/15/2055  | 5758 | 5505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **119** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(f)</sup>  | USD1,340 | $1430 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 1148 | 1187 |
| Analog Devices, Inc. 5.30% 4/1/2054  | 1579 | 1521 |
| Broadcom, Inc. 5.20% 7/15/2035  | 190 | 195 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(f)</sup>  | 600 | 517 |
| Broadcom, Inc. 4.90% 2/15/2038  | 6167 | 6049 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 8669 | 8911 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(f)</sup>  | 4125 | 4182 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(f)</sup>  | 3750 | 3908 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(f)</sup>  | 2975 | 3111 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(f)</sup>  | 5703 | 5694 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(f)</sup>  | 1527 | 1540 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(f)</sup>  | 1973 | 1985 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(f)</sup>  | 325 | 329 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(f)</sup>  | 7575 | 8080 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(f)</sup>  | 1050 | 1039 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(f)</sup>  | 3925 | 4044 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(f)</sup>  | 1375 | 1424 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 12971 | 12405 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 9228 | 8437 |
| Intel Corp. 3.05% 8/12/2051  | 3212 | 1977 |
| Intel Corp. 5.60% 2/21/2054  | 6636 | 6131 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 2688 | 2744 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(f)</sup>  | 4144 | 4500 |
| Oracle Corp. 5.25% 2/3/2032  | 493 | 493 |
| Oracle Corp. 5.50% 8/3/2035  | 647 | 634 |
| Oracle Corp. 5.20% 9/26/2035  | 7845 | 7519 |
| Oracle Corp. 5.875% 9/26/2045  | 280 | 253 |
| Oracle Corp. 6.00% 8/3/2055  | 4451 | 3929 |
| Oracle Corp. 5.95% 9/26/2055  | 4112 | 3646 |
| Oracle Corp. 6.10% 9/26/2065  | 3733 | 3295 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(f)</sup>  | 3700 | 3231 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 357 | 360 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(f)</sup>  | 2400 | 2479 |
| Synopsys, Inc. 5.15% 4/1/2035  | 4181 | 4251 |
| Synopsys, Inc. 5.70% 4/1/2055  | 2521 | 2503 |
| Texas Instruments, Inc. 4.60% 2/8/2029  | 2222 | 2271 |
| Texas Instruments, Inc. 4.85% 2/8/2034  | 1203 | 1234 |
| Texas Instruments, Inc. 5.10% 5/23/2035  | 4500 | 4642 |
| Texas Instruments, Inc. 5.15% 2/8/2054  | 4750 | 4495 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(f)</sup>  | 950 | 977 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(f)</sup>  | 1228 | 1259 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(f)</sup>  | 6733 | 6748 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(f)</sup>  | 1900 | 1849 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(f)</sup>  | 3626 | 3452 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(e)(g)</sup>  | 945 | 1030 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(f)</sup>  | 2770 | 2856 |
| X.AI Corp. 12.50% 6/30/2030  | 2485 | 2651 |
|  |  | 186075 |
| **Energy 0.54%** |  |  |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(f)</sup>  | 2390 | 2392 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(f)</sup>  | 175 | 181 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(f)</sup>  | 1270 | 1278 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(f)</sup>  | 510 | 529 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(f)</sup>  | 430 | 445 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(f)</sup>  | 2960 | 2979 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(f)</sup>  | 203 | 203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **120** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047  | USD1,397 | $1235 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(f)</sup>  | 1325 | 1371 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(f)</sup>  | 480 | 480 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(f)</sup>  | 2780 | 2868 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(f)</sup>  | 525 | 551 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(f)</sup>  | 735 | 763 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(f)</sup>  | 1055 | 1028 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(f)</sup>  | 2675 | 2696 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(f)</sup>  | 553 | 575 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(f)</sup>  | 1180 | 1233 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(f)</sup>  | 2320 | 2415 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(f)</sup>  | 1510 | 1465 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(f)</sup>  | 1210 | 1149 |
| Devon Energy Corp. 5.20% 9/15/2034  | 1933 | 1925 |
| Devon Energy Corp. 5.75% 9/15/2054  | 7476 | 6874 |
| Diamondback Energy, Inc. 5.75% 4/18/2054  | 2481 | 2347 |
| Enbridge, Inc. 3.70% 7/15/2027  | 56 | 56 |
| Enterprise Products Operating, LLC 5.05% 1/10/2026  | 3153 | 3153 |
| Enterprise Products Operating, LLC 5.20% 1/15/2036  | 987 | 1005 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046  | 448 | 406 |
| EOG Resources, Inc. 4.40% 7/15/2028  | 410 | 415 |
| EOG Resources, Inc. 5.65% 12/1/2054  | 3079 | 3014 |
| EQT Corp. 7.50% 6/1/2030  | 642 | 707 |
| EQT Corp. 4.75% 1/15/2031  | 1635 | 1646 |
| Equinor ASA 4.25% 11/23/2041  | 1792 | 1593 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(n)</sup>  | 7225 | 1 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(f)</sup>  | 790 | 790 |
| Expand Energy Corp. 5.375% 3/15/2030  | 1645 | 1668 |
| Expand Energy Corp. 4.75% 2/1/2032  | 810 | 799 |
| Exxon Mobil Corp. 2.44% 8/16/2029  | 213 | 204 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 555 | 399 |
| Genesis Energy, LP 7.75% 2/1/2028  | 350 | 352 |
| Genesis Energy, LP 8.25% 1/15/2029  | 670 | 702 |
| Genesis Energy, LP 8.875% 4/15/2030  | 884 | 934 |
| Genesis Energy, LP 7.875% 5/15/2032  | 1120 | 1168 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(f)</sup>  | 420 | 427 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(f)</sup>  | 190 | 198 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(f)</sup>  | 750 | 767 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(f)</sup>  | 1655 | 1663 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(f)</sup>  | 960 | 942 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(f)</sup>  | 400 | 407 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(f)</sup>  | 465 | 454 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(f)</sup>  | 540 | 515 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(f)</sup>  | 475 | 487 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(f)</sup>  | 1325 | 1345 |
| MPLX, LP 4.125% 3/1/2027  | 448 | 448 |
| MPLX, LP 5.40% 9/15/2035  | 1329 | 1339 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(f)</sup>  | 1745 | 1831 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(f)</sup>  | 1375 | 106 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(f)(n)</sup>  | 20423 | 5923 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(f)</sup>  | 300 | 303 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(f)</sup>  | 725 | 706 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 2268 | 2353 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 6482 | 6203 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(f)</sup>  | 586 | 632 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(f)</sup>  | 1020 | 1067 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(f)</sup>  | 800 | 821 |
| Petrobras Global Finance BV 5.125% 9/10/2030  | 5550 | 5446 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 1925 | 1956 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 1925 | 1864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **121** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Petroleos Mexicanos 6.50% 6/2/2041  | USD41 | $36 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 16 | 13 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 139 | 114 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 23 | 18 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 2548 | 2285 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 163 | 133 |
| Plains All American Pipeline, LP 3.80% 9/15/2030  | 101 | 98 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(f)</sup>  | 3799 | 3711 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(f)</sup>  | 625 | 650 |
| South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029  | 1668 | 1693 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(f)</sup>  | 1550 | 1559 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(f)</sup>  | 1475 | 1527 |
| Sunoco, LP 4.50% 5/15/2029  | 925 | 909 |
| Sunoco, LP 4.50% 4/30/2030  | 1105 | 1080 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(f)</sup>  | 510 | 496 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(f)</sup>  | 550 | 554 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(f)</sup>  | 530 | 543 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(f)</sup>  | 580 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 4.23% on 9/18/2030) <sup>(f)(l)</sup>  | 1470 | 1511 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(f)</sup>  | 500 | 521 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(f)</sup>  | 85 | 89 |
| TGS ASA 8.50% 1/15/2030 <sup>(f)</sup>  | 1235 | 1294 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(f)</sup>  | 445 | 478 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 3750 | 3527 |
| TransCanada Pipelines, Ltd. 4.25% 5/15/2028  | 977 | 979 |
| TransCanada Pipelines, Ltd. 4.10% 4/15/2030  | 536 | 530 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(f)</sup>  | 1125 | 1180 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(f)</sup>  | 358 | 366 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(f)</sup>  | 2000 | 1982 |
| Valero Energy Corp. 4.00% 4/1/2029  | 3584 | 3558 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(f)</sup>  | 3625 | 3674 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(f)</sup>  | 3680 | 3662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(f)(l)</sup>  | 2000 | 1581 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(f)</sup>  | 925 | 942 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(f)</sup>  | 5730 | 5872 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(f)</sup>  | 2035 | 2085 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(f)</sup>  | 3298 | 3383 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(f)</sup>  | 3030 | 3105 |
|  |  | 150515 |
| **Industrials 0.49%** |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(f)</sup>  | 167 | 168 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(f)</sup>  | 3525 | 3693 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(f)</sup>  | 5175 | 5355 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(f)</sup>  | 5835 | 6095 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(f)</sup>  | 3403 | 3502 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(f)</sup>  | 2663 | 2769 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(f)</sup>  | 2772 | 2872 |
| BAE Systems PLC 5.50% 3/26/2054 <sup>(f)</sup>  | 599 | 603 |
| Boeing Co. (The) 3.10% 5/1/2026  | 251 | 250 |
| Boeing Co. (The) 3.25% 2/1/2028  | 2000 | 1968 |
| Boeing Co. (The) 5.15% 5/1/2030  | 945 | 971 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031  | 227 | 246 |
| Boeing Co. (The) 3.60% 5/1/2034  | 2500 | 2276 |
| Boeing Co. (The) 6.528% 5/1/2034  | 6029 | 6672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **122** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 5.805% 5/1/2050  | USD3,605 | $3551 |
| Boeing Co. (The) 6.858% 5/1/2054  | 2113 | 2375 |
| Boeing Co. (The) 7.008% 5/1/2064  | 1301 | 1484 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(f)</sup>  | 2385 | 2386 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(f)</sup>  | 485 | 502 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(f)</sup>  | 850 | 890 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026  | 1385 | 1358 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035  | 2705 | 2786 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 209 | 157 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 653 | 434 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(f)</sup>  | 1795 | 1825 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(f)</sup>  | 1347 | 1406 |
| CSX Corp. 4.25% 3/15/2029  | 1062 | 1072 |
| CSX Corp. 5.05% 6/15/2035  | 6111 | 6218 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(f)</sup>  | 1540 | 1545 |
| General Electric Co. 4.90% 1/29/2036  | 1627 | 1653 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(f)</sup>  | 1510 | 1590 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(f)</sup>  | 505 | 536 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 2500 | 2166 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 4059 | 4229 |
| Lockheed Martin Corp. 5.70% 11/15/2054  | 1657 | 1675 |
| Norfolk Southern Corp. 4.45% 3/1/2033  | 1515 | 1511 |
| Norfolk Southern Corp. 5.10% 5/1/2035  | 2842 | 2912 |
| Norfolk Southern Corp. 3.05% 5/15/2050  | 2746 | 1813 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 4136 | 3954 |
| Northrop Grumman Corp. 3.25% 1/15/2028  | 3132 | 3093 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(f)</sup>  | 1125 | 1205 |
| Otis Worldwide Corp. 2.293% 4/5/2027  | 1913 | 1875 |
| Paychex, Inc. 5.60% 4/15/2035  | 427 | 447 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(f)</sup>  | 1455 | 1521 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(f)</sup>  | 1035 | 996 |
| RTX Corp. 5.15% 2/27/2033  | 2669 | 2758 |
| RTX Corp. 5.375% 2/27/2053  | 3950 | 3816 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(f)</sup>  | 480 | 487 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(f)</sup>  | 6288 | 6588 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(f)</sup>  | 5581 | 5861 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(f)</sup>  | 2480 | 2535 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(c)(f)</sup>  | 393 | 393 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(f)</sup>  | 1485 | 1547 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(f)</sup>  | 4100 | 4257 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(f)</sup>  | 2625 | 2736 |
| Union Pacific Corp. 2.40% 2/5/2030  | 2163 | 2026 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2865 | 2958 |
| Union Pacific Corp. 3.50% 2/14/2053  | 42 | 30 |
| Union Pacific Corp. 5.60% 12/1/2054  | 2614 | 2609 |
| Union Pacific Corp. 3.839% 3/20/2060  | 546 | 395 |
| Union Pacific Corp. 3.799% 4/6/2071  | 545 | 375 |
|  |  | 136147 |
| **Consumer staples 0.37%** |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026 <sup>(f)</sup>  | 739 | 736 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(f)</sup>  | 1000 | 993 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(f)</sup>  | 2960 | 2995 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(f)</sup>  | 2750 | 2765 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 2090 | 2049 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(f)</sup>  | 2010 | 1980 |
| BAT Capital Corp. 6.343% 8/2/2030  | 124 | 134 |
| BAT Capital Corp. 4.625% 3/22/2033  | 2026 | 2015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **123** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| BAT Capital Corp. 6.421% 8/2/2033  | USD134 | $148 |
| BAT Capital Corp. 5.625% 8/15/2035  | 631 | 658 |
| BAT Capital Corp. 4.54% 8/15/2047  | 627 | 521 |
| BAT Capital Corp. 6.25% 8/15/2055  | 6250 | 6482 |
| Campbell's Co. (The) 4.75% 3/23/2035  | 952 | 920 |
| Coca-Cola Co. 1.00% 3/15/2028  | 842 | 795 |
| Constellation Brands, Inc. 3.60% 2/15/2028  | 560 | 555 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1333 | 1183 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(f)</sup>  | 507 | 512 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(f)</sup>  | 400 | 420 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(f)</sup>  | 1400 | 1412 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(f)</sup>  | 2250 | 2314 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(f)</sup>  | 2101 | 2148 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028  | 2385 | 2500 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033  | 1554 | 1685 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043  | 229 | 246 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053  | 806 | 873 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(f)</sup>  | 3408 | 3483 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(f)</sup>  | 1855 | 1913 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(f)</sup>  | 385 | 396 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(f)</sup>  | 6678 | 6657 |
| Mondelez International, Inc. 5.125% 5/6/2035  | 2176 | 2227 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 319 | 326 |
| Philip Morris International, Inc. 4.875% 2/15/2028  | 623 | 635 |
| Philip Morris International, Inc. 4.625% 11/1/2029  | 703 | 716 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 154 | 162 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 433 | 448 |
| Philip Morris International, Inc. 5.125% 2/13/2031  | 2275 | 2359 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 6194 | 6328 |
| Philip Morris International, Inc. 4.25% 10/29/2032  | 770 | 758 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 6755 | 6812 |
| Philip Morris International, Inc. 4.875% 4/30/2035  | 6407 | 6431 |
| Philip Morris International, Inc. 4.625% 10/29/2035  | 5859 | 5735 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(f)</sup>  | 2886 | 2813 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(f)</sup>  | 13279 | 13660 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(f)</sup>  | 1115 | 1045 |
| Reynolds American, Inc. 5.85% 8/15/2045  | 2030 | 2004 |
|  |  | 101947 |
| **Real estate 0.35%** |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026  | 282 | 282 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028  | 1093 | 1089 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029  | 1738 | 1632 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031  | 1183 | 1107 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033  | 3670 | 3011 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049  | 367 | 311 |
| American Tower Corp. 1.45% 9/15/2026  | 246 | 242 |
| American Tower Corp. 3.55% 7/15/2027  | 1277 | 1268 |
| American Tower Corp. 3.60% 1/15/2028  | 896 | 888 |
| American Tower Corp. 1.50% 1/31/2028  | 2240 | 2128 |
| American Tower Corp. 2.30% 9/15/2031  | 1344 | 1194 |
| American Tower Corp. 2.95% 1/15/2051  | 1792 | 1146 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(f)</sup>  | 3040 | 2955 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(f)</sup>  | 1975 | 1975 |
| Boston Properties, LP 6.50% 1/15/2034  | 2223 | 2395 |
| Boston Properties, LP 5.75% 1/15/2035  | 3143 | 3234 |
| Extra Space Storage, LP 2.35% 3/15/2032  | 1241 | 1087 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(f)</sup>  | 1705 | 1713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **124** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Real estate (continued)** |  |  |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(f)</sup>  | USD2,855 | $2777 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(f)</sup>  | 3900 | 3716 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031  | 2152 | 1883 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(f)</sup>  | 3785 | 3742 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(f)</sup>  | 2650 | 2528 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 1884 | 1929 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 5137 | 4979 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 630 | 528 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(f)</sup>  | 3968 | 4240 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(f)</sup>  | 2280 | 2228 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(f)</sup>  | 1000 | 1030 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033  | 101 | 102 |
| Prologis, LP 4.875% 6/15/2028  | 1357 | 1390 |
| Prologis, LP 4.75% 6/15/2033  | 2359 | 2383 |
| Prologis, LP 5.00% 3/15/2034  | 1850 | 1887 |
| Prologis, LP 5.00% 1/31/2035  | 1033 | 1048 |
| Public Storage Operating Co. 1.85% 5/1/2028  | 2231 | 2131 |
| Public Storage Operating Co. 1.95% 11/9/2028  | 1816 | 1721 |
| Public Storage Operating Co. 2.30% 5/1/2031  | 644 | 583 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(f)</sup>  | 2178 | 2169 |
| Service Properties Trust 0% 9/30/2027 <sup>(f)</sup>  | 1000 | 905 |
| Service Properties Trust 5.50% 12/15/2027  | 655 | 647 |
| Service Properties Trust 3.95% 1/15/2028  | 1815 | 1715 |
| Service Properties Trust 8.375% 6/15/2029  | 4228 | 4254 |
| Service Properties Trust 4.95% 10/1/2029  | 2715 | 2368 |
| Service Properties Trust 4.375% 2/15/2030  | 705 | 598 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(f)</sup>  | 6775 | 7130 |
| Service Properties Trust 8.875% 6/15/2032  | 4628 | 4569 |
| Sun Communities Operating, LP 2.30% 11/1/2028  | 1653 | 1574 |
| Sun Communities Operating, LP 2.70% 7/15/2031  | 785 | 714 |
| Trust 2401 7.70% 1/23/2032 <sup>(f)</sup>  | 396 | 438 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(f)</sup>  | 789 | 865 |
| UDR, Inc. 2.95% 9/1/2026  | 681 | 677 |
|  |  | 97105 |
| **Materials 0.33%** |  |  |
| Avient Corp. 7.125% 8/1/2030 <sup>(f)</sup>  | 855 | 884 |
| Avient Corp. 6.25% 11/1/2031 <sup>(f)</sup>  | 170 | 175 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 2648 | 2703 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 1996 | 2059 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 2501 | 2637 |
| Celanese US Holdings, LLC 7.00% 2/15/2031  | 705 | 722 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1618 | 1711 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(f)</sup>  | 1300 | 1341 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(f)</sup>  | 3625 | 3573 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(f)</sup>  | 1650 | 1710 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(f)</sup>  | 2275 | 2342 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(f)</sup>  | 775 | 747 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(f)</sup>  | 2000 | 2111 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(f)</sup>  | 2695 | 2766 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(f)</sup>  | 900 | 941 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(f)</sup>  | 1480 | 1048 |
| Dow Chemical Co. (The) 4.80% 1/15/2031  | 1290 | 1283 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 1735 | 1720 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 920 | 917 |
| Dow Chemical Co. (The) 4.80% 5/15/2049  | 435 | 343 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 1057 | 683 |
| Dow Chemical Co. (The) 5.95% 3/15/2055  | 4720 | 4299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **125** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(f)</sup>  | USD5,370 | $5661 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(f)(g)(l)</sup>  | 2659 | 1516 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(f)</sup>  | 4548 | 4093 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(f)</sup>  | 1406 | 1350 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(f)</sup>  | 1700 | 1738 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(f)</sup>  | 1335 | 1371 |
| Linde, Inc. 1.10% 8/10/2030  | 2633 | 2314 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 778 | 770 |
| LYB International Finance III, LLC 6.15% 5/15/2035  | 560 | 574 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 5842 | 5817 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(f)</sup>  | 6734 | 6976 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(f)</sup>  | 945 | 993 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(f)</sup>  | 1525 | 1587 |
| Mosaic Co. 4.05% 11/15/2027  | 941 | 941 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(f)</sup>  | 1270 | 1243 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(f)</sup>  | 3775 | 4036 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(f)</sup>  | 1130 | 1207 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(f)</sup>  | 1050 | 1097 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1339 | 1380 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055  | 3244 | 3312 |
| Sherwin-Williams Co. 5.15% 8/15/2035  | 473 | 482 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(f)</sup>  | 1290 | 1302 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(f)</sup>  | 1110 | 1154 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(f)</sup>  | 640 | 689 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(f)</sup>  | 2212 | 2265 |
| Westlake Corp. 4.375% 11/15/2047  | 448 | 348 |
|  |  | 90931 |
| **Utilities 0.31%** |  |  |
| Calpine Corp. 3.75% 3/1/2031 <sup>(f)</sup>  | 1975 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(l)</sup>  | 1375 | 1415 |
| Commonwealth Edison Co. 4.35% 11/15/2045  | 972 | 827 |
| Commonwealth Edison Co. 3.85% 3/15/2052  | 2330 | 1755 |
| Connecticut Light and Power Co. (The) 4.95% 8/15/2034  | 1837 | 1856 |
| Consumers Energy Co. 5.05% 5/15/2035  | 525 | 534 |
| Duke Energy Florida, LLC 4.85% 12/1/2035  | 2725 | 2714 |
| Duke Energy Indiana, LLC 3.25% 10/1/2049  | 850 | 582 |
| Duke Energy Progress, LLC 3.70% 10/15/2046  | 457 | 350 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 202 | 118 |
| Duke Energy Progress, LLC 2.90% 8/15/2051  | 91 | 58 |
| Edison International 4.125% 3/15/2028  | 1225 | 1212 |
| Edison International 5.25% 11/15/2028  | 1537 | 1558 |
| Edison International 5.45% 6/15/2029  | 1419 | 1446 |
| Edison International 6.95% 11/15/2029  | 2280 | 2430 |
| Edison International 6.25% 3/15/2030  | 3493 | 3655 |
| Edison International 5.25% 3/15/2032  | 6672 | 6680 |
| Electricite de France SA 6.25% 5/23/2033 <sup>(f)</sup>  | 1075 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(f)(l)</sup>  | 1475 | 1721 |
| Emera US Finance, LP 3.55% 6/15/2026  | 287 | 286 |
| Enel Finance International NV 5.00% 9/30/2035 <sup>(f)</sup>  | 1280 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(l)</sup>  | 1000 | 1041 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(f)</sup>  | 605 | 585 |
| Florida Power & Light Co. 4.70% 2/15/2036  | 1525 | 1511 |
| Florida Power & Light Co. 5.60% 2/15/2066  | 100 | 99 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(f)</sup>  | 1000 | 1036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **126** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| MidAmerican Energy Co. 5.85% 9/15/2054  | USD875 | $904 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027  | 700 | 709 |
| Northern States Power Co. 5.40% 3/15/2054  | 175 | 171 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 125 | 121 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 450 | 437 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 192 | 207 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 4588 | 5106 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 5359 | 5513 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 4962 | 5219 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 90 | 68 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 2744 | 2322 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 206 | 139 |
| PacifiCorp 5.30% 2/15/2031  | 1258 | 1296 |
| PacifiCorp 5.45% 2/15/2034  | 796 | 808 |
| PacifiCorp 5.35% 12/1/2053  | 3298 | 2900 |
| PacifiCorp 5.80% 1/15/2055  | 575 | 537 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047  | 548 | 413 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(f)</sup>  | 2689 | 2685 |
| Southern California Edison Co. 2.85% 8/1/2029  | 3988 | 3783 |
| Southern California Edison Co. 2.50% 6/1/2031  | 260 | 233 |
| Southern California Edison Co. 5.45% 6/1/2031  | 2240 | 2319 |
| Southern California Edison Co. 5.20% 6/1/2034  | 2260 | 2273 |
| Southern California Edison Co. 5.75% 4/1/2035  | 605 | 625 |
| Southern California Edison Co. 5.35% 7/15/2035  | 2688 | 2707 |
| Southern California Edison Co. 4.50% 9/1/2040  | 452 | 396 |
| Southern California Edison Co. 3.65% 2/1/2050  | 693 | 485 |
| Southern California Edison Co. 2.95% 2/1/2051  | 128 | 78 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(f)</sup>  | 400 | 424 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2307 | 2055 |
| Wisconsin Electric Power Co. 4.15% 10/15/2030  | 2000 | 2000 |
| Xcel Energy, Inc. 5.60% 4/15/2035  | 23 | 24 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(f)</sup>  | 1150 | 1209 |
|  |  | 85985 |
| **Total corporate bonds and notes** |  | 1978534 |
| **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** |
| **Auto loan 0.84%** |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(f)(h)</sup>  | 76 | 76 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(f)(h)</sup>  | 1131 | 1133 |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(f)(h)</sup>  | 232 | 233 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(f)(h)</sup>  | 3332 | 3365 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(f)(h)</sup>  | 1005 | 1011 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(h)</sup>  | 6748 | 6735 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(h)</sup>  | 46 | 46 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(f)(h)</sup>  | 10410 | 10290 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(f)(h)</sup>  | 29013 | 29532 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(h)</sup>  | 4960 | 5164 |
| BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(f)(h)</sup>  | 2074 | 2096 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(h)</sup>  | 52 | 52 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(h)</sup>  | 950 | 952 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(h)</sup>  | 856 | 858 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(h)</sup>  | 1679 | 1687 |
| CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(h)</sup>  | 48 | 48 |
| CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(h)</sup>  | 8604 | 8712 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(h)</sup>  | 193 | 193 |
| Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(f)(h)</sup>  | 359 | 360 |
| Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(f)(h)</sup>  | 174 | 174 |
| Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(f)(h)</sup>  | 5309 | 5362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **127** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(f)(h)</sup>  | USD4,257 | $4308 |
| CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(f)(h)</sup>  | 161 | 161 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(f)(h)</sup>  | 1025 | 1030 |
| Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(f)(h)</sup>  | 317 | 318 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(h)</sup>  | 1744 | 1750 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(f)(h)</sup>  | 136 | 136 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(f)(h)</sup>  | 458 | 460 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(h)</sup>  | 249 | 249 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(h)</sup>  | 930 | 932 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(h)</sup>  | 5998 | 6205 |
| Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(f)(h)(i)</sup>  | 13442 | 13799 |
| Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(f)(h)</sup>  | 3235 | 3263 |
| Ford Credit Floorplan Master Owner Trust, Series 2025-2, Class A1, 4.06% 9/15/2030 <sup>(h)</sup>  | 7319 | 7350 |
| GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(f)(h)</sup>  | 364 | 365 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(h)</sup>  | 667 | 669 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(f)(h)</sup>  | 623 | 628 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(f)(h)</sup>  | 8654 | 9090 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(f)(h)</sup>  | 6768 | 6887 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(h)</sup>  | 1762 | 1774 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(f)(h)</sup>  | 4391 | 4291 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(f)(h)</sup>  | 4445 | 4423 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(f)(h)</sup>  | 4585 | 4807 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(h)</sup>  | 9236 | 9064 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(h)</sup>  | 685 | 672 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(h)</sup>  | 429 | 421 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(h)</sup>  | 4771 | 4875 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(f)(h)</sup>  | 1448 | 1467 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class A, 4.62% 5/25/2030 <sup>(f)(h)</sup>  | 1610 | 1609 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(h)</sup>  | 238 | 239 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(h)</sup>  | 3179 | 3207 |
| Hyundai Floorplan Master Owner Trust, Series 2025-1A, Class A, 4.01% 10/15/2030 <sup>(f)(h)</sup>  | 3632 | 3636 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(f)(h)</sup>  | 448 | 449 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(f)(h)</sup>  | 249 | 250 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(f)(h)</sup>  | 954 | 958 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(f)(h)</sup>  | 504 | 509 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(h)</sup>  | 117 | 117 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(h)</sup>  | 2889 | 2899 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(h)</sup>  | 5062 | 5111 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(h)</sup>  | 4123 | 4134 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(f)(h)</sup>  | 695 | 696 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(f)(h)</sup>  | 1037 | 1042 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(f)(h)</sup>  | 498 | 499 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(f)(h)</sup>  | 1713 | 1725 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(f)(h)</sup>  | 401 | 402 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(f)(h)</sup>  | 2966 | 2987 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(h)</sup>  | 6503 | 6475 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(h)</sup>  | 2960 | 2977 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(h)</sup>  | 1822 | 1851 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 <sup>(f)(h)</sup>  | 864 | 866 |
| United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(f)(h)</sup>  | 156 | 156 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(f)(h)</sup>  | 3372 | 3379 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(f)(h)</sup>  | 376 | 377 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(f)(h)</sup>  | 2142 | 2149 |
| Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A, 4.66% 9/15/2028 <sup>(f)(h)</sup>  | 1052 | 1055 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(f)(h)</sup>  | 2001 | 2005 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(f)(h)</sup>  | 6520 | 6550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **128** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(f)(h)</sup>  | USD1,973 | $1995 |
| World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(h)</sup>  | 285 | 285 |
| World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(h)</sup>  | 4143 | 4165 |
|  |  | 232227 |
| **Other asset-backed securities 0.81%** |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(f)(h)</sup>  | 10457 | 10487 |
| Affirm Master Trust, Series 2025-3A, Class A, 4.45% 10/16/2034 <sup>(f)(h)</sup>  | 1923 | 1931 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(h)</sup>  | 2962 | 2967 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(f)(h)</sup>  | 109 | 109 |
| Ansley Park Capital, LLC, Series 2025-A, Class A2, 4.43% 4/20/2035 <sup>(f)(h)</sup>  | 2934 | 2944 |
| APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 <sup>(f)(h)</sup>  | 1870 | 1878 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(f)(h)</sup>  | 6878 | 6906 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(f)(h)</sup>  | 3772 | 3802 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(f)(h)</sup>  | 58 | 58 |
| CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(f)(h)</sup>  | 826 | 793 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(f)(h)</sup>  | 3998 | 3794 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(f)(h)</sup>  | 36 | 36 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(f)(h)</sup>  | 4526 | 4605 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(h)</sup>  | 5080 | 4316 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(h)</sup>  | 1686 | 1426 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(h)</sup>  | 5962 | 4846 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(f)(h)</sup>  | 872 | 824 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(f)(h)</sup>  | 3301 | 3119 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(f)(h)</sup>  | 689 | 652 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(f)(h)</sup>  | 940 | 876 |
| CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(h)</sup>  | 680 | 681 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(h)</sup>  | 2518 | 2540 |
| Dext ABS, LLC, Series 2025-2, Class A2, 4.10% 4/17/2028 <sup>(f)(h)</sup>  | 320 | 320 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(f)(h)</sup>  | 192 | 180 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(f)(h)</sup>  | 2350 | 2386 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(f)(h)</sup>  | 862 | 868 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(h)</sup>  | 388 | 373 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(f)(h)</sup>  | 175 | 167 |
| GGAM Master Trust International, Ltd., Series 2025-1A, Class A, 5.923% 9/30/2060 <sup>(f)(h)</sup>  | 4277 | 4314 |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(f)(h)</sup>  | 6241 | 6258 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(h)</sup>  | 1344 | 1319 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(h)</sup>  | 5750 | 5527 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(f)(h)</sup>  | 7403 | 7120 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(f)(h)</sup>  | 2510 | 2351 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(f)(h)</sup>  | 3708 | 3495 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(f)(h)</sup>  | 293 | 274 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(h)</sup>  | 2453 | 2483 |
| John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(h)</sup>  | 2894 | 2920 |
| MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 <sup>(f)(h)</sup>  | 118 | 119 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(f)(h)</sup>  | 4586 | 4385 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(h)</sup>  | 26263 | 22003 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(f)(h)</sup>  | 677 | 680 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(f)(h)</sup>  | 1069 | 1076 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(h)</sup>  | 5298 | 5323 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2038 <sup>(h)</sup>  | 2442 | 2380 |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(f)(h)</sup>  | 418 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 1.70%) 5.45% <br>9/15/2039 <sup>(f)(h)(i)</sup>  | 496 | 502 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(f)(h)</sup>  | 682 | 698 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(f)(h)</sup>  | 2586 | 2470 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(f)(h)</sup>  | 1636 | 1602 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(f)(h)</sup>  | 1440 | 1420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **129** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(h)</sup>  | USD843 | $823 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(f)(h)</sup>  | 691 | 674 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(f)(h)</sup>  | 5226 | 5217 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(f)(h)</sup>  | 6170 | 6132 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(f)(h)</sup>  | 1132 | 1106 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(h)</sup>  | 2840 | 2864 |
| Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/15/2031 <sup>(h)</sup>  | 4155 | 4229 |
| Synchrony Card Issuance Trust, Series 2025-A3, Class A, 4.06% 11/15/2031 <sup>(h)</sup>  | 5377 | 5406 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(f)(h)</sup>  | 1069 | 1025 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(f)(h)</sup>  | 497 | 472 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(f)(h)</sup>  | 664 | 626 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(f)(h)</sup>  | 1924 | 1825 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(f)(h)</sup>  | 1947 | 1959 |
| T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(f)(h)</sup>  | 5582 | 5617 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(f)(h)</sup>  | 7083 | 6693 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(f)(h)</sup>  | 1277 | 1189 |
| U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 <sup>(f)(h)</sup>  | 1660 | 1670 |
| Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(f)(h)</sup>  | 623 | 626 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(h)</sup>  | 941 | 960 |
| Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(h)(l)</sup>  | 6704 | 6706 |
| Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(h)</sup>  | 9409 | 9597 |
| Verizon Master Trust, Series 2025-9, Class A1A, 3.96% 10/21/2030 (4.67% on 10/20/2027) <sup>(h)(l)</sup>  | 1462 | 1470 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(f)(h)</sup>  | 8048 | 8195 |
| Verizon Master Trust, Series 2025-7, Class A1A, 3.96% 8/20/2031 <sup>(h)</sup>  | 4253 | 4268 |
| Verizon Master Trust, Series 24-5, Class A, 5.00% 6/21/2032 <sup>(f)(h)</sup>  | 934 | 964 |
| Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(f)(h)</sup>  | 1879 | 1883 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(f)(h)</sup>  | 389 | 391 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 <sup>(f)(h)</sup>  | 137 | 137 |
|  |  | 225747 |
| **Credit card 0.14%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(h)</sup>  | 8500 | 8521 |
| Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(f)(h)</sup>  | 4100 | 4115 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(f)(h)</sup>  | 2715 | 2733 |
| Barclays Dryrock Issuance Trust, Series 2025-1, Class A, 3.97% 7/15/2031 <sup>(h)</sup>  | 4171 | 4182 |
| First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(h)</sup>  | 4558 | 4652 |
| First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(h)</sup>  | 3970 | 4050 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(f)(h)</sup>  | 2043 | 2049 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(f)(h)</sup>  | 404 | 406 |
| World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(h)</sup>  | 7030 | 7058 |
|  |  | 37766 |
| **Student loan 0.08%** |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(f)(h)</sup>  | 2480 | 2510 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(h)</sup>  | 2485 | 2281 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(f)(h)</sup>  | 3240 | 2947 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(f)(h)</sup>  | 4222 | 3968 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(h)</sup>  | 2626 | 2485 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(h)</sup>  | 4441 | 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) <br> 4.595% 1/15/2053 <sup>(f)(h)(i)</sup>  | 3493 | 3462 |
|  |  | 21866 |
| **Collateralized loan obligations 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO, Ltd., Series 2024-1A, Class A1R, (3-month USD CME Term SOFR + 1.08%) 4.985% <br> 7/15/2036 <sup>(f)(h)(i)</sup>  | 3240 | 3246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Collateralized loan obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% <br>7/25/2030 <sup>(f)(h)(i)</sup>  | USD321 | $322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + <br> 1.00%) 4.905% 1/15/2033 <sup>(f)(h)(i)</sup>  | 3469 | 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 4.955% <br> 4/15/2034 <sup>(f)(h)(i)</sup>  | 3229 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO, Ltd., Series 2020-12A, Class A1R2, (3-month USD CME Term SOFR + 1.05%) 4.908% <br>4/25/2033 <sup>(f)(h)(i)</sup>  | 1285 | 1286 |
|  |  | 11555 |
| **Total asset-backed obligations** |  | 529161 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** |
| **Mexico 0.16%** |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030  | 18285 | 18648 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup>  | 10645 | 10856 |
| United Mexican States 4.75% 4/27/2032  | 2305 | 2249 |
| United Mexican States 5.375% 3/22/2033  | 1295 | 1288 |
| United Mexican States 3.50% 2/12/2034  | 1790 | 1552 |
| United Mexican States 6.875% 5/13/2037  | 2720 | 2909 |
| United Mexican States 6.625% 1/29/2038  | 200 | 209 |
| United Mexican States 7.375% 5/13/2055  | 4235 | 4573 |
| United Mexican States 3.771% 5/24/2061  | 1528 | 946 |
|  |  | 43230 |
| **Canada 0.07%** |  |  |
| CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(f)</sup>  | 5914 | 5824 |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(f)</sup>  | 3867 | 3719 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(f)</sup>  | 3867 | 2980 |
| Ontario (Province of) 3.90% 9/4/2030  | 8228 | 8238 |
|  |  | 20761 |
| **Kuwait 0.04%** |  |  |
| Kuwait (State of) 4.652% 10/9/2035 <sup>(f)</sup>  | 11750 | 11764 |
| **Peru 0.02%** |  |  |
| Peru (Republic of) 1.862% 12/1/2032  | 2525 | 2091 |
| Peru (Republic of) 5.875% 8/8/2054  | 2310 | 2294 |
| Peru (Republic of) 2.78% 12/1/2060  | 3383 | 1845 |
|  |  | 6230 |
| **Panama 0.02%** |  |  |
| Panama (Republic of) 7.50% 3/1/2031  | 1765 | 1961 |
| Panama (Republic of) 2.252% 9/29/2032  | 4306 | 3568 |
|  |  | 5529 |
| **Qatar 0.01%** |  |  |
| Qatar (State of) 4.00% 3/14/2029 <sup>(f)</sup>  | 745 | 748 |
| Qatar (State of) 4.817% 3/14/2049 <sup>(f)</sup>  | 750 | 708 |
|  |  | 1456 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 88970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **131** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans 0.15%** | **Loans 0.15%** | **Loans 0.15%** |
| **Communication services 0.05%** |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(i)(o)</sup>  | USD2,344 | $2344 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(i)(o)</sup>  | 967 | 847 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(i)(o)</sup>  | 22 | 22 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(c)(g)(o)</sup>  | 2157 | 2157 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(i)(o)</sup>  | 2285 | 1812 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(i)(o)</sup>  | 1280 | 1283 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(o)</sup>  | 2675 | 2671 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(i)(o)</sup>  | 2762 | 2718 |
|  |  | 13854 |
| **Information technology 0.04%** |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(i)(o)</sup>  | 485 | 487 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(i)(o)</sup>  | 225 | 227 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(e)(i)(o)</sup>  | 724 | 729 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(i)(o)</sup>  | 2180 | 2138 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(i)(o)</sup>  | 1737 | 1740 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(i)(o)</sup>  | 900 | 882 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(i)(o)</sup>  | 4031 | 4026 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(i)(o)</sup>  | 105 | 104 |
|  |  | 10333 |
| **Financials 0.03%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(c)(f)(i)(o)</sup>  | 4566 | 4532 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(i)(o)</sup>  | 2190 | 2223 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(i)(o)</sup>  | 2036 | 2064 |
|  |  | 8819 |
| **Health care 0.01%** |  |  |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(i)(o)</sup>  | 2543 | 2527 |
| **Consumer discretionary 0.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% <br> 3/11/2030 <sup>(c)(i)(o)</sup>  | 127 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.573% Cash 3/11/2030 <sup>(c)(g)(i)(o)</sup>  | 120 | 120 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(i)(o)</sup>  | 2109 | 2113 |
|  |  | 2360 |
| **Materials 0.01%** |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup>  | 797 | 252 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup>  | 802 | 254 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(c)(g)(i)(n)(o)</sup>  | 1319 | 418 |
|  |  | 924 |
| **Industrials 0.00%** |  |  |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(i)(o)</sup>  | 982 | 914 |
| **Total loans** |  | 39731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **132** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.08%** | **Municipals 0.08%** | **Municipals 0.08%** |
| **Florida 0.03%** |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027  | USD4,781 | $4639 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030  | 4808 | 4426 |
|  |  | 9065 |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 3224 | 3312 |
| **Ohio 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), <br> Series 2021, 4.425% 5/1/2031  | 4930 | 4480 |
| **Puerto Rico 0.00%** |  |  |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 418 | 274 |
| **Wisconsin 0.02%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 5735 | 5696 |
| **Total municipals** |  | 22827 |
| **Total bonds, notes & other debt instruments** (cost: $7,832,741,000) |  | 7768308 |
| Investment funds 3.06% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(p)</sup>  | 99619082 | 846762 |
| **Total investment funds** (cost: $864,770,000) |  | 846762 |
| Short-term securities 3.70% |  |  |
| **Money market investments 3.63%** | **Money market investments 3.63%** | **Money market investments 3.63%** |
| Capital Group Central Cash Fund 3.79% <sup>(p)(q)</sup>  | 10047098 | 1004810 |
| **Money market investments purchased with collateral from securities on loan 0.07%** | **Money market investments purchased with collateral from securities on loan 0.07%** | **Money market investments purchased with collateral from securities on loan 0.07%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(q)(r)</sup>  | 18905590 | 18905 |
| **Total short-term securities** (cost: $1,023,511,000) |  | 1023715 |
| **Total investment securities 100.26%** (cost: $19,813,803,000) |  | 27745931 |
| Other assets less liabilities (0.26)% |  | (70891)<br>|
| **Net assets 100.00%** |  | $27675040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 8836 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,844,860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(403)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 4708 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1134)<br>|
| 10 Year U.S. Treasury Note Futures | Long | 3234 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2694)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 262 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30134)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| 20 Year U.S. Treasury Bond Futures | Long | 1200 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1838)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 794 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93692)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4144)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.473% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD112,900 | &nbsp;&nbsp;&nbsp;&nbsp; $814 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $814 |
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD37,800 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| SOFR | Annual | 3.48% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,601 | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| SOFR | Annual | 3.4815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,612 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,286 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| SOFR | Annual | 3.50061% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD74,795 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| SOFR | Annual | 3.6385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,884 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| SOFR | Annual | 3.6775% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,754 | &nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| SOFR | Annual | 3.66593% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD55,430 | &nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3543 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3543 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD3,826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2976)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2542)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (434)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3063)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2628)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(435)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

------

Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(p)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 3.06%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund  | $1368034 | &nbsp;&nbsp; $95934 | &nbsp;&nbsp; $634718 | &nbsp;&nbsp; $(136730)<br>| &nbsp;&nbsp; $154242 | &nbsp;&nbsp; $846762 | &nbsp;&nbsp; $47796 |
| **Short-term securities 3.63%** |  |  |  |  |  |  |  |
| **Money market investments 3.63%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(q)</sup>  | 855747 | &nbsp;&nbsp; 6829389 | &nbsp;&nbsp; 6680500 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; 1004810 | &nbsp;&nbsp; 61071 |
| **Total 6.69%** |  |  |  | &nbsp;&nbsp; $(136545)<br>| &nbsp;&nbsp; $154231 | &nbsp;&nbsp; $1851572 | &nbsp;&nbsp; $108867 |

---

**Restricted securities** <sup>(e)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Rotech Healthcare, Inc. <sup>(a)(c)</sup> <br>| 8/22/2014 | $6949 | $12613 | 0.05<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(g)</sup> <br>| 9/29/2025 | 937 | 1030 | 0.00 <br><sup>(s)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(i)(o)</sup> <br>| 9/13/2023 | 714 | 729 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $8600 | $14372 | 0.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,434,326,000, which represented 5.18% of the net assets of the fund. 

<sup>(g)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(h)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $41,456,000, which represented 0.15% of the net assets of the fund. 

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Step bond; coupon rate may change at a later date.

<sup>(m)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(n)</sup> Scheduled interest and/or principal payment was not received.

<sup>(o)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,730,000, which represented 0.14% of the net assets of the fund. 

<sup>(p)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(q)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(r)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(s)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAB = Capital Appreciation Bonds |
| CAD = Canadian dollars |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |

---

---

| |
|:---|
| DAC = Designated Activity Company |
| Fin. = Finance |
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 63.00% | Shares | Value<br> (000)<br>|
| **Information technology 11.69%** |  |  |
| Broadcom, Inc.  | 34396 | $11904 |
| Microsoft Corp.  | 21713 | 10501 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 214000 | 10455 |
| NVIDIA Corp.  | 54735 | 10208 |
| Apple, Inc.  | 13709 | 3727 |
| Corning, Inc.  | 37498 | 3283 |
| ARM Holdings PLC (ADR) <sup>(a)</sup>  | 9479 | 1036 |
| Applied Materials, Inc.  | 3494 | 898 |
| Accenture PLC, Class A  | 2486 | 667 |
|  |  | 52679 |
| **Financials 10.05%** |  |  |
| B3 SA - Brasil, Bolsa, Balcao  | 1689969 | 4399 |
| Standard Chartered PLC  | 149081 | 3641 |
| ING Groep NV  | 129152 | 3631 |
| Banco Bilbao Vizcaya Argentaria SA  | 138658 | 3243 |
| JPMorgan Chase & Co.  | 9865 | 3179 |
| Chubb, Ltd.  | 9664 | 3016 |
| Marsh & McLennan Cos., Inc.  | 13476 | 2500 |
| HDFC Bank, Ltd. (ADR)  | 49471 | 1808 |
| HDFC Bank, Ltd.  | 46716 | 516 |
| Morgan Stanley  | 10778 | 1913 |
| Mastercard, Inc., Class A  | 3306 | 1887 |
| BlackRock, Inc.  | 1721 | 1842 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 2492 | 1646 |
| Zurich Insurance Group AG  | 1994 | 1513 |
| Banco BPM SpA  | 95108 | 1445 |
| NatWest Group PLC  | 154953 | 1351 |
| Mizuho Financial Group, Inc.  | 34600 | 1256 |
| BNP Paribas SA  | 10716 | 1014 |
| Swiss Re AG  | 5412 | 902 |
| AIA Group, Ltd.  | 74200 | 762 |
| Wells Fargo & Co.  | 7990 | 745 |
| PICC Property and Casualty Co., Ltd., Class H  | 320000 | 671 |
| 3i Group PLC  | 15320 | 667 |
| U.S. Bancorp  | 12427 | 663 |
| BPER Banca SpA  | 39690 | 537 |
| Hannover Rueck SE  | 1705 | 533 |
|  |  | 45280 |
| **Industrials 9.63%** |  |  |
| RTX Corp.  | 46281 | 8488 |
| IHI Corp.  | 186108 | 3282 |
| Hitachi, Ltd.  | 82300 | 2553 |
| Volvo AB, Class B  | 76848 | 2463 |
| General Dynamics Corp.  | 7150 | 2407 |
| TransDigm Group, Inc.  | 1573 | 2092 |
| BAE Systems PLC  | 85249 | 1960 |
| Deutsche Post AG  | 35349 | 1936 |
| Union Pacific Corp.  | 8297 | 1919 |
| Airbus SE, non-registered shares  | 7673 | 1780 |
| Waste Management, Inc.  | 7570 | 1663 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 20061 | 1639 |
| ITOCHU Corp.  | 128500 | 1622 |
| Rolls-Royce Holdings PLC  | 90309 | 1404 |
| Automatic Data Processing, Inc.  | 4193 | 1079 |
| Ryanair Holdings PLC  | 21391 | 743 |
| Bouygues SA  | 13919 | 722 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 4123 | 701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **136** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Safran SA  | 1987 | $691 |
| PACCAR, Inc.  | 6185 | 677 |
| Qantas Airways, Ltd.  | 97783 | 675 |
| United Rentals, Inc.  | 817 | 661 |
| Paychex, Inc.  | 5809 | 652 |
| Caterpillar, Inc.  | 1022 | 585 |
| GFL Environmental, Inc., subordinate voting shares  | 11594 | 498 |
| AtkinsRealis Group, Inc.  | 7290 | 471 |
|  |  | 43363 |
| **Health care 7.73%** |  |  |
| Eli Lilly and Co.  | 7436 | 7991 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 11410 | 5173 |
| Novo Nordisk AS, Class B  | 67966 | 3464 |
| Abbott Laboratories  | 27403 | 3433 |
| Sanofi  | 25714 | 2495 |
| Gilead Sciences, Inc.  | 18827 | 2311 |
| UnitedHealth Group, Inc.  | 6188 | 2043 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 3997 | 1589 |
| Medtronic PLC  | 13170 | 1265 |
| Stryker Corp.  | 3371 | 1185 |
| AbbVie, Inc.  | 5175 | 1183 |
| AstraZeneca PLC  | 3470 | 639 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 10659 | 634 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 3573 | 620 |
| GE HealthCare Technologies, Inc.  | 5321 | 436 |
| Cencora, Inc.  | 1074 | 363 |
|  |  | 34824 |
| **Consumer discretionary 4.68%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 28311 | 6535 |
| Ferrari NV  | 3878 | 1433 |
| Ferrari NV (EUR denominated)  | 1664 | 620 |
| Starbucks Corp.  | 23917 | 2014 |
| Midea Group Co., Ltd., Class A  | 166950 | 1866 |
| Maruti Suzuki India, Ltd.  | 9473 | 1761 |
| Compagnie Financiere Richemont SA, Class A  | 6565 | 1417 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 1773 | 1337 |
| Compagnie Generale des Etablissements Michelin  | 33369 | 1107 |
| Royal Caribbean Cruises, Ltd.  | 3526 | 983 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 9998 | 714 |
| Compass Group PLC  | 21303 | 678 |
| Accor SA  | 10541 | 597 |
|  |  | 21062 |
| **Materials 4.32%** |  |  |
| Nitto Denko Corp.  | 122500 | 2911 |
| Grupo Mexico, SAB de CV, Series B  | 295899 | 2794 |
| Lundin Gold, Inc.  | 31847 | 2645 |
| Vale SA, ordinary nominative shares  | 120881 | 1581 |
| Vale SA (ADR), ordinary nominative shares  | 53750 | 700 |
| Franco-Nevada Corp.  | 5241 | 1086 |
| Franco-Nevada Corp. (CAD denominated)  | 4075 | 845 |
| Anglo American PLC  | 43941 | 1811 |
| Smurfit Westrock PLC  | 40261 | 1557 |
| Air Products and Chemicals, Inc.  | 4593 | 1134 |
| Freeport-McMoRan, Inc.  | 19198 | 975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **137** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Newmont Corp.  | 7198 | $719 |
| Air Liquide SA  | 2774 | 522 |
| Celanese Corp.  | 4784 | 202 |
|  |  | 19482 |
| **Communication services 4.18%** |  |  |
| Alphabet, Inc., Class A  | 19544 | 6117 |
| Alphabet, Inc., Class C  | 6924 | 2173 |
| AT&T, Inc.  | 134741 | 3347 |
| Meta Platforms, Inc., Class A  | 4442 | 2932 |
| Comcast Corp., Class A  | 41626 | 1244 |
| Omnicom Group, Inc.  | 12053 | 973 |
| Netflix, Inc. <sup>(a)</sup>  | 9170 | 860 |
| SoftBank Group Corp.  | 21252 | 599 |
| Nintendo Co., Ltd.  | 8400 | 568 |
|  |  | 18813 |
| **Utilities 4.00%** |  |  |
| Dominion Energy, Inc.  | 72580 | 4252 |
| DTE Energy Co.  | 17918 | 2311 |
| National Grid PLC  | 125726 | 1938 |
| Power Grid Corp. of India, Ltd.  | 588187 | 1730 |
| Duke Energy Corp.  | 14059 | 1648 |
| E.ON SE  | 67347 | 1277 |
| PG&E Corp.  | 78708 | 1265 |
| Constellation Energy Corp.  | 3350 | 1183 |
| Pinnacle West Capital Corp.  | 12517 | 1110 |
| NextEra Energy, Inc.  | 12754 | 1024 |
| SembCorp Industries, Ltd.  | 57400 | 268 |
|  |  | 18006 |
| **Consumer staples 3.38%** |  |  |
| Philip Morris International, Inc.  | 28949 | 4643 |
| Imperial Brands PLC  | 108137 | 4546 |
| British American Tobacco PLC  | 75162 | 4260 |
| Nestle SA  | 9977 | 992 |
| Sysco Corp.  | 10540 | 777 |
|  |  | 15218 |
| **Energy 2.76%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 245684 | 8321 |
| Shell PLC (GBP denominated)  | 45924 | 1687 |
| Chevron Corp.  | 6750 | 1029 |
| Cameco Corp. (CAD denominated)  | 7668 | 702 |
| Expand Energy Corp.  | 6349 | 701 |
|  |  | 12440 |
| **Real estate 0.58%** |  |  |
| CTP NV  | 50979 | 1068 |
| Embassy Office Parks REIT  | 181378 | 879 |
| Goodman Logistics (HK), Ltd. REIT  | 31735 | 652 |
|  |  | 2599 |
| **Total common stocks** (cost: $198,233,000) |  | 283766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **138** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks 0.65% | Shares | Value<br> (000)<br>|
| **Financials 0.35%** |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 20865 | $1576 |
| **Utilities 0.30%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 27600 | 1345 |
| **Total convertible stocks** (cost: $2,894,000) |  | 2921 |
| Bonds, notes & other debt instruments 29.38% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 12.73%** | **Bonds & notes of governments & government agencies outside the U.S. 12.73%** | **Bonds & notes of governments & government agencies outside the U.S. 12.73%** |
| **Japan 2.26%** |  |  |
| Japan, Series 150, 0.005% 12/20/2026  | JPY84,950 | 538 |
| Japan, Series 346, 0.10% 3/20/2027  | 134150 | 848 |
| Japan, Series 474, 0.70% 7/1/2027  | 106550 | 677 |
| Japan, Series 358, 0.10% 3/20/2030  | 37400 | 225 |
| Japan, Series 363, 0.10% 6/20/2031  | 174700 | 1028 |
| Japan, Series 373, 0.60% 12/20/2033  | 55750 | 323 |
| Japan, Series 152, 1.20% 3/20/2035  | 465250 | 2774 |
| Japan, Series 173, 0.40% 6/20/2040  | 50350 | 238 |
| Japan, Series 176, 0.50% 3/20/2041  | 109950 | 516 |
| Japan, Series 179, 0.50% 12/20/2041  | 50500 | 231 |
| Japan, Series 42, 1.70% 3/20/2044  | 86550 | 463 |
| Japan, Series 192, 2.40% 3/20/2045  | 165550 | 979 |
| Japan, Series 37, 0.60% 6/20/2050  | 26950 | 95 |
| Japan, Series 74, 1.00% 3/20/2052  | 84000 | 316 |
| Japan, Series 76, 1.40% 9/20/2052  | 41100 | 172 |
| Japan, Series 77, 1.60% 12/20/2052  | 76750 | 337 |
| Japan, Series 84, 2.10% 9/20/2054  | 82450 | 404 |
|  |  | 10164 |
| **China 1.23%** |  |  |
| Agricultural Development Bank of China 3.75% 1/25/2029  | CNY550 | 83 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028  | 4100 | 602 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029  | 3860 | 568 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030  | 6220 | 930 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 2870 | 443 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 2410 | 357 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035  | 3980 | 560 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 360 | 58 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 1520 | 201 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027  | 1060 | 155 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027  | 8580 | 1259 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028  | 2040 | 311 |
|  |  | 5527 |
| **Supra National 1.07%** |  |  |
| Asian Development Bank 6.72% 2/8/2028  | INR18,000 | 201 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | 10100 | 111 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 4300 | 48 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 43800 | 487 |
| European Investment Bank 0.375% 9/15/2027  | EUR110 | 126 |
| European Investment Bank 6.95% 3/1/2029  | INR5,700 | 64 |
| European Investment Bank 0.25% 1/20/2032  | EUR860 | 873 |
| European Investment Bank 7.40% 10/23/2033  | INR19,300 | 222 |
| European Investment Bank 2.875% 1/15/2035  | EUR45 | 52 |
| European Union 2.50% 10/14/2030  | 80 | 93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **139** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Supra National (continued)** |  |  |
| European Union 2.75% 12/13/2032  | EUR70 | $82 |
| European Union 3.375% 10/4/2039  | 40 | 46 |
| European Union 3.625% 12/12/2040  | 1475 | 1728 |
| European Union 4.00% 10/12/2055  | 215 | 249 |
| Inter-American Development Bank 7.00% 1/25/2029  | INR22,000 | 247 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029  | 16200 | 181 |
|  |  | 4810 |
| **Germany 1.05%** |  |  |
| Germany (Federal Republic of) 0% 8/15/2030  | EUR2,459 | 2592 |
| Germany (Federal Republic of) 0% 2/15/2032  | 540 | 544 |
| Germany (Federal Republic of) 1.70% 8/15/2032  | 674 | 750 |
| Germany (Federal Republic of) 2.30% 2/15/2033  | 300 | 345 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 130 | 149 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 180 | 166 |
| Germany (Federal Republic of) 0% 8/15/2050  | 300 | 152 |
| Germany (Federal Republic of) 0% 8/15/2052  | 80 | 38 |
|  |  | 4736 |
| **United Kingdom 1.00%** |  |  |
| United Kingdom 1.25% 7/22/2027  | GBP410 | 533 |
| United Kingdom 0.375% 10/22/2030  | 210 | 240 |
| United Kingdom 1.00% 1/31/2032  | 750 | 845 |
| United Kingdom 4.25% 6/7/2032  | 785 | 1068 |
| United Kingdom 3.25% 1/31/2033  | 330 | 418 |
| United Kingdom 3.25% 1/22/2044  | 644 | 680 |
| United Kingdom 1.25% 7/31/2051  | 413 | 247 |
| United Kingdom 4.375% 7/31/2054  | 205 | 242 |
| United Kingdom 2.50% 7/22/2065  | 340 | 256 |
|  |  | 4529 |
| **Italy 0.84%** |  |  |
| Italy (Republic of) 1.35% 4/1/2030  | EUR250 | 279 |
| Italy (Republic of) 4.40% 5/1/2033  | 10 | 13 |
| Italy (Republic of) 4.35% 11/1/2033  | 740 | 937 |
| Italy (Republic of) 4.20% 3/1/2034  | 900 | 1127 |
| Italy (Republic of) 3.65% 8/1/2035  | 795 | 949 |
| Italy (Republic of) 4.50% 10/1/2053  | 210 | 253 |
| Italy (Republic of) 4.30% 10/1/2054  | 200 | 233 |
|  |  | 3791 |
| **Brazil 0.77%** |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026  | BRL10,887 | 1985 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | 2230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 1142 | 183 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 4075 | 610 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(b)</sup>  | 229 | 37 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(b)</sup>  | 1653 | 263 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(b)</sup>  | 229 | 36 |
|  |  | 3491 |
| **France 0.66%** |  |  |
| French Republic O.A.T. 0.75% 2/25/2028  | EUR410 | 466 |
| French Republic O.A.T. 0% 11/25/2030  | 1320 | 1355 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **140** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **France (continued)** |  |  |
| French Republic O.A.T. 2.00% 11/25/2032  | EUR610 | $667 |
| French Republic O.A.T. 3.25% 5/25/2045  | 160 | 166 |
| French Republic O.A.T. 3.75% 5/25/2056  | 295 | 305 |
|  |  | 2959 |
| **Hungary 0.56%** |  |  |
| Hungary (Republic of) 3.00% 8/21/2030  | HUF548,270 | 1456 |
| Hungary (Republic of) 4.50% 5/27/2032  | 336000 | 920 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | EUR100 | 126 |
|  |  | 2502 |
| **Spain 0.53%** |  |  |
| Spain (Kingdom of) 0% 1/31/2027  | 335 | 385 |
| Spain (Kingdom of) 0.80% 7/30/2027  | 490 | 564 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 165 | 171 |
| Spain (Kingdom of) 3.15% 4/30/2033  | 317 | 376 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 370 | 450 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 120 | 142 |
| Spain (Kingdom of) 3.45% 10/31/2034  | 240 | 288 |
|  |  | 2376 |
| **South Korea 0.46%** |  |  |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | KRW348,590 | 240 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 1830410 | 1339 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035  | 688360 | 474 |
|  |  | 2053 |
| **Australia 0.45%** |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD115 | 66 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033  | 725 | 433 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 905 | 567 |
| New South Wales Treasury Corp. 4.25% 2/20/2036  | 340 | 208 |
| Treasury Corp. of Victoria 5.50% 9/15/2039  | 813 | 530 |
| Treasury Corp. of Victoria 3.625% 9/29/2040  | EUR200 | 231 |
|  |  | 2035 |
| **Malaysia 0.36%** |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR3,466 | 876 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 601 | 152 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 180 | 48 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 653 | 170 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 1307 | 336 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 93 | 26 |
|  |  | 1608 |
| **Canada 0.31%** |  |  |
| Canada (Government) 0.25% 3/1/2026  | CAD246 | 179 |
| Canada (Government) 3.50% 3/1/2028  | 1119 | 830 |
| Canada (Government) 1.50% 12/1/2031  | 60 | 40 |
| Nova Scotia (Province of) 3.15% 12/1/2051  | 170 | 95 |
| Ontario (Province of) 3.25% 7/3/2035  | EUR200 | 233 |
|  |  | 1377 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **141** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Panama 0.18%** |  |  |
| Panama (Republic of) 7.50% 3/1/2031  | USD560 | $622 |
| Panama (Republic of) 6.40% 2/14/2035  | 200 | 212 |
|  |  | 834 |
| **Greece 0.17%** |  |  |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | EUR65 | 79 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 90 | 101 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 530 | 578 |
|  |  | 758 |
| **Mexico 0.15%** |  |  |
| United Mexican States, Series M, 5.75% 3/5/2026  | MXN10,710 | 593 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 881 | 42 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(b)</sup>  | 543 | 28 |
|  |  | 663 |
| **Republic of Austria 0.14%** |  |  |
| Austria (Republic of) 0% 2/20/2031  | EUR500 | 514 |
| Austria (Republic of) 2.90% 2/20/2034  | 120 | 140 |
|  |  | 654 |
| **Indonesia 0.11%** |  |  |
| Indonesia (Republic of), Series FR87, 6.50% 2/15/2031  | IDR1,253,000 | 77 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033  | 2543000 | 161 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 1026000 | 64 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035  | 2889000 | 182 |
|  |  | 484 |
| **Colombia 0.08%** |  |  |
| Colombia (Republic of) 7.375% 4/25/2030  | USD335 | 355 |
| **Belgium 0.07%** |  |  |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033  | EUR270 | 316 |
| **Turkey 0.05%** |  |  |
| Turkey (Republic of) 7.125% 7/17/2032  | USD200 | 212 |
| **Ireland 0.04%** |  |  |
| Ireland (Republic of) 2.60% 10/18/2034  | EUR100 | 114 |
| Ireland (Republic of) 3.00% 10/18/2043  | 80 | 88 |
|  |  | 202 |
| **Estonia 0.04%** |  |  |
| Estonia (Republic of) 3.25% 1/17/2034  | 160 | 187 |
| **Bulgaria 0.03%** |  |  |
| Bulgaria (Republic of) 4.50% 1/27/2033  | 120 | 152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **142** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Portugal 0.03%** |  |  |
| Portugal (Republic of) 0.475% 10/18/2030  | EUR50 | $53 |
| Portugal (Republic of) 3.375% 6/15/2040  | 5 | 6 |
| Portugal (Republic of) 3.625% 6/12/2054  | 70 | 77 |
|  |  | 136 |
| **Philippines 0.03%** |  |  |
| Philippines (Republic of) 0.875% 5/17/2027  | 110 | 126 |
| **Netherlands 0.03%** |  |  |
| Netherlands (Kingdom of the) 5.50% 1/15/2028  | 100 | 125 |
| **Poland 0.02%** |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN410 | 108 |
| **Chile 0.01%** |  |  |
| Chile (Republic of) 4.70% 9/1/2030  | CLP55,000 | 60 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 57330 |
| **U.S. Treasury bonds & notes 5.53%** | **U.S. Treasury bonds & notes 5.53%** | **U.S. Treasury bonds & notes 5.53%** |
| **U.S. Treasury 5.05%** |  |  |
| U.S. Treasury 4.50% 4/15/2027  | USD1,160 | 1174 |
| U.S. Treasury 3.75% 4/30/2027  | 1710 | 1715 |
| U.S. Treasury 3.75% 6/30/2027  | 1510 | 1516 |
| U.S. Treasury 4.00% 6/30/2028 <sup>(c)</sup>  | 4484 | 4537 |
| U.S. Treasury 4.625% 9/30/2028  | 1875 | 1928 |
| U.S. Treasury 4.125% 3/31/2029  | 822 | 836 |
| U.S. Treasury 3.50% 9/30/2029  | 755 | 752 |
| U.S. Treasury 4.00% 2/28/2030  | 1094 | 1108 |
| U.S. Treasury 4.00% 5/31/2030  | 1090 | 1104 |
| U.S. Treasury 3.875% 6/30/2030  | 2117 | 2133 |
| U.S. Treasury 3.50% 11/30/2030  | 210 | 208 |
| U.S. Treasury 2.875% 5/15/2032  | 306 | 289 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(c)</sup>  | 1544 | 1604 |
| U.S. Treasury 4.25% 5/15/2035  | 326 | 329 |
| U.S. Treasury 4.00% 11/15/2035  | 390 | 385 |
| U.S. Treasury 1.875% 2/15/2041  | 285 | 199 |
| U.S. Treasury 2.25% 5/15/2041  | 873 | 643 |
| U.S. Treasury 2.875% 11/15/2046  | 200 | 148 |
| U.S. Treasury 1.25% 5/15/2050  | 1155 | 554 |
| U.S. Treasury 1.375% 8/15/2050  | 570 | 281 |
| U.S. Treasury 2.375% 5/15/2051  | 510 | 322 |
| U.S. Treasury 2.00% 8/15/2051  | 560 | 322 |
| U.S. Treasury 4.00% 11/15/2052  | 270 | 235 |
| U.S. Treasury 3.625% 2/15/2053  | 149 | 121 |
| U.S. Treasury 4.25% 8/15/2054  | 320 | 290 |
|  |  | 22733 |
| **U.S. Treasury inflation-protected securities 0.48%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(b)</sup>  | 377 | 373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **143** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(b)</sup>  | USD698 | $719 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(b)</sup>  | 272 | 196 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(b)</sup>  | 934 | 886 |
|  |  | 2174 |
| **Total U.S. Treasury bonds & notes** |  | 24907 |
| **Mortgage-backed obligations 5.43%** | **Mortgage-backed obligations 5.43%** | **Mortgage-backed obligations 5.43%** |
| **Federal agency mortgage-backed obligations 4.11%** |  |  |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 32 | 31 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 242 | 248 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 64 | 67 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup>  | 86 | 79 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 319 | 325 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 387 | 398 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 19 | 19 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 14 | 14 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | 2458 | 2526 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 88 | 90 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 68 | 71 |
| Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(d)</sup>  | 467 | 475 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(d)</sup>  | 178 | 182 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 133 | 135 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 94 | 97 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 67 | 69 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 85 | 86 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 72 | 75 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 67 | 69 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 51 | 53 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup>  | 6 | 7 |
| Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(d)</sup>  | 316 | 320 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(d)</sup>  | 999 | 1026 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 84 | 87 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup>  | 14 | 15 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 10 | 10 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(d)</sup>  | 281 | 275 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 13 | 13 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(d)</sup>  | 177 | 168 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup>  | 395 | 386 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(d)</sup>  | 99 | 101 |
| Fannie Mae Pool #DD2618 4.00% 3/1/2055 <sup>(d)</sup>  | 931 | 883 |
| Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(d)</sup>  | 39 | 40 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup>  | 37 | 38 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup>  | 1470 | 1547 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup>  | 38 | 36 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup>  | 57 | 54 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 98 | 98 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 50 | 50 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup>  | 41 | 43 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup>  | 235 | 238 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(d)</sup>  | 155 | 147 |
| Fannie Mae Pool #DF7614 6.50% 12/1/2055 <sup>(d)</sup>  | 81 | 86 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(d)</sup>  | 323 | 262 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(d)</sup>  | 66 | 61 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 95 | 93 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 53 | 52 |
| Freddie Mac Pool #SL1880 6.50% 11/1/2053 <sup>(d)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 448 | 455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **144** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup>  | USD195 | $198 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 26 | 26 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 40 | 41 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(d)</sup>  | 78 | 81 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 35 | 35 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 102 | 106 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 64 | 66 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 52 | 54 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(d)</sup>  | 21 | 21 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup>  | 5 | 5 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 151 | 156 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 76 | 79 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 75 | 78 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 72 | 75 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(d)</sup>  | 175 | 166 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 72 | 70 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 64 | 65 |
| Freddie Mac Pool #SD8487 4.00% 12/1/2054 <sup>(d)</sup>  | 94 | 89 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 205 | 205 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 60 | 61 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 1 | 1 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup>  | 330 | 347 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(d)</sup>  | 961 | 975 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 43 | 43 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 89 | 89 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 237 | 237 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup>  | 874 | 873 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(e)</sup>  | 1030 | 833 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(e)</sup>  | 7 | 7 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(d)(e)</sup>  | 485 | 460 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(e)</sup>  | 338 | 330 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(d)(e)</sup>  | 483 | 490 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(e)</sup>  | 20 | 20 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(e)</sup>  | 392 | 361 |
|  |  | 18493 |
| **Commercial mortgage-backed securities 0.61%** |  |  |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(f)</sup>  | 55 | 57 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(g)</sup>  | 140 | 144 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(f)(g)</sup>  | 335 | 339 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(f)(g)</sup>  | 298 | 299 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(f)(g)</sup>  | 100 | 104 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(f)(g)</sup>  | 135 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(d)(f)(g)</sup>  | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(d)(f)(g)</sup>  | 100 | 100 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(f)(g)</sup>  | 157 | 163 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(f)(g)</sup>  | 100 | 101 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(f)(g)</sup>  | 131 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(d)(f)(g)</sup>  | 295 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(d)(f)(g)</sup>  | 139 | 139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **145** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(d)(f)(g)</sup>  | USD50 | $51 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(d)(f)(g)</sup>  | 128 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(d)(f)(g)</sup>  | 555 | 551 |
|  |  | 2771 |
| **Collateralized mortgage-backed obligations (privately originated) 0.49%** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(f)(g)</sup>  | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(d)(f)(g)</sup>  | 122 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(d)(f)(g)</sup>  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(d)(f)(g)</sup>  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(d)(f)(g)</sup>  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(d)(f)(g)</sup>  | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.524% 5/25/2044 <sup>(d)(f)(g)</sup>  | 121 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(d)(f)(g)</sup>  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(d)(f)(g)</sup>  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(f)(g)</sup>  | 23 | 23 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 189 | 191 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(g)(h)</sup>  | 98 | 99 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(d)(g)(h)</sup>  | 96 | 97 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(f)(g)</sup>  | 82 | 77 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(d)(g)(h)</sup>  | 70 | 70 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(g)(h)</sup>  | 136 | 138 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(g)(h)</sup>  | 180 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on <br>12/1/2028) <sup>(d)(g)(h)</sup>  | 197 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(d)(f)(g)</sup>  | 100 | 100 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 196 | 199 |
| Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 98 | 100 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(f)(g)</sup>  | 84 | 84 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(d)(g)(h)</sup>  | 120 | 120 |
|  |  | 2227 |
| **Other mortgage-backed securities 0.22%** |  |  |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(d)</sup>  | DKK397 | 58 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(d)</sup>  | 1054 | 151 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | 4925 | 637 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(d)</sup>  | 438 | 50 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(d)</sup>  | 530 | 65 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 176 | 22 |
|  |  | 983 |
| **Total mortgage-backed obligations** |  | 24474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **146** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 5.05%** | **Corporate bonds and notes 5.05%** | **Corporate bonds and notes 5.05%** |
| **Financials 1.32%** |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 <sup>(g)</sup>  | USD100 | $100 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(h)</sup>  | EUR230 | 257 |
| AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(h)</sup>  | 100 | 125 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(h)</sup>  | 100 | 123 |
| Banco de Sabadell SA 5.125% 6/27/2034 (5-year EUR Mid-Swap + 2.40% on 6/7/2029) <sup>(h)</sup>  | 100 | 124 |
| Barclays PLC 7.09% 11/6/2029 (1-year GBP-OIS SONIO/N + 2.553% on 11/6/2028) <sup>(h)</sup>  | GBP100 | 143 |
| Barclays PLC 4.616% 3/26/2037 (5-year EUR Mid-Swap + 2.05% on 3/26/2032) <sup>(h)</sup>  | EUR100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(h)</sup>  | USD200 | 221 |
| BPCE SA 4.50% 1/13/2033  | EUR100 | 123 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | USD7 | 7 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(g)(h)</sup>  | 200 | 208 |
| CaixaBank SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(h)</sup>  | EUR200 | 242 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | USD10 | 10 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 20 | 17 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(h)</sup>  | 70 | 71 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 59 | 56 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(h)</sup>  | 160 | 157 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(h)</sup>  | EUR200 | 222 |
| DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(h)</sup>  | GBP100 | 135 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(h)</sup>  | USD135 | 141 |
| HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(h)</sup>  | 360 | 381 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(h)</sup>  | 200 | 201 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(h)</sup>  | 290 | 331 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(h)</sup>  | EUR100 | 130 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(h)</sup>  | USD85 | 86 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(h)</sup>  | 280 | 250 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(h)</sup>  | 220 | 231 |
| Mastercard, Inc. 2.00% 11/18/2031  | 102 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(h)</sup>  | 294 | 306 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(h)</sup>  | 150 | 156 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(h)</sup>  | EUR175 | 192 |
| New York Life Insurance Co. 3.75% 5/15/2050 <sup>(g)</sup>  | USD23 | 17 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(h)</sup>  | 65 | 74 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(h)</sup>  | 25 | 26 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029  | 280 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% <br> on 5/13/2030) <sup>(g)(h)</sup>  | 330 | 340 |
| Toronto-Dominion Bank (The) 4.808% 6/3/2030  | 75 | 77 |
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(h)(i)</sup>  | EUR150 | 181 |
|  |  | 5960 |
| **Utilities 0.61%** |  |  |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051  | USD197 | 159 |
| CMS Energy Corp. 3.00% 5/15/2026  | 180 | 179 |
| Duke Energy Corp. 3.75% 4/1/2031  | EUR100 | 119 |
| Electricite de France SA 4.25% 1/25/2032  | 100 | 123 |
| Electricite de France SA 4.00% 5/7/2037  | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(h)</sup>  | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(h)</sup>  | 200 | 256 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(g)</sup>  | USD200 | 190 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 200 | 186 |
| Engie SA 7.00% 10/30/2028  | GBP50 | 72 |
| Exelon Corp. 3.40% 4/15/2026  | USD75 | 75 |
| Interstate Power and Light Co. 2.30% 6/1/2030  | 50 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **147** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| Pacific Gas and Electric Co. 6.15% 1/15/2033  | USD78 | $83 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 120 | 126 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 120 | 102 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 137 | 93 |
| Public Service Co. of Colorado 2.70% 1/15/2051  | 125 | 76 |
| Southern California Edison Co. 5.45% 3/1/2035  | 150 | 152 |
| Southern California Edison Co. 6.20% 9/15/2055  | 60 | 61 |
| SP Transmission PLC 2.00% 11/13/2031  | GBP100 | 117 |
| Xcel Energy, Inc. 3.35% 12/1/2026  | USD200 | 199 |
|  |  | 2761 |
| **Energy 0.59%** |  |  |
| Ecopetrol SA 8.625% 1/19/2029  | 125 | 134 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(g)</sup>  | 200 | 210 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 25 | 25 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(g)</sup>  | 225 | 236 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 1455 | 1479 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 80 | 65 |
| Qatar Energy 3.125% 7/12/2041 <sup>(g)</sup>  | 320 | 247 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(g)</sup>  | 200 | 163 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 85 | 82 |
|  |  | 2641 |
| **Communication services 0.57%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN9,100 | 522 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 2000 | 113 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 2000 | 117 |
| AT&T, Inc. 2.75% 6/1/2031  | USD165 | 152 |
| AT&T, Inc. 5.20% 11/18/2033  | GBP100 | 136 |
| AT&T, Inc. 2.55% 12/1/2033  | USD64 | 55 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(g)</sup>  | 75 | 64 |
| Comcast Corp. 3.55% 5/1/2028  | 70 | 69 |
| Comcast Corp. 0.25% 9/14/2029  | EUR250 | 267 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | USD45 | 56 |
| Orange 3.625% 11/16/2031  | EUR100 | 120 |
| Orange 5.625% 1/23/2034  | GBP90 | 127 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | USD200 | 192 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | EUR100 | 116 |
| T-Mobile USA, Inc. 5.15% 4/15/2034  | USD115 | 118 |
| Verizon Communications, Inc. 0.375% 3/22/2029  | EUR140 | 152 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | USD100 | 88 |
| Verizon Communications, Inc. 0.75% 3/22/2032  | EUR100 | 101 |
|  |  | 2565 |
| **Industrials 0.43%** |  |  |
| Boeing Co. (The) 6.298% 5/1/2029  | USD95 | 101 |
| Boeing Co. (The) 6.528% 5/1/2034  | 604 | 668 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 42 | 32 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 129 | 86 |
| Carrier Global Corp. 2.493% 2/15/2027  | 7 | 7 |
| CSX Corp. 3.80% 4/15/2050  | 6 | 5 |
| CSX Corp. 2.50% 5/15/2051  | 75 | 45 |
| GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035  | 200 | 195 |
| Honeywell International, Inc. 3.75% 3/1/2036  | EUR100 | 116 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(g)</sup>  | USD76 | 79 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(g)</sup>  | 200 | 199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **148** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| RTX Corp. 4.125% 11/16/2028  | USD100 | $100 |
| RTX Corp. 6.10% 3/15/2034  | 55 | 60 |
| RTX Corp. 4.50% 6/1/2042  | 70 | 63 |
| Veralto Corp. 4.15% 9/19/2031  | EUR100 | 122 |
| Veralto Corp. 5.45% 9/18/2033  | USD40 | 42 |
|  |  | 1920 |
| **Consumer discretionary 0.33%** |  |  |
| BMW International Investment BV 4.75% 9/4/2030  | GBP100 | 137 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | EUR200 | 237 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | USD200 | 203 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 200 | 207 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 140 | 146 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(g)</sup>  | 100 | 99 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(g)</sup>  | 72 | 74 |
| Hyundai Capital America 4.50% 9/18/2030 <sup>(g)</sup>  | 100 | 100 |
| McDonald's Corp. 1.60% 3/15/2031 <sup>(i)</sup>  | EUR100 | 109 |
| Sands China, Ltd. 4.375% 6/18/2030  | USD200 | 197 |
|  |  | 1509 |
| **Health care 0.33%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 25 | 26 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 25 | 24 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 2.20% 2/21/2027  | 200 | 196 |
| Amgen, Inc. 4.20% 3/1/2033  | 200 | 196 |
| Amgen, Inc. 5.65% 3/2/2053  | 300 | 294 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 60 | 59 |
| CVS Health Corp. 5.40% 6/1/2029  | 125 | 129 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 33 | 34 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 107 | 108 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 21 | 20 |
| Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026  | EUR100 | 117 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029  | USD150 | 150 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 65 | 64 |
|  |  | 1466 |
| **Consumer staples 0.32%** |  |  |
| Altria Group, Inc. 2.20% 6/15/2027  | EUR170 | 199 |
| BAT Capital Corp. 3.215% 9/6/2026  | USD62 | 62 |
| BAT Capital Corp. 3.557% 8/15/2027  | 105 | 104 |
| BAT Capital Corp. 3.462% 9/6/2029  | 75 | 73 |
| BAT Capital Corp. 5.625% 8/15/2035  | 243 | 253 |
| Campbell's Co. (The) 4.75% 3/23/2035  | 47 | 45 |
| Coca-Cola Co. 4.65% 8/14/2034  | 61 | 62 |
| Coca-Cola Co. 3.75% 8/15/2053  | EUR125 | 133 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(g)</sup>  | USD105 | 108 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 200 | 219 |
| Philip Morris International, Inc. 4.00% 10/29/2030  | 60 | 60 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 110 | 118 |
|  |  | 1436 |
| **Materials 0.30%** |  |  |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 220 | 86 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **149** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | USD400 | $157 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(g)</sup>  | 250 | 263 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(g)</sup>  | 200 | 208 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(h)(j)</sup>  | 276 | 280 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(g)(h)(j)</sup>  | 46 | 47 |
| Vale Overseas, Ltd. 3.75% 7/8/2030  | 94 | 91 |
| Verallia SAS 3.875% 11/4/2032  | EUR200 | 229 |
|  |  | 1361 |
| **Information technology 0.15%** |  |  |
| Amphenol Corp. 3.125% 6/16/2032  | 100 | 116 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(g)</sup>  | USD21 | 21 |
| Broadcom, Inc. 4.15% 11/15/2030  | 30 | 30 |
| Broadcom, Inc. 3.469% 4/15/2034  | 123 | 112 |
| Oracle Corp. 2.65% 7/15/2026  | 216 | 214 |
| SK hynix, Inc. 1.50% 1/19/2026  | 200 | 200 |
|  |  | 693 |
| **Real estate 0.10%** |  |  |
| American Tower Corp. 0.875% 5/21/2029  | EUR130 | 143 |
| Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034  | USD100 | 103 |
| Equinix, Inc. 2.15% 7/15/2030  | 176 | 160 |
| Essex Portfolio, LP 3.375% 4/15/2026  | 40 | 40 |
|  |  | 446 |
| **Total corporate bonds and notes** |  | 22758 |
| **Asset-backed obligations 0.54%** | **Asset-backed obligations 0.54%** | **Asset-backed obligations 0.54%** |
| **Other asset-backed securities 0.29%** |  |  |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(g)</sup>  | 323 | 324 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup>  | 93 | 95 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(g)</sup>  | 76 | 76 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(g)</sup>  | 208 | 211 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(g)</sup>  | 100 | 101 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup>  | 86 | 87 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(g)</sup>  | 231 | 236 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(g)</sup>  | 161 | 162 |
|  |  | 1292 |
| **Credit card 0.11%** |  |  |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(g)</sup>  | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(g)</sup>  | 113 | 114 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(g)</sup>  | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(g)</sup>  | 100 | 101 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(g)</sup>  | 100 | 101 |
|  |  | 516 |
| **Auto loan 0.09%** |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(g)</sup>  | 125 | 126 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup>  | 148 | 154 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup>  | 100 | 101 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(g)</sup>  | 10 | 10 |
|  |  | 391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **150** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Collateralized loan obligations 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% <br>7/15/2032 <sup>(d)(f)(g)</sup>  | USD181 | $180 |
| **Student loan 0.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(d)(f)(g)</sup>  | 62 | 63 |
| **Total asset-backed obligations** |  | 2442 |
| **Federal agency bonds & notes 0.07%** | **Federal agency bonds & notes 0.07%** | **Federal agency bonds & notes 0.07%** |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | 200 | 208 |
| Korea Development Bank 6.75% 7/1/2030  | INR10,000 | 110 |
|  |  | 318 |
| **Municipals 0.03%** | **Municipals 0.03%** | **Municipals 0.03%** |
| **Ohio 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, <br> 3.216% 2/15/2048  | USD100 | 74 |
| **Texas 0.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% <br> 10/1/2052  | 80 | 55 |
| **Total municipals** |  | 129 |
| **Total bonds, notes & other debt instruments** (cost: $134,692,000) |  | 132358 |
| Investment funds 0.94% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(k)</sup>  | 499957 | 4250 |
| **Total investment funds** (cost: $3,967,000) |  | 4250 |
| Short-term securities 6.16% |  |  |
| **Money market investments 6.16%** | **Money market investments 6.16%** | **Money market investments 6.16%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 277543 | 27757 |
| **Total short-term securities** (cost: $27,752,000) |  | 27757 |
| Options purchased (equity style) 0.00% |  |  |
| Options purchased (equity style)\* |  | 2 |
| **Total options purchased (equity style)** (cost: $10,000) |  | 2 |
| **Total investment securities 100.13%** (cost: $367,548,000) |  | 451054 |
| Other assets less liabilities (0.13)% |  | (587)<br>|
| **Net assets 100.00%** |  | $450467 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**\*Options purchased (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY147.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |

---

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR126.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR1,800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(m)</sup><br>|

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR131.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(1,800)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month CORRA Futures | Long | 96 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD17,086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52 |
| 3 Month CORRA Futures | Short | 4 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 2 Year Italy Government Bond Futures | Long | 44 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| 2 Year Euro-Schatz Futures | Short | 22 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2761)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 2 Year Canadian Government Bond Futures | Long | 12 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 111 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 5 Year Euro-Bobl Futures | Long | 22 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| 5 Year Canadian Government Bond Futures | Long | 14 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 15 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year Euro-Bund Futures | Long | 5 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year French Government Bond Futures | Short | 3 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 10 Year Italy Government Bond Futures | Short | 8 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1130)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

------

American Funds Global Balanced Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Australian Treasury Bond Futures | Long | 8 | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| 10 Year Japanese Government Bond Futures | Short | 3 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2536)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| 10 Year U.S. Treasury Note Futures | Long | 26 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 6 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| 10 Year UK Gilt Futures | Short | 2 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Canadian Government Bond Futures | Short | 7 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| 30 Year Euro-Buxl Futures | Short | 8 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1035)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 13 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 13630 | USD | 312 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| USD | 899 | MYR | 3710 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 725 | JPY | 112210 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| USD | 355 | JPY | 54745 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 277 | JPY | 42750 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| CHF | 130 | USD | 163 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| CZK | 13595 | EUR | 562 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 21 | CLP | 19505 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 464 | IDR | 7740641 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| JPY | 33170 | USD | 212 | BNP Paribas | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 244 | MXN | 4405 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 78 | COP | 300000 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 517 | CHF | 410 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| JPY | 10610 | USD | 69 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 339 | CHF | 270 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1134 | INR | 102200 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 415 | CZK | 8586 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 334 | GBP | 250 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 291 | MXN | 5330 | UBS AG | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 606 | EUR | 520 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 443 | KRW | 655190 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 1103 | CAD | 1535 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 1614 | KRW | 2363730 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CNH | 17205 | USD | 2438 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| ZAR | 3460 | USD | 202 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| CNH | 4541 | USD | 646 | Goldman Sachs | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| EUR | 186 | CAD | 300 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| NZD | 47 | USD | 27 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| EUR | 411 | GBP | 360 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 64 | NOK | 651 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 71 | RON | 310 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 123 | SGD | 160 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 264 | MXN | 4785 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 107 | PLN | 390 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 93 | SEK | 870 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 2079 | AUD | 3141 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 2316 | HUF | 767740 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(29)<br>|
| USD | 668 | THB | 20965 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 8604 | JPY | 1330280 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| EUR | 395 | DKK | 2950 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| EUR | 160 | USD | 188 | JPMorgan Chase | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 93 | ILS | 300 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 2540 | EUR | 2180 | Morgan Stanley | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | 7733 | CNH | 54343 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<br>|
| EUR | 529 | GBP | 465 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 3966 | GBP | 2966 | Citibank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| GBP | 466 | EUR | 530 | HSBC Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 631 | GBP | 470 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2832 | BRL | 15446 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 288 | BRL | 1600 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 26139 | EUR | 22194 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| EUR | 1365 | USD | 1610 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 3015 | USD | 3548 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 1050 | USD | 1236 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(52)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 3.79165% | Annual | SOFR | Annual | &nbsp;&nbsp; 1/13/2026 | &nbsp;&nbsp; USD865 | &nbsp;&nbsp; $— <br><sup>(m)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(m)</sup><br>|
| 4.254% | Annual | SONIA | Annual | &nbsp;&nbsp; 5/9/2027 | &nbsp;&nbsp; GBP70 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 3.5175% | Annual | SOFR | Annual | &nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp; USD210 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| SOFR | Annual | 3.4925% | Annual | &nbsp;&nbsp; 8/19/2027 | &nbsp;&nbsp; USD8,340 | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21)<br>|
| SOFR | Annual | 3.3395% | Annual | &nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp; USD8,510 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 4.98038% | Annual | SONIA | Annual | &nbsp;&nbsp; 6/21/2028 | &nbsp;&nbsp; GBP267 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| SOFR | Annual | 3.29015% | Annual | &nbsp;&nbsp; 1/13/2030 | &nbsp;&nbsp; USD2,870 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; NOK3,700 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | &nbsp;&nbsp; 3/6/2030 | &nbsp;&nbsp; EUR280 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK1,500 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK960 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK970 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp; NOK3,540 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | &nbsp;&nbsp; 9/22/2030 | &nbsp;&nbsp; NOK2,420 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK2,390 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 6-month NOK-NIBOR | Semi-annual | 4.095% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK2,390 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK1,220 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| SONIA | Annual | 4.36738% | Annual | &nbsp;&nbsp; 6/21/2033 | &nbsp;&nbsp; GBP62 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

------

American Funds Global Balanced Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | &nbsp;&nbsp; 9/11/2055 | &nbsp;&nbsp; EUR180 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14 |
| SOFR | Annual | 3.9305% | Annual | &nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp; USD940 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
|  |  |  |  |  |  | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp;&nbsp; BRL2,940 | &nbsp;&nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(22)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL6,010 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL1,660 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL1,210 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL740 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL1,530 | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR1,520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|

---

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(m)</sup><br>|

---

**Investments in affiliates** <sup>(k)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 0.94%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund  | $3953 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $4250 | &nbsp;&nbsp; $195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Investments in affiliates** <sup>(k)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 12/31/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Short-term securities 6.16%** |  |  |  |  |  |  |  |
| **Money market investments 6.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(l)</sup>  | $22187 | &nbsp;&nbsp; $115565 | &nbsp;&nbsp; $109995 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $27757 | &nbsp;&nbsp; $1158 |
| **Total 7.10%** |  |  |  | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $104 | &nbsp;&nbsp; $32007 | &nbsp;&nbsp; $1353 |

---

**Restricted securities** <sup>(i)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on <br> 7/22/2031) <sup>(h)</sup> <br>| 12/4/2024 | $163 | $181 | 0.04<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. 1.60% 3/15/2031  | 9/30/2024 | 104 | 109 | 0.02 |
| **Total** |  | $267 | $290 | 0.06<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(c)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $899,000, which represented 0.20% of the net assets of the fund. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(g)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,356,000, which represented 2.30% of the net assets of the fund. 

<sup>(h)</sup> Step bond; coupon rate may change at a later date.

<sup>(i)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(j)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(m)</sup> Amount less than one thousand.

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(o)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **156** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DKK = Danish kroner |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| ILS = Israeli shekels |
| INR = Indian rupees |
| JPY = Japanese yen |

---

---

| |
|:---|
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| OIS = Overnight Index Swap |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| SONIO/N = Sonio O/N Deposit Rates Swap |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

------

The Bond Fund of America

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.01% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 32.02%** | **Mortgage-backed obligations 32.02%** | **Mortgage-backed obligations 32.02%** |
| **Federal agency mortgage-backed obligations 25.58%** |  |  |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup>  | USD17 | $17 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup>  | 22 | 22 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup>  | 1896 | 1813 |
| Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup>  | 93 | 88 |
| Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup>  | 29 | 31 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 1645 | 1557 |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 677 | 640 |
| Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup>  | 316 | 334 |
| Fannie Mae Pool #924866 6.015% 10/1/2037 <sup>(a)(b)</sup>  | 125 | 127 |
| Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup>  | 140 | 146 |
| Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup>  | 594 | 620 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup>  | 134 | 138 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup>  | 671 | 686 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup>  | 666 | 685 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 102235 | 89225 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 639 | 658 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 322 | 331 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 292 | 300 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 161 | 166 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup>  | 38 | 37 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 1540 | 1462 |
| Fannie Mae Pool #MA5786 7.00% 7/1/2045 <sup>(a)</sup>  | 231 | 243 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup>  | 667 | 633 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup>  | 727 | 703 |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup>  | 115 | 111 |
| Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup>  | 4084 | 3963 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup>  | 289 | 276 |
| Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup>  | 702 | 681 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup>  | 31 | 30 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup>  | 3647 | 3424 |
| Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup>  | 1721 | 1668 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup>  | 64 | 62 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup>  | 1995 | 1983 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup>  | 1043 | 979 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup>  | 14 | 13 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup>  | 5216 | 4728 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup>  | 3839 | 3614 |
| Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup>  | 16627 | 16110 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup>  | 15508 | 14679 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 399 | 379 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup>  | 1046 | 951 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup>  | 703 | 640 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup>  | 2075 | 1957 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup>  | 16776 | 16198 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup>  | 11941 | 11207 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup>  | 3203 | 2996 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup>  | 5177 | 4840 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup>  | 23734 | 22304 |
| Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup>  | 11 | 9 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup>  | 249 | 212 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup>  | 4712 | 4072 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup>  | 520 | 441 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup>  | 14584 | 13192 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup>  | 4986 | 4532 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup>  | 1623 | 1441 |
| Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup>  | 4629 | 3931 |
| Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup>  | 926 | 785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **158** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup>  | USD595 | $505 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup>  | 927 | 824 |
| Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup>  | 1561 | 1277 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup>  | 16492 | 13964 |
| Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup>  | 2472 | 2140 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup>  | 854 | 739 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup>  | 405 | 343 |
| Fannie Mae Pool #BQ2400 2.50% 9/1/2050 <sup>(a)</sup>  | 56 | 48 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 289 | 258 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup>  | 872 | 738 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 241 | 209 |
| Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup>  | 185 | 158 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup>  | 174 | 148 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup>  | 1369 | 1216 |
| Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup>  | 1748 | 1418 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup>  | 5795 | 5023 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup>  | 1078 | 916 |
| Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup>  | 650 | 551 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup>  | 24 | 21 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup>  | 14135 | 12789 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 1008 | 823 |
| Fannie Mae Pool #CA8025 2.50% 12/1/2050 <sup>(a)</sup>  | 925 | 786 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup>  | 979 | 870 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | 6320 | 5161 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup>  | 4745 | 3878 |
| Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 20212 | 17285 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup>  | 1512 | 1282 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup>  | 886 | 751 |
| Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup>  | 62 | 55 |
| Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup>  | 3228 | 2613 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 693 | 561 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup>  | 364 | 300 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup>  | 4808 | 4141 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup>  | 3395 | 2880 |
| Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup>  | 342 | 277 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup>  | 7274 | 6157 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup>  | 1651 | 1398 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup>  | 938 | 794 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup>  | 8416 | 6815 |
| Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup>  | 1803 | 1460 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup>  | 563 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 27 | 22 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup>  | 4788 | 4053 |
| Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup>  | 4506 | 3814 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup>  | 2365 | 2020 |
| Fannie Mae Pool #CB0006 2.50% 4/1/2051 <sup>(a)</sup>  | 415 | 353 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup>  | 313 | 265 |
| Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup>  | 168 | 142 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup>  | 2923 | 2610 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup>  | 354 | 317 |
| Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup>  | 10452 | 8460 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup>  | 1714 | 1387 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 16 | 13 |
| Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup>  | 1856 | 1578 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup>  | 1744 | 1476 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup>  | 573 | 485 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup>  | 464 | 393 |
| Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup>  | 157 | 133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **159** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup>  | USD32 | $27 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup>  | 26 | 22 |
| Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup>  | 1826 | 1478 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup>  | 480 | 397 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup>  | 1359 | 1150 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup>  | 756 | 640 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup>  | 265 | 237 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup>  | 188 | 168 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup>  | 74 | 61 |
| Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup>  | 8398 | 7214 |
| Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup>  | 4659 | 3954 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 4300 | 3640 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup>  | 2294 | 1942 |
| Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup>  | 950 | 808 |
| Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup>  | 545 | 462 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 408 | 353 |
| Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup>  | 204 | 174 |
| Fannie Mae Pool #CB0998 3.00% 7/1/2051 <sup>(a)</sup>  | 1940 | 1718 |
| Fannie Mae Pool #CB1394 2.50% 8/1/2051 <sup>(a)</sup>  | 764 | 647 |
| Fannie Mae Pool #FM8442 2.50% 8/1/2051 <sup>(a)</sup>  | 191 | 162 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup>  | 1275 | 1129 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 3030 | 2565 |
| Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup>  | 1894 | 1607 |
| Fannie Mae Pool #FM8658 2.50% 9/1/2051 <sup>(a)</sup>  | 1343 | 1139 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 991 | 849 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup>  | 467 | 398 |
| Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup>  | 423 | 358 |
| Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup>  | 297 | 253 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup>  | 289 | 245 |
| Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup>  | 54 | 46 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup>  | 1890 | 1600 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup>  | 309 | 261 |
| Fannie Mae Pool #BT9147 2.50% 10/1/2051 <sup>(a)</sup>  | 21 | 18 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup>  | 2949 | 2633 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup>  | 4282 | 3479 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 125 | 102 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(a)</sup>  | 1978 | 1674 |
| Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup>  | 92 | 78 |
| Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup>  | 843 | 751 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup>  | 784 | 637 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(a)</sup>  | 31768 | 26892 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup>  | 1865 | 1583 |
| Fannie Mae Pool #FM9693 2.50% 12/1/2051 <sup>(a)</sup>  | 1577 | 1335 |
| Fannie Mae Pool #CB2404 2.50% 12/1/2051 <sup>(a)</sup>  | 300 | 254 |
| Fannie Mae Pool #BT5284 3.00% 12/1/2051 <sup>(a)</sup>  | 27 | 24 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup>  | 21 | 20 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup>  | 1799 | 1462 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(a)</sup>  | 5999 | 5078 |
| Fannie Mae Pool #CB2644 2.50% 1/1/2052 <sup>(a)</sup>  | 5816 | 4923 |
| Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup>  | 4273 | 3623 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup>  | 2043 | 1729 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(a)</sup>  | 1913 | 1622 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(a)</sup>  | 1695 | 1435 |
| Fannie Mae Pool #FS0370 2.50% 1/1/2052 <sup>(a)</sup>  | 1120 | 948 |
| Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup>  | 1086 | 919 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup>  | 329 | 279 |
| Fannie Mae Pool #BU3083 2.50% 1/1/2052 <sup>(a)</sup>  | 295 | 251 |
| Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup>  | 897 | 803 |
| Fannie Mae Pool #BV0273 3.00% 1/1/2052 <sup>(a)</sup>  | 568 | 503 |
| Fannie Mae Pool #BU1410 3.00% 1/1/2052 <sup>(a)</sup>  | 540 | 479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **160** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | USD14,514 | $11751 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup>  | 2418 | 1962 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup>  | 787 | 637 |
| Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup>  | 1624 | 1383 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup>  | 1367 | 1160 |
| Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup>  | 849 | 723 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup>  | 712 | 603 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup>  | 490 | 416 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup>  | 473 | 401 |
| Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup>  | 253 | 215 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(a)</sup>  | 30 | 26 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 31130 | 28182 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup>  | 1510 | 1222 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup>  | 1214 | 985 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup>  | 1039 | 842 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup>  | 841 | 681 |
| Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup>  | 2639 | 2238 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 1681 | 1431 |
| Fannie Mae Pool #BV5800 2.50% 3/1/2052 <sup>(a)</sup>  | 1000 | 849 |
| Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup>  | 627 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup>  | 377 | 321 |
| Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup>  | 34 | 29 |
| Fannie Mae Pool #BV4199 3.00% 3/1/2052 <sup>(a)</sup>  | 4985 | 4417 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup>  | 973 | 862 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(a)</sup>  | 5431 | 4396 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup>  | 1603 | 1300 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup>  | 724 | 587 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 30865 | 26126 |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup>  | 1508 | 1282 |
| Fannie Mae Pool #BV8126 2.50% 4/1/2052 <sup>(a)</sup>  | 161 | 137 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup>  | 1361 | 1301 |
| Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup>  | 251 | 240 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup>  | 3598 | 2923 |
| Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup>  | 20039 | 17013 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup>  | 2089 | 1778 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(a)</sup>  | 1000 | 851 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup>  | 931 | 792 |
| Fannie Mae Pool #FS7060 3.00% 5/1/2052 <sup>(a)</sup>  | 6239 | 5526 |
| Fannie Mae Pool #CB3780 3.50% 5/1/2052 <sup>(a)</sup>  | 1992 | 1847 |
| Fannie Mae Pool #FS5035 2.50% 6/1/2052 <sup>(a)</sup>  | 1366 | 1157 |
| Fannie Mae Pool #FS7953 2.50% 6/1/2052 <sup>(a)</sup>  | 941 | 798 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup>  | 144 | 123 |
| Fannie Mae Pool #FS7062 3.00% 6/1/2052 <sup>(a)</sup>  | 128 | 113 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup>  | 2816 | 2689 |
| Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup>  | 3048 | 3051 |
| Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup>  | 1360 | 1364 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup>  | 11030 | 9354 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 2866 | 2426 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup>  | 713 | 606 |
| Fannie Mae Pool #FS7057 2.50% 7/1/2052 <sup>(a)</sup>  | 486 | 412 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup>  | 416 | 354 |
| Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup>  | 131 | 112 |
| Fannie Mae Pool #CB4370 3.50% 7/1/2052 <sup>(a)</sup>  | 133 | 123 |
| Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup>  | 2763 | 2770 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(a)</sup>  | 4079 | 3613 |
| Fannie Mae Pool #FS3955 3.50% 8/1/2052 <sup>(a)</sup>  | 988 | 917 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 521 | 527 |
| Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup>  | 436 | 371 |
| Fannie Mae Pool #FA1404 3.00% 9/1/2052 <sup>(a)</sup>  | 97 | 86 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 246 | 243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **161** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup>  | USD57 | $56 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 8089 | 8150 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 8787 | 7137 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup>  | 9197 | 9018 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 2496 | 2452 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 2325 | 2333 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 2676 | 2726 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 2446 | 2492 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 203 | 212 |
| Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup>  | 747 | 732 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 132 | 132 |
| Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #MA4932 3.00% 1/1/2053 <sup>(a)</sup>  | 571 | 506 |
| Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup>  | 269 | 257 |
| Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup>  | 19964 | 20043 |
| Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup>  | 666 | 566 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup>  | 4448 | 4245 |
| Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup>  | 562 | 563 |
| Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup>  | 292 | 279 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup>  | 146 | 146 |
| Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup>  | 3619 | 3693 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup>  | 391 | 399 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 771 | 800 |
| Fannie Mae Pool #BY0255 2.50% 4/1/2053 <sup>(a)</sup>  | 415 | 352 |
| Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup>  | 4195 | 3985 |
| Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup>  | 630 | 616 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 14804 | 14830 |
| Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup>  | 79 | 79 |
| Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup>  | 900 | 917 |
| Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup>  | 16585 | 17191 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup>  | 4543 | 4332 |
| Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup>  | 398 | 380 |
| Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup>  | 29 | 28 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 2798 | 2811 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup>  | 2618 | 2626 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 5432 | 5531 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 6260 | 6463 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup>  | 602 | 534 |
| Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup>  | 2798 | 2740 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 5834 | 5938 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 4483 | 4552 |
| Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup>  | 307 | 313 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 3478 | 3580 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 2196 | 2263 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1608 | 1666 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup>  | 5869 | 4759 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup>  | 3516 | 2981 |
| Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup>  | 147 | 125 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup>  | 74 | 70 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 19056 | 18668 |
| Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup>  | 573 | 575 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup>  | 93 | 93 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 3147 | 3203 |
| Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup>  | 6667 | 6985 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 16853 | 17147 |
| Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup>  | 11483 | 11698 |
| Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup>  | 5803 | 5912 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup>  | 499 | 509 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup>  | 4344 | 4471 |
| Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup>  | 12932 | 13443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **162** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup>  | USD7,282 | $6932 |
| Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup>  | 11429 | 11637 |
| Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup>  | 6228 | 6344 |
| Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup>  | 122 | 126 |
| Fannie Mae Pool #BY1399 3.50% 11/1/2053 <sup>(a)</sup>  | 996 | 924 |
| Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup>  | 59822 | 59898 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup>  | 1777 | 1855 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup>  | 26 | 27 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 1830 | 1859 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup>  | 692 | 728 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 4556 | 4777 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 1089 | 1134 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup>  | 2852 | 2787 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 2362 | 2399 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 1652 | 1678 |
| Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup>  | 6318 | 6548 |
| Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup>  | 1519 | 1563 |
| Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup>  | 24 | 23 |
| Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup>  | 13809 | 13524 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup>  | 17416 | 17717 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 1474 | 1497 |
| Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup>  | 4540 | 4705 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup>  | 3068 | 3162 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup>  | 1522 | 1564 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 3733 | 3921 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 4653 | 4755 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 5114 | 5317 |
| Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup>  | 508 | 517 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup>  | 330 | 339 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup>  | 180 | 185 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup>  | 2472 | 2509 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup>  | 1796 | 1836 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 17336 | 18002 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 1183 | 1220 |
| Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup>  | 988 | 1017 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 9692 | 10110 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 1788 | 1858 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup>  | 6662 | 6796 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup>  | 1423 | 1454 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 22751 | 23374 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 4671 | 4862 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 2409 | 2490 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 2072 | 2152 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 1995 | 2050 |
| Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup>  | 1192 | 1228 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 1011 | 1039 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup>  | 476 | 489 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 14751 | 15441 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 4002 | 4177 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 2375 | 2495 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup>  | 132 | 135 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 37577 | 38607 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup>  | 1276 | 1312 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 1163 | 1195 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 805 | 828 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 211 | 219 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 98 | 101 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 88 | 91 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup>  | 2102 | 2201 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 1776 | 1858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **163** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | USD83 | $86 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 3274 | 3323 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup>  | 1600 | 1639 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 1203 | 1229 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 362 | 372 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 212 | 218 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 177 | 182 |
| Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup>  | 82 | 85 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 254 | 264 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 765 | 786 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup>  | 1794 | 1791 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 4170 | 4231 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup>  | 3008 | 3091 |
| Fannie Mae Pool #MA5550 4.00% 12/1/2054 <sup>(a)</sup>  | 9840 | 9342 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 263 | 257 |
| Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup>  | 89 | 87 |
| Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup>  | 31 | 31 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 137 | 137 |
| Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup>  | 3685 | 3821 |
| Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup>  | 1407 | 1451 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup>  | 426 | 437 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 320 | 329 |
| Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup>  | 286 | 295 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 726 | 754 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup>  | 1747 | 1772 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 1418 | 1464 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup>  | 408 | 419 |
| Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup>  | 1703 | 1774 |
| Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup>  | 1201 | 1259 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(a)</sup>  | 2295 | 2242 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 2689 | 2729 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 11644 | 11962 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 456 | 463 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 4785 | 4916 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 3293 | 3423 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 638 | 664 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 24751 | 26039 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup>  | 7959 | 7557 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 4581 | 4707 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 273 | 281 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 271 | 278 |
| Fannie Mae Pool #DD6277 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1057 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(a)</sup>  | 1744 | 1656 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 271 | 271 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 4402 | 4523 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup>  | 1000 | 1053 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup>  | 9433 | 9573 |
| Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup>  | 456 | 463 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 9679 | 9946 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(a)</sup>  | 4428 | 4550 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | 1916 | 1993 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 1720 | 1788 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 5302 | 5379 |
| Fannie Mae Pool #CC0859 5.50% 8/1/2055 <sup>(a)</sup>  | 3902 | 3991 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 2134 | 2221 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 266 | 273 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(a)</sup>  | 7268 | 7648 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup>  | 1778 | 1804 |
| Fannie Mae Pool #MA5850 4.00% 10/1/2055 <sup>(a)</sup>  | 3032 | 2878 |
| Fannie Mae Pool #DF4985 3.50% 11/1/2055 <sup>(a)</sup>  | 117 | 108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **164** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | USD64 | $60 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup>  | 9299 | 8557 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup>  | 6890 | 6331 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup>  | 14526 | 12733 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 17453 | 15210 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 955 | 934 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup>  | 4507 | 4102 |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup>  | 13 | 14 |
| Fannie Mae, Series 2002-W1, Class 2A, 4.346% 2/25/2042 <sup>(a)(b)</sup>  | 14 | 14 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup>  | 38 | 37 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup>  | 645 | 639 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup>  | 29 | 28 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 2359 | 2233 |
| Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup>  | 35 | 37 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup>  | 27 | 28 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup>  | 50 | 52 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup>  | 165 | 172 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup>  | 1723 | 1512 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup>  | 123 | 124 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup>  | 5103 | 4420 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup>  | 123 | 124 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup>  | 8835 | 7709 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup>  | 284 | 296 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup>  | 14578 | 13555 |
| Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup>  | 53 | 46 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup>  | 86 | 77 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 764 | 737 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup>  | 467 | 454 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup>  | 3819 | 3493 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup>  | 9857 | 9326 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 722 | 698 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup>  | 229 | 216 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup>  | 927 | 898 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup>  | 489 | 459 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup>  | 1487 | 1395 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup>  | 7977 | 7515 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup>  | 21733 | 19714 |
| Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup>  | 4364 | 3777 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup>  | 26 | 22 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 281 | 251 |
| Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup>  | 1774 | 1506 |
| Freddie Mac Pool #RA3528 2.50% 9/1/2050 <sup>(a)</sup>  | 62 | 52 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup>  | 1677 | 1497 |
| Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup>  | 5209 | 4516 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 1176 | 997 |
| Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup>  | 54 | 46 |
| Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup>  | 24 | 20 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup>  | 1866 | 1581 |
| Freddie Mac Pool #RA4242 2.50% 1/1/2051 <sup>(a)</sup>  | 929 | 794 |
| Freddie Mac Pool #QB7973 3.00% 1/1/2051 <sup>(a)</sup>  | 627 | 556 |
| Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup>  | 1676 | 1360 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup>  | 402 | 331 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 95 | 77 |
| Freddie Mac Pool #SI2114 2.50% 2/1/2051 <sup>(a)</sup>  | 110 | 93 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 60614 | 49440 |
| Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup>  | 1716 | 1391 |
| Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup>  | 2236 | 1893 |
| Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup>  | 2150 | 1751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **165** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup>  | USD217 | $183 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup>  | 156 | 132 |
| Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup>  | 1783 | 1443 |
| Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup>  | 1748 | 1415 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 1566 | 1268 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1219 | 1000 |
| Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup>  | 1050 | 937 |
| Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup>  | 1882 | 1523 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup>  | 2221 | 1918 |
| Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup>  | 736 | 623 |
| Freddie Mac Pool #QC3532 2.50% 6/1/2051 <sup>(a)</sup>  | 65 | 56 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(a)</sup>  | 57 | 48 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup>  | 1869 | 1583 |
| Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup>  | 539 | 458 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 5474 | 4938 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup>  | 752 | 612 |
| Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup>  | 9553 | 8201 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup>  | 7375 | 6243 |
| Freddie Mac Pool #QC7739 2.50% 9/1/2051 <sup>(a)</sup>  | 2089 | 1768 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup>  | 1784 | 1515 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup>  | 869 | 736 |
| Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup>  | 445 | 377 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup>  | 49 | 42 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(a)</sup>  | 1824 | 1616 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup>  | 966 | 863 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup>  | 1848 | 1568 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup>  | 6114 | 5458 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup>  | 1727 | 1557 |
| Freddie Mac Pool #SD0740 3.50% 10/1/2051 <sup>(a)</sup>  | 1991 | 1854 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup>  | 2230 | 1807 |
| Freddie Mac Pool #QC9944 2.50% 11/1/2051 <sup>(a)</sup>  | 2658 | 2250 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 1316 | 1138 |
| Freddie Mac Pool #RA6411 2.50% 11/1/2051 <sup>(a)</sup>  | 101 | 85 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup>  | 1081 | 966 |
| Freddie Mac Pool #QD0981 3.00% 11/1/2051 <sup>(a)</sup>  | 519 | 460 |
| Freddie Mac Pool #SL1735 2.00% 12/1/2051 <sup>(a)</sup>  | 1638 | 1329 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup>  | 782 | 635 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 5000 | 4242 |
| Freddie Mac Pool #RA6433 2.50% 12/1/2051 <sup>(a)</sup>  | 2487 | 2105 |
| Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup>  | 1071 | 910 |
| Freddie Mac Pool #QD2659 2.50% 12/1/2051 <sup>(a)</sup>  | 1000 | 848 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(a)</sup>  | 625 | 529 |
| Freddie Mac Pool #QD3209 3.00% 12/1/2051 <sup>(a)</sup>  | 30 | 27 |
| Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup>  | 18 | 16 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup>  | 3958 | 3360 |
| Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup>  | 2538 | 2162 |
| Freddie Mac Pool #QD4840 2.50% 1/1/2052 <sup>(a)</sup>  | 656 | 555 |
| Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup>  | 481 | 409 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup>  | 461 | 393 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(a)</sup>  | 9 | 7 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 3749 | 3379 |
| Freddie Mac Pool #SD2269 3.00% 1/1/2052 <sup>(a)</sup>  | 620 | 550 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup>  | 1583 | 1281 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup>  | 800 | 650 |
| Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup>  | 962 | 816 |
| Freddie Mac Pool #SD0847 2.50% 2/1/2052 <sup>(a)</sup>  | 681 | 577 |
| Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup>  | 386 | 328 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup>  | 221 | 188 |
| Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup>  | 163 | 139 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup>  | 59 | 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **166** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | USD590 | $549 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup>  | 2211 | 1793 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup>  | 1749 | 1419 |
| Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup>  | 895 | 724 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup>  | 823 | 666 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 477 | 387 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup>  | 166 | 134 |
| Freddie Mac Pool #SD3226 2.50% 3/1/2052 <sup>(a)</sup>  | 1000 | 848 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup>  | 777 | 661 |
| Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup>  | 719 | 612 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup>  | 69 | 58 |
| Freddie Mac Pool #SD2494 3.50% 3/1/2052 <sup>(a)</sup>  | 985 | 914 |
| Freddie Mac Pool #QD8689 3.50% 3/1/2052 <sup>(a)</sup>  | 968 | 897 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup>  | 1222 | 992 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup>  | 1649 | 1396 |
| Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup>  | 536 | 454 |
| Freddie Mac Pool #QE0292 2.50% 4/1/2052 <sup>(a)</sup>  | 249 | 212 |
| Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup>  | 217 | 184 |
| Freddie Mac Pool #QE1585 2.50% 4/1/2052 <sup>(a)</sup>  | 189 | 160 |
| Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup>  | 120 | 101 |
| Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup>  | 116 | 99 |
| Freddie Mac Pool #QD9585 3.50% 4/1/2052 <sup>(a)</sup>  | 1386 | 1286 |
| Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup>  | 1626 | 1383 |
| Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup>  | 359 | 305 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 40800 | 36239 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 3495 | 3099 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup>  | 46 | 41 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup>  | 743 | 689 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup>  | 96 | 101 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 63490 | 53744 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(a)</sup>  | 8319 | 7055 |
| Freddie Mac Pool #SD4074 2.50% 7/1/2052 <sup>(a)</sup>  | 1927 | 1631 |
| Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup>  | 856 | 724 |
| Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup>  | 462 | 392 |
| Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup>  | 184 | 156 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 4157 | 3686 |
| Freddie Mac Pool #SL0643 3.00% 7/1/2052 <sup>(a)</sup>  | 825 | 732 |
| Freddie Mac Pool #QE8971 3.50% 7/1/2052 <sup>(a)</sup>  | 165 | 153 |
| Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup>  | 1534 | 1538 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 86 | 70 |
| Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup>  | 185 | 158 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup>  | 534 | 478 |
| Freddie Mac Pool #SD3324 3.50% 8/1/2052 <sup>(a)</sup>  | 382 | 354 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 71 | 70 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup>  | 3868 | 3430 |
| Freddie Mac Pool #SD6584 3.50% 9/1/2052 <sup>(a)</sup>  |  | — <br><sup>(c)</sup><br>|
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 310 | 304 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup>  | 283 | 277 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 73 | 71 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 46 | 45 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 30 | 30 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 5497 | 5618 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup>  | 15322 | 14777 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup>  | 5294 | 5128 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup>  | 15567 | 15265 |
| Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup>  | 3449 | 3457 |
| Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup>  | 3079 | 3086 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1951 | 1987 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup>  | 61 | 63 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 37 | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **167** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | USD1,005 | $891 |
| Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup>  | 970 | 926 |
| Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup>  | 509 | 485 |
| Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup>  | 1035 | 1077 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 14659 | 14371 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 184 | 184 |
| Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup>  | 2713 | 2812 |
| Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup>  | 2093 | 2097 |
| Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup>  | 35993 | 36698 |
| Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup>  | 22138 | 22561 |
| Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup>  | 12706 | 13106 |
| Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup>  | 2564 | 2443 |
| Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup>  | 1624 | 1544 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup>  | 72 | 69 |
| Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup>  | 2530 | 2414 |
| Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup>  | 186 | 182 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 4268 | 4289 |
| Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup>  | 576 | 577 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 516 | 515 |
| Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup>  | 185 | 177 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 31 | 31 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 7837 | 7851 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 7503 | 7638 |
| Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup>  | 3211 | 3279 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 2167 | 2199 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 12391 | 12781 |
| Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup>  | 572 | 544 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup>  | 5257 | 5265 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 17958 | 18267 |
| Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup>  | 5679 | 5852 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 2746 | 2829 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 604 | 633 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 523 | 548 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 497 | 524 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 489 | 515 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 343 | 362 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 275 | 289 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 166 | 173 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 155 | 166 |
| Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup>  | 5072 | 4841 |
| Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup>  | 537 | 510 |
| Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup>  | 65 | 62 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 243 | 243 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 6917 | 7046 |
| Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup>  | 456 | 465 |
| Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup>  | 7709 | 7974 |
| Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup>  | 2669 | 2751 |
| Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup>  | 471 | 448 |
| Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup>  | 393 | 373 |
| Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup>  | 2170 | 2208 |
| Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup>  | 2138 | 2177 |
| Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup>  | 1725 | 1755 |
| Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup>  | 1330 | 1355 |
| Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup>  | 4095 | 4223 |
| Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup>  | 8774 | 9055 |
| Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup>  | 1324 | 1374 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 1002 | 1042 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 45147 | 46931 |
| Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup>  | 761 | 762 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 12533 | 12903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **168** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup>  | USD3,006 | $3128 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup>  | 572 | 573 |
| Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup>  | 17181 | 17495 |
| Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup>  | 1888 | 1942 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 11557 | 12126 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 1610 | 1678 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup>  | 4609 | 4749 |
| Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup>  | 2681 | 2790 |
| Freddie Mac Pool #QH9285 2.50% 1/1/2054 <sup>(a)</sup>  | 108 | 91 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 543 | 566 |
| Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup>  | 184 | 176 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 703 | 714 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 4478 | 4607 |
| Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup>  | 3302 | 3400 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup>  | 164 | 169 |
| Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup>  | 4155 | 4351 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 376 | 382 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 2336 | 2388 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 1714 | 1742 |
| Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup>  | 7087 | 7322 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup>  | 4925 | 5097 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 4176 | 4339 |
| Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup>  | 1879 | 1956 |
| Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup>  | 145 | 150 |
| Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup>  | 20 | 21 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 5247 | 5510 |
| Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup>  | 1868 | 1865 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup>  | 35963 | 36756 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup>  | 4545 | 4653 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 2621 | 2693 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 5138 | 5371 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup>  | 2633 | 2689 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup>  | 925 | 946 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup>  | 22984 | 23769 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 103 | 106 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 5550 | 5829 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup>  | 1766 | 1801 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 19112 | 19635 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 12328 | 12863 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 2726 | 2810 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 2538 | 2625 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 207 | 213 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 6231 | 6477 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup>  | 2247 | 2358 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup>  | 2034 | 2044 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup>  | 1389 | 1392 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup>  | 1302 | 1302 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 7892 | 8108 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 4491 | 4623 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 2184 | 2252 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 523 | 539 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 128 | 133 |
| Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup>  | 62 | 64 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 11370 | 11901 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 10081 | 10552 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 6028 | 6266 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 4125 | 4326 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 2688 | 2815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **169** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | USD1,700 | $1776 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 887 | 925 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup>  | 4124 | 4292 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 453 | 467 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 237 | 245 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 224 | 233 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 216 | 225 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 138 | 142 |
| Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup>  | 42 | 43 |
| Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 4015 | 4192 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup>  | 2325 | 2430 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 1696 | 1770 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1067 | 1109 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup>  | 922 | 967 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 955 | 969 |
| Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup>  | 144 | 149 |
| Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup>  | 4703 | 4900 |
| Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup>  | 123 | 128 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup>  | 4196 | 3984 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup>  | 4697 | 4590 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup>  | 2596 | 2593 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup>  | 10494 | 10659 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 10239 | 10390 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup>  | 2822 | 2904 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup>  | 3344 | 3338 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 253 | 256 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup>  | 260 | 268 |
| Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup>  | 673 | 700 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup>  | 1300 | 1319 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 5110 | 5292 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 2130 | 2217 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 2041 | 2097 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1547 | 1603 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 517 | 531 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 5331 | 5609 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 4537 | 4432 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 2707 | 2781 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 1637 | 1692 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 4159 | 4273 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 6166 | 6409 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 6852 | 7040 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup>  | 749 | 770 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1061 |
| Freddie Mac Pool #QY0611 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1056 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 190 | 190 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(a)</sup>  | 5143 | 5218 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 3005 | 3088 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 859 | 858 |
| Freddie Mac Pool #RJ4979 5.50% 6/1/2055 <sup>(a)</sup>  | 222 | 225 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(a)</sup>  | 3937 | 3929 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 11844 | 12016 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 17994 | 18482 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup>  | 640 | 658 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 2080 | 2162 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **170** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | USD7,619 | $7826 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(a)</sup>  | 3830 | 3935 |
| Freddie Mac Pool #RQ0056 5.50% 10/1/2055 <sup>(a)</sup>  | 1894 | 1921 |
| Freddie Mac Pool #RQ0081 3.50% 1/1/2056 <sup>(a)</sup>  | 949 | 880 |
| Freddie Mac Pool #RQ0082 4.00% 1/1/2056 <sup>(a)</sup>  | 4000 | 3796 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup>  | 33 | 34 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup>  | 88 | 92 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup>  | 3461 | 3484 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup>  | 77 | 68 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup>  | 69 | 61 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(b)</sup>  | 5318 | 5222 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup>  | 1306 | 1273 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 7344 | 7165 |
| Government National Mortgage Assn. 2.00% 1/1/2056 <sup>(a)(d)</sup>  | 6176 | 5117 |
| Government National Mortgage Assn. 2.50% 1/1/2056 <sup>(a)(d)</sup>  | 4300 | 3710 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(d)</sup>  | 135 | 135 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup>  | 8842 | 8480 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup>  | 24 | 24 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup>  | 3633 | 3619 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup>  | 8144 | 7513 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 1845 | 1530 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 3200 | 2653 |
| Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup>  | 7322 | 6269 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 2712 | 2317 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 2624 | 2247 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 3845 | 3320 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 3308 | 2836 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 214 | 193 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 165 | 149 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 4422 | 4076 |
| Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup>  | 4579 | 4123 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 3773 | 3460 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 20329 | 18786 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup>  | 7218 | 6880 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 5056 | 4813 |
| Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup>  | 3238 | 3176 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 11481 | 11248 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 2951 | 2958 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 7397 | 7249 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 12305 | 12036 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 1705 | 1621 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 20281 | 19787 |
| Government National Mortgage Assn. Pool #MB0147 5.50% 1/20/2055 <sup>(a)</sup>  | 3466 | 3505 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 2039 | 2062 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup>  | 7908 | 7992 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 12832 | 12970 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 1451 | 1083 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(d)</sup>  | 5845 | 5413 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(d)</sup>  | 53078 | 42918 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(a)(d)</sup>  | 4335 | 3835 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(d)</sup>  | 154 | 142 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(d)</sup>  | 20135 | 19659 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(a)(d)</sup>  | 23668 | 23607 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(d)</sup>  | 1089 | 1132 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(a)(d)</sup>  | 12098 | 12733 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(d)</sup>  | 27516 | 25355 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2056 <sup>(a)(d)</sup>  | 17770 | 16847 |
|  |  | 2904435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **171** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities 3.57%** |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2040 <sup>(a)(b)(e)</sup>  | USD11,443 | $11504 |
| AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup>  | 11892 | 11486 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 5.442% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1251 | 1254 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup>  | 770 | 764 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup>  | 100 | 98 |
| Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup>  | 684 | 731 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup>  | 500 | 534 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup>  | 3537 | 3702 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup>  | 123 | 121 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup>  | 1018 | 965 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup>  | 295 | 271 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup>  | 2541 | 2522 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup>  | 781 | 785 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)(b)</sup>  | 3361 | 3507 |
| Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)(b)</sup>  | 2174 | 2275 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup>  | 2774 | 2910 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)(b)</sup>  | 7780 | 8150 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(a)(b)(e)</sup>  | 8476 | 8500 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(a)(b)(e)</sup>  | 2183 | 2186 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 4.612% 11/15/2036 <sup>(a)(b)(e)</sup>  | 10670 | 10664 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(b)(e)</sup>  | 2778 | 2783 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(a)(b)(e)</sup>  | 7785 | 7782 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.115% 11/15/2038 <sup>(a)(b)(e)</sup>  | 264 | 264 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(a)(b)(e)</sup>  | 78 | 78 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 5.715% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(a)(b)(e)</sup>  | 8600 | 8597 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(a)(b)(e)</sup>  | 26909 | 27302 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(a)(b)(e)</sup>  | 7715 | 7740 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(a)(b)(e)</sup>  | 28535 | 28830 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(a)(b)(e)</sup>  | 25957 | 26020 |
| &nbsp;&nbsp;&nbsp;&nbsp; CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(a)(b)(e)</sup>  | 5461 | 5460 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup>  | 19044 | 19637 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup>  | 244 | 243 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(a)(b)(e)</sup>  | 8924 | 9165 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(a)(e)</sup>  | 966 | 996 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/12/2040 <sup>(a)(e)</sup>  | 1121 | 1157 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/12/2040 <sup>(a)(b)(e)</sup>  | 862 | 893 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup>  | 200 | 198 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(a)(b)(e)</sup>  | 7301 | 7455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 5.05% <br> 10/15/2042 <sup>(a)(b)(e)</sup>  | 9486 | 9514 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)(b)</sup>  | 2432 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(a)(b)(e)</sup>  | 1508 | 1513 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup>  | 10443 | 10568 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup>  | 400 | 395 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup>  | 100 | 98 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup>  | 1536 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 8260 | 8278 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(a)(b)(e)</sup>  | 15120 | 15694 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(a)(b)(e)</sup>  | 1478 | 1497 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(a)(b)(e)</sup>  | 24720 | 25650 |
| &nbsp;&nbsp;&nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 28416 | 28487 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup>  | 640 | 633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **172** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup>  | USD240 | $236 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup>  | 6854 | 6204 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% <br> 12/15/2049 <sup>(a)(b)</sup>  | 2040 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(a)(b)(e)</sup>  | 13015 | 13029 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup>  | 59 | 58 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup>  | 245 | 243 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(a)(b)(e)</sup>  | 4409 | 4422 |
| &nbsp;&nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.142% 5/15/2039 <sup>(a)(b)(e)</sup>  | 3848 | 3847 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup>  | 4065 | 3639 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 4.944% 11/15/2038 <sup>(a)(b)(e)</sup>  | 221 | 221 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.194% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(a)(b)(e)</sup>  | 26882 | 26674 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup>  | 2550 | 2540 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup>  | 1019 | 975 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)(b)</sup>  | 5667 | 5970 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup>  | 205 | 204 |
|  |  | 405804 |
| **Collateralized mortgage-backed obligations (privately originated) 2.87%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup>  | 1464 | 1328 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup>  | 49 | 47 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup>  | 3728 | 3648 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 11242 | 11004 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup>  | 532 | 504 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup>  | 159 | 157 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup>  | 631 | 582 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup>  | 1869 | 1865 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup>  | 12435 | 12207 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup>  | 4882 | 4673 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup>  | 107 | 101 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup>  | 969 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 12/25/2042 <sup>(a)(b)(e)</sup>  | 411 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(a)(b)(e)</sup>  | 2028 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(a)(b)(e)</sup>  | 1083 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(a)(b)(e)</sup>  | 517 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 4.924% 1/25/2044 <sup>(a)(b)(e)</sup>  | 2503 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(a)(b)(e)</sup>  | 507 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 2/25/2044 <sup>(a)(b)(e)</sup>  | 242 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 2/25/2044 <sup>(a)(b)(e)</sup>  | 1053 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 4.974% 5/25/2044 <sup>(a)(b)(e)</sup>  | 1578 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 4.924% 9/25/2044 <sup>(a)(b)(e)</sup>  | 167 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.474% 9/25/2044 <sup>(a)(b)(e)</sup>  | 1584 | 1586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **173** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(a)(b)(e)</sup>  | USD1,955 | $1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(a)(b)(e)</sup>  | 3390 | 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) <br> 5.074% 5/25/2045 <sup>(a)(b)(e)</sup>  | 5187 | 5202 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup>  | 1632 | 1365 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup>  | 1791 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average <br> USD-SOFR + 2.95%) 6.824% 6/25/2042 <sup>(a)(b)(e)</sup>  | 101 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(a)(b)(e)</sup>  | 123 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(a)(b)(e)</sup>  | 1519 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average <br> USD-SOFR + 1.35%) 5.224% 2/25/2044 <sup>(a)(b)(e)</sup>  | 2438 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(a)(b)(e)</sup>  | 10256 | 10273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average <br> USD-SOFR + 1.00%) 4.874% 10/25/2044 <sup>(a)(b)(e)</sup>  | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(a)(b)(e)</sup>  | 1648 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.10%) 4.974% 5/25/2045 <sup>(a)(b)(e)</sup>  | 2282 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.074% 5/25/2045 <sup>(a)(b)(e)</sup>  | 6559 | 6560 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 3684 | 3725 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup>  | 1568 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on <br>2/1/2028) <sup>(a)(e)(f)</sup>  | 655 | 644 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup>  | 3828 | 3748 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 13470 | 13613 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup>  | 537 | 548 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup>  | 591 | 592 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(a)(e)</sup>  | 1805 | 1808 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup>  | 1819 | 1679 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 17976 | 18016 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(e)(f)</sup>  | 3098 | 3108 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(a)(b)(e)</sup>  | 2237 | 2233 |
| Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.695% 4/25/2053 <sup>(a)(b)(e)</sup>  | 1698 | 1685 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup>  | 5345 | 5395 |
| Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup>  | 2650 | 2674 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 5910 | 5981 |
| Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup>  | 5619 | 5690 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 14545 | 14727 |
| Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 4358 | 4369 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 16390 | 16559 |
| Onslow Bay Financial, LLC, Series 2025-NQM19, Class A1, 4.869% 10/25/2065 <sup>(a)(b)(e)</sup>  | 7668 | 7687 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup>  | 1245 | 1117 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup>  | 1077 | 1063 |
| Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup>  | 1044 | 1005 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup>  | 14298 | 13641 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(a)(e)</sup>  | 4038 | 3852 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 2983 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 5.50% 10/17/2041 <sup>(a)(b)(e)</sup>  | 6364 | 6389 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup>  | 6910 | 6344 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.03% 7/25/2065 <sup>(a)(b)(e)</sup>  | 3039 | 3071 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup>  | 1368 | 1368 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup>  | 5017 | 4955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **174** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup>  | USD8,559 | $8592 |
| Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup>  | 7453 | 7456 |
| Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup>  | 3343 | 3324 |
| Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 12295 | 12443 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 5466 | 5541 |
| Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 11832 | 11940 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup>  | 3935 | 3959 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup>  | 19755 | 19928 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(e)(f)</sup>  | 4404 | 4425 |
|  |  | 326475 |
| **Total mortgage-backed obligations** |  | 3636714 |
| **Corporate bonds and notes 30.21%** | **Corporate bonds and notes 30.21%** | **Corporate bonds and notes 30.21%** |
| **Financials 9.16%** |  |  |
| AerCap Ireland Capital DAC 1.75% 1/30/2026  | 2841 | 2836 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 10289 | 10152 |
| AerCap Ireland Capital DAC 6.45% 4/15/2027  | 3994 | 4104 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup>  | 1597 | 1696 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup>  | 1995 | 2109 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup>  | EUR437 | 524 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup>  | 2840 | 3647 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup>  | 4065 | 5061 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup>  | USD359 | 392 |
| American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup>  | 1618 | 1661 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup>  | 4927 | 5120 |
| American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup>  | 2464 | 2603 |
| American International Group, Inc. 4.85% 5/7/2030  | 24445 | 25070 |
| American International Group, Inc. 5.125% 3/27/2033  | 2749 | 2831 |
| Aon Corp. 5.35% 2/28/2033  | 1083 | 1128 |
| Aon North America, Inc. 5.15% 3/1/2029  | 3015 | 3103 |
| Aon North America, Inc. 5.30% 3/1/2031  | 1005 | 1048 |
| Aon North America, Inc. 5.45% 3/1/2034  | 2550 | 2651 |
| Aon North America, Inc. 5.75% 3/1/2054  | 1163 | 1158 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 3140 | 3215 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 1845 | 1866 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 1845 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on <br> 9/14/2026) <sup>(f)</sup>  | 1400 | 1377 |
| Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup>  | 4295 | 4226 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup>  | 2635 | 2646 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup>  | 3202 | 3055 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup>  | 339 | 354 |
| Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup>  | 1150 | 1144 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup>  | 24072 | 21536 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup>  | 41179 | 36834 |
| Bank of Nova Scotia (The) 5.25% 6/12/2028  | 1370 | 1411 |
| Banque Federative du Credit Mutuel 0.82% 10/16/2026  | JPY300,000 | 1909 |
| Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup>  | USD2,585 | 2617 |
| Block, Inc. 2.75% 6/1/2026  | 1975 | 1964 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 1735 | 1771 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup>  | 13134 | 12934 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup>  | 3594 | 3403 |
| BPCE SA 0.895% 12/14/2026  | JPY100,000 | 636 |
| BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup>  | USD2,150 | 2151 |
| BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup>  | 5000 | 5307 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on <br> 1/18/2029) <sup>(e)(f)</sup>  | 1285 | 1331 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup>  | 1845 | 1929 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **175** | American Funds Insurance Series |

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------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup>  | USD3,814 | $3917 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup>  | 4503 | 4698 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup>  | 10948 | 11375 |
| CaixaBank SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup>  | 1900 | 2121 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup>  | 515 | 529 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup>  | 1204 | 1302 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup>  | 2920 | 3110 |
| Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup>  | 2445 | 2539 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031  | 526 | 483 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 2020 | 2017 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4400 | 4503 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 2015 | 1761 |
| Citibank, NA 5.803% 9/29/2028  | 4100 | 4300 |
| Citigroup, Inc. 4.60% 3/9/2026  | 1800 | 1801 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup>  | 7800 | 8006 |
| Citigroup, Inc. 4.412% 3/31/2031 (USD-SOFR + 3.914% on 3/31/2030) <sup>(f)</sup>  | 933 | 933 |
| Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup>  | 20610 | 21059 |
| Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031) <sup>(f)</sup>  | 3937 | 3574 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup>  | 990 | 907 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup>  | 3090 | 2951 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup>  | 123 | 129 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup>  | 1874 | 1918 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 3913 | 3890 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 3534 | 3479 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 3964 | 3764 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 361 | 310 |
| Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup>  | 2450 | 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on <br> 9/10/2026) <sup>(e)(f)</sup>  | 2990 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(e)(f)</sup>  | 2975 | 2982 |
| Deutsche Bank AG 4.10% 1/13/2026  | 7305 | 7305 |
| Deutsche Bank AG 4.10% 1/13/2026  | 857 | 857 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup>  | 17595 | 17308 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup>  | 1590 | 1518 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup>  | 3200 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on <br>5/25/2026) <sup>(e)(f)</sup>  | 1200 | 1188 |
| Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup>  | EUR1,845 | 2165 |
| Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup>  | 4230 | 4954 |
| Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup>  | 3855 | 4900 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup>  | 12035 | 15267 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup>  | 390 | 487 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup>  | USD205 | 216 |
| Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup>  | 1968 | 2000 |
| Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup>  | 11396 | 11964 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup>  | 3030 | 3015 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup>  | 13275 | 13046 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup>  | 12997 | 12780 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup>  | 3703 | 3646 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup>  | 5534 | 5505 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup>  | 4895 | 4952 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup>  | 20687 | 21617 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup>  | 14659 | 15144 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(f)</sup>  | 12107 | 12081 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup>  | 3160 | 2319 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup>  | 14232 | 13551 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup>  | 9437 | 8581 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup>  | 2000 | 2064 |
| ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup>  | 1680 | 1703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **176** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup>  | USD15,400 | $15408 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup>  | 6250 | 6235 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup>  | 1986 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(e)(f)</sup>  | 5100 | 6064 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 705 | 673 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup>  | 323 | 322 |
| JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup>  | 1400 | 1422 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup>  | 20000 | 20213 |
| JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup>  | 2678 | 2732 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup>  | 8670 | 8805 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup>  | 11980 | 12022 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup>  | 6480 | 6762 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup>  | 10724 | 11012 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup>  | 6549 | 6643 |
| JPMorgan Chase & Co. 5.14% 1/24/2031 (USD-SOFR + 0.90% on 1/24/2030) <sup>(f)</sup>  | 3870 | 4001 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(f)</sup>  | 700 | 698 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup>  | 791 | 706 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup>  | 5313 | 4796 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup>  | 19889 | 20526 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup>  | 51163 | 53698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(f)</sup>  | 2415 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on <br>1/19/2028) <sup>(e)(f)</sup>  | 1375 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.48% on 8/7/2026) <sup>(f)</sup>  | 1625 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.375% on 1/5/2027) <sup>(f)</sup>  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 1/5/2034) <sup>(f)</sup>  | 1979 | 2084 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2285 | 2316 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044  | 250 | 245 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2060 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD CME Term SOFR + 4.222% <br> on 12/15/2037) <sup>(e)(f)</sup>  | 1405 | 1559 |
| MetLife, Inc. 5.375% 7/15/2033  | 1279 | 1349 |
| Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup>  | 840 | 870 |
| Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup>  | 2050 | 2093 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup>  | 619 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.75% on 7/20/2026) <sup>(f)</sup>  | 6200 | 6114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.67% on 10/13/2026) <sup>(f)</sup>  | 2225 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.38% on 2/22/2028) <sup>(f)</sup>  | 1430 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 2.125% on 7/20/2032) <sup>(f)</sup>  | 763 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.75% on 7/9/2026) <sup>(f)</sup>  | 1367 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(f)</sup>  | 1701 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.12% on 5/26/2029) <sup>(f)</sup>  | 2020 | 2090 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup>  | 13336 | 13148 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup>  | 350 | 357 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup>  | 21869 | 22369 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup>  | 21784 | 22702 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup>  | 1704 | 1725 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup>  | 4664 | 4810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **177** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup>  | USD3,031 | $2665 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup>  | 11313 | 11773 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup>  | 3069 | 3160 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(f)</sup>  | 23571 | 23371 |
| Morgan Stanley Bank, N.A. 5.882% 10/30/2026  | 2775 | 2817 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup>  | 695 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on <br> 3/2/2026) <sup>(f)</sup>  | 3555 | 3565 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br> 3/1/2027) <sup>(f)</sup>  | 2170 | 2209 |
| Navient Corp. 5.625% 8/1/2033  | 2470 | 2260 |
| Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup>  | 2090 | 2139 |
| OneMain Finance Corp. 7.125% 3/15/2026  | 87 | 88 |
| Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup>  | EUR565 | 709 |
| Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup>  | 165 | 202 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup>  | 1345 | 1742 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup>  | USD4,594 | 4766 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup>  | 12265 | 13887 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup>  | 635 | 670 |
| Royal Bank of Canada 4.95% 2/1/2029  | 1360 | 1397 |
| Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup>  | 5100 | 5316 |
| Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup>  | 3706 | 3792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC 5.905% 5/14/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% <br> on 5/14/2034) <sup>(e)(f)</sup>  | 546 | 577 |
| Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026  | 1429 | 1443 |
| Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027  | 1100 | 1080 |
| Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028  | 1045 | 1089 |
| Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033  | 373 | 398 |
| Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup>  | 1400 | 1459 |
| Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup>  | 2100 | 2131 |
| Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup>  | 1370 | 1381 |
| Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup>  | 2605 | 2647 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup>  | 2396 | 2585 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup>  | 1741 | 1803 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup>  | 4707 | 4866 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup>  | 1586 | 1688 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup>  | 2440 | 2568 |
| U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup>  | 2115 | 2142 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup>  | 7300 | 7562 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup>  | 2839 | 2861 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup>  | 1712 | 1827 |
| UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup>  | 11200 | 11169 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on <br>8/10/2026) <sup>(e)(f)</sup>  | 6623 | 6519 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br>2/8/2029) <sup>(e)(f)</sup>  | 17490 | 18094 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup>  | 14459 | 15109 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup>  | 9636 | 9548 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on <br>2/11/2031) <sup>(e)(f)</sup>  | 1392 | 1235 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup>  | 20425 | 18972 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br>2/11/2032) <sup>(e)(f)</sup>  | 4038 | 3623 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup>  | 1395 | 1404 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029  | 462 | 462 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup>  | 6615 | 6573 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup>  | 11151 | 11384 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup>  | 1003 | 980 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup>  | 8357 | 8452 |
| Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup>  | 2545 | 2638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **178** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup>  | USD7,187 | $7420 |
| Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup>  | 6025 | 6271 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup>  | 4062 | 4499 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup>  | 5719 | 4925 |
|  |  | 1040334 |
| **Health care 4.08%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 18501 | 19019 |
| AbbVie, Inc. 5.35% 3/15/2044  | 800 | 791 |
| AbbVie, Inc. 5.40% 3/15/2054  | 15770 | 15345 |
| AbbVie, Inc. 5.50% 3/15/2064  | 550 | 535 |
| Amgen, Inc. 5.15% 3/2/2028  | 5326 | 5452 |
| Amgen, Inc. 4.05% 8/18/2029  | 7429 | 7425 |
| Amgen, Inc. 2.45% 2/21/2030  | 5131 | 4787 |
| Amgen, Inc. 5.25% 3/2/2030  | 2854 | 2964 |
| Amgen, Inc. 4.20% 3/1/2033  | 8502 | 8314 |
| Amgen, Inc. 5.25% 3/2/2033  | 20793 | 21530 |
| Amgen, Inc. 4.875% 3/1/2053  | 3360 | 2960 |
| Amgen, Inc. 4.40% 2/22/2062  | 196 | 153 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 6925 | 7170 |
| Baxter International, Inc. 4.45% 2/15/2029  | 9503 | 9539 |
| Baxter International, Inc. 2.539% 2/1/2032  | 3906 | 3405 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 3990 | 4156 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 22685 | 23590 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 425 | 426 |
| Bristol-Myers Squibb Co. 2.55% 11/13/2050  | 2113 | 1252 |
| Bristol-Myers Squibb Co. 3.70% 3/15/2052  | 2197 | 1616 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 12840 | 12619 |
| Centene Corp. 4.25% 12/15/2027  | 14860 | 14782 |
| Centene Corp. 2.45% 7/15/2028  | 12410 | 11630 |
| Centene Corp. 4.625% 12/15/2029  | 14945 | 14506 |
| Centene Corp. 3.375% 2/15/2030  | 15718 | 14489 |
| Cigna Group (The) 5.125% 5/15/2031  | 2095 | 2166 |
| Cigna Group (The) 5.25% 2/15/2034  | 3745 | 3858 |
| Cigna Group (The) 6.00% 1/15/2056  | 1600 | 1646 |
| CVS Health Corp. 5.125% 2/21/2030  | 1720 | 1768 |
| CVS Health Corp. 5.25% 1/30/2031  | 960 | 992 |
| CVS Health Corp. 5.55% 6/1/2031  | 3707 | 3881 |
| CVS Health Corp. 5.00% 9/15/2032  | 5853 | 5976 |
| CVS Health Corp. 5.25% 2/21/2033  | 2122 | 2185 |
| CVS Health Corp. 5.70% 6/1/2034  | 7706 | 8078 |
| CVS Health Corp. 5.45% 9/15/2035  | 4471 | 4578 |
| CVS Health Corp. 6.05% 6/1/2054  | 1995 | 1985 |
| CVS Health Corp. 6.20% 9/15/2055  | 6535 | 6640 |
| CVS Health Corp. 6.00% 6/1/2063  | 1076 | 1044 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 2322 | 2377 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 7577 | 7746 |
| Elevance Health, Inc. 4.55% 5/15/2052  | 271 | 226 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 784 | 710 |
| Elevance Health, Inc. 5.70% 2/15/2055  | 995 | 973 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 23057 | 23845 |
| Eli Lilly and Co. 5.50% 2/12/2055  | 7907 | 7923 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 3340 | 3511 |
| HCA, Inc. 5.20% 6/1/2028  | 4165 | 4268 |
| HCA, Inc. 2.375% 7/15/2031  | 2233 | 2005 |
| HCA, Inc. 3.625% 3/15/2032  | 2400 | 2270 |
| HCA, Inc. 4.625% 3/15/2052  | 226 | 185 |
| Humana, Inc. 5.375% 4/15/2031  | 5530 | 5719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **179** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Humana, Inc. 5.55% 5/1/2035  | USD1,735 | $1772 |
| Humana, Inc. 5.75% 4/15/2054  | 954 | 902 |
| Johnson & Johnson 4.80% 6/1/2029  | 3970 | 4101 |
| Johnson & Johnson 4.90% 6/1/2031  | 4175 | 4361 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 3093 | 3014 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028  | 1375 | 1393 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 7942 | 8029 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 5622 | 5327 |
| Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup>  | 7545 | 7164 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup>  | 765 | 763 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup>  | 645 | 395 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026  | 306 | 304 |
| Stryker Corp. 4.85% 2/10/2030  | 1235 | 1269 |
| Stryker Corp. 5.20% 2/10/2035  | 1110 | 1140 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 12074 | 12303 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 28059 | 29142 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 4431 | 4485 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 3720 | 4097 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2935 | 3383 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 725 | 761 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 26266 | 19898 |
| UnitedHealth Group, Inc. 4.80% 1/15/2030  | 395 | 405 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030  | 466 | 425 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 1910 | 1958 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032  | 1654 | 1633 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 15956 | 16348 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041  | 1300 | 986 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048  | 960 | 786 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051  | 572 | 388 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 10472 | 10283 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062  | 69 | 60 |
| Viatris, Inc. 4.00% 6/22/2050  | 1761 | 1173 |
|  |  | 463458 |
| **Consumer discretionary 3.73%** |  |  |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(e)</sup>  | 3110 | 3124 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup>  | 335 | 331 |
| Amazon.com, Inc. 1.65% 5/12/2028  | 3860 | 3685 |
| Amazon.com, Inc. 3.45% 4/13/2029  | 600 | 593 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 4048 | 4033 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 10475 | 10231 |
| Amazon.com, Inc. 3.25% 5/12/2061  | 4100 | 2625 |
| Amazon.com, Inc. 4.10% 4/13/2062  | 470 | 363 |
| Amazon.com, Inc. 5.55% 11/20/2065  | 4765 | 4626 |
| BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup>  | 1075 | 1069 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup>  | 1350 | 1286 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(e)</sup>  | 3500 | 3541 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(e)</sup>  | 5880 | 6042 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup>  | 4115 | 4251 |
| Ford Motor Co. 3.25% 2/12/2032  | 620 | 547 |
| Ford Motor Credit Co., LLC 6.95% 3/6/2026  | 855 | 857 |
| Ford Motor Credit Co., LLC 6.95% 6/10/2026  | 755 | 762 |
| Ford Motor Credit Co., LLC 5.125% 11/5/2026  | 4795 | 4822 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 13882 | 13815 |
| Ford Motor Credit Co., LLC 5.80% 3/5/2027  | 3145 | 3185 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 1940 | 1971 |
| Ford Motor Credit Co., LLC 4.125% 8/17/2027  | 37170 | 36884 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 3990 | 3931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **180** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | USD1,674 | $1748 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 24035 | 24608 |
| Ford Motor Credit Co., LLC 6.80% 5/12/2028  | 2030 | 2119 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 762 | 800 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029  | 1065 | 1001 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 6740 | 6889 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 9854 | 9872 |
| Ford Motor Credit Co., LLC 5.303% 9/6/2029  | 5407 | 5452 |
| Ford Motor Credit Co., LLC 7.35% 3/6/2030  | 10668 | 11454 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 1015 | 1089 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 18420 | 17402 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 12074 | 12420 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 3037 | 2784 |
| Ford Motor Credit Co., LLC 6.054% 11/5/2031  | 19460 | 19961 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 3167 | 3403 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 12096 | 12297 |
| General Motors Financial Co., Inc. 1.50% 6/10/2026  | 6712 | 6637 |
| General Motors Financial Co., Inc. 2.35% 2/26/2027  | 9771 | 9579 |
| General Motors Financial Co., Inc. 5.45% 7/15/2030  | 8013 | 8324 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032  | 1201 | 1251 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 2888 | 3013 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1966 | 1903 |
| Home Depot, Inc. 4.85% 6/25/2031  | 2559 | 2647 |
| Home Depot, Inc. 4.95% 6/25/2034  | 4749 | 4859 |
| Home Depot, Inc. 4.50% 12/6/2048  | 1915 | 1655 |
| Home Depot, Inc. 5.30% 6/25/2054  | 2234 | 2138 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 8567 | 8728 |
| Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup>  | 6000 | 5997 |
| Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup>  | 705 | 707 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 7475 | 7390 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 7275 | 7158 |
| Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup>  | 9000 | 8903 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup>  | 1650 | 1678 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup>  | 7543 | 7325 |
| Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup>  | 1385 | 1426 |
| Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup>  | 1523 | 1568 |
| Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup>  | 25720 | 26370 |
| Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup>  | 3365 | 3484 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup>  | 3695 | 3684 |
| Marriott International, Inc. 5.00% 10/15/2027  | 4470 | 4549 |
| Marriott International, Inc. 4.90% 4/15/2029  | 653 | 668 |
| Marriott International, Inc. 5.35% 3/15/2035  | 1365 | 1405 |
| McDonald's Corp. 5.00% 5/17/2029  | 1305 | 1344 |
| McDonald's Corp. 4.95% 3/3/2035  | 786 | 797 |
| McDonald's Corp. 4.45% 3/1/2047  | 3535 | 3027 |
| McDonald's Corp. 3.625% 9/1/2049  | 2938 | 2165 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup>  | 267 | 252 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 8860 | 9423 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 10252 | 10299 |
| Sands China, Ltd. 2.30% 3/8/2027  | 2368 | 2314 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030  | 4954 | 4824 |
| Toyota Motor Credit Corp. 4.55% 5/17/2030  | 1625 | 1655 |
| Toyota Motor Credit Corp. 5.55% 11/20/2030  | 690 | 732 |
| Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup>  | 675 | 682 |
| Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup>  | 1635 | 1657 |
| Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup>  | 5190 | 5577 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup>  | 410 | 413 |
|  |  | 424080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **181** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities 3.30%** |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051  | USD1,380 | $937 |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 1075 | 1111 |
| Alabama Power Co. 3.00% 3/15/2052  | 3219 | 2095 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup>  | 410 | 331 |
| Baltimore Gas and Electric Co. 4.55% 6/1/2052  | 525 | 445 |
| Berkshire Hathaway Energy Co. 4.50% 2/1/2045  | 5895 | 5127 |
| Berkshire Hathaway Energy Co. 4.60% 5/1/2053  | 1017 | 857 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup>  | 2400 | 2361 |
| Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup>  | 3655 | 3623 |
| Connecticut Light and Power Co. (The) 2.05% 7/1/2031  | 1775 | 1581 |
| DTE Energy Co. 5.10% 3/1/2029  | 7900 | 8098 |
| DTE Energy Co. 3.00% 3/1/2032  | 259 | 240 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053  | 332 | 320 |
| Duke Energy Florida, LLC 5.875% 11/15/2033  | 370 | 400 |
| Duke Energy Florida, LLC 3.40% 10/1/2046  | 5669 | 4158 |
| Duke Energy Florida, LLC 3.00% 12/15/2051  | 293 | 191 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 575 | 597 |
| Duke Energy Progress, LLC 3.70% 9/1/2028  | 3750 | 3738 |
| Duke Energy Progress, LLC 2.00% 8/15/2031  | 1775 | 1577 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 644 | 377 |
| Edison International 4.125% 3/15/2028  | 6768 | 6696 |
| Edison International 6.95% 11/15/2029  | 1575 | 1678 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 1420 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(f)</sup>  | EUR2,800 | 3217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup>  | USD1,575 | 1838 |
| Emera US Finance, LP 2.639% 6/15/2031  | 4400 | 3984 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup>  | 1310 | 1302 |
| Entergy Louisiana, LLC 4.20% 9/1/2048  | 5637 | 4561 |
| Eversource Energy 5.00% 1/1/2027  | 3415 | 3446 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 12602 | 11418 |
| Florida Power & Light Co. 4.40% 5/15/2028  | 1655 | 1677 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 7431 | 7711 |
| Florida Power & Light Co. 4.80% 5/15/2033  | 2929 | 2987 |
| Florida Power & Light Co. 5.30% 4/1/2053  | 1255 | 1203 |
| Georgia Power Co. 4.95% 5/17/2033  | 1845 | 1882 |
| Georgia Power Co. 5.25% 3/15/2034  | 3200 | 3305 |
| Georgia Power Co. 3.70% 1/30/2050  | 190 | 143 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup>  | 525 | 472 |
| NiSource, Inc. 5.40% 6/30/2033  | 650 | 675 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 27543 | 27543 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 10850 | 10824 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 2026 | 1965 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027  | 7105 | 7000 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 2542 | 2466 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 13760 | 13595 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 7900 | 7960 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 35449 | 35312 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 21597 | 19464 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 11619 | 12552 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 1294 | 1440 |
| Pacific Gas and Electric Co. 5.80% 5/15/2034  | 3581 | 3721 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 10340 | 7854 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 15807 | 10679 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 2410 | 2321 |
| PacifiCorp 3.30% 3/15/2051  | 325 | 209 |
| PacifiCorp 2.90% 6/15/2052  | 586 | 344 |
| PacifiCorp 5.80% 1/15/2055  | 7735 | 7224 |
| PECO Energy Co. 5.25% 9/15/2054  | 1775 | 1680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **182** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| Public Service Electric and Gas Co. 3.20% 5/15/2029  | USD6,000 | $5850 |
| Public Service Electric and Gas Co. 5.20% 8/1/2033  | 1200 | 1246 |
| Public Service Electric and Gas Co. 5.50% 3/1/2055  | 1503 | 1476 |
| Southern California Edison Co. 4.90% 6/1/2026  | 1177 | 1179 |
| Southern California Edison Co. 3.65% 3/1/2028  | 225 | 222 |
| Southern California Edison Co. 5.30% 3/1/2028  | 3601 | 3679 |
| Southern California Edison Co. 4.20% 3/1/2029  | 7286 | 7244 |
| Southern California Edison Co. 2.85% 8/1/2029  | 7498 | 7112 |
| Southern California Edison Co. 5.25% 3/15/2030  | 19378 | 19884 |
| Southern California Edison Co. 2.50% 6/1/2031  | 5044 | 4527 |
| Southern California Edison Co. 5.45% 6/1/2031  | 8795 | 9106 |
| Southern California Edison Co. 5.20% 6/1/2034  | 5196 | 5226 |
| Southern California Edison Co. 5.45% 3/1/2035  | 1845 | 1872 |
| Southern California Edison Co. 5.75% 4/1/2035  | 4549 | 4702 |
| Southern California Edison Co. 5.35% 7/15/2035  | 6450 | 6496 |
| Southern California Edison Co. 5.625% 2/1/2036  | 7051 | 7138 |
| Southern California Edison Co. 3.60% 2/1/2045  | 2417 | 1748 |
| Southern California Edison Co. 2.95% 2/1/2051  | 738 | 451 |
| Southwestern Electric Power Co. 1.65% 3/15/2026  | 3550 | 3531 |
| Southwestern Electric Power Co. 3.25% 11/1/2051  | 2075 | 1372 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2575 | 2294 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031  | 525 | 461 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050  | 1075 | 785 |
| Wisconsin Public Service Corp. 2.85% 12/1/2051  | 375 | 238 |
| Xcel Energy, Inc. 5.50% 3/15/2034  | 4230 | 4370 |
|  |  | 374200 |
| **Communication services 2.48%** |  |  |
| Alphabet, Inc. 4.70% 11/15/2035  | 2576 | 2578 |
| Alphabet, Inc. 5.35% 11/15/2045  | 2455 | 2441 |
| Alphabet, Inc. 5.45% 11/15/2055  | 5534 | 5433 |
| Alphabet, Inc. 5.70% 11/15/2075  | 6080 | 5989 |
| AT&T, Inc. 1.70% 3/25/2026  | 17807 | 17718 |
| AT&T, Inc. 1.65% 2/1/2028  | 4700 | 4481 |
| AT&T, Inc. 4.30% 2/15/2030  | 15940 | 15966 |
| AT&T, Inc. 2.55% 12/1/2033  | 12748 | 10884 |
| AT&T, Inc. 5.40% 2/15/2034  | 442 | 458 |
| AT&T, Inc. 4.50% 5/15/2035  | 174 | 167 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 9505 | 9497 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup>  | 1265 | 1157 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 3875 | 3299 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 1360 | 1420 |
| Charter Communications Operating, LLC 2.80% 4/1/2031  | 6057 | 5453 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1092 | 1029 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 1302 | 1299 |
| Charter Communications Operating, LLC 5.75% 4/1/2048  | 5000 | 4270 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 5134 | 3860 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 2519 | 1592 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 6148 | 3974 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 1065 | 844 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 1058 | 1015 |
| Comcast Corp. 3.15% 2/15/2028  | 7200 | 7088 |
| Comcast Corp. 4.55% 1/15/2029  | 1610 | 1636 |
| Comcast Corp. 4.80% 5/15/2033  | 1841 | 1857 |
| Comcast Corp. 2.887% 11/1/2051  | 18 | 11 |
| Comcast Corp. 5.65% 6/1/2054  | 3313 | 3108 |
| Comcast Corp. 5.50% 5/15/2064  | 250 | 224 |
| Discovery Communications, LLC 3.625% 5/15/2030  | 1125 | 979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **183** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| Meta Platforms, Inc. 4.20% 11/15/2030  | USD152 | $152 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 11473 | 11569 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 13299 | 13286 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 4233 | 4113 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 9090 | 8731 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 4352 | 4155 |
| News Corp. 5.125% 2/15/2032 <sup>(e)</sup>  | 1300 | 1282 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup>  | 6741 | 6596 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 675 | 661 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 12000 | 11059 |
| T-Mobile USA, Inc. 2.625% 4/15/2026  | 4416 | 4399 |
| T-Mobile USA, Inc. 3.75% 4/15/2027  | 5000 | 4986 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 705 | 719 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 175 | 178 |
| T-Mobile USA, Inc. 4.85% 1/15/2029  | 2725 | 2784 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 4500 | 4426 |
| T-Mobile USA, Inc. 2.875% 2/15/2031  | 14691 | 13643 |
| T-Mobile USA, Inc. 5.125% 5/15/2032  | 4970 | 5117 |
| T-Mobile USA, Inc. 5.05% 7/15/2033  | 832 | 849 |
| T-Mobile USA, Inc. 5.75% 1/15/2034  | 730 | 775 |
| T-Mobile USA, Inc. 3.00% 2/15/2041  | 2100 | 1566 |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | 920 | 940 |
| T-Mobile USA, Inc. 5.50% 1/15/2055  | 406 | 385 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 9144 | 8053 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 5047 | 4611 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 4786 | 4219 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 7614 | 7610 |
| Verizon Communications, Inc. 4.78% 2/15/2035  | 1552 | 1529 |
| Verizon Communications, Inc. 3.55% 3/22/2051  | 625 | 444 |
| Verizon Communications, Inc. 3.875% 3/1/2052  | 4006 | 2970 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 356 | 354 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 22605 | 19871 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 12281 | 8674 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 1030 | 681 |
| ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup>  | 490 | 385 |
|  |  | 281499 |
| **Industrials 1.78%** |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup>  | 510 | 499 |
| Aeropuerto Internacional de Tocumen SA 4.00% 8/11/2041 <sup>(e)</sup>  | 730 | 613 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup>  | 565 | 460 |
| Air Lease Corp. 2.875% 1/15/2026  | 10172 | 10167 |
| Air Lease Corp. 2.20% 1/15/2027  | 4341 | 4254 |
| Air Lease Corp. 5.20% 7/15/2031  | 3650 | 3711 |
| BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup>  | 1200 | 1215 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup>  | 3482 | 3584 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup>  | 2156 | 2242 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 570 | 590 |
| Boeing Co. (The) 2.75% 2/1/2026  | 11211 | 11198 |
| Boeing Co. (The) 2.196% 2/4/2026  | 9781 | 9763 |
| Boeing Co. (The) 2.70% 2/1/2027  | 6473 | 6382 |
| Boeing Co. (The) 5.04% 5/1/2027  | 13539 | 13683 |
| Boeing Co. (The) 6.259% 5/1/2027  | 4214 | 4326 |
| Boeing Co. (The) 3.25% 2/1/2028  | 11810 | 11618 |
| Boeing Co. (The) 3.25% 3/1/2028  | 1925 | 1891 |
| Boeing Co. (The) 6.298% 5/1/2029  | 1507 | 1600 |
| Boeing Co. (The) 5.15% 5/1/2030  | 25342 | 26048 |
| Boeing Co. (The) 3.625% 2/1/2031  | 751 | 722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **184** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 6.388% 5/1/2031  | USD5,632 | $6114 |
| Boeing Co. (The) 6.528% 5/1/2034  | 1381 | 1528 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 578 | 434 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1801 | 1196 |
| CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup>  | 1260 | 1280 |
| CSX Corp. 4.10% 11/15/2032  | 1886 | 1852 |
| CSX Corp. 5.20% 11/15/2033  | 1333 | 1388 |
| CSX Corp. 4.50% 11/15/2052  | 4470 | 3797 |
| General Dynamics Corp. 3.75% 5/15/2028  | 479 | 480 |
| General Dynamics Corp. 3.625% 4/1/2030  | 387 | 380 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 1126 | 1173 |
| LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup>  | 13205 | 13464 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup>  | 2690 | 2674 |
| Norfolk Southern Corp. 5.05% 8/1/2030  | 1734 | 1798 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 1458 | 1394 |
| Northrop Grumman Corp. 4.70% 3/15/2033  | 2909 | 2938 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 1124 | 1014 |
| Republic Services, Inc. 2.375% 3/15/2033  | 1635 | 1428 |
| Republic Services, Inc. 5.00% 4/1/2034  | 15 | 15 |
| RTX Corp. 5.75% 11/8/2026  | 550 | 558 |
| RTX Corp. 3.125% 5/4/2027  | 4551 | 4505 |
| RTX Corp. 4.125% 11/16/2028  | 4974 | 4995 |
| RTX Corp. 5.75% 1/15/2029  | 410 | 429 |
| RTX Corp. 6.00% 3/15/2031  | 550 | 593 |
| RTX Corp. 2.375% 3/15/2032  | 451 | 403 |
| RTX Corp. 6.10% 3/15/2034  | 401 | 439 |
| RTX Corp. 2.82% 9/1/2051  | 665 | 415 |
| RTX Corp. 3.03% 3/15/2052  | 1190 | 777 |
| RTX Corp. 6.40% 3/15/2054  | 1006 | 1108 |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup>  | 2550 | 2319 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(e)</sup>  | 2405 | 2497 |
| Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup>  | 2482 | 2240 |
| Union Pacific Corp. 2.15% 2/5/2027  | 2213 | 2174 |
| Union Pacific Corp. 2.40% 2/5/2030  | 4454 | 4173 |
| Union Pacific Corp. 2.375% 5/20/2031  | 2298 | 2108 |
| Union Pacific Corp. 2.80% 2/14/2032  | 5244 | 4824 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2104 | 2172 |
| Union Pacific Corp. 2.95% 3/10/2052  | 1405 | 898 |
| Union Pacific Corp. 5.60% 12/1/2054  | 470 | 469 |
| Waste Management, Inc. 1.50% 3/15/2031  | 419 | 366 |
| Waste Management, Inc. 4.80% 3/15/2032  | 4135 | 4234 |
|  |  | 201609 |
| **Energy 1.64%** |  |  |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup>  | 280 | 284 |
| APA Corp. 4.25% 1/15/2030  | 2465 | 2423 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 395 | 409 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026  | 1136 | 1117 |
| Cenovus Energy, Inc. 2.65% 1/15/2032  | 2969 | 2640 |
| Cenovus Energy, Inc. 5.25% 6/15/2037  | 289 | 281 |
| Cenovus Energy, Inc. 3.75% 2/15/2052  | 19 | 13 |
| Chevron Corp. 2.954% 5/16/2026  | 3365 | 3355 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 22400 | 23266 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup>  | 268 | 284 |
| Devon Energy Corp. 5.75% 9/15/2054  | 2068 | 1902 |
| Ecopetrol SA 8.875% 1/13/2033  | 15325 | 16377 |
| Energy Transfer, LP 5.25% 7/1/2029  | 979 | 1008 |
| Energy Transfer, LP 6.40% 12/1/2030  | 479 | 518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **185** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Enterprise Products Operating, LLC 4.60% 1/15/2031  | USD5,332 | $5399 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 1465 | 1483 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 5080 | 5177 |
| Equinor ASA 3.625% 9/10/2028  | 4928 | 4916 |
| Equinor ASA 3.125% 4/6/2030  | 20000 | 19285 |
| Equinor ASA 3.25% 11/18/2049  | 5687 | 3970 |
| Exxon Mobil Corp. 3.043% 3/1/2026  | 4625 | 4619 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 6510 | 4676 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 7490 | 7844 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup>  | 1470 | 1503 |
| Occidental Petroleum Corp. 6.625% 9/1/2030  | 5120 | 5516 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 5200 | 5307 |
| Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup>  | 6 | 6 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup>  | 1715 | 1693 |
| Oleoducto Central SA 4.00% 7/14/2027  | 350 | 346 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 22614 | 22990 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 14185 | 15216 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 11164 | 11344 |
| Shell Finance US, Inc. 2.75% 4/6/2030  | 377 | 358 |
| South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027  | 809 | 817 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(e)</sup>  | 595 | 600 |
| TotalEnergies Capital International SA 3.455% 2/19/2029  | 885 | 872 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 6805 | 6400 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(e)</sup>  | 2395 | 2448 |
|  |  | 186662 |
| **Consumer staples 1.60%** |  |  |
| Altria Group, Inc. 4.40% 2/14/2026  | 4585 | 4585 |
| Altria Group, Inc. 4.875% 2/4/2028  | 1330 | 1352 |
| Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049  | 4715 | 4710 |
| BAT Capital Corp. 3.557% 8/15/2027  | 9271 | 9206 |
| BAT Capital Corp. 2.259% 3/25/2028  | 2353 | 2265 |
| BAT Capital Corp. 6.343% 8/2/2030  | 2210 | 2391 |
| BAT Capital Corp. 4.742% 3/16/2032  | 2675 | 2701 |
| BAT Capital Corp. 5.35% 8/15/2032  | 18664 | 19427 |
| BAT Capital Corp. 6.421% 8/2/2033  | 4665 | 5153 |
| BAT Capital Corp. 5.625% 8/15/2035  | 12170 | 12684 |
| BAT Capital Corp. 7.079% 8/2/2043  | 1323 | 1492 |
| BAT Capital Corp. 5.65% 3/16/2052  | 120 | 114 |
| BAT International Finance PLC 1.668% 3/25/2026  | 4070 | 4048 |
| BAT International Finance PLC 4.448% 3/16/2028  | 2925 | 2949 |
| Constellation Brands, Inc. 3.50% 5/9/2027  | 7500 | 7449 |
| Constellation Brands, Inc. 4.35% 5/9/2027  | 890 | 894 |
| Constellation Brands, Inc. 4.80% 5/1/2030  | 1618 | 1646 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1487 | 1320 |
| Constellation Brands, Inc. 4.75% 5/9/2032  | 1978 | 1987 |
| Constellation Brands, Inc. 4.90% 5/1/2033  | 2807 | 2822 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup>  | 2726 | 2753 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 2725 | 2346 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup>  | 24345 | 24547 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031  | 3110 | 2926 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051  | 685 | 589 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 4670 | 4774 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3640 | 3753 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 15670 | 16112 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup>  | 2371 | 2391 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup>  | 13235 | 13193 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 5520 | 5509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **186** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| Philip Morris International, Inc. 5.25% 9/7/2028  | USD2,800 | $2894 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 982 | 1015 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 4565 | 4805 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 830 | 848 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1644 | 1720 |
| Walmart, Inc. 4.90% 4/28/2035  | 1013 | 1042 |
| Walmart, Inc. 4.50% 4/15/2053  | 1416 | 1253 |
|  |  | 181665 |
| **Information technology 1.06%** |  |  |
| Analog Devices, Inc. 2.10% 10/1/2031  | 270 | 240 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 717 | 741 |
| Analog Devices, Inc. 2.80% 10/1/2041  | 521 | 385 |
| Broadcom, Inc. 5.05% 7/12/2027  | 2545 | 2592 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 609 | 607 |
| Broadcom, Inc. 5.05% 7/12/2029  | 2177 | 2242 |
| Broadcom, Inc. 5.15% 11/15/2031  | 5186 | 5383 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup>  | 630 | 617 |
| Broadcom, Inc. 3.469% 4/15/2034  | 11652 | 10628 |
| Broadcom, Inc. 4.80% 10/15/2034  | 1063 | 1065 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 847 | 730 |
| Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup>  | 2879 | 2843 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 991 | 1028 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 843 | 868 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 2675 | 2750 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 784 | 752 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 1300 | 1339 |
| Intel Corp. 3.05% 8/12/2051  | 1530 | 942 |
| Intel Corp. 5.60% 2/21/2054  | 7880 | 7280 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 4350 | 4441 |
| Oracle Corp. 1.65% 3/25/2026  | 4867 | 4837 |
| Oracle Corp. 4.80% 8/3/2028  | 615 | 618 |
| Oracle Corp. 4.45% 9/26/2030  | 2610 | 2554 |
| Oracle Corp. 5.25% 2/3/2032  | 1340 | 1340 |
| Oracle Corp. 4.80% 9/26/2032  | 5105 | 4930 |
| Oracle Corp. 5.50% 8/3/2035  | 2374 | 2327 |
| Oracle Corp. 5.20% 9/26/2035  | 6715 | 6436 |
| Oracle Corp. 5.875% 9/26/2045  | 2800 | 2530 |
| Oracle Corp. 6.00% 8/3/2055  | 5970 | 5269 |
| Oracle Corp. 5.95% 9/26/2055  | 9220 | 8175 |
| Oracle Corp. 6.10% 9/26/2065  | 2295 | 2026 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 1813 | 1827 |
| Synopsys, Inc. 5.15% 4/1/2035  | 21470 | 21829 |
| Synopsys, Inc. 5.70% 4/1/2055  | 8055 | 7999 |
|  |  | 120170 |
| **Materials 0.72%** |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040  | 2911 | 2192 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 138 | 143 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 4050 | 4134 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup>  | 700 | 272 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 6297 | 6495 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 3575 | 3743 |
| Celanese US Holdings, LLC 6.83% 7/15/2029  | 13862 | 14553 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 4530 | 4777 |
| Celanese US Holdings, LLC 6.879% 7/15/2032  | 800 | 833 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1031 | 1090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **187** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup>  | USD834 | $845 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(e)</sup>  | 7250 | 7653 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 129 | 128 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 66 | 66 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 142 | 125 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 62 | 64 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 764 | 665 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 469 | 471 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 745 | 737 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 5210 | 5188 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup>  | 205 | 215 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup>  | 300 | 294 |
| POSCO 5.75% 1/17/2028 <sup>(e)</sup>  | 745 | 768 |
| Rio Tinto Finance (USA) PLC 4.875% 3/14/2030  | 25776 | 26494 |
|  |  | 81945 |
| **Real estate 0.66%** |  |  |
| American Tower Corp. 3.65% 3/15/2027  | 1375 | 1370 |
| Boston Properties, LP 2.90% 3/15/2030  | 4630 | 4346 |
| Boston Properties, LP 3.25% 1/30/2031  | 463 | 435 |
| Boston Properties, LP 2.55% 4/1/2032  | 1674 | 1462 |
| Boston Properties, LP 2.45% 10/1/2033  | 1335 | 1105 |
| Boston Properties, LP 6.50% 1/15/2034  | 10849 | 11689 |
| Boston Properties, LP 5.75% 1/15/2035  | 11874 | 12219 |
| COPT Defense Properties, LP 2.00% 1/15/2029  | 1139 | 1064 |
| COPT Defense Properties, LP 2.75% 4/15/2031  | 1547 | 1412 |
| COPT Defense Properties, LP 2.90% 12/1/2033  | 564 | 482 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup>  | 395 | 368 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 4874 | 4953 |
| FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup>  | 1475 | 1301 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 1755 | 1763 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 2755 | 2680 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 3135 | 2987 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup>  | 3020 | 3038 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 675 | 667 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 2097 | 2147 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup>  | 4683 | 4969 |
| Prologis, LP 4.875% 6/15/2028  | 1040 | 1066 |
| Prologis, LP 4.75% 6/15/2033  | 1409 | 1423 |
| Prologis, LP 5.125% 1/15/2034  | 6175 | 6350 |
| Prologis, LP 5.00% 3/15/2034  | 360 | 367 |
| Prologis, LP 5.25% 6/15/2053  | 117 | 112 |
| Service Properties Trust 3.95% 1/15/2028  | 1710 | 1616 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 3040 | 3199 |
|  |  | 74590 |
| **Total corporate bonds and notes** |  | 3430212 |
| **U.S. Treasury bonds & notes 24.98%** | **U.S. Treasury bonds & notes 24.98%** | **U.S. Treasury bonds & notes 24.98%** |
| **U.S. Treasury 24.19%** |  |  |
| U.S. Treasury 3.625% 5/15/2026  | 1926 | 1927 |
| U.S. Treasury 4.625% 6/30/2026  | 198 | 199 |
| U.S. Treasury 4.375% 7/31/2026  | 271 | 272 |
| U.S. Treasury 0.75% 8/31/2026  | 8871 | 8710 |
| U.S. Treasury 4.625% 11/15/2026  | 3589 | 3621 |
| U.S. Treasury 4.00% 1/15/2027  | 3741 | 3759 |
| U.S. Treasury 1.875% 2/28/2027  | 4000 | 3926 |
| U.S. Treasury 2.625% 5/31/2027  | 43530 | 43009 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **188** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.25% 11/15/2027  | USD105,830 | $103496 |
| U.S. Treasury 6.125% 11/15/2027  | 24000 | 25141 |
| U.S. Treasury 3.375% 11/30/2027  | 241 | 240 |
| U.S. Treasury 3.375% 12/31/2027  | 477291 | 476377 |
| U.S. Treasury 1.125% 2/29/2028  | 9895 | 9412 |
| U.S. Treasury 4.00% 2/29/2028  | 4750 | 4800 |
| U.S. Treasury 3.625% 3/31/2028  | 13 | 13 |
| U.S. Treasury 1.00% 7/31/2028  | 5630 | 5283 |
| U.S. Treasury 1.125% 8/31/2028  | 13555 | 12735 |
| U.S. Treasury 5.25% 11/15/2028  | 5700 | 5964 |
| U.S. Treasury 3.50% 12/15/2028  | 199754 | 199527 |
| U.S. Treasury 2.375% 5/15/2029  | 4070 | 3915 |
| U.S. Treasury 4.00% 7/31/2029  | 334 | 338 |
| U.S. Treasury 3.875% 12/31/2029  | 44049 | 44426 |
| U.S. Treasury 3.75% 5/31/2030  | 13300 | 13335 |
| U.S. Treasury 4.125% 8/31/2030  | 11215 | 11414 |
| U.S. Treasury 3.625% 9/30/2030  | 90415 | 90087 |
| U.S. Treasury 4.875% 10/31/2030  | 92133 | 96812 |
| U.S. Treasury 3.625% 12/31/2030  | 390618 | 388833 |
| U.S. Treasury 4.125% 10/31/2031  | 1408 | 1431 |
| U.S. Treasury 4.125% 11/30/2031  | 985 | 1000 |
| U.S. Treasury 4.125% 11/15/2032  | 114 | 115 |
| U.S. Treasury 3.875% 12/31/2032  | 97978 | 97588 |
| U.S. Treasury 4.375% 5/15/2034  | 100 | 102 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(h)</sup>  | 279661 | 275859 |
| U.S. Treasury 4.25% 5/15/2039  | 125497 | 123105 |
| U.S. Treasury 1.375% 11/15/2040  | 24540 | 15963 |
| U.S. Treasury 1.875% 2/15/2041  | 24272 | 16986 |
| U.S. Treasury 4.75% 2/15/2041  | 75066 | 76525 |
| U.S. Treasury 2.00% 11/15/2041  | 57 | 40 |
| U.S. Treasury 2.375% 2/15/2042  | 2701 | 1992 |
| U.S. Treasury 3.25% 5/15/2042  | 10848 | 9065 |
| U.S. Treasury 4.625% 11/15/2045  | 135934 | 133003 |
| U.S. Treasury 3.00% 2/15/2049  | 124633 | 92014 |
| U.S. Treasury 2.875% 5/15/2049  | 19228 | 13825 |
| U.S. Treasury 2.875% 5/15/2052  | 990 | 694 |
| U.S. Treasury 4.00% 11/15/2052  | 7328 | 6368 |
| U.S. Treasury 4.125% 8/15/2053  | 213 | 189 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(h)</sup>  | 299333 | 294934 |
| U.S. Treasury 4.625% 11/15/2055  | 29639 | 28616 |
|  |  | 2746985 |
| **U.S. Treasury inflation-protected securities 0.79%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(i)</sup>  | 6136 | 6080 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(i)</sup>  | 7763 | 7367 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2035 <sup>(i)</sup>  | 32118 | 32048 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(i)</sup>  |  | — <br><sup>(c)</sup><br>|
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(i)</sup>  | 6206 | 4840 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(i)</sup>  | 2329 | 2095 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(i)</sup>  | 38874 | 36904 |
|  |  | 89334 |
| **Total U.S. Treasury bonds & notes** |  | 2836319 |
| **Asset-backed obligations 4.39%** | **Asset-backed obligations 4.39%** | **Asset-backed obligations 4.39%** |
| **Other asset-backed securities 2.53%** |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup>  | 9848 | 9876 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | 11785 | 11804 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **189** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | USD3,485 | $3491 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup>  | 331 | 331 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(a)(e)</sup>  | 6839 | 6867 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup>  | 4747 | 4785 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup>  | 4471 | 4531 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup>  | 114 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, <br> 2.443% 7/15/2046 <sup>(a)(e)</sup>  | 2926 | 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, <br> 3.446% 7/15/2046 <sup>(a)(e)</sup>  | 337 | 324 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup>  | 643 | 645 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup>  | 5912 | 5968 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup>  | 11152 | 11364 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup>  | 13267 | 12589 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup>  | 5184 | 4903 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup>  | 581 | 578 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup>  | 44 | 44 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup>  | 18279 | 15529 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup>  | 1884 | 1593 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup>  | 3362 | 2137 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup>  | 364 | 236 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup>  | 5923 | 4814 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup>  | 1898 | 1184 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup>  | 14807 | 14622 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup>  | 6495 | 6325 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup>  | 4137 | 4154 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup>  | 1386 | 1310 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup>  | 2826 | 2675 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup>  | 255 | 237 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup>  | 234 | 220 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup>  | 7169 | 7280 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup>  | 3764 | 3793 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup>  | 1315 | 1262 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup>  | 996 | 937 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup>  | 111 | 101 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup>  | 1655 | 1592 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup>  | 6116 | 5728 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup>  | 1695 | 1597 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup>  | 1428 | 1334 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup>  | 8887 | 8995 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup>  | 443 | 445 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup>  | 5615 | 5652 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup>  | 3178 | 3039 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup>  | 50765 | 42529 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup>  | 3741 | 3766 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(a)(e)</sup>  | 5756 | 5781 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup>  | 2314 | 2326 |
| OWN Equipment Fund III, Series 2025-2M, Class C, 8.77% 3/27/2034 <sup>(a)(e)</sup>  | 1707 | 1713 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup>  | 1546 | 1550 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup>  | 2281 | 2299 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup>  | 1710 | 1716 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup>  | 4558 | 4579 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/15/2028 <sup>(a)(e)</sup>  | 909 | 920 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup>  | 4300 | 4320 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup>  | 735 | 738 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup>  | 858 | 862 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup>  | 2088 | 1996 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup>  | 385 | 369 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup>  | 1792 | 1711 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup>  | 1097 | 1074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **190** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Other asset-backed securities (continued)** |  |  |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup>  | USD136 | $134 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup>  | 422 | 413 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup>  | 486 | 474 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup>  | 793 | 774 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup>  | 1746 | 1673 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup>  | 666 | 646 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup>  | 1378 | 1310 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup>  | 4449 | 4193 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup>  | 249 | 233 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup>  | 3760 | 3566 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup>  | 3080 | 2952 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup>  | 92 | 84 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup>  | 7133 | 6740 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup>  | 2496 | 2324 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup>  | 243 | 224 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup>  | 5380 | 5478 |
|  |  | 287253 |
| **Auto loan 1.26%** |  |  |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup>  | 275 | 277 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup>  | 23 | 23 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup>  | 2613 | 2609 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup>  | 809 | 807 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup>  | 208 | 207 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup>  | 426 | 426 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup>  | 3445 | 3405 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup>  | 531 | 525 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup>  | 193 | 191 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup>  | 6724 | 6844 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup>  | 1348 | 1371 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup>  | 5059 | 5267 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup>  | 4665 | 4817 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup>  | 90 | 91 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup>  | 769 | 772 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup>  | 231 | 233 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup>  | 172 | 176 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup>  | 435 | 440 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup>  | 875 | 881 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup>  | 799 | 814 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup>  | 455 | 455 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup>  | 434 | 435 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 86 | 86 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup>  | 1484 | 1490 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup>  | 6817 | 6842 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup>  | 897 | 899 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup>  | 58 | 58 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup>  | 7335 | 7391 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup>  | 642 | 639 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup>  | 1028 | 1030 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup>  | 226 | 227 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup>  | 194 | 194 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup>  | 758 | 776 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup>  | 462 | 469 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup>  | 1014 | 1102 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup>  | 435 | 438 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup>  | 597 | 605 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup>  | 4218 | 4305 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup>  | 5833 | 5853 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **191** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup>  | USD218 | $218 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup>  | 561 | 566 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup>  | 507 | 520 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup>  | 1772 | 1779 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup>  | 1066 | 1079 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup>  | 18 | 18 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup>  | 272 | 274 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup>  | 320 | 325 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup>  | 4815 | 4949 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup>  | 2703 | 2802 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup>  | 3984 | 4185 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup>  | 1600 | 1610 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/15/2030 <sup>(a)(e)</sup>  | 948 | 979 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup>  | 330 | 333 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup>  | 1174 | 1152 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup>  | 17770 | 17440 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup>  | 1264 | 1240 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup>  | 859 | 843 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup>  | 3007 | 3073 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup>  | 80 | 80 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup>  | 188 | 189 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup>  | 84 | 85 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup>  | 160 | 163 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup>  | 191 | 192 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup>  | 174 | 174 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup>  | 101 | 101 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup>  | 615 | 616 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup>  | 848 | 856 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup>  | 1361 | 1370 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup>  | 3223 | 3279 |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup>  | 714 | 728 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup>  | 623 | 630 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup>  | 483 | 498 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup>  | 123 | 125 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup>  | 707 | 717 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup>  | 351 | 354 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup>  | 111 | 112 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup>  | 204 | 204 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup>  | 700 | 707 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup>  | 1082 | 1084 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup>  | 334 | 336 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup>  | 361 | 367 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup>  | 909 | 910 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup>  | 939 | 941 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup>  | 2219 | 2243 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup>  | 1236 | 1265 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup>  | 9559 | 9657 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup>  | 8464 | 8557 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup>  | 174 | 175 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup>  | 232 | 235 |
|  |  | 143805 |
| **Student loan 0.36%** |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup>  | 6374 | 6450 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup>  | 1434 | 1316 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup>  | 845 | 763 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup>  | 542 | 493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **192** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Student loan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.084% <br> 3/15/2057 <sup>(a)(b)(e)</sup>  | USD14,884 | $14850 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup>  | 141 | 133 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup>  | 2397 | 2269 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup>  | 5464 | 5184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(b)(e)</sup>  | 1816 | 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 5.092% <br>7/25/2051 <sup>(a)(b)(e)</sup>  | 146 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(a)(b)(e)</sup>  | 628 | 635 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup>  | 569 | 585 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup>  | 6322 | 6422 |
|  |  | 41059 |
| **Credit card 0.24%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup>  | 13550 | 13583 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(a)(e)</sup>  | 2456 | 2463 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(a)(e)</sup>  | 2416 | 2429 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(a)(e)</sup>  | 8461 | 8526 |
|  |  | 27001 |
| **Collateralized loan obligations 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% <br>7/25/2030 <sup>(a)(b)(e)</sup>  | 50 | 50 |
| **Total asset-backed obligations** |  | 499168 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.78%** | **Bonds & notes of governments & government agencies outside the U.S. 1.78%** | **Bonds & notes of governments & government agencies outside the U.S. 1.78%** |
| **Mexico 1.22%** |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(e)</sup>  | 74976 | 76464 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030  | 7183 | 7326 |
| United Mexican States 6.00% 5/13/2030  | 2960 | 3107 |
| United Mexican States 6.00% 5/7/2036  | 32486 | 32998 |
| United Mexican States 6.875% 5/13/2037  | 3200 | 3422 |
| United Mexican States 7.375% 5/13/2055  | 14311 | 15452 |
|  |  | 138769 |
| **Greece 0.46%** |  |  |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | EUR10,830 | 12140 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031  | 9600 | 10112 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033  | 23825 | 29987 |
|  |  | 52239 |
| **Dominican Republic 0.08%** |  |  |
| Dominican Republic (Government of) 5.95% 1/25/2027 <sup>(e)</sup>  | USD8,100 | 8198 |
| Dominican Republic (Government of) 7.05% 2/3/2031 <sup>(e)</sup>  | 680 | 731 |
|  |  | 8929 |
| **Poland 0.01%** |  |  |
| Poland (Republic of), Series 10Y, 5.75% 11/16/2032  | 555 | 597 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033  | 830 | 845 |
|  |  | 1442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **193** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Chile 0.01%** |  |  |
| Chile (Republic of) 4.00% 1/31/2052  | USD580 | $461 |
| **Paraguay 0.00%** |  |  |
| Paraguay (Republic of) 5.00% 4/15/2026  | 285 | 287 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 202127 |
| **Municipals 1.47%** | **Municipals 1.47%** | **Municipals 1.47%** |
| **California 0.02%** |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034  | 2100 | 2452 |
| **Illinois 1.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% <br> 11/1/2029  | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% <br> 12/1/2039  | 31050 | 29238 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% <br> 12/1/2040  | 8945 | 8512 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% <br> 12/1/2049  | 865 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2025-A, 6.25% <br> 12/1/2050  | 1610 | 1683 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 102799 | 105401 |
|  |  | 145775 |
| **Massachusetts 0.07%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 7500 | 7763 |
| **New York 0.03%** |  |  |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.559% 10/1/2045  | 1640 | 1632 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.372% 10/1/2051  | 1175 | 1146 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-2, 5.392% 10/1/2055  | 460 | 445 |
|  |  | 3223 |
| **Texas 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% <br> 10/1/2052  | 4075 | 2827 |
| **Wisconsin 0.04%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 4490 | 4459 |
| **Total municipals** |  | 166499 |
| **Federal agency bonds & notes 0.10%** | **Federal agency bonds & notes 0.10%** | **Federal agency bonds & notes 0.10%** |
| Federal National Mortgage Association 2.125% 4/24/2026  | 11910 | 11855 |
| **Loans 0.06%** | **Loans 0.06%** | **Loans 0.06%** |
| **Financials 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(b)(e)(g)(j)</sup>  | 6407 | 6359 |
| **Total bonds, notes & other debt instruments** (cost: $10,859,504,000) |  | 10789253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **194** |

---

------

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Common stocks 0.00% | Shares | Value<br> (000)<br>|
| **Energy 0.00%** |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup>  | 555 | $13 |
| FORESEA Holding SA, Class B <sup>(e)</sup>  | 61 | 1 |
| **Total common stocks** (cost: $8,000) |  | 14 |
| Short-term securities 5.50% |  |  |
| **Money market investments 5.50%** | **Money market investments 5.50%** | **Money market investments 5.50%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 6241739 | 624236 |
| **Total short-term securities** (cost: $624,125,000) | **Total short-term securities** (cost: $624,125,000) | 624236 |
| **Total investment securities 100.51%** (cost: $11,483,637,000) |  | 11413503 |
| Other assets less liabilities (0.51)% |  | (57477)<br>|
| **Net assets 100.00%** |  | $11356026 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 62 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD24,898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |
| 30 Day Federal Funds Futures | Long | 548 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 3 Month SOFR Futures | Long | 57 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3 Month SOFR Futures | Long | 103 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 14354 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2996958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 9930 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2942)<br>|
| 10 Year Italy Government Bond Futures | Long | 329 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| 10 Year Euro-Bund Futures | Short | 1003 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150370)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| 10 Year U.S. Treasury Note Futures | Long | 949 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1018)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 1244 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143079)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| 20 Year U.S. Treasury Bond Futures | Short | 9 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1040)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2865 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5192)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8582)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 27382 | JPY | 4230230 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $338 |
| USD | 17388 | EUR | 14926 | Morgan Stanley | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165)<br>|
| JPY | 3901364 | EUR | 21383 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207)<br>|
| BRL | 24015 | USD | 4403 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| USD | 53133 | EUR | 45113 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(34)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.39981% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD88,200 | &nbsp;&nbsp;&nbsp;&nbsp; $(19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(19)<br>|
| SOFR | Annual | 3.2465% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD56,300 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| SOFR | Annual | 3.249% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD56,260 | &nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| SOFR | Annual | 3.34% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD106,170 | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>|
| SOFR | Annual | 3.2715% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD43,510 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| 3.998% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD40,040 | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
| SOFR | Annual | 3.945% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,090 | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>|
| SOFR | Annual | 3.3125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,993 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| SOFR | Annual | 3.4445% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| SOFR | Annual | 3.552% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.455% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| SOFR | Annual | 3.543% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| SOFR | Annual | 3.551% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| SOFR | Annual | 3.965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,465 | &nbsp;&nbsp;&nbsp;&nbsp; (631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (631)<br>|
| SOFR | Annual | 3.9195% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,240 | &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (157)<br>|
| SOFR | Annual | 3.763% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,790 | &nbsp;&nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (160)<br>|
| SOFR | Annual | 3.4415% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD18,470 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| SOFR | Annual | 3.797% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,774 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| SOFR | Annual | 3.794% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| SOFR | Annual | 3.796% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| SOFR | Annual | 3.7815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,484 | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| SOFR | Annual | 3.6065% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,910 | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>|
| SOFR | Annual | 3.325% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,360 | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| SOFR | Annual | 3.2175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,786 | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| SOFR | Annual | 3.2385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,168 | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| SOFR | Annual | 3.2145% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,938 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.2155% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,938 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.237% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,480 | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD21,160 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD24,673 | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>|
| SOFR | Annual | 3.48% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,935 | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| SOFR | Annual | 3.4815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,954 | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,361 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| SOFR | Annual | 3.34% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD19,580 | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| SOFR | Annual | 3.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,370 | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| SOFR | Annual | 3.50061% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,360 | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| SOFR | Annual | 3.486% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD18,500 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,295 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| SOFR | Annual | 3.665% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,000 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| SOFR | Annual | 3.648% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,270 | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| TONAR | Annual | 1.52125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY1,100,000 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| TONAR | Annual | 1.52% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY400,000 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| TONAR | Annual | 1.51812% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY2,185,658 | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| SOFR | Annual | 3.6775% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,240 | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| TONAR | Annual | 1.4925% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY368,643 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| SOFR | Annual | 3.663% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,500 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| TONAR | Annual | 1.53% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY370,941 | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| TONAR | Annual | 1.5225% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| TONAR | Annual | 1.51% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| TONAR | Annual | 1.491% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY375,998 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| TONAR | Annual | 1.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; JPY231,314 | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

------

The Bond Fund of America (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.504% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,510 | &nbsp;&nbsp;&nbsp;&nbsp; $344 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $344 |
| SOFR | Annual | 3.66593% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,280 | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,050 | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD23,409 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| SOFR | Annual | 3.883% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD33,965 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| SOFR | Annual | 4.137% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,100 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| SOFR | Annual | 4.052% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,880 | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| 2.477% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY200,000 | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>|
| 2.47825% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/6/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY500,000 | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>|
| 2.47% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY904,764 | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| 2.5425% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/8/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY153,945 | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| SOFR | Annual | 3.953% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2055 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,960 | &nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| 2.57% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/9/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY155,295 | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>|
| 2.515% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,196 | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| 2.52% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/14/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,646 | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| 2.50% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY156,196 | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| 2.51625% | Annual | TONAR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2055 | &nbsp;&nbsp;&nbsp;&nbsp; JPY96,259 | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| SOFR | Annual | 3.8185% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/2055 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,760 | &nbsp;&nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,555 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,701 | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4801 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4801 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>12/31/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL160,970 | &nbsp;&nbsp;&nbsp; $1285 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1285 |
| 14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL88,380 | &nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 578 |
| 14.585% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL19,180 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 152 |
| 13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL76,120 | &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (63)<br>|
| 13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL56,000 | &nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (81)<br>|
| 13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (102)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL36,820 | &nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (106)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (118)<br>|
| 13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL77,000 | &nbsp;&nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (184)<br>|
| 12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL25,300 | &nbsp;&nbsp;&nbsp; (200)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (200)<br>|
| 12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL38,509 | &nbsp;&nbsp;&nbsp; (289)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (289)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL38,753 | &nbsp;&nbsp;&nbsp; (293)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (293)<br>|
| 12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL38,500 | &nbsp;&nbsp;&nbsp; (307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (307)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL77,020 | &nbsp;&nbsp;&nbsp; (582)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (582)<br>|
| 12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL76,900 | &nbsp;&nbsp;&nbsp; (588)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (588)<br>|
| 12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp;&nbsp; BRL75,919 | &nbsp;&nbsp;&nbsp; (607)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (607)<br>|
| 13.115% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp;&nbsp; BRL19,400 | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (49)<br>|
| 13.105% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp;&nbsp; BRL19,625 | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (51)<br>|
| 13.03% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp;&nbsp; BRL41,625 | &nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (136)<br>|
| 13.135% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1/2/2031 | &nbsp;&nbsp;&nbsp; BRL80,500 | &nbsp;&nbsp;&nbsp; (187)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (187)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(1928)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1928)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD183,800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14043)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(13869)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(174)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(m)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD67,870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>|

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 5.50%** |  |  |  |  |  |  |  |
| **Money market investments 5.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $730121 | &nbsp;&nbsp; $5041681 | &nbsp;&nbsp; $5147668 | &nbsp;&nbsp; $284 | &nbsp;&nbsp; $(182)<br>| &nbsp;&nbsp; $624236 | &nbsp;&nbsp; $32185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,803,804,000, which represented 15.88% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $85,685,000, which represented 0.75% of the net assets of the fund. 

<sup>(i)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(j)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $6,359,000, which represented 0.06% of the net assets of the fund. 

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **198** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| Auth. = Authority |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| DAC = Designated Activity Company |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| JPY = Japanese yen |
| Ref. = Refunding |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| TONAR = Tokyo Overnight Average Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **199** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 90.93% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros 20.50%** |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup>  | EUR2,800 | $3125 |
| Albania (Republic of) 4.75% 2/14/2035  | 2290 | 2729 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup>  | 500 | 642 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup>  | 100 | 124 |
| Altria Group, Inc. 3.125% 6/15/2031  | 800 | 929 |
| American Tower Corp. 0.45% 1/15/2027  | 2525 | 2908 |
| American Tower Corp. 0.875% 5/21/2029  | 1470 | 1616 |
| Amprion Gmbh 4.125% 9/7/2034  | 2600 | 3153 |
| Amprion Gmbh 3.875% 6/5/2036  | 1800 | 2112 |
| Anheuser-Busch InBev SA/NV 1.125% 7/1/2027  | 2000 | 2310 |
| AT&T, Inc. 1.60% 5/19/2028  | 2350 | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Credito Social Cooperativo SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on <br>9/3/2029) <sup>(a)</sup>  | 1000 | 1211 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup>  | 900 | 1110 |
| Banco de Sabadell SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup>  | 700 | 877 |
| Bank Gospodarstwa Krajowego 4.25% 9/13/2044  | 290 | 329 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup>  | 5000 | 5993 |
| Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup>  | 2800 | 3331 |
| Belgium (Kingdom of), Series 98, 3.30% 6/22/2054  | 880 | 869 |
| BMS Ireland Capital Funding DAC 3.857% 11/10/2038  | 290 | 336 |
| BMS Ireland Capital Funding DAC 4.289% 11/10/2045  | 220 | 254 |
| BMS Ireland Capital Funding DAC 4.581% 11/10/2055  | 1680 | 1930 |
| BPCE SA 4.50% 1/13/2033  | 1400 | 1728 |
| BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup>  | 900 | 1112 |
| Bulgaria (Republic of) 3.375% 7/18/2035  | 1340 | 1552 |
| Coca-Cola Co. 3.375% 8/15/2037  | 155 | 177 |
| Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup>  | 1900 | 2348 |
| Croatia (Republic of) 3.25% 2/11/2037  | 1005 | 1145 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup>  | 4000 | 4441 |
| Deutsche Telekom AG 3.25% 6/4/2035  | 1990 | 2305 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033  | 200 | 297 |
| Dow Chemical Co. (The) 1.125% 3/15/2032  | 827 | 835 |
| Egypt (Arab Republic of) 5.625% 4/16/2030  | 300 | 352 |
| Electricite de France SA 4.25% 1/25/2032  | 1300 | 1602 |
| Electricite de France SA 4.00% 5/7/2037  | 500 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(a)</sup>  | 5000 | 5744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(a)</sup>  | 1200 | 1538 |
| Enel Finance International NV 4.00% 2/20/2031  | 465 | 567 |
| Engie SA 3.875% 1/6/2031  | 1000 | 1215 |
| Equinor ASA 1.375% 5/22/2032  | 3650 | 3841 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup>  | 240 | 304 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup>  | 2030 | 2537 |
| Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup>  | 1375 | 1613 |
| European Investment Bank 0.25% 1/20/2032  | 2075 | 2106 |
| European Investment Bank 1.50% 6/15/2032  | 1000 | 1088 |
| European Investment Bank 2.875% 1/12/2033  | 4500 | 5300 |
| European Investment Bank 2.875% 1/15/2035  | 395 | 458 |
| European Union 0.25% 10/22/2026  | 610 | 707 |
| European Union 2.875% 12/6/2027  | 1060 | 1261 |
| European Union 2.875% 10/5/2029  | 170 | 203 |
| European Union 2.50% 10/14/2030  | 1375 | 1607 |
| European Union 3.125% 12/4/2030  | 190 | 228 |
| European Union 0% 7/4/2031  | 705 | 716 |
| European Union 2.75% 12/13/2032  | 2010 | 2343 |
| European Union 3.25% 7/4/2034  | 380 | 453 |
| European Union 0% 7/4/2035  | 220 | 191 |
| European Union 3.375% 12/12/2035  | 10230 | 12201 |
| European Union 3.625% 12/12/2040  | 9495 | 11123 |
| European Union 3.75% 10/12/2045  | 635 | 736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **200** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| European Union 0.70% 7/6/2051  | EUR3,000 | $1724 |
| European Union 3.375% 10/5/2054  | 540 | 562 |
| European Union 4.00% 10/12/2055  | 2070 | 2400 |
| Finland (Republic of) 3.00% 9/15/2033  | 2370 | 2792 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | 960 | 1137 |
| French Republic O.A.T. 0.75% 2/25/2028  | 980 | 1114 |
| French Republic O.A.T. 2.75% 2/25/2029  | 1790 | 2119 |
| French Republic O.A.T. 0% 11/25/2030  | 19550 | 20068 |
| French Republic O.A.T. 0% 5/25/2032  | 2120 | 2056 |
| French Republic O.A.T. 2.00% 11/25/2032  | 3170 | 3467 |
| French Republic O.A.T. 3.00% 5/25/2033  | 1920 | 2225 |
| French Republic O.A.T. 3.00% 11/25/2034  | 4430 | 5039 |
| French Republic O.A.T. 0.50% 5/25/2040  | 600 | 440 |
| French Republic O.A.T. 0.75% 5/25/2052  | 180 | 93 |
| French Republic O.A.T. 3.75% 5/25/2056  | 400 | 414 |
| Germany (Federal Republic of) 0% 10/9/2026  | 2305 | 2668 |
| Germany (Federal Republic of) 0% 11/15/2027  | 1400 | 1583 |
| Germany (Federal Republic of) 1.70% 8/15/2032  | 930 | 1034 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 23125 | 26485 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 1300 | 1203 |
| Germany (Federal Republic of) 0% 8/15/2050  | 1200 | 609 |
| Germany (Federal Republic of) 2.90% 8/15/2056  | 1190 | 1247 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | 615 | 750 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 690 | 773 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 1915 | 2089 |
| Greece (Hellenic Republic of) 3.90% 1/30/2033  | 3200 | 3943 |
| Greece (Hellenic Republic of) 3.625% 6/15/2035  | 2895 | 3455 |
| Greece (Hellenic Republic of) 4.125% 6/15/2054  | 640 | 734 |
| Hungary (Republic of) 4.875% 3/22/2040  | 305 | 358 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup>  | 1200 | 1558 |
| Ireland (Republic of) 2.60% 10/18/2034  | 1820 | 2073 |
| Ireland (Republic of) 3.00% 10/18/2043  | 1130 | 1245 |
| Ireland (Republic of) 3.15% 10/18/2055  | 755 | 791 |
| Italy (Republic of) 3.10% 8/28/2026  | 3425 | 4052 |
| Italy (Republic of) 1.35% 4/1/2030  | 7 | 8 |
| Italy (Republic of) 2.70% 10/1/2030  | 1365 | 1600 |
| Italy (Republic of) 3.25% 11/15/2032  | 2595 | 3075 |
| Italy (Republic of) 4.20% 3/1/2034  | 1430 | 1791 |
| Italy (Republic of) 3.65% 8/1/2035  | 5600 | 6685 |
| Italy (Republic of) 3.85% 10/1/2040  | 2180 | 2549 |
| Italy (Republic of) 4.30% 10/1/2054  | 4875 | 5687 |
| Johnson & Johnson 3.35% 2/26/2037  | 360 | 414 |
| Lithuania (Republic of) 3.50% 7/3/2031  | 1170 | 1406 |
| Lithuania (Republic of) 2.125% 6/1/2032  | 2665 | 2942 |
| Lithuania (Republic of) 3.50% 2/13/2034  | 1620 | 1919 |
| Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup>  | 100 | 120 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | 1430 | 1802 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup>  | 2000 | 2287 |
| MPT Finance Corp. 7.00% 2/15/2032  | 100 | 123 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup>  | 2725 | 2989 |
| NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup>  | 185 | 211 |
| Ontario (Province of) 3.25% 7/3/2035  | 2420 | 2816 |
| Orange 3.50% 5/19/2035  | 1600 | 1856 |
| PepsiCo, Inc. 0.75% 10/14/2033  | 2000 | 1947 |
| Philip Morris International, Inc. 2.75% 6/6/2029  | 770 | 899 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup>  | 320 | 414 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup>  | 730 | 907 |
| Portugal (Republic of) 0.475% 10/18/2030  | 350 | 375 |
| Portugal (Republic of) 3.00% 6/15/2035  | 1720 | 1998 |
| Portugal (Republic of) 3.375% 6/15/2040  | 715 | 822 |
| Portugal (Republic of) 3.625% 6/12/2054  | 685 | 755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **201** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| Prysmian SpA 3.875% 11/28/2031  | EUR435 | $524 |
| Romania 2.125% 3/7/2028  | 500 | 579 |
| Severn Trent Utilities Finance PLC 4.00% 3/5/2034  | 475 | 571 |
| Shell International Finance BV 1.50% 4/7/2028  | 2000 | 2299 |
| Slovak Republic, Series 250, 3.75% 3/6/2034  | 640 | 773 |
| Spain (Kingdom of) 0% 1/31/2028  | 900 | 1012 |
| Spain (Kingdom of) 1.40% 7/30/2028  | 1650 | 1898 |
| Spain (Kingdom of) 1.45% 4/30/2029  | 1890 | 2156 |
| Spain (Kingdom of) 1.25% 10/31/2030  | 1295 | 1428 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 1247 | 1289 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 5005 | 6082 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 1980 | 2347 |
| Spain (Kingdom of) 3.20% 10/31/2035  | 510 | 595 |
| Spain (Kingdom of) 1.90% 10/31/2052  | 1010 | 775 |
| State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030  | 200 | 229 |
| Stryker Corp. 1.00% 12/3/2031  | 450 | 466 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | 1705 | 1984 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027  | 1850 | 2079 |
| Treasury Corp. of Victoria 3.625% 9/29/2040  | 2230 | 2571 |
| United Mexican States 3.50% 9/19/2029  | 650 | 763 |
| Verallia SAS 3.875% 11/4/2032  | 4500 | 5161 |
| Verizon Communications, Inc. 3.50% 6/28/2032  | 1620 | 1914 |
|  |  | 303335 |
| **Japanese yen 7.20%** |  |  |
| Indonesia (Republic of), Series 20, 0.57% 5/27/2026  | JPY100,000 | 637 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027  | 400000 | 2534 |
| Indonesia (Republic of), Series 32, 1.33% 5/25/2029  | 300000 | 1869 |
| Japan, Series 474, 0.70% 7/1/2027  | 762850 | 4845 |
| Japan, Series 352, 0.10% 9/20/2028  | 2585750 | 16016 |
| Japan, Series 356, 0.10% 9/20/2029  | 1029800 | 6266 |
| Japan, Series 116, 2.20% 3/20/2030  | 576100 | 3787 |
| Japan, Series 362, 0.10% 3/20/2031  | 514000 | 3041 |
| Japan, Series 374, 0.80% 3/20/2034  | 68200 | 399 |
| Japan, Series 30, 0.005% 3/10/2035 <sup>(c)</sup>  | 646511 | 4027 |
| Japan, Series 152, 1.20% 3/20/2035  | 1239550 | 7390 |
| Japan, Series 21, 2.30% 12/20/2035  | 720000 | 4696 |
| Japan, Series 162, 0.60% 9/20/2037  | 1966150 | 10429 |
| Japan, Series 173, 0.40% 6/20/2040  | 270900 | 1282 |
| Japan, Series 179, 0.50% 12/20/2041  | 196950 | 903 |
| Japan, Series 182, 1.10% 9/20/2042  | 619850 | 3096 |
| Japan, Series 186, 1.50% 9/20/2043  | 1341900 | 7016 |
| Japan, Series 188, 1.60% 3/20/2044  | 69000 | 363 |
| Japan, Series 192, 2.40% 3/20/2045  | 1387100 | 8201 |
| Japan, Series 53, 0.60% 12/20/2046  | 781600 | 3136 |
| Japan, Series 37, 0.60% 6/20/2050  | 694500 | 2460 |
| Japan, Series 73, 0.70% 12/20/2051  | 1568700 | 5419 |
| Japan, Series 74, 1.00% 3/20/2052  | 246100 | 926 |
| Japan, Series 76, 1.40% 9/20/2052  | 5800 | 24 |
| Japan, Series 79, 1.20% 6/20/2053  | 612200 | 2395 |
| Japan, Series 81, 1.60% 12/20/2053  | 168700 | 732 |
| Japan, Series 84, 2.10% 9/20/2054  | 958150 | 4694 |
|  |  | 106583 |
| **British pounds 4.42%** |  |  |
| Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup>  | GBP800 | 1098 |
| Electricite de France SA 5.50% 3/27/2037  | 900 | 1174 |
| Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup>  | 900 | 1089 |
| Quebec (Province of) 2.25% 9/15/2026  | 1870 | 2493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **202** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **British pounds (continued)** |  |  |
| United Kingdom 0.125% 1/30/2026  | GBP425 | $572 |
| United Kingdom 4.25% 12/7/2027  | 3785 | 5161 |
| United Kingdom 1.625% 10/22/2028  | 3690 | 4706 |
| United Kingdom 4.125% 7/22/2029  | 2015 | 2741 |
| United Kingdom 4.75% 12/7/2030  | 4770 | 6678 |
| United Kingdom 0.25% 7/31/2031  | 12845 | 14159 |
| United Kingdom 1.00% 1/31/2032  | 7120 | 8017 |
| United Kingdom 4.25% 6/7/2032  | 1310 | 1782 |
| United Kingdom 3.25% 1/31/2033  | 1090 | 1380 |
| United Kingdom 0.625% 7/31/2035  | 210 | 199 |
| United Kingdom 0.875% 1/31/2046  | 4917 | 3125 |
| United Kingdom 3.75% 10/22/2053  | 1870 | 1980 |
| United Kingdom 4.375% 7/31/2054  | 5570 | 6584 |
| United Kingdom 2.50% 7/22/2065  | 3313 | 2495 |
|  |  | 65433 |
| **Brazilian reais 2.30%** |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026  | BRL102,863 | 18761 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 17384 | 2788 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 43767 | 6549 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 2152 | 351 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 27098 | 4307 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup>  | 8019 | 1254 |
|  |  | 34010 |
| **South Korean won 1.81%** |  |  |
| South Korea (Republic of), Series 2709, 3.125% 9/10/2027  | KRW4,513,500 | 3150 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | 5158930 | 3550 |
| South Korea (Republic of), Series 2803, 3.25% 3/10/2028  | 3998100 | 2797 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 18379880 | 13445 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035  | 5519130 | 3804 |
|  |  | 26746 |
| **Chinese yuan renminbi 1.76%** |  |  |
| China (People's Republic of), Series INBK, 1.49% 12/25/2031  | CNY39,540 | 5590 |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032  | 1160 | 176 |
| China (People's Republic of), Series INBK, 1.57% 5/15/2032  | 17280 | 2448 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 22230 | 3431 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 54910 | 8127 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051  | 800 | 140 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 4740 | 781 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053  | 4720 | 788 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 5150 | 834 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 28690 | 3791 |
|  |  | 26106 |
| **Australian dollars 1.58%** |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD3,640 | 2096 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031  | 5789 | 3189 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 4415 | 2766 |
| New South Wales Treasury Corp. 5.25% 2/24/2038  | 3956 | 2570 |
| Treasury Corp. of Victoria 5.50% 9/15/2039  | 19544 | 12734 |
|  |  | 23355 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **203** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indian rupees 1.29%** |  |  |
| Asian Development Bank 6.72% 2/8/2028  | INR144,700 | $1617 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | 81400 | 891 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 34000 | 379 |
| European Bank for Reconstruction and Development 6.75% 3/14/2031  | 248500 | 2745 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 547100 | 6083 |
| European Investment Bank 6.95% 3/1/2029  | 46200 | 519 |
| European Investment Bank 7.40% 10/23/2033  | 388300 | 4468 |
| Inter-American Development Bank 7.00% 1/25/2029  | 18000 | 202 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027  | 126400 | 1412 |
| Korea Development Bank 6.75% 7/1/2030  | 73000 | 805 |
|  |  | 19121 |
| **Canadian dollars 1.26%** |  |  |
| Canada (Government) 3.50% 3/1/2028  | CAD15,013 | 11134 |
| Canada (Government) 3.25% 12/1/2033  | 7330 | 5334 |
| Canada (Government) 2.75% 12/1/2048  | 3500 | 2142 |
|  |  | 18610 |
| **Malaysian ringgits 1.22%** |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR5,412 | 1368 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 6143 | 1559 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 10588 | 2601 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 2484 | 657 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 9030 | 2350 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 35614 | 9149 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 1277 | 361 |
|  |  | 18045 |
| **Hungarian forints 1.11%** |  |  |
| Hungary (Republic of) 3.00% 8/21/2030  | HUF2,824,560 | 7500 |
| Hungary (Republic of) 4.50% 5/27/2032  | 1731010 | 4742 |
| Hungary (Republic of) 4.75% 11/24/2032  | 1494300 | 4117 |
|  |  | 16359 |
| **Indonesian rupiah 0.52%** |  |  |
| Indonesia (Republic of), Series FR84, 7.25% 2/15/2026  | IDR22,733,000 | 1370 |
| Indonesia (Republic of), Series FR64, 6.125% 5/15/2028  | 1556000 | 95 |
| Indonesia (Republic of), Series FR71, 9.00% 3/15/2029  | 26010000 | 1725 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030  | 2930000 | 185 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29412000 | 1826 |
| Indonesia (Republic of), Series FR68, 8.375% 3/15/2034  | 6937000 | 475 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035  | 32954000 | 2079 |
|  |  | 7755 |
| **Mexican pesos 0.44%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,920 | 798 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 41870 | 2369 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 19710 | 1156 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21100 | 1100 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 21739 | 1031 |
|  |  | 6454 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **204** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Danish kroner 0.43%** |  |  |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | DKK46,626 | $6029 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 2461 | 299 |
|  |  | 6328 |
| **Colombian pesos 0.30%** |  |  |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | COP11,132,100 | 2098 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035  | 4779600 | 1183 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 7150600 | 1090 |
|  |  | 4371 |
| **South African rand 0.28%** |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030  | ZAR8,400 | 518 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 59870 | 3703 |
|  |  | 4221 |
| **Chilean pesos 0.28%** |  |  |
| Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup>  | CLP914,184 | 1013 |
| Chile (Republic of) 5.00% 10/1/2028  | 955000 | 1069 |
| Chile (Republic of) 6.00% 4/1/2033  | 1720000 | 1992 |
|  |  | 4074 |
| **Polish zloty 0.27%** |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN4,900 | 1294 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | 9280 | 2766 |
|  |  | 4060 |
| **New Zealand dollars 0.20%** |  |  |
| New Zealand 4.25% 5/15/2036  | NZD3,397 | 1915 |
| New Zealand 3.25% 9/20/2050 <sup>(c)</sup>  | 1729 | 1025 |
|  |  | 2940 |
| **Turkish lira 0.12%** |  |  |
| Turkey (Republic of), Series 2Y, 36.00% 8/12/2026  | TRY70,000 | 1644 |
| Turkey (Republic of), Series 10Y, 17.80% 7/13/2033  | 12175 | 201 |
|  |  | 1845 |
| **Philippine pesos 0.08%** |  |  |
| Asian Development Bank 5.25% 4/29/2035  | PHP45,900 | 769 |
| Philippines (Republic of) 6.75% 9/15/2032  | 27600 | 491 |
|  |  | 1260 |
| **Czech korunas 0.06%** |  |  |
| Czech Republic 6.00% 2/26/2026  | CZK17,550 | 857 |
| **U.S. dollars 43.50%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup>  | USD200 | 208 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup>  | 27 | 28 |
| AbbVie, Inc. 5.05% 3/15/2034  | 2790 | 2868 |
| AbbVie, Inc. 5.35% 3/15/2044  | 75 | 74 |
| AbbVie, Inc. 5.50% 3/15/2064  | 150 | 146 |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup>  | 54 | 55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **205** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | USD45 | $46 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 2102 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <br> 11/17/2029 <sup>(e)(f)(g)(h)</sup>  | 442 | 439 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup>  | 660 | 537 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup>  | 165 | 166 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup>  | 1147 | 1218 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup>  | 2985 | 3156 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup>  | 140 | 135 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup>  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% <br>5/30/2033 <sup>(g)(h)</sup>  | 65 | 66 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051  | 1295 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.014% <br> 4/20/2032 <sup>(d)(e)(h)</sup>  | 284 | 284 |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup>  | 50 | 53 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup>  | 145 | 147 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup>  | 120 | 121 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup>  | 180 | 187 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup>  | 65 | 67 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup>  | 70 | 73 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup>  | 300 | 297 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup>  | 200 | 208 |
| Amazon.com, Inc. 1.50% 6/3/2030  | 2040 | 1840 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 578 | 565 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup>  | 98 | 103 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup>  | 35 | 37 |
| American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup>  | 1030 | 1075 |
| Amgen, Inc. 2.20% 2/21/2027  | 445 | 437 |
| Amgen, Inc. 5.25% 3/2/2030  | 981 | 1019 |
| Amgen, Inc. 5.25% 3/2/2033  | 2687 | 2782 |
| Amgen, Inc. 5.65% 3/2/2053  | 1284 | 1258 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup>  | 110 | 107 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup>  | 115 | 108 |
| AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.614%) 9.331% 9/1/2027 <sup>(g)(h)</sup>  | 95 | 95 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(e)</sup>  | 3541 | 3555 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup>  | 958 | 966 |
| Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup>  | 537 | 549 |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.216% 9/23/2031 <sup>(g)(h)</sup>  | 144 | 145 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup>  | 245 | 247 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup>  | 45 | 49 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup>  | 55 | 55 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 15 | 16 |
| AT&T, Inc. 3.50% 9/15/2053  | 2070 | 1386 |
| ATI, Inc. 7.25% 8/15/2030  | 60 | 63 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup>  | 122 | 117 |
| Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup>  | 25 | 26 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup>  | 1817 | 1829 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup>  | 996 | 1037 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 210 | 206 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup>  | 25 | 25 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 865 | 896 |
| Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup>  | 20 | 21 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup>  | 219 | 234 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup>  | 950 | 1001 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup>  | 425 | 442 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup>  | 4040 | 3614 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(a)</sup>  | 1535 | 1599 |
| BAT Capital Corp. 3.215% 9/6/2026  | 955 | 950 |
| BAT Capital Corp. 4.625% 3/22/2033  | 188 | 187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **206** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| BAT Capital Corp. 5.625% 8/15/2035  | USD5,501 | $5733 |
| Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup>  | 120 | 123 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(a)</sup>  | 3056 | 3382 |
| Becton, Dickinson and Co. 4.298% 8/22/2032  | 320 | 316 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup>  | 400 | 396 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 40 | 41 |
| Block, Inc. 6.50% 5/15/2032  | 240 | 250 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup>  | 1070 | 1113 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup>  | 900 | 895 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup>  | 700 | 663 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup>  | 1275 | 1166 |
| Boeing Co. (The) 6.259% 5/1/2027  | 45 | 46 |
| Boeing Co. (The) 5.15% 5/1/2030  | 2451 | 2519 |
| Boeing Co. (The) 3.625% 2/1/2031  | 718 | 690 |
| Boeing Co. (The) 6.388% 5/1/2031  | 723 | 785 |
| Boeing Co. (The) 6.528% 5/1/2034  | 457 | 506 |
| Boeing Co. (The) 5.805% 5/1/2050  | 50 | 49 |
| Boeing Co. (The) 6.858% 5/1/2054  | 526 | 591 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup>  | 25 | 27 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup>  | 277 | 279 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup>  | 45 | 44 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup>  | 107 | 106 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 2228 | 873 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 2329 | 913 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup>  | 525 | 206 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033  | 793 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br>5/1/2027) <sup>(a)(d)(e)</sup>  | 1348 | 1360 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 1925 | 2002 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 2200 | 2162 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 250 | 249 |
| Broadcom, Inc. 3.469% 4/15/2034  | 746 | 680 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 185 | 159 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup>  | 63 | 63 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 100 | 102 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 70 | 73 |
| Burlington Northern Santa Fe, LLC 5.50% 3/15/2055  | 232 | 229 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup>  | 175 | 171 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup>  | 1724 | 1772 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(e)(h)</sup>  | 3685 | 3723 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(e)(h)</sup>  | 3368 | 3376 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup>  | 64 | 66 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup>  | 45 | 46 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup>  | 1633 | 1697 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 349 | 262 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1085 | 721 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup>  | 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 (9.405% on <br>11/25/2027) <sup>(a)(d)(e)</sup>  | 156 | 156 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 614 | 604 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 90 | 90 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup>  | 801 | 815 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(e)</sup>  | 15 | 16 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 125 | 125 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup>  | 135 | 129 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup>  | 240 | 226 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup>  | 155 | 143 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup>  | 147 | 129 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 55 | 47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **207** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Centene Corp. 2.45% 7/15/2028  | USD40 | $37 |
| Centene Corp. 4.625% 12/15/2029  | 35 | 34 |
| Centene Corp. 2.50% 3/1/2031  | 65 | 56 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 74 | 71 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup>  | 110 | 104 |
| Charter Communications Operating, LLC 3.75% 2/15/2028  | 2650 | 2613 |
| Charter Communications Operating, LLC 5.85% 12/1/2035  | 641 | 640 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 384 | 289 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 188 | 119 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 458 | 296 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 17 | 13 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 3618 | 3472 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032  | 26 | 24 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026  | 1130 | 1115 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 195 | 195 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 425 | 371 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(e)</sup>  | 35 | 36 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup>  | 805 | 839 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup>  | 1240 | 1279 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup>  | 421 | 442 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 90 | 93 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup>  | 15 | 16 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup>  | 45 | 44 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup>  | 5 | 5 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup>  | 100 | 104 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup>  | 75 | 72 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup>  | 235 | 238 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup>  | 175 | 182 |
| CMS Energy Corp. 3.00% 5/15/2026  | 1200 | 1196 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup>  | 110 | 115 |
| Coca-Cola Co. 4.65% 8/14/2034  | 336 | 343 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup>  | 55 | 52 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup>  | 85 | 76 |
| Colombia (Republic of) 3.875% 4/25/2027  | 350 | 347 |
| Colombia (Republic of) 7.375% 4/25/2030  | 2400 | 2540 |
| Colombia (Republic of) 3.125% 4/15/2031  | 3000 | 2607 |
| Colombia (Republic of) 8.00% 11/14/2035  | 347 | 371 |
| Comcast Corp. 4.80% 5/15/2033  | 4100 | 4137 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup>  | 198 | 183 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup>  | 67 | 60 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup>  | 65 | 63 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup>  | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br> 6.174% 5/25/2043 <sup>(d)(e)(h)</sup>  | 1032 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) <br> 7.424% 5/25/2043 <sup>(d)(e)(h)</sup>  | 804 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 5.774% 6/25/2043 <sup>(d)(e)(h)</sup>  | 503 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) <br> 6.974% 6/25/2043 <sup>(d)(e)(h)</sup>  | 305 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 5.574% 7/25/2043 <sup>(d)(e)(h)</sup>  | 326 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 5.674% 1/25/2044 <sup>(d)(e)(h)</sup>  | 206 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.524% 5/25/2044 <sup>(d)(e)(h)</sup>  | 1148 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 4.874% 2/25/2045 <sup>(d)(e)(h)</sup>  | 252 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.024% 2/25/2045 <sup>(d)(e)(h)</sup>  | 437 | 438 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup>  | 200 | 208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **208** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| COPT Defense Properties, LP 2.75% 4/15/2031  | USD1,212 | $1107 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 748 | 710 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup>  | 384 | 378 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(g)(h)</sup>  | 65 | 66 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup>  | 65 | 64 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup>  | 355 | 359 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup>  | 65 | 70 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(g)(h)</sup>  | 124 | 126 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup>  | 128 | 132 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup>  | 165 | 160 |
| Crown Castle, Inc. 2.50% 7/15/2031  | 767 | 686 |
| CSN Inova Ventures 6.75% 1/28/2028 <sup>(b)</sup>  | 2740 | 2542 |
| CSX Corp. 3.80% 4/15/2050  | 75 | 57 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup>  | 10 | 10 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup>  | 40 | 42 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup>  | 1160 | 1141 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | 930 | 1160 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup>  | 9 | 3 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup>  | 125 | 133 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup>  | 21 | 21 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(e)</sup>  | 60 | 61 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(g)(h)</sup>  | 5 | 5 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup>  | 296 | 308 |
| Duke Energy Florida, LLC 4.85% 12/1/2035  | 175 | 174 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(d)(e)(h)</sup>  | 1597 | 1631 |
| EchoStar Corp. 10.75% 11/30/2029  | 105 | 116 |
| Edison International 5.25% 11/15/2028  | 1862 | 1888 |
| Edison International 5.45% 6/15/2029  | 75 | 76 |
| Edison International 6.95% 11/15/2029  | 350 | 373 |
| Edison International 5.25% 3/15/2032  | 705 | 706 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup>  | 460 | 529 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 800 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)</sup>  | 435 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup>  | 300 | 350 |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup>  | 105 | 103 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup>  | 25 | 26 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(g)(h)</sup>  | 25 | 25 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup>  | 190 | 201 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(g)(h)</sup>  | 84 | 83 |
| Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup>  | 1248 | 1232 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup>  | 1227 | 1167 |
| Enel Finance International NV 4.125% 9/30/2028 <sup>(e)</sup>  | 2125 | 2122 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 3329 | 3099 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 168 | 170 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup>  | 145 | 145 |
| EQT Corp. 6.375% 4/1/2029  | 20 | 21 |
| EQT Corp. 7.50% 6/1/2030  | 45 | 50 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup>  | 498 | 502 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup>  | 90 | 94 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup>  | 15 | 16 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup>  | 148 | 150 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup>  | 16 | 16 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(j)</sup>  | 915 | — <br><sup>(k)</sup><br>|
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup>  | 30 | 30 |
| Expand Energy Corp. 5.375% 3/15/2030  | 55 | 56 |
| Expand Energy Corp. 4.75% 2/1/2032  | 15 | 15 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | 1420 | 1472 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup>  | 15 | 15 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 125 | 129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **209** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup>  | USD51 | $54 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup>  | 6 | 5 |
| Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup>  | 1 | 1 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup>  | 117 | 116 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup>  | 240 | 203 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup>  | 1365 | 1107 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup>  | 1332 | 1082 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup>  | 3320 | 2697 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup>  | 3753 | 3680 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup>  | 48 | 48 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 1614 | 1582 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup>  | 86 | 87 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 188 | 192 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 407 | 422 |
| Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup>  | 19 | 18 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup>  | 495 | 503 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup>  | 15 | 15 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup>  | 53 | 54 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup>  | 27 | 25 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup>  | 28 | 26 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup>  | 398 | 399 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup>  | 202 | 206 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 1443 | 1472 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup>  | 766 | 779 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup>  | 1595 | 1642 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup>  | 400 | 407 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 1912 | 1968 |
| Fannie Mae Pool #DA4667 6.50% 1/1/2054 <sup>(d)</sup>  | 568 | 590 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup>  | 204 | 207 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 419 | 425 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | 242 | 249 |
| Fannie Mae Pool #MA5401 3.50% 4/1/2054 <sup>(d)</sup>  | 149 | 138 |
| Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup>  | 310 | 316 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup>  | 210 | 216 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 1575 | 1609 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 695 | 722 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup>  | 605 | 624 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup>  | 389 | 400 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup>  | 212 | 218 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup>  | 184 | 191 |
| Fannie Mae Pool #MA5389 6.00% 6/1/2054 <sup>(d)</sup>  | 23 | 23 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 3843 | 3921 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup>  | 971 | 991 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 742 | 766 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup>  | 553 | 568 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup>  | 537 | 552 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup>  | 384 | 400 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup>  | 237 | 243 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 199 | 206 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup>  | 164 | 169 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup>  | 4 | 5 |
| Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup>  | 13 | 14 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 383 | 390 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 461 | 479 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 322 | 331 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 284 | 292 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup>  | 216 | 223 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup>  | 186 | 192 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup>  | 185 | 190 |
| Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup>  | 179 | 185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **210** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup>  | USD150 | $154 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup>  | 81 | 84 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup>  | 69 | 72 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup>  | 60 | 62 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup>  | 35 | 36 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup>  | 57 | 60 |
| Fannie Mae Pool #DC0503 6.00% 9/1/2054 <sup>(d)</sup>  | 835 | 858 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 422 | 437 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup>  | 171 | 178 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(d)</sup>  | 697 | 717 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup>  | 1739 | 1736 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 114 | 116 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 46 | 46 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(d)</sup>  | 23 | 23 |
| Fannie Mae Pool #DC9957 6.00% 1/1/2055 <sup>(d)</sup>  | 660 | 679 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup>  | 3973 | 3882 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup>  | 594 | 580 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup>  | 87 | 89 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup>  | 429 | 446 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup>  | 4129 | 4344 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup>  | 194 | 184 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup>  | 630 | 615 |
| Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup>  | 367 | 367 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup>  | 289 | 275 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 337 | 337 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup>  | 1042 | 1071 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 1564 | 1560 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup>  | 377 | 382 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup>  | 349 | 363 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(d)</sup>  | 727 | 747 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup>  | 73 | 74 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(d)</sup>  | 151 | 157 |
| Fannie Mae Pool #DE6383 7.00% 8/1/2055 <sup>(d)</sup>  | 425 | 447 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(d)</sup>  | 186 | 188 |
| Fannie Mae Pool #MA5962 7.00% 1/1/2056 <sup>(d)</sup>  | 338 | 356 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.591% 8/1/2054 <sup>(d)(e)(h)</sup>  | 315 | 286 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup>  | 25 | 24 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup>  | 150 | 157 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup>  | 30 | 32 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(g)(h)</sup>  | 15 | 15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(b)(g)(h)</sup>  | 26 | 27 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup>  | 45 | 44 |
| FirstEnergy Corp., Series B, 3.90% 7/15/2027  | 1763 | 1757 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(e)</sup>  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.20% 12/15/2039 <sup>(d)(e)(h)</sup>  | 483 | 485 |
| Ford Motor Co. 6.10% 8/19/2032  | 30 | 31 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 2175 | 2209 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 300 | 301 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 200 | 197 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 200 | 209 |
| Ford Motor Credit Co., LLC 2.90% 2/16/2028  | 200 | 193 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3000 | 3066 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 1590 | 1615 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 125 | 118 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 3100 | 3213 |
| Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup>  | 255 | 265 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup>  | 1680 | 1632 |
| Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup>  | 1990 | 1737 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup>  | 184 | 183 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup>  | 586 | 475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **211** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Freddie Mac Pool #QE3878 3.50% 6/1/2052 <sup>(d)</sup>  | USD23 | $21 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup>  | 860 | 862 |
| Freddie Mac Pool #SD2986 3.50% 9/1/2052 <sup>(d)</sup>  | 827 | 767 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 356 | 349 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup>  | 947 | 948 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 2677 | 2625 |
| Freddie Mac Pool #SD8327 3.50% 4/1/2053 <sup>(d)</sup>  | 23 | 21 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup>  | 240 | 244 |
| Freddie Mac Pool #QG6918 3.50% 7/1/2053 <sup>(d)</sup>  | 91 | 84 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup>  | 21 | 21 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup>  | 648 | 659 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup>  | 163 | 170 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup>  | 54 | 55 |
| Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup>  | 34 | 32 |
| Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup>  | 613 | 631 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup>  | 11766 | 11781 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup>  | 116 | 121 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 177 | 180 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup>  | 1515 | 1558 |
| Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup>  | 920 | 873 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup>  | 88 | 91 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup>  | 119 | 124 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 260 | 261 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup>  | 14117 | 14417 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 772 | 789 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup>  | 37 | 39 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 1019 | 1039 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup>  | 490 | 500 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup>  | 1278 | 1313 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 480 | 500 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 469 | 484 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup>  | 310 | 319 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 305 | 316 |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup>  | 193 | 199 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup>  | 160 | 165 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup>  | 3336 | 3397 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup>  | 600 | 612 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup>  | 282 | 292 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup>  | 24 | 25 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup>  | 609 | 619 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 1012 | 1043 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 532 | 550 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 506 | 527 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 487 | 507 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup>  | 300 | 309 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 406 | 413 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(d)</sup>  | 23 | 24 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 415 | 405 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 1073 | 1089 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 502 | 501 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 321 | 326 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 12 | 12 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(d)</sup>  | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup>  | 926 | 975 |
| Freddie Mac Pool #SD8501 7.00% 1/1/2055 <sup>(d)</sup>  | 237 | 249 |
| Freddie Mac Pool #QX6724 6.00% 2/1/2055 <sup>(d)</sup>  | 58 | 60 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup>  | 49 | 50 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 149 | 149 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup>  | 526 | 540 |
| Freddie Mac Pool #QY1579 6.50% 4/1/2055 <sup>(d)</sup>  | 81 | 85 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 311 | 311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **212** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(d)</sup>  | USD206 | $209 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup>  | 144 | 148 |
| Freddie Mac Pool #QY4408 7.00% 5/1/2055 <sup>(d)</sup>  | 302 | 318 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 438 | 437 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(d)</sup>  | 4994 | 4740 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup>  | 169 | 169 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(d)</sup>  | 171 | 173 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(d)</sup>  | 765 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average <br> USD-SOFR + 2.90%) 6.774% 4/25/2042 <sup>(d)(e)(h)</sup>  | 441 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(e)(h)</sup>  | 200 | 200 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 65 | 66 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup>  | 103 | 105 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(e)(i)</sup>  | 197 | 112 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(e)</sup>  | 337 | 304 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup>  | 65 | 66 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup>  | 70 | 66 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 951 | 962 |
| Genesis Energy, LP 8.25% 1/15/2029  | 25 | 26 |
| Genesis Energy, LP 8.875% 4/15/2030  | 38 | 40 |
| Genesis Energy, LP 7.875% 5/15/2032  | 60 | 63 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup>  | 400 | 396 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 1342 | 1411 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.072% 11/4/2031 <sup>(g)(h)</sup>  | 49 | 49 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup>  | 1080 | 1061 |
| Government National Mortgage Assn. 6.50% 1/1/2056 <sup>(d)(l)</sup>  | 1708 | 1766 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup>  | 744 | 555 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup>  | 19 | 14 |
| Greenko Dutch BV 3.85% 3/29/2026  | 1488 | 1477 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 1645 | 1723 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup>  | 115 | 113 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup>  | 660 | 654 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup>  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | 1066 | 1068 |
| HCA, Inc. 5.625% 9/1/2028  | 120 | 124 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup>  | 65 | 68 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup>  | 30 | 32 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup>  | 249 | 254 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup>  | 1188 | 1203 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup>  | 14 | 14 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup>  | 235 | 234 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup>  | 105 | 102 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup>  | 25 | 24 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup>  | 115 | 110 |
| Honduras (Republic of) 6.25% 1/19/2027  | 653 | 660 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(e)(h)</sup>  | 1949 | 2023 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 175 | 176 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 195 | 190 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 120 | 114 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup>  | 200 | 207 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup>  | 1700 | 1716 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(a)</sup>  | 1020 | 1023 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup>  | 2000 | 2283 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup>  | 1200 | 1315 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(e)(h)</sup>  | 396 | 401 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup>  | 130 | 137 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(g)(h)</sup>  | 3 | 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **213** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(e)(h)</sup>  | USD2,712 | $2814 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 2375 | 2348 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 269 | 265 |
| Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup>  | 600 | 569 |
| Hyundai Capital America 4.25% 9/18/2028 <sup>(e)</sup>  | 2577 | 2578 |
| Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup>  | 132 | 140 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 65 | 65 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(e)</sup>  | 480 | 481 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup>  | 500 | 516 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup>  | 130 | 123 |
| Intel Corp. 3.05% 8/12/2051  | 740 | 455 |
| Intel Corp. 5.60% 2/21/2054  | 168 | 155 |
| Intercontinental Exchange, Inc. 4.20% 3/15/2031  | 588 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(a)(e)</sup>  | 1500 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | 3679 | 3688 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(e)</sup>  | 200 | 203 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 55 | 53 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 235 | 232 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup>  | 200 | 207 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup>  | 80 | 84 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup>  | 80 | 84 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup>  | 1243 | 1240 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup>  | 3441 | 3612 |
| JPMorgan Chase & Co. 4.81% 10/22/2036 (USD-SOFR + 1.19% on 10/22/2035) <sup>(a)</sup>  | 1330 | 1321 |
| JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup>  | 730 | 742 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(g)(h)</sup>  | 74 | 75 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(g)(h)</sup>  | 50 | 49 |
| KB Home 6.875% 6/15/2027  | 50 | 51 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 20 | 20 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 245 | 231 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup>  | 10 | 10 |
| Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup>  | 1290 | 1300 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup>  | 2250 | 2286 |
| Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup>  | 225 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.293% 12/15/2039 <sup>(d)(e)(h)</sup>  | 1207 | 1208 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup>  | 194 | 197 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup>  | 219 | 220 |
| Lamar Media Corp. 3.75% 2/15/2028  | 10 | 10 |
| Lamar Media Corp. 3.625% 1/15/2031  | 120 | 113 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup>  | 30 | 29 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup>  | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup>  | 110 | 108 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup>  | 40 | 42 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup>  | 115 | 108 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup>  | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.85% on 5/11/2026) <sup>(a)</sup>  | 7000 | 6937 |
| Lockheed Martin Corp. 5.20% 2/15/2064  | 309 | 287 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup>  | 10 | 10 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup>  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.155% <br>7/15/2036 <sup>(d)(e)(h)</sup>  | 563 | 563 |
| Marriott International, Inc. 2.75% 10/15/2033  | 5 | 4 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup>  | 45 | 43 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 2925 | 2990 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3575 | 3686 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 1475 | 1517 |
| Marsh & McLennan Cos., Inc. 5.70% 9/15/2053  | 282 | 285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **214** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Mastercard, Inc. 2.00% 11/18/2031  | USD600 | $535 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup>  | 50 | 51 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup>  | 45 | 45 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup>  | 393 | 393 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 269 | 261 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 576 | 553 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 276 | 264 |
| Methanex Corp. 5.125% 10/15/2027  | 55 | 55 |
| Methanex Corp. 5.25% 12/15/2029  | 5 | 5 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 1208 | 1219 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(d)(e)</sup>  | 1000 | 1003 |
| MGM Resorts International 5.50% 4/15/2027  | 90 | 91 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 709 | 724 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup>  | 155 | 159 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup>  | 85 | 89 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 2161 | 2364 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup>  | 1094 | 1101 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup>  | 539 | 542 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(e)</sup>  | 472 | 475 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(e)</sup>  | 1136 | 1145 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup>  | 80 | 79 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup>  | 75 | 70 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup>  | 115 | 117 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup>  | 120 | 119 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup>  | 3700 | 3746 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(a)</sup>  | 1480 | 1475 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup>  | 1433 | 1260 |
| Motherson Global Investments BV 5.625% 7/11/2029 <sup>(e)</sup>  | 595 | 608 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup>  | 35 | 37 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup>  | 210 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(d)(e)(h)</sup>  | 485 | 492 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 25 | 25 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029  | 48 | 48 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup>  | 160 | 168 |
| National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup>  | 1250 | 1300 |
| Navient Corp. 5.00% 3/15/2027  | 45 | 45 |
| Navient Corp. 4.875% 3/15/2028  | 145 | 143 |
| Navient Corp. 7.875% 6/15/2032  | 55 | 58 |
| New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup>  | 2725 | 2385 |
| New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup>  | 1500 | 1525 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup>  | 515 | 481 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup>  | 30 | 31 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup>  | 165 | 164 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027  | 1025 | 1038 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)(j)</sup>  | 709 | 206 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup>  | 55 | 57 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup>  | 70 | 73 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(e)</sup>  | 900 | 934 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(e)</sup>  | 200 | 213 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 200 | 213 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup>  | 500 | 502 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 496 | 474 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(e)</sup>  | 50 | 49 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup>  | 20 | 20 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup>  | 90 | 96 |
| NuStar Logistics, LP 5.625% 4/28/2027  | 80 | 81 |
| Occidental Petroleum Corp. 6.375% 9/1/2028  | 54 | 57 |
| OCP SA 3.75% 6/23/2031  | 500 | 469 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup>  | 269 | 273 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup>  | 120 | 122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **215** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| OneMain Finance Corp. 7.125% 9/15/2032  | USD25 | $26 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup>  | 35 | 37 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup>  | 631 | 637 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 1222 | 1237 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup>  | 2219 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on <br>12/1/2028) <sup>(a)(d)(e)</sup>  | 2400 | 2421 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup>  | 25 | 25 |
| Oracle Corp. 2.65% 7/15/2026  | 2327 | 2308 |
| Oracle Corp. 3.25% 11/15/2027  | 1880 | 1840 |
| Oracle Corp. 4.45% 9/26/2030  | 4475 | 4379 |
| Oracle Corp. 3.95% 3/25/2051  | 22 | 14 |
| Oracle Corp. 6.00% 8/3/2055  | 1500 | 1324 |
| Orange 9.00% 3/1/2031 <sup>(a)</sup>  | 2434 | 2930 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup>  | 40 | 26 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 3000 | 3000 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 542 | 546 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 1500 | 1621 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 4525 | 3437 |
| PacifiCorp 3.30% 3/15/2051  | 150 | 96 |
| PacifiCorp 2.90% 6/15/2052  | 280 | 164 |
| PacifiCorp 5.35% 12/1/2053  | 525 | 462 |
| PacifiCorp 5.50% 5/15/2054  | 980 | 877 |
| PacifiCorp 5.80% 1/15/2055  | 500 | 467 |
| Panama (Republic of) 3.75% 4/17/2026  | 465 | 466 |
| Panama (Republic of) 7.50% 3/1/2031  | 2325 | 2583 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup>  | 65 | 65 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup>  | 65 | 64 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup>  | 55 | 57 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup>  | 2 | — <br><sup>(k)</sup><br>|
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup>  | 1059 | 1066 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup>  | 11 | 11 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup>  | 3 | 3 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup>  | 106 | 109 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 20114 | 20438 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 65 | 63 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 779 | 777 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 55 | 45 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 2128 | 2151 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 188 | 178 |
| PG&E Corp. 5.00% 7/1/2028  | 235 | 235 |
| PG&E Corp. 5.25% 7/1/2030  | 175 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(a)</sup>  | 145 | 151 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 315 | 322 |
| Philip Morris International, Inc. 2.10% 5/1/2030  | 634 | 581 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 1554 | 1663 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1382 | 1446 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup>  | 375 | 396 |
| POSCO 4.875% 1/23/2027 <sup>(e)</sup>  | 510 | 514 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup>  | 444 | 433 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup>  | 33 | 34 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup>  | 120 | 113 |
| Procter & Gamble Co. 3.00% 3/25/2030  | 338 | 326 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(d)(e)</sup>  | 902 | 860 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 403 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield <br> Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup>  | 2755 | 2696 |
| PT Freeport Indonesia 5.315% 4/14/2032  | 449 | 458 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup>  | 40 | 42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **216** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup>  | USD10 | $10 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup>  | 296 | 285 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup>  | 910 | 743 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup>  | 145 | 143 |
| Repsol E&P Capital Markets US, LLC 5.204% 9/16/2030 <sup>(e)</sup>  | 689 | 699 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup>  | 25 | 24 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup>  | 80 | 83 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup>  | 90 | 89 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup>  | 30 | 31 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1420 | 1464 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup>  | 25 | 24 |
| Roper Technologies, Inc. 4.45% 9/15/2030  | 2900 | 2914 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 925 | 932 |
| Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup>  | 1700 | 1751 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup>  | 75 | 76 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup>  | 90 | 93 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup>  | 25 | 21 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 107 | 112 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(i)</sup>  | 3406 | 3454 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(e)(i)</sup>  | 464 | 471 |
| Sands China, Ltd. 5.40% 8/8/2028  | 2710 | 2763 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026  | 3750 | 3728 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup>  | 1330 | 1355 |
| Sats Treasury Pte., Ltd. 4.828% 1/23/2029  | 350 | 357 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup>  | 62 | 61 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup>  | 110 | 110 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup>  | 2846 | 2909 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(e)</sup>  | 10 | 10 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup>  | 46 | 41 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup>  | 115 | 115 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup>  | 180 | 183 |
| Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup>  | 123 | 128 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup>  | 123 | 124 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.925% 12/29/2032 <sup>(d)(e)</sup>  | 630 | 636 |
| Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup>  | 740 | 768 |
| Service Corp. International 5.75% 10/15/2032  | 35 | 36 |
| Service Properties Trust 0% 9/30/2027 <sup>(e)</sup>  | 30 | 27 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 60 | 63 |
| ServiceNow, Inc. 1.40% 9/1/2030  | 756 | 666 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup>  | 50 | 50 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 195 | 191 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup>  | 39 | 37 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 111 | 102 |
| SK hynix, Inc. 1.50% 1/19/2026  | 563 | 562 |
| SLM Corp. 6.50% 1/31/2030  | 85 | 88 |
| SM Energy Co. 6.50% 7/15/2028  | 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% <br> 11/15/2052 <sup>(d)(e)(h)</sup>  | 482 | 487 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup>  | 45 | 44 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup>  | 20 | 19 |
| Southern California Edison Co. 2.85% 8/1/2029  | 200 | 190 |
| Southern California Edison Co. 3.65% 2/1/2050  | 1700 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% <br> on 5/13/2030) <sup>(a)(e)</sup>  | 1500 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.201% 2/17/2042 <sup>(d)(e)(h)</sup>  | 216 | 216 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(e)</sup>  | 100 | 101 |
| State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup>  | 1450 | 1485 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup>  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% <br>7/15/2032 <sup>(d)(e)(h)</sup>  | 1439 | 1437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup>  | USD2,090 | $2077 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup>  | 30 | 31 |
| Sunoco, LP 4.50% 5/15/2029  | 290 | 285 |
| Sunoco, LP 4.50% 4/30/2030  | 35 | 34 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup>  | 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.193% 2/15/2042 <sup>(d)(e)(h)</sup>  | 6917 | 6863 |
| Synopsys, Inc. 5.15% 4/1/2035  | 1410 | 1434 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup>  | 69 | 73 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(g)(h)</sup>  | 44 | 44 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup>  | 15 | 16 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup>  | 55 | 57 |
| Tenet Healthcare Corp. 6.125% 10/1/2028  | 17 | 17 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 455 | 461 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series <br> 2020-B, 3.236% 10/1/2052  | 965 | 669 |
| TGS ASA 8.50% 1/15/2030 <sup>(e)</sup>  | 200 | 210 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup>  | 10 | 11 |
| Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040  | 861 | 848 |
| T-Mobile USA, Inc. 2.40% 3/15/2029  | 1079 | 1022 |
| T-Mobile USA, Inc. 5.65% 1/15/2053  | 1400 | 1355 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029  | 424 | 435 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 1500 | 1451 |
| TransDigm, Inc. 4.875% 5/1/2029  | 80 | 80 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup>  | 85 | 89 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup>  | 45 | 47 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup>  | 75 | 77 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(e)</sup>  | 140 | 146 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(e)</sup>  | 30 | 31 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup>  | 83 | 84 |
| Transocean, Inc. 6.80% 3/15/2038  | 35 | 30 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 251 | 252 |
| Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 100 | 100 |
| Turkey (Republic of) 7.125% 7/17/2032  | 1360 | 1440 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup>  | 554 | 557 |
| U.S. Treasury 3.875% 5/31/2027  | 662 | 665 |
| U.S. Treasury 3.75% 6/30/2027  | 30 | 30 |
| U.S. Treasury 3.625% 8/31/2027 <sup>(m)</sup>  | 25710 | 25766 |
| U.S. Treasury 3.50% 10/15/2028  | 1281 | 1280 |
| U.S. Treasury 3.50% 11/15/2028  | 1460 | 1458 |
| U.S. Treasury 3.50% 9/30/2029  | 399 | 397 |
| U.S. Treasury 4.125% 10/31/2029  | 328 | 334 |
| U.S. Treasury 4.00% 5/31/2030  | 2995 | 3034 |
| U.S. Treasury 3.875% 6/30/2030 <sup>(m)</sup>  | 13418 | 13520 |
| U.S. Treasury 3.50% 11/30/2030  | 1289 | 1276 |
| U.S. Treasury 4.125% 11/30/2031  | 704 | 715 |
| U.S. Treasury 3.875% 8/15/2034  | 540 | 532 |
| U.S. Treasury 4.625% 2/15/2035  | 1681 | 1746 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(m)</sup>  | 7207 | 7109 |
| U.S. Treasury 1.75% 8/15/2041  | 4650 | 3144 |
| U.S. Treasury 4.75% 11/15/2043 <sup>(m)</sup>  | 2650 | 2654 |
| U.S. Treasury 4.625% 5/15/2044  | 1210 | 1190 |
| U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup>  | 5045 | 3743 |
| U.S. Treasury 1.25% 5/15/2050  | 1625 | 780 |
| U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup>  | 4809 | 4729 |
| U.S. Treasury 4.25% 2/15/2054  | 681 | 617 |
| U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup>  | 1836 | 1772 |
| U.S. Treasury 4.50% 11/15/2054  | 143 | 135 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(m)</sup>  | 2915 | 2814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **218** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| U.S. Treasury 4.75% 8/15/2055  | USD927 | $913 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup>  | 850 | 845 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup>  | 10727 | 11051 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup>  | 3539 | 1913 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup>  | 186 | 145 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup>  | 2891 | 2600 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(c)</sup>  | 4653 | 4417 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup>  | 77 | 79 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(l)</sup>  | 800 | 647 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(l)</sup>  | 17 | 16 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(l)</sup>  | 2692 | 2628 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(l)</sup>  | 164 | 171 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(d)(l)</sup>  | 3010 | 3168 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(d)(l)</sup>  | 7290 | 5893 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(l)</sup>  | 3696 | 3406 |
| United Mexican States 5.375% 3/22/2033  | 765 | 761 |
| United Mexican States 6.00% 5/7/2036  | 970 | 985 |
| United Mexican States 6.338% 5/4/2053  | 425 | 406 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup>  | 85 | 85 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 130 | 124 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 1450 | 1502 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 1450 | 1490 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup>  | 110 | 114 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup>  | 250 | 240 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup>  | 35 | 35 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup>  | 35 | 36 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup>  | 20 | 21 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup>  | 85 | 78 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup>  | 34 | 11 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup>  | 34 | 11 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(f)(g)(h)(i)(j)</sup>  | 56 | 18 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup>  | 35 | 33 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup>  | 31 | 31 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup>  | 110 | 100 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup>  | 80 | 81 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup>  | 82 | 85 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(e)</sup>  | 50 | 51 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup>  | 55 | 59 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup>  | 115 | 118 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup>  | 25 | 27 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup>  | 85 | 87 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 525 | 532 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup>  | 752 | 757 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(d)(e)</sup>  | 1418 | 1424 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup>  | 150 | 159 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup>  | 71 | 73 |
| Waste Management, Inc. 3.875% 1/15/2029  | 50 | 50 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup>  | 34 | 35 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(e)</sup>  | 65 | 67 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup>  | 4698 | 4668 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup>  | 200 | 203 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup>  | 150 | 157 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup>  | 99 | 100 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup>  | 110 | 106 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup>  | 80 | 75 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(i)</sup>  | 74 | 81 |
| Wynn Macau, Ltd. 6.75% 2/15/2034 <sup>(e)</sup>  | 875 | 887 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup>  | 43 | 47 |
|  |  | 643640 |
| **Total bonds, notes & other debt instruments** (cost: $1,378,329,000) | **Total bonds, notes & other debt instruments** (cost: $1,378,329,000) | 1345508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities 0.01% | Shares | Value<br> (000)<br>|
| **U.S. dollars 0.01%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup>  | 48 | $80 |
| **Total preferred securities** (cost: $50,000) |  | 80 |
| Common stocks 0.00% |  |  |
| **U.S. dollars 0.00%** |  |  |
| Altera Infrastructure, LP <sup>(f)</sup>  | 1441 | 59 |
| Expand Energy Corp.  | 45 | 5 |
| Venator Materials PLC <sup>(f)(n)</sup>  | 232 | — <br><sup>(k)</sup><br>|
| **Total common stocks** (cost: $1,019,000) | **Total common stocks** (cost: $1,019,000) | 64 |
| Rights & warrants 0.00% |  |  |
| **U.S. dollars 0.00%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(n)</sup>  | 85 | 8 |
| **Total rights & warrants** (cost: $73,000) | **Total rights & warrants** (cost: $73,000) | 8 |
| Investment funds 1.54% |  |  |
| Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | 2674552 | 22734 |
| **Total investment funds** (cost: $20,987,000) | **Total investment funds** (cost: $20,987,000) | 22734 |
| Short-term securities 7.71% |  |  |
| **Money market investments 7.71%** | **Money market investments 7.71%** | **Money market investments 7.71%** |
| Capital Group Central Cash Fund 3.79% <sup>(o)(p)</sup>  | 1141484 | 114160 |
| **Total short-term securities** (cost: $114,142,000) | **Total short-term securities** (cost: $114,142,000) | 114160 |
| Options purchased (equity style) 0.00% |  |  |
| Options purchased (equity style) \* |  | 16 |
| **Total options purchased (equity style)** (cost: $81,000) | **Total options purchased (equity style)** (cost: $81,000) | 16 |
| **Total investment securities 100.19%** (cost: $1,514,681,000) | **Total investment securities 100.19%** (cost: $1,514,681,000) | 1482570 |
| Other assets less liabilities (0.19)% |  | (2800)<br>|
| **Net assets 100.00%** |  | $1479770 |

---

**\*Options purchased (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY147.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD15,680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR126.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR12,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(k)</sup><br>|

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR131.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(12,500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SONIA Futures | Short | 4 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(1,298)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 3 Month CORRA Futures | Long | 866 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 |
| 3 Month Euro EURIBOR Futures | Long | 1 | 12/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 2 Year Italy Government Bond Futures | Long | 274 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| 2 Year Euro-Schatz Futures | Short | 61 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7655)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 2 Year Canadian Government Bond Futures | Long | 301 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 1141 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| 3 Year Australian Treasury Bond Futures | Long | 332 | 3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| 5 Year Euro-Bobl Futures | Long | 384 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (269)<br>|
| 5 Year Canadian Government Bond Futures | Long | 209 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 482 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144)<br>|
| 10 Year Italy Government Bond Futures | Long | 82 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35)<br>|
| 10 Year French Government Bond Futures | Short | 36 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| 10 Year Euro-Bund Futures | Short | 416 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62367)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| 10 Year Australian Treasury Bond Futures | Long | 145 | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| 10 Year Japanese Government Bond Futures | Short | 30 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25359)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| 10 Year U.S. Treasury Note Futures | Long | 161 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 69 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| 10 Year UK Gilt Futures | Short | 31 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3818)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| 10 Year Canadian Government Bond Futures | Short | 241 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21230)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| 20 Year U.S. Treasury Bond Futures | Long | 153 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| 30 Year Euro-Buxl Futures | Short | 54 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6988)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (374)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(16)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 137735 | USD | 3157 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35 |
| MYR | 8120 | USD | 1986 | BNP Paribas | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| USD | 1377 | MYR | 5680 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CAD | 39278 | USD | 28223 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| GBP | 9385 | USD | 12570 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| USD | 2793 | JPY | 432460 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| CZK | 117510 | USD | 5689 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 1032 | BRL | 5550 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| CZK | 49000 | USD | 2366 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| USD | 1007 | JPY | 155470 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| CZK | 156440 | EUR | 6463 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| EUR | 800 | USD | 934 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| CHF | 1007 | USD | 1271 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 1318 | IDR | 21992435 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| COP | 135700 | USD | 35 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| IDR | 14450980 | USD | 869 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 1002 | PHP | 59200 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 2820 | USD | 3319 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 7053 | INR | 635855 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| BRL | 5610 | USD | 1042 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| JPY | 331470 | USD | 2145 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| USD | 1760 | CLP | 1623750 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
| USD | 5157 | GBP | 3860 | Bank of America | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| USD | 3577 | COP | 13816730 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| USD | 3707 | KRW | 5484900 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)<br>|
| USD | 11254 | EUR | 9660 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
| USD | 8919 | KRW | 13061798 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| SEK | 46505 | USD | 4947 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| NOK | 68290 | USD | 6741 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| CNH | 21500 | USD | 3062 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| USD | 1972 | NZD | 3397 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| EUR | 5100 | CAD | 8207 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| HUF | 1284310 | EUR | 3326 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| PLN | 6680 | EUR | 1573 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| SGD | 1400 | USD | 1081 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| AUD | 2017 | USD | 1340 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| USD | 5075 | PLN | 18215 | BNP Paribas | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| EUR | 1778 | RON | 9075 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 4334 | HUF | 1419580 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2870 | SGD | 3690 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 274 | PLN | 1000 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2280 | CAD | 3133 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 239 | ZAR | 4080 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| NZD | 2799 | USD | 1621 | Bank of America | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| USD | 2322 | NOK | 23545 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 3684 | NOK | 37576 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 5235 | THB | 166360 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| USD | 14281 | AUD | 21579 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121)<br>|
| USD | 14447 | HUF | 4788935 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184)<br>|
| EUR | 22685 | USD | 26423 | Goldman Sachs | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| USD | 1694 | EUR | 1440 | HSBC Bank | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| THB | 135185 | USD | 4307 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| CNH | 859567 | USD | 122304 | Standard Chartered Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| USD | 5262 | JPY | 811230 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| CNH | 11710 | USD | 1667 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| DKK | 46980 | EUR | 6289 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 11507 | DKK | 73090 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| JPY | 1957390 | USD | 12660 | Goldman Sachs | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| JPY | 3141727 | USD | 20336 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| EUR | 6922 | GBP | 6085 | HSBC Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| USD | 7902 | GBP | 5910 | Citibank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| GBP | 4060 | EUR | 4620 | HSBC Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| USD | 8016 | GBP | 5975 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38)<br>|
| USD | 34933 | BRL | 190062 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| USD | 772 | BRL | 4280 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| BRL | 65500 | USD | 12008 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129)<br>|
| EUR | 29240 | USD | 34459 | Morgan Stanley | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53)<br>|
| EUR | 23116 | USD | 27264 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| EUR | 7510 | USD | 8838 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| EUR | 700 | USD | 820 | Bank of New York Mellon | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $970 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | &nbsp;&nbsp; 2/10/2027 | &nbsp;&nbsp; EUR9,720 | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2)<br>|
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | &nbsp;&nbsp; 2/10/2027 | &nbsp;&nbsp; EUR9,730 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| 4.254% | Annual | SONIA | Annual | &nbsp;&nbsp; 5/9/2027 | &nbsp;&nbsp; GBP4,083 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53 |
| 3.5175% | Annual | SOFR | Annual | &nbsp;&nbsp; 8/15/2027 | &nbsp;&nbsp; USD24,180 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69 |
| SOFR | Annual | 3.4925% | Annual | &nbsp;&nbsp; 8/19/2027 | &nbsp;&nbsp; USD67,090 | &nbsp;&nbsp; (167)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (167)<br>|
| 3.515% | Annual | 6-month CZK-PRIBOR | Semi-annual | &nbsp;&nbsp; 9/2/2027 | &nbsp;&nbsp; CZK396,600 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
| 6-month PLN-WIBOR | Semi-annual | 4.14% | Annual | &nbsp;&nbsp; 9/2/2027 | &nbsp;&nbsp; PLN70,510 | &nbsp;&nbsp; (156)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (156)<br>|
| SOFR | Annual | 3.2685% | Annual | &nbsp;&nbsp; 9/9/2027 | &nbsp;&nbsp; USD88,350 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88 |
| SOFR | Annual | 3.3395% | Annual | &nbsp;&nbsp; 9/23/2027 | &nbsp;&nbsp; USD67,500 | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>|
| 1.9308% | Annual | Euro STR | Annual | &nbsp;&nbsp; 9/24/2027 | &nbsp;&nbsp; EUR32,500 | &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (56)<br>|
| SOFR | Annual | 3.2355% | Annual | &nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp; USD37,230 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 |
| SOFR | Annual | 3.28% | Annual | &nbsp;&nbsp; 12/1/2027 | &nbsp;&nbsp; USD4,480 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | &nbsp;&nbsp; 6/18/2029 | &nbsp;&nbsp; EUR5,930 | &nbsp;&nbsp; (90)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (90)<br>|
| 3.4928% | Annual | SONIA | Annual | &nbsp;&nbsp; 8/6/2029 | &nbsp;&nbsp; GBP5,260 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.4705% | Annual | &nbsp;&nbsp; 2/10/2030 | &nbsp;&nbsp; USD16,910 | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (41)<br>|
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/5/2030 | &nbsp;&nbsp; NOK32,270 | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | &nbsp;&nbsp; 3/6/2030 | &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK26,280 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK16,900 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/24/2030 | &nbsp;&nbsp; NOK16,890 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 3/25/2030 | &nbsp;&nbsp; NOK62,070 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 |
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; SEK67,510 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; SEK67,510 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; EUR6,330 | &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91)<br>|
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 4/22/2030 | &nbsp;&nbsp; EUR6,350 | &nbsp;&nbsp; (92)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (92)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp; Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 3-month SEK-STIBOR | Quarterly | 2.2732% | Annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; SEK60,130 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69 |
| 2.3523% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; EUR5,570 | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (52)<br>|
| 3.8108% | Annual | 6-month NOK-NIBOR | Semi-annual | &nbsp;&nbsp; 8/14/2030 | &nbsp;&nbsp; NOK98,800 | &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (114)<br>|
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | &nbsp;&nbsp; 9/22/2030 | &nbsp;&nbsp; NOK64,900 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK64,270 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | &nbsp;&nbsp; 9/23/2030 | &nbsp;&nbsp; NOK32,700 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp; USD941 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp; USD1,098 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 2.7083% | Annual | 6-month EURIBOR | Semi-annual | &nbsp;&nbsp; 2/15/2035 | &nbsp;&nbsp; EUR7,460 | &nbsp;&nbsp; (125)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (125)<br>|
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp; USD1,202 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp; USD1,040 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| SOFR | Annual | 3.944% | Annual | &nbsp;&nbsp; 9/9/2055 | &nbsp;&nbsp; USD3,010 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116 |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | &nbsp;&nbsp; 9/11/2055 | &nbsp;&nbsp; EUR1,740 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139 |
| SOFR | Annual | 3.9305% | Annual | &nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp; USD7,440 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 304 |
| 6-month EURIBOR | Semi-annual | 2.9287% | Annual | &nbsp;&nbsp; 9/24/2055 | &nbsp;&nbsp; EUR3,250 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp; USD291 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp; USD253 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 12.215% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL44,390 | &nbsp;&nbsp; $(284)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(284)<br>|
| 11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL30,865 | &nbsp;&nbsp; (343)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (343)<br>|
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL79,860 | &nbsp;&nbsp; (600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (600)<br>|
| 11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL100,270 | &nbsp;&nbsp; (955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (955)<br>|
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL14,440 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL10,600 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,440 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL35,980 | &nbsp;&nbsp; (513)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (513)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(2559)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2559)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(100)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| ITRAXX.EUR.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR23,910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (648)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD13,200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1009)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (960)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| CDX.EM.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1651)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Credit default swaps** (continued)

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR4,180 | &nbsp;&nbsp;&nbsp;&nbsp; $544 | &nbsp;&nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp;&nbsp; $24 |

---

**Investments in affiliates** <sup>(o)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 1.54%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund  | $21147 | &nbsp;&nbsp; $1043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $544 | &nbsp;&nbsp; $22734 | &nbsp;&nbsp; $1043 |
| **Short-term securities 7.71%** |  |  |  |  |  |  |  |
| **Money market investments 7.71%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(p)</sup>  | 23214 | &nbsp;&nbsp; 581246 | &nbsp;&nbsp; 490311 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 114160 | &nbsp;&nbsp; 3583 |
| **Total 9.25%** |  |  |  | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $561 | &nbsp;&nbsp; $136894 | &nbsp;&nbsp; $4626 |

---

**Restricted securities** <sup>(b)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. 3.648% 3/31/2029 (3-month <br> EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> <br>| 5/19/2020 | $5709 | $5993 | 0.41<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; CSN Inova Ventures 6.75% 1/28/2028  | 12/5/2025 - 12/11/2025 | 2558 | 2542 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I 0.55% 6/16/2027  | 12/11/2023 | 2071 | 2287 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater Mining Co. 4.00% 11/16/2026  | 1/26/2024-2/20/2024 | 2013 | 2077 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/18/2023-2/16/2024 | 1337 | 1355 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> <br>| 9/29/2025 | 74 | 81 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term <br> SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023 | 26 | 27 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $13788 | $14362 | 0.97<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $156,400,000, which represented 10.57% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,355,000, which represented 0.09% of the net assets of the fund. 

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Amount less than one thousand.

<sup>(l)</sup> Represents securities transacted on a TBA basis.

<sup>(m)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,108,000, which represented 0.95% of the net assets of the fund. 

<sup>(n)</sup> Non-income producing.

<sup>(o)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(s)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit <br> Rate<br>|
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| DKK = Danish kroner |
| EUR = Euros |

---

---

| |
|:---|
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PHP = Philippine pesos |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| PRIBOR = Prague Interbank Offered Rate |
| Ref. = Refunding |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| STIBOR = Stockholm Interbank Offered Rate |
| STR = Short-Term Rate |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **226** |

---

------

American High-Income Trust<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.59% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 84.57%** | **Corporate bonds and notes 84.57%** | **Corporate bonds and notes 84.57%** |
| **Communication services 14.33%** |  |  |
| Altice France 6.50% 4/15/2032 <sup>(a)</sup>  | USD3,080 | $2955 |
| Altice France 6.875% 7/15/2032 <sup>(a)</sup>  | 1295 | 1243 |
| Altice France SA 10.00% 1/15/2033 <sup>(a)</sup>  | 80 | 73 |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup>  | 102 | 102 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 1041 | 1033 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup>  | 720 | 712 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 445 | 451 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 3281 | 3136 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | 2644 | 2491 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 3164 | 2909 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup>  | 70 | 72 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 3163 | 2893 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 2669 | 2397 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 3357 | 2942 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 5497 | 4679 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 437 | 329 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 473 | 299 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 950 | 614 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 577 | 457 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 175 | 104 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 670 | 671 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 430 | 427 |
| Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup>  | 925 | 972 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 7980 | 8475 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 230 | 197 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup>  | 285 | 78 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 2109 | 2123 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup>  | 2865 | 2902 |
| Discovery Communications, LLC 4.125% 5/15/2029  | 300 | 290 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 11088 | 11547 |
| EchoStar Corp. 10.75% 11/30/2029  | 5568 | 6162 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(b)</sup>  | 5450 | 5590 |
| Embarq, LLC 7.995% 6/1/2036  | 4729 | 1962 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup>  | 445 | 448 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 3655 | 3685 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 2625 | 2659 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 3161 | 3217 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 50 | 52 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup>  | 225 | 238 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 3591 | 3868 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 791 | 614 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 2538 | 1905 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup>  | 3093 | 3212 |
| Lamar Media Corp. 4.00% 2/15/2030  | 260 | 252 |
| Lamar Media Corp. 3.625% 1/15/2031  | 360 | 339 |
| Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup>  | 450 | 448 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(b)(c)</sup>  | 3296 | 840 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup>  | 883 | 922 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 310 | 301 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 3780 | 3755 |
| Paramount Global 7.875% 7/30/2030  | 130 | 141 |
| Paramount Global 6.875% 4/30/2036  | 490 | 483 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029 <sup>(a)</sup>  | 280 | 258 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 1120 | 1171 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup>  | 1760 | 1750 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup>  | 700 | 704 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | 3484 | 3410 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 510 | 514 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 3380 | 3217 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 5536 | 5102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **227** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | USD1,540 | $1597 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 1010 | 986 |
| TEGNA, Inc. 5.00% 9/15/2029  | 1151 | 1142 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 2180 | 2259 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 4970 | 4778 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 2552 | 2603 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 995 | 1040 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup>  | 3805 | 4092 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 21 | 19 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 79 | 79 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 19 | 19 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 48 | 47 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 22 | 22 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(a)</sup>  | 1265 | 1306 |
| VMED 02 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 550 | 502 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 360 | 358 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 2821 | 2745 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 2970 | 2611 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 6878 | 4858 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 326 | 216 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 1498 | 1443 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 957 | 919 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup>  | 225 | 210 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 215 | 203 |
|  |  | 148846 |
| **Energy 12.21%** |  |  |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 675 | 695 |
| Aker BP ASA 5.25% 10/30/2035 <sup>(a)</sup>  | 195 | 191 |
| Antero Midstream Partners, LP 5.75% 7/1/2034 <sup>(a)</sup>  | 575 | 580 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup>  | 255 | 257 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup>  | 520 | 537 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 1855 | 1867 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 1175 | 1219 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 1150 | 1191 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 1210 | 1198 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 125 | 131 |
| Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup>  | 40 | 43 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 2010 | 2023 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 646 | 644 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup>  | 520 | 544 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 1080 | 1126 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup>  | 990 | 1024 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | 1220 | 1273 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 585 | 586 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 740 | 763 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 585 | 614 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 2207 | 2292 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 290 | 313 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup>  | 280 | 273 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup>  | 1754 | 1768 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 931 | 968 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | 2160 | 2256 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 405 | 406 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 890 | 866 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 1950 | 2030 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 907 | 939 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 1635 | 1586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **228** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | USD1,215 | $1154 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 495 | 492 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup>  | 420 | 446 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 1408 | 1390 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 307 | 301 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup>  | 775 | 766 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 1040 | 1009 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 55 | 56 |
| EQT Corp. 6.375% 4/1/2029  | 185 | 192 |
| EQT Corp. 4.75% 1/15/2031  | 1350 | 1359 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 290 | 273 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(c)</sup>  | 4300 | 1 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup>  | 280 | 282 |
| Expand Energy Corp. 5.375% 3/15/2030  | 780 | 791 |
| Expand Energy Corp. 4.75% 2/1/2032  | 290 | 286 |
| Genesis Energy, LP 7.75% 2/1/2028  | 72 | 72 |
| Genesis Energy, LP 8.25% 1/15/2029  | 1545 | 1618 |
| Genesis Energy, LP 8.875% 4/15/2030  | 1225 | 1295 |
| Genesis Energy, LP 7.875% 5/15/2032  | 2785 | 2905 |
| Global Partners, LP 6.875% 1/15/2029  | 135 | 137 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 580 | 613 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup>  | 385 | 394 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup>  | 395 | 408 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup>  | 1065 | 1059 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 1432 | 1454 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 520 | 542 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 775 | 792 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup>  | 361 | 363 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup>  | 695 | 720 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup>  | 1430 | 1404 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 490 | 498 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 805 | 798 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 837 | 817 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 783 | 747 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 605 | 572 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 1258 | 1290 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 350 | 364 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup>  | 200 | 204 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup>  | 200 | 206 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup>  | 275 | 282 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup>  | 720 | 731 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 1245 | 1251 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(c)</sup>  | 739 | 4 |
| Murphy Oil Corp. 6.375% 7/15/2028  | 243 | 245 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 410 | 410 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 820 | 770 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 1225 | 1285 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 445 | 432 |
| Nabors Industries, Inc. 7.625% 11/15/2032 <sup>(a)</sup>  | 1240 | 1220 |
| Nabors Industries, Ltd. 7.50% 1/15/2028 <sup>(a)</sup>  | 75 | 75 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup>  | 745 | 57 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(c)</sup>  | 18263 | 5296 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 105 | 109 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 490 | 508 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 1695 | 1762 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 360 | 364 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup>  | 895 | 872 |
| NuStar Logistics, LP 6.00% 6/1/2026  | 286 | 288 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 582 | 604 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 1200 | 1148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **229** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | USD58 | $59 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 955 | 999 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 1490 | 1529 |
| Petrobras Global Finance BV 5.125% 9/10/2030  | 1070 | 1050 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 880 | 944 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 510 | 518 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 1010 | 978 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 185 | 166 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 320 | 261 |
| Range Resources Corp. 8.25% 1/15/2029  | 500 | 510 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 285 | 282 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 200 | 208 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 335 | 322 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 1785 | 1852 |
| Sunoco, LP 6.00% 4/15/2027  | 547 | 550 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(a)</sup>  | 535 | 538 |
| Sunoco, LP 5.875% 3/15/2028  | 290 | 292 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 300 | 313 |
| Sunoco, LP 4.50% 5/15/2029  | 1970 | 1936 |
| Sunoco, LP 4.50% 4/30/2030  | 1880 | 1837 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(a)</sup>  | 440 | 428 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup>  | 925 | 932 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 1335 | 1412 |
| Sunoco, LP 6.625% 8/15/2032 <sup>(a)</sup>  | 70 | 72 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 810 | 830 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup>  | 810 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 4.23% on 9/18/2030) <sup>(a)(d)</sup>  | 1775 | 1825 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 985 | 1026 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 1355 | 1416 |
| Targa Resources Partners, LP 5.50% 3/1/2030  | 327 | 332 |
| Targa Resources Partners, LP 4.875% 2/1/2031  | 180 | 181 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup>  | 710 | 744 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup>  | 265 | 285 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 387 | 398 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup>  | 374 | 391 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup>  | 290 | 304 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup>  | 961 | 982 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 665 | 659 |
| Transocean, Inc. 6.80% 3/15/2038  | 425 | 366 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 430 | 445 |
| USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup>  | 1045 | 1058 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 1070 | 1004 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 325 | 329 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | 1935 | 1762 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 1575 | 1351 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 915 | 927 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup>  | 405 | 420 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 1025 | 987 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 1785 | 1776 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 885 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(d)</sup>  | 413 | 327 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup>  | 920 | 937 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 835 | 903 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 1690 | 1732 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup>  | 550 | 562 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 970 | 1063 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 1470 | 1506 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 700 | 690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **230** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup>  | USD1,375 | $1410 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(a)</sup>  | 1030 | 1055 |
| Western Midstream Operating, LP 4.50% 3/1/2028  | 239 | 240 |
| Western Midstream Operating, LP 5.25% 2/1/2050  | 300 | 257 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 395 | 400 |
| YPF SA 8.75% 9/11/2031  | 190 | 197 |
|  |  | 126776 |
| **Consumer discretionary 10.29%** |  |  |
| Acushnet Co. 5.625% 12/1/2033 <sup>(a)</sup>  | 645 | 654 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 953 | 975 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 920 | 845 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 959 | 817 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup>  | 305 | 306 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 555 | 548 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 1245 | 1233 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 1375 | 1432 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup>  | 430 | 453 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1275 | 1254 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 600 | 583 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 791 | 801 |
| Bath & Body Works, Inc. 6.75% 7/1/2036  | 295 | 293 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(b)</sup>  | 605 | 668 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 1330 | 1300 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 1394 | 1338 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 1870 | 1938 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 1025 | 1051 |
| Caesars Entertainment, Inc. 6.00% 10/15/2032 <sup>(a)</sup>  | 185 | 180 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 1450 | 1429 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup>  | 870 | 880 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 135 | 142 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup>  | 3044 | 3128 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 3765 | 3890 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 575 | 617 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 1250 | 1215 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 1760 | 1675 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | 1410 | 1375 |
| Flutter Treasury DAC 6.125% 6/4/2031  | GBP320 | 435 |
| Ford Motor Co. 3.25% 2/12/2032  | USD2,790 | 2460 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 495 | 493 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 115 | 113 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 200 | 205 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 335 | 352 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 695 | 696 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 225 | 231 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 370 | 397 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 2263 | 2299 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 550 | 520 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 570 | 586 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 440 | 403 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 2185 | 2286 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 405 | 435 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 1955 | 1987 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 2755 | 2855 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 4390 | 4337 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup>  | 170 | 161 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup>  | 108 | 100 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 530 | 553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **231** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | USD1,440 | $1478 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 1790 | 1809 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 1045 | 1001 |
| Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup>  | 655 | 671 |
| Hilton Domestic Operating Co., Inc. 5.50% 3/31/2034 <sup>(a)</sup>  | 290 | 292 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 591 | 574 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup>  | 70 | 69 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 1065 | 1066 |
| KB Home 6.875% 6/15/2027  | 220 | 225 |
| KB Home 7.25% 7/15/2030  | 330 | 341 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup>  | 370 | 354 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 3405 | 3357 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 1365 | 1445 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | 1315 | 1230 |
| Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup>  | 395 | 400 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 1090 | 1055 |
| Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup>  | 625 | 630 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | 700 | 673 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup>  | 455 | 435 |
| MGM Resorts International 5.50% 4/15/2027  | 200 | 202 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 580 | 609 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 570 | 569 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 1150 | 1125 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 1995 | 1938 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 635 | 597 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 285 | 238 |
| Nissan Motor Acceptance Co., LLC 5.30% 9/13/2027 <sup>(a)</sup>  | 400 | 401 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(a)</sup>  | 1585 | 1586 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(a)</sup>  | 350 | 343 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup>  | 355 | 350 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup>  | 1695 | 1780 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup>  | 1665 | 1770 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup>  | 4190 | 4456 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(e)</sup>  | 500 | — <br><sup>(f)</sup><br>|
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(e)</sup>  | 2510 | 50 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup>  | 15 | 14 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 492 | 508 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 660 | 654 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 585 | 611 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 171 | 172 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 2887 | 3018 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 550 | 489 |
| Sekisui House U.S., Inc. 6.00% 1/15/2043  | 803 | 752 |
| Service Corp. International 3.375% 8/15/2030  | 190 | 178 |
| Service Corp. International 4.00% 5/15/2031  | 515 | 493 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup>  | 95 | 93 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1981 | 1946 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 2364 | 2293 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 320 | 329 |
| TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup>  | 885 | 896 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup>  | 995 | 975 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup>  | 200 | 196 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 2720 | 2672 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 315 | 321 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 555 | 576 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 630 | 580 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 10 | 11 |
| Wayfair, Inc. 6.75% 11/15/2032 <sup>(a)</sup>  | 120 | 124 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 555 | 550 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 352 | 354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **232** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | USD487 | $527 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup>  | 720 | 737 |
| ZF North America Capital, Inc. 7.50% 3/24/2031 <sup>(a)</sup>  | 700 | 708 |
|  |  | 106820 |
| **Financials 9.73%** |  |  |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup>  | 751 | 757 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 555 | 554 |
| Alliant Holdings Intermediate, LLC 6.75% 4/15/2028 <sup>(a)</sup>  | 305 | 312 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 1745 | 1753 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 660 | 685 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 1045 | 1078 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 3585 | 3722 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 1650 | 1624 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 1095 | 1149 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 2015 | 2102 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 3193 | 3222 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 680 | 735 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(a)</sup>  | 715 | 742 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 296 | 302 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 795 | 803 |
| Block, Inc. 2.75% 6/1/2026  | 510 | 507 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup>  | 1145 | 1169 |
| Block, Inc. 3.50% 6/1/2031  | 1660 | 1561 |
| Block, Inc. 6.50% 5/15/2032  | 920 | 957 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup>  | 565 | 580 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 380 | 392 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(a)</sup>  | 470 | 479 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 4216 | 4020 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 2544 | 2270 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 3769 | 3499 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 731 | 659 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(a)</sup>  | 725 | 726 |
| FS KKR Capital Corp. 6.125% 1/15/2031  | 540 | 527 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 1140 | 1137 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 195 | 208 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 1100 | 1133 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 857 | 900 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 1265 | 1328 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 3875 | 3930 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup>  | 2825 | 2864 |
| ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 1550 | 1533 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup>  | 2515 | 2390 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 1520 | 1452 |
| Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup>  | 136 | 143 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 1860 | 1943 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup>  | 245 | 258 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 715 | 697 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup>  | 510 | 490 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup>  | 256 | 240 |
| Navient Corp. 6.75% 6/15/2026  | 510 | 517 |
| Navient Corp. 5.00% 3/15/2027  | 2253 | 2259 |
| Navient Corp. 4.875% 3/15/2028  | 550 | 544 |
| Navient Corp. 5.50% 3/15/2029  | 4240 | 4212 |
| Navient Corp. 9.375% 7/25/2030  | 1907 | 2121 |
| Navient Corp. 11.50% 3/15/2031  | 880 | 986 |
| Navient Corp. 7.875% 6/15/2032  | 2445 | 2561 |
| Navient Corp. 5.625% 8/1/2033  | 2548 | 2332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **233** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| OneMain Finance Corp. 3.875% 9/15/2028  | USD165 | $161 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 1055 | 1094 |
| OneMain Finance Corp. 5.375% 11/15/2029  | 1155 | 1156 |
| OneMain Finance Corp. 7.875% 3/15/2030  | 915 | 968 |
| OneMain Finance Corp. 6.125% 5/15/2030  | 1885 | 1926 |
| OneMain Finance Corp. 4.00% 9/15/2030  | 245 | 231 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 125 | 132 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 1335 | 1395 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 1975 | 2054 |
| OneMain Finance Corp. 6.50% 3/15/2033  | 1055 | 1068 |
| OneMain Finance Corp. 6.75% 9/15/2033  | 695 | 705 |
| Osaic Financial Services, Inc. 6.50% 11/30/2027  | 6 | 139 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup>  | 765 | 800 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup>  | 1575 | 1647 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 1488 | 1493 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | 845 | 876 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | 440 | 461 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup>  | 520 | 543 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup>  | 51 | 54 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 380 | 400 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup>  | 520 | 513 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 720 | 708 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 805 | 823 |
| SLM Corp. 6.50% 1/31/2030  | 680 | 705 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup>  | 655 | 651 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(a)</sup>  | 1015 | 1026 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup>  | 600 | 634 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup>  | 410 | 429 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup>  | 385 | 402 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 4020 | 4268 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 550 | 565 |
|  |  | 101091 |
| **Materials 7.67%** |  |  |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 975 | 1032 |
| AmeriTex HoldCo Intermediate, LLC, 7.625% 8/15/2033 <sup>(a)</sup>  | 495 | 523 |
| ArcelorMittal SA 7.00% 10/15/2039  | 488 | 551 |
| ArcelorMittal SA 6.75% 3/1/2041  | 825 | 905 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup>  | 1280 | 1206 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 225 | 231 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 240 | 253 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 460 | 461 |
| Ball Corp. 6.00% 6/15/2029  | 350 | 360 |
| Ball Corp. 2.875% 8/15/2030  | 160 | 148 |
| Ball Corp. 3.125% 9/15/2031  | 1235 | 1139 |
| Ball Corp. 5.50% 9/15/2033  | 1765 | 1801 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 36 | 37 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup>  | 2075 | 1987 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 245 | 254 |
| Celanese US Holdings, LLC 6.665% 7/15/2027  | 45 | 46 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 520 | 523 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 265 | 279 |
| Celanese US Holdings, LLC 7.00% 2/15/2031  | 675 | 692 |
| Celanese US Holdings, LLC 6.75% 4/15/2033  | 1615 | 1608 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 70 | 74 |
| Celanese US Holdings, LLC 7.375% 2/15/2034  | 560 | 569 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(a)</sup>  | 400 | 413 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 2036 | 2007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **234** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** |  |  |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | USD2,404 | $2492 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 1105 | 1138 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 2025 | 1951 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 1930 | 2037 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 2035 | 2088 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | 290 | 302 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup>  | 1175 | 1229 |
| Commercial Metals Co. 5.75% 11/15/2033 <sup>(a)</sup>  | 560 | 573 |
| Commercial Metals Co. 6.00% 12/15/2035 <sup>(a)</sup>  | 1160 | 1190 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup>  | 655 | 427 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 3465 | 2454 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 485 | 488 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 3490 | 3679 |
| First Quantum Minerals, Ltd. 7.25% 2/15/2034 <sup>(a)</sup>  | 490 | 516 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030  | 432 | 429 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043  | 381 | 369 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(b)(d)</sup>  | 6093 | 3473 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup>  | 10551 | 9496 |
| Graphic Packaging International, LLC 3.75% 2/1/2030 <sup>(a)</sup>  | 420 | 399 |
| Graphic Packaging International, LLC 6.375% 7/15/2032 <sup>(a)</sup>  | 590 | 602 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup>  | 500 | 445 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup>  | 285 | 248 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 510 | 521 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 805 | 827 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 130 | 130 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 16 | 16 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup>  | 425 | 393 |
| Methanex Corp. 5.125% 10/15/2027  | 2415 | 2430 |
| Methanex Corp. 5.25% 12/15/2029  | 747 | 754 |
| Methanex Corp. 5.65% 12/1/2044  | 465 | 417 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup>  | 1415 | 1458 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 200 | 207 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 2079 | 2127 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 1820 | 1912 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 750 | 781 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup>  | 245 | 256 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 425 | 416 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 2100 | 2245 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup>  | 665 | 711 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup>  | 497 | 453 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup>  | 80 | 80 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 560 | 583 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 995 | 1040 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(b)(d)</sup>  | 1611 | 1634 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(b)(d)</sup>  | 683 | 693 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 1310 | 1315 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup>  | 900 | 909 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 325 | 338 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup>  | 470 | 482 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 526 | 564 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 1015 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on <br> 2/25/2031) <sup>(a)(d)</sup>  | 200 | 200 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 780 | 840 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 598 | 612 |
| Westlake Corp. 5.55% 11/15/2035  | 54 | 54 |
| Westlake Corp. 6.375% 11/15/2055  | 40 | 39 |
|  |  | 79663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **235** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care 7.45%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | USD4,173 | $4343 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 285 | 288 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 1105 | 1075 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 1425 | 1397 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup>  | 495 | 523 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 590 | 589 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 2040 | 2031 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 620 | 596 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup>  | 205 | 214 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | 1786 | 1770 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup>  | 442 | 387 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup>  | 455 | 408 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup>  | 216 | 224 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup>  | 20 | 16 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup>  | 682 | 481 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 592 | 388 |
| Centene Corp. 4.625% 12/15/2029  | 945 | 917 |
| Centene Corp. 3.375% 2/15/2030  | 42 | 39 |
| Centene Corp. 2.50% 3/1/2031  | 1125 | 972 |
| Centene Corp. 2.625% 8/1/2031  | 100 | 86 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 186 | 184 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup>  | 805 | 808 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 2360 | 2221 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup>  | 1020 | 909 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 162 | 177 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 1365 | 1328 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 875 | 810 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 2255 | 2349 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 2035 | 2112 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 2565 | 2714 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup>  | 1590 | 1571 |
| Grifols SA 7.50% 5/1/2030  | EUR410 | 507 |
| HCA, Inc. 4.625% 3/15/2052  | USD233 | 190 |
| HCA, Inc. 7.50% 11/15/2095  | 210 | 229 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup>  | 57 | 60 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 1475 | 1543 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup>  | 506 | 499 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 2330 | 2276 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 914 | 946 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | 1470 | 1479 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup>  | 1115 | 1097 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup>  | 1349 | 1253 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup>  | 960 | 987 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 3565 | 3245 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 1385 | 1413 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 2122 | 1442 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 6277 | 4011 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032  | 400 | 390 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(b)</sup>  | 2278 | 2196 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 2945 | 3080 |
| Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 635 | 667 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 855 | 866 |
| Team Health Holdings, Inc. 8.375% 6/30/2028 <sup>(a)</sup>  | 260 | 264 |
| Tenet Healthcare Corp. 5.125% 11/1/2027  | 80 | 80 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1785 | 1760 |
| Tenet Healthcare Corp. 4.375% 1/15/2030  | 895 | 879 |
| Tenet Healthcare Corp. 6.75% 5/15/2031  | 1070 | 1114 |
| Tenet Healthcare Corp. 6.875% 11/15/2031  | 100 | 110 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 452 | 454 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 415 | 431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **236** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | USD6,990 | $7075 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 400 | 441 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 1159 | 1336 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 1345 | 1413 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 1377 | 1043 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 610 | 633 |
|  |  | 77336 |
| **Real estate 6.36%** |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | 1408 | 1369 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 917 | 860 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup>  | 160 | 160 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup>  | 739 | 735 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup>  | 92 | 92 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 1900 | 1939 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup>  | 150 | 151 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 2763 | 2687 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 4043 | 3853 |
| Hudson Pacific Properties, LP 5.95% 2/15/2028  | 200 | 197 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030  | 430 | 364 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 367 | 367 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup>  | 210 | 216 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 3225 | 3189 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 1995 | 1903 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup>  | 220 | 217 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 1785 | 1742 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 2645 | 2495 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 2430 | 2287 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 565 | 559 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 38 | 39 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup>  | 215 | 228 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 9703 | 9405 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 335 | 281 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 1524 | 1109 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 4629 | 4947 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | 370 | 371 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 820 | 801 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup>  | 740 | 762 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 655 | 673 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 45 | 45 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup>  | 460 | 437 |
| SBA Communications Corp. 3.125% 2/1/2029  | 131 | 126 |
| Service Properties Trust 4.95% 2/15/2027  | 841 | 845 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup>  | 1175 | 1063 |
| Service Properties Trust 5.50% 12/15/2027  | 750 | 741 |
| Service Properties Trust 3.95% 1/15/2028  | 3031 | 2864 |
| Service Properties Trust 8.375% 6/15/2029  | 2655 | 2672 |
| Service Properties Trust 4.95% 10/1/2029  | 3518 | 3069 |
| Service Properties Trust 4.375% 2/15/2030  | 3180 | 2697 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 4850 | 5104 |
| Service Properties Trust 8.875% 6/15/2032  | 1385 | 1367 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 405 | 444 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup>  | 625 | 614 |
|  |  | 66086 |
| **Information technology 6.20%** |  |  |
| Amphenol Corp. 4.125% 11/15/2030  | 120 | 119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **237** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | USD3,050 | $3255 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 60 | 59 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 2150 | 2180 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 5185 | 5404 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 1935 | 2023 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup>  | 1755 | 1740 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 1350 | 1348 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup>  | 1254 | 1265 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 1107 | 1114 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup>  | 103 | 103 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup>  | 425 | 430 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | 5475 | 5840 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 275 | 281 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup>  | 1175 | 1163 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 2200 | 2267 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup>  | 440 | 460 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup>  | 725 | 751 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 5511 | 5270 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 6124 | 5599 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup>  | 300 | 296 |
| Intel Corp. 3.05% 8/12/2051  | 150 | 92 |
| Intel Corp. 5.60% 2/21/2054  | 253 | 234 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup>  | 275 | 240 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 1785 | 1938 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup>  | 343 | 342 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(a)</sup>  | 700 | 611 |
| Qnity Electronics, Inc. 5.75% 8/15/2032 <sup>(a)</sup>  | 120 | 123 |
| Qnity Electronics, Inc. 6.25% 8/15/2033 <sup>(a)</sup>  | 120 | 125 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup>  | 985 | 1018 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 375 | 363 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 1325 | 1363 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 1875 | 1922 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | 5540 | 5553 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 1195 | 1163 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup>  | 2234 | 2127 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup>  | 230 | 220 |
| VoltaGrid, LLC 7.375% 11/1/2030 <sup>(a)</sup>  | 410 | 406 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(g)</sup>  | 2579 | 2811 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup>  | 2410 | 2485 |
| X.AI Corp. 12.50% 6/30/2030  | 200 | 213 |
| Ziff Davis, Inc. 4.625% 10/15/2030 <sup>(a)</sup>  | 125 | 119 |
|  |  | 64435 |
| **Industrials 5.71%** |  |  |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 261 | 270 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 200 | 196 |
| AECOM 6.00% 8/1/2033 <sup>(a)</sup>  | 45 | 46 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup>  | 645 | 676 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup>  | 1045 | 985 |
| Allison Transmission, Inc. 5.875% 12/1/2033 <sup>(a)</sup>  | 315 | 320 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 1265 | 1334 |
| ATI, Inc. 4.875% 10/1/2029  | 690 | 691 |
| ATI, Inc. 5.125% 10/1/2031  | 775 | 776 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup>  | 767 | 771 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 55 | 54 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 925 | 903 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup>  | 445 | 458 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup>  | 61 | 61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **238** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | USD1,205 | $1247 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 1230 | 1285 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup>  | 165 | 163 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup>  | 335 | 327 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(a)</sup>  | 525 | 534 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 915 | 889 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 890 | 842 |
| Clean Harbors, Inc. 5.125% 7/15/2029 <sup>(a)</sup>  | 160 | 160 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup>  | 1815 | 1866 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 3294 | 3243 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup>  | 800 | 801 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 3655 | 3803 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 744 | 787 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup>  | 201 | 212 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 45 | 48 |
| Garda World Security Corp. 6.50% 1/15/2031 <sup>(a)</sup>  | 785 | 804 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 1275 | 1301 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 455 | 474 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 890 | 937 |
| Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup>  | 30 | 30 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 1585 | 1682 |
| Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup>  | 30 | 30 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 258 | 247 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 273 | 274 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 3754 | 3705 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 735 | 734 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 855 | 741 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 90 | 90 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 309 | 317 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup>  | 395 | 391 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 1080 | 1065 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup>  | 360 | 385 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup>  | 600 | 603 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 1495 | 1563 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 1010 | 972 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 1090 | 905 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup>  | 505 | 512 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 795 | 747 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 440 | 443 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028  | 798 | 799 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup>  | 435 | 448 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(a)</sup>  | 1515 | 1548 |
| Standard Building Solutions, Inc. 5.875% 3/15/2034 <sup>(a)</sup>  | 120 | 120 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(e)</sup>  | 98 | 98 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 75 | 76 |
| TransDigm, Inc. 4.625% 1/15/2029  | 180 | 179 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup>  | 355 | 372 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 1775 | 1849 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup>  | 905 | 927 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 2900 | 2978 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup>  | 1190 | 1235 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup>  | 3705 | 3862 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup>  | 115 | 118 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 745 | 711 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 310 | 323 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 225 | 232 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 425 | 444 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 320 | 334 |
|  |  | 59353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **239** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples 3.10%** |  |  |
| Albertsons Cos., Inc. 5.875% 2/15/2028 <sup>(a)</sup>  | USD400 | $403 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 1428 | 1373 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup>  | 1620 | 1609 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup>  | 605 | 612 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup>  | 535 | 538 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup>  | 765 | 803 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 2103 | 2061 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 3880 | 3822 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 755 | 725 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 2150 | 2036 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup>  | 1185 | 1169 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 380 | 391 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup>  | 90 | 91 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 485 | 493 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 915 | 958 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 725 | 762 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 370 | 351 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup>  | 75 | 75 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 1145 | 1109 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 855 | 815 |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup>  | 150 | 152 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup>  | 45 | 46 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup>  | 45 | 45 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 460 | 471 |
| Philip Morris International, Inc. 3.875% 10/27/2028  | 195 | 195 |
| Philip Morris International, Inc. 4.00% 10/29/2030  | 118 | 117 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 1815 | 1769 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 1145 | 1087 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 920 | 946 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 415 | 420 |
| Post Holdings, Inc. 6.50% 3/15/2036 <sup>(a)</sup>  | 1110 | 1112 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | 338 | 339 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 1275 | 1195 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028  | 2200 | 2195 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | 963 | 969 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 510 | 504 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup>  | 470 | 479 |
|  |  | 32237 |
| **Utilities 1.47%** |  |  |
| AmeriGas Partners, LP 5.75% 5/20/2027  | 302 | 304 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup>  | 150 | 150 |
| Calpine Corp. 5.125% 3/15/2028 <sup>(a)</sup>  | 105 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(d)</sup>  | 470 | 484 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(d)</sup>  | 1155 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(d)</sup>  | 350 | 364 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 820 | 743 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 355 | 368 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup>  | 1935 | 2061 |
| Pacific Gas and Electric Co. 5.05% 10/15/2032  | 120 | 121 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 280 | 213 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 745 | 631 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 1305 | 882 |
| Pacific Gas and Electric Co. 6.10% 10/15/2055  | 200 | 196 |
| PG&E Corp. 5.00% 7/1/2028  | 390 | 390 |
| PG&E Corp. 5.25% 7/1/2030  | 2960 | 2941 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **240** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(d)</sup>  | USD2,050 | $2136 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 1307 | 1384 |
| Vistra Operations Co., LLC 4.375% 5/1/2029 <sup>(a)</sup>  | 175 | 173 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup>  | 395 | 415 |
|  |  | 15226 |
| **Municipals 0.05%** |  |  |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | 546 | 541 |
| **Total corporate bonds and notes** |  | 878410 |
| **Loans 3.92%** | **Loans 3.92%** | **Loans 3.92%** |
| **Information technology 0.90%** |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(h)(i)</sup>  | 645 | 647 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(h)(i)</sup>  | 130 | 131 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)(i)</sup>  | 1000 | 1007 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(h)(i)</sup>  | 2885 | 2829 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 10.723% 9/15/2033 <sup>(h)(i)</sup>  | 80 | 79 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(h)(i)</sup>  | 620 | 622 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(h)(i)</sup>  | 875 | 857 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(h)(i)</sup>  | 2087 | 2084 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(h)(i)</sup>  | 1149 | 1147 |
|  |  | 9403 |
| **Financials 0.64%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alera Group Intermediate Holdings, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.25%) 6.966% <br> 5/30/2032 <sup>(h)(i)</sup>  | 613 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% <br>5/30/2033 <sup>(h)(i)</sup>  | 1262 | 1288 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(h)(i)</sup>  | 2891 | 2935 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(h)(i)</sup>  | 940 | 953 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(h)(i)</sup>  | 145 | 146 |
| Osaic Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.595% 7/30/2032 <sup>(h)(i)</sup>  | 700 | 704 |
|  |  | 6643 |
| **Communication services 0.62%** |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(h)(i)</sup>  | 1430 | 1430 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(h)(i)</sup>  | 327 | 287 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(h)</sup>  | 44 | 17 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(h)(i)</sup>  | 73 | 74 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.987% 12/1/2028 <sup>(h)(i)</sup>  | 2 | 2 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(h)(i)</sup>  | 23 | 23 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(b)(e)(h)</sup>  | 960 | 960 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(h)(i)</sup>  | 455 | 361 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(h)(i)</sup>  | 1470 | 1473 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(h)</sup>  | 370 | 369 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(h)(i)</sup>  | 1456 | 1433 |
|  |  | 6429 |
| **Industrials 0.56%** |  |  |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(h)(i)</sup>  | 310 | 315 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(h)(i)</sup>  | 5671 | 5275 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.00%) 5.716% 4/30/2032 <sup>(h)(i)</sup>  | 185 | 186 |
|  |  | 5776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **241** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Consumer discretionary 0.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% <br> 3/11/2030 <sup>(e)(h)(i)</sup>  | USD556 | $556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.573% Cash 3/11/2030 <sup>(b)(e)(h)(i)</sup>  | 525 | 525 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.25%) 6.12% 10/16/2031 <sup>(h)(i)</sup>  | 588 | 592 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup>  | 334 | 335 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup>  | 102 | 103 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup>  | 71 | 60 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup>  | 15 | 13 |
| Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(b)(e)(h)</sup>  | 183 | 3 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(b)(c)(e)(h)</sup>  | 98 | 2 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.934% 4/4/2029 <sup>(h)(i)</sup>  | 1615 | 1589 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(h)(i)</sup>  | 748 | 749 |
|  |  | 4527 |
| **Consumer staples 0.32%** |  |  |
| B&G Foods, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.216% 10/10/2029 <sup>(h)(i)</sup>  | 191 | 186 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(h)(i)</sup>  | 158 | 158 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.466% 5/1/2031 <sup>(h)(i)</sup>  | 2918 | 2940 |
|  |  | 3284 |
| **Health care 0.30%** |  |  |
| Bausch + Lomb Corp., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 7.966% 1/15/2031 <sup>(h)(i)</sup>  | 425 | 428 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(h)(i)</sup>  | 1748 | 1737 |
| Medline Borrower, LP, Term Loan B, (1-month USD CME Term SOFR +1.75%) 5.466% 10/23/2028 <sup>(h)(i)</sup>  | 55 | 55 |
| Owens & Minor, Inc., Term Loan B-1, (3-month USD CME Term SOFR + 3.85%) 7.566% 3/29/2029 <sup>(h)(i)</sup>  | 674 | 652 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.34% 6/30/2028 <sup>(h)(i)</sup>  | 259 | 260 |
|  |  | 3132 |
| **Materials 0.06%** |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup>  | 563 | 178 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup>  | 566 | 179 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(b)(c)(e)(h)(i)</sup>  | 931 | 295 |
|  |  | 652 |
| **Utilities 0.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.466% <br> 3/28/2031 <sup>(h)(i)</sup>  | 276 | 277 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(h)(i)</sup>  | 278 | 279 |
|  |  | 556 |
| **Real estate 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership, LP, Term Loan A, (1-month USD CME Term SOFR + 2.35%) 6.387% <br> 6/30/2027 <sup>(h)(i)</sup>  | 190 | 173 |
| **Energy 0.01%** |  |  |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 0% 10/30/2028 <sup>(h)(i)</sup>  | 266 | 113 |
| **Total loans** |  | 40688 |
| **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** |
| **Collateralized mortgage-backed obligations 0.06%** |  |  |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(e)</sup>  | 580 | 580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **242** |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.04%** | **Municipals 0.04%** | **Municipals 0.04%** |
| **Puerto Rico 0.04%** |  |  |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(i)</sup>  | USD305 | $196 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 334 | 219 |
| **Total municipals** |  | 415 |
| **Total bonds, notes & other debt instruments** (cost: $922,218,000) |  | 920093 |
| Convertible bonds & notes 0.12% |  |  |
| **Communication services 0.12%** |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(b)</sup>  | 379 | 1265 |
| **Total convertible bonds & notes** (cost: $403,000) |  | 1265 |
| Common stocks 6.33% | Shares |  |
| **Information technology 1.84%** |  |  |
| Diebold Nixdorf, Inc. <sup>(j)</sup>  | 281243 | 19094 |
| **Health care 1.62%** |  |  |
| Rotech Healthcare, Inc. <sup>(e)(g)(j)</sup>  | 201793 | 13823 |
| Mallinckrodt PLC <sup>(j)</sup>  | 28965 | 2591 |
| Par Health, Inc. <sup>(a)(j)</sup>  | 28965 | 271 |
| Endo, LP, Class A1 <sup>(a)(j)</sup>  | 192719 | 135 |
|  |  | 16820 |
| **Utilities 1.40%** |  |  |
| Talen Energy Corp. <sup>(j)</sup>  | 37868 | 14194 |
| PG&E Corp.  | 18786 | 302 |
|  |  | 14496 |
| **Energy 1.11%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(j)</sup>  | 623209 | 7359 |
| Ascent CNR Corp., Class A <sup>(e)(g)</sup>  | 62978 | 2787 |
| Weatherford International  | 9659 | 756 |
| Altera Infrastructure, LP <sup>(e)</sup>  | 9127 | 371 |
| Mesquite Energy, Inc. <sup>(e)(j)</sup>  | 3558 | 227 |
|  |  | 11500 |
| **Consumer discretionary 0.33%** |  |  |
| Aimbridge Topco, LLC <sup>(e)(j)</sup>  | 46955 | 3472 |
| NMG Parent, LLC <sup>(e)(j)</sup>  | 8350 | — <br><sup>(f)</sup><br>|
|  |  | 3472 |
| **Financials 0.02%** |  |  |
| Navient Corp.  | 20000 | 260 |
| **Communication services 0.01%** |  |  |
| iHeartMedia, Inc., Class A <sup>(j)</sup>  | 22639 | 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **243** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 0.00%** |  |  |
| Venator Materials PLC <sup>(e)(j)</sup>  | 3232 | $— <br><sup>(f)</sup><br>|
| **Total common stocks** (cost: $38,533,000) |  | 65736 |
| Preferred securities 0.16% |  |  |
| **Industrials 0.16%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(e)(j)</sup>  | 1022 | 1713 |
| **Total preferred securities** (cost: $1,057,000) |  | 1713 |
| Rights & warrants 0.02% |  |  |
| **Communication services 0.01%** |  |  |
| SES SA (CVR) <sup>(j)</sup>  | 8182 | 127 |
| **Energy 0.01%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(j)</sup>  | 457 | 45 |
| **Total rights & warrants** (cost: $392,000) | **Total rights & warrants** (cost: $392,000) | 172 |
| Short-term securities 3.38% |  |  |
| **Money market investments 3.38%** | **Money market investments 3.38%** | **Money market investments 3.38%** |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 350884 | 35092 |
| **Total short-term securities** (cost: $35,085,000) | **Total short-term securities** (cost: $35,085,000) | 35092 |
| **Total investment securities 98.60%** (cost: $997,688,000) |  | 1024071 |
| Other assets less liabilities 1.40% |  | 14538 |
| **Net assets 100.00%** |  | $1038609 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 69 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 88 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 6 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (690)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 10 Year U.S. Treasury Note Futures | Short | 11 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

------

American High-Income Trust<sup>®</sup> (continued)

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD26,020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1988)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(163)<br>|

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.38%** |  |  |  |  |  |  |  |
| **Money market investments 3.38%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $45641 | &nbsp;&nbsp; $250972 | &nbsp;&nbsp; $261524 | &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; $35092 | &nbsp;&nbsp; $1878 |

---

**Restricted securities** <sup>(g)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Rotech Healthcare, Inc. <sup>(e)(j)</sup> <br>| 9/26/2013 | $4331 | $13823 | 1.33<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)</sup> <br>| 9/29/2025 | 2566 | 2811 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent CNR Corp., Class A <sup>(e)</sup> <br>| 11/15/2016 | 302 | 2787 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(h)(i)</sup> <br>| 9/13/2023 | 986 | 1007 | 0.10 |
| **Total** |  | $8185 | $20428 | 1.97<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $655,031,000, which represented 63.07% of the net assets of the fund. 

<sup>(b)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(c)</sup> Scheduled interest and/or principal payment was not received.

<sup>(d)</sup> Step bond; coupon rate may change at a later date.

<sup>(e)</sup> Value determined using significant unobservable inputs.

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $40,686,000, which represented 3.92% of the net assets of the fund. 

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(j)</sup> Non-income producing.

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **245** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAB = Capital Appreciation Bonds |
| CME = CME Group |
| CVR = Contingent Value Rights |
| DAC = Designated Activity Company |
| EUR = Euros |
| GBP = British pounds |
| GO = General Obligation |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **246** |

---

------

American Funds Mortgage Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.53% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 79.28%** | **Mortgage-backed obligations 79.28%** | **Mortgage-backed obligations 79.28%** |
| **Federal agency mortgage-backed obligations 78.28%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | USD— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)</sup>  | 27 | 27 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 90 | 86 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup>  | 120 | 105 |
| Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup>  | 211 | 180 |
| Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup>  | 270 | 228 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 7 | 7 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup>  | 15 | 13 |
| Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup>  | 66 | 59 |
| Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup>  | 142 | 127 |
| Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup>  | 80 | 72 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup>  | 160 | 144 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup>  | 202 | 182 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup>  | 24 | 20 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 13 | 12 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup>  | 402 | 341 |
| Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup>  | 88 | 75 |
| Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup>  | 16 | 13 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(a)</sup>  | 685 | 556 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 4 | 3 |
| Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup>  | 93 | 76 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 61 | 52 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup>  | 34 | 27 |
| Fannie Mae Pool #BQ5687 2.50% 11/1/2050 <sup>(a)</sup>  | 458 | 389 |
| Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup>  | 122 | 101 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 10 | 9 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup>  | 21 | 21 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 1322 | 1130 |
| Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)</sup>  | 1432 | 1176 |
| Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup>  | 332 | 273 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 161 | 130 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup>  | 165 | 150 |
| Fannie Mae Pool #CB0517 2.50% 5/1/2051 <sup>(a)</sup>  | 260 | 221 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 21 | 18 |
| Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup>  | 30 | 27 |
| Fannie Mae Pool #BT9828 2.50% 9/1/2051 <sup>(a)</sup>  | 389 | 330 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 353 | 302 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 22 | 19 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup>  | 367 | 318 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup>  | 173 | 150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **247** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup>  | USD31 | $27 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup>  | 190 | 165 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 75 | 68 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 222 | 199 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup>  | 566 | 480 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 365 | 311 |
| Fannie Mae Pool #BV1262 2.50% 3/1/2052 <sup>(a)</sup>  | 140 | 119 |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup>  | 39 | 35 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 887 | 787 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(a)</sup>  | 10 | 9 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup>  | 676 | 547 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup>  | 1633 | 1385 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 910 | 770 |
| Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup>  | 448 | 427 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(a)</sup>  | 30 | 27 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 158 | 146 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 934 | 941 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 666 | 541 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 92 | 92 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 34 | 35 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 410 | 402 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 96 | 96 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1100 | 1048 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 59 | 60 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 88 | 92 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 71 | 74 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 595 | 596 |
| Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup>  | 195 | 206 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 54 | 57 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 47 | 47 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 45 | 46 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 227 | 234 |
| Fannie Mae Pool #MA5062 3.00% 6/1/2053 <sup>(a)</sup>  | 420 | 372 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 681 | 692 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 305 | 315 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 185 | 188 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 365 | 376 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 768 | 782 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 37 | 38 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 10 | 11 |
| Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup>  | 262 | 274 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 73 | 74 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup>  | 354 | 373 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(a)</sup>  | 22 | 23 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 377 | 393 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 185 | 194 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 1330 | 1351 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 138 | 141 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 127 | 129 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 33 | 34 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 122 | 127 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 15 | 16 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 228 | 234 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 219 | 227 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup>  | 42 | 44 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup>  | 35 | 36 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 20 | 20 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 251 | 262 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 150 | 156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **248** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | USD491 | $507 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 141 | 145 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 121 | 125 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 94 | 97 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 55 | 57 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup>  | 36 | 38 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(a)</sup>  | 18 | 18 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 6 | 7 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup>  | 616 | 647 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 383 | 401 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup>  | 118 | 123 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 106 | 111 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 66 | 70 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 189 | 195 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup>  | 160 | 165 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup>  | 129 | 132 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 51 | 53 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 27 | 27 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 25 | 26 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 23 | 24 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup>  | 17 | 18 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup>  | 16 | 17 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 141 | 148 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup>  | 105 | 110 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | 41 | 43 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 480 | 491 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 257 | 263 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 193 | 196 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup>  | 422 | 437 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 165 | 169 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 126 | 131 |
| Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup>  | 100 | 101 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 370 | 381 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 24 | 25 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 54 | 54 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 47 | 48 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 40 | 41 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 185 | 181 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup>  | 567 | 582 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 177 | 184 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup>  | 219 | 208 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 230 | 236 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 531 | 539 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 95 | 98 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 587 | 610 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 313 | 325 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 429 | 451 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 105 | 108 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 288 | 287 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 756 | 777 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup>  | 148 | 147 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(a)</sup>  | 316 | 325 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 15 | 15 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 746 | 776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **249** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | USD500 | $520 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 330 | 335 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 124 | 127 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 11 | 11 |
| Fannie Mae Pool #MA5846 7.00% 8/1/2055 <sup>(a)</sup>  | 30 | 31 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | 16 | 15 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup>  | 108 | 99 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup>  | 119 | 109 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 41 | 36 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 40 | 39 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 684 | 623 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup>  | 175 | 170 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)(e)</sup>  | 426 | 430 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 135 | 128 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup>  | 37 | 35 |
| Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup>  | 1398 | 1183 |
| Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup>  | 260 | 234 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 73 | 64 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup>  | 239 | 239 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 11 | 11 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 10 | 9 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 19 | 19 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup>  | 34 | 34 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup>  | 122 | 111 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 4 | 3 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 659 | 535 |
| Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup>  | 162 | 133 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 171 | 147 |
| Freddie Mac Pool #QB7053 2.00% 12/1/2050 <sup>(a)</sup>  | 90 | 73 |
| Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup>  | 285 | 234 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 2 | 1 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 3 | 2 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 269 | 221 |
| Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup>  | 197 | 176 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051 <sup>(a)</sup>  | 978 | 828 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 65 | 53 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 53 | 46 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 686 | 582 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup>  | 117 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup>  | 17 | 13 |
| Freddie Mac Pool #QD6327 3.00% 2/1/2052 <sup>(a)</sup>  | 465 | 412 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 615 | 578 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 665 | 539 |
| Freddie Mac Pool #QD8711 2.00% 3/1/2052 <sup>(a)</sup>  | 66 | 53 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 1308 | 1162 |
| Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup>  | 42 | 37 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup>  | 383 | 324 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 641 | 569 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 468 | 396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **250** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(a)</sup>  | USD156 | $133 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 1207 | 1071 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 120 | 97 |
| Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup>  | 832 | 777 |
| Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup>  | 173 | 170 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 529 | 531 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup>  | 200 | 203 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup>  | 215 | 215 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 92 | 94 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 303 | 302 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 641 | 669 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | 29 | 25 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 38 | 38 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 106 | 106 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 73 | 73 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 80 | 81 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 1024 | 1026 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 254 | 259 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 53 | 55 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 48 | 49 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 31 | 32 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 26 | 28 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 2 | 2 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 747 | 760 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup>  | 32 | 34 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(e)</sup>  | 2221 | 2286 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 868 | 894 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 105 | 109 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 366 | 377 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 291 | 300 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 65 | 68 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 400 | 407 |
| Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup>  | 1463 | 1507 |
| Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup>  | 1188 | 1225 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(a)</sup>  | 6 | 7 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 43 | 45 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 9 | 10 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 48 | 49 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 100 | 104 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup>  | 16 | 17 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 46 | 48 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 61 | 62 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup>  | 24 | 25 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 377 | 394 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 53 | 56 |
| Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup>  | 602 | 631 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 188 | 197 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 47 | 49 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 14 | 15 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 206 | 212 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 187 | 193 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 168 | 175 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 60 | 62 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 56 | 57 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup>  | 28 | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **251** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | USD376 | $391 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 157 | 164 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup>  | 62 | 65 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 267 | 273 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 225 | 232 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 143 | 147 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 126 | 130 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup>  | 1307 | 1363 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 331 | 344 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 217 | 227 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 95 | 99 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | 87 | 91 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 47 | 49 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 37 | 39 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 23 | 24 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 193 | 195 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 115 | 119 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 59 | 61 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 58 | 60 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 54 | 56 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup>  | 14 | 14 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 149 | 155 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup>  | 79 | 83 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 35 | 36 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 15 | 16 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 435 | 442 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 480 | 482 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup>  | 357 | 362 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 1077 | 1106 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 23 | 24 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 76 | 80 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 271 | 264 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 737 | 757 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 60 | 62 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 55 | 56 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 382 | 397 |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup>  | 280 | 294 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup>  | 126 | 126 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 88 | 90 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(a)</sup>  | 13 | 14 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 265 | 265 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 197 | 202 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 88 | 88 |
| Freddie Mac Pool #QY6303 6.00% 6/1/2055 <sup>(a)</sup>  | 2051 | 2108 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 1040 | 1081 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 432 | 438 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 2292 | 2354 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup>  | 1386 | 1425 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(a)</sup>  | 65 | 67 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 499 | 518 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | 1712 | 1758 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup>  | 176 | 184 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup>  | 111 | 116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **252** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RQ0057 6.00% 10/1/2055 <sup>(a)</sup>  | USD565 | $580 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 300 | 304 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup>  | 75 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 77 | 69 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 144 | 137 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 100 | 96 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 20 | 17 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup>  | 76 | 74 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup>  | 25 | 22 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 15 | 13 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup>  | 615 | 540 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup>  | 176 | 173 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 10 | 10 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/25/2030 <sup>(a)</sup>  | 290 | 267 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup>  | 278 | 255 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup>  | 280 | 258 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup>  | 240 | 216 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 238 | 232 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(f)</sup>  | 80 | 80 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup>  | 532 | 522 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 60 | 64 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup>  | 151 | 153 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup>  | 10 | 10 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup>  | 76 | 77 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup>  | 75 | 67 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup>  | 176 | 162 |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup>  | 38 | 35 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)</sup>  | 439 | 423 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 80 | 66 |
| Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup>  | 33 | 29 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 71 | 59 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 302 | 258 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 72 | 62 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 472 | 402 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 295 | 254 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 64 | 55 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 154 | 133 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 126 | 109 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup>  | 40 | 34 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 47 | 42 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 207 | 179 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 56 | 50 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 4 | 4 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 145 | 138 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 13 | 13 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 77 | 73 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 194 | 196 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 49 | 50 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup>  | 194 | 177 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup>  | 101 | 92 |
| Government National Mortgage Assn. Pool #AN1825 4.566% 6/20/2065 <sup>(a)</sup>  | 11 | 11 |
| Government National Mortgage Assn. Pool #AO0461 4.605% 8/20/2065 <sup>(a)</sup>  | 4 | 4 |
| Government National Mortgage Assn. Pool #AO0409 4.451% 12/20/2065 <sup>(a)</sup>  | 5 | 5 |
| Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup>  | 47 | 47 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup>  | 1 | 1 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 201 | 150 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(f)</sup>  | 125 | 123 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(f)</sup>  | 674 | 545 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(f)</sup>  | 25 | 23 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(a)(f)</sup>  | 97 | 92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **253** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(f)</sup>  | USD190 | $186 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(f)</sup>  | 1542 | 1563 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(f)</sup>  | 1769 | 1817 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(f)</sup>  | 698 | 725 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(f)</sup>  | 1616 | 1489 |
|  |  | 98296 |
| **Commercial mortgage-backed securities 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) <br> 5.865% 6/15/2027 <sup>(a)(c)(d)</sup>  | 100 | 100 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(c)(d)</sup>  | 79 | 79 |
| BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) 5.35% 7/15/2042 <sup>(a)(c)(d)</sup>  | 200 | 200 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(c)(d)</sup>  | 379 | 391 |
|  |  | 770 |
| **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(c)(d)</sup>  | 128 | 122 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(c)(d)</sup>  | 51 | 47 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.191% 8/1/2054 <sup>(a)(c)(d)</sup>  | 81 | 82 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(c)(d)</sup>  | 145 | 148 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(c)(d)</sup>  | 86 | 88 |
|  |  | 487 |
| **Total mortgage-backed obligations** |  | 99553 |
| **U.S. Treasury bonds & notes 6.22%** | **U.S. Treasury bonds & notes 6.22%** | **U.S. Treasury bonds & notes 6.22%** |
| **U.S. Treasury 6.22%** |  |  |
| U.S. Treasury 4.375% 7/31/2026  | 535 | 538 |
| U.S. Treasury 3.50% 10/31/2027  | 1130 | 1130 |
| U.S. Treasury 4.25% 2/15/2028  | 460 | 467 |
| U.S. Treasury 3.875% 3/15/2028  | 550 | 554 |
| U.S. Treasury 4.125% 7/31/2028  | 450 | 457 |
| U.S. Treasury 3.50% 10/15/2028  | 800 | 799 |
| U.S. Treasury 4.50% 5/31/2029 <sup>(e)</sup>  | 1025 | 1055 |
| U.S. Treasury 4.00% 2/28/2030  | 330 | 334 |
| U.S. Treasury 4.00% 3/31/2030  | 100 | 101 |
| U.S. Treasury 4.00% 6/30/2032  | 300 | 302 |
| U.S. Treasury 4.25% 8/15/2035  | 230 | 232 |
| U.S. Treasury 1.875% 2/15/2041  | 240 | 168 |
| U.S. Treasury 3.25% 5/15/2042  | 106 | 89 |
| U.S. Treasury 4.75% 2/15/2045  | 190 | 189 |
| U.S. Treasury 1.875% 11/15/2051  | 65 | 36 |
| U.S. Treasury 4.625% 2/15/2055  | 345 | 333 |
| U.S. Treasury 4.75% 8/15/2055  | 640 | 631 |
| U.S. Treasury 4.625% 11/15/2055  | 410 | 396 |
| **Total U.S. Treasury bonds & notes** |  | 7811 |
| **Asset-backed obligations 1.03%** | **Asset-backed obligations 1.03%** | **Asset-backed obligations 1.03%** |
| **Auto loan 0.67%** |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(c)</sup>  | 1 | 1 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup>  | 1 | 1 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(c)</sup>  | 22 | 22 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 1 | 1 |
| Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup>  | 21 | 21 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(c)</sup>  | 257 | 266 |
| GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(c)</sup>  | 3 | 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **254** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** | **Auto loan (continued)** |  |  |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup>  | GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup>  | USD43 | $43 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  | Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  | 1 | 1 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup>  | Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup>  | 100 | 102 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup>  | Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup>  | 383 | 387 |
|  |  |  | 848 |
| **Student loan 0.22%** | **Student loan 0.22%** |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup>  | Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup>  | 58 | 53 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup>  | Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup>  | 76 | 70 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup>  | Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup>  | 86 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(c)(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% <br> 4/20/2062 <sup>(a)(c)(d)</sup>  | 72 | 72 |
|  |  |  | 276 |
| **Other asset-backed securities 0.14%** | **Other asset-backed securities 0.14%** |  |  |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup>  | CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup>  | 89 | 75 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup>  | New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup>  | 100 | 84 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | 12 | 12 |
|  |  |  | 171 |
| **Total asset-backed obligations** | **Total asset-backed obligations** |  | 1295 |
| **Total bonds, notes & other debt instruments** (cost: $108,233,000) | **Total bonds, notes & other debt instruments** (cost: $108,233,000) |  | 108659 |
| Short-term securities 19.42% | Weighted<br> average yield<br> at acquisition<br>|  |  |
| **Commercial paper 4.81%** | **Commercial paper 4.81%** | **Commercial paper 4.81%** | **Commercial paper 4.81%** |
| Exxon Asset Management Co. 3/31/2026  | 3.820<br> %<br>| 1050 | 1040 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 2000 | 2000 |
| Victory Receivables Corp. 1/16/2026 <sup>(c)</sup>  | 4.000 | 1000 | 998 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 2000 | 1997 |
|  |  |  | 6035 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** | **Bonds & notes of governments & government agencies outside the U.S. 1.11%** |
| Ontario (Province of) 1/23/2026  | 3.890 | 1400 | 1397 |
| **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** | **Federal agency bills & notes 13.50%** |
| Federal Farm Credit Banks 2/20/2026  | 3.580 | 2500 | 2488 |
| Federal Home Loan Bank 1/2/2026  | 3.500 | 3100 | 3100 |
| Federal Home Loan Bank 1/9/2026  | 3.840 | 2500 | 2498 |
| Federal Home Loan Bank 2/4/2026  | 3.590 | 2000 | 1994 |
| Federal Home Loan Bank 2/6/2026  | 3.685 | 3500 | 3488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** |
| Federal Home Loan Bank 2/11/2026  | 3.790<br> %<br>| USD1,400 | $1394 |
| Federal Home Loan Bank 3/6/2026  | 3.635 | 1500 | 1491 |
| Federal Home Loan Bank 3/20/2026  | 3.565 | 500 | 496 |
| **Total short-term securities** (cost: $24,378,000) | **Total short-term securities** (cost: $24,378,000) | **Total short-term securities** (cost: $24,378,000) | 24381 |
| **Total investment securities 105.95%** (cost: $132,611,000) | **Total investment securities 105.95%** (cost: $132,611,000) |  | 133040 |
| Other assets less liabilities (5.95)% | Other assets less liabilities (5.95)% |  | (7473)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $125567 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 2 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>|
| 2 Year U.S. Treasury Note Futures | Long | 343 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 140 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 30 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 18 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2024)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 23 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(132)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.3615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD495 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| SOFR | Annual | 3.8215% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD100 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.6965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/5/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD230 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| SOFR | Annual | 3.41% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,182 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,682,000, which represented 6.12% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $946,000, which represented 0.75% of the net assets of the fund. 

<sup>(f)</sup> Represents securities transacted on a TBA basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **256** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CME = CME Group |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **257** | American Funds Insurance Series |

---

------

Ultra-Short Bond Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 100.30% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 62.55%** | **Commercial paper 62.55%** | **Commercial paper 62.55%** | **Commercial paper 62.55%** |
| Apple, Inc. 1/5/2026 <sup>(a)</sup>  | 0.210<br> %<br>| USD4,000 | $3998 |
| Apple, Inc. 1/15/2026 <sup>(a)</sup>  | 0.315 | 7500 | 7489 |
| Cabot Trail Funding, LLC. 1/14/2026 <sup>(a)</sup>  | 1.160 | 10175 | 10160 |
| CHARTA, LLC 1/14/2026 <sup>(a)</sup>  | 0.449 | 10000 | 9985 |
| Chevron Corp. 1/5/2026 <sup>(a)</sup>  | 0.201 | 2200 | 2199 |
| Chevron Corp. 2/3/2026 <sup>(a)</sup>  | 0.544 | 11400 | 11361 |
| Cisco Systems, Inc. 1/22/2026 <sup>(a)</sup>  | 0.854 | 11900 | 11873 |
| DBS Bank, Ltd. 1/23/2026 <sup>(a)</sup>  | 1.522 | 11500 | 11473 |
| Essilor International 1/26/2026 <sup>(a)</sup>  | 0.346 | 9000 | 8976 |
| Linde, Inc. 1/20/2026  | 0.357 | 2900 | 2894 |
| Linde, Inc. 2/2/2026  | 0.435 | 8200 | 8173 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 2/2/2026 <sup>(a)</sup>  | 1.227 | 11000 | 10963 |
| Novartis Finance Corp. 1/12/2026 <sup>(a)</sup>  | 0.211 | 11000 | 10987 |
| Oversea-Chinese Banking Corp., Ltd. 1/5/2026 <sup>(a)</sup>  | 0.347 | 5200 | 5197 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(a)</sup>  | 0.260 | 4200 | 4189 |
| Paccar Financial Corp. 1/26/2026  | 0.385 | 10000 | 9973 |
| Procter & Gamble Co. 3/4/2026 <sup>(a)</sup>  | 0.748 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026  | 0.311 | 10000 | 9991 |
| Siemens Capital Company, LLC. 1/6/2026 <sup>(a)</sup>  | 1.103 | 7700 | 7695 |
| Starbird Funding Corp. 3/4/2026 <sup>(a)</sup>  | 0.822 | 10800 | 10729 |
| Victory Receivables Corp. 1/16/2026 <sup>(a)</sup>  | 0.994 | 12000 | 11980 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(a)</sup>  | 0.280 | 12200 | 12183 |
|  |  |  | 192404 |
| **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** | **Federal agency bills & notes 19.81%** |
| Federal Farm Credit Banks 2/20/2026  | 0.526 | 1000 | 995 |
| Federal Home Loan Bank 1/2/2026  | 0.020 | 4500 | 4500 |
| Federal Home Loan Bank 1/30/2026  | 1.143 | 9600 | 9573 |
| Federal Home Loan Bank 2/6/2026  | 0.877 | 5000 | 4983 |
| Federal Home Loan Bank 2/11/2026  | 0.869 | 2400 | 2391 |
| Federal Home Loan Bank 2/12/2026  | 0.841 | 6100 | 6075 |
| Federal Home Loan Bank 2/17/2026  | 0.739 | 7500 | 7466 |
| Federal Home Loan Bank 2/25/2026  | 1.086 | 11100 | 11041 |
| Federal Home Loan Bank 3/6/2026  | 0.795 | 4000 | 3975 |
| Federal Home Loan Bank 3/11/2026  | 0.787 | 5000 | 4967 |
| Federal Home Loan Bank 4/8/2026  | 0.962 | 5000 | 4953 |
|  |  |  | 60919 |
| **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** | **Bonds & notes of governments & government agencies outside the U.S. 13.50%** |
| Alberta (Province of) 3/2/2026 <sup>(a)</sup>  | 0.846 | 9800 | 9739 |
| Hydro-Québec 1/6/2026 <sup>(a)</sup>  | 0.385 | 11000 | 10993 |
| KfW 1/7/2026 <sup>(a)</sup>  | 0.218 | 2000 | 1999 |
| KfW 3/18/2026 <sup>(a)</sup>  | 0.762 | 8000 | 7939 |
| Ontario (Province of) 1/23/2026  | 0.563 | 7000 | 6984 |
| Ontario (Province of) 2/26/2026  | 0.828 | 3900 | 3877 |
|  |  |  | 41531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

------

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** | **U.S. Treasury bills 4.44%** |
| U.S. Treasury 2/10/2026  | 0.632<br> %<br>| USD8,700 | $8667 |
| U.S. Treasury 2/17/2026  | 0.652 | 5000 | 4977 |
|  |  |  | 13644 |
| **Total short-term securities** (cost: $308,476,000) | **Total short-term securities** (cost: $308,476,000) | **Total short-term securities** (cost: $308,476,000) | 308498 |
| **Total investment securities 100.30%** (cost: $308,476,000) | **Total investment securities 100.30%** (cost: $308,476,000) | **Total investment securities 100.30%** (cost: $308,476,000) | 308498 |
| Other assets less liabilities (0.30)% |  |  | (921)<br>|
| **Net assets 100.00%** |  |  | $307577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $192,043,000, which represented 62.44% of the net assets of the fund. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **259** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.86% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 43.50%** | **Mortgage-backed obligations 43.50%** | **Mortgage-backed obligations 43.50%** |
| **Federal agency mortgage-backed obligations 43.50%** |  |  |
| Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup>  | USD— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup>  | 413 | 409 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup>  | 968 | 957 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 721 | 683 |
| Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 297 | 281 |
| Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup>  | 9 | 10 |
| Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 15 | 15 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 22975 | 20051 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 250 | 257 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 126 | 129 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 27 | 28 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 114 | 117 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 14 | 14 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 63 | 65 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 5 | 6 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 16 | 16 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 6 | 5 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup>  | 28 | 27 |
| Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup>  | 754 | 784 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 7 | 6 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup>  | 51 | 49 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 3360 | 3191 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup>  | 42 | 40 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup>  | 11 | 10 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 77 | 75 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup>  | 2416 | 2281 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup>  | 31 | 29 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 43 | 42 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 61 | 59 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 13 | 13 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 865 | 822 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup>  | 318 | 302 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup>  | 84 | 79 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup>  | 428 | 406 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup>  | 241 | 228 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup>  | 2768 | 2508 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup>  | 706 | 611 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 24 | 21 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 447 | 382 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 150 | 130 |
| Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup>  | 1520 | 1304 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 187 | 153 |
| Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup>  | 1301 | 1054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **260** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | USD66 | $54 |
| Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup>  | 874 | 723 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup>  | 559 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 9 | 7 |
| Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup>  | 338 | 289 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 5 | 4 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup>  | 1334 | 1080 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup>  | 827 | 700 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup>  | 4198 | 3797 |
| Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup>  | 1272 | 1087 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 257 | 218 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 149 | 129 |
| Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup>  | 488 | 414 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup>  | 1207 | 1025 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 550 | 471 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 364 | 308 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup>  | 972 | 823 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 40 | 33 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(a)</sup>  | 20 | 17 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051 <sup>(a)</sup>  | 1948 | 1652 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup>  | 996 | 856 |
| Fannie Mae Pool #FA1935 2.50% 12/1/2051 <sup>(a)</sup>  | 5 | 4 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 633 | 575 |
| Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup>  | 463 | 375 |
| Fannie Mae Pool #CB2668 3.00% 1/1/2052 <sup>(a)</sup>  | 2286 | 2025 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 1868 | 1676 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup>  | 949 | 840 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | 383 | 310 |
| Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup>  | 368 | 312 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup>  | 160 | 137 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 2932 | 2654 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup>  | 1945 | 1724 |
| Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup>  | 410 | 391 |
| Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup>  | 3078 | 2496 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 7001 | 5926 |
| Fannie Mae Pool #CB3375 3.50% 4/1/2052 <sup>(a)</sup>  | 1004 | 931 |
| Fannie Mae Pool #BV9262 3.00% 5/1/2052 <sup>(a)</sup>  | 783 | 694 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 168 | 149 |
| Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup>  | 549 | 523 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup>  | 473 | 383 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup>  | 98 | 79 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup>  | 2471 | 2359 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup>  | 49 | 49 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup>  | 44 | 44 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup>  | 203 | 165 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 3391 | 2871 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 2189 | 2030 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 285 | 288 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup>  | 46 | 46 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 628 | 619 |
| Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup>  | 8032 | 8048 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 3185 | 2587 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup>  | 912 | 898 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 832 | 817 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup>  | 7788 | 7805 |
| Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup>  | 4729 | 4733 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 576 | 587 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 526 | 536 |
| Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup>  | 77 | 79 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 207 | 216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **261** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup>  | USD48 | $46 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup>  | 7 | 7 |
| Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup>  | 47 | 45 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 2465 | 2418 |
| Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup>  | 1804 | 1875 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1367 | 1303 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 660 | 691 |
| Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup>  | 717 | 739 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 543 | 563 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup>  | 223 | 212 |
| Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup>  | 1942 | 1977 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 320 | 338 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 288 | 294 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 1594 | 1646 |
| Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup>  | 70 | 67 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 2635 | 2682 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 2588 | 2664 |
| Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup>  | 1690 | 1741 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 1634 | 1684 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 1248 | 1287 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1196 | 1240 |
| Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup>  | 346 | 339 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 9038 | 9198 |
| Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup>  | 1490 | 1533 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 245 | 253 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup>  | 429 | 419 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 186 | 189 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 19754 | 20095 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup>  | 444 | 457 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 618 | 644 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 178 | 185 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup>  | 943 | 898 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup>  | 24 | 25 |
| Fannie Mae Pool #FS8361 3.50% 12/1/2053 <sup>(a)</sup>  | 254 | 236 |
| Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup>  | 23 | 21 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 494 | 502 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 136 | 138 |
| Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup>  | 9288 | 9680 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup>  | 721 | 758 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 2899 | 3018 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 445 | 452 |
| Fannie Mae Pool #FS7809 7.00% 2/1/2054 <sup>(a)</sup>  | 6000 | 6316 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 876 | 889 |
| Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup>  | 395 | 401 |
| Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup>  | 42 | 42 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 1169 | 1194 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 600 | 623 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 1109 | 1161 |
| Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup>  | 5132 | 5210 |
| Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup>  | 1595 | 1677 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 2882 | 2972 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 687 | 706 |
| Fannie Mae Pool #DB6813 6.00% 6/1/2054 <sup>(a)</sup>  | 106 | 109 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 3937 | 4107 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 1677 | 1743 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | 6657 | 6866 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 3615 | 3755 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 844 | 867 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 144 | 148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **262** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | USD5,993 | $6273 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 1622 | 1693 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 959 | 1007 |
| Fannie Mae Pool #DC1075 6.00% 8/1/2054 <sup>(a)</sup>  | 234 | 240 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 217 | 225 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 112 | 115 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 101 | 104 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 88 | 92 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 84 | 86 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup>  | 1648 | 1730 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | 1419 | 1475 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 1865 | 1906 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 1350 | 1387 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 91 | 93 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 45 | 46 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 4335 | 4506 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 1397 | 1440 |
| Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup>  | 132 | 125 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 199 | 203 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 23 | 23 |
| Fannie Mae Pool #DC5696 6.00% 11/1/2054 <sup>(a)</sup>  | 2547 | 2619 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 372 | 384 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 783 | 782 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 31 | 32 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 2206 | 2293 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 1578 | 1621 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 947 | 978 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 26 | 26 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 192 | 198 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 7300 | 7407 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 10881 | 11317 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 8612 | 8952 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 6435 | 6770 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 1829 | 1880 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 69 | 71 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 67 | 69 |
| Fannie Mae Pool #MA5676 7.00% 4/1/2055 <sup>(a)</sup>  | 670 | 705 |
| Fannie Mae Pool #DD9126 4.00% 5/1/2055 <sup>(a)</sup>  | 53 | 50 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 174 | 179 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup>  | 1377 | 1451 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 662 | 681 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | 5053 | 5256 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 3040 | 3159 |
| Fannie Mae Pool #BV6163 3.50% 8/1/2055 <sup>(a)</sup>  | 86 | 79 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 4204 | 4266 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 762 | 783 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 470 | 489 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup>  | 1705 | 1730 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | 158 | 150 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 1111 | 968 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 331 | 323 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 420 | 382 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup>  | 941 | 918 |
| Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| 1; <br><sup>(b)</sup><br>|
| Freddie Mac Pool #1H1354 6.26% 11/1/2036 <sup>(a)(d)</sup>  | 29 | 30 |
| Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup>  | 1083 | 1025 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup>  | 216 | 223 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup>  | 446 | 459 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 601 | 521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **263** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup>  | USD8,660 | $7741 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 2 | 2 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup>  | 22 | 21 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup>  | 109 | 107 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup>  | 161 | 154 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup>  | 202 | 203 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 41 | 38 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 58 | 55 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 5483 | 5288 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup>  | 39 | 37 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup>  | 39 | 37 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup>  | 32 | 30 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup>  | 24 | 23 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup>  | 19 | 18 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup>  | 16 | 16 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 11 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 10 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup>  | 686 | 666 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 38 | 37 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 32 | 31 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup>  | 21 | 20 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup>  | 12 | 12 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 63 | 62 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 5121 | 4951 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 156 | 156 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 74 | 73 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 50 | 49 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup>  | 16 | 16 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup>  | 123 | 117 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 36 | 34 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup>  | 290 | 275 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup>  | 151 | 143 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 23 | 21 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 1329 | 1079 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 28 | 24 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup>  | 1136 | 928 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 1713 | 1467 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 31 | 25 |
| Freddie Mac Pool #RA4528 2.50% 2/1/2051 <sup>(a)</sup>  | 713 | 605 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 51 | 42 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1974 | 1620 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 895 | 724 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 127 | 115 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup>  | 7920 | 6839 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 398 | 325 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 418 | 362 |
| Freddie Mac Pool #QD3226 2.50% 12/1/2051 <sup>(a)</sup>  | 952 | 806 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 104 | 88 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup>  | 259 | 224 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 121 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup>  | 4455 | 3606 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(a)</sup>  | 2324 | 1881 |
| Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup>  | 293 | 237 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 7547 | 7088 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 147 | 137 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup>  | 327 | 264 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(a)</sup>  | 104 | 97 |
| Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup>  | 325 | 309 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(a)</sup>  | 801 | 681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **264** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #8D0226 2.544% 5/1/2052 <sup>(a)(d)</sup>  | USD412 | $383 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 7491 | 6653 |
| Freddie Mac Pool #QE1489 3.50% 5/1/2052 <sup>(a)</sup>  | 1238 | 1148 |
| Freddie Mac Pool #QE3999 3.50% 5/1/2052 <sup>(a)</sup>  | 410 | 380 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup>  | 328 | 278 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup>  | 262 | 232 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup>  | 36 | 34 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 2028 | 1717 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 3100 | 2749 |
| Freddie Mac Pool #RA7572 3.00% 8/1/2052 <sup>(a)</sup>  | 48 | 43 |
| Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup>  | 135 | 128 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 180 | 177 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup>  | 781 | 782 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup>  | 45 | 45 |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup>  | 36 | 37 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 792 | 777 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 185 | 182 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 116 | 114 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 8774 | 8809 |
| Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup>  | 3051 | 2992 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 78 | 77 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 947 | 943 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup>  | 698 | 687 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1823 | 1856 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup>  | 3737 | 3900 |
| Freddie Mac Pool #SD8320 3.00% 2/1/2053 <sup>(a)</sup>  | 663 | 588 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 799 | 813 |
| Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup>  | 744 | 767 |
| Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup>  | 409 | 422 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 79 | 78 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 712 | 725 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 457 | 464 |
| Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup>  | 3287 | 3388 |
| Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup>  | 1519 | 1568 |
| Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup>  | 213 | 225 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 1346 | 1369 |
| Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup>  | 12863 | 13257 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup>  | 3429 | 3532 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 1797 | 1852 |
| Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup>  | 748 | 771 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 371 | 386 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 336 | 347 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 219 | 227 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 186 | 194 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 1797 | 1881 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 1557 | 1632 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 1477 | 1560 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 1453 | 1532 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 1018 | 1076 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 817 | 860 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 494 | 515 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 462 | 493 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 15782 | 16058 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 569 | 580 |
| Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup>  | 16252 | 16745 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup>  | 17343 | 17848 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup>  | 670 | 681 |
| Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup>  | 34942 | 35984 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 1977 | 2036 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 72 | 75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **265** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SL2623 3.00% 10/1/2053 <sup>(a)</sup>  | USD2,099 | $1859 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 4342 | 4473 |
| Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup>  | 686 | 671 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup>  | 2949 | 2993 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 9504 | 9972 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup>  | 32 | 33 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 1820 | 1849 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 340 | 355 |
| Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup>  | 157 | 149 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 861 | 875 |
| Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup>  | 3774 | 3911 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup>  | 172 | 177 |
| Freddie Mac Pool #SL2362 6.50% 2/1/2054 <sup>(a)</sup>  | 4620 | 4858 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 461 | 468 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 526 | 537 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 93 | 94 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 490 | 509 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 478 | 485 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 66 | 68 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 2108 | 2207 |
| Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup>  | 1019 | 1071 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup>  | 11156 | 11596 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup>  | 2477 | 2609 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 932 | 976 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 582 | 614 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 7350 | 7575 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 2780 | 2867 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 215 | 221 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 5542 | 5770 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 2052 | 2133 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 3847 | 3932 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 906 | 919 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 2900 | 2985 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 1336 | 1377 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 137 | 141 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 76 | 78 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 51 | 53 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 4317 | 4487 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 3489 | 3652 |
| Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup>  | 673 | 683 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 470 | 485 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 245 | 253 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 232 | 242 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 225 | 235 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 138 | 142 |
| Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup>  | 4396 | 4620 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1520 | 1580 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup>  | 1245 | 1301 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 379 | 384 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 3591 | 3719 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 3112 | 3197 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 1422 | 1480 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1033 | 1071 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 1444 | 1520 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 2201 | 2261 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup>  | 5 | 6 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 1301 | 1336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **266** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup>  | USD4,423 | $4646 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 1003 | 1042 |
| Freddie Mac Pool #QY0582 4.00% 4/1/2055 <sup>(a)</sup>  | 808 | 767 |
| Freddie Mac Pool #SD8524 5.50% 4/1/2055 <sup>(a)</sup>  | 213 | 216 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 378 | 388 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup>  | 622 | 661 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 348 | 357 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 649 | 648 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 8713 | 9057 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 2767 | 2807 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 1223 | 1257 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 4638 | 4821 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | 631 | 648 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup>  | 2776 | 2914 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup>  | 1752 | 1841 |
| Freddie Mac Pool #QZ5542 3.50% 10/1/2055 <sup>(a)</sup>  | 526 | 488 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 3875 | 3932 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup>  | 3332 | 3184 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup>  | 704 | 622 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 283 | 255 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 3410 | 3239 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 3022 | 2885 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 764 | 664 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup>  | 1062 | 971 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup>  | 324 | 318 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup>  | 3378 | 3042 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup>  | 386 | 377 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup>  | 590 | 529 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup>  | 1453 | 1417 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 316 | 284 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup>  | 1257 | 1185 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 12897 | 12705 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup>  | 3267 | 3108 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup>  | 933 | 868 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup>  | 435 | 392 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 3198 | 3120 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(e)</sup>  | 5 | 5 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup>  | 55 | 58 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup>  | 11 | 11 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup>  | 113 | 122 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup>  | 25 | 26 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup>  | 113 | 117 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 60 | 64 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup>  | 1653 | 1712 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup>  | 602 | 615 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup>  | 392 | 388 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup>  | 14 | 13 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 734 | 609 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 643 | 533 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 4304 | 3676 |
| Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup>  | 1863 | 1609 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 593 | 508 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 3352 | 2857 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup>  | 78 | 67 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 2855 | 2459 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 1472 | 1273 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 896 | 774 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 707 | 606 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 224 | 202 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 827 | 714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **267** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | USD176 | $158 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 2004 | 1847 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 620 | 568 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 3811 | 3522 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 291 | 277 |
| Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup>  | 401 | 382 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup>  | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup>  | 50 | 50 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 4091 | 4008 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 2634 | 2581 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 1116 | 1091 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 4323 | 4109 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 1352 | 1319 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 484 | 490 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup>  | 989 | 999 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 343 | 346 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup>  | 928 | 845 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup>  | 484 | 440 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 418 | 312 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(e)</sup>  | 1115 | 1033 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(e)</sup>  | 920 | 908 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2041 <sup>(a)(e)</sup>  | 780 | 790 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(e)</sup>  | 16198 | 13097 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(e)</sup>  | 119 | 110 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(e)</sup>  | 1999 | 1951 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(e)</sup>  | 6284 | 6373 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(e)</sup>  | 18724 | 19228 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(e)</sup>  | 6031 | 6268 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(e)</sup>  | 7168 | 6605 |
| **Total mortgage-backed obligations** |  | 816712 |
| **U.S. Treasury bonds & notes 40.76%** | **U.S. Treasury bonds & notes 40.76%** | **U.S. Treasury bonds & notes 40.76%** |
| **U.S. Treasury 36.84%** |  |  |
| U.S. Treasury 4.25% 1/31/2026  | 5535 | 5536 |
| U.S. Treasury 4.625% 2/28/2026  | 9375 | 9388 |
| U.S. Treasury 4.625% 3/15/2026  | 11050 | 11072 |
| U.S. Treasury 4.50% 3/31/2026  | 1435 | 1438 |
| U.S. Treasury 4.875% 4/30/2026  | 35525 | 35676 |
| U.S. Treasury 0.875% 6/30/2026  | 2065 | 2038 |
| U.S. Treasury 4.50% 7/15/2026  | 10366 | 10422 |
| U.S. Treasury 4.375% 7/31/2026  | 25795 | 25919 |
| U.S. Treasury 4.625% 9/15/2026  | 10209 | 10285 |
| U.S. Treasury 3.50% 9/30/2026  | 11100 | 11094 |
| U.S. Treasury 3.875% 3/31/2027  | 23000 | 23100 |
| U.S. Treasury 4.50% 4/15/2027  | 30000 | 30371 |
| U.S. Treasury 0.50% 4/30/2027  | 1250 | 1202 |
| U.S. Treasury 2.625% 5/31/2027  | 2290 | 2263 |
| U.S. Treasury 3.75% 6/30/2027  | 33220 | 33348 |
| U.S. Treasury 3.875% 7/31/2027  | 10000 | 10059 |
| U.S. Treasury 3.75% 8/15/2027  | 5043 | 5064 |
| U.S. Treasury 3.625% 8/31/2027  | 2945 | 2951 |
| U.S. Treasury 3.375% 11/30/2027  | 600 | 599 |
| U.S. Treasury 4.25% 2/15/2028 <sup>(f)</sup>  | 48655 | 49404 |
| U.S. Treasury 3.625% 5/31/2028  | 14850 | 14890 |
| U.S. Treasury 1.25% 6/30/2028  | 3325 | 3147 |
| U.S. Treasury 4.00% 6/30/2028  | 6907 | 6988 |
| U.S. Treasury 1.00% 7/31/2028  | 970 | 910 |
| U.S. Treasury 4.125% 7/31/2028  | 17685 | 17950 |
| U.S. Treasury 3.50% 11/15/2028  | 410 | 410 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **268** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 2.625% 2/15/2029  | USD3,270 | $3180 |
| U.S. Treasury 4.50% 5/31/2029  | 825 | 849 |
| U.S. Treasury 2.625% 7/31/2029  | 9309 | 9006 |
| U.S. Treasury 4.00% 7/31/2029  | 15070 | 15268 |
| U.S. Treasury 4.125% 10/31/2029  | 4800 | 4883 |
| U.S. Treasury 4.125% 11/30/2029  | 10200 | 10377 |
| U.S. Treasury 4.375% 12/31/2029  | 23475 | 24106 |
| U.S. Treasury 4.00% 2/28/2030  | 11270 | 11415 |
| U.S. Treasury 4.00% 3/31/2030  | 15000 | 15193 |
| U.S. Treasury 3.75% 6/30/2030  | 17030 | 17075 |
| U.S. Treasury 3.875% 6/30/2030  | 6000 | 6046 |
| U.S. Treasury 4.00% 7/31/2030  | 1185 | 1200 |
| U.S. Treasury 4.625% 9/30/2030  | 1290 | 1341 |
| U.S. Treasury 4.875% 10/31/2030  | 625 | 657 |
| U.S. Treasury 3.50% 11/30/2030  | 505 | 500 |
| U.S. Treasury 4.25% 6/30/2031  | 9625 | 9847 |
| U.S. Treasury 4.125% 11/30/2031  | 3240 | 3290 |
| U.S. Treasury 4.125% 2/29/2032  | 9305 | 9440 |
| U.S. Treasury 4.125% 3/31/2032  | 3000 | 3043 |
| U.S. Treasury 4.125% 5/31/2032  | 10295 | 10435 |
| U.S. Treasury 4.00% 6/30/2032  | 16910 | 17018 |
| U.S. Treasury 2.75% 8/15/2032  | 8095 | 7550 |
| U.S. Treasury 3.75% 11/30/2032  | 4075 | 4030 |
| U.S. Treasury 3.875% 8/15/2033  | 3180 | 3156 |
| U.S. Treasury 4.375% 5/15/2034  | 1687 | 1726 |
| U.S. Treasury 3.875% 8/15/2034  | 1970 | 1941 |
| U.S. Treasury 4.25% 11/15/2034  | 1790 | 1810 |
| U.S. Treasury 4.625% 2/15/2035  | 5000 | 5194 |
| U.S. Treasury 4.25% 5/15/2035  | 1800 | 1816 |
| U.S. Treasury 4.25% 8/15/2035  | 5315 | 5357 |
| U.S. Treasury 4.00% 11/15/2035  | 285 | 281 |
| U.S. Treasury 4.50% 8/15/2039  | 13655 | 13699 |
| U.S. Treasury 4.625% 2/15/2040  | 90 | 91 |
| U.S. Treasury, interest only, 0% 11/15/2040  | 1110 | 545 |
| U.S. Treasury 1.375% 11/15/2040  | 1945 | 1265 |
| U.S. Treasury 3.875% 5/15/2043  | 820 | 737 |
| U.S. Treasury 4.375% 8/15/2043  | 40 | 38 |
| U.S. Treasury 4.50% 2/15/2044  | 3780 | 3663 |
| U.S. Treasury 4.125% 8/15/2044  | 11760 | 10810 |
| U.S. Treasury 2.50% 2/15/2045  | 4850 | 3441 |
| U.S. Treasury 5.00% 5/15/2045  | 8955 | 9207 |
| U.S. Treasury 4.625% 11/15/2045  | 180 | 176 |
| U.S. Treasury 2.50% 2/15/2046  | 3900 | 2720 |
| U.S. Treasury 2.50% 5/15/2046  | 1585 | 1101 |
| U.S. Treasury 2.875% 11/15/2046  | 2700 | 1997 |
| U.S. Treasury 3.00% 8/15/2048  | 750 | 556 |
| U.S. Treasury 2.375% 11/15/2049  | 1435 | 924 |
| U.S. Treasury 1.25% 5/15/2050  | 14825 | 7117 |
| U.S. Treasury 1.375% 8/15/2050  | 4330 | 2135 |
| U.S. Treasury 1.625% 11/15/2050  | 35205 | 18533 |
| U.S. Treasury 1.875% 2/15/2051  | 5892 | 3301 |
| U.S. Treasury 2.375% 5/15/2051  | 6280 | 3968 |
| U.S. Treasury 2.00% 8/15/2051  | 5226 | 3001 |
| U.S. Treasury 1.875% 11/15/2051  | 3164 | 1754 |
| U.S. Treasury 3.00% 8/15/2052  | 895 | 643 |
| U.S. Treasury 4.00% 11/15/2052  | 1849 | 1607 |
| U.S. Treasury 4.75% 11/15/2053  | 205 | 202 |
| U.S. Treasury 4.25% 2/15/2054  | 11130 | 10086 |
| U.S. Treasury 4.625% 5/15/2054  | 3165 | 3054 |
| U.S. Treasury 4.25% 8/15/2054  | 50 | 45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **269** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.625% 2/15/2055  | U.S. Treasury 4.625% 2/15/2055  | USD7,370 | $7115 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  | U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  | 27230 | 26830 |
| U.S. Treasury 4.625% 11/15/2055  | U.S. Treasury 4.625% 11/15/2055  | 19425 | 18754 |
|  |  |  | 691669 |
| **U.S. Treasury inflation-protected securities 3.92%** | **U.S. Treasury inflation-protected securities 3.92%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | 9620 | 9533 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  | 2960 | 2907 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  | 37322 | 37704 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  | 1093 | 1014 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  | 3399 | 3107 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  | 7377 | 7411 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  | 141 | 138 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup>  | 1506 | 1173 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  | 1756 | 1308 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  | 323 | 233 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  | 368 | 212 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  | 144 | 78 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  | 456 | 410 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | 8752 | 8308 |
|  |  |  | 73536 |
| **Total U.S. Treasury bonds & notes** | **Total U.S. Treasury bonds & notes** |  | 765205 |
| **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** | **Federal agency bonds & notes 2.60%** |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026  | Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026  | 46 | 46 |
| Federal Home Loan Bank 3.25% 11/16/2028  | Federal Home Loan Bank 3.25% 11/16/2028  | 6500 | 6462 |
| Federal Home Loan Bank 5.50% 7/15/2036  | Federal Home Loan Bank 5.50% 7/15/2036  | 300 | 329 |
| Federal National Mortgage Association 7.125% 1/15/2030  | Federal National Mortgage Association 7.125% 1/15/2030  | 2000 | 2258 |
| Private Export Funding Corp. 1.40% 7/15/2028  | Private Export Funding Corp. 1.40% 7/15/2028  | 3000 | 2840 |
| Tennessee Valley Authority 2.875% 2/1/2027  | Tennessee Valley Authority 2.875% 2/1/2027  | 5000 | 4966 |
| Tennessee Valley Authority 4.875% 5/15/2035  | Tennessee Valley Authority 4.875% 5/15/2035  | 2445 | 2525 |
| Tennessee Valley Authority 4.65% 6/15/2035  | Tennessee Valley Authority 4.65% 6/15/2035  | 1780 | 1811 |
| Tennessee Valley Authority 5.88% 4/1/2036  | Tennessee Valley Authority 5.88% 4/1/2036  | 875 | 980 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | 250 | 223 |
| Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033  | Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033  | 660 | 639 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026  | U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026  | 645 | 657 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026  | U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026  | 2200 | 2188 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027  | U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027  | 10250 | 10131 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028  | U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028  | 3064 | 3029 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029  | U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029  | 2020 | 1987 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030  | U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030  | 1773 | 1726 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031  | U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031  | 2074 | 1998 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032  | U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032  | 2167 | 2056 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033  | U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033  | 1639 | 1545 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034  | U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034  | 330 | 308 |
|  |  |  | 48704 |
| **Total bonds, notes & other debt instruments** (cost: $1,653,043,000) | **Total bonds, notes & other debt instruments** (cost: $1,653,043,000) |  | 1630621 |
| Short-term securities 15.36% | Weighted<br> average yield<br> at acquisition<br>|  |  |
| **Commercial paper 8.81%** | **Commercial paper 8.81%** | **Commercial paper 8.81%** | **Commercial paper 8.81%** |
| Apple, Inc. 1/15/2026 <sup>(c)</sup>  | 3.650<br> %<br>| 15000 | 14977 |
| CAFCO, LLC 1/14/2026 <sup>(c)</sup>  | 4.040 | 10000 | 9985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper (continued)** | **Commercial paper (continued)** | **Commercial paper (continued)** | **Commercial paper (continued)** |
| Chevron Corp. 2/3/2026 <sup>(c)</sup>  | 3.760<br> %<br>| USD12,300 | $12258 |
| Desjardins Group 2/27/2026 <sup>(c)</sup>  | 3.750 | 12500 | 12425 |
| Exxon Asset Management Co. 3/31/2026  | 3.820 | 19510 | 19332 |
| Linde, Inc. 1/20/2026  | 3.660 | 9400 | 9381 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 10000 | 9998 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(c)</sup>  | 3.740 | 7000 | 6981 |
| Procter & Gamble Co. 1/23/2026 <sup>(c)</sup>  | 3.900 | 10000 | 9977 |
| Procter & Gamble Co. 3/4/2026 <sup>(c)</sup>  | 3.750 | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026  | 3.700 | 20000 | 19982 |
| TOTAL Holdings USA, Inc. 1/5/2026 <sup>(c)</sup>  | 3.715 | 15000 | 14992 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 15200 | 15178 |
|  |  |  | 165402 |
| **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** | **Bonds & notes of governments & government agencies outside the U.S. 2.58%** |
| Alberta (Province of) 2/12/2026 <sup>(c)</sup>  | 3.770 | 10100 | 10056 |
| KfW 1/7/2026 <sup>(c)</sup>  | 3.700 | 13000 | 12991 |
| Ontario (Province of) 2/6/2026  | 3.770 | 25600 | 25501 |
|  |  |  | 48548 |
| **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** | **Federal agency bills & notes 3.97%** |
| Federal Farm Credit Banks 2/20/2026  | 3.580 | 30500 | 30353 |
| Federal Home Loan Bank 1/2/2026  | 3.500 | 14364 | 14364 |
| Federal Home Loan Bank 1/23/2026  | 3.842 | 11960 | 11935 |
| Federal Home Loan Bank 2/25/2026  | 3.725 | 17900 | 17805 |
| **Total short-term securities** (cost: $288,397,000) | **Total short-term securities** (cost: $288,397,000) | **Total short-term securities** (cost: $288,397,000) | 288407 |
| Options purchased (equity style) 0.01% |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  | 242 |
| **Total options purchased (equity style)** (cost: $330,000) | **Total options purchased (equity style)** (cost: $330,000) |  | 242 |
| **Total investment securities 102.23%** (cost: $1,941,770,000) | **Total investment securities 102.23%** (cost: $1,941,770,000) |  | 1919270 |
| **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $102,000) | **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $102,000) |  | (81)<br>|
| Other assets less liabilities (2.23)% | Other assets less liabilities (2.23)% |  | (41841)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $1877348 |

---

**\*Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD96.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD606,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

<sup>†</sup>**Options written (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD96.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(361,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(81)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 18 | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD7,228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 30 Day Federal Funds Futures | Long | 443 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 3 Month SOFR Futures | Long | 3 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| 3 Month SOFR Futures | Long | 26 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 5852 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1221834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (293)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 2936 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (856)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 253 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29099)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| 10 Year U.S. Treasury Note Futures | Short | 1099 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123569)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| 20 Year U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 447 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (850)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1214)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 4.184% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,198 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 4.2035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,197 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 4.2045% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,020 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.27% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,621 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| 4.265% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,777 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 4.3035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,874 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.2515% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,847 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.2675% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,771 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.3005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,989 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 4.288% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,021 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 4.568% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,000 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| 4.56% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,400 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| 4.6275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD49,370 | &nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| 4.9005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,100 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| 4.815% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD31,500 | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| 4.723% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,490 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| 4.659% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD45,400 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
| SOFR | Annual | 4.528% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,700 | &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| U.S. Urban CPI | At maturity | 2.12% | At maturity | &nbsp;&nbsp;&nbsp;&nbsp; 12/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,735 | &nbsp;&nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8 |
| 3.535% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,000 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| 3.5405% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,100 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| 3.53% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD7,300 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD54,150 | &nbsp;&nbsp;&nbsp;&nbsp; (467)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (467)<br>|
| 3.7645% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD23,600 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| 3.761% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,800 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| 4.5895% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,710 | &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| SOFR | Annual | 3.2465% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,600 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| SOFR | Annual | 3.249% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,690 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| 3.45% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,500 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| 3.47% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,600 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| 3.6475% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD19,700 | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
| SOFR | Annual | 3.528% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.529% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.5485% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,200 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| U.S. EFFR | Annual | 0.5385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD49,000 | &nbsp;&nbsp;&nbsp;&nbsp; 5455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5455 |
| 3.18% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 3.275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| 3.353% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| 3.342% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| 3.344% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| 3.128% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| 3.285% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| 3.259% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 3.186% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 3.215% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| 3.29% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,100 | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| SOFR | Annual | 3.3615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,320 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| 3.31% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,800 | &nbsp;&nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| U.S. EFFR | Annual | 0.666% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,500 | &nbsp;&nbsp;&nbsp;&nbsp; 1909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1909 |
| 3.488% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,316 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 3.43574% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; USD7,364 | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| SOFR | Annual | 3.326% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,880 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| SOFR | Annual | 3.4225% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,938 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| SOFR | Annual | 4.1615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD330 | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| SOFR | Annual | 4.15% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD880 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| 4.0135% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,185 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,655 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| SOFR | Annual | 3.7175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/8/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,180 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| SOFR | Annual | 3.6965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/5/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,870 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| SOFR | Annual | 3.79168% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,076 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| SOFR | Annual | 3.801% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,989 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| SOFR | Annual | 3.175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| 3.065% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/7/2040 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,300 | &nbsp;&nbsp;&nbsp;&nbsp; (1298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1298)<br>|
| 3.616% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,600 | &nbsp;&nbsp;&nbsp;&nbsp; (393)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (393)<br>|
| 3.561% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (372)<br>|
| SOFR | Annual | 3.9815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,330 | &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| SOFR | Annual | 3.045% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,600 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
| SOFR | Annual | 2.85282% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp;&nbsp; USD540 | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| SOFR | Annual | 2.93542% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp;&nbsp; USD550 | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| SOFR | Annual | 3.01413% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,402 | &nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| SOFR | Annual | 3.02% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,400 | &nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 2.974% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; $159 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $159 |
| SOFR | Annual | 3.044% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| SOFR | Annual | 3.0875% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 3.1035% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| SOFR | Annual | 3.0895% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 2.9405% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| SOFR | Annual | 3.0535% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,600 | &nbsp;&nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
| SOFR | Annual | 3.085% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD900 | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| SOFR | Annual | 3.1135% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/10/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| SOFR | Annual | 3.1605% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,000 | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
| SOFR | Annual | 3.6765% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,019 | &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
| SOFR | Annual | 3.6815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,510 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| SOFR | Annual | 3.7205% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SOFR | Annual | 3.47875% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,200 | &nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
| SOFR | Annual | 3.415% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,700 | &nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
| 4.13862% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,957 | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| 4.097% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,702 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11931 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $140,672,000, which represented 7.49% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,083,000, which represented 0.86% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CPI = Consumer Price Index |
| EFFR = Effective Federal Funds Rate |

---

---

| |
|:---|
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

------

Managed Risk Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 3046065 | $429678 |
| **Total growth funds** (cost: $297,224,000) |  | 429678 |
| Fixed income funds 10.02% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 5324267 | 50687 |
| **Total fixed income funds** (cost: $50,772,000) |  | 50687 |
| Short-term securities 4.63% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 23417711 | 23418 |
| **Total short-term securities** (cost: $23,418,000) |  | 23418 |
| Options purchased (equity style) 0.27% |  |  |
| Options purchased (equity style)\* |  | 1328 |
| **Total options purchased** (cost: $4,348,000) |  | 1328 |
| **Total investment securities 99.91**% (cost: $375,762,000) |  | 505111 |
| Other assets less liabilities 0.09% |  | 468 |
| **Net assets 100.00%** |  | $505579 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD61,610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

------

Managed Risk Growth Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 46 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD15,853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 84.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $445562 | &nbsp;&nbsp; $116262 | &nbsp;&nbsp; $180830 | &nbsp;&nbsp; $70206 | &nbsp;&nbsp; $(21522)<br>| &nbsp;&nbsp; $429678 | &nbsp;&nbsp; $1046 | &nbsp;&nbsp; $34295 |
| **Fixed income funds 10.02%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 52786 | &nbsp;&nbsp; 41135 | &nbsp;&nbsp; 44622 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 50687 | &nbsp;&nbsp; 2246 | &nbsp;&nbsp; — |
| **Total 95.01%** |  |  |  | &nbsp;&nbsp; $70221 | &nbsp;&nbsp; $(20149)<br>| &nbsp;&nbsp; $480365 | &nbsp;&nbsp; $3292 | &nbsp;&nbsp; $34295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **276** |

---

------

Managed Risk International Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 85.00% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – International Fund, Class 1  | 4316673 | $96391 |
| **Total growth funds** (cost: $68,990,000) |  | 96391 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 1190669 | 11335 |
| **Total fixed income funds** (cost: $11,379,000) |  | 11335 |
| Short-term securities 4.79% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 5428105 | 5428 |
| **Total short-term securities** (cost: $5,428,000) |  | 5428 |
| Options purchased (equity style) 0.23% |  |  |
| Options purchased (equity style)\* |  | 267 |
| **Total options purchased** (cost: $774,000) |  | 267 |
| **Total investment securities 100.01**% (cost: $86,571,000) |  | 113421 |
| Other assets less liabilities (0.01)% |  | (17)<br>|
| **Net assets 100.00%** |  | $113404 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $267 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| MSCI EAFE Index Futures | Long | 21 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD3,047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

------

Managed Risk International Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 85.00%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>International Fund, Class 1 <br>| $96701 | &nbsp;&nbsp; $11326 | &nbsp;&nbsp; $33601 | &nbsp;&nbsp; $6644 | &nbsp;&nbsp; $15321 | &nbsp;&nbsp; $96391 | &nbsp;&nbsp; $1416 | &nbsp;&nbsp; $— |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 11472 | &nbsp;&nbsp; 6653 | &nbsp;&nbsp; 7132 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 11335 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; — |
| **Total 94.99%** |  |  |  | &nbsp;&nbsp; $6733 | &nbsp;&nbsp; $15574 | &nbsp;&nbsp; $107726 | &nbsp;&nbsp; $1911 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **278** |

---

------

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.06% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 14745796 | $268079 |
| **Total growth-and-income funds** (cost: $198,932,000) |  | 268079 |
| Fixed income funds 10.01% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1  | 3186969 | 31551 |
| **Total fixed income funds** (cost: $31,563,000) |  | 31551 |
| Short-term securities 4.67% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 14703653 | 14704 |
| **Total short-term securities** (cost: $14,704,000) |  | 14704 |
| Options purchased (equity style) 0.20% |  |  |
| Options purchased (equity style)\* |  | 647 |
| **Total options purchased** (cost: $2,471,000) |  | 647 |
| **Total investment securities 99.94**% (cost: $247,670,000) |  | 314981 |
| Other assets less liabilities 0.06% |  | 191 |
| **Net assets 100.00%** |  | $315172 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD10,268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

------

Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 24 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD8,271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 85.06%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| $273106 | &nbsp;&nbsp; $49141 | &nbsp;&nbsp; $75666 | &nbsp;&nbsp; $17364 | &nbsp;&nbsp; $4134 | &nbsp;&nbsp; $268079 | &nbsp;&nbsp; $4236 | &nbsp;&nbsp; $17905 |
| **Fixed income funds 10.01%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>U.S. Government Securities Fund, Class 1 <br>| 32524 | &nbsp;&nbsp; 16239 | &nbsp;&nbsp; 18298 | &nbsp;&nbsp; (161)<br>| &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 31551 | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; — |
| **Total 95.07%** |  |  |  | &nbsp;&nbsp; $17203 | &nbsp;&nbsp; $5381 | &nbsp;&nbsp; $299630 | &nbsp;&nbsp; $5641 | &nbsp;&nbsp; $17905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **280** |

---

------

Managed Risk Growth-Income Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.67% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 24608461 | $1666731 |
| **Total growth-and-income funds** (cost: $1,348,887,000) |  | 1666731 |
| Fixed income funds 14.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 32944468 | 313631 |
| **Total fixed income funds** (cost: $313,629,000) |  | 313631 |
| Short-term securities 4.82% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 100972696 | 100973 |
| **Total short-term securities** (cost: $100,973,000) |  | 100973 |
| Options purchased (equity style) 0.34% |  |  |
| Options purchased (equity style)\* |  | 7071 |
| **Total options purchased** (cost: $27,268,000) |  | 7071 |
| **Total investment securities 99.82**% (cost: $1,790,757,000) |  | 2088406 |
| Other assets less liabilities 0.18% |  | 3734 |
| **Net assets 100.00%** |  | $2092140 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD54,764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1252727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4525.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1697684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2442 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 255 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD87,879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 79.67%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| $1736906 | &nbsp;&nbsp; $440767 | &nbsp;&nbsp; $500363 | &nbsp;&nbsp; $102594 | &nbsp;&nbsp; $(113173)<br>| &nbsp;&nbsp; $1666731 | &nbsp;&nbsp; $18415 | &nbsp;&nbsp; $278792 |
| **Fixed income funds 14.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 325683 | &nbsp;&nbsp; 143011 | &nbsp;&nbsp; 164543 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 8856 | &nbsp;&nbsp; 313631 | &nbsp;&nbsp; 13851 | &nbsp;&nbsp; — |
| **Total 94.66%** |  |  |  | &nbsp;&nbsp; $103218 | &nbsp;&nbsp; $(104317)<br>| &nbsp;&nbsp; $1980362 | &nbsp;&nbsp; $32266 | &nbsp;&nbsp; $278792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **282** |

---

------

Managed Risk Asset Allocation Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.20% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 51064459 | $1404783 |
| **Total asset allocation funds** (cost: $1,177,798,000) |  | 1404783 |
| Short-term securities 4.77% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 70445349 | 70445 |
| **Total short-term securities** (cost: $70,445,000) |  | 70445 |
| Options purchased (equity style) 0.08% |  |  |
| Options purchased (equity style)\* |  | 1217 |
| **Total options purchased** (cost: $3,674,000) |  | 1217 |
| **Total investment securities 100.05**% (cost: $1,251,917,000) |  | 1476445 |
| Other assets less liabilities (0.05)% |  | (743)<br>|
| **Net assets 100.00%** |  | $1475702 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD263,552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1217 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 41 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

------

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Asset allocation funds 95.20%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| $1923478 | &nbsp;&nbsp; $267997 | &nbsp;&nbsp; $889458 | &nbsp;&nbsp; $39013 | &nbsp;&nbsp; $63753 | &nbsp;&nbsp; $1404783 | &nbsp;&nbsp; $32501 | &nbsp;&nbsp; $127660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025. <br> <sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

------

Financial statements

**Statements of assets and liabilities** at December 31, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $8852855 | &nbsp;&nbsp; $2958933 | &nbsp;&nbsp; $53450984 | &nbsp;&nbsp; $7375128 | &nbsp;&nbsp; $4007822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 288884 | &nbsp;&nbsp; 99500 | &nbsp;&nbsp; 1303602 | &nbsp;&nbsp; 122775 | &nbsp;&nbsp; 60900 |
| Cash | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 673 |
| Cash collateral received for securities on loan | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7659 | &nbsp;&nbsp; 2331 | &nbsp;&nbsp; 2919 | &nbsp;&nbsp; 660 |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral pledged for swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash denominated in currencies other than U.S. dollars | &nbsp;&nbsp; 524 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 364 |
| Unrealized appreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80 |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on unfunded commitments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2909 | &nbsp;&nbsp; 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | &nbsp;&nbsp; 1608 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 20679 | &nbsp;&nbsp; 1289 | &nbsp;&nbsp; 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | &nbsp;&nbsp; 11224 | &nbsp;&nbsp; 3053 | &nbsp;&nbsp; 17315 | &nbsp;&nbsp; 17842 | &nbsp;&nbsp; 8768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 869 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 1967 | &nbsp;&nbsp; 1037 |
|  | &nbsp;&nbsp; 9156151 | &nbsp;&nbsp; 3071248 | &nbsp;&nbsp; 54796225 | &nbsp;&nbsp; 7525909 | &nbsp;&nbsp; 4084592 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 76585 | &nbsp;&nbsp; 29093 | &nbsp;&nbsp; 29195 | &nbsp;&nbsp; 6603 |
| Unrealized depreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78 |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 20443 | &nbsp;&nbsp; 6814 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 4143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | &nbsp;&nbsp; 12524 | &nbsp;&nbsp; 2529 | &nbsp;&nbsp; 54104 | &nbsp;&nbsp; 12427 | &nbsp;&nbsp; 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 2898 | &nbsp;&nbsp; 1513 | &nbsp;&nbsp; 13966 | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 4640 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 7457 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | &nbsp;&nbsp; 4865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 26882 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 15506 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 18899 |
|  | &nbsp;&nbsp; 24805 | &nbsp;&nbsp; 117445 | &nbsp;&nbsp; 117443 | &nbsp;&nbsp; 73929 | &nbsp;&nbsp; 37224 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $9131346 | &nbsp;&nbsp; $2953803 | &nbsp;&nbsp; $54678782 | &nbsp;&nbsp; $7451980 | &nbsp;&nbsp; $4047368 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $4669963 | &nbsp;&nbsp; $1914050 | &nbsp;&nbsp; $18377552 | &nbsp;&nbsp; $4482586 | &nbsp;&nbsp; $2226544 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp; 4461383 | &nbsp;&nbsp; 1039753 | &nbsp;&nbsp; 36301230 | &nbsp;&nbsp; 2969394 | &nbsp;&nbsp; 1820824 |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $9131346 | &nbsp;&nbsp; $2953803 | &nbsp;&nbsp; $54678782 | &nbsp;&nbsp; $7451980 | &nbsp;&nbsp; $4047368 |
| Investment securities on loan, at value | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $77998 | &nbsp;&nbsp; $22741 | &nbsp;&nbsp; $32814 | &nbsp;&nbsp; $8183 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 5567435 | &nbsp;&nbsp; 2237741 | &nbsp;&nbsp; 21947122 | &nbsp;&nbsp; 4929779 | &nbsp;&nbsp; 2464149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 288846 | &nbsp;&nbsp; 99493 | &nbsp;&nbsp; 1303348 | &nbsp;&nbsp; 122756 | &nbsp;&nbsp; 60891 |
| Cash denominated in currencies other than U.S. dollars, at cost | &nbsp;&nbsp; 524 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 1004 | &nbsp;&nbsp; 364 |
| Premiums received on options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **285** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $11684406 | &nbsp;&nbsp; $97802 | &nbsp;&nbsp; $2056244 | &nbsp;&nbsp; $42116707 | &nbsp;&nbsp; $398386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 272530 | &nbsp;&nbsp; 2963 | &nbsp;&nbsp; 26204 | &nbsp;&nbsp; 1493802 | &nbsp;&nbsp; 5441 |
| Cash | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 57 |
| Cash collateral received for securities on loan | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85 |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral pledged for swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash denominated in currencies other than U.S. dollars | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 81 |
| Unrealized appreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on unfunded commitments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | &nbsp;&nbsp; 14157 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 4104 | &nbsp;&nbsp; 39606 | &nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | &nbsp;&nbsp; 4976 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 7670 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | &nbsp;&nbsp; 15199 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 4247 | &nbsp;&nbsp; 38254 | &nbsp;&nbsp; 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 284 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp; 11992226 | &nbsp;&nbsp; 101156 | &nbsp;&nbsp; 2092225 | &nbsp;&nbsp; 43698200 | &nbsp;&nbsp; 406781 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | &nbsp;&nbsp; 863 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; — | &nbsp;&nbsp; 848 |
| Unrealized depreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | &nbsp;&nbsp; 2561 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 18633 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | &nbsp;&nbsp; 9217 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 2063 | &nbsp;&nbsp; 34095 | &nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 2288 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 664 | &nbsp;&nbsp; 9209 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 2056 | &nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | &nbsp;&nbsp; 1458 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 4862 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | &nbsp;&nbsp; 176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1192 | &nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 159 | &nbsp;&nbsp; — | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 10 |
|  | &nbsp;&nbsp; 18170 | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 5516 | &nbsp;&nbsp; 70889 | &nbsp;&nbsp; 2166 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $11974056 | &nbsp;&nbsp; $99626 | &nbsp;&nbsp; $2086709 | &nbsp;&nbsp; $43627311 | &nbsp;&nbsp; $404615 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $6329907 | &nbsp;&nbsp; $96908 | &nbsp;&nbsp; $1027159 | &nbsp;&nbsp; $19543567 | &nbsp;&nbsp; $280952 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp; 5644149 | &nbsp;&nbsp; 2718 | &nbsp;&nbsp; 1059550 | &nbsp;&nbsp; 24083744 | &nbsp;&nbsp; 123663 |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $11974056 | &nbsp;&nbsp; $99626 | &nbsp;&nbsp; $2086709 | &nbsp;&nbsp; $43627311 | &nbsp;&nbsp; $404615 |
| Investment securities on loan, at value | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $914 | &nbsp;&nbsp; $987 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $893 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 7123077 | &nbsp;&nbsp; 94143 | &nbsp;&nbsp; 1176146 | &nbsp;&nbsp; 21385651 | &nbsp;&nbsp; 268828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 272473 | &nbsp;&nbsp; 2962 | &nbsp;&nbsp; 26199 | &nbsp;&nbsp; 1435195 | &nbsp;&nbsp; 5440 |
| Cash denominated in currencies other than U.S. dollars, at cost | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 81 |
| Premiums received on options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **286** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $1550384 | &nbsp;&nbsp; $25894359 | &nbsp;&nbsp; $419047 | &nbsp;&nbsp; $10789267 | &nbsp;&nbsp; $1345676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 119513 | &nbsp;&nbsp; 1851572 | &nbsp;&nbsp; 32007 | &nbsp;&nbsp; 624236 | &nbsp;&nbsp; 136894 |
| Cash | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 1674 | &nbsp;&nbsp; 425 |
| Cash collateral received for securities on loan | &nbsp;&nbsp; 1157 | &nbsp;&nbsp; 2069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral pledged for swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash denominated in currencies other than U.S. dollars | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 9 |
| Unrealized appreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 2812 |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 136 |
| Unrealized appreciation on unfunded commitments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | &nbsp;&nbsp; 2897 | &nbsp;&nbsp; 251377 | &nbsp;&nbsp; 1442 | &nbsp;&nbsp; 55805 | &nbsp;&nbsp; 9996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 3662 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 5946 | &nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | &nbsp;&nbsp; 5640 | &nbsp;&nbsp; 79619 | &nbsp;&nbsp; 2033 | &nbsp;&nbsp; 83388 | &nbsp;&nbsp; 15248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp; 1680860 | &nbsp;&nbsp; 28088968 | &nbsp;&nbsp; 455327 | &nbsp;&nbsp; 11565169 | &nbsp;&nbsp; 1512398 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | &nbsp;&nbsp; 11565 | &nbsp;&nbsp; 20974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 1842 |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 3943 | &nbsp;&nbsp; 2695 |
| Options written, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | &nbsp;&nbsp; 5451 | &nbsp;&nbsp; 345093 | &nbsp;&nbsp; 3655 | &nbsp;&nbsp; 184956 | &nbsp;&nbsp; 25455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | &nbsp;&nbsp; 1782 | &nbsp;&nbsp; 30592 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 11524 | &nbsp;&nbsp; 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 6211 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 1951 | &nbsp;&nbsp; 541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 4502 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 3158 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 1171 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | &nbsp;&nbsp; 539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 185 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 62 |
|  | &nbsp;&nbsp; 20484 | &nbsp;&nbsp; 413928 | &nbsp;&nbsp; 4860 | &nbsp;&nbsp; 209143 | &nbsp;&nbsp; 32628 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $1660376 | &nbsp;&nbsp; $27675040 | &nbsp;&nbsp; $450467 | &nbsp;&nbsp; $11356026 | &nbsp;&nbsp; $1479770 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $1167067 | &nbsp;&nbsp; $16736971 | &nbsp;&nbsp; $339716 | &nbsp;&nbsp; $12855120 | &nbsp;&nbsp; $1705259 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp; 493309 | &nbsp;&nbsp; 10938069 | &nbsp;&nbsp; 110751 | &nbsp;&nbsp; (1499094)<br>| &nbsp;&nbsp; (225489)<br>|
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $1660376 | &nbsp;&nbsp; $27675040 | &nbsp;&nbsp; $450467 | &nbsp;&nbsp; $11356026 | &nbsp;&nbsp; $1479770 |
| Investment securities on loan, at value | &nbsp;&nbsp; $11011 | &nbsp;&nbsp; $19953 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 1124145 | &nbsp;&nbsp; 17944427 | &nbsp;&nbsp; 335829 | &nbsp;&nbsp; 10859512 | &nbsp;&nbsp; 1379551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 122247 | &nbsp;&nbsp; 1869376 | &nbsp;&nbsp; 31719 | &nbsp;&nbsp; 624125 | &nbsp;&nbsp; 135130 |
| Cash denominated in currencies other than U.S. dollars, at cost | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9 |
| Premiums received on options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **287** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $988979 | &nbsp;&nbsp; $133040 | &nbsp;&nbsp; $308498 | &nbsp;&nbsp; $1919270 | &nbsp;&nbsp; $24746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 35092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 480365 |
| Cash | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 2915 | &nbsp;&nbsp; — |
| Cash collateral received for securities on loan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp; 220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1030 |
| Cash collateral pledged for swap contracts | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash denominated in currencies other than U.S. dollars | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on unfunded commitments\* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 7819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40517 | &nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 2376 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | &nbsp;&nbsp; 16339 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10972 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 562 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1043345 | &nbsp;&nbsp; 141664 | &nbsp;&nbsp; 308688 | &nbsp;&nbsp; 1976883 | &nbsp;&nbsp; 507423 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81 | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | &nbsp;&nbsp; 2414 | &nbsp;&nbsp; 15929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94081 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | &nbsp;&nbsp; 1678 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 3012 | &nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 320 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 4736 | &nbsp;&nbsp; 16097 | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 99535 | &nbsp;&nbsp; 1844 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $1038609 | &nbsp;&nbsp; $125567 | &nbsp;&nbsp; $307577 | &nbsp;&nbsp; $1877348 | &nbsp;&nbsp; $505579 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $1332439 | &nbsp;&nbsp; $136386 | &nbsp;&nbsp; $305626 | &nbsp;&nbsp; $2132934 | &nbsp;&nbsp; $389009 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp; (293830)<br>| &nbsp;&nbsp; (10819)<br>| &nbsp;&nbsp; 1951 | &nbsp;&nbsp; (255586)<br>| &nbsp;&nbsp; 116570 |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $1038609 | &nbsp;&nbsp; $125567 | &nbsp;&nbsp; $307577 | &nbsp;&nbsp; $1877348 | &nbsp;&nbsp; $505579 |
| Investment securities on loan, at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 962603 | &nbsp;&nbsp; 132611 | &nbsp;&nbsp; 308476 | &nbsp;&nbsp; 1941770 | &nbsp;&nbsp; 27766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 35085 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 347996 |
| Cash denominated in currencies other than U.S. dollars, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Premiums received on options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **288** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $5695 | &nbsp;&nbsp; $15351 | &nbsp;&nbsp; $108044 | &nbsp;&nbsp; $71662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 107726 | &nbsp;&nbsp; 299630 | &nbsp;&nbsp; 1980362 | &nbsp;&nbsp; 1404783 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral received for securities on loan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 5713 | &nbsp;&nbsp; 918 |
| Cash collateral pledged for swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash denominated in currencies other than U.S. dollars | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on unfunded commitments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 1611 | &nbsp;&nbsp; 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 113842 | &nbsp;&nbsp; 316335 | &nbsp;&nbsp; 2096222 | &nbsp;&nbsp; 1482591 |
| **Liabilities:** |  |  |  |  |
| Collateral for securities on loan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on open forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bilateral swaps, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 1835 | &nbsp;&nbsp; 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 1324 | &nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 1163 | &nbsp;&nbsp; 4082 | &nbsp;&nbsp; 6889 |
| Commitments and contingencies\* |  |  |  |  |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $113404 | &nbsp;&nbsp; $315172 | &nbsp;&nbsp; $2092140 | &nbsp;&nbsp; $1475702 |
| **Net assets consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $126483 | &nbsp;&nbsp; $268118 | &nbsp;&nbsp; $1532154 | &nbsp;&nbsp; $1152802 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp; (13079)<br>| &nbsp;&nbsp; 47054 | &nbsp;&nbsp; 559986 | &nbsp;&nbsp; 322900 |
| **Net assets at December 31, 2025** | &nbsp;&nbsp; $113404 | &nbsp;&nbsp; $315172 | &nbsp;&nbsp; $2092140 | &nbsp;&nbsp; $1475702 |
| Investment securities on loan, at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Investment securities, at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 6202 | &nbsp;&nbsp; 17175 | &nbsp;&nbsp; 128241 | &nbsp;&nbsp; 74119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 80369 | &nbsp;&nbsp; 230495 | &nbsp;&nbsp; 1662516 | &nbsp;&nbsp; 1177798 |
| Cash denominated in currencies other than U.S. dollars, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Premiums received on options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **289** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | &nbsp;&nbsp; $4114734 | &nbsp;&nbsp; $784210 | &nbsp;&nbsp; $25167887 | &nbsp;&nbsp; $3364413 | &nbsp;&nbsp; $2103702 |
|  | Shares outstanding | &nbsp;&nbsp; 106085 | &nbsp;&nbsp; 38604 | &nbsp;&nbsp; 178424 | &nbsp;&nbsp; 150645 | &nbsp;&nbsp; 64791 |
|  | Net asset value per share | &nbsp;&nbsp; $38.79 | &nbsp;&nbsp; $20.31 | &nbsp;&nbsp; $141.06 | &nbsp;&nbsp; $22.33 | &nbsp;&nbsp; $32.47 |
| **Class 1A:** | Net assets | &nbsp;&nbsp; $65911 | &nbsp;&nbsp; $6412 | &nbsp;&nbsp; $458187 | &nbsp;&nbsp; $16600 | &nbsp;&nbsp; $31750 |
|  | Shares outstanding | &nbsp;&nbsp; 1713 | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 3292 | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 984 |
|  | Net asset value per share | &nbsp;&nbsp; $38.47 | &nbsp;&nbsp; $19.99 | &nbsp;&nbsp; $139.18 | &nbsp;&nbsp; $22.20 | &nbsp;&nbsp; $32.25 |
| **Class 2:** | Net assets | &nbsp;&nbsp; $3725188 | &nbsp;&nbsp; $1756619 | &nbsp;&nbsp; $21575396 | &nbsp;&nbsp; $3480776 | &nbsp;&nbsp; $940783 |
|  | Shares outstanding | &nbsp;&nbsp; 97736 | &nbsp;&nbsp; 92263 | &nbsp;&nbsp; 155446 | &nbsp;&nbsp; 156678 | &nbsp;&nbsp; 29375 |
|  | Net asset value per share | &nbsp;&nbsp; $38.11 | &nbsp;&nbsp; $19.04 | &nbsp;&nbsp; $138.80 | &nbsp;&nbsp; $22.22 | &nbsp;&nbsp; $32.03 |
| **Class 3:** | Net assets |  |  | &nbsp;&nbsp; $293095 | &nbsp;&nbsp; $16386 |  |
|  | Shares outstanding | Not applicable | Not applicable | &nbsp;&nbsp; 2055 | &nbsp;&nbsp; 731 | Not applicable |
|  | Net asset value per share |  |  | &nbsp;&nbsp; $142.60 | &nbsp;&nbsp; $22.41 |  |
| **Class 4:** | Net assets | &nbsp;&nbsp; $1225513 | &nbsp;&nbsp; $406562 | &nbsp;&nbsp; $7184217 | &nbsp;&nbsp; $573805 | &nbsp;&nbsp; $971133 |
|  | Shares outstanding | &nbsp;&nbsp; 32637 | &nbsp;&nbsp; 21428 | &nbsp;&nbsp; 53458 | &nbsp;&nbsp; 26284 | &nbsp;&nbsp; 30626 |
|  | Net asset value per share | &nbsp;&nbsp; $37.55 | &nbsp;&nbsp; $18.97 | &nbsp;&nbsp; $134.39 | &nbsp;&nbsp; $21.83 | &nbsp;&nbsp; $31.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | &nbsp;&nbsp; $6434903 | &nbsp;&nbsp; $88135 | &nbsp;&nbsp; $621489 | &nbsp;&nbsp; $25779841 | &nbsp;&nbsp; $34897 |
|  | Shares outstanding | &nbsp;&nbsp; 353902 | &nbsp;&nbsp; 7861 | &nbsp;&nbsp; 33710 | &nbsp;&nbsp; 380653 | &nbsp;&nbsp; 2587 |
|  | Net asset value per share | &nbsp;&nbsp; $18.18 | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $18.44 | &nbsp;&nbsp; $67.73 | &nbsp;&nbsp; $13.49 |
| **Class 1A:** | Net assets | &nbsp;&nbsp; $37706 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $11968 | &nbsp;&nbsp; $54369 | &nbsp;&nbsp; $9107 |
|  | Shares outstanding | &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 696 |
|  | Net asset value per share | &nbsp;&nbsp; $18.09 | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $18.31 | &nbsp;&nbsp; $67.11 | &nbsp;&nbsp; $13.09 |
| **Class 2:** | Net assets | &nbsp;&nbsp; $3148146 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $1090396 | &nbsp;&nbsp; $14357484 | &nbsp;&nbsp; $171727 |
|  | Shares outstanding | &nbsp;&nbsp; 176947 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 59340 | &nbsp;&nbsp; 216610 | &nbsp;&nbsp; 13110 |
|  | Net asset value per share | &nbsp;&nbsp; $17.79 | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $18.38 | &nbsp;&nbsp; $66.28 | &nbsp;&nbsp; $13.10 |
| **Class 3:** | Net assets |  |  |  | &nbsp;&nbsp; $162563 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 2394 | Not applicable |
|  | Net asset value per share |  |  |  | &nbsp;&nbsp; $67.91 |  |
| **Class 4:** | Net assets | &nbsp;&nbsp; $2353301 | &nbsp;&nbsp; $11469 | &nbsp;&nbsp; $362856 | &nbsp;&nbsp; $3273054 | &nbsp;&nbsp; $188884 |
|  | Shares outstanding | &nbsp;&nbsp; 134090 | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 20329 | &nbsp;&nbsp; 50535 | &nbsp;&nbsp; 14678 |
|  | Net asset value per share | &nbsp;&nbsp; $17.55 | &nbsp;&nbsp; $11.22 | &nbsp;&nbsp; $17.85 | &nbsp;&nbsp; $64.77 | &nbsp;&nbsp; $12.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **290** |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | &nbsp;&nbsp; $840977 | &nbsp;&nbsp; $15918554 | &nbsp;&nbsp; $96748 | &nbsp;&nbsp; $6909118 | &nbsp;&nbsp; $610786 |
|  | Shares outstanding | &nbsp;&nbsp; 58024 | &nbsp;&nbsp; 578698 | &nbsp;&nbsp; 6712 | &nbsp;&nbsp; 725503 | &nbsp;&nbsp; 59749 |
|  | Net asset value per share | &nbsp;&nbsp; $14.49 | &nbsp;&nbsp; $27.51 | &nbsp;&nbsp; $14.41 | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $10.22 |
| **Class 1A:** | Net assets | &nbsp;&nbsp; $15288 | &nbsp;&nbsp; $55856 | &nbsp;&nbsp; $4557 | &nbsp;&nbsp; $296525 | &nbsp;&nbsp; $29723 |
|  | Shares outstanding | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 31383 | &nbsp;&nbsp; 2935 |
|  | Net asset value per share | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $10.13 |
| **Class 2:** | Net assets | &nbsp;&nbsp; $22737 | &nbsp;&nbsp; $4401467 | &nbsp;&nbsp; $147446 | &nbsp;&nbsp; $2723868 | &nbsp;&nbsp; $758385 |
|  | Shares outstanding | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 162734 | &nbsp;&nbsp; 10287 | &nbsp;&nbsp; 290775 | &nbsp;&nbsp; 75051 |
|  | Net asset value per share | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $27.05 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $10.10 |
| **Class 3:** | Net assets |  | &nbsp;&nbsp; $35405 |  |  |  |
|  | Shares outstanding | Not applicable | &nbsp;&nbsp; 1285 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | &nbsp;&nbsp; $27.55 |  |  |  |
| **Class 4:** | Net assets | &nbsp;&nbsp; $781374 | &nbsp;&nbsp; $7263758 | &nbsp;&nbsp; $201716 | &nbsp;&nbsp; $1426515 | &nbsp;&nbsp; $80876 |
|  | Shares outstanding | &nbsp;&nbsp; 54053 | &nbsp;&nbsp; 271330 | &nbsp;&nbsp; 14349 | &nbsp;&nbsp; 153303 | &nbsp;&nbsp; 8144 |
|  | Net asset value per share | &nbsp;&nbsp; $14.46 | &nbsp;&nbsp; $26.77 | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | &nbsp;&nbsp; $254585 | &nbsp;&nbsp; $18615 | &nbsp;&nbsp; $35747 | &nbsp;&nbsp; $261446 |  |
|  | Shares outstanding | &nbsp;&nbsp; 27282 | &nbsp;&nbsp; 1968 | &nbsp;&nbsp; 3170 | &nbsp;&nbsp; 26415 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $9.90 |  |
| **Class 1A:** | Net assets | &nbsp;&nbsp; $7747 | &nbsp;&nbsp; $3305 | &nbsp;&nbsp; $130 | &nbsp;&nbsp; $299685 |  |
|  | Shares outstanding | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 30461 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $9.84 |  |
| **Class 2:** | Net assets | &nbsp;&nbsp; $533026 | &nbsp;&nbsp; $40771 | &nbsp;&nbsp; $214848 | &nbsp;&nbsp; $1056315 |  |
|  | Shares outstanding | &nbsp;&nbsp; 58703 | &nbsp;&nbsp; 4360 | &nbsp;&nbsp; 19752 | &nbsp;&nbsp; 108255 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $10.88 | &nbsp;&nbsp; $9.76 |  |
| **Class 3:** | Net assets | &nbsp;&nbsp; $7898 |  | &nbsp;&nbsp; $3534 | &nbsp;&nbsp; $4943 |  |
|  | Shares outstanding | &nbsp;&nbsp; 841 | Not applicable | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 498 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp; $9.39 |  | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $9.93 |  |
| **Class 4:** | Net assets | &nbsp;&nbsp; $235353 | &nbsp;&nbsp; $62876 | &nbsp;&nbsp; $53318 | &nbsp;&nbsp; $254959 |  |
|  | Shares outstanding | &nbsp;&nbsp; 22906 | &nbsp;&nbsp; 6824 | &nbsp;&nbsp; 4866 | &nbsp;&nbsp; 26181 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $9.74 |  |
| **Class P1:** | Net assets |  |  |  |  | &nbsp;&nbsp; $14278 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 1001 |
|  | Net asset value per share |  |  |  |  | &nbsp;&nbsp; $14.26 |
| **Class P2:** | Net assets |  |  |  |  | &nbsp;&nbsp; $491301 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 34806 |
|  | Net asset value per share |  |  |  |  | &nbsp;&nbsp; $14.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **291** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of assets and liabilities** at December 31, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |
| **Class P1:** | Net assets | &nbsp;&nbsp; $2047 | &nbsp;&nbsp; $2840 | &nbsp;&nbsp; $1834093 | &nbsp;&nbsp; $12565 |
|  | Shares outstanding | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 122227 | &nbsp;&nbsp; 934 |
|  | Net asset value per share | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $12.77 | &nbsp;&nbsp; $15.01 | &nbsp;&nbsp; $13.46 |
| **Class P2:** | Net assets | &nbsp;&nbsp; $111356 | &nbsp;&nbsp; $312332 | &nbsp;&nbsp; $258047 | &nbsp;&nbsp; $1463137 |
|  | Shares outstanding | &nbsp;&nbsp; 11989 | &nbsp;&nbsp; 24621 | &nbsp;&nbsp; 17322 | &nbsp;&nbsp; 112531 |
|  | Net asset value per share | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $13.00 |

---

\*

Refer to Note 5 for further information on unfunded commitments.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $121415 | &nbsp;&nbsp; $38161 | &nbsp;&nbsp; $254446 | &nbsp;&nbsp; $152648 | &nbsp;&nbsp; $65878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 12461 | &nbsp;&nbsp; 4646 | &nbsp;&nbsp; 51607 | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 5504 |
|  | &nbsp;&nbsp; 133876 | &nbsp;&nbsp; 42807 | &nbsp;&nbsp; 306053 | &nbsp;&nbsp; 164048 | &nbsp;&nbsp; 71382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 10731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp; 134616 | &nbsp;&nbsp; 43758 | &nbsp;&nbsp; 306704 | &nbsp;&nbsp; 165059 | &nbsp;&nbsp; 82167 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 40161 | &nbsp;&nbsp; 19042 | &nbsp;&nbsp; 152106 | &nbsp;&nbsp; 34101 | &nbsp;&nbsp; 21211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution services | &nbsp;&nbsp; 11631 | &nbsp;&nbsp; 5205 | &nbsp;&nbsp; 67395 | &nbsp;&nbsp; 9726 | &nbsp;&nbsp; 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | &nbsp;&nbsp; 2751 | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 16193 | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services | &nbsp;&nbsp; 2537 | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 15100 | &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 42 |
| Total fees and expenses before waivers and/or reimbursements | &nbsp;&nbsp; 58222 | &nbsp;&nbsp; 26704 | &nbsp;&nbsp; 252699 | &nbsp;&nbsp; 48591 | &nbsp;&nbsp; 30358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | &nbsp;&nbsp; 8716 | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | &nbsp;&nbsp; 8716 | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2573 |
| Total fees and expenses after waivers and/or reimbursements | &nbsp;&nbsp; 49506 | &nbsp;&nbsp; 25327 | &nbsp;&nbsp; 252698 | &nbsp;&nbsp; 48591 | &nbsp;&nbsp; 27785 |
| Net investment income | &nbsp;&nbsp; 85110 | &nbsp;&nbsp; 18431 | &nbsp;&nbsp; 54006 | &nbsp;&nbsp; 116468 | &nbsp;&nbsp; 54382 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 1235883 | &nbsp;&nbsp; 353523 | &nbsp;&nbsp; 4845744 | &nbsp;&nbsp; 747952 | &nbsp;&nbsp; 300988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; (82)<br>| &nbsp;&nbsp; 2186 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (497)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (88)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | &nbsp;&nbsp; (1518)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 3403 | &nbsp;&nbsp; (403)<br>|
| Capital gain distributions received from affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1234283 | &nbsp;&nbsp; 355751 | &nbsp;&nbsp; 4846029 | &nbsp;&nbsp; 751298 | &nbsp;&nbsp; 300188 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 365551 | &nbsp;&nbsp; 48245 | &nbsp;&nbsp; 4566279 | &nbsp;&nbsp; 841691 | &nbsp;&nbsp; 562176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; (12785)<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (78)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 893 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 2323 | &nbsp;&nbsp; 1194 |
|  | &nbsp;&nbsp; 366091 | &nbsp;&nbsp; 36353 | &nbsp;&nbsp; 4566446 | &nbsp;&nbsp; 843988 | &nbsp;&nbsp; 563384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; 1600374 | &nbsp;&nbsp; 392104 | &nbsp;&nbsp; 9412475 | &nbsp;&nbsp; 1595286 | &nbsp;&nbsp; 863572 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; $1685484 | &nbsp;&nbsp; $410535 | &nbsp;&nbsp; $9466481 | &nbsp;&nbsp; $1711754 | &nbsp;&nbsp; $917954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **293** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small** <br>**and Mid** <br>**Cap Equity** <br>**Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $207376 | &nbsp;&nbsp; $586 | &nbsp;&nbsp; $38665 | &nbsp;&nbsp; $541729 | &nbsp;&nbsp; $11690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 13883 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 2805 | &nbsp;&nbsp; 66629 | &nbsp;&nbsp; 489 |
|  | &nbsp;&nbsp; 221259 | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 41470 | &nbsp;&nbsp; 608358 | &nbsp;&nbsp; 12179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 9 |
|  | &nbsp;&nbsp; 221432 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 41651 | &nbsp;&nbsp; 608643 | &nbsp;&nbsp; 12299 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 43009 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 9356 | &nbsp;&nbsp; 104279 | &nbsp;&nbsp; 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution services | &nbsp;&nbsp; 12726 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 42505 | &nbsp;&nbsp; 860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | &nbsp;&nbsp; 5166 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 7505 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; — <br><sup>†</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services | &nbsp;&nbsp; 3450 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 12580 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | &nbsp;&nbsp; 57 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 248 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 161 | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1 |
| Total fees and expenses before waivers and/or reimbursements | &nbsp;&nbsp; 64832 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 14410 | &nbsp;&nbsp; 168175 | &nbsp;&nbsp; 3468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | &nbsp;&nbsp; 16888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1970 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | &nbsp;&nbsp; 16888 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 1970 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total fees and expenses after waivers and/or reimbursements | &nbsp;&nbsp; 47944 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 12440 | &nbsp;&nbsp; 168175 | &nbsp;&nbsp; 3468 |
| Net investment income | &nbsp;&nbsp; 173488 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 29211 | &nbsp;&nbsp; 440468 | &nbsp;&nbsp; 8831 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 1056433 | &nbsp;&nbsp; (942)<br>| &nbsp;&nbsp; 183640 | &nbsp;&nbsp; 3158953 | &nbsp;&nbsp; 21094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6384 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 162 | &nbsp;&nbsp; (1431)<br>| &nbsp;&nbsp; (12)<br>|
| Capital gain distributions received from affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1056404 | &nbsp;&nbsp; (942)<br>| &nbsp;&nbsp; 183807 | &nbsp;&nbsp; 3163906 | &nbsp;&nbsp; 21065 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 614865 | &nbsp;&nbsp; 4098 | &nbsp;&nbsp; 226913 | &nbsp;&nbsp; 3625006 | &nbsp;&nbsp; 82799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; (128689)<br>| &nbsp;&nbsp; (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp; 614843 | &nbsp;&nbsp; 4098 | &nbsp;&nbsp; 227115 | &nbsp;&nbsp; 3496858 | &nbsp;&nbsp; 82880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; 1671247 | &nbsp;&nbsp; 3156 | &nbsp;&nbsp; 410922 | &nbsp;&nbsp; 6660764 | &nbsp;&nbsp; 103945 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; $1844735 | &nbsp;&nbsp; $3534 | &nbsp;&nbsp; $440133 | &nbsp;&nbsp; $7101232 | &nbsp;&nbsp; $112776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **294** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br> **Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $38765 | &nbsp;&nbsp; $218666 | &nbsp;&nbsp; $6265 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 5736 | &nbsp;&nbsp; 108867 | &nbsp;&nbsp; 1353 | &nbsp;&nbsp; 32185 | &nbsp;&nbsp; 4626 |
|  | &nbsp;&nbsp; 44501 | &nbsp;&nbsp; 327533 | &nbsp;&nbsp; 7618 | &nbsp;&nbsp; 32189 | &nbsp;&nbsp; 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | &nbsp;&nbsp; 9967 | &nbsp;&nbsp; 362329 | &nbsp;&nbsp; 5490 | &nbsp;&nbsp; 502412 | &nbsp;&nbsp; 62140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 54509 | &nbsp;&nbsp; 690152 | &nbsp;&nbsp; 13111 | &nbsp;&nbsp; 534601 | &nbsp;&nbsp; 66855 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 5458 | &nbsp;&nbsp; 72026 | &nbsp;&nbsp; 1870 | &nbsp;&nbsp; 39384 | &nbsp;&nbsp; 6326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution services | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 28081 | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 10077 | &nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 17303 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 3890 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>†</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 8176 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 3357 | &nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2 |
| Total fees and expenses before waivers and/or reimbursements | &nbsp;&nbsp; 9811 | &nbsp;&nbsp; 126351 | &nbsp;&nbsp; 3441 | &nbsp;&nbsp; 57167 | &nbsp;&nbsp; 9435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | &nbsp;&nbsp; 1987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 16783 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | &nbsp;&nbsp; 1987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 16783 | &nbsp;&nbsp; — |
| Total fees and expenses after waivers and/or reimbursements | &nbsp;&nbsp; 7824 | &nbsp;&nbsp; 126351 | &nbsp;&nbsp; 3370 | &nbsp;&nbsp; 40384 | &nbsp;&nbsp; 9435 |
| Net investment income | &nbsp;&nbsp; 46685 | &nbsp;&nbsp; 563801 | &nbsp;&nbsp; 9741 | &nbsp;&nbsp; 494217 | &nbsp;&nbsp; 57420 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 62600 | &nbsp;&nbsp; 3027901 | &nbsp;&nbsp; 26945 | &nbsp;&nbsp; 17102 | &nbsp;&nbsp; (13024)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 16 | &nbsp;&nbsp; (136545)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 284 | &nbsp;&nbsp; (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (586)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 28857 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 21847 | &nbsp;&nbsp; 7420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3684)<br>| &nbsp;&nbsp; (9144)<br>| &nbsp;&nbsp; (2268)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 147 | &nbsp;&nbsp; (1718)<br>| &nbsp;&nbsp; (169)<br>| &nbsp;&nbsp; 143 | &nbsp;&nbsp; (828)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | &nbsp;&nbsp; (86)<br>| &nbsp;&nbsp; (392)<br>| &nbsp;&nbsp; (50)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; (96)<br>|
| Capital gain distributions received from affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 64110 | &nbsp;&nbsp; 2918103 | &nbsp;&nbsp; 23483 | &nbsp;&nbsp; 30281 | &nbsp;&nbsp; (8965)<br>|
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 169327 | &nbsp;&nbsp; 396525 | &nbsp;&nbsp; 31781 | &nbsp;&nbsp; 242048 | &nbsp;&nbsp; 74949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 154231 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; (182)<br>| &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>†</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 699 | &nbsp;&nbsp; (1220)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; 21668 | &nbsp;&nbsp; 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130 | &nbsp;&nbsp; (1861)<br>| &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (213)<br>| &nbsp;&nbsp; 3084 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 9256 | &nbsp;&nbsp; 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 429 |
|  | &nbsp;&nbsp; 170743 | &nbsp;&nbsp; 552999 | &nbsp;&nbsp; 32703 | &nbsp;&nbsp; 271022 | &nbsp;&nbsp; 82688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; 234853 | &nbsp;&nbsp; 3471102 | &nbsp;&nbsp; 56186 | &nbsp;&nbsp; 301303 | &nbsp;&nbsp; 73723 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; $281538 | &nbsp;&nbsp; $4034903 | &nbsp;&nbsp; $65927 | &nbsp;&nbsp; $795520 | &nbsp;&nbsp; $131143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **295** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $1002 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>†</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 1878 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3292 |
|  | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | &nbsp;&nbsp; 67851 | &nbsp;&nbsp; 6102 | &nbsp;&nbsp; 14226 | &nbsp;&nbsp; 84744 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 70731 | &nbsp;&nbsp; 6102 | &nbsp;&nbsp; 14226 | &nbsp;&nbsp; 84744 | &nbsp;&nbsp; 4210 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 4001 | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 5429 | &nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution services | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 3216 | &nbsp;&nbsp; 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | &nbsp;&nbsp; 508 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 552 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | &nbsp;&nbsp; 6804 | &nbsp;&nbsp; 853 | &nbsp;&nbsp; 1897 | &nbsp;&nbsp; 10635 | &nbsp;&nbsp; 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1412 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1412 | &nbsp;&nbsp; 83 |
| Total fees and expenses after waivers and/or reimbursements | &nbsp;&nbsp; 5616 | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 1897 | &nbsp;&nbsp; 9223 | &nbsp;&nbsp; 3124 |
| Net investment income | &nbsp;&nbsp; 65115 | &nbsp;&nbsp; 5336 | &nbsp;&nbsp; 12329 | &nbsp;&nbsp; 75521 | &nbsp;&nbsp; 1086 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; (831)<br>| &nbsp;&nbsp; 421 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 2163 | &nbsp;&nbsp; (4185)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18297 | &nbsp;&nbsp; (13362)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (917)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4094 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 154 |
| Capital gain distributions received from affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34295 |
|  | &nbsp;&nbsp; (1450)<br>| &nbsp;&nbsp; 1506 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 24581 | &nbsp;&nbsp; 87123 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; 15779 | &nbsp;&nbsp; 2481 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 32939 | &nbsp;&nbsp; (2333)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (20149)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5703 | &nbsp;&nbsp; (455)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (207)<br>| &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1861)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 15637 | &nbsp;&nbsp; 2675 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 36802 | &nbsp;&nbsp; (22937)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; 14187 | &nbsp;&nbsp; 4181 | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 61383 | &nbsp;&nbsp; 64186 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; $79302 | &nbsp;&nbsp; $9517 | &nbsp;&nbsp; $12327 | &nbsp;&nbsp; $136904 | &nbsp;&nbsp; $65272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **296** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended December 31, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br> **Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $213 | &nbsp;&nbsp; $587 | &nbsp;&nbsp; $3944 | &nbsp;&nbsp; $3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 1911 | &nbsp;&nbsp; 5641 | &nbsp;&nbsp; 32266 | &nbsp;&nbsp; 32501 |
|  | &nbsp;&nbsp; 2124 | &nbsp;&nbsp; 6228 | &nbsp;&nbsp; 36210 | &nbsp;&nbsp; 36177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 2124 | &nbsp;&nbsp; 6228 | &nbsp;&nbsp; 36210 | &nbsp;&nbsp; 36177 |
| Fees and expenses\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 2463 | &nbsp;&nbsp; 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution services | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 786 | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 5286 | &nbsp;&nbsp; 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| Total fees and expenses before waivers and/or reimbursements | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 2031 | &nbsp;&nbsp; 8585 | &nbsp;&nbsp; 11779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 324 |
| Total fees and expenses after waivers and/or reimbursements | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 1979 | &nbsp;&nbsp; 8237 | &nbsp;&nbsp; 11455 |
| Net investment income | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 4249 | &nbsp;&nbsp; 27973 | &nbsp;&nbsp; 24722 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; (997)<br>| &nbsp;&nbsp; (2786)<br>| &nbsp;&nbsp; (28619)<br>| &nbsp;&nbsp; (3827)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 6733 | &nbsp;&nbsp; 17203 | &nbsp;&nbsp; 103218 | &nbsp;&nbsp; 39013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (6090)<br>| &nbsp;&nbsp; (8845)<br>| &nbsp;&nbsp; (37033)<br>| &nbsp;&nbsp; (47196)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 201 |
| Capital gain distributions received from affiliated issuers | &nbsp;&nbsp; — | &nbsp;&nbsp; 17905 | &nbsp;&nbsp; 278792 | &nbsp;&nbsp; 127660 |
|  | &nbsp;&nbsp; (315)<br>| &nbsp;&nbsp; 23538 | &nbsp;&nbsp; 316725 | &nbsp;&nbsp; 115851 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; (422)<br>| &nbsp;&nbsp; (1184)<br>| &nbsp;&nbsp; (13505)<br>| &nbsp;&nbsp; (1962)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 15574 | &nbsp;&nbsp; 5381 | &nbsp;&nbsp; (104317)<br>| &nbsp;&nbsp; 63753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 1063 | &nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 15064 | &nbsp;&nbsp; 4272 | &nbsp;&nbsp; (116759)<br>| &nbsp;&nbsp; 62522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| &nbsp;&nbsp; 14749 | &nbsp;&nbsp; 27810 | &nbsp;&nbsp; 199966 | &nbsp;&nbsp; 178373 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; $16159 | &nbsp;&nbsp; $32059 | &nbsp;&nbsp; $227939 | &nbsp;&nbsp; $203095 |

---

\*

Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **297** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small** <br>**Capitalization Fund** | **Global Small** <br>**Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $85110 | &nbsp;&nbsp; $83934 | &nbsp;&nbsp; $18431 | &nbsp;&nbsp; $14439 | &nbsp;&nbsp; $54006 | &nbsp;&nbsp; $123765 |
| Net realized gain (loss) | &nbsp;&nbsp; 1234283 | &nbsp;&nbsp; 1058571 | &nbsp;&nbsp; 355751 | &nbsp;&nbsp; 67213 | &nbsp;&nbsp; 4846029 | &nbsp;&nbsp; 3989653 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 366091 | &nbsp;&nbsp; (106961)<br>| &nbsp;&nbsp; 36353 | &nbsp;&nbsp; (6037)<br>| &nbsp;&nbsp; 4566446 | &nbsp;&nbsp; 7880200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 1685484 | &nbsp;&nbsp; 1035544 | &nbsp;&nbsp; 410535 | &nbsp;&nbsp; 75615 | &nbsp;&nbsp; 9466481 | &nbsp;&nbsp; 11993618 |
| **Distributions paid to shareholders** | &nbsp;&nbsp; (1167286)<br>| &nbsp;&nbsp; (362247)<br>| &nbsp;&nbsp; (76359)<br>| &nbsp;&nbsp; (145595)<br>| &nbsp;&nbsp; (4046623)<br>| &nbsp;&nbsp; (1183768)<br>|
| **Net capital share transactions** | &nbsp;&nbsp; 554825 | &nbsp;&nbsp; (305156)<br>| &nbsp;&nbsp; (370832)<br>| &nbsp;&nbsp; (124117)<br>| &nbsp;&nbsp; 1555981 | &nbsp;&nbsp; (2405717)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 1073023 | &nbsp;&nbsp; 368141 | &nbsp;&nbsp; (36656)<br>| &nbsp;&nbsp; (194097)<br>| &nbsp;&nbsp; 6975839 | &nbsp;&nbsp; 8404133 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 8058323 | &nbsp;&nbsp; 7690182 | &nbsp;&nbsp; 2990459 | &nbsp;&nbsp; 3184556 | &nbsp;&nbsp; 47702943 | &nbsp;&nbsp; 39298810 |
| End of year | &nbsp;&nbsp; $9131346 | &nbsp;&nbsp; $8058323 | &nbsp;&nbsp; $2953803 | &nbsp;&nbsp; $2990459 | &nbsp;&nbsp; $54678782 | &nbsp;&nbsp; $47702943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual** <br>**Investors Fund** | **Washington Mutual** <br>**Investors Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $116468 | &nbsp;&nbsp; $80016 | &nbsp;&nbsp; $54382 | &nbsp;&nbsp; $49823 | &nbsp;&nbsp; $173488 | &nbsp;&nbsp; $178541 |
| Net realized gain (loss) | &nbsp;&nbsp; 751298 | &nbsp;&nbsp; 335500 | &nbsp;&nbsp; 300188 | &nbsp;&nbsp; 148263 | &nbsp;&nbsp; 1056404 | &nbsp;&nbsp; 784826 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 843988 | &nbsp;&nbsp; (158907)<br>| &nbsp;&nbsp; 563384 | &nbsp;&nbsp; 26354 | &nbsp;&nbsp; 614843 | &nbsp;&nbsp; 937617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 1711754 | &nbsp;&nbsp; 256609 | &nbsp;&nbsp; 917954 | &nbsp;&nbsp; 224440 | &nbsp;&nbsp; 1844735 | &nbsp;&nbsp; 1900984 |
| **Distributions paid to shareholders** | &nbsp;&nbsp; (99689)<br>| &nbsp;&nbsp; (91320)<br>| &nbsp;&nbsp; (192985)<br>| &nbsp;&nbsp; (66666)<br>| &nbsp;&nbsp; (947281)<br>| &nbsp;&nbsp; (270276)<br>|
| **Net capital share transactions** | &nbsp;&nbsp; (946603)<br>| &nbsp;&nbsp; (557783)<br>| &nbsp;&nbsp; (89200)<br>| &nbsp;&nbsp; (124462)<br>| &nbsp;&nbsp; 10588 | &nbsp;&nbsp; (851035)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 665462 | &nbsp;&nbsp; (392494)<br>| &nbsp;&nbsp; 635769 | &nbsp;&nbsp; 33312 | &nbsp;&nbsp; 908042 | &nbsp;&nbsp; 779673 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 6786518 | &nbsp;&nbsp; 7179012 | &nbsp;&nbsp; 3411599 | &nbsp;&nbsp; 3378287 | &nbsp;&nbsp; 11066014 | &nbsp;&nbsp; 10286341 |
| End of year | &nbsp;&nbsp; $7451980 | &nbsp;&nbsp; $6786518 | &nbsp;&nbsp; $4047368 | &nbsp;&nbsp; $3411599 | &nbsp;&nbsp; $11974056 | &nbsp;&nbsp; $11066014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **298** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small and Mid** <br>**Cap Equity Fund** | **U.S. Small and Mid** <br>**Cap Equity Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | | | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | Year ended <br> December 31,<br>2025 | Period <br>ended <br>December 31,<br>2024\* | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $378 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $29211 | &nbsp;&nbsp; $29625 | &nbsp;&nbsp; $440468 | &nbsp;&nbsp; $464425 |
| Net realized gain (loss) | &nbsp;&nbsp; (942)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 183807 | &nbsp;&nbsp; 142599 | &nbsp;&nbsp; 3163906 | &nbsp;&nbsp; 6999624 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 4098 | &nbsp;&nbsp; (438)<br>| &nbsp;&nbsp; 227115 | &nbsp;&nbsp; 78887 | &nbsp;&nbsp; 3496858 | &nbsp;&nbsp; 1206283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 3534 | &nbsp;&nbsp; (421)<br>| &nbsp;&nbsp; 440133 | &nbsp;&nbsp; 251111 | &nbsp;&nbsp; 7101232 | &nbsp;&nbsp; 8670332 |
| **Distributions paid to shareholders** | &nbsp;&nbsp; (397)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; (99132)<br>| &nbsp;&nbsp; (32476)<br>| &nbsp;&nbsp; (7414912)<br>| &nbsp;&nbsp; (2264497)<br>|
| **Net capital share transactions** | &nbsp;&nbsp; 81910 | &nbsp;&nbsp; 15013 | &nbsp;&nbsp; (142611)<br>| &nbsp;&nbsp; (191651)<br>| &nbsp;&nbsp; 2685997 | &nbsp;&nbsp; (2602817)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 85047 | &nbsp;&nbsp; 14579 | &nbsp;&nbsp; 198390 | &nbsp;&nbsp; 26984 | &nbsp;&nbsp; 2372317 | &nbsp;&nbsp; 3803018 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 14579 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1888319 | &nbsp;&nbsp; 1861335 | &nbsp;&nbsp; 41254994 | &nbsp;&nbsp; 37451976 |
| End of year | &nbsp;&nbsp; $99626 | &nbsp;&nbsp; $14579 | &nbsp;&nbsp; $2086709 | &nbsp;&nbsp; $1888319 | &nbsp;&nbsp; $43627311 | &nbsp;&nbsp; $41254994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $8831 | &nbsp;&nbsp; $7648 | &nbsp;&nbsp; $46685 | &nbsp;&nbsp; $42544 | &nbsp;&nbsp; $563801 | &nbsp;&nbsp; $590761 |
| Net realized gain (loss) | &nbsp;&nbsp; 21065 | &nbsp;&nbsp; (1592)<br>| &nbsp;&nbsp; 64110 | &nbsp;&nbsp; 24024 | &nbsp;&nbsp; 2918103 | &nbsp;&nbsp; 1925378 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 82880 | &nbsp;&nbsp; 5162 | &nbsp;&nbsp; 170743 | &nbsp;&nbsp; 61325 | &nbsp;&nbsp; 552999 | &nbsp;&nbsp; 1576776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 112776 | &nbsp;&nbsp; 11218 | &nbsp;&nbsp; 281538 | &nbsp;&nbsp; 127893 | &nbsp;&nbsp; 4034903 | &nbsp;&nbsp; 4092915 |
| **Distributions paid to shareholders** | &nbsp;&nbsp; (9200)<br>| &nbsp;&nbsp; (8098)<br>| &nbsp;&nbsp; (46016)<br>| &nbsp;&nbsp; (45676)<br>| &nbsp;&nbsp; (2469833)<br>| &nbsp;&nbsp; (1743267)<br>|
| **Net capital share transactions** | &nbsp;&nbsp; (21614)<br>| &nbsp;&nbsp; (9047)<br>| &nbsp;&nbsp; 56186 | &nbsp;&nbsp; 35182 | &nbsp;&nbsp; (975710)<br>| &nbsp;&nbsp; (949298)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 81962 | &nbsp;&nbsp; (5927)<br>| &nbsp;&nbsp; 291708 | &nbsp;&nbsp; 117399 | &nbsp;&nbsp; 589360 | &nbsp;&nbsp; 1400350 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 322653 | &nbsp;&nbsp; 328580 | &nbsp;&nbsp; 1368668 | &nbsp;&nbsp; 1251269 | &nbsp;&nbsp; 27085680 | &nbsp;&nbsp; 25685330 |
| End of year | &nbsp;&nbsp; $404615 | &nbsp;&nbsp; $322653 | &nbsp;&nbsp; $1660376 | &nbsp;&nbsp; $1368668 | &nbsp;&nbsp; $27675040 | &nbsp;&nbsp; $27085680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **299** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** <br>**Global Balanced Fund** | **American Funds** <br>**Global Balanced Fund** | **The Bond Fund** <br>**of America** | **The Bond Fund** <br>**of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $9741 | &nbsp;&nbsp; $9318 | &nbsp;&nbsp; $494217 | &nbsp;&nbsp; $501464 | &nbsp;&nbsp; $57420 | &nbsp;&nbsp; $61225 |
| Net realized gain (loss) | &nbsp;&nbsp; 23483 | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 30281 | &nbsp;&nbsp; (134500)<br>| &nbsp;&nbsp; (8965)<br>| &nbsp;&nbsp; (22949)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 32703 | &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp; 271022 | &nbsp;&nbsp; (207188)<br>| &nbsp;&nbsp; 82688 | &nbsp;&nbsp; (80072)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 65927 | &nbsp;&nbsp; 25053 | &nbsp;&nbsp; 795520 | &nbsp;&nbsp; 159776 | &nbsp;&nbsp; 131143 | &nbsp;&nbsp; (41796)<br>|
| **Distributions paid to shareholders** | &nbsp;&nbsp; (21425)<br>| &nbsp;&nbsp; (7048)<br>| &nbsp;&nbsp; (486650)<br>| &nbsp;&nbsp; (475626)<br>| &nbsp;&nbsp; (44306)<br>| &nbsp;&nbsp; (33915)<br>|
| **Net capital share transactions** | &nbsp;&nbsp; 13683 | &nbsp;&nbsp; (14487)<br>| &nbsp;&nbsp; (119742)<br>| &nbsp;&nbsp; 474834 | &nbsp;&nbsp; (55304)<br>| &nbsp;&nbsp; (16393)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 58185 | &nbsp;&nbsp; 3518 | &nbsp;&nbsp; 189128 | &nbsp;&nbsp; 158984 | &nbsp;&nbsp; 31533 | &nbsp;&nbsp; (92104)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 392282 | &nbsp;&nbsp; 388764 | &nbsp;&nbsp; 11166898 | &nbsp;&nbsp; 11007914 | &nbsp;&nbsp; 1448237 | &nbsp;&nbsp; 1540341 |
| End of year | &nbsp;&nbsp; $450467 | &nbsp;&nbsp; $392282 | &nbsp;&nbsp; $11356026 | &nbsp;&nbsp; $11166898 | &nbsp;&nbsp; $1479770 | &nbsp;&nbsp; $1448237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income Trust** | **American** <br>**High-Income Trust** | **American Funds** <br>**Mortgage Fund** | **American Funds** <br>**Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $65115 | &nbsp;&nbsp; $60672 | &nbsp;&nbsp; $5336 | &nbsp;&nbsp; $5237 | &nbsp;&nbsp; $12329 | &nbsp;&nbsp; $16889 |
| Net realized gain (loss) | &nbsp;&nbsp; (1450)<br>| &nbsp;&nbsp; 3094 | &nbsp;&nbsp; 1506 | &nbsp;&nbsp; (1054)<br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 15637 | &nbsp;&nbsp; 19028 | &nbsp;&nbsp; 2675 | &nbsp;&nbsp; (3372)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 79302 | &nbsp;&nbsp; 82794 | &nbsp;&nbsp; 9517 | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 12327 | &nbsp;&nbsp; 17019 |
| **Distributions paid to shareholders** | &nbsp;&nbsp; (64338)<br>| &nbsp;&nbsp; (59402)<br>| &nbsp;&nbsp; (5115)<br>| &nbsp;&nbsp; (5001)<br>| &nbsp;&nbsp; (12940)<br>| &nbsp;&nbsp; (17633)<br>|
| **Net capital share transactions** | &nbsp;&nbsp; 91682 | &nbsp;&nbsp; 34726 | &nbsp;&nbsp; 10334 | &nbsp;&nbsp; 7230 | &nbsp;&nbsp; (30488)<br>| &nbsp;&nbsp; (33462)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 106646 | &nbsp;&nbsp; 58118 | &nbsp;&nbsp; 14736 | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; (31101)<br>| &nbsp;&nbsp; (34076)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 931963 | &nbsp;&nbsp; 873845 | &nbsp;&nbsp; 110831 | &nbsp;&nbsp; 107791 | &nbsp;&nbsp; 338678 | &nbsp;&nbsp; 372754 |
| End of year | &nbsp;&nbsp; $1038609 | &nbsp;&nbsp; $931963 | &nbsp;&nbsp; $125567 | &nbsp;&nbsp; $110831 | &nbsp;&nbsp; $307577 | &nbsp;&nbsp; $338678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **300** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** <br>**Securities Fund** | **U.S. Government** <br>**Securities Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**International Fund** | **Managed Risk** <br>**International Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $75521 | &nbsp;&nbsp; $72049 | &nbsp;&nbsp; $1086 | &nbsp;&nbsp; $2764 | &nbsp;&nbsp; $1410 | &nbsp;&nbsp; $1470 |
| Net realized gain (loss) | &nbsp;&nbsp; 24581 | &nbsp;&nbsp; (1294)<br>| &nbsp;&nbsp; 87123 | &nbsp;&nbsp; 37612 | &nbsp;&nbsp; (315)<br>| &nbsp;&nbsp; (2539)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 36802 | &nbsp;&nbsp; (55237)<br>| &nbsp;&nbsp; (22937)<br>| &nbsp;&nbsp; 69526 | &nbsp;&nbsp; 15064 | &nbsp;&nbsp; 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 136904 | &nbsp;&nbsp; 15518 | &nbsp;&nbsp; 65272 | &nbsp;&nbsp; 109902 | &nbsp;&nbsp; 16159 | &nbsp;&nbsp; 86 |
| **Distributions paid to shareholders** | &nbsp;&nbsp; (79096)<br>| &nbsp;&nbsp; (73267)<br>| &nbsp;&nbsp; (28627)<br>| &nbsp;&nbsp; (2419)<br>| &nbsp;&nbsp; (1480)<br>| &nbsp;&nbsp; (1561)<br>|
| **Net capital share transactions** | &nbsp;&nbsp; (487)<br>| &nbsp;&nbsp; 353747 | &nbsp;&nbsp; (57328)<br>| &nbsp;&nbsp; (88856)<br>| &nbsp;&nbsp; (15583)<br>| &nbsp;&nbsp; (8399)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 57321 | &nbsp;&nbsp; 295998 | &nbsp;&nbsp; (20683)<br>| &nbsp;&nbsp; 18627 | &nbsp;&nbsp; (904)<br>| &nbsp;&nbsp; (9874)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 1820027 | &nbsp;&nbsp; 1524029 | &nbsp;&nbsp; 526262 | &nbsp;&nbsp; 507635 | &nbsp;&nbsp; 114308 | &nbsp;&nbsp; 124182 |
| End of year | &nbsp;&nbsp; $1877348 | &nbsp;&nbsp; $1820027 | &nbsp;&nbsp; $505579 | &nbsp;&nbsp; $526262 | &nbsp;&nbsp; $113404 | &nbsp;&nbsp; $114308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Asset Allocation Fund** | **Managed Risk** <br>**Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $4249 | &nbsp;&nbsp; $4979 | &nbsp;&nbsp; $27973 | &nbsp;&nbsp; $33950 | &nbsp;&nbsp; $24722 | &nbsp;&nbsp; $37923 |
| Net realized gain (loss) | &nbsp;&nbsp; 23538 | &nbsp;&nbsp; (4225)<br>| &nbsp;&nbsp; 316725 | &nbsp;&nbsp; 73326 | &nbsp;&nbsp; 115851 | &nbsp;&nbsp; 123915 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 4272 | &nbsp;&nbsp; 42170 | &nbsp;&nbsp; (116759)<br>| &nbsp;&nbsp; 261435 | &nbsp;&nbsp; 62522 | &nbsp;&nbsp; 124394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 32059 | &nbsp;&nbsp; 42924 | &nbsp;&nbsp; 227939 | &nbsp;&nbsp; 368711 | &nbsp;&nbsp; 203095 | &nbsp;&nbsp; 286232 |
| **Distributions paid to shareholders** | &nbsp;&nbsp; (5960)<br>| &nbsp;&nbsp; (5475)<br>| &nbsp;&nbsp; (128115)<br>| &nbsp;&nbsp; (65908)<br>| &nbsp;&nbsp; (168266)<br>| &nbsp;&nbsp; (69126)<br>|
| **Net capital share transactions** | &nbsp;&nbsp; (33133)<br>| &nbsp;&nbsp; (39434)<br>| &nbsp;&nbsp; (184550)<br>| &nbsp;&nbsp; (313193)<br>| &nbsp;&nbsp; (584977)<br>| &nbsp;&nbsp; (294452)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (7034)<br>| &nbsp;&nbsp; (1985)<br>| &nbsp;&nbsp; (84726)<br>| &nbsp;&nbsp; (10390)<br>| &nbsp;&nbsp; (550148)<br>| &nbsp;&nbsp; (77346)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 322206 | &nbsp;&nbsp; 324191 | &nbsp;&nbsp; 2176866 | &nbsp;&nbsp; 2187256 | &nbsp;&nbsp; 2025850 | &nbsp;&nbsp; 2103196 |
| End of year | &nbsp;&nbsp; $315172 | &nbsp;&nbsp; $322206 | &nbsp;&nbsp; $2092140 | &nbsp;&nbsp; $2176866 | &nbsp;&nbsp; $1475702 | &nbsp;&nbsp; $2025850 |

---

\*

For the period November 15, 2024, commencement of operations, through December 31, 2024.

 <sup>†</sup>Amount less than one thousand.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **301** | American Funds Insurance Series |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

**U.S. Small and Mid Cap Equity Fund** — To provide capital appreciation.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **302** |

---

------

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund's investments.

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund**— To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

------

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **303** | American Funds Insurance Series |

---

------

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends are declared daily after and determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date. The fund may deem a portion of the income dividends and/or capital gain distributions are a return of capital for tax purposes.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

------

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **304** |

---

------

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp; All | &nbsp;&nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing <br> models such as yield measures calculated using factors such as cash <br> flows, financial or collateral performance and other reference data <br> (collectively referred to as "standard inputs")<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed; asset-backed obligations | &nbsp;&nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal securities | &nbsp;&nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs <br> that include, but are not limited to, financial statements and debt <br> contracts <br>|

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **305** | American Funds Insurance Series |

---

------

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of December 31, 2025, were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $1677360 | $1004158 | $— | $2681518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 814793 | 803211 |  | 1618004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 624592 | 643004 |  | 1267596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 599727 | 664790 |  | 1264517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 522458 | 184815 |  | 707273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 333006 | 159304 |  | 492310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 142724 | 161843 |  | 304567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 138904 | 87575 |  | 226479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 63628 | 58552 |  | 122180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 31223 | 81724 |  | 112947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 39385 | 14981 |  | 54366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 289982 |  |  | 289982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5277782 | $3863957 | $— | $9141739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

---

------

**Global Small Capitalization Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $260831 | $365281 | $— | $626112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 222052 | 263645 |  | 485697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 296229 | 132470 | 265 | 428964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 191624 | 153882 |  | 345506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 201747 | 110388 |  | 312135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 116183 | 112638 |  | 228821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 48497 | 68762 |  | 117259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 42102 | 54064 |  | 96166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 69622 | 8949 |  | 78571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 7877 | 63370 |  | 71247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 34021 | 13548 |  | 47569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  | 7200 |  | 12088 | 19288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants  |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes  |  | 1581 |  | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments  |  | 945 |  | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 154617 | 43943 |  | 198560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1652602 | $1393478 | $12353 | $3058433 |

---

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $15453954 | $942978 | $24211 | $16421143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 9313134 | 27790 |  | 9340924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 8285145 | 294980 |  | 8580125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 5922020 | 72405 | 8789 | 6003214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4852390 | 170495 | 4230 | 5027115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 3974058 | 100498 |  | 4074556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 1017667 |  | 4743 | 1022410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 949496 | 28695 |  | 978191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 846476 |  |  | 846476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 405935 |  |  | 405935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 365298 |  |  | 365298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  |  |  | 315115 | 315115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants  |  |  | — <br><sup>1</sup><br>| — <br><sup>1</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks  | 7644 |  | 36076 | 43720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1330364 |  |  | 1330364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $52723581 | $1637841 | $393164 | $54754586 |

---

<sup>1</sup>

Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**1/1/2025**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; $173935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $122218 | &nbsp;&nbsp; $(13741)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $110752 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $393164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp; $110752 |

---

<sup>2</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **307** | American Funds Insurance Series |

---

------

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average**<sup>1</sup> <br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $41973 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $41973 | Transaction | Discount for uncertainty | 15% - 50% | 26% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $41973 | Transaction | Premium to transaction price | 11% | 11% | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | $315115 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | $315115 | Transaction | Discount for uncertainty | 5% - 50% | 6% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | EV/Gross Profit multiple | 11.9x | 11.9x | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | &nbsp;&nbsp; Premium to EV/Gross Profit <br> multiple<br>| 50% | 50% | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | $315115 | &nbsp;&nbsp; Market <br> comparables | DLOM  | 10% | 10% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | $— <br><sup>3</sup><br>| &nbsp;&nbsp; Estimated <br> recovery value<br>| De minimis | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | $36076 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | $36076 | Transaction | Discount to transaction price | 5% | 5% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | $36076 | Transaction | Premium to transaction price | 11% | 11% | Increase |
|  | $393164 |  |  |  |  |  |

---

<sup>1</sup>

Weighted average is by relative fair value.

<sup>2</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

<sup>3</sup>

Amount less than one thousand.

---

| |
|:---|
| **Key to abbreviations** |
| DLOM = Discount for lack of marketability |
| EV = Enterprise value |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $132411 | $1126206 | $— | $1258617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 11113 | 1201308 |  | 1212421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 53833 | 1063830 | 7933 | 1125596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 631675 | 291367 |  | 923042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 14900 | 697226 |  | 712126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 127415 | 546112 |  | 673527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care |  | 447622 |  | 447622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 186352 | 230194 |  | 416546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples |  | 335793 |  | 335793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 209483 |  | 209483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  |  | 33353 | 726 | 34079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants  |  |  | —<br> \*<br>| —<br> \*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 149051 |  |  | 149051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1306750 | $6182494 | $8659 | $7497903 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **308** |

---

------

**New World Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $292708 | $622707 | $634 | $916049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 150731 | 554211 | —<br> \*<br>| 704942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 190649 | 322157 |  | 512806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 111250 | 379009 |  | 490259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 146817 | 246709 |  | 393526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 126958 | 131900 | —<br> \*<br>| 258858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 64194 | 145778 |  | 209972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 37995 | 142731 |  | 180726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 27489 | 61632 | —<br> \*<br>| 89121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 450 | 55019 |  | 55469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1071 | 45485 |  | 46556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  | 9540 | 11707 | 8293 | 29540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments  |  | 113791 |  | 113791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 66843 | 264 |  | 67107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1226695 | $2833100 | $8927 | $4068722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $24 | $— | $— | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 80 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (17)<br>|  |  | (17)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (78)<br>|  | (78)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $7 | $2 | $— | $9 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

**Washington Mutual Investors Fund**

As of December 31, 2025, all of the fund's investment securities were classified as Level 1.

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $23464 | $228 | $— | $23692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 19657 |  |  | 19657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 15537 |  |  | 15537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 11031 | 370 |  | 11401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 8602 |  |  | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 7106 |  |  | 7106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 2486 |  |  | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 2419 |  |  | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2280 |  |  | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1892 |  |  | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1884 |  |  | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities  | 3809 |  |  | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $100167 | $598 | $— | $100765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **309** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $355139 | $145088 | $— | $500227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 148399 | 190693 |  | 339092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 157537 | 146549 | —<br> \*<br>| 304086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 125382 | 66163 |  | 191545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 113749 | 59921 |  | 173670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 132454 | 39630 |  | 172084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 76631 | 49420 |  | 126051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 53201 | 47392 |  | 100593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 56523 | 21036 |  | 77559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 19661 | 25980 |  | 45641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 9862 | 7705 |  | 17567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  | 3844 | 2367 |  | 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments  |  | 1012 |  | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 27110 |  |  | 27110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1279492 | $802956 | $—<br> \*<br>| $2082448 |

---

\*

Amount less than one thousand.

**Growth-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $13428880 | $231230 | $— | $13660110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 5464629 | 445806 |  | 5910435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 5113646 | 117059 |  | 5230705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 4380271 |  |  | 4380271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 4300242 | 76915 |  | 4377157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 3324828 | 182155 |  | 3506983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1728094 |  |  | 1728094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 565554 | 678297 |  | 1243851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1011738 |  |  | 1011738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 899740 |  |  | 899740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 537861 |  |  | 537861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments  |  | 828 |  | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1122736 |  |  | 1122736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $41878219 | $1732290 | $— | $43610509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **310** |

---

------

**International Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $5556 | $88187 | $—<br> \*<br>| $93743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 10956 | 47158 |  | 58114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 2848 | 51607 |  | 54455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 4607 | 32456 |  | 37063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 5133 | 27490 |  | 32623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 12674 | 17182 | —<br> \*<br>| 29856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 1046 | 28653 |  | 29699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1407 | 26447 |  | 27854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 9053 | 7510 | —<br> \*<br>| 16563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 625 | 10796 |  | 11421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 770 | 5261 |  | 6031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 6204 |  |  | 6204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $60879 | $342948 | $—<br> \*<br>| $403827 |

---

\*

Amount less than one thousand.

**Capital Income Builder** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $131640 | $135397 | $—<br> \*<br>| $267037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 122940 | 52651 |  | 175591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 104021 | 44144 |  | 148165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 67519 | 80079 |  | 147598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 75761 | 57263 |  | 133024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 46892 | 47327 |  | 94219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 40107 | 45388 |  | 85495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 63017 | 15198 |  | 78215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 31425 | 27538 |  | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 23727 | 34637 |  | 58364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 38351 | 7444 |  | 45795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks  | 4813 |  |  | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 98331 |  | 98331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 83564 | 100 | 83664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes |  | 47200 |  | 47200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bonds & notes |  | 13281 | 220 | 13501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds  | 38098 |  |  | 38098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities  | 91824 |  |  | 91824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $880135 | $789442 | $320 | $1669897 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **311** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $36 | $— | $— | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 261 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (315)<br>|  |  | (315)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (2)<br>|  | (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $(279)<br>| $258 | $— | $(21)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Asset Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $4829446 | $116467 | $— | $4945913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2902743 |  | —<br> \*<br>| 2902743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2527277 | 162101 |  | 2689378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 1911575 | 3565 | 12663 | 1927803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 1511658 | 74864 | 793 | 1587315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1278083 | 24636 |  | 1302719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1135802 |  | —<br> \*<br>| 1135802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 901988 | 61331 |  | 963319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 278367 |  |  | 278367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 253456 | 897 | 655 | 255008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 57144 |  |  | 57144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  |  |  | 755 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants  | 119 |  | —<br> \*<br>| 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks  | 33030 |  |  | 33030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes  |  | 27731 |  | 27731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 2828459 |  | 2828459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 2280626 |  | 2280626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes |  | 1978114 | 420 | 1978534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 529161 |  | 529161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 88970 |  | 88970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 31871 | 7860 | 39731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 22827 |  | 22827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 846762 |  |  | 846762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities  | 1023715 |  |  | 1023715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $19491165 | $8231620 | $23146 | $27745931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $1925 | $— | $— | $1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 3543 |  | 3543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (6069)<br>|  |  | (6069)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (435)<br>|  | (435)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $(4144)<br>| $3108 | $— | $(1036)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **312** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $42224 | $10455 | $— | $52679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 17553 | 27727 |  | 45280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 23532 | 19831 |  | 43363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 28226 | 6598 |  | 34824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 11679 | 9383 |  | 21062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 12657 | 6825 |  | 19482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 17646 | 1167 |  | 18813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 12793 | 5213 |  | 18006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 5420 | 9798 |  | 15218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 10753 | 1687 |  | 12440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate |  | 2599 |  | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks  | 2921 |  |  | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 57330 |  | 57330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 24907 |  | 24907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 24474 |  | 24474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes |  | 22758 |  | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bonds & notes |  | 2889 |  | 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds  | 4250 |  |  | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities  | 27757 |  |  | 27757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on foreign currencies (equity style) |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $217411 | $233643 | $— | $451054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on options written (futures style) | $4 | $— | $— | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | 118 |  |  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 229 |  | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 96 |  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on options purchased (futures style) | — <br><sup>†</sup><br>|  |  | — <br><sup>†</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (132)<br>|  |  | (132)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (281)<br>|  | (281)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (28)<br>|  | (28)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (44)<br>|  | (44)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (3)<br>|  | (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $(10)<br>| $7 | $— | $(3)<br>|

---

\*

Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **313** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $— | $3635346 | $1368 | $3636714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes |  | 3430212 |  | 3430212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 2836319 |  | 2836319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 499168 |  | 499168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 202127 |  | 202127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 166499 |  | 166499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 11855 |  | 11855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  | 6359 | 6359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks  |  | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities  | 624236 |  |  | 624236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $624236 | $10781540 | $7727 | $11413503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $1242 | $— | $— | $1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 386 |  | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 8064 |  | 8064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 2015 |  | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (9824)<br>|  |  | (9824)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (420)<br>|  | (420)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (3943)<br>|  | (3943)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (3263)<br>|  | (3263)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (182)<br>|  | (182)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $(8582)<br>| $2657 | $— | $(5925)<br>|

---

\*

Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **314** |

---

------

**Capital World Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euros | $— | $303335 | $— | $303335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese yen |  | 106583 |  | 106583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British pounds |  | 65433 |  | 65433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazilian reais |  | 34010 |  | 34010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korean won |  | 26746 |  | 26746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinese yuan renminbi |  | 26106 |  | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian dollars |  | 23355 |  | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian rupees |  | 19121 |  | 19121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian dollars |  | 18610 |  | 18610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysian ringgits |  | 18045 |  | 18045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungarian forints |  | 16359 |  | 16359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesian rupiah |  | 7755 |  | 7755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexican pesos |  | 6454 |  | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danish kroner |  | 6328 |  | 6328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombian pesos |  | 4371 |  | 4371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South African rand |  | 4221 |  | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chilean pesos |  | 4074 |  | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polish zloty |  | 4060 |  | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand dollars |  | 2940 |  | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkish lira |  | 1845 |  | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippine pesos |  | 1260 |  | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech korunas |  | 857 |  | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollars |  | 643061 | 579 | 643640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  |  |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks  | 5 |  | 59 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants  | 8 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds  | 22734 |  |  | 22734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 114160 |  |  | 114160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on foreign currencies (equity style) |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $136907 | $1344945 | $718 | $1482570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on options written (futures style) | $28 | $— | $— | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | 1615 |  |  | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 2812 |  | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 1403 |  | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 136 |  | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 24 |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on options purchased (futures style) | — <br><sup>†</sup><br>|  |  | — <br><sup>†</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (1631)<br>|  |  | (1631)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (1842)<br>|  | (1842)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (1055)<br>|  | (1055)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (2695)<br>|  | (2695)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (201)<br>|  | (201)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $12 | $(1418)<br>| $— | $(1406)<br>|

---

\*

Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **315** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes | $— | $878262 | $148 | $878410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 38405 | 3278 | 41683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes  |  | 1265 |  | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks  | 34700 | 10356 | 20680 | 65736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities  |  |  | 1713 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants  | 45 | 127 |  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities  | 35092 |  |  | 35092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $69837 | $928415 | $25819 | $1024071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $15 | $— | $— | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (29)<br>|  |  | (29)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (163)<br>|  | (163)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $(14)<br>| $(163)<br>| $— | $(177)<br>|

---

<sup>1</sup>

Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**1/1/2025**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; $36440 | &nbsp;&nbsp; $1868 | &nbsp;&nbsp; $7442 | &nbsp;&nbsp; $(4555)<br>| &nbsp;&nbsp; $(2928)<br>| &nbsp;&nbsp; $(7757)<br>| &nbsp;&nbsp; $(4691)<br>| &nbsp;&nbsp; $25819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | &nbsp;&nbsp; $(8134)<br>|

---

<sup>2</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **316** |

---

------

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average\***<br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>†</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other <br> debt instruments | $3426 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other <br> debt instruments | $3426 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | Discount for uncertainty | 10% - 15% | 13% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 20680 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.2x | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA-CAPEX multiple | 11.0x | 11.0x | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 20680 | &nbsp;&nbsp; Market <br> comparables | DLOM | 7% | 7% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 1713 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 4.8x | 4.8x | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 1713 | &nbsp;&nbsp; Market <br> comparables | DLOM | 15% | 15% | Decrease |
|  | $25819 |  |  |  |  |  |

---

\*

Weighted average is by relative fair value.

<sup>†</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

---

| |
|:---|
| **Key to abbreviations** |
| CAPEX = Capital expenditures |
| DLOM = Discount for lack of marketability |
| EBITDA = Earnings before interest, taxes, depreciation and amortization |
| EV = Enterprise value |

---

**American Funds Mortgage Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $— | $99553 | $— | $99553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 7811 |  | 7811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 1295 |  | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities  |  | 24381 |  | 24381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $— | $133040 | $— | $133040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $18 | $— | $— | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 127 |  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (150)<br>|  |  | (150)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $(132)<br>| $126 | $— | $(6)<br>|

---

\*

Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund**

As of December 31, 2025, all of the fund's investment securities were classified as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **317** | American Funds Insurance Series |

---

------

**U.S. Government Securities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $— | $816712 | $— | $816712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 765205 |  | 765205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 48704 |  | 48704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities  |  | 288407 |  | 288407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on futures (equity style) | 242 |  |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $242 | $1919028 | $— | $1919270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $1077 | $— | $— | $1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 14953 |  | 14953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of options written (equity style)  | (81)<br>|  |  | (81)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (2291)<br>|  |  | (2291)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (3022)<br>|  | (3022)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total  | $(1295)<br>| $11931 | $— | $10636 |

---

\*

Options written, futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Growth-Income Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**4. Risk factors**

------

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **318** |

---

------

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in income-oriented stocks** — The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which a fund invests.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small and mid-capitalization companies** — Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **319** | American Funds Insurance Series |

---

------

**Investing in developing countries** — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **320** |

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Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to a fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, a fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, a fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

I**nvestments in future delivery contracts** — A fund may enter into transactions involving future delivery contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When a fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), a fund may or may not hold the types of mortgage-backed securities required to be delivered. A fund may choose to roll these transactions in lieu of settling them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **321** | American Funds Insurance Series |

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When a fund rolls the purchase of these types of future delivery transactions, a fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predetermined price. When a fund rolls the sale of these transactions rather than settling them, a fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of a fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for a fund.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

**Investing in securities backed by the U.S. government** — U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Investing in repurchase agreements** — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Leverage risk** — Certain transactions of a fund may give rise to leverage. These transactions may include, among others, derivatives, future delivery contracts and when-issued, delayed delivery or forward commitment transactions. As a result, increases and decreases in the value of a fund's portfolio may be magnified, and a fund may be exposed to a heightened risk of loss and increased costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **322** |

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**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

**Nondiversification** — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund's shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

**Management** — The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** — Because the managed risk fund's investments consist of investments in underlying funds, the managed risk fund's risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, a fund would remain subject to the risk of adverse price movements until a fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **323** | American Funds Insurance Series |

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**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

**5. Certain investment techniques**

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**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **324** |

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The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds**  | <br>**Value of** <br>**investment** <br>**securities** <br>**on loan**<br>| **Cash**  | **U.S. government** <br>**securities** <br>| <br>**Value of** <br>**investment** <br>**securities** <br>**purchased** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $1099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | &nbsp;&nbsp; 77998 | &nbsp;&nbsp; 76585 | &nbsp;&nbsp; 3923 | &nbsp;&nbsp; 68926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | &nbsp;&nbsp; 22741 | &nbsp;&nbsp; 29093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 26762 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | &nbsp;&nbsp; 32814 | &nbsp;&nbsp; 29195 | &nbsp;&nbsp; 4491 | &nbsp;&nbsp; 26276 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8183 | &nbsp;&nbsp;&nbsp;&nbsp; 6603 | &nbsp;&nbsp; 1991 | &nbsp;&nbsp;&nbsp;&nbsp; 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | &nbsp;&nbsp; 11011 | &nbsp;&nbsp; 11565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | &nbsp;&nbsp; 19953 | &nbsp;&nbsp; 20974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 18905 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

**Loan transactions** — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** — Asset Allocation Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2025, the maximum exposure from these unfunded commitments for Asset Allocation Fund and American High-Income Trust was $204,000 and $94,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was $3,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **325** | American Funds Insurance Series |

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**Option contracts** — Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **326** |

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Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

**Options on equity indexes** — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

**Options on futures** — One of the funds has entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

**Options on foreign currencies** —The fund has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **327** | American Funds Insurance Series |

---

------

**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **328** |

---

------

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Options** <br>**on** <br>**futures**<br>| **Options** <br>**on** <br>**foreign currencies**<br>| **Futures** <br>**contracts**<br>| **Forward** <br>**currency** <br>**contracts**<br>| **Interest** <br>**rate** <br>**swaps**<br>| **Credit** <br>**default** <br>**swaps**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | Not applicable | Not applicable | &nbsp;&nbsp; $7466  | &nbsp;&nbsp; $19861  | &nbsp;&nbsp; $513\*  | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Growth and <br> Income Fund<br>| Not applicable | Not applicable | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641\*  | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | Not applicable | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp; 156652  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393\*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7878  | &nbsp;&nbsp;&nbsp;&nbsp; 5062  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | Not applicable | Not applicable | &nbsp;&nbsp; 2772351  | Not applicable | &nbsp;&nbsp; 360170  | &nbsp;&nbsp; 61194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds Global <br> Balanced Fund<br>| &nbsp;&nbsp; $10369 | &nbsp;&nbsp; $2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65213  | &nbsp;&nbsp;&nbsp;&nbsp; 87154  | &nbsp;&nbsp;&nbsp;&nbsp; 21599  | &nbsp;&nbsp;&nbsp;&nbsp; 4642  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | Not applicable | Not applicable | &nbsp;&nbsp; 5555115  | &nbsp;&nbsp; 233285  | &nbsp;&nbsp; 863621  | &nbsp;&nbsp; 190139  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56460 | &nbsp;&nbsp; 19365 | &nbsp;&nbsp;&nbsp;&nbsp; 817202  | &nbsp;&nbsp; 522298  | &nbsp;&nbsp; 376182  | &nbsp;&nbsp; 69538  |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | Not applicable | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31856  | Not applicable | Not applicable | &nbsp;&nbsp; 18973  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32136 | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96592  | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975  | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities <br> Fund<br>| &nbsp;&nbsp; 1099058 | Not applicable | &nbsp;&nbsp; 1984739  | Not applicable | &nbsp;&nbsp; 813610  | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 620857 | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99717 | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington <br> Mutual Investors Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 369929 | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2897 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income <br> Fund<br>| &nbsp;&nbsp; 3972877 | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57285 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation | &nbsp;&nbsp;&nbsp;&nbsp; 537228 | Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16791 | Not applicable | Not applicable | Not applicable |

---

\*

No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **329** | American Funds Insurance Series |

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------

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options contracts, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2025 (dollars in thousands):

**New World Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $24 | Unrealized depreciation<sup>1</sup> <br>| $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 80 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 78 |
|  |  |  | $104 |  | $95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $177 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (78)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 104 |
|  |  |  | $(408)<br>|  | $22 |

---

**International Growth and Income Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| $(10)<br>|

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $36<br> Unrealized depreciation<sup>1</sup> <br>| $315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 261<br> Unrealized depreciation<sup>1</sup> <br>| 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 2 |
|  |  | $297 | $318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **330** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $1420 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| 13 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 97 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (211)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 50 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2)<br>|
|  |  |  | $1580 |  | $486 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $1925<br> Unrealized depreciation<sup>1</sup> <br>| $6069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 3543<br> Unrealized depreciation<sup>1</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 435 |
|  |  | $5468 | $6504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $28857 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(1220)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 5 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (1723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (578)<br>|
|  |  |  | $27139 |  | $1864 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **331** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Currency | Investment securities | $2 | Investment securities | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 4 | Unrealized depreciation<sup>1</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 118 | Unrealized depreciation<sup>1</sup> <br>| 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 229 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 96 | Unrealized depreciation<sup>1</sup> <br>| 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | Interest | Bilateral swaps, at value | 38 | Bilateral swaps, at value | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>| Unrealized depreciation<sup>1</sup> <br>| 3 |
|  |  |  | $487 |  | $488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $— | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| — <br><sup>2</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 41 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 469 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (3684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 1 |
|  |  |  | $(3410)<br>|  | $739 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **332** |

---

------

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $1242 | Unrealized depreciation<sup>1</sup> <br>| $9824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 386 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 8064 | Unrealized depreciation<sup>1</sup> <br>| 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | Interest | Bilateral swaps, at value | 2015 | Bilateral swaps, at value | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 182 |
|  |  |  | $11707 |  | $17632 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $21847 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $21668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (9144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (1861)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 5030 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 9452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (4887)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (196)<br>|
|  |  |  | $12846 |  | $29063 |

---

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Currency | Investment securities | $16 | Investment securities | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 28 | Unrealized depreciation<sup>1</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 1615 | Unrealized depreciation<sup>1</sup> <br>| 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 2812 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1403 | Unrealized depreciation<sup>1</sup> <br>| 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | Interest | Bilateral swaps, at value | 136 | Bilateral swaps, at value | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 24 | Unrealized depreciation<sup>1</sup> <br>| 201 |
|  |  |  | $6034 |  | $7424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| 159 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| (48)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options written <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 58 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (586)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| — <br><sup>2</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 365 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 7420 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (2268)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (64)<br>|
|  |  |  | $4274 |  | $6702 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $15<br> Unrealized depreciation<sup>1</sup> <br>| $29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 163 |
|  |  | $15 | $192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $293 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (207)<br>|
|  |  |  | $(624)<br>|  | $(145)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

------

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $18<br> Unrealized depreciation<sup>1</sup> <br>| $150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 127<br> Unrealized depreciation<sup>1</sup> <br>| 1 |
|  |  | $145 | $151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 1 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 1057 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (15)<br>|
|  |  |  | $1054 |  | $194 |

---

**U.S. Government Securities Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Interest | Investment securities | $242 | Investment securities | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written <br> (equity style)<br>| Interest | Options written, at value |  | Options written, at value | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 1077 | Unrealized depreciation<sup>1</sup> <br>| 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 14953 | Unrealized depreciation<sup>1</sup> <br>| 3022 |
|  |  |  | $16272 |  | $5394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(1087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 18297 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 5703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 4094 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (1861)<br>|
|  |  |  | $21331 |  | $3899 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **335** | American Funds Insurance Series |

---

------

**Managed Risk Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1328<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 8<br> Unrealized appreciation<sup>1</sup> <br>|  |
|  |  | $1336<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(4185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(2333)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (13013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (455)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 8 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4 |
|  |  |  | $(17547)<br>|  | $(2788)<br>|

---

**Managed Risk International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $267<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 13<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $280<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(422)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (6096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (91)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 3 |
|  |  |  | $(7087)<br>|  | $(510)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **336** |

---

------

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $647<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 1<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $648<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(2786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1184)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (8674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 14 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 8 |
|  |  |  | $(11631)<br>|  | $(1109)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $7071<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 46<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $7117<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(28619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(13505)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (1347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (35731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1038<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 45 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 25 |
|  |  |  | $(65652)<br>|  | $(12442)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1217<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 8<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1225<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(3827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1962)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (47392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 417<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 709 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 314 |
|  |  |  | $(51023)<br>|  | $(1231)<br>|

---

<sup>1</sup>

Includes cumulative appreciation/depreciation on future style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Includes options purchased as reported in each fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **338** |

---

------

**Collateral** — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as cash collateral pledged in each fund's statement of assets and liabilities.

**Rights of offset** — Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of December 31, 2025, if close-out netting was exercised (dollars in thousands):

**New World Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | $22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 39<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 15<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $79<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $22<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $77<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 27<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 79<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 116<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $267<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 38<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 109<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 67<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 12<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 46<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(201)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114 |

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $490<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(248)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 578<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1285<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2401<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2023)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(248)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $130<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $242<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 1146<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (568)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1353)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1203<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2023)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2175)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $165 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $147<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 34<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 450<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 608<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (608)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 188<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 44<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 1035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (330)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (290)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(330)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(376)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $417<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $1107<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(948)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 627<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 65<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 897<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (608)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1017)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 102<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 257<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 59<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 16<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1825)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2380)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $397 |

---

\*

Collateral is shown on a settlement basis.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **341** | American Funds Insurance Series |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2025, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | &nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | &nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | &nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |

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\*

Amount less than one thousand.

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **342** |

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Additional tax basis disclosures for each fund as of December 31, 2025, were as follows (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | &nbsp;&nbsp; $58118 | &nbsp;&nbsp; $52615 | &nbsp;&nbsp; $328671 | &nbsp;&nbsp; $164687 | &nbsp;&nbsp; $41259 | &nbsp;&nbsp; $40991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | &nbsp;&nbsp; 1202418 | &nbsp;&nbsp; 330342 | &nbsp;&nbsp; 4562299 | &nbsp;&nbsp; 532733 | &nbsp;&nbsp; 281284 | &nbsp;&nbsp; 1064187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 206867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 3491592 | &nbsp;&nbsp; 789376 | &nbsp;&nbsp; 32066603 | &nbsp;&nbsp; 2385110 | &nbsp;&nbsp; 1575330 | &nbsp;&nbsp; 4698662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (287030)<br>| &nbsp;&nbsp; (116954)<br>| &nbsp;&nbsp; (655627)<br>| &nbsp;&nbsp; (88696)<br>| &nbsp;&nbsp; (59715)<br>| &nbsp;&nbsp; (159517)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 3204562 | &nbsp;&nbsp; 672422 | &nbsp;&nbsp; 31410976 | &nbsp;&nbsp; 2296414 | &nbsp;&nbsp; 1515615 | &nbsp;&nbsp; 4539145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | &nbsp;&nbsp; 5937177 | &nbsp;&nbsp; 2386011 | &nbsp;&nbsp; 23343610 | &nbsp;&nbsp; 5201489 | &nbsp;&nbsp; 2553117 | &nbsp;&nbsp; 7417791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid Cap** <br> **Equity Fund**<br>| **Capital World** <br>**Growth and** <br>**Income Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16020 | &nbsp;&nbsp; $702034 | &nbsp;&nbsp; $2910 | &nbsp;&nbsp; $15728 | &nbsp;&nbsp; $217220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 179378 | &nbsp;&nbsp; 2604901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58769 | &nbsp;&nbsp; 2837208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (592)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21009 | &nbsp;&nbsp; 6862 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 9350 | &nbsp;&nbsp; 910098 | &nbsp;&nbsp; 21146735 | &nbsp;&nbsp; 135582 | &nbsp;&nbsp; 454550 | &nbsp;&nbsp; 8582220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (6040)<br>| &nbsp;&nbsp; (45447)<br>| &nbsp;&nbsp; (369429)<br>| &nbsp;&nbsp; (9951)<br>| &nbsp;&nbsp; (35422)<br>| &nbsp;&nbsp; (691994)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 3310 | &nbsp;&nbsp; 864651 | &nbsp;&nbsp; 20777306 | &nbsp;&nbsp; 125631 | &nbsp;&nbsp; 419128 | &nbsp;&nbsp; 7890226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | &nbsp;&nbsp; 97455 | &nbsp;&nbsp; 1217797 | &nbsp;&nbsp; 22833203 | &nbsp;&nbsp; 278196 | &nbsp;&nbsp; 1250632 | &nbsp;&nbsp; 19857297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **343** | American Funds Insurance Series |

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------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br>**Fund of** <br>**America**<br>| **Capital** <br>**World** <br>**Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br>**Funds** <br>**Mortgage** <br>**Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | &nbsp;&nbsp; $3091 | &nbsp;&nbsp; $81931 | &nbsp;&nbsp; $10845 | &nbsp;&nbsp; $12190 | &nbsp;&nbsp; $953 | &nbsp;&nbsp; $1944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | &nbsp;&nbsp; 25777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1511983)<br>| &nbsp;&nbsp; (198979)<br>| &nbsp;&nbsp; (329593)<br>| &nbsp;&nbsp; (12321)<br>| &nbsp;&nbsp; (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 72789 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 94991 | &nbsp;&nbsp; 158694 | &nbsp;&nbsp; 43122 | &nbsp;&nbsp; 64529 | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (12752)<br>| &nbsp;&nbsp; (227608)<br>| &nbsp;&nbsp; (77373)<br>| &nbsp;&nbsp; (39750)<br>| &nbsp;&nbsp; (1122)<br>| &nbsp;&nbsp; (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 82239 | &nbsp;&nbsp; (68914)<br>| &nbsp;&nbsp; (34251)<br>| &nbsp;&nbsp; 24779 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | &nbsp;&nbsp; 368808 | &nbsp;&nbsp; 11488814 | &nbsp;&nbsp; 1516353 | &nbsp;&nbsp; 1000940 | &nbsp;&nbsp; 132479 | &nbsp;&nbsp; 308476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable <br> earnings/accumulated loss to (from) <br> capital paid in on shares of beneficial <br> interest<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | &nbsp;&nbsp; $13856 | &nbsp;&nbsp; $1773 | &nbsp;&nbsp; $1429 | &nbsp;&nbsp; $4281 | &nbsp;&nbsp; $25464 | &nbsp;&nbsp; $23428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 31113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 284557 | &nbsp;&nbsp; 112392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (257785)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21682)<br>| &nbsp;&nbsp; (1893)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized | &nbsp;&nbsp; 27799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 32667 | &nbsp;&nbsp; 132454 | &nbsp;&nbsp; 27401 | &nbsp;&nbsp; 69146 | &nbsp;&nbsp; 317848 | &nbsp;&nbsp; 226986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (47954)<br>| &nbsp;&nbsp; (48770)<br>| &nbsp;&nbsp; (20227)<br>| &nbsp;&nbsp; (24480)<br>| &nbsp;&nbsp; (67881)<br>| &nbsp;&nbsp; (39913)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; (15287)<br>| &nbsp;&nbsp; 83684 | &nbsp;&nbsp; 7174 | &nbsp;&nbsp; 44666 | &nbsp;&nbsp; 249967 | &nbsp;&nbsp; 187073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | &nbsp;&nbsp; 1936415 | &nbsp;&nbsp; 421427 | &nbsp;&nbsp; 106247 | &nbsp;&nbsp; 270315 | &nbsp;&nbsp; 1838439 | &nbsp;&nbsp; 1289372 |

---

<sup>1</sup>

Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $66139 | $455982 | $522121 | &nbsp;&nbsp;&nbsp;&nbsp; $65173 | $99126 | $164299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 749 | 2766 | 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 536 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 53132 | 443236 | 496368 | &nbsp;&nbsp;&nbsp;&nbsp; 57169 | 103301 | 160470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 14879 | 130403 | 145282 | &nbsp;&nbsp;&nbsp;&nbsp; 12745 | 23878 | 36623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $134899 | $1032387 | $1167286 | &nbsp;&nbsp;&nbsp;&nbsp; $135406 | $226841 | $362247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

------

**Global Small Capitalization Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $3919 | $19199 | $23118 | &nbsp;&nbsp;&nbsp;&nbsp; $24044 | $21820 | $45864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 20 | 126 | 146 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 119 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 5919 | 39094 | 45013 | &nbsp;&nbsp;&nbsp;&nbsp; 42943 | 43051 | 85994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 766 | 7316 | 8082 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 | 7070 | 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $10624 | $65735 | $76359 | &nbsp;&nbsp;&nbsp;&nbsp; $73535 | $72060 | $145595 |

---

**Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $283031 | $1543000 | $1826031 | &nbsp;&nbsp;&nbsp;&nbsp; $121696 | $433019 | $554715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 4439 | 26100 | 30539 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 | 7268 | 8596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 243730 | 1433339 | 1677069 | &nbsp;&nbsp;&nbsp;&nbsp; 72492 | 433759 | 506251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | &nbsp;&nbsp; 3240 | 18878 | 22118 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 | 5725 | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 69855 | 421011 | 490866 | &nbsp;&nbsp;&nbsp;&nbsp; 9370 | 97988 | 107358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $604295 | $3442328 | $4046623 | &nbsp;&nbsp;&nbsp;&nbsp; $206009 | $977759 | $1183768 |

---

**International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $49061 | $— | $49061 | &nbsp;&nbsp;&nbsp;&nbsp; $46267 | $— | $46267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 205 |  | 205 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |  | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 44060 |  | 44060 | &nbsp;&nbsp;&nbsp;&nbsp; 40220 |  | 40220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | &nbsp;&nbsp; 210 |  | 210 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |  | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 6153 |  | 6153 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |  | 4485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $99689 | $— | $99689 | &nbsp;&nbsp;&nbsp;&nbsp; $91320 | $— | $91320 |

---

**New World Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $32320 | $71532 | $103852 | &nbsp;&nbsp;&nbsp;&nbsp; $29713 | $8227 | $37940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 369 | 453 | 822 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 49 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 11967 | 31619 | 43586 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 | 3828 | 15121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 11031 | 33694 | 44725 | &nbsp;&nbsp;&nbsp;&nbsp; 9604 | 3785 | 13389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $55687 | $137298 | $192985 | &nbsp;&nbsp;&nbsp;&nbsp; $50777 | $15889 | $66666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **345** | American Funds Insurance Series |

---

------

**Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $131443 | $397175 | $528618 | &nbsp;&nbsp;&nbsp;&nbsp; $111395 | $50394 | $161789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 661 | 2103 | 2764 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | 202 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 57467 | 193815 | 251282 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 | 24567 | 71557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 36815 | 127802 | 164617 | &nbsp;&nbsp;&nbsp;&nbsp; 23694 | 12608 | 36302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $226386 | $720895 | $947281 | &nbsp;&nbsp;&nbsp;&nbsp; $182505 | $87771 | $270276 |

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>2</sup> **to** <br> **December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>|  | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $364 | $— <br><sup>3</sup><br>| $364 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>3</sup><br>| $— | $— <br><sup>3</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 33 | — <br><sup>3</sup><br>| 33 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $397 | $— | $397 | &nbsp;&nbsp;&nbsp;&nbsp; $13 | $— | $13 |

---

**Capital World Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $9542 | $21740 | $31282 | &nbsp;&nbsp;&nbsp;&nbsp; $11350 | $— | $11350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 157 | 363 | 520 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |  | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 14202 | 37773 | 51975 | &nbsp;&nbsp;&nbsp;&nbsp; 17039 |  | 17039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 4099 | 11256 | 15355 | &nbsp;&nbsp;&nbsp;&nbsp; 3943 |  | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $28000 | $71132 | $99132 | &nbsp;&nbsp;&nbsp;&nbsp; $32476 | $— | $32476 |

---

**Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $512210 | $3878399 | $4390609 | &nbsp;&nbsp;&nbsp;&nbsp; $338365 | $1023186 | $1361551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 901 | 7252 | 8153 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | 1702 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 257694 | 2211126 | 2468820 | &nbsp;&nbsp;&nbsp;&nbsp; 163135 | 597677 | 760812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | &nbsp;&nbsp; 2899 | 23742 | 26641 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | 6513 | 8392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 50309 | 470380 | 520689 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 | 105495 | 131545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $824013 | $6590899 | $7414912 | &nbsp;&nbsp;&nbsp;&nbsp; $529924 | $1734573 | $2264497 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

------

**International Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $835 | $— | $835 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | $— | $461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 211 |  | 211 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |  | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 4052 |  | 4052 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |  | 3897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 4102 |  | 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |  | 3584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $9200 | $— | $9200 | &nbsp;&nbsp;&nbsp;&nbsp; $8098 | $— | $8098 |

---

**Capital Income Builder** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $25206 | $— | $25206 | &nbsp;&nbsp;&nbsp;&nbsp; $25390 | $— | $25390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 416 |  | 416 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |  | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 618 |  | 618 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |  | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 19776 |  | 19776 | &nbsp;&nbsp;&nbsp;&nbsp; 19314 |  | 19314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $46016 | $— | $46016 | &nbsp;&nbsp;&nbsp;&nbsp; $45676 | $— | $45676 |

---

**Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $438651 | $1019238 | $1457889 | &nbsp;&nbsp;&nbsp;&nbsp; $374078 | $678739 | $1052817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 1307 | 2795 | 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 1422 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 111878 | 280960 | 392838 | &nbsp;&nbsp;&nbsp;&nbsp; 92429 | 187595 | 280024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | &nbsp;&nbsp; 884 | 2081 | 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | 1326 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 166513 | 445526 | 612039 | &nbsp;&nbsp;&nbsp;&nbsp; 127247 | 278890 | 406137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $719233 | $1750600 | $2469833 | &nbsp;&nbsp;&nbsp;&nbsp; $595295 | $1147972 | $1743267 |

---

**American Funds Global Balanced Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $1498 | $3585 | $5083 | &nbsp;&nbsp;&nbsp;&nbsp; $1963 | $— | $1963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 60 | 152 | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 1941 | 5617 | 7558 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |  | 2714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 2293 | 6279 | 8572 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |  | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $5792 | $15633 | $21425 | &nbsp;&nbsp;&nbsp;&nbsp; $7048 | $— | $7048 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $302949 | $— | $302949 | &nbsp;&nbsp;&nbsp;&nbsp; $305561 | $— | $305561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 12103 |  | 12103 | &nbsp;&nbsp;&nbsp;&nbsp; 8909 |  | 8909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 115204 |  | 115204 | &nbsp;&nbsp;&nbsp;&nbsp; 115243 |  | 115243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 56394 |  | 56394 | &nbsp;&nbsp;&nbsp;&nbsp; 45913 |  | 45913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $486650 | $— | $486650 | &nbsp;&nbsp;&nbsp;&nbsp; $475626 | $— | $475626 |

---

**Capital World Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $19172 | $— | $19172 | &nbsp;&nbsp;&nbsp;&nbsp; $15387 | $— | $15387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 837 |  | 837 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |  | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 22086 |  | 22086 | &nbsp;&nbsp;&nbsp;&nbsp; 16410 |  | 16410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 2211 |  | 2211 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |  | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $44306 | $— | $44306 | &nbsp;&nbsp;&nbsp;&nbsp; $33915 | $— | $33915 |

---

**American High-Income Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $16430 | $— | $16430 | &nbsp;&nbsp;&nbsp;&nbsp; $15191 | $— | $15191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 438 |  | 438 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |  | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 34271 |  | 34271 | &nbsp;&nbsp;&nbsp;&nbsp; 35147 |  | 35147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | &nbsp;&nbsp; 495 |  | 495 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |  | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 12704 |  | 12704 | &nbsp;&nbsp;&nbsp;&nbsp; 8336 |  | 8336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $64338 | $— | $64338 | &nbsp;&nbsp;&nbsp;&nbsp; $59402 | $— | $59402 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $803 | $— | $803 | &nbsp;&nbsp;&nbsp;&nbsp; $804 | $— | $804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 136 |  | 136 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |  | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 1703 |  | 1703 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |  | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 2473 |  | 2473 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |  | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $5115 | $— | $5115 | &nbsp;&nbsp;&nbsp;&nbsp; $5001 | $— | $5001 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $1510 | $— | $1510 | &nbsp;&nbsp;&nbsp;&nbsp; $1996 | $— | $1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 5 |  | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 9131 |  | 9131 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |  | 12857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | &nbsp;&nbsp; 156 |  | 156 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 2138 |  | 2138 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |  | 2569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $12940 | $— | $12940 | &nbsp;&nbsp;&nbsp;&nbsp; $17633 | $— | $17633 |

---

**U.S. Government Securities Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | &nbsp;&nbsp; $11629 | $— | $11629 | &nbsp;&nbsp;&nbsp;&nbsp; $11248 | $— | $11248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp; 12377 |  | 12377 | &nbsp;&nbsp;&nbsp;&nbsp; 11344 |  | 11344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | &nbsp;&nbsp; 44749 |  | 44749 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 |  | 42551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | &nbsp;&nbsp; 212 |  | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | &nbsp;&nbsp; 10129 |  | 10129 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 |  | 7920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $79096 | $— | $79096 | &nbsp;&nbsp;&nbsp;&nbsp; $73267 | $— | $73267 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | &nbsp;&nbsp; $248 | $558 | $806 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | $— | $93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | &nbsp;&nbsp; 6657 | 21164 | 27821 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |  | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $6905 | $21722 | $28627 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | $— | $2419 |

---

**Managed Risk International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | &nbsp;&nbsp; $30 | $— | $30 | &nbsp;&nbsp;&nbsp;&nbsp; $29 | $— | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | &nbsp;&nbsp; 1450 |  | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |  | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $1480 | $— | $1480 | &nbsp;&nbsp;&nbsp;&nbsp; $1561 | $— | $1561 |

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | &nbsp;&nbsp; $58 | $— | $58 | &nbsp;&nbsp;&nbsp;&nbsp; $53 | $— | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | &nbsp;&nbsp; 5902 |  | 5902 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |  | 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $5960 | $— | $5960 | &nbsp;&nbsp;&nbsp;&nbsp; $5475 | $— | $5475 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

------

**Managed Risk Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | &nbsp;&nbsp; $42231 | $70237 | $112468 | &nbsp;&nbsp;&nbsp;&nbsp; $33022 | $25142 | $58164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | &nbsp;&nbsp; 5433 | 10214 | 15647 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 | 3659 | 7744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $47664 | $80451 | $128115 | &nbsp;&nbsp;&nbsp;&nbsp; $37107 | $28801 | $65908 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | &nbsp;&nbsp; $348 | $722 | $1070 | &nbsp;&nbsp;&nbsp;&nbsp; $226 | $138 | $364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | &nbsp;&nbsp; 46064 | 121132 | 167196 | &nbsp;&nbsp;&nbsp;&nbsp; 39976 | 28786 | 68762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $46412 | $121854 | $168266 | &nbsp;&nbsp;&nbsp;&nbsp; $40202 | $28924 | $69126 |

---

<sup>2</sup>

Commencement of operations.

<sup>3</sup>

Amount less than one thousand.

**7. Fees and transactions**

------

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company® ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended December 31, 2025, total investment advisory services fees waived by CRMC were $53,879,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **350** |

---

------

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Rates** | **Rates** | **Net asset level** <br>**(in billions)** | **Net asset level** <br>**(in billions)** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**before waiver** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**after waiver** |
| **Fund** | **Beginning** <br>**with**<br>| **Ending** <br>**with**<br>| **Up to** | **In excess** <br>**of**<br>| **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**before waiver** | **For the** <br>**year ended** <br>**December 31,** <br>**2025,** <br>**after waiver** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | .475<br> %<br>| &nbsp;&nbsp; .435<br> %<br>| &nbsp;&nbsp; $15.0 | &nbsp;&nbsp; $15.0 | &nbsp;&nbsp; .475<br> %<br>| &nbsp;&nbsp; .372<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | .647 | &nbsp;&nbsp; .615 | 15.0 | 15.0 | &nbsp;&nbsp; .647 | &nbsp;&nbsp; .600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | .500 | &nbsp;&nbsp; .275 | &nbsp;&nbsp; .6 | 44.0 | &nbsp;&nbsp; .302 | &nbsp;&nbsp; .302 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | .478 | &nbsp;&nbsp; .430 | 15.0 | 21.0 | &nbsp;&nbsp; .478 | &nbsp;&nbsp; .478 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | .577 | &nbsp;&nbsp; .510 | 15.0 | 15.0 | &nbsp;&nbsp; .577 | &nbsp;&nbsp; .507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | .374 | &nbsp;&nbsp; .350 | 15.0 | 15.0 | &nbsp;&nbsp; .374 | &nbsp;&nbsp; .227 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | .450 |  | &nbsp;&nbsp; all |  | &nbsp;&nbsp; .450 | &nbsp;&nbsp; .450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | .475 | &nbsp;&nbsp; .435 | 15.0 | 15.0 | &nbsp;&nbsp; .475 | &nbsp;&nbsp; .375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | .500 | &nbsp;&nbsp; .217 | &nbsp;&nbsp; .6 | 44.0 | &nbsp;&nbsp; .249 | &nbsp;&nbsp; .249 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | .478 | &nbsp;&nbsp; .450 | 15.0 | 15.0 | &nbsp;&nbsp; .478 | &nbsp;&nbsp; .478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | .357 | &nbsp;&nbsp; .330 | 15.0 | 15.0 | &nbsp;&nbsp; .357 | &nbsp;&nbsp; .227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | .500 | &nbsp;&nbsp; .236 | &nbsp;&nbsp; .6 | 34.0 | &nbsp;&nbsp; .264 | &nbsp;&nbsp; .264 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | .446 | &nbsp;&nbsp; .420 | 15.0 | 15.0 | &nbsp;&nbsp; .446 | &nbsp;&nbsp; .429 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | .352 | &nbsp;&nbsp; .320 | 15.0 | 15.0 | &nbsp;&nbsp; .352 | &nbsp;&nbsp; .202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | .431 | &nbsp;&nbsp; .360 | 15.0 | 15.0 | &nbsp;&nbsp; .431 | &nbsp;&nbsp; .431 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | .404 | &nbsp;&nbsp; .386 | 15.0 | 15.0 | &nbsp;&nbsp; .404 | &nbsp;&nbsp; .284 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund  | .295 | &nbsp;&nbsp; .280 | 15.0 | 15.0 | &nbsp;&nbsp; .295 | &nbsp;&nbsp; .222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | .257 | &nbsp;&nbsp; .242 | 15.0 | 15.0 | &nbsp;&nbsp; .257 | &nbsp;&nbsp; .257 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | .295 | &nbsp;&nbsp; .280 | 15.0 | 15.0 | &nbsp;&nbsp; .295 | &nbsp;&nbsp; .218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund\* | .100 |  | &nbsp;&nbsp; all |  | &nbsp;&nbsp; .150 | &nbsp;&nbsp; .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund\* | .100 |  | &nbsp;&nbsp; all |  | &nbsp;&nbsp; .150 | &nbsp;&nbsp; .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund\* | .100 |  | &nbsp;&nbsp; all |  | &nbsp;&nbsp; .150 | &nbsp;&nbsp; .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund\* | .100 |  | &nbsp;&nbsp; all |  | &nbsp;&nbsp; .150 | &nbsp;&nbsp; .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund\* | .100 |  | &nbsp;&nbsp; all |  | &nbsp;&nbsp; .150 | &nbsp;&nbsp; .100 |

---

\*

For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%. <br>Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **351** | American Funds Insurance Series |

---

------

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1131 |
| Class 1A | $— | $83 | 10 |
| Class 2 | 8963 | Not applicable | 1076 |
| Class 4 | 2668 | 2668 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $11631 | $2751 | $2537 |

---

**Global Small Capitalization Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $257 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 4317 | Not applicable | 518 |
| Class 4 | 888 | 887 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $5205 | $902 | $883 |

---

**Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $6865 |
| Class 1A | $— | $1029 | 123 |
| Class 2 | 51724 | Not applicable | 6207 |
| Class 3 | 507 | Not applicable | 85 |
| Class 4 | 15164 | 15164 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $67395 | $16193 | $15100 |

---

**International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $967 |
| Class 1A | $— | $35 | 4 |
| Class 2 | 8442 | Not applicable | 1013 |
| Class 3 | 28 | Not applicable | 5 |
| Class 4 | 1256 | 1256 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $9726 | $1291 | $2140 |

---

**New World Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $581 |
| Class 1A | $— | $44 | 5 |
| Class 2 | 2096 | Not applicable | 252 |
| Class 4 | 2211 | 2211 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $4307 | $2255 | $1103 |

---

**Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1913 |
| Class 1A | $— | $84 | 10 |
| Class 2 | 7644 | Not applicable | 917 |
| Class 4 | 5082 | 5082 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $12726 | $5166 | $3450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

------

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $10 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | —<br> \*<br>| Not applicable | —<br> \*<br>|
| Class 4 | 9 | 8 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $9 | $8 | $15 |

---

**Capital World Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 2607 | Not applicable | 313 |
| Class 4 | 776 | 775 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $3383 | $801 | $591 |

---

**Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $7452 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 34840 | Not applicable | 4181 |
| Class 3 | 279 | Not applicable | 47 |
| Class 4 | 7386 | 7386 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $42505 | $7505 | $12580 |

---

**International Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $8 |
| Class 1A | $— | $19 | 2 |
| Class 2 | 404 | Not applicable | 49 |
| Class 4 | 456 | 456 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $860 | $475 | $114 |

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $234 |
| Class 1A | $— | $34 | 4 |
| Class 2 | 51 | Not applicable | 6 |
| Class 4 | 1785 | 1786 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $1836 | $1820 | $458 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $4789 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 10837 | Not applicable | 1301 |
| Class 3 | 60 | Not applicable | 10 |
| Class 4 | 17184 | 17184 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $28081 | $17303 | $8176 |

---

**American Funds Global Balanced Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $29 |
| Class 1A | $— | $10 | 1 |
| Class 2 | 371 | Not applicable | 45 |
| Class 4 | 428 | 428 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $799 | $438 | $126 |

---

Refer to the end of the table(s) for footnote(s).

**The Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $2070 |
| Class 1A | $— | $643 | 77 |
| Class 2 | 6831 | Not applicable | 820 |
| Class 4 | 3246 | 3247 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $10077 | $3890 | $3357 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

------

**Capital World Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $81 | 10 |
| Class 2 | 1893 | Not applicable | 227 |
| Class 4 | 176 | 176 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $2069 | $257 | $440 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $73 |
| Class 1A | $— | $11 | 1 |
| Class 2 | 1338 | Not applicable | 161 |
| Class 3 | 15 | Not applicable | 2 |
| Class 4 | 497 | 497 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $1850 | $508 | $297 |

---

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $8 | 1 |
| Class 2 | 104 | Not applicable | 13 |
| Class 4 | 140 | 140 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $244 | $148 | $36 |

---

**Ultra-Short Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $11 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | 569 | Not applicable | 68 |
| Class 3 | 7 | Not applicable | 1 |
| Class 4 | 156 | 156 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $732 | $156 | $99 |

---

**U.S. Government Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $79 |
| Class 1A | $— | $724 | 87 |
| Class 2 | 2619 | Not applicable | 314 |
| Class 3 | 9 | Not applicable | 1 |
| Class 4 | 588 | 588 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $3216 | $1312 | $552 |

---

**Managed Risk Growth Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $34 |
| Class P2 | $1243 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $1243 | $1277 |

---

**Managed Risk International Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $5 |
| Class P2 | $280 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $280 | $285 |

---

Refer to the end of the table(s) for footnote(s).

**Managed Risk Washington Mutual Investors Fund** <br>

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $6 |
| Class P2 | $786 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $786 | $792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

------

**Managed Risk Growth-Income Fund** <br>

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $4624 |
| Class P2 | $662 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $662 | $5286 |

---

**Managed Risk Asset Allocation Fund** <br>

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $30 |
| Class P2 | $4685 | 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total class-specific <br> expenses<br>| $4685 | $4715 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2025, total fees and expenses reimbursed by CRMC were $77,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease)** <br>**in value of** <br>**deferred amounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total trustees'** <br>**compensation**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | &nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |

---

\*

Amount less than one thousand.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **355** | American Funds Insurance Series |

---

------

**Investments in CCBF and CCF** — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br>**realized** <br>**gain (loss)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | &nbsp;&nbsp; $147747 | &nbsp;&nbsp; $67664 | &nbsp;&nbsp; $22487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | &nbsp;&nbsp;&nbsp;&nbsp; 27498 | &nbsp;&nbsp;&nbsp;&nbsp; 11204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | &nbsp;&nbsp; 350283 | &nbsp;&nbsp; 350719 | &nbsp;&nbsp;&nbsp;&nbsp; 70559 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | &nbsp;&nbsp; 110941 | &nbsp;&nbsp;&nbsp;&nbsp; 87605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24060 | &nbsp;&nbsp;&nbsp;&nbsp; 50564 | &nbsp;&nbsp;&nbsp;&nbsp; 13902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | &nbsp;&nbsp; 131489 | &nbsp;&nbsp; 156251 | &nbsp;&nbsp;&nbsp;&nbsp; 20344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 32218 | &nbsp;&nbsp;&nbsp;&nbsp; 38497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | &nbsp;&nbsp; 506006 | &nbsp;&nbsp; 592940 | &nbsp;&nbsp; 172397 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | &nbsp;&nbsp;&nbsp;&nbsp; 23371 | &nbsp;&nbsp;&nbsp;&nbsp; 19211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | &nbsp;&nbsp; 250712 | &nbsp;&nbsp; 107065 | &nbsp;&nbsp;&nbsp;&nbsp; 54741 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147 |

---

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, each fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. Each fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2025.

**8. Indemnifications**

------

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit**

------

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **356** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $304055 | 8321 | &nbsp;&nbsp;&nbsp; $522119 | 15107 | &nbsp;&nbsp;&nbsp; $(541519)<br>| (14564)<br>| &nbsp;&nbsp;&nbsp; $284655 | 8864 |
| Class 1A | 42972 | 1157 | &nbsp;&nbsp;&nbsp; 3516 | 101 | &nbsp;&nbsp;&nbsp; (3744)<br>| (102)<br>| &nbsp;&nbsp;&nbsp; 42744 | 1156 |
| Class 2 | 35075 | 964 | &nbsp;&nbsp;&nbsp; 496369 | 14649 | &nbsp;&nbsp;&nbsp; (528583)<br>| (14441)<br>| &nbsp;&nbsp;&nbsp; 2861 | 1172 |
| Class 4 | 180514 | 5009 | &nbsp;&nbsp;&nbsp; 145282 | 4354 | &nbsp;&nbsp;&nbsp; (101231)<br>| (2811)<br>| &nbsp;&nbsp;&nbsp; 224565 | 6552 |
| Total net increase (decrease) | $562616 | 15451 | &nbsp;&nbsp;&nbsp; $1167286 | 34211 | &nbsp;&nbsp;&nbsp; $(1175077)<br>| (31918)<br>| &nbsp;&nbsp;&nbsp; $554825 | 17744 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $182743 | 4922 | &nbsp;&nbsp;&nbsp; $164299 | 4426 | &nbsp;&nbsp;&nbsp; $(478156)<br>| (12907)<br>| &nbsp;&nbsp;&nbsp; $(131114)<br>| (3559)<br>|
| Class 1A | 3593 | 97 | &nbsp;&nbsp;&nbsp; 855 | 23 | &nbsp;&nbsp;&nbsp; (3164)<br>| (85)<br>| &nbsp;&nbsp;&nbsp; 1284 | 35 |
| Class 2 | 64877 | 1789 | &nbsp;&nbsp;&nbsp; 160470 | 4397 | &nbsp;&nbsp;&nbsp; (544385)<br>| (14948)<br>| &nbsp;&nbsp;&nbsp; (319038)<br>| (8762)<br>|
| Class 4 | 187863 | 5186 | &nbsp;&nbsp;&nbsp; 36623 | 1016 | &nbsp;&nbsp;&nbsp; (80774)<br>| (2235)<br>| &nbsp;&nbsp;&nbsp; 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | &nbsp;&nbsp;&nbsp; $362247 | 9862 | &nbsp;&nbsp;&nbsp; $(1106479)<br>| (30175)<br>| &nbsp;&nbsp;&nbsp; $(305156)<br>| (8319)<br>|

---

**Global Small Capitalization Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $66285 | 3641 | &nbsp;&nbsp;&nbsp; $22933 | 1232 | &nbsp;&nbsp;&nbsp; $(343352)<br>| (18170)<br>| &nbsp;&nbsp;&nbsp; $(254134)<br>| (13297)<br>|
| Class 1A | 532 | 29 | &nbsp;&nbsp;&nbsp; 146 | 8 | &nbsp;&nbsp;&nbsp; (424)<br>| (23)<br>| &nbsp;&nbsp;&nbsp; 254 | 14 |
| Class 2 | 30784 | 1809 | &nbsp;&nbsp;&nbsp; 45015 | 2592 | &nbsp;&nbsp;&nbsp; (247355)<br>| (13805)<br>| &nbsp;&nbsp;&nbsp; (171556)<br>| (9404)<br>|
| Class 4 | 91459 | 5277 | &nbsp;&nbsp;&nbsp; 8081 | 469 | &nbsp;&nbsp;&nbsp; (44936)<br>| (2531)<br>| &nbsp;&nbsp;&nbsp; 54604 | 3215 |
| Total net increase (decrease) | $189060 | 10756 | &nbsp;&nbsp;&nbsp; $76175 | 4301 | &nbsp;&nbsp;&nbsp; $(636067)<br>| (34529)<br>| &nbsp;&nbsp;&nbsp; $(370832)<br>| (19472)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $82737 | 4519 | &nbsp;&nbsp;&nbsp; $45699 | 2557 | &nbsp;&nbsp;&nbsp; $(168033)<br>| (9099)<br>| &nbsp;&nbsp;&nbsp; $(39597)<br>| (2023)<br>|
| Class 1A | 766 | 43 | &nbsp;&nbsp;&nbsp; 239 | 14 | &nbsp;&nbsp;&nbsp; (637)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; 368 | 22 |
| Class 2 | 58585 | 3367 | &nbsp;&nbsp;&nbsp; 85994 | 5139 | &nbsp;&nbsp;&nbsp; (246897)<br>| (14207)<br>| &nbsp;&nbsp;&nbsp; (102318)<br>| (5701)<br>|
| Class 4 | 41322 | 2398 | &nbsp;&nbsp;&nbsp; 13498 | 810 | &nbsp;&nbsp;&nbsp; (37390)<br>| (2159)<br>| &nbsp;&nbsp;&nbsp; 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | &nbsp;&nbsp;&nbsp; $145430 | 8520 | &nbsp;&nbsp;&nbsp; $(452957)<br>| (25500)<br>| &nbsp;&nbsp;&nbsp; $(124117)<br>| (6653)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

------

**Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $2221332 | 17180 | &nbsp;&nbsp; $1824411 | 14872 | &nbsp;&nbsp; $(2853744)<br>| (22053)<br>| &nbsp;&nbsp; $1191999 | 9999 |
| Class 1A | 118725 | 930 | &nbsp;&nbsp; 30539 | 252 | &nbsp;&nbsp; (115193)<br>| (884)<br>| &nbsp;&nbsp; 34071 | 298 |
| Class 2 | 504023 | 3932 | &nbsp;&nbsp; 1677068 | 13892 | &nbsp;&nbsp; (3177573)<br>| (24443)<br>| &nbsp;&nbsp; (996482)<br>| (6619)<br>|
| Class 3 | 1511 | 12 | &nbsp;&nbsp; 22118 | 178 | &nbsp;&nbsp; (36889)<br>| (277)<br>| &nbsp;&nbsp; (13260)<br>| (87)<br>|
| Class 4 | 1221571 | 9782 | &nbsp;&nbsp; 490866 | 4193 | &nbsp;&nbsp; (372784)<br>| (2965)<br>| &nbsp;&nbsp; 1339653 | 11010 |
| Total net increase (decrease) | $4067162 | 31836 | &nbsp;&nbsp; $4045002 | 33387 | &nbsp;&nbsp; $(6556183)<br>| (50622)<br>| &nbsp;&nbsp; $1555981 | 14601 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $1283657 | 11196 | &nbsp;&nbsp; $554066 | 4995 | &nbsp;&nbsp; $(2581742)<br>| (22564)<br>| &nbsp;&nbsp; $(744019)<br>| (6373)<br>|
| Class 1A | 43180 | 381 | &nbsp;&nbsp; 8596 | 79 | &nbsp;&nbsp; (33697)<br>| (304)<br>| &nbsp;&nbsp; 18079 | 156 |
| Class 2 | 414661 | 3673 | &nbsp;&nbsp; 506251 | 4690 | &nbsp;&nbsp; (3189792)<br>| (28372)<br>| &nbsp;&nbsp; (2268880)<br>| (20009)<br>|
| Class 3 | 1071 | 10 | &nbsp;&nbsp; 6848 | 62 | &nbsp;&nbsp; (32036)<br>| (278)<br>| &nbsp;&nbsp; (24117)<br>| (206)<br>|
| Class 4 | 874214 | 7971 | &nbsp;&nbsp; 107359 | 1032 | &nbsp;&nbsp; (368353)<br>| (3358)<br>| &nbsp;&nbsp; 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | &nbsp;&nbsp; $1183120 | 10858 | &nbsp;&nbsp; $(6205620)<br>| (54876)<br>| &nbsp;&nbsp; $(2405717)<br>| (20787)<br>|

---

**International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $123286 | 6300 | &nbsp;&nbsp;&nbsp; $49061 | 2250 | &nbsp;&nbsp;&nbsp; $(619084)<br>| (30505)<br>| &nbsp;&nbsp;&nbsp; $(446737)<br>| (21955)<br>|
| Class 1A | 1909 | 93 | &nbsp;&nbsp;&nbsp; 205 | 10 | &nbsp;&nbsp;&nbsp; (1577)<br>| (80)<br>| &nbsp;&nbsp;&nbsp; 537 | 23 |
| Class 2 | 158584 | 8280 | &nbsp;&nbsp;&nbsp; 44060 | 2025 | &nbsp;&nbsp;&nbsp; (720522)<br>| (36038)<br>| &nbsp;&nbsp;&nbsp; (517878)<br>| (25733)<br>|
| Class 3 | 143 | 7 | &nbsp;&nbsp;&nbsp; 210 | 10 | &nbsp;&nbsp;&nbsp; (1989)<br>| (100)<br>| &nbsp;&nbsp;&nbsp; (1636)<br>| (83)<br>|
| Class 4 | 72454 | 3758 | &nbsp;&nbsp;&nbsp; 6153 | 287 | &nbsp;&nbsp;&nbsp; (59496)<br>| (3027)<br>| &nbsp;&nbsp;&nbsp; 19111 | 1018 |
| Total net increase (decrease) | $356376 | 18438 | &nbsp;&nbsp;&nbsp; $99689 | 4582 | &nbsp;&nbsp;&nbsp; $(1402668)<br>| (69750)<br>| &nbsp;&nbsp;&nbsp; $(946603)<br>| (46730)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $103818 | 5617 | &nbsp;&nbsp;&nbsp; $46267 | 2445 | &nbsp;&nbsp;&nbsp; $(505047)<br>| (27104)<br>| &nbsp;&nbsp;&nbsp; $(354962)<br>| (19042)<br>|
| Class 1A | 2421 | 132 | &nbsp;&nbsp;&nbsp; 158 | 9 | &nbsp;&nbsp;&nbsp; (2072)<br>| (114)<br>| &nbsp;&nbsp;&nbsp; 507 | 27 |
| Class 2 | 294279 | 16201 | &nbsp;&nbsp;&nbsp; 40220 | 2136 | &nbsp;&nbsp;&nbsp; (554239)<br>| (30168)<br>| &nbsp;&nbsp;&nbsp; (219740)<br>| (11831)<br>|
| Class 3 | 2 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; 191 | 10 | &nbsp;&nbsp;&nbsp; (2572)<br>| (137)<br>| &nbsp;&nbsp;&nbsp; (2379)<br>| (127)<br>|
| Class 4 | 64019 | 3511 | &nbsp;&nbsp;&nbsp; 4485 | 242 | &nbsp;&nbsp;&nbsp; (49713)<br>| (2726)<br>| &nbsp;&nbsp;&nbsp; 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | &nbsp;&nbsp;&nbsp; $91321 | 4842 | &nbsp;&nbsp;&nbsp; $(1113643)<br>| (60249)<br>| &nbsp;&nbsp;&nbsp; $(557783)<br>| (29946)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

------

**New World Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $158509 | 5359 | &nbsp;&nbsp;&nbsp; $103852 | 3572 | &nbsp;&nbsp;&nbsp; $(340861)<br>| (11604)<br>| &nbsp;&nbsp;&nbsp; $(78500)<br>| (2673)<br>|
| Class 1A | 18473 | 602 | &nbsp;&nbsp;&nbsp; 822 | 28 | &nbsp;&nbsp;&nbsp; (2946)<br>| (103)<br>| &nbsp;&nbsp;&nbsp; 16349 | 527 |
| Class 2 | 114042 | 3791 | &nbsp;&nbsp;&nbsp; 43585 | 1527 | &nbsp;&nbsp;&nbsp; (173334)<br>| (5988)<br>| &nbsp;&nbsp;&nbsp; (15707)<br>| (670)<br>|
| Class 4 | 92171 | 3197 | &nbsp;&nbsp;&nbsp; 44726 | 1588 | &nbsp;&nbsp;&nbsp; (148239)<br>| (5158)<br>| &nbsp;&nbsp;&nbsp; (11342)<br>| (373)<br>|
| Total net increase (decrease) | $383195 | 12949 | &nbsp;&nbsp;&nbsp; $192985 | 6715 | &nbsp;&nbsp;&nbsp; $(665380)<br>| (22853)<br>| &nbsp;&nbsp;&nbsp; $(89200)<br>| (3189)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $211139 | 7770 | &nbsp;&nbsp;&nbsp; $37940 | 1389 | &nbsp;&nbsp;&nbsp; $(310526)<br>| (11467)<br>| &nbsp;&nbsp;&nbsp; $(61447)<br>| (2308)<br>|
| Class 1A | 2546 | 92 | &nbsp;&nbsp;&nbsp; 216 | 8 | &nbsp;&nbsp;&nbsp; (1406)<br>| (52)<br>| &nbsp;&nbsp;&nbsp; 1356 | 48 |
| Class 2 | 97709 | 3717 | &nbsp;&nbsp;&nbsp; 15121 | 562 | &nbsp;&nbsp;&nbsp; (163082)<br>| (6131)<br>| &nbsp;&nbsp;&nbsp; (50252)<br>| (1852)<br>|
| Class 4 | 79272 | 3006 | &nbsp;&nbsp;&nbsp; 13389 | 502 | &nbsp;&nbsp;&nbsp; (106780)<br>| (4055)<br>| &nbsp;&nbsp;&nbsp; (14119)<br>| (547)<br>|
| Total net increase (decrease) | $390666 | 14585 | &nbsp;&nbsp;&nbsp; $66666 | 2461 | &nbsp;&nbsp;&nbsp; $(581794)<br>| (21705)<br>| &nbsp;&nbsp;&nbsp; $(124462)<br>| (4659)<br>|

---

**Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $140928 | 8311 | &nbsp;&nbsp;&nbsp; $526965 | 31376 | &nbsp;&nbsp;&nbsp; $(1006677)<br>| (57564)<br>| &nbsp;&nbsp;&nbsp; $(338784)<br>| (17877)<br>|
| Class 1A | 6301 | 363 | &nbsp;&nbsp;&nbsp; 2764 | 166 | &nbsp;&nbsp;&nbsp; (2905)<br>| (165)<br>| &nbsp;&nbsp;&nbsp; 6160 | 364 |
| Class 2 | 90385 | 5278 | &nbsp;&nbsp;&nbsp; 251281 | 15319 | &nbsp;&nbsp;&nbsp; (430673)<br>| (25241)<br>| &nbsp;&nbsp;&nbsp; (89007)<br>| (4644)<br>|
| Class 4 | 377965 | 22441 | &nbsp;&nbsp;&nbsp; 164617 | 10176 | &nbsp;&nbsp;&nbsp; (110363)<br>| (6612)<br>| &nbsp;&nbsp;&nbsp; 432219 | 26005 |
| Total net increase (decrease) | $615579 | 36393 | &nbsp;&nbsp;&nbsp; $945627 | 57037 | &nbsp;&nbsp;&nbsp; $(1550618)<br>| (89582)<br>| &nbsp;&nbsp;&nbsp; $10588 | 3848 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $87079 | 5408 | &nbsp;&nbsp;&nbsp; $161220 | 9874 | &nbsp;&nbsp;&nbsp; $(948618)<br>| (58997)<br>| &nbsp;&nbsp;&nbsp; $(700319)<br>| (43715)<br>|
| Class 1A | 4491 | 279 | &nbsp;&nbsp;&nbsp; 628 | 38 | &nbsp;&nbsp;&nbsp; (3232)<br>| (205)<br>| &nbsp;&nbsp;&nbsp; 1887 | 112 |
| Class 2 | 56060 | 3529 | &nbsp;&nbsp;&nbsp; 71557 | 4484 | &nbsp;&nbsp;&nbsp; (477590)<br>| (30368)<br>| &nbsp;&nbsp;&nbsp; (349973)<br>| (22355)<br>|
| Class 4 | 260219 | 16589 | &nbsp;&nbsp;&nbsp; 36302 | 2301 | &nbsp;&nbsp;&nbsp; (99151)<br>| (6416)<br>| &nbsp;&nbsp;&nbsp; 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | &nbsp;&nbsp;&nbsp; $269707 | 16697 | &nbsp;&nbsp;&nbsp; $(1528591)<br>| (95986)<br>| &nbsp;&nbsp;&nbsp; $(851035)<br>| (53484)<br>|

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $94466 | &nbsp;&nbsp; 8554 | &nbsp;&nbsp;&nbsp;&nbsp; $364 | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; $(8030)<br>| &nbsp;&nbsp; (726)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $86800 | &nbsp;&nbsp; 7860 |
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 4 | &nbsp;&nbsp; 14686 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; (19609)<br>| &nbsp;&nbsp; (1843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4890)<br>| &nbsp;&nbsp; (476)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $109152 | &nbsp;&nbsp; 9918 | &nbsp;&nbsp;&nbsp;&nbsp; $397 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; $(27639)<br>| &nbsp;&nbsp; (2569)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $81910 | &nbsp;&nbsp; 7384 |
| **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 4 | &nbsp;&nbsp; 14970 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp; 1498 |
| Total net increase (decrease) | &nbsp;&nbsp; $15000 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $15013 | &nbsp;&nbsp; 1501 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $61144 | &nbsp;&nbsp; 3871 | &nbsp;&nbsp;&nbsp; $30791 | &nbsp;&nbsp; 1846 | &nbsp;&nbsp;&nbsp; $(173302)<br>| &nbsp;&nbsp; (10431)<br>| &nbsp;&nbsp;&nbsp; $(81367)<br>| &nbsp;&nbsp; (4714)<br>|
| Class 1A | &nbsp;&nbsp; 1669 | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 519 | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; 1563 | &nbsp;&nbsp; 95 |
| Class 2 | &nbsp;&nbsp; 28763 | &nbsp;&nbsp; 1702 | &nbsp;&nbsp;&nbsp; 51975 | &nbsp;&nbsp; 3135 | &nbsp;&nbsp;&nbsp; (185399)<br>| &nbsp;&nbsp; (11041)<br>| &nbsp;&nbsp;&nbsp; (104661)<br>| &nbsp;&nbsp; (6204)<br>|
| Class 4 | &nbsp;&nbsp; 58603 | &nbsp;&nbsp; 3584 | &nbsp;&nbsp;&nbsp; 15355 | &nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp; (32104)<br>| &nbsp;&nbsp; (1961)<br>| &nbsp;&nbsp;&nbsp; 41854 | &nbsp;&nbsp; 2575 |
| Total net increase (decrease) | &nbsp;&nbsp; $150179 | &nbsp;&nbsp; 9258 | &nbsp;&nbsp;&nbsp; $98640 | &nbsp;&nbsp; 5964 | &nbsp;&nbsp;&nbsp; $(391430)<br>| &nbsp;&nbsp; (23470)<br>| &nbsp;&nbsp;&nbsp; $(142611)<br>| &nbsp;&nbsp; (8248)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $61832 | &nbsp;&nbsp; 4046 | &nbsp;&nbsp;&nbsp; $11187 | &nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; $(124340)<br>| &nbsp;&nbsp; (8176)<br>| &nbsp;&nbsp;&nbsp; $(51321)<br>| &nbsp;&nbsp; (3421)<br>|
| Class 1A | &nbsp;&nbsp; 1263 | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (793)<br>| &nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp; 44 |
| Class 2 | &nbsp;&nbsp; 14751 | &nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp; 17039 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp; (177803)<br>| &nbsp;&nbsp; (11812)<br>| &nbsp;&nbsp;&nbsp; (146013)<br>| &nbsp;&nbsp; (9757)<br>|
| Class 4 | &nbsp;&nbsp; 31604 | &nbsp;&nbsp; 2138 | &nbsp;&nbsp;&nbsp; 3943 | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; (30478)<br>| &nbsp;&nbsp; (2080)<br>| &nbsp;&nbsp;&nbsp; 5069 | &nbsp;&nbsp; 316 |
| Total net increase (decrease) | &nbsp;&nbsp; $109450 | &nbsp;&nbsp; 7240 | &nbsp;&nbsp;&nbsp; $32313 | &nbsp;&nbsp; 2061 | &nbsp;&nbsp;&nbsp; $(333414)<br>| &nbsp;&nbsp; (22119)<br>| &nbsp;&nbsp;&nbsp; $(191651)<br>| &nbsp;&nbsp; (12818)<br>|

---

**Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $684973 | 10461 | &nbsp;&nbsp; $4387256 | 72937 | &nbsp;&nbsp; $(3619605)<br>| (54457)<br>| &nbsp;&nbsp; $1452624 | 28941 |
| Class 1A | 6675 | 102 | &nbsp;&nbsp; 8152 | 137 | &nbsp;&nbsp; (4519)<br>| (68)<br>| &nbsp;&nbsp; 10308 | 171 |
| Class 2 | 125378 | 1919 | &nbsp;&nbsp; 2468820 | 42004 | &nbsp;&nbsp; (1981266)<br>| (30316)<br>| &nbsp;&nbsp; 612932 | 13607 |
| Class 3 | 1554 | 24 | &nbsp;&nbsp; 26641 | 442 | &nbsp;&nbsp; (19918)<br>| (294)<br>| &nbsp;&nbsp; 8277 | 172 |
| Class 4 | 408921 | 6393 | &nbsp;&nbsp; 520690 | 9074 | &nbsp;&nbsp; (327755)<br>| (5109)<br>| &nbsp;&nbsp; 601856 | 10358 |
| Total net increase (decrease) | $1227501 | 18899 | &nbsp;&nbsp; $7411559 | 124594 | &nbsp;&nbsp; $(5953063)<br>| (90244)<br>| &nbsp;&nbsp; $2685997 | 53249 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $332044 | 5020 | &nbsp;&nbsp; $1360424 | 21268 | &nbsp;&nbsp; $(3357393)<br>| (51220)<br>| &nbsp;&nbsp; $(1664925)<br>| (24932)<br>|
| Class 1A | 5383 | 81 | &nbsp;&nbsp; 2198 | 35 | &nbsp;&nbsp; (5242)<br>| (81)<br>| &nbsp;&nbsp; 2339 | 35 |
| Class 2 | 113447 | 1761 | &nbsp;&nbsp; 760811 | 12154 | &nbsp;&nbsp; (2068284)<br>| (32090)<br>| &nbsp;&nbsp; (1194026)<br>| (18175)<br>|
| Class 3 | 313 | 5 | &nbsp;&nbsp; 8392 | 131 | &nbsp;&nbsp; (19777)<br>| (301)<br>| &nbsp;&nbsp; (11072)<br>| (165)<br>|
| Class 4 | 332452 | 5218 | &nbsp;&nbsp; 131545 | 2144 | &nbsp;&nbsp; (199130)<br>| (3142)<br>| &nbsp;&nbsp; 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | &nbsp;&nbsp; $2263370 | 35732 | &nbsp;&nbsp; $(5649826)<br>| (86834)<br>| &nbsp;&nbsp; $(2602817)<br>| (39017)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

------

**International Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $21760 | &nbsp;&nbsp; 1847 | &nbsp;&nbsp;&nbsp;&nbsp; $836 | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; $(11542)<br>| &nbsp;&nbsp; (986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11054 | &nbsp;&nbsp; 925 |
| Class 1A | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; (982)<br>| &nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 964 | &nbsp;&nbsp; 80 |
| Class 2 | &nbsp;&nbsp; 6438 | &nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp; 4052 | &nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp; (32846)<br>| &nbsp;&nbsp; (2832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22356)<br>| &nbsp;&nbsp; (1975)<br>|
| Class 4 | &nbsp;&nbsp; 40773 | &nbsp;&nbsp; 3574 | &nbsp;&nbsp;&nbsp;&nbsp; 4102 | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; (56151)<br>| &nbsp;&nbsp; (4650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11276)<br>| &nbsp;&nbsp; (746)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $70706 | &nbsp;&nbsp; 6105 | &nbsp;&nbsp;&nbsp;&nbsp; $9201 | &nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp; $(101521)<br>| &nbsp;&nbsp; (8551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(21614)<br>| &nbsp;&nbsp; (1716)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $3051 | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; $(1958)<br>| &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1554 | &nbsp;&nbsp; 146 |
| Class 1A | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; (1296)<br>| &nbsp;&nbsp; (129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp; (22)<br>|
| Class 2 | &nbsp;&nbsp; 5039 | &nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; (25957)<br>| &nbsp;&nbsp; (2509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17021)<br>| &nbsp;&nbsp; (1642)<br>|
| Class 4 | &nbsp;&nbsp; 22262 | &nbsp;&nbsp; 2198 | &nbsp;&nbsp;&nbsp;&nbsp; 3583 | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp; (19235)<br>| &nbsp;&nbsp; (1887)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6610 | &nbsp;&nbsp; 664 |
| Total net increase (decrease) | &nbsp;&nbsp; $31302 | &nbsp;&nbsp; 3066 | &nbsp;&nbsp;&nbsp;&nbsp; $8097 | &nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp;&nbsp; $(48446)<br>| &nbsp;&nbsp; (4709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(9047)<br>| &nbsp;&nbsp; (854)<br>|

---

**Capital Income Builder** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $85393 | &nbsp;&nbsp; 6373 | &nbsp;&nbsp;&nbsp; $25206 | &nbsp;&nbsp; 1809 | &nbsp;&nbsp;&nbsp; $(99423)<br>| &nbsp;&nbsp; (7387)<br>| &nbsp;&nbsp;&nbsp; $11176 | &nbsp;&nbsp; 795 |
| Class 1A | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; (1912)<br>| &nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp; 54 |
| Class 2 | &nbsp;&nbsp; 2677 | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; (1985)<br>| &nbsp;&nbsp; (147)<br>| &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp; 92 |
| Class 4 | &nbsp;&nbsp; 124148 | &nbsp;&nbsp; 9183 | &nbsp;&nbsp;&nbsp; 19776 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp; (100988)<br>| &nbsp;&nbsp; (7397)<br>| &nbsp;&nbsp;&nbsp; 42936 | &nbsp;&nbsp; 3206 |
| Total net increase (decrease) | &nbsp;&nbsp; $214478 | &nbsp;&nbsp; 15916 | &nbsp;&nbsp;&nbsp; $46016 | &nbsp;&nbsp; 3303 | &nbsp;&nbsp;&nbsp; $(204308)<br>| &nbsp;&nbsp; (15072)<br>| &nbsp;&nbsp;&nbsp; $56186 | &nbsp;&nbsp; 4147 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $55004 | &nbsp;&nbsp; 4532 | &nbsp;&nbsp;&nbsp; $25389 | &nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp; $(74884)<br>| &nbsp;&nbsp; (6100)<br>| &nbsp;&nbsp;&nbsp; $5509 | &nbsp;&nbsp; 489 |
| Class 1A | &nbsp;&nbsp; 1738 | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; 397 | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; (825)<br>| &nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp; 105 |
| Class 2 | &nbsp;&nbsp; 3421 | &nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; (1546)<br>| &nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp; 193 |
| Class 4 | &nbsp;&nbsp; 82282 | &nbsp;&nbsp; 6662 | &nbsp;&nbsp;&nbsp; 19315 | &nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp; (75684)<br>| &nbsp;&nbsp; (6165)<br>| &nbsp;&nbsp;&nbsp; 25913 | &nbsp;&nbsp; 2062 |
| Total net increase (decrease) | &nbsp;&nbsp; $142445 | &nbsp;&nbsp; 11607 | &nbsp;&nbsp;&nbsp; $45676 | &nbsp;&nbsp; 3701 | &nbsp;&nbsp;&nbsp; $(152939)<br>| &nbsp;&nbsp; (12459)<br>| &nbsp;&nbsp;&nbsp; $35182 | &nbsp;&nbsp; 2849 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

------

**Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $294441 | 11354 | &nbsp;&nbsp;&nbsp; $1457889 | 56910 | &nbsp;&nbsp;&nbsp; $(2784021)<br>| (104912)<br>| &nbsp;&nbsp;&nbsp; $(1031691)<br>| (36648)<br>|
| Class 1A | 12382 | 473 | &nbsp;&nbsp;&nbsp; 4101 | 161 | &nbsp;&nbsp;&nbsp; (5261)<br>| (199)<br>| &nbsp;&nbsp;&nbsp; 11222 | 435 |
| Class 2 | 79938 | 3065 | &nbsp;&nbsp;&nbsp; 392837 | 15618 | &nbsp;&nbsp;&nbsp; (657596)<br>| (25193)<br>| &nbsp;&nbsp;&nbsp; (184821)<br>| (6510)<br>|
| Class 3 | 598 | 23 | &nbsp;&nbsp;&nbsp; 2965 | 116 | &nbsp;&nbsp;&nbsp; (2207)<br>| (84)<br>| &nbsp;&nbsp;&nbsp; 1356 | 55 |
| Class 4 | 385083 | 14916 | &nbsp;&nbsp;&nbsp; 612040 | 24612 | &nbsp;&nbsp;&nbsp; (768899)<br>| (29799)<br>| &nbsp;&nbsp;&nbsp; 228224 | 9729 |
| Total net increase (decrease) | $772442 | 29831 | &nbsp;&nbsp;&nbsp; $2469832 | 97417 | &nbsp;&nbsp;&nbsp; $(4217984)<br>| (160187)<br>| &nbsp;&nbsp;&nbsp; $(975710)<br>| (32939)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $189766 | 7473 | &nbsp;&nbsp;&nbsp; $1052819 | 42339 | &nbsp;&nbsp;&nbsp; $(2193455)<br>| (86366)<br>| &nbsp;&nbsp;&nbsp; $(950870)<br>| (36554)<br>|
| Class 1A | 9384 | 373 | &nbsp;&nbsp;&nbsp; 2270 | 91 | &nbsp;&nbsp;&nbsp; (5272)<br>| (211)<br>| &nbsp;&nbsp;&nbsp; 6382 | 253 |
| Class 2 | 63147 | 2538 | &nbsp;&nbsp;&nbsp; 280024 | 11458 | &nbsp;&nbsp;&nbsp; (646053)<br>| (25867)<br>| &nbsp;&nbsp;&nbsp; (302882)<br>| (11871)<br>|
| Class 3 | 546 | 22 | &nbsp;&nbsp;&nbsp; 2019 | 81 | &nbsp;&nbsp;&nbsp; (3219)<br>| (128)<br>| &nbsp;&nbsp;&nbsp; (654)<br>| (25)<br>|
| Class 4 | 595855 | 24315 | &nbsp;&nbsp;&nbsp; 406136 | 16791 | &nbsp;&nbsp;&nbsp; (703265)<br>| (28339)<br>| &nbsp;&nbsp;&nbsp; 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | &nbsp;&nbsp;&nbsp; $1743268 | 70760 | &nbsp;&nbsp;&nbsp; $(3551264)<br>| (140911)<br>| &nbsp;&nbsp;&nbsp; $(949298)<br>| (35430)<br>|

---

**American Funds Global Balanced Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $6531 | &nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp; $5082 | &nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp; $(20431)<br>| &nbsp;&nbsp; (1505)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(8818)<br>| &nbsp;&nbsp; (645)<br>|
| Class 1A | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; (593)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp; 32 |
| Class 2 | &nbsp;&nbsp; 4258 | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp; 7557 | &nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp;&nbsp; (29048)<br>| &nbsp;&nbsp; (2132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17233)<br>| &nbsp;&nbsp; (1255)<br>|
| Class 4 | &nbsp;&nbsp; 52129 | &nbsp;&nbsp; 3887 | &nbsp;&nbsp;&nbsp;&nbsp; 8574 | &nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp;&nbsp; (21417)<br>| &nbsp;&nbsp; (1605)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39286 | &nbsp;&nbsp; 2934 |
| Total net increase (decrease) | &nbsp;&nbsp; $63747 | &nbsp;&nbsp; 4744 | &nbsp;&nbsp;&nbsp;&nbsp; $21425 | &nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp;&nbsp; $(71489)<br>| &nbsp;&nbsp; (5286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13683 | &nbsp;&nbsp; 1066 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $5008 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; $1963 | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; $(13832)<br>| &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(6861)<br>| &nbsp;&nbsp; (530)<br>|
| Class 1A | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp; 62 |
| Class 2 | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; (26779)<br>| &nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19004)<br>| &nbsp;&nbsp; (1474)<br>|
| Class 4 | &nbsp;&nbsp; 23792 | &nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; (15540)<br>| &nbsp;&nbsp; (1226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10559 | &nbsp;&nbsp; 817 |
| Total net increase (decrease) | &nbsp;&nbsp; $34932 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp;&nbsp; $7048 | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp; $(56467)<br>| &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(14487)<br>| &nbsp;&nbsp; (1125)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

------

**The Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | $967884 | 101560 | &nbsp;&nbsp;&nbsp; $301425 | 31796 | &nbsp;&nbsp;&nbsp; $(1549531)<br>| (162304)<br>| &nbsp;&nbsp;&nbsp; $(280222)<br>| (28948)<br>|
| Class 1A | 78228 | 8287 | &nbsp;&nbsp;&nbsp; 12103 | 1287 | &nbsp;&nbsp;&nbsp; (20799)<br>| (2206)<br>| &nbsp;&nbsp;&nbsp; 69532 | 7368 |
| Class 2 | 95476 | 10155 | &nbsp;&nbsp;&nbsp; 115204 | 12362 | &nbsp;&nbsp;&nbsp; (327900)<br>| (34938)<br>| &nbsp;&nbsp;&nbsp; (117220)<br>| (12421)<br>|
| Class 4 | 277694 | 29681 | &nbsp;&nbsp;&nbsp; 56394 | 6089 | &nbsp;&nbsp;&nbsp; (125920)<br>| (13500)<br>| &nbsp;&nbsp;&nbsp; 208168 | 22270 |
| Total net increase (decrease) | $1419282 | 149683 | &nbsp;&nbsp;&nbsp; $485126 | 51534 | &nbsp;&nbsp;&nbsp; $(2024150)<br>| (212948)<br>| &nbsp;&nbsp;&nbsp; $(119742)<br>| (11731)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $997057 | 104811 | &nbsp;&nbsp;&nbsp; $303806 | 32314 | &nbsp;&nbsp;&nbsp; $(1023095)<br>| (106864)<br>| &nbsp;&nbsp;&nbsp; $277768 | 30261 |
| Class 1A | 30267 | 3210 | &nbsp;&nbsp;&nbsp; 8908 | 955 | &nbsp;&nbsp;&nbsp; (69212)<br>| (7414)<br>| &nbsp;&nbsp;&nbsp; (30037)<br>| (3249)<br>|
| Class 2 | 118960 | 12741 | &nbsp;&nbsp;&nbsp; 115243 | 12454 | &nbsp;&nbsp;&nbsp; (268162)<br>| (28438)<br>| &nbsp;&nbsp;&nbsp; (33959)<br>| (3243)<br>|
| Class 4 | 297378 | 31907 | &nbsp;&nbsp;&nbsp; 45913 | 4990 | &nbsp;&nbsp;&nbsp; (82229)<br>| (8801)<br>| &nbsp;&nbsp;&nbsp; 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | &nbsp;&nbsp;&nbsp; $473870 | 50713 | &nbsp;&nbsp;&nbsp; $(1442698)<br>| (151517)<br>| &nbsp;&nbsp;&nbsp; $474834 | 51865 |

---

**Capital World Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $81146 | &nbsp;&nbsp; 7964 | &nbsp;&nbsp;&nbsp; $19172 | &nbsp;&nbsp; 1887 | &nbsp;&nbsp;&nbsp; $(113554)<br>| &nbsp;&nbsp; (11168)<br>| &nbsp;&nbsp;&nbsp; $(13236)<br>| &nbsp;&nbsp; (1317)<br>|
| Class 1A | &nbsp;&nbsp; 6629 | &nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp; 837 | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; (19119)<br>| &nbsp;&nbsp; (1921)<br>| &nbsp;&nbsp;&nbsp; (11653)<br>| &nbsp;&nbsp; (1180)<br>|
| Class 2 | &nbsp;&nbsp; 78645 | &nbsp;&nbsp; 7818 | &nbsp;&nbsp;&nbsp; 22086 | &nbsp;&nbsp; 2199 | &nbsp;&nbsp;&nbsp; (148416)<br>| &nbsp;&nbsp; (14851)<br>| &nbsp;&nbsp;&nbsp; (47685)<br>| &nbsp;&nbsp; (4834)<br>|
| Class 4 | &nbsp;&nbsp; 24427 | &nbsp;&nbsp; 2456 | &nbsp;&nbsp;&nbsp; 2211 | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; (9368)<br>| &nbsp;&nbsp; (946)<br>| &nbsp;&nbsp;&nbsp; 17270 | &nbsp;&nbsp; 1734 |
| Total net increase (decrease) | &nbsp;&nbsp; $190847 | &nbsp;&nbsp; 18896 | &nbsp;&nbsp;&nbsp; $44306 | &nbsp;&nbsp; 4393 | &nbsp;&nbsp;&nbsp; $(290457)<br>| &nbsp;&nbsp; (28886)<br>| &nbsp;&nbsp;&nbsp; $(55304)<br>| &nbsp;&nbsp; (5597)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $50423 | &nbsp;&nbsp; 5049 | &nbsp;&nbsp;&nbsp; $15387 | &nbsp;&nbsp; 1561 | &nbsp;&nbsp;&nbsp; $(110677)<br>| &nbsp;&nbsp; (11006)<br>| &nbsp;&nbsp;&nbsp; $(44867)<br>| &nbsp;&nbsp; (4396)<br>|
| Class 1A | &nbsp;&nbsp; 39370 | &nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp; 983 | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; (1586)<br>| &nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp; 38767 | &nbsp;&nbsp; 3970 |
| Class 2 | &nbsp;&nbsp; 107727 | &nbsp;&nbsp; 10975 | &nbsp;&nbsp;&nbsp; 16410 | &nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp; (141037)<br>| &nbsp;&nbsp; (14229)<br>| &nbsp;&nbsp;&nbsp; (16900)<br>| &nbsp;&nbsp; (1571)<br>|
| Class 4 | &nbsp;&nbsp; 13021 | &nbsp;&nbsp; 1348 | &nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; (7549)<br>| &nbsp;&nbsp; (775)<br>| &nbsp;&nbsp;&nbsp; 6607 | &nbsp;&nbsp; 692 |
| Total net increase (decrease) | &nbsp;&nbsp; $210541 | &nbsp;&nbsp; 21402 | &nbsp;&nbsp;&nbsp; $33915 | &nbsp;&nbsp; 3463 | &nbsp;&nbsp;&nbsp; $(260849)<br>| &nbsp;&nbsp; (26170)<br>| &nbsp;&nbsp;&nbsp; $(16393)<br>| &nbsp;&nbsp; (1305)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $34287 | &nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp; $16202 | &nbsp;&nbsp; 1746 | &nbsp;&nbsp;&nbsp; $(29101)<br>| &nbsp;&nbsp; (3085)<br>| &nbsp;&nbsp;&nbsp; $21388 | &nbsp;&nbsp; 2389 |
| Class 1A | &nbsp;&nbsp; 5913 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; (1640)<br>| &nbsp;&nbsp; (174)<br>| &nbsp;&nbsp;&nbsp; 4711 | &nbsp;&nbsp; 490 |
| Class 2 | &nbsp;&nbsp; 34261 | &nbsp;&nbsp; 3735 | &nbsp;&nbsp;&nbsp; 34272 | &nbsp;&nbsp; 3796 | &nbsp;&nbsp;&nbsp; (79188)<br>| &nbsp;&nbsp; (8621)<br>| &nbsp;&nbsp;&nbsp; (10655)<br>| &nbsp;&nbsp; (1090)<br>|
| Class 3 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (1072)<br>| &nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp; (29)<br>|
| Class 4 | &nbsp;&nbsp; 121429 | &nbsp;&nbsp; 11743 | &nbsp;&nbsp;&nbsp; 12704 | &nbsp;&nbsp; 1244 | &nbsp;&nbsp;&nbsp; (57610)<br>| &nbsp;&nbsp; (5614)<br>| &nbsp;&nbsp;&nbsp; 76523 | &nbsp;&nbsp; 7373 |
| Total net increase (decrease) | &nbsp;&nbsp; $196182 | &nbsp;&nbsp; 19854 | &nbsp;&nbsp;&nbsp; $64111 | &nbsp;&nbsp; 6886 | &nbsp;&nbsp;&nbsp; $(168611)<br>| &nbsp;&nbsp; (17607)<br>| &nbsp;&nbsp;&nbsp; $91682 | &nbsp;&nbsp; 9133 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $9340 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp; $15096 | &nbsp;&nbsp; 1627 | &nbsp;&nbsp;&nbsp; $(25253)<br>| &nbsp;&nbsp; (2709)<br>| &nbsp;&nbsp;&nbsp; $(817)<br>| &nbsp;&nbsp; (73)<br>|
| Class 1A | &nbsp;&nbsp; 996 | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; (720)<br>| &nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 51 |
| Class 2 | &nbsp;&nbsp; 18069 | &nbsp;&nbsp; 1979 | &nbsp;&nbsp;&nbsp; 35146 | &nbsp;&nbsp; 3885 | &nbsp;&nbsp;&nbsp; (64581)<br>| &nbsp;&nbsp; (7119)<br>| &nbsp;&nbsp;&nbsp; (11366)<br>| &nbsp;&nbsp; (1255)<br>|
| Class 3 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; (1201)<br>| &nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; (521)<br>| &nbsp;&nbsp; (57)<br>|
| Class 4 | &nbsp;&nbsp; 93982 | &nbsp;&nbsp; 9271 | &nbsp;&nbsp;&nbsp; 8335 | &nbsp;&nbsp; 821 | &nbsp;&nbsp;&nbsp; (55362)<br>| &nbsp;&nbsp; (5531)<br>| &nbsp;&nbsp;&nbsp; 46955 | &nbsp;&nbsp; 4561 |
| Total net increase (decrease) | &nbsp;&nbsp; $122538 | &nbsp;&nbsp; 12382 | &nbsp;&nbsp;&nbsp; $59305 | &nbsp;&nbsp; 6411 | &nbsp;&nbsp;&nbsp; $(147117)<br>| &nbsp;&nbsp; (15566)<br>| &nbsp;&nbsp;&nbsp; $34726 | &nbsp;&nbsp; 3227 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; $803 | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; $(161)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1064 | &nbsp;&nbsp; 113 |
| Class 1A | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; (381)<br>| &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp; 57 |
| Class 2 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp; 1703 | &nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; (6870)<br>| &nbsp;&nbsp; (736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2724)<br>| &nbsp;&nbsp; (290)<br>|
| Class 4 | &nbsp;&nbsp; 17888 | &nbsp;&nbsp; 1929 | &nbsp;&nbsp;&nbsp;&nbsp; 2473 | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; (8887)<br>| &nbsp;&nbsp; (963)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11474 | &nbsp;&nbsp; 1236 |
| Total net increase (decrease) | &nbsp;&nbsp; $21518 | &nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp;&nbsp; $5115 | &nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp;&nbsp; $(16299)<br>| &nbsp;&nbsp; (1757)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10334 | &nbsp;&nbsp; 1116 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; $804 | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; $(279)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $695 | &nbsp;&nbsp; 75 |
| Class 1A | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp; 97 |
| Class 2 | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; (43)<br>|
| Class 4 | &nbsp;&nbsp; 18316 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; (14351)<br>| &nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp; 681 |
| Total net increase (decrease) | &nbsp;&nbsp; $22690 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp;&nbsp; $5001 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp; $(20461)<br>| &nbsp;&nbsp; (2193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7230 | &nbsp;&nbsp; 810 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $12058 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp;&nbsp; $1510 | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; $(16422)<br>| &nbsp;&nbsp; (1436)<br>| &nbsp;&nbsp;&nbsp; $(2854)<br>| &nbsp;&nbsp; (251)<br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 2 | &nbsp;&nbsp; 56142 | &nbsp;&nbsp; 5069 | &nbsp;&nbsp;&nbsp; 9131 | &nbsp;&nbsp; 838 | &nbsp;&nbsp;&nbsp; (94607)<br>| &nbsp;&nbsp; (8552)<br>| &nbsp;&nbsp;&nbsp; (29334)<br>| &nbsp;&nbsp; (2645)<br>|
| Class 3 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (904)<br>| &nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp; (443)<br>| &nbsp;&nbsp; (40)<br>|
| Class 4 | &nbsp;&nbsp; 54897 | &nbsp;&nbsp; 4953 | &nbsp;&nbsp;&nbsp; 2138 | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; (54897)<br>| &nbsp;&nbsp; (4931)<br>| &nbsp;&nbsp;&nbsp; 2138 | &nbsp;&nbsp; 217 |
| Total net increase (decrease) | &nbsp;&nbsp; $123402 | &nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp; $12940 | &nbsp;&nbsp; 1181 | &nbsp;&nbsp;&nbsp; $(166830)<br>| &nbsp;&nbsp; (15000)<br>| &nbsp;&nbsp;&nbsp; $(30488)<br>| &nbsp;&nbsp; (2719)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $16477 | &nbsp;&nbsp; 1429 | &nbsp;&nbsp;&nbsp; $1996 | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; $(20160)<br>| &nbsp;&nbsp; (1740)<br>| &nbsp;&nbsp;&nbsp; $(1687)<br>| &nbsp;&nbsp; (135)<br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 1 |
| Class 2 | &nbsp;&nbsp; 57235 | &nbsp;&nbsp; 5128 | &nbsp;&nbsp;&nbsp; 12858 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp; (97431)<br>| &nbsp;&nbsp; (8724)<br>| &nbsp;&nbsp;&nbsp; (27338)<br>| &nbsp;&nbsp; (2421)<br>|
| Class 3 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; (841)<br>| &nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (267)<br>| &nbsp;&nbsp; (23)<br>|
| Class 4 | &nbsp;&nbsp; 19303 | &nbsp;&nbsp; 1714 | &nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; (26048)<br>| &nbsp;&nbsp; (2325)<br>| &nbsp;&nbsp;&nbsp; (4176)<br>| &nbsp;&nbsp; (378)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $93385 | &nbsp;&nbsp; 8303 | &nbsp;&nbsp;&nbsp; $17633 | &nbsp;&nbsp; 1604 | &nbsp;&nbsp;&nbsp; $(144480)<br>| &nbsp;&nbsp; (12863)<br>| &nbsp;&nbsp;&nbsp; $(33462)<br>| &nbsp;&nbsp; (2956)<br>|

---

**U.S. Government Securities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class 1 | &nbsp;&nbsp; $69757 | &nbsp;&nbsp; 7044 | &nbsp;&nbsp;&nbsp; $11280 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp; $(96647)<br>| &nbsp;&nbsp; (9743)<br>| &nbsp;&nbsp;&nbsp; $(15610)<br>| &nbsp;&nbsp; (1554)<br>|
| Class 1A | &nbsp;&nbsp; 34073 | &nbsp;&nbsp; 3475 | &nbsp;&nbsp;&nbsp; 12377 | &nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp; (41345)<br>| &nbsp;&nbsp; (4222)<br>| &nbsp;&nbsp;&nbsp; 5105 | &nbsp;&nbsp; 517 |
| Class 2 | &nbsp;&nbsp; 118543 | &nbsp;&nbsp; 12052 | &nbsp;&nbsp;&nbsp; 44750 | &nbsp;&nbsp; 4609 | &nbsp;&nbsp;&nbsp; (191505)<br>| &nbsp;&nbsp; (19527)<br>| &nbsp;&nbsp;&nbsp; (28212)<br>| &nbsp;&nbsp; (2866)<br>|
| Class 3 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; (877)<br>| &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (245)<br>| &nbsp;&nbsp; (24)<br>|
| Class 4 | &nbsp;&nbsp; 114384 | &nbsp;&nbsp; 11659 | &nbsp;&nbsp;&nbsp; 10129 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp; (86038)<br>| &nbsp;&nbsp; (8789)<br>| &nbsp;&nbsp;&nbsp; 38475 | &nbsp;&nbsp; 3915 |
| Total net increase (decrease) | &nbsp;&nbsp; $337177 | &nbsp;&nbsp; 34272 | &nbsp;&nbsp;&nbsp; $78748 | &nbsp;&nbsp; 8085 | &nbsp;&nbsp;&nbsp; $(416412)<br>| &nbsp;&nbsp; (42369)<br>| &nbsp;&nbsp;&nbsp; $(487)<br>| &nbsp;&nbsp; (12)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $68973 | &nbsp;&nbsp; 6957 | &nbsp;&nbsp;&nbsp; $10757 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp;&nbsp; $(60235)<br>| &nbsp;&nbsp; (6083)<br>| &nbsp;&nbsp;&nbsp; $19495 | &nbsp;&nbsp; 1982 |
| Class 1A | &nbsp;&nbsp; 283124 | &nbsp;&nbsp; 28940 | &nbsp;&nbsp;&nbsp; 11344 | &nbsp;&nbsp; 1174 | &nbsp;&nbsp;&nbsp; (6503)<br>| &nbsp;&nbsp; (659)<br>| &nbsp;&nbsp;&nbsp; 287965 | &nbsp;&nbsp; 29455 |
| Class 2 | &nbsp;&nbsp; 101793 | &nbsp;&nbsp; 10487 | &nbsp;&nbsp;&nbsp; 42550 | &nbsp;&nbsp; 4440 | &nbsp;&nbsp;&nbsp; (132491)<br>| &nbsp;&nbsp; (13544)<br>| &nbsp;&nbsp;&nbsp; 11852 | &nbsp;&nbsp; 1383 |
| Class 3 | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; (1780)<br>| &nbsp;&nbsp; (181)<br>| &nbsp;&nbsp;&nbsp; (695)<br>| &nbsp;&nbsp; (71)<br>|
| Class 4 | &nbsp;&nbsp; 72367 | &nbsp;&nbsp; 7407 | &nbsp;&nbsp;&nbsp; 7920 | &nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp; (45157)<br>| &nbsp;&nbsp; (4667)<br>| &nbsp;&nbsp;&nbsp; 35130 | &nbsp;&nbsp; 3567 |
| Total net increase (decrease) | &nbsp;&nbsp; $527138 | &nbsp;&nbsp; 53880 | &nbsp;&nbsp;&nbsp; $72775 | &nbsp;&nbsp; 7570 | &nbsp;&nbsp;&nbsp; $(246166)<br>| &nbsp;&nbsp; (25134)<br>| &nbsp;&nbsp;&nbsp; $353747 | &nbsp;&nbsp; 36316 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $906 | &nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; $806 | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; $(2055)<br>| &nbsp;&nbsp; (151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(343)<br>| &nbsp;&nbsp; (22)<br>|
| Class P2 | &nbsp;&nbsp; 11175 | &nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp;&nbsp; 27821 | &nbsp;&nbsp; 2164 | &nbsp;&nbsp;&nbsp;&nbsp; (95981)<br>| &nbsp;&nbsp; (7085)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56985)<br>| &nbsp;&nbsp; (4070)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $12081 | &nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp;&nbsp; $28627 | &nbsp;&nbsp; 2226 | &nbsp;&nbsp;&nbsp;&nbsp; $(98036)<br>| &nbsp;&nbsp; (7236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(57328)<br>| &nbsp;&nbsp; (4092)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $974 | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; $(2663)<br>| &nbsp;&nbsp; (220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1596)<br>| &nbsp;&nbsp; (133)<br>|
| Class P2 | &nbsp;&nbsp; 10767 | &nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; (100353)<br>| &nbsp;&nbsp; (8347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87260)<br>| &nbsp;&nbsp; (7275)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $11741 | &nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; $(103016)<br>| &nbsp;&nbsp; (8567)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(88856)<br>| &nbsp;&nbsp; (7408)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

------

**Managed Risk International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $128 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; $(215)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (6)<br>|
| Class P2 | &nbsp;&nbsp; 3091 | &nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; (20067)<br>| &nbsp;&nbsp; (2311)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15526)<br>| &nbsp;&nbsp; (1762)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $3219 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; $(20282)<br>| &nbsp;&nbsp; (2336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(15583)<br>| &nbsp;&nbsp; (1768)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; $(232)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (7)<br>|
| Class P2 | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; (14961)<br>| &nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8342)<br>| &nbsp;&nbsp; (949)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $5233 | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp; $1561 | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; $(15193)<br>| &nbsp;&nbsp; (1749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(8399)<br>| &nbsp;&nbsp; (956)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $169 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; $(347)<br>| &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(120)<br>| &nbsp;&nbsp; (10)<br>|
| Class P2 | &nbsp;&nbsp; 6854 | &nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp; 5902 | &nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp;&nbsp; (45769)<br>| &nbsp;&nbsp; (3770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33013)<br>| &nbsp;&nbsp; (2712)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7023 | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; $5960 | &nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp; $(46116)<br>| &nbsp;&nbsp; (3799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(33133)<br>| &nbsp;&nbsp; (2722)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; $(607)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(264)<br>| &nbsp;&nbsp; (23)<br>|
| Class P2 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp; (51492)<br>| &nbsp;&nbsp; (4594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39170)<br>| &nbsp;&nbsp; (3487)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7190 | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp;&nbsp; $5475 | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; $(52099)<br>| &nbsp;&nbsp; (4648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(39434)<br>| &nbsp;&nbsp; (3510)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $28162 | &nbsp;&nbsp; 1984 | &nbsp;&nbsp;&nbsp; $112468 | &nbsp;&nbsp; 8142 | &nbsp;&nbsp;&nbsp; $(296821)<br>| &nbsp;&nbsp; (20511)<br>| &nbsp;&nbsp;&nbsp; $(156191)<br>| &nbsp;&nbsp; (10385)<br>|
| Class P2 | &nbsp;&nbsp; 3550 | &nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp; 15647 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp; (47556)<br>| &nbsp;&nbsp; (3301)<br>| &nbsp;&nbsp;&nbsp; (28359)<br>| &nbsp;&nbsp; (1907)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $31712 | &nbsp;&nbsp; 2233 | &nbsp;&nbsp;&nbsp; $128115 | &nbsp;&nbsp; 9287 | &nbsp;&nbsp;&nbsp; $(344377)<br>| &nbsp;&nbsp; (23812)<br>| &nbsp;&nbsp;&nbsp; $(184550)<br>| &nbsp;&nbsp; (12292)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $16125 | &nbsp;&nbsp; 1168 | &nbsp;&nbsp;&nbsp; $58164 | &nbsp;&nbsp; 4309 | &nbsp;&nbsp;&nbsp; $(346171)<br>| &nbsp;&nbsp; (25246)<br>| &nbsp;&nbsp;&nbsp; $(271882)<br>| &nbsp;&nbsp; (19769)<br>|
| Class P2 | &nbsp;&nbsp; 4069 | &nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; 7744 | &nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp; (53124)<br>| &nbsp;&nbsp; (3920)<br>| &nbsp;&nbsp;&nbsp; (41311)<br>| &nbsp;&nbsp; (3041)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $20194 | &nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp; $65908 | &nbsp;&nbsp; 4891 | &nbsp;&nbsp;&nbsp; $(399295)<br>| &nbsp;&nbsp; (29166)<br>| &nbsp;&nbsp;&nbsp; $(313193)<br>| &nbsp;&nbsp; (22810)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class P1 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $1070 | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; $(494)<br>| &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp; $602 | &nbsp;&nbsp; 50 |
| Class P2 | &nbsp;&nbsp; 18388 | &nbsp;&nbsp; 1464 | &nbsp;&nbsp;&nbsp; 167196 | &nbsp;&nbsp; 13947 | &nbsp;&nbsp;&nbsp; (771163)<br>| &nbsp;&nbsp; (60543)<br>| &nbsp;&nbsp;&nbsp; (585579)<br>| &nbsp;&nbsp; (45132)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $18414 | &nbsp;&nbsp; 1466 | &nbsp;&nbsp;&nbsp; $168266 | &nbsp;&nbsp; 14033 | &nbsp;&nbsp;&nbsp; $(771657)<br>| &nbsp;&nbsp; (60581)<br>| &nbsp;&nbsp;&nbsp; $(584977)<br>| &nbsp;&nbsp; (45082)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $1509 | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; $365 | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; $(1325)<br>| &nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; $549 | &nbsp;&nbsp; 37 |
| Class P2 | &nbsp;&nbsp; 32478 | &nbsp;&nbsp; 2619 | &nbsp;&nbsp;&nbsp; 68762 | &nbsp;&nbsp; 5709 | &nbsp;&nbsp;&nbsp; (396241)<br>| &nbsp;&nbsp; (32260)<br>| &nbsp;&nbsp;&nbsp; (295001)<br>| &nbsp;&nbsp; (23932)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $33987 | &nbsp;&nbsp; 2735 | &nbsp;&nbsp;&nbsp; $69127 | &nbsp;&nbsp; 5738 | &nbsp;&nbsp;&nbsp; $(397566)<br>| &nbsp;&nbsp; (32368)<br>| &nbsp;&nbsp;&nbsp; $(294452)<br>| &nbsp;&nbsp; (23895)<br>|

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Commencement of operations.

**11. Ownership concentration**

------

At December 31, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 16% and 12% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 16% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, American Funds Insurance Series - Managed Risk Growth Portfolio held aggregate ownership of 88% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

**12. Investment transactions and other disclosures**

------

The following tables present additional information for each fund for the year ended December 31, 2025 (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | &nbsp;&nbsp; $3656642 | &nbsp;&nbsp; $1452423 | &nbsp;&nbsp; $13253467 | &nbsp;&nbsp; $4365483 | &nbsp;&nbsp; $1743062 | &nbsp;&nbsp; $4143311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | &nbsp;&nbsp; 4157232 | &nbsp;&nbsp; 1904785 | &nbsp;&nbsp; 15938916 | &nbsp;&nbsp; 5008755 | &nbsp;&nbsp; 1945071 | &nbsp;&nbsp; 4942962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 5326 | &nbsp;&nbsp; 13842 | &nbsp;&nbsp; 6486 | &nbsp;&nbsp; 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; (575)<br>| &nbsp;&nbsp; 6710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10979 | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 4050 | &nbsp;&nbsp; 16423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26206 | &nbsp;&nbsp; 18398 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World** <br> **Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | &nbsp;&nbsp; $120447 | &nbsp;&nbsp; $858369 | &nbsp;&nbsp; $10813388 | &nbsp;&nbsp; $175002 | &nbsp;&nbsp; $768196 | &nbsp;&nbsp; $19856310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | &nbsp;&nbsp; 40880 | &nbsp;&nbsp; 1049450 | &nbsp;&nbsp; 14833476 | &nbsp;&nbsp; 191476 | &nbsp;&nbsp; 769516 | &nbsp;&nbsp; 23654064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 4363 | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 4168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | &nbsp;&nbsp; $317783 | &nbsp;&nbsp; $12490283 | &nbsp;&nbsp; $1356541 | &nbsp;&nbsp; $445624 | &nbsp;&nbsp; $450360 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | &nbsp;&nbsp; 335715 | &nbsp;&nbsp; 13383953 | &nbsp;&nbsp; 1521836 | &nbsp;&nbsp; 359070 | &nbsp;&nbsp; 448538 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; 163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br> **Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | &nbsp;&nbsp; $3759879 | &nbsp;&nbsp; $157397 | &nbsp;&nbsp; $17979 | &nbsp;&nbsp; $65380 | &nbsp;&nbsp; $583778 | &nbsp;&nbsp; $267997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | &nbsp;&nbsp; 3982540 | &nbsp;&nbsp; 225452 | &nbsp;&nbsp; 40733 | &nbsp;&nbsp; 93964 | &nbsp;&nbsp; 664906 | &nbsp;&nbsp; 889458 |

---

\*

Excludes in-kind transactions, short-term securities and U.S. government obligations, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $36.91 | &nbsp;&nbsp; $.44 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $7.36 | &nbsp;&nbsp; $(.60)<br>| &nbsp;&nbsp; $(4.88)<br>| &nbsp;&nbsp; $(5.48)<br>| &nbsp;&nbsp; $38.79 | 21.98<br> %<br>| &nbsp;&nbsp; $4115 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .42<br> %<br>| 1.18<br> %<br>|
| 12/31/2024 | 33.92 | &nbsp;&nbsp; .44 | 4.29 | 4.73 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.74)<br>| 36.91 | 13.94 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.20 |
| 12/31/2023 | 30.18 | &nbsp;&nbsp; .36 | 6.30 | 6.66 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.92)<br>| 33.92 | 22.91 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.13 |
| 12/31/2022 | 45.46 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.28)<br>| 30.18 | &nbsp;&nbsp; (24.54)<br>| &nbsp;&nbsp; 3104 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .46 | 1.01 |
| 12/31/2021 | 41.16 | &nbsp;&nbsp; .25 | 6.48 | 6.73 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.43)<br>| 45.46 | 16.72 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .56 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 36.70 | &nbsp;&nbsp; .30 | 6.90 | 7.20 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.43)<br>| 38.47 | 21.63 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .81 |
| 12/31/2024 | 33.74 | &nbsp;&nbsp; .35 | 4.26 | 4.61 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.65)<br>| 36.70 | 13.67 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 30.04 | &nbsp;&nbsp; .28 | 6.26 | 6.54 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.74 | 22.60 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 45.28 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (11.31)<br>| &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 30.04 | &nbsp;&nbsp; (24.73)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .78 |
| 12/31/2021 | 41.02 | &nbsp;&nbsp; .14 | 6.46 | 6.60 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.34)<br>| 45.28 | 16.45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .33 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 36.37 | &nbsp;&nbsp; .34 | 6.79 | 7.13 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.39)<br>| 38.11 | 21.62 | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .93 |
| 12/31/2024 | 33.44 | &nbsp;&nbsp; .35 | 4.22 | 4.57 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.64)<br>| 36.37 | 13.68 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 29.79 | &nbsp;&nbsp; .28 | 6.21 | 6.49 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.44 | 22.60 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 44.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 29.79 | &nbsp;&nbsp; (24.74)<br>| &nbsp;&nbsp; 3234 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .76 |
| 12/31/2021 | 40.72 | &nbsp;&nbsp; .13 | 6.41 | 6.54 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.32)<br>| 44.94 | 16.42 | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .30 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 35.93 | &nbsp;&nbsp; .24 | 6.70 | 6.94 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.32)<br>| 37.55 | 21.34 | &nbsp;&nbsp; 1225 | 1.02 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .67 |
| 12/31/2024 | 33.08 | &nbsp;&nbsp; .25 | 4.18 | 4.43 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.58)<br>| 35.93 | 13.39 | &nbsp;&nbsp; 937 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .69 |
| 12/31/2023 | 29.51 | &nbsp;&nbsp; .20 | 6.14 | 6.34 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.77)<br>| 33.08 | 22.29 | &nbsp;&nbsp; 732 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 44.57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (11.12)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.11)<br>| 29.51 | &nbsp;&nbsp; (24.92)<br>| &nbsp;&nbsp; 584 | 1.03 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .52 |
| 12/31/2021 | 40.45 | &nbsp;&nbsp; .03 | 6.35 | 6.38 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.26)<br>| 44.57 | 16.14 | &nbsp;&nbsp; 744 | 1.05 | 1.04 | &nbsp;&nbsp; .07 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $18.15 | &nbsp;&nbsp; $.16 | &nbsp;&nbsp; $2.50 | &nbsp;&nbsp; $2.66 | &nbsp;&nbsp; $(.10)<br>| &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $20.31 | 14.89<br> %<br>| &nbsp;&nbsp; $784 | &nbsp;&nbsp; .70<br> %<br>| &nbsp;&nbsp; .65<br> %<br>| &nbsp;&nbsp; .84<br> %<br>|
| 12/31/2024 | 18.57 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.88)<br>| 18.15 | 2.59 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 |
| 12/31/2023 | 16.22 | &nbsp;&nbsp; .11 | 2.53 | 2.64 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.29)<br>| 18.57 | 16.45 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 34.17 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.22 | &nbsp;&nbsp; (29.37)<br>| &nbsp;&nbsp; 916 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .24 |
| 12/31/2021 | 32.64 | &nbsp;&nbsp; (.02)<br>| 2.32 | 2.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 34.17 | 6.98 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.07)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 17.88 | &nbsp;&nbsp; .11 | 2.46 | 2.57 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.46)<br>| 19.99 | 14.63 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .58 |
| 12/31/2024 | 18.31 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.88 | 2.34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .40 |
| 12/31/2023 | 16.00 | &nbsp;&nbsp; .06 | 2.50 | 2.56 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 18.31 | 16.15 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 33.93 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.00 | &nbsp;&nbsp; (29.54)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>5</sup><br>|
| 12/31/2021 | 32.49 | &nbsp;&nbsp; (.07)<br>| 2.28 | 2.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 33.93 | 6.73 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.21)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 17.05 | &nbsp;&nbsp; .10 | 2.35 | 2.45 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.46)<br>| 19.04 | 14.64 | &nbsp;&nbsp; 1757 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .58 |
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.05 | 2.33 | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .41 |
| 12/31/2023 | 15.30 | &nbsp;&nbsp; .06 | 2.39 | 2.45 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 17.50 | 16.17 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 32.94 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.30 | &nbsp;&nbsp; (29.55)<br>| &nbsp;&nbsp; 1762 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>5</sup><br>|
| 12/31/2021 | 31.56 | &nbsp;&nbsp; (.10)<br>| 2.25 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.94 | 6.74 | &nbsp;&nbsp; 2521 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.30)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 17.01 | &nbsp;&nbsp; .05 | 2.35 | 2.40 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.44)<br>| 18.97 | 14.33 | &nbsp;&nbsp; 407 | 1.20 | 1.15 | &nbsp;&nbsp; .31 |
| 12/31/2024 | 17.46 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.80)<br>| 17.01 | 2.12 | &nbsp;&nbsp; 310 | 1.20 | 1.17 | &nbsp;&nbsp; .15 |
| 12/31/2023 | 15.28 | &nbsp;&nbsp; .02 | 2.37 | 2.39 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.21)<br>| 17.46 | 15.79 | &nbsp;&nbsp; 300 | 1.20 | 1.15 | &nbsp;&nbsp; .13 |
| 12/31/2022 | 32.96 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.28 | &nbsp;&nbsp; (29.69)<br>| &nbsp;&nbsp; 261 | 1.22 | 1.19 | &nbsp;&nbsp; (.25)<br>|
| 12/31/2021 | 31.67 | &nbsp;&nbsp; (.18)<br>| 2.24 | 2.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.96 | 6.43 | &nbsp;&nbsp; 344 | 1.24 | 1.24 | &nbsp;&nbsp; (.53)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $127.47 | &nbsp;&nbsp; $.36 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $24.53 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $(10.61)<br>| &nbsp;&nbsp; $(10.94)<br>| &nbsp;&nbsp; $141.06 | 20.54<br> %<br>| &nbsp;&nbsp; $25168 | &nbsp;&nbsp; .34<br> %<br>| &nbsp;&nbsp; .27<br> %<br>|
| 12/31/2024 | 99.44 | &nbsp;&nbsp; .51 | 30.78 | 31.29 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.26)<br>| 127.47 | 31.96 | &nbsp;&nbsp; 21469 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .45 |
| 12/31/2023 | 76.29 | &nbsp;&nbsp; .57 | 28.16 | 28.73 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.58)<br>| 99.44 | 38.81 | &nbsp;&nbsp; 17382 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .65 |
| 12/31/2022 | 127.58 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (37.03)<br>| &nbsp;&nbsp; (36.45)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.84)<br>| 76.29 | &nbsp;&nbsp; (29.75)<br>| &nbsp;&nbsp; 13660 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .64 |
| 12/31/2021 | 120.22 | &nbsp;&nbsp; .46 | 24.29 | 24.75 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.39)<br>| 127.58 | 22.30 | &nbsp;&nbsp; 19783 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .37 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 126.11 | &nbsp;&nbsp; .03 | 23.86 | 23.89 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 139.18 | 20.24 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .02 |
| 12/31/2024 | 98.46 | &nbsp;&nbsp; .22 | 30.43 | 30.65 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.00)<br>| 126.11 | 31.61 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.61 | &nbsp;&nbsp; .35 | 27.88 | 28.23 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.38)<br>| 98.46 | 38.47 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.70 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (36.79)<br>| &nbsp;&nbsp; (36.40)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.69)<br>| 75.61 | &nbsp;&nbsp; (29.93)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 119.59 | &nbsp;&nbsp; .16 | 24.11 | 24.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 126.70 | 21.97 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .13 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 125.79 | &nbsp;&nbsp; .03 | 23.80 | 23.83 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 138.80 | 20.24 | &nbsp;&nbsp; 21576 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .02 |
| 12/31/2024 | 98.20 | &nbsp;&nbsp; .22 | 30.34 | 30.56 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.97)<br>| 125.79 | 31.61 | &nbsp;&nbsp; 20386 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.41 | &nbsp;&nbsp; .35 | 27.80 | 28.15 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.36)<br>| 98.20 | 38.49 | &nbsp;&nbsp; 17879 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.28 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (36.62)<br>| &nbsp;&nbsp; (36.27)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.60)<br>| 75.41 | &nbsp;&nbsp; (29.94)<br>| &nbsp;&nbsp; 14452 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .38 |
| 12/31/2021 | 119.18 | &nbsp;&nbsp; .15 | 24.03 | 24.18 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.08)<br>| 126.28 | 21.97 | &nbsp;&nbsp; 21986 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .12 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 128.88 | &nbsp;&nbsp; .13 | 24.42 | 24.55 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.83)<br>| 142.60 | 20.32 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .09 |
| 12/31/2024 | 100.54 | &nbsp;&nbsp; .30 | 31.09 | 31.39 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.05)<br>| 128.88 | 31.70 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .27 |
| 12/31/2023 | 77.09 | &nbsp;&nbsp; .42 | 28.45 | 28.87 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.42)<br>| 100.54 | 38.56 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .47 |
| 12/31/2022 | 128.68 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (37.35)<br>| &nbsp;&nbsp; (36.93)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.66)<br>| 77.09 | &nbsp;&nbsp; (29.89)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 121.13 | &nbsp;&nbsp; .24 | 24.47 | 24.71 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 128.68 | 22.07 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .19 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 122.38 | &nbsp;&nbsp; (.29)<br>| 23.08 | 22.79 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.78)<br>| 134.39 | 19.93 | &nbsp;&nbsp; 7184 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.23)<br>|
| 12/31/2024 | 95.70 | &nbsp;&nbsp; (.06)<br>| 29.52 | 29.46 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.78)<br>| 122.38 | 31.29 | &nbsp;&nbsp; 5195 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.06)<br>|
| 12/31/2023 | 73.64 | &nbsp;&nbsp; .13 | 27.12 | 27.25 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.19)<br>| 95.70 | 38.13 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .15 |
| 12/31/2022 | 123.79 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (35.87)<br>| &nbsp;&nbsp; (35.75)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.40)<br>| 73.64 | &nbsp;&nbsp; (30.11)<br>| &nbsp;&nbsp; 2409 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .14 |
| 12/31/2021 | 117.24 | &nbsp;&nbsp; (.15)<br>| 23.59 | 23.44 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (16.89)<br>| 123.79 | 21.69 | &nbsp;&nbsp; 3214 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.13)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $17.84 | &nbsp;&nbsp; $.35 | &nbsp;&nbsp; $4.47 | &nbsp;&nbsp; $4.82 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $22.33 | 27.04<br> %<br>| &nbsp;&nbsp; $3364 | &nbsp;&nbsp; .53<br> %<br>| 1.79<br> %<br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 17.84 | 3.40 | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; .52 | 1.26 |
| 12/31/2023 | 15.31 | &nbsp;&nbsp; .25 | 2.20 | 2.45 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.50 | 16.12 | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; .53 | 1.50 |
| 12/31/2022 | 22.70 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.94)<br>| 15.31 | &nbsp;&nbsp; (20.57)<br>| &nbsp;&nbsp; 3157 | &nbsp;&nbsp; .54 | 1.95 |
| 12/31/2021 | 23.64 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 22.70 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; 4747 | &nbsp;&nbsp; .55 | 1.57 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 17.75 | &nbsp;&nbsp; .30 | 4.43 | 4.73 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 22.20 | 26.68 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .78 | 1.50 |
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.17 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .99 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.85 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.61 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.80)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .79 | 1.73 |
| 12/31/2021 | 23.55 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.61 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .80 | 1.39 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 17.75 | &nbsp;&nbsp; .30 | 4.44 | 4.74 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 22.22 | 26.77 | &nbsp;&nbsp; 3481 | &nbsp;&nbsp; .78 | 1.54 |
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.16 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; .77 | 1.00 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.84 | &nbsp;&nbsp; 3382 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.60 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.79)<br>| &nbsp;&nbsp; 3164 | &nbsp;&nbsp; .79 | 1.71 |
| 12/31/2021 | 23.54 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 22.60 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; .80 | 1.35 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 17.90 | &nbsp;&nbsp; .32 | 4.48 | 4.80 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 22.41 | 26.85 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; .71 | 1.61 |
| 12/31/2024 | 17.56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.90 | 3.19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 | 1.08 |
| 12/31/2023 | 15.35 | &nbsp;&nbsp; .22 | 2.22 | 2.44 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.56 | 15.99 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .71 | 1.32 |
| 12/31/2022 | 22.76 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.91)<br>| 15.35 | &nbsp;&nbsp; (20.76)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; .72 | 1.78 |
| 12/31/2021 | 23.69 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.76 | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; .73 | 1.41 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 17.46 | &nbsp;&nbsp; .25 | 4.36 | 4.61 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 21.83 | 26.41 | &nbsp;&nbsp; 574 | 1.03 | 1.26 |
| 12/31/2024 | 17.13 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.46 | 2.93 | &nbsp;&nbsp; 441 | 1.02 | &nbsp;&nbsp; .74 |
| 12/31/2023 | 14.99 | &nbsp;&nbsp; .16 | 2.16 | 2.32 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.13 | 15.56 | &nbsp;&nbsp; 415 | 1.03 | &nbsp;&nbsp; .99 |
| 12/31/2022 | 22.31 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.86)<br>| 14.99 | &nbsp;&nbsp; (21.02)<br>| &nbsp;&nbsp; 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 22.31 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; 459 | 1.05 | 1.13 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $26.67 | &nbsp;&nbsp; $.49 | &nbsp;&nbsp; $6.93 | &nbsp;&nbsp; $7.42 | &nbsp;&nbsp; $(.41)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(1.62)<br>| &nbsp;&nbsp; $32.47 | 28.60<br> %<br>| &nbsp;&nbsp; $2103 | &nbsp;&nbsp; .65<br> %<br>| &nbsp;&nbsp; .58<br> %<br>| 1.66<br> %<br>|
| 12/31/2024 | 25.48 | &nbsp;&nbsp; .43 | 1.32 | 1.75 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.56)<br>| 26.67 | 6.86 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.60 |
| 12/31/2023 | 22.30 | &nbsp;&nbsp; .40 | 3.19 | 3.59 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 25.48 | 16.22 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.64 |
| 12/31/2022 | 31.83 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.73)<br>| 22.30 | &nbsp;&nbsp; (21.86)<br>| &nbsp;&nbsp; 1610 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .57 | 1.48 |
| 12/31/2021 | 31.59 | &nbsp;&nbsp; .29 | 1.38 | 1.67 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.43)<br>| 31.83 | 5.16 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .88 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 26.53 | &nbsp;&nbsp; .37 | 6.93 | 7.30 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.58)<br>| 32.25 | 28.27 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .83 | 1.25 |
| 12/31/2024 | 25.36 | &nbsp;&nbsp; .36 | 1.31 | 1.67 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.53 | 6.58 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.33 |
| 12/31/2023 | 22.19 | &nbsp;&nbsp; .33 | 3.20 | 3.53 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 25.36 | 15.98 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.38 |
| 12/31/2022 | 31.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.15)<br>| &nbsp;&nbsp; (6.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.19 | &nbsp;&nbsp; (22.09)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.43 | &nbsp;&nbsp; .17 | 1.41 | 1.58 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.31)<br>| 31.70 | 4.90 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .54 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 26.33 | &nbsp;&nbsp; .41 | 6.84 | 7.25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.55)<br>| 32.03 | 28.29 | &nbsp;&nbsp; 941 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .83 | 1.41 |
| 12/31/2024 | 25.17 | &nbsp;&nbsp; .36 | 1.30 | 1.66 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.33 | 6.55 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.36 |
| 12/31/2023 | 22.02 | &nbsp;&nbsp; .33 | 3.17 | 3.50 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 25.17 | 15.99 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.39 |
| 12/31/2022 | 31.48 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.02 | &nbsp;&nbsp; (22.10)<br>| &nbsp;&nbsp; 764 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.25 | &nbsp;&nbsp; .20 | 1.38 | 1.58 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.35)<br>| 31.48 | 4.92 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .63 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 26.09 | &nbsp;&nbsp; .33 | 6.77 | 7.10 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.48)<br>| 31.71 | 27.92 | &nbsp;&nbsp; 971 | 1.15 | 1.08 | 1.16 |
| 12/31/2024 | 24.95 | &nbsp;&nbsp; .29 | 1.28 | 1.57 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 26.09 | 6.33 | &nbsp;&nbsp; 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | &nbsp;&nbsp; .27 | 3.14 | 3.41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 24.95 | 15.67 | &nbsp;&nbsp; 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (7.03)<br>| &nbsp;&nbsp; (6.79)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.61)<br>| 21.84 | &nbsp;&nbsp; (22.25)<br>| &nbsp;&nbsp; 701 | 1.18 | 1.07 | &nbsp;&nbsp; .99 |
| 12/31/2021 | 31.04 | &nbsp;&nbsp; .12 | 1.36 | 1.48 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.28)<br>| 31.24 | 4.63 | &nbsp;&nbsp; 906 | 1.24 | 1.06 | &nbsp;&nbsp; .38 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $16.86 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $2.52 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $(.29)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.49)<br>| &nbsp;&nbsp; $18.18 | 17.50<br> %<br>| &nbsp;&nbsp; $6435 | &nbsp;&nbsp; .41<br> %<br>| &nbsp;&nbsp; .26<br> %<br>| 1.66<br> %<br>|
| 12/31/2024 | 14.49 | &nbsp;&nbsp; .29 | 2.51 | 2.80 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.43)<br>| 16.86 | 19.40 | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 1.78 |
| 12/31/2023 | 12.69 | &nbsp;&nbsp; .28 | 1.92 | 2.20 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.40)<br>| 14.49 | 17.66 | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .27 | 2.07 |
| 12/31/2022 | 18.09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (4.02)<br>| 12.69 | &nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp; 5507 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 2.13 |
| 12/31/2021 | 14.35 | &nbsp;&nbsp; .29 | 3.73 | 4.02 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 18.09 | 28.12 | &nbsp;&nbsp; 6766 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .31 | 1.79 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 16.79 | &nbsp;&nbsp; .24 | 2.51 | 2.75 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.45)<br>| 18.09 | 17.21 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.41 |
| 12/31/2024 | 14.43 | &nbsp;&nbsp; .25 | 2.50 | 2.75 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.79 | 19.15 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.61 | &nbsp;&nbsp; .23 | 1.92 | 2.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.33)<br>| 14.43 | 17.29 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.77 |
| 12/31/2022 | 17.96 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.95)<br>| 12.61 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.76 |
| 12/31/2021 | 14.28 | &nbsp;&nbsp; .27 | 3.67 | 3.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.96 | 27.70 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .53 | 1.62 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 16.53 | &nbsp;&nbsp; .24 | 2.46 | 2.70 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.44)<br>| 17.79 | 17.21 | &nbsp;&nbsp; 3148 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.41 |
| 12/31/2024 | 14.21 | &nbsp;&nbsp; .24 | 2.47 | 2.71 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.53 | 19.14 | &nbsp;&nbsp; 3002 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.46 | &nbsp;&nbsp; .24 | 1.88 | 2.12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.37)<br>| 14.21 | 17.29 | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.82 |
| 12/31/2022 | 17.83 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.98)<br>| 12.46 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 2775 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.88 |
| 12/31/2021 | 14.15 | &nbsp;&nbsp; .25 | 3.67 | 3.92 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 17.83 | 27.78 | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .56 | 1.54 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 16.34 | &nbsp;&nbsp; .20 | 2.42 | 2.62 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.41)<br>| 17.55 | 16.90 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.16 |
| 12/31/2024 | 14.06 | &nbsp;&nbsp; .20 | 2.44 | 2.64 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.36)<br>| 16.34 | 18.85 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.28 |
| 12/31/2023 | 12.34 | &nbsp;&nbsp; .20 | 1.86 | 2.06 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.34)<br>| 14.06 | 16.97 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.58 |
| 12/31/2022 | 17.71 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.96)<br>| 12.34 | &nbsp;&nbsp; (8.69)<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.64 |
| 12/31/2021 | 14.06 | &nbsp;&nbsp; .21 | 3.65 | 3.86 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 17.71 | 27.51 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .81 | 1.30 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.71 | &nbsp;&nbsp; $.10 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $1.55 | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $— <br><sup>4</sup><br>| &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $11.21 | 15.95<br> %<br>| &nbsp;&nbsp;&nbsp; $88 | &nbsp;&nbsp; .59<br> %<br>| &nbsp;&nbsp; .54<br> %<br>| &nbsp;&nbsp; .87<br> %<br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>8</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>10</sup><br>| &nbsp;&nbsp; .54 <br><sup>10</sup><br>| &nbsp;&nbsp; .72 <br><sup>10</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .08 | 1.46 | 1.54 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.04)<br>| 11.21 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .68 <br><sup>11</sup><br>| &nbsp;&nbsp; .54 <br><sup>11</sup><br>| &nbsp;&nbsp; .74 <br><sup>11</sup><br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>811</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .54 <br><sup>1011</sup><br>| &nbsp;&nbsp; .72 <br><sup>1011</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .08 | 1.46 | 1.54 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.04)<br>| 11.21 | 15.93 <br><sup>11</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .68 <br><sup>11</sup><br>| &nbsp;&nbsp; .54 <br><sup>11</sup><br>| &nbsp;&nbsp; .74 <br><sup>11</sup><br>|
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.81 )<sup>811</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .54 <br><sup>1011</sup><br>| &nbsp;&nbsp; .72 <br><sup>1011</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.71 | &nbsp;&nbsp; .07 | 1.47 | 1.54 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.03)<br>| 11.22 | 15.88 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .64 |
| 12/31/2024<sup>6,7</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71 | &nbsp;&nbsp; (2.82 )<sup>811</sup><br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; .59 <br><sup>1011</sup><br>| &nbsp;&nbsp; .55 <br><sup>1011</sup><br>| &nbsp;&nbsp; .71 <br><sup>1011</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **375** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $15.53 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $3.51 | &nbsp;&nbsp; $3.80 | &nbsp;&nbsp; $(.28)<br>| &nbsp;&nbsp; $(.61)<br>| &nbsp;&nbsp; $(.89)<br>| &nbsp;&nbsp; $18.44 | 25.16<br> %<br>| &nbsp;&nbsp; $622 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .42<br> %<br>| 1.70<br> %<br>|
| 12/31/2024 | 13.85 | &nbsp;&nbsp; .27 | 1.71 | 1.98 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 15.53 | 14.24 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .42 | 1.75 |
| 12/31/2023 | 11.67 | &nbsp;&nbsp; .27 | 2.19 | 2.46 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 13.85 | 21.22 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 2.08 |
| 12/31/2022 | 18.42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.79)<br>| 11.67 | &nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .41 | 2.36 |
| 12/31/2021 | 16.67 | &nbsp;&nbsp; .38 | 2.10 | 2.48 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.73)<br>| 18.42 | 15.03 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .47 | 2.14 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 15.44 | &nbsp;&nbsp; .24 | 3.48 | 3.72 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.85)<br>| 18.31 | 24.79 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.43 |
| 12/31/2024 | 13.77 | &nbsp;&nbsp; .23 | 1.70 | 1.93 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.44 | 14.00 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.50 |
| 12/31/2023 | 11.61 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 13.77 | 20.87 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.34 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.61 | &nbsp;&nbsp; (17.29)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.13 |
| 12/31/2021 | 16.62 | &nbsp;&nbsp; .37 | 2.06 | 2.43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.71)<br>| 18.34 | 14.71 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .70 | 2.08 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 15.49 | &nbsp;&nbsp; .24 | 3.50 | 3.74 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.85)<br>| 18.38 | 24.80 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.45 |
| 12/31/2024 | 13.81 | &nbsp;&nbsp; .23 | 1.71 | 1.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.49 | 14.00 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.51 |
| 12/31/2023 | 11.64 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 13.81 | 20.88 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.38 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.64 | &nbsp;&nbsp; (17.33)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.11 |
| 12/31/2021 | 16.63 | &nbsp;&nbsp; .33 | 2.11 | 2.44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.69)<br>| 18.38 | 14.78 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .73 | 1.85 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 15.08 | &nbsp;&nbsp; .19 | 3.40 | 3.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.82)<br>| 17.85 | 24.46 | &nbsp;&nbsp; 363 | 1.02 | &nbsp;&nbsp; .92 | 1.18 |
| 12/31/2024 | 13.46 | &nbsp;&nbsp; .18 | 1.67 | 1.85 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 15.08 | 13.70 | &nbsp;&nbsp; 268 | 1.02 | &nbsp;&nbsp; .92 | 1.25 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .19 | 2.14 | 2.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 13.46 | 20.65 | &nbsp;&nbsp; 235 | 1.02 | &nbsp;&nbsp; .91 | 1.57 |
| 12/31/2022 | 18.04 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.73)<br>| 11.35 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp; 188 | 1.07 | &nbsp;&nbsp; .91 | 1.86 |
| 12/31/2021 | 16.35 | &nbsp;&nbsp; .29 | 2.06 | 2.35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.66)<br>| 18.04 | 14.46 | &nbsp;&nbsp; 225 | 1.13 | &nbsp;&nbsp; .97 | 1.65 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $69.59 | &nbsp;&nbsp; $.78 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $(.76)<br>| &nbsp;&nbsp; $(12.13)<br>| &nbsp;&nbsp; $(12.89)<br>| &nbsp;&nbsp; $67.73 | 18.37<br> %<br>| &nbsp;&nbsp; $25780 | &nbsp;&nbsp; .28<br> %<br>| 1.17<br> %<br>|
| 12/31/2024 | 59.26 | &nbsp;&nbsp; .84 | 13.33 | 14.17 | &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.84)<br>| 69.59 | 24.55 | &nbsp;&nbsp; 24476 | &nbsp;&nbsp; .28 | 1.28 |
| 12/31/2023 | 50.21 | &nbsp;&nbsp; .86 | 11.96 | 12.82 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.77)<br>| 59.26 | 26.47 | &nbsp;&nbsp; 22319 | &nbsp;&nbsp; .29 | 1.60 |
| 12/31/2022 | 67.35 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (11.50)<br>| &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.49)<br>| 50.21 | &nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp; 19692 | &nbsp;&nbsp; .29 | 1.54 |
| 12/31/2021 | 55.38 | &nbsp;&nbsp; .79 | 12.64 | 13.43 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.46)<br>| 67.35 | 24.42 | &nbsp;&nbsp; 25507 | &nbsp;&nbsp; .29 | 1.28 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 69.10 | &nbsp;&nbsp; .61 | 10.14 | 10.75 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.74)<br>| 67.11 | 18.06 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .92 |
| 12/31/2024 | 58.88 | &nbsp;&nbsp; .67 | 13.24 | 13.91 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.69)<br>| 69.10 | 24.25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .53 | 1.02 |
| 12/31/2023 | 49.93 | &nbsp;&nbsp; .72 | 11.87 | 12.59 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.64)<br>| 58.88 | 26.12 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 67.02 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (11.44)<br>| &nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.36)<br>| 49.93 | &nbsp;&nbsp; (16.48)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .54 | 1.30 |
| 12/31/2021 | 55.16 | &nbsp;&nbsp; .65 | 12.55 | 13.20 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.02 | 24.08 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .53 | 1.04 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 68.38 | &nbsp;&nbsp; .60 | 10.03 | 10.63 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.73)<br>| 66.28 | 18.06 | &nbsp;&nbsp; 14357 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .92 |
| 12/31/2024 | 58.30 | &nbsp;&nbsp; .66 | 13.10 | 13.76 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.68)<br>| 68.38 | 24.23 | &nbsp;&nbsp; 13882 | &nbsp;&nbsp; .53 | 1.03 |
| 12/31/2023 | 49.46 | &nbsp;&nbsp; .72 | 11.75 | 12.47 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.63)<br>| 58.30 | 26.14 | &nbsp;&nbsp; 12894 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 66.44 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (11.33)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.35)<br>| 49.46 | &nbsp;&nbsp; (16.50)<br>| &nbsp;&nbsp; 11508 | &nbsp;&nbsp; .54 | 1.29 |
| 12/31/2021 | 54.66 | &nbsp;&nbsp; .63 | 12.45 | 13.08 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.30)<br>| 66.44 | 24.10 | &nbsp;&nbsp; 15319 | &nbsp;&nbsp; .54 | 1.03 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 69.76 | &nbsp;&nbsp; .66 | 10.26 | 10.92 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.77)<br>| 67.91 | 18.13 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .99 |
| 12/31/2024 | 59.40 | &nbsp;&nbsp; .72 | 13.36 | 14.08 | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.72)<br>| 69.76 | 24.32 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 | 1.10 |
| 12/31/2023 | 50.33 | &nbsp;&nbsp; .77 | 11.97 | 12.74 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.67)<br>| 59.40 | 26.23 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; .47 | 1.42 |
| 12/31/2022 | 67.48 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp; (10.76)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.39)<br>| 50.33 | &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; .47 | 1.36 |
| 12/31/2021 | 55.49 | &nbsp;&nbsp; .68 | 12.65 | 13.33 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.48 | 24.18 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; .47 | 1.10 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 67.14 | &nbsp;&nbsp; .43 | 9.80 | 10.23 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.60)<br>| 64.77 | 17.77 | &nbsp;&nbsp; 3273 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .67 |
| 12/31/2024 | 57.34 | &nbsp;&nbsp; .49 | 12.86 | 13.35 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.55)<br>| 67.14 | 23.93 | &nbsp;&nbsp; 2698 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 |
| 12/31/2023 | 48.72 | &nbsp;&nbsp; .57 | 11.57 | 12.14 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.52)<br>| 57.34 | 25.82 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; .79 | 1.10 |
| 12/31/2022 | 65.57 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (11.18)<br>| &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.23)<br>| 48.72 | &nbsp;&nbsp; (16.70)<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; .79 | 1.05 |
| 12/31/2021 | 53.99 | &nbsp;&nbsp; .48 | 12.28 | 12.76 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.18)<br>| 65.57 | 23.80 | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $10.19 | &nbsp;&nbsp; $.33 | &nbsp;&nbsp; $3.31 | &nbsp;&nbsp; $3.64 | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $13.49 | 35.83<br> %<br>| &nbsp;&nbsp; $35 | &nbsp;&nbsp; .57<br> %<br>| &nbsp;&nbsp; .57<br> %<br>| 2.68<br> %<br>|
| 12/31/2024 | 10.10 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.19 | 3.64 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | 2.62 |
| 12/31/2023 | 8.94 | &nbsp;&nbsp; .27 | 1.15 | 1.42 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 10.10 | 16.08 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .55 | 2.82 |
| 12/31/2022 | 19.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.98)<br>| 8.94 | &nbsp;&nbsp; (15.00)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 3.29 |
| 12/31/2021 | 19.01 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .53 | 1.07 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 19.62 | 5.64 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 2.70 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.91 | &nbsp;&nbsp; .28 | 3.21 | 3.49 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 13.09 | 35.35 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | 2.40 |
| 12/31/2024 | 9.83 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.34 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.13 | 1.37 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.83 | 15.92 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.39 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .79 | 3.15 |
| 12/31/2021 | 18.97 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .52 | 1.02 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 19.39 | 5.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .92 | 2.50 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.91 | &nbsp;&nbsp; .28 | 3.22 | 3.50 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 13.10 | 35.41 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | 2.44 |
| 12/31/2024 | 9.82 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.48 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.40 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.12 | 1.36 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.82 | 15.76 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.38 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .78 | 3.24 |
| 12/31/2021 | 18.95 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .53 | 1.01 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 19.38 | 5.37 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .92 | 2.44 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.74 | &nbsp;&nbsp; .25 | 3.16 | 3.41 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 12.87 | 35.09 | &nbsp;&nbsp; 189 | 1.06 | 1.06 | 2.18 |
| 12/31/2024 | 9.67 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.74 | 3.11 | &nbsp;&nbsp; 150 | 1.07 | 1.07 | 2.13 |
| 12/31/2023 | 8.56 | &nbsp;&nbsp; .21 | 1.12 | 1.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 9.67 | 15.66 | &nbsp;&nbsp; 143 | 1.06 | 1.05 | 2.29 |
| 12/31/2022 | 19.23 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.96)<br>| 8.56 | &nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp; 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 19.23 | 5.09 | &nbsp;&nbsp; 132 | 1.18 | 1.17 | 2.21 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **378** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $12.39 | &nbsp;&nbsp; $.45 | &nbsp;&nbsp; $2.09 | &nbsp;&nbsp; $2.54 | &nbsp;&nbsp; $(.44)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.44)<br>| &nbsp;&nbsp; $14.49 | 20.69<br> %<br>| &nbsp;&nbsp; $841 | &nbsp;&nbsp; .40<br> %<br>| &nbsp;&nbsp; .27<br> %<br>| 3.29<br> %<br>|
| 12/31/2024 | 11.63 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .79 | 1.21 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 12.39 | 10.45 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .27 | 3.44 |
| 12/31/2023 | 10.99 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .59 | 1.00 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 11.63 | 9.28 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | 3.68 |
| 12/31/2022 | 12.17 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 10.99 | &nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp; 586 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .26 | 3.31 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .37 | 1.28 | 1.65 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.17 | 15.31 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .27 | 3.19 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 12.38 | &nbsp;&nbsp; .41 | 2.10 | 2.51 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 14.48 | 20.42 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.04 |
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.17 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.42 |
| 12/31/2022 | 12.15 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .52 | 3.06 |
| 12/31/2021 | 10.86 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.15 | 14.95 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.94 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 12.38 | &nbsp;&nbsp; .41 | 2.10 | 2.51 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 14.48 | 20.41 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.04 |
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.18 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.43 |
| 12/31/2022 | 12.16 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .51 | 3.06 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.16 | 14.94 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.93 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 12.36 | &nbsp;&nbsp; .38 | 2.09 | 2.47 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 14.46 | 20.16 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.79 |
| 12/31/2024 | 11.60 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .79 | 1.15 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.36 | 9.93 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.93 |
| 12/31/2023 | 10.96 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 11.60 | 8.75 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .76 | 3.18 |
| 12/31/2022 | 12.14 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.96 | &nbsp;&nbsp; (7.37)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .76 | 2.81 |
| 12/31/2021 | 10.85 | &nbsp;&nbsp; .31 | 1.27 | 1.58 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 12.14 | 14.68 | &nbsp;&nbsp; 559 | 1.03 | &nbsp;&nbsp; .77 | 2.69 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **379** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $26.04 | &nbsp;&nbsp; $.59 | &nbsp;&nbsp; $3.39 | &nbsp;&nbsp; $3.98 | &nbsp;&nbsp; $(.60)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(2.51)<br>| &nbsp;&nbsp; $27.51 | 16.16<br> %<br>| &nbsp;&nbsp; $15919 | &nbsp;&nbsp; .30<br> %<br>| 2.24<br> %<br>|
| 12/31/2024 | 23.86 | &nbsp;&nbsp; .60 | 3.29 | 3.89 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.71)<br>| 26.04 | 16.73 | &nbsp;&nbsp; 16023 | &nbsp;&nbsp; .30 | 2.36 |
| 12/31/2023 | 22.20 | &nbsp;&nbsp; .57 | 2.54 | 3.11 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.45)<br>| 23.86 | 14.55 | &nbsp;&nbsp; 15555 | &nbsp;&nbsp; .30 | 2.49 |
| 12/31/2022 | 29.08 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.16)<br>| 22.20 | &nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp; 15138 | &nbsp;&nbsp; .30 | 2.15 |
| 12/31/2021 | 26.50 | &nbsp;&nbsp; .48 | 3.54 | 4.02 | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.44)<br>| 29.08 | 15.40 | &nbsp;&nbsp; 18836 | &nbsp;&nbsp; .30 | 1.71 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 25.88 | &nbsp;&nbsp; .52 | 3.36 | 3.88 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.45)<br>| 27.31 | 15.86 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .55 | 1.98 |
| 12/31/2024 | 23.74 | &nbsp;&nbsp; .54 | 3.26 | 3.80 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.66)<br>| 25.88 | 16.41 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .55 | 2.12 |
| 12/31/2023 | 22.10 | &nbsp;&nbsp; .51 | 2.53 | 3.04 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.74 | 14.32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .55 | 2.25 |
| 12/31/2022 | 28.97 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.11)<br>| 22.10 | &nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; .55 | 1.95 |
| 12/31/2021 | 26.42 | &nbsp;&nbsp; .42 | 3.52 | 3.94 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 28.97 | 15.13 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; .55 | 1.49 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 25.65 | &nbsp;&nbsp; .52 | 3.32 | 3.84 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.44)<br>| 27.05 | 15.85 | &nbsp;&nbsp; 4401 | &nbsp;&nbsp; .55 | 1.99 |
| 12/31/2024 | 23.53 | &nbsp;&nbsp; .53 | 3.24 | 3.77 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.65)<br>| 25.65 | 16.44 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; .55 | 2.11 |
| 12/31/2023 | 21.91 | &nbsp;&nbsp; .50 | 2.52 | 3.02 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.53 | 14.27 | &nbsp;&nbsp; 4261 | &nbsp;&nbsp; .55 | 2.24 |
| 12/31/2022 | 28.74 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.10)<br>| 21.91 | &nbsp;&nbsp; (13.41)<br>| &nbsp;&nbsp; 4228 | &nbsp;&nbsp; .55 | 1.90 |
| 12/31/2021 | 26.21 | &nbsp;&nbsp; .41 | 3.49 | 3.90 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.37)<br>| 28.74 | 15.10 | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; .55 | 1.46 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 26.08 | &nbsp;&nbsp; .55 | 3.38 | 3.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.46)<br>| 27.55 | 15.94 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .48 | 2.06 |
| 12/31/2024 | 23.90 | &nbsp;&nbsp; .56 | 3.29 | 3.85 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.67)<br>| 26.08 | 16.52 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .48 | 2.18 |
| 12/31/2023 | 22.23 | &nbsp;&nbsp; .53 | 2.55 | 3.08 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.41)<br>| 23.90 | 14.37 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .48 | 2.31 |
| 12/31/2022 | 29.12 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.12)<br>| 22.23 | &nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .48 | 1.97 |
| 12/31/2021 | 26.53 | &nbsp;&nbsp; .43 | 3.55 | 3.98 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 29.12 | 15.22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; .48 | 1.53 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 25.41 | &nbsp;&nbsp; .45 | 3.29 | 3.74 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.38)<br>| 26.77 | 15.59 | &nbsp;&nbsp; 7264 | &nbsp;&nbsp; .80 | 1.74 |
| 12/31/2024 | 23.34 | &nbsp;&nbsp; .46 | 3.20 | 3.66 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.59)<br>| 25.41 | 16.11 | &nbsp;&nbsp; 6649 | &nbsp;&nbsp; .80 | 1.87 |
| 12/31/2023 | 21.75 | &nbsp;&nbsp; .44 | 2.49 | 2.93 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.34)<br>| 23.34 | 14.02 | &nbsp;&nbsp; 5807 | &nbsp;&nbsp; .80 | 1.99 |
| 12/31/2022 | 28.56 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.04)<br>| 21.75 | &nbsp;&nbsp; (13.66)<br>| &nbsp;&nbsp; 5380 | &nbsp;&nbsp; .80 | 1.66 |
| 12/31/2021 | 26.06 | &nbsp;&nbsp; .34 | 3.47 | 3.81 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.31)<br>| 28.56 | 14.84 | &nbsp;&nbsp; 6337 | &nbsp;&nbsp; .80 | 1.22 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $12.96 | &nbsp;&nbsp; $.36 | &nbsp;&nbsp; $1.84 | &nbsp;&nbsp; $2.20 | &nbsp;&nbsp; $(.22)<br>| &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $(.75)<br>| &nbsp;&nbsp; $14.41 | 17.42<br> %<br>| &nbsp;&nbsp; $97 | &nbsp;&nbsp; .52<br> %<br>| &nbsp;&nbsp; .51<br> %<br>| 2.63<br> %<br>|
| 12/31/2024 | 12.37 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 12.96 | 6.90 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .51 | 2.63 |
| 12/31/2023 | 12.55 | &nbsp;&nbsp; .33 | 1.29 | 1.62 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.80)<br>| 12.37 | 14.05 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .52 | 2.67 |
| 12/31/2022 | 14.73 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.55 | &nbsp;&nbsp; (14.33)<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .58 | 1.99 |
| 12/31/2021 | 14.19 | &nbsp;&nbsp; .18 | 1.37 | 1.55 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (1.01)<br>| 14.73 | 11.05 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 1.24 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 12.87 | &nbsp;&nbsp; .32 | 1.84 | 2.16 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.72)<br>| 14.31 | 17.21 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .76 | 2.36 |
| 12/31/2024 | 12.30 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 12.87 | 6.57 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.35 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .29 | 1.30 | 1.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.78)<br>| 12.30 | 13.77 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .84 | 1.71 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.83 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.02 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 12.89 | &nbsp;&nbsp; .32 | 1.84 | 2.16 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.72)<br>| 14.33 | 17.14 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2024 | 12.31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 12.89 | 6.58 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .30 | 1.29 | 1.59 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.77)<br>| 12.31 | 13.83 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .83 | 1.73 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.79 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.01 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 12.66 | &nbsp;&nbsp; .28 | 1.82 | 2.10 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.70)<br>| 14.06 | 16.96 | &nbsp;&nbsp; 202 | 1.03 | 1.01 | 2.10 |
| 12/31/2024 | 12.10 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 12.66 | 6.32 | &nbsp;&nbsp; 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | &nbsp;&nbsp; .26 | 1.27 | 1.53 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.75)<br>| 12.10 | 13.45 | &nbsp;&nbsp; 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.32 | &nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp; 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | &nbsp;&nbsp; .11 | 1.34 | 1.45 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.94)<br>| 14.53 | 10.46 | &nbsp;&nbsp; 135 | 1.23 | 1.23 | &nbsp;&nbsp; .77 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **381** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.27 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $.68 | &nbsp;&nbsp; $(.43)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.43)<br>| &nbsp;&nbsp; $9.52 | 7.40<br> %<br>| &nbsp;&nbsp; $6909 | &nbsp;&nbsp; .39<br> %<br>| &nbsp;&nbsp; .24<br> %<br>| 4.54<br> %<br>|
| 12/31/2024 | 9.54 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.27 | 1.50 | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .24 | 4.60 |
| 12/31/2023 | 9.41 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 9.54 | 5.21 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 4.15 |
| 12/31/2022 | 11.21 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.44)<br>| 9.41 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; 6370 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 3.09 |
| 12/31/2021 | 11.89 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.66)<br>| 11.21 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; 8555 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .26 | 1.84 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.20 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.45 | 7.24 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.28 |
| 12/31/2024 | 9.47 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.20 | 1.23 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.35 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.47 | 4.89 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.90 |
| 12/31/2022 | 11.16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 9.35 | &nbsp;&nbsp; (12.49)<br>| &nbsp;&nbsp; 220 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.15 |
| 12/31/2021 | 11.84 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.16 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .51 | 1.59 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.12 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.37 | 7.26 | &nbsp;&nbsp; 2724 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.29 |
| 12/31/2024 | 9.40 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.12 | 1.16 | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.27 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.40 | 5.02 | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.89 |
| 12/31/2022 | 11.06 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.41)<br>| 9.27 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; 2844 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 2.84 |
| 12/31/2021 | 11.73 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.06 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; 3729 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 1.57 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.07 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.31 | 6.98 | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.04 |
| 12/31/2024 | 9.35 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.07 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.10 |
| 12/31/2023 | 9.23 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 9.35 | 4.72 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 3.66 |
| 12/31/2022 | 11.01 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.39)<br>| 9.23 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp; 787 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 2.61 |
| 12/31/2021 | 11.69 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.61)<br>| 11.01 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; 891 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .76 | 1.34 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **382** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.63 | &nbsp;&nbsp; $.41 | &nbsp;&nbsp; $.51 | &nbsp;&nbsp; $.92 | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.33)<br>| &nbsp;&nbsp; $10.22 | 9.55<br> %<br>| &nbsp;&nbsp; $611 | &nbsp;&nbsp; .48<br> %<br>| &nbsp;&nbsp; .48<br> %<br>| 4.07<br> %<br>|
| 12/31/2024 | 10.16 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.63 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; 588 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 4.20 |
| 12/31/2023 | 9.55 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.16 | 6.39 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 3.33 |
| 12/31/2022 | 11.79 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.19)<br>| 9.55 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .48 | 2.43 |
| 12/31/2021 | 12.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.55)<br>| 11.79 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .50 | 2.06 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.54 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.13 | 9.31 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.84 |
| 12/31/2024 | 10.08 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.54 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | 4.05 |
| 12/31/2023 | 9.50 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.08 | 6.11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.76 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.50 | &nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.19 |
| 12/31/2021 | 12.91 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.53)<br>| 11.76 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.85 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.52 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.10 | 9.39 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.82 |
| 12/31/2024 | 10.03 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 9.52 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; 761 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.95 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.03 | 6.14 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.45 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp; 765 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.18 |
| 12/31/2021 | 12.84 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.52)<br>| 11.70 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; 1030 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.82 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.37 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 9.93 | 9.03 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.56 |
| 12/31/2024 | 9.88 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| 9.37 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.70 |
| 12/31/2023 | 9.33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.88 | 5.89 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 2.84 |
| 12/31/2022 | 11.57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.33 | &nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp; 53 | 1.01 | &nbsp;&nbsp; .98 | 1.94 |
| 12/31/2021 | 12.71 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.49)<br>| 11.57 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; 66 | 1.10 | 1.00 | 1.57 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **383** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.19 | &nbsp;&nbsp; $.64 | &nbsp;&nbsp; $.13 | &nbsp;&nbsp; $.77 | &nbsp;&nbsp; $(.63)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.63)<br>| &nbsp;&nbsp; $9.33 | 8.52<br> %<br>| &nbsp;&nbsp; $255 | &nbsp;&nbsp; .45<br> %<br>| &nbsp;&nbsp; .33<br> %<br>| 6.81<br> %<br>|
| 12/31/2024 | 8.94 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.64)<br>| 9.19 | 9.92 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .32 | 6.96 |
| 12/31/2023 | 8.53 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .43 | 1.06 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 8.94 | 12.69 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .31 | 7.10 |
| 12/31/2022 | 10.19 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.75)<br>| 8.53 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .32 | 5.95 |
| 12/31/2021 | 9.80 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 10.19 | 8.74 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .37 | 4.95 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.15 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.27 | 8.19 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .58 | 6.50 |
| 12/31/2024 | 8.90 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.15 | 9.73 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.71 |
| 12/31/2023 | 8.51 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .41 | 1.02 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.90 | 12.40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.90 |
| 12/31/2022 | 10.16 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.51 | &nbsp;&nbsp; (9.29)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.70 |
| 12/31/2021 | 9.78 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.16 | 8.42 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .64 | 4.75 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 8.96 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 9.08 | 8.24 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .58 | 6.57 |
| 12/31/2024 | 8.73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 8.96 | 9.67 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.70 |
| 12/31/2023 | 8.35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .41 | 1.00 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 8.73 | 12.45 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.85 |
| 12/31/2022 | 9.98 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.35 | &nbsp;&nbsp; (9.26)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.68 |
| 12/31/2021 | 9.61 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.98 | 8.42 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .65 | 4.80 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 9.25 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.39 | 8.26 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .51 | 6.64 |
| 12/31/2024 | 8.99 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.25 | 9.79 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .50 | 6.77 |
| 12/31/2023 | 8.58 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .43 | 1.04 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.99 | 12.54 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .49 | 6.91 |
| 12/31/2022 | 10.24 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.73)<br>| 8.58 | &nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .50 | 5.76 |
| 12/31/2021 | 9.84 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.24 | 8.60 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .58 | 4.86 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 10.07 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 10.27 | 7.93 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .83 | 6.29 |
| 12/31/2024 | 9.75 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 10.07 | 9.39 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .82 | 6.45 |
| 12/31/2023 | 9.26 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .46 | 1.09 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 9.75 | 12.18 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .81 | 6.62 |
| 12/31/2022 | 10.99 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.70)<br>| 9.26 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .82 | 5.44 |
| 12/31/2021 | 10.54 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.99 | 8.18 | &nbsp;&nbsp; 90 | 1.03 | &nbsp;&nbsp; .89 | 4.52 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **384** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.08 | &nbsp;&nbsp; $.46 | &nbsp;&nbsp; $.34 | &nbsp;&nbsp; $.80 | &nbsp;&nbsp; $(.42)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.42)<br>| &nbsp;&nbsp; $9.46 | 8.92<br> %<br>| &nbsp;&nbsp; $19 | &nbsp;&nbsp; .39<br> %<br>| &nbsp;&nbsp; .32<br> %<br>| 4.84<br> %<br>|
| 12/31/2024 | 9.44 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 9.08 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .31 | 5.04 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | 4.03 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .29 | 4.76 |
| 12/31/2022 | 10.63 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.15)<br>| 9.45 | &nbsp;&nbsp; (9.76)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .70 |
| 12/31/2021 | 11.11 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.45)<br>| 10.63 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 8.96 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.32 | 8.57 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 4.59 |
| 12/31/2024 | 9.32 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.96 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.78 |
| 12/31/2023 | 9.34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.32 | 3.72 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .53 | 4.38 |
| 12/31/2022 | 10.59 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.34 | &nbsp;&nbsp; (10.03)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.91 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.43)<br>| 10.59 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 8.98 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.35 | 8.63 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.60 |
| 12/31/2024 | 9.34 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.98 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.79 |
| 12/31/2023 | 9.36 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.34 | 3.68 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 4.35 |
| 12/31/2022 | 10.61 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.36 | &nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.87 |
| 12/31/2021 | 11.09 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.42)<br>| 10.61 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 8.86 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.21 | 8.32 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.33 |
| 12/31/2024 | 9.23 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 8.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.53 |
| 12/31/2023 | 9.25 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.23 | 3.51 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .78 | 4.12 |
| 12/31/2022 | 10.49 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 9.25 | &nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .79 | 1.66 |
| 12/31/2021 | 10.97 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.40)<br>| 10.49 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .08 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **385** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $11.31 | &nbsp;&nbsp; $.46 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.50)<br>| &nbsp;&nbsp; $11.28 | 4.15<br> %<br>| &nbsp;&nbsp; $36 | &nbsp;&nbsp; .31<br> %<br>| 4.01<br> %<br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 11.31 | 5.08 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; .30 | 4.98 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.35 | 4.94 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; .30 | 4.81 |
| 12/31/2022 | 11.27 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.42 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .32 | 1.48 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.28)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 11.31 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 11.28 | 3.92 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 3.78 |
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.31 | 4.86 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 4.74 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.35 | 4.79 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .53 | 4.69 |
| 12/31/2022 | 11.28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.32 | &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .31 | 1.40 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.28 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — <br><sup>9</sup><br>| &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.28)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 10.93 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.47)<br>| 10.88 | 3.83 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; .56 | 3.77 |
| 12/31/2024 | 10.98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 10.93 | 4.89 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; .55 | 4.73 |
| 12/31/2023 | 11.00 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.53)<br>| 10.98 | 4.64 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; .55 | 4.56 |
| 12/31/2022 | 10.93 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.00 | 1.17 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .57 | 1.23 |
| 12/31/2021 | 10.99 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.53)<br>|
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 11.08 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.48)<br>| 11.03 | 3.86 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .49 | 3.84 |
| 12/31/2024 | 11.13 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.08 | 4.91 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.79 |
| 12/31/2023 | 11.14 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.13 | 4.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.64 |
| 12/31/2022 | 11.07 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.14 | 1.19 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .50 | 1.19 |
| 12/31/2021 | 11.12 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.07 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.46)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 11.00 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 10.96 | 3.59 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; .81 | 3.52 |
| 12/31/2024 | 11.05 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.00 | 4.62 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .80 | 4.47 |
| 12/31/2023 | 11.05 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.49)<br>| 11.05 | 4.44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .80 | 4.28 |
| 12/31/2022 | 11.00 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.05 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; .82 | 1.05 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.00 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.79)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **386** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 12/31/2025 | $9.59 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $.33 | &nbsp;&nbsp; $.76 | &nbsp;&nbsp; $(.45)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.45)<br>| &nbsp;&nbsp; $9.90 | 8.01<br> %<br>| &nbsp;&nbsp; $261 | &nbsp;&nbsp; .33<br> %<br>| &nbsp;&nbsp; .26<br> %<br>| 4.35<br> %<br>|
| 12/31/2024 | 9.91 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.59 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | 4.53 |
| 12/31/2023 | 9.99 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.91 | 3.21 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .21 | 4.05 |
| 12/31/2022 | 11.67 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.99 | &nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .22 | 2.90 |
| 12/31/2021 | 13.04 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>| 11.67 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; 522 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .29 | 1.50 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 12/31/2025 | 9.53 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.84 | 7.80 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.10 |
| 12/31/2024 | 9.87 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.53 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.23 |
| 12/31/2023 | 9.96 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.87 | 2.88 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.83 |
| 12/31/2022 | 11.63 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.96 | &nbsp;&nbsp; (10.93)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .47 | 2.70 |
| 12/31/2021 | 13.00 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.63 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .53 | 1.28 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 12/31/2025 | 9.46 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.76 | 7.75 | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.10 |
| 12/31/2024 | 9.78 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.46 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .52 | 4.28 |
| 12/31/2023 | 9.87 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.78 | 2.89 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.80 |
| 12/31/2022 | 11.53 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.87 | &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; 1059 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .47 | 2.69 |
| 12/31/2021 | 12.89 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.26)<br>| 11.53 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 1391 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 1.24 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 12/31/2025 | 9.62 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 9.93 | 7.78 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.17 |
| 12/31/2024 | 9.94 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.62 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.35 |
| 12/31/2023 | 10.02 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.94 | 3.00 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .39 | 3.85 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.02 | &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .40 | 2.76 |
| 12/31/2021 | 13.07 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.70 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .47 | 1.31 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 12/31/2025 | 9.44 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.74 | 7.54 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .76 | 3.85 |
| 12/31/2024 | 9.77 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .77 | 4.02 |
| 12/31/2023 | 9.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.77 | 2.62 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .71 | 3.54 |
| 12/31/2022 | 11.52 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.86 | &nbsp;&nbsp; (11.19)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .72 | 2.45 |
| 12/31/2021 | 12.88 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.23)<br>| 11.52 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .98 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **387** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>12</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,12</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,13,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of** <br>**year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>12</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,12</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,13,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $13.35 | &nbsp;&nbsp; $.06 | &nbsp;&nbsp; $1.67 | &nbsp;&nbsp; $1.73 | &nbsp;&nbsp; $(.25)<br>| &nbsp;&nbsp; $(.57)<br>| &nbsp;&nbsp; $(.82)<br>| &nbsp;&nbsp; $14.26 | 13.63<br> %<br>| &nbsp;&nbsp; $14 | &nbsp;&nbsp; .38<br> %<br>| &nbsp;&nbsp; .36<br> %<br>| &nbsp;&nbsp; .67<br> %<br>| &nbsp;&nbsp; .47<br> %<br>|
| 12/31/2024 | 10.86 | &nbsp;&nbsp; .10 | 2.48 | 2.58 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 13.35 | 23.82 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .81 |
| 12/31/2023 | 11.37 | &nbsp;&nbsp; .08 | 2.28 | 2.36 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.87)<br>| 10.86 | 23.77 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .77 |
| 12/31/2022 | 18.53 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp; (2.76)<br>| 11.37 | &nbsp;&nbsp; (24.62)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .47 |
| 12/31/2021 | 17.25 | &nbsp;&nbsp; .04 | 2.16 | 2.20 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.92)<br>| 18.53 | 13.08 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .19 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 13.19 | &nbsp;&nbsp; .03 | 1.66 | 1.69 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (.76)<br>| 14.12 | 13.41 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .21 |
| 12/31/2024 | 10.73 | &nbsp;&nbsp; .06 | 2.46 | 2.52 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 13.19 | 23.50 | &nbsp;&nbsp; 513 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .52 |
| 12/31/2023 | 11.28 | &nbsp;&nbsp; .05 | 2.26 | 2.31 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.86)<br>| 10.73 | 23.50 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .43 |
| 12/31/2022 | 18.42 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp; (2.72)<br>| 11.28 | &nbsp;&nbsp; (24.88)<br>| &nbsp;&nbsp; 445 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .20 |
| 12/31/2021 | 17.11 | &nbsp;&nbsp; (.01)<br>| 2.16 | 2.15 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.84)<br>| 18.42 | 12.89 | &nbsp;&nbsp; 584 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.07)<br>|
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $8.23 | &nbsp;&nbsp; $.14 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $1.24 | &nbsp;&nbsp; $(.13)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.13)<br>| &nbsp;&nbsp; $9.34 | 15.33<br> %<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; .41<br> %<br>| &nbsp;&nbsp; .36<br> %<br>| &nbsp;&nbsp; .83<br> %<br>| 1.58<br> %<br>|
| 12/31/2024 | 8.36 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 8.23 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .84 | 1.50 |
| 12/31/2023 | 8.61 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (.79)<br>| 8.36 | 6.36 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .84 | 1.60 |
| 12/31/2022 | 10.55 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 8.61 | &nbsp;&nbsp; (15.27)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .85 | 1.70 |
| 12/31/2021 | 11.07 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 10.55 | &nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .86 | 2.12 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 8.18 | &nbsp;&nbsp; .10 | 1.12 | 1.22 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.11)<br>| 9.29 | 15.09 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .63 | 1.10 | 1.23 |
| 12/31/2024 | 8.32 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.11)<br>| 8.18 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; 112 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; (.78)<br>| 8.32 | 6.22 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 8.58 | &nbsp;&nbsp; (15.54)<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 10.48 | &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; 160 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .63 | 1.13 | 1.79 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $11.76 | &nbsp;&nbsp; $.20 | &nbsp;&nbsp; $1.07 | &nbsp;&nbsp; $1.27 | &nbsp;&nbsp; $(.26)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.26)<br>| &nbsp;&nbsp; $12.77 | 10.95<br> %<br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; .37<br> %<br>| &nbsp;&nbsp; .36<br> %<br>| &nbsp;&nbsp; .61<br> %<br>| 1.64<br> %<br>|
| 12/31/2024 | 10.50 | &nbsp;&nbsp; .20 | 1.28 | 1.48 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 11.76 | 14.20 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .61 | 1.80 |
| 12/31/2023 | 11.24 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.73)<br>| 10.50 | 10.04 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .63 | 1.91 |
| 12/31/2022 | 12.95 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.24 | &nbsp;&nbsp; (8.92)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .60 | 1.96 |
| 12/31/2021 | 11.24 | &nbsp;&nbsp; .16 | 1.79 | 1.95 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 12.95 | 17.46 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .66 | 1.33 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 11.69 | &nbsp;&nbsp; .16 | 1.07 | 1.23 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 12.69 | 10.65 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .88 | 1.34 |
| 12/31/2024 | 10.43 | &nbsp;&nbsp; .17 | 1.28 | 1.45 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| 11.69 | 13.99 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .88 | 1.51 |
| 12/31/2023 | 11.18 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.70)<br>| 10.43 | 9.73 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .89 | 1.71 |
| 12/31/2022 | 12.88 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.52)<br>| 11.18 | &nbsp;&nbsp; (9.16)<br>| &nbsp;&nbsp; 321 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .86 | 1.62 |
| 12/31/2021 | 11.18 | &nbsp;&nbsp; .11 | 1.79 | 1.90 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 12.88 | 17.11 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .91 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **388** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>12</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,12</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,13,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>12</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,12</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,13,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $14.35 | &nbsp;&nbsp; $.20 | &nbsp;&nbsp; $1.36 | &nbsp;&nbsp; $1.56 | &nbsp;&nbsp; $(.34)<br>| &nbsp;&nbsp; $(.56)<br>| &nbsp;&nbsp; $(.90)<br>| &nbsp;&nbsp; $15.01 | 11.45<br> %<br>| &nbsp;&nbsp; $1834 | &nbsp;&nbsp; .37<br> %<br>| &nbsp;&nbsp; .36<br> %<br>| &nbsp;&nbsp; .63<br> %<br>| 1.35<br> %<br>|
| 12/31/2024 | 12.53 | &nbsp;&nbsp; .21 | 2.02 | 2.23 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.41)<br>| 14.35 | 18.03 | &nbsp;&nbsp; 1903 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .63 | 1.55 |
| 12/31/2023 | 12.51 | &nbsp;&nbsp; .20 | 1.65 | 1.85 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.83)<br>| 12.53 | 16.17 | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .63 | 1.64 |
| 12/31/2022 | 15.73 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.61)<br>| 12.51 | &nbsp;&nbsp; (16.74)<br>| &nbsp;&nbsp; 1833 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .62 | 1.33 |
| 12/31/2021 | 14.01 | &nbsp;&nbsp; .14 | 1.99 | 2.13 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.41)<br>| 15.73 | 15.32 | &nbsp;&nbsp; 2328 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .96 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 14.25 | &nbsp;&nbsp; .16 | 1.35 | 1.51 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.86)<br>| 14.90 | 11.17 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .88 | 1.10 |
| 12/31/2024 | 12.45 | &nbsp;&nbsp; .17 | 2.01 | 2.18 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.38)<br>| 14.25 | 17.69 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .88 | 1.29 |
| 12/31/2023 | 12.44 | &nbsp;&nbsp; .17 | 1.64 | 1.81 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.80)<br>| 12.45 | 15.90 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .88 | 1.39 |
| 12/31/2022 | 15.64 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.57)<br>| 12.44 | &nbsp;&nbsp; (16.93)<br>| &nbsp;&nbsp; 268 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .87 | 1.10 |
| 12/31/2021 | 13.93 | &nbsp;&nbsp; .10 | 1.98 | 2.08 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.37)<br>| 15.64 | 15.05 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 12/31/2025 | $13.20 | &nbsp;&nbsp; $.26 | &nbsp;&nbsp; $1.22 | &nbsp;&nbsp; $1.48 | &nbsp;&nbsp; $(.39)<br>| &nbsp;&nbsp; $(.83)<br>| &nbsp;&nbsp; $(1.22)<br>| &nbsp;&nbsp; $13.46 | 12.01<br> %<br>| &nbsp;&nbsp; $13 | &nbsp;&nbsp; .38<br> %<br>| &nbsp;&nbsp; .36<br> %<br>| &nbsp;&nbsp; .65<br> %<br>| 1.96<br> %<br>|
| 12/31/2024 | 11.90 | &nbsp;&nbsp; .29 | 1.45 | 1.74 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.44)<br>| 13.20 | 14.90 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .65 | 2.28 |
| 12/31/2023 | 12.43 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .87 | 1.18 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.71)<br>| 11.90 | 10.51 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .66 | 2.61 |
| 12/31/2022 | 15.33 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; (.80)<br>| 12.43 | &nbsp;&nbsp; (13.75)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .65 | 1.80 |
| 12/31/2021 | 13.84 | &nbsp;&nbsp; .21 | 1.55 | 1.76 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 15.33 | 12.82 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .66 | 1.43 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 12/31/2025 | 12.78 | &nbsp;&nbsp; .17 | 1.22 | 1.39 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (1.17)<br>| 13.00 | 11.67 | &nbsp;&nbsp; 1463 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .90 | 1.30 |
| 12/31/2024 | 11.53 | &nbsp;&nbsp; .22 | 1.44 | 1.66 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.41)<br>| 12.78 | 14.63 | &nbsp;&nbsp; 2014 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .90 | 1.81 |
| 12/31/2023 | 12.09 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .90 | 1.11 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.67)<br>| 11.53 | 10.23 | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .91 | 1.86 |
| 12/31/2022 | 14.93 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; (.77)<br>| 12.09 | &nbsp;&nbsp; (13.97)<br>| &nbsp;&nbsp; 2182 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .90 | 1.40 |
| 12/31/2021 | 13.45 | &nbsp;&nbsp; .15 | 1.53 | 1.68 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 14.93 | 12.50 | &nbsp;&nbsp; 2812 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .91 | 1.03 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **389** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **2025**<sup>17</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| Capital Income Builder | &nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60<br> %<br>|
| Asset Allocation Fund | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| The Bond Fund of America | &nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| Capital World Bond Fund | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **2025**<sup>17</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| Global Growth Fund | &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| Global Small Capitalization Fund | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Growth Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| International Fund | &nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| New World Fund | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| Growth-Income Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| International Growth and Income Fund | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Capital Income Builder | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| Asset Allocation Fund | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| The Bond Fund of America | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| Capital World Bond Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| American High-Income Trust | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>18</sup><br>|
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 <br><sup>678</sup><br>|  |  |  |
| Managed Risk Growth Fund | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Managed Risk International Fund | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Amount less than $.01.

<sup>5</sup> Amount less than .01%.

<sup>6</sup> Based on operations for a period that is less than a full year.

<sup>7</sup> For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>8</sup> Not annualized.

<sup>9</sup> Amount less than $1 million.

<sup>10</sup> Annualized.

<sup>11</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insur- ance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>12</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>13</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. 

<sup>14</sup> Unaudited.

<sup>15</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup> Rates exclude in-kind transactions, if any.

<sup>18</sup> Amount is either less than 1% or there is no turnover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **390** |

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Report of Independent Registered Public Accounting Firm

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To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Washington Mutual Investors Fund, U.S. Small and Mid Cap Equity Fund, Capital World Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder, Asset Allocation Fund, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds listed in the table below (twenty-four of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statements of operations** | &nbsp;&nbsp; **Statements of changes in net** <br> **assets**<br>| **Financial highlights** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors <br> Fund<br>| &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025 and 2024 | &nbsp;&nbsp;&nbsp; For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp; For the year ended <br> December 31, 2025 | &nbsp;&nbsp;&nbsp; For the year ended December 31, 2025 and the period <br> November 15, 2024 (commencement of operations) through <br> December 31, 2024 | &nbsp;&nbsp;&nbsp; For the year ended December 31, 2025 and the period <br> November 15, 2024 (commencement of operations) through <br> December 31, 2024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **391** | American Funds Insurance Series |

---

------

Report of Independent Registered Public Accounting Firm

------

**Basis for Opinions**

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 13, 2026

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **392** |

---

------

Changes in and disagreements with accountants

------

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP ("D&T") was appointed as the independent registered public accounting firm for the funds constituting the American Funds Insurance Series (hereafter referred to as the "series") for the fiscal year ending December 31, 2026 audit. The change in the series' independent registered public accounting firm was approved by the series' board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect PwC's previous engagement to audit the series' financial statements for the fiscal year ended December 31, 2025.

PwC's reports on the series' financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, (i) were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the series' financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The series requested that PwC furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the series' Form N-CSR.

During the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, neither the series, nor anyone on its behalf, consulted with D&T on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the series' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **393** | American Funds Insurance Series |

---

------

Matters submitted for shareholder vote

------

**Results of special meeting of shareholders**

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date): <br>6,453,899,830

Total shares voting on November 25, 2025: <br>5,466,407,300 (84.7% of shares outstanding)

The proposal: To elect board members

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **voting for**<br>| **Votes withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **withheld**<br>|
| Christopher D. Buchbinder | 5306101397 | 97.1% | 160305903 | 2.9% |
| Vanessa C. L. Chang | 5284613703 | 96.7% | 181793597 | 3.3% |
| Francisco G. Cigarroa | 5286720803 | 96.7% | 179686497 | 3.3% |
| Nariman Farvardin | 5280935681 | 96.6% | 185471619 | 3.4% |
| Jennifer C. Feikin | 5301887966 | 97.0% | 164519334 | 3.0% |
| John G. Freund | 5294548932 | 96.9% | 171858368 | 3.1% |
| Leslie Stone Heisz | 5298606338 | 96.9% | 167800962 | 3.1% |
| Sharon I. Meers | 5301554248 | 97.0% | 164853052 | 3.0% |
| William L. Robbins | 5308925891 | 97.1% | 157481409 | 2.9% |
| Kenneth M. Simril | 5304791425 | 97.0% | 161615875 | 3.0% |
| Margaret Spellings | 5296599626 | 96.9% | 169807674 | 3.1% |
| Christopher E. Stone | 5297067517 | 96.9% | 169339783 | 3.1% |
| Alexandra Trower | 5307205561 | 97.1% | 159201739 | 2.9% |
| Paul S. Williams | 5302164262 | 97.0% | 164243038 | 3.0% |

---

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

------

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **394** |

---

------

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes have been made.

**Item 16. Controls and Procedures.**

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

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

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

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

Not applicable.

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

Not applicable.

**Item 19. Exhibits.**

(a) [(1) Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (as defined in Item 2(b) of Form N-CSR) is attached hereto.](ex99-coe.htm)

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

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

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

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

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

**SIGNATURES**

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

---

| | |
|:---|:---|
|  | JNL Series Trust |
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | March 2, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | March 2, 2026 |
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | March 2, 2026 |

---

**EXHIBIT LIST**

---

| | |
|:---|:---|
| [Exhibit 19(a)(1)](ex99-coe.htm) | Registrant's Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 |
| [Exhibit 19(a)(3)](ex99-cert.htm) | Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended. |
|  | Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended. |
| [Exhibit 19(b)](ex99-906cert.htm) | Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended. |

---

## Ex-99.Code

**Exhibit 19(a)(1)**

**JACKSON NATIONAL ASSET MANAGEMENT, LLC**

**Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002** 

**JNL Series Trust, JNL Investors Series Trust, Interval Funds**

**Last Revision Date: February 29, 2024**

The Funds' Board has adopted this Code of Ethics ("SOX Code"), pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms of the SEC thereunder.

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

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

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

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

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

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

 **3. Substantive Requirements**

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

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

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

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

Any Covered Officer who shall, in his or her capacity as principal executive officer, principal financial officer, controller or principal accounting officer, receive or be offered any personal financial or other benefit that is or may be proscribed by this SOX Code shall promptly report the matter to the Funds' Chief Legal Officer.<sup>2</sup> The Chief Legal Officer shall be, and hereby is, authorized to determine whether the receipt of such financial or other benefit is or would be proscribed by this SOX Code. If the Chief Legal Officer determines that the receipt of any such personal financial or other benefit is or would be proscribed by this SOX Code, then the Chief Legal Officer may direct that such benefit be refused or, if already received, that such benefit anonymously be donated to a charitable organization. Upon such donation, no violation of this SOX Code shall be deemed to have occurred by reason of the Covered Officer having received such personal financial or other benefit. The Chief Legal Officer's determination that the offer to or receipt by a Covered Officer of a benefit is not a violation of this SOX Code shall not be deemed a waiver of any provision of this SOX Code.

The Chief Legal Officer shall maintain a record of any reports of the receipt or offer of personal financial or other benefits submitted by Covered Officers, and the Chief Legal Officer's determinations and directions with respect to such reports. The Chief Legal Officer shall disclose to the Chief Compliance Officer any material transaction or relationship that reasonably could be expected to give rise to such a conflict of interest.

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

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

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

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

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

 **d. Prompt internal reporting of violations of this Code of Ethics.**

It is the responsibility of each Covered Person promptly to report to the Chief Legal Officer of the Funds any violation or apparent violation of this Code of Ethics by any Covered Person. The Chief Legal Officer shall maintain a record of the reports, if any, of violations or apparent violations of this Code of Ethics by any Covered Person.

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

<sup>2</sup> References herein to the Chief Legal Officer of the Funds shall include a designee of the Chief Legal Officer.

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

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

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

**IV.O.**

**ACKNOWLEDGEMENT**

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

 

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

---

| |
|:---|
| Signature |
| Printed Name |
| Title |
| Date |

---

## Ex-99.Cert

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

CERTIFICATION

I, Mark D. Nerud, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 2, 2026 | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |

---

Exhibit 19(a)(3)

CERTIFICATION

I, Andrew Tedeschi, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 2, 2026 | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 19(b)**

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

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

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

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

---

| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | March 2, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | March 2, 2026 |

---

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